Oppenheimer Variable Account Funds NCSRS Certified semi-annual shareholder report (management investment company)

Oppenheimer Variable Account Funds N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-4108

Oppenheimer Variable Account Funds

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: December 31

Date of reporting period: 6/30/2016

Item 1. Reports to Stockholders.



		June 30, 2016
		Oppenheimer
		Discovery Mid Cap Growth Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: Ronald J. Zibelli, Jr., CFA and Justin Livengood, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		8/15/86		1.63%		-1.33%		9.86%		5.41%
Service Shares		10/16/00		1.50		-1.57		9.58		5.14
Russell MidCap Growth Index				2.15		-2.14		9.98		8.12

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

The Fund’s performance is compared to the performance of the Russell MidCap Growth Index. The Russell MidCap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell MidCap companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Acuity Brands, Inc.	2.4	%
Ulta Salon, Cosmetics & Fragrance, Inc.	2.3
Equinix, Inc.	2.2
Constellation Brands, Inc., Cl. A	2.2
CoStar Group, Inc.	2.2
Equifax, Inc.	2.1
Ultimate Software Group, Inc. (The)	2.0
Edwards Lifesciences Corp.	1.9
Hasbro, Inc.	1.8
Vulcan Materials Co.	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of common stocks.

2 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 1.63% during the reporting period, underperforming the Russell MidCap Growth Index (the “Index”) return of 2.15% and outperforming the Morningstar U.S. Insurance Fund Mid-Cap Growth peer group’s return of 0.18%.

The Fund’s Non-Service shares ranked in the 19th percentile (21 out of 99 funds) in Morningstar’s U.S. Insurance Fund Mid-Cap Growth peer group over the 1-year period ended June 30, 2016. Over the longer-term, Fund’s Non-Service shares ranked in the 8th (9 out of 96 funds), 21st (18 out of 93 funds), and 80th (69 out of 78 funds) percentiles for the 3-, 5- and 10-year periods ended June 30, 2016, respectively. Note that we have managed the Fund under the current investment process for six years.

The Fund generated its strongest results versus the Index in consumer discretionary, health care, materials, and industrials sectors, as a result of stronger relative stock selection. The Fund underperformed the Index in the consumer staples, information technology and financials sectors.

MARKET OVERVIEW

The first half of 2016 was a volatile time for global equity markets. China’s slowing economy, big swings in crude oil prices, and the interest rate hike path indicated by the Fed in its December 2015 communication contributed to a tumultuous environment. March saw a temporary relief rally as communication from the Fed turned more accommodative in light of this weak start to the year. Oil prices and commodities rose, but continued to experience volatility through the close of the reporting period. However, unanswered questions, including how quickly the Fed would raise interest rates and whether Britain would decide to exit the E.U. on its June 23 vote, made for an uncertain period. The U.K. surprised the markets by ultimately deciding to exit the E.U. As a result, markets dropped sharply and remained volatile through the reporting period’s end.

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Fund this reporting period included Ulta Salon, NVIDIA and Equinix. Ulta Salon, a leading specialty retailer of beauty products, had a strong reporting period. In a treacherous first quarter for many retailers, Ulta delivered significantly better-than-expected results and guidance. Ulta has grown revenue and earnings per share (“EPS”) by more than 20% for the past four calendar years, including 24% revenue growth and 30% EPS growth in the most recent quarter. NVIDIA Corp., a visual computing company that develops graphics chips for use in PCs, mobile devices, servers, automobiles and supercomputers, reported revenue above consensus over the first quarter of its fiscal year and guided second quarter revenue ahead of consensus expectations driven by broad-based growth. We believe the company is positioned to benefit from growth opportunities across all four key platforms, with a particularly strong competitive position in the gaming market. Equinix, a global leader in data center colocation and interconnection services, had a solid quarter with its shares up over 17%. The company once again reported stronger-than-expected quarterly profit and sold eight data centers in the EU to Digital Realty Trust, which reduced debt and gave them new liquidity for future growth.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included ServiceNow and Palo Alto Networks. ServiceNow, a provider of software services to automate and manage IT services for enterprises, traded down sharply on disappointing fourth quarter billings results and slightly lower than expected fiscal year 2016 guidance. Palo Alto Networks, a provider of network security solutions, reported fourth quarter guidance that missed consensus estimates, with management pointing to longer sales cycles and a weak economic picture. We exited our positions in both stocks during the reporting period and invested the proceeds in other areas of the information technology sector, such as semiconductor and semiconductor capital equipment companies.

STRATEGY & OUTLOOK

Our long-term investment process seeks dynamic companies with above average and sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of performance.

The macroeconomic environment is characterized by anemic economic expansion, weak corporate profit trends and very low interest rates. Widespread efforts by monetary and fiscal authorities to stimulate improved economic performance are producing limited results thus far. The Brexit vote towards the end of the reporting period does not change the direction of these underlying global dynamics, but does exacerbate and accelerate their impact. We believe that high quality companies generating superior growth profiles will continue to outperform over time.

3 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested..

The Morningstar U.S. Insurance Fund Mid-Cap Growth Funds Category Average is the average return of the mutual funds within the investment category as defined by Morningstar. Returns include the reinvestment of distributions but do not consider sales charges. Morningstar U.S. Insurance Fund Mid-Cap Growth Funds Category Average performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.

Morningstar ranking is for Non-Service shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 6/30/16, without considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are subject to change monthly. The Fund’s total-return percentile rank is relative to all funds that are in the Morningstar U.S. Insurance Fund Mid-Cap Growth Funds category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

4 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended June 30, 2016” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,016.30	$	4.02
Service shares		1,000.00		1,015.00		5.27

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.89		4.03
Service shares		1,000.00		1,019.64		5.29

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended June 30, 2016 are as follows:

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

5 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—97.3%

Consumer Discretionary—18.7%

Diversified Consumer Services—0.8%

Bright Horizons Family Solutions, Inc.¹		78,120	$	5,180,137


Hotels, Restaurants & Leisure—4.7%

Domino’s Pizza, Inc.		27,600		3,626,088

Panera Bread Co., Cl. A¹		33,140		7,023,692

Restaurant Brands International, Inc.		112,350		4,673,760

Six Flags Entertainment Corp.		147,690		8,558,636

Vail Resorts, Inc.		54,210		7,493,448

				31,375,624


Household Durables—1.8%

DR Horton, Inc.		160,440		5,050,651

Mohawk Industries, Inc.¹		36,060		6,842,746

				11,893,397


Leisure Products—1.8%

Hasbro, Inc.		142,460		11,965,215


Multiline Retail—3.0%

Dollar General Corp.		92,350		8,680,900

Dollar Tree, Inc.¹		118,670		11,183,461

				19,864,361


Specialty Retail—6.6%

O’Reilly Automotive, Inc.¹		43,170		11,703,387

Ross Stores, Inc.		125,820		7,132,736

Tractor Supply Co.		115,720		10,551,350

Ulta Salon, Cosmetics & Fragrance, Inc.¹		61,760		15,047,206

				44,434,679


Consumer Staples—5.5%

Beverages—3.9%

Constellation Brands, Inc., Cl. A		90,310		14,937,274

Monster Beverage Corp.¹		68,240		10,966,850

				25,904,124


Food Products—1.6%

ConAgra Foods, Inc.		36,420		1,741,240

Tyson Foods, Inc., Cl. A		75,820		5,064,018

WhiteWave Foods Co. (The), Cl. A¹		89,920		4,220,845

				11,026,103


Energy—3.7%

Energy Equipment & Services—0.6%

Core Laboratories NV		29,407		3,643,233


Oil, Gas & Consumable Fuels—3.1%

Concho Resources, Inc.¹		79,773		9,514,526

Gulfport Energy Corp.¹		99,496		3,110,245

Parsley Energy, Inc., Cl. A¹		304,782		8,247,401

				20,872,172


Financials—10.5%

Capital Markets—0.9%

Affiliated Managers Group, Inc.¹		40,380		5,684,293


Commercial Banks—1.7%

First Republic Bank		163,180		11,420,968


Diversified Financial Services—2.5%

MarketAxess Holdings, Inc.		42,650		6,201,310

MSCI, Inc., Cl. A		94,880		7,317,145

Nasdaq, Inc.		52,080		3,368,014

				16,886,469


Real Estate Investment Trusts (REITs)—5.4%

Crown Castle International Corp.		88,890		9,016,113

CyrusOne, Inc.		65,290		3,634,041

Digital Realty Trust, Inc.		35,600		3,880,044

Equinix, Inc.		38,720		15,012,906

Extra Space Storage, Inc.		52,120		4,823,185

				36,366,289


	Shares		Value

Health Care—15.6%

Biotechnology—0.7%

BioMarin Pharmaceutical, Inc.¹		59,230	$	4,608,094


Health Care Equipment & Supplies—8.0%

Align Technology, Inc.¹		83,560		6,730,758

Cooper Cos., Inc. (The)		29,460		5,054,452

CR Bard, Inc.		14,150		3,327,514

DENTSPLY SIRONA, Inc.		106,950		6,635,178

DexCom, Inc.¹		32,990		2,617,097

Edwards Lifesciences Corp.¹		128,110		12,776,411

Intuitive Surgical, Inc.¹		13,220		8,743,840

Teleflex, Inc.		43,330		7,682,842

				53,568,092


Health Care Providers & Services—5.4%

Centene Corp.¹		147,540		10,529,930

Henry Schein, Inc.¹		67,230		11,886,264

Universal Health Services, Inc., Cl. B		24,370		3,268,017

VCA, Inc.¹		150,820		10,196,940

				35,881,151


Life Sciences Tools & Services—1.0%

Mettler-Toledo International, Inc.¹		18,730		6,834,951


Pharmaceuticals—0.5%

Jazz Pharmaceuticals plc¹		22,470		3,175,236


Industrials—17.5%

Aerospace & Defense—1.2%

TransDigm Group, Inc.¹		31,060		8,190,211


Building Products—4.8%

A.O. Smith Corp.		126,610		11,155,607

Lennox International, Inc.		75,280		10,734,928

Masco Corp.		323,130		9,997,642

				31,888,177


Commercial Services & Supplies—3.0%

Cintas Corp.		60,220		5,909,389

KAR Auction Services, Inc.		105,600		4,407,744

Waste Connections, Inc.		133,920		9,648,936

				19,966,069


Electrical Equipment—2.4%

Acuity Brands, Inc.		64,030		15,876,879


Machinery—2.7%

IDEX Corp.		60,260		4,947,346

Middleby Corp. (The)¹		48,430		5,581,558

Xylem, Inc.		166,480		7,433,332

				17,962,236


Professional Services—2.1%

Equifax, Inc.		109,180		14,018,712


Trading Companies & Distributors—1.3%

HD Supply Holdings, Inc.¹		258,020		8,984,256


Information Technology—21.6%

Internet Software & Services—2.2%

CoStar Group, Inc.¹		65,700		14,365,962


IT Services—6.1%

Fiserv, Inc.¹		109,930		11,952,689

Gartner, Inc.¹		68,420		6,664,792

Genpact Ltd.¹		193,310		5,188,440

Global Payments, Inc.		103,920		7,417,810

Vantiv, Inc., Cl. A¹		177,500		10,046,500

				41,270,231


Semiconductors & Semiconductor Equipment—4.7%

Applied Materials, Inc.		209,650		5,025,310

Lam Research Corp.		110,330		9,274,340

Microchip Technology, Inc.		128,890		6,542,456

NVIDIA Corp.		229,350		10,781,744

				31,623,850

6 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA


	Shares		Value

Software—8.6%

Activision Blizzard, Inc.		175,480	$	6,954,273

Electronic Arts, Inc.¹		135,510		10,266,238

Guidewire Software, Inc.¹		71,020		4,386,195

Red Hat, Inc.¹		98,220		7,130,772

Splunk, Inc.¹		102,490		5,552,908

Tyler Technologies, Inc.¹		39,750		6,626,723

Ultimate Software Group, Inc. (The)¹		63,160		13,281,916

Workday, Inc., Cl. A¹		42,620		3,182,435

				57,381,460


Materials—4.2%

Chemicals—1.6%

Albemarle Corp.		60,240		4,777,634


	Shares		Value

Chemicals (Continued)

Sherwin-Williams Co. (The)		20,410	$	5,993,805

				10,771,439


Construction Materials—1.8%

Vulcan Materials Co.		99,370		11,960,173


Metals & Mining—0.8%

Newmont Mining Corp.		129,300		5,058,215

Total Common Stocks (Cost $510,095,620)				649,902,458


Investment Company—4.5%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^2,3(Cost $29,841,248)		29,841,248		29,841,248


Total Investments, at Value (Cost $539,936,868)		101.8%		679,743,706

Net Other Assets (Liabilities)		(1.8)		(11,824,180)

Net Assets		100.0%	$	667,919,526

Footnotes to Statement of Investments

1. Non-income producing security.

2. Rate shown is the 7-day yield at period end.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares December 31, 2015	Gross Additions	Gross Reductions	Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E	20,396,181	153,651,971	144,206,904		29,841,248

			Value	Income

Oppenheimer Institutional Money Market Fund, Cl. E			$ 29,841,248	$	50,915

See accompanying Notes to Financial Statements.

7 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $510,095,620)	$	649,902,458
Affiliated companies (cost $29,841,248)		29,841,248

		679,743,706

Cash		500,000

Receivables and other assets:
Investments sold		5,816,728
Shares of beneficial interest sold		174,602
Dividends		159,413
Other		50,299

Total assets		686,444,748

Liabilities
Payables and other liabilities:
Investments purchased		14,762,867
Shares of beneficial interest redeemed		3,684,743
Trustees’ compensation		41,844
Shareholder communications		16,865
Distribution and service plan fees		7,037
Other		11,866

Total liabilities		18,525,222

Net Assets	$	667,919,526



Composition of Net Assets
Par value of shares of beneficial interest	$	9,279

Additional paid-in capital		498,760,344

Accumulated net investment income		137,067

Accumulated net realized gain on investments		29,205,998

Net unrealized appreciation on investments		139,806,838

Net Assets	$	667,919,526



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $633,486,322 and 8,779,933 shares of beneficial interest outstanding)		$72.15

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $34,433,204 and 498,758 shares of beneficial interest outstanding)		$69.04

See accompanying Notes to Financial Statements.

8 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,282 )	$	2,469,904
Affiliated companies		50,915

Total investment income		2,520,819


Expenses
Management fees		2,298,364

Distribution and service plan fees - Service shares		41,926

Transfer and shareholder servicing agent fees:
Non-Service shares		304,351
Service shares		16,787

Shareholder communications:
Non-Service shares		20,478
Service shares		1,128

Trustees’ compensation		16,170

Borrowing fees		5,963

Custodian fees and expenses		2,299

Other		30,416

Total expenses		2,737,882
Less reduction to custodian expenses		(228)
Less waivers and reimbursements of expenses		(120,603)

Net expenses		2,617,051

Net Investment Loss		(96,232)

Realized and Unrealized Gain (Loss)
Net realized gain on investments from unaffiliated companies		30,429,218

Net change in unrealized appreciation/depreciation on investments		(21,612,935)

Net Increase in Net Assets Resulting from Operations	$	8,720,051

See accompanying Notes to Financial Statements.

9 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment loss	$	(96,232)	$	(1,807,584)

Net realized gain		30,429,218		54,533,950

Net change in unrealized appreciation/depreciation		(21,612,935)		(5,614,443)

Net increase in net assets resulting from operations		8,720,051		47,111,923

Dividends and/or Distributions to Shareholders
Distributions from net realized gain:
Non-Service shares		(48,415,668)		(61,563,484)
Service shares		(2,737,189)		(2,875,460)

		(51,152,857)		(64,438,944)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		13,073,647		(5,761,632)
Service shares		(200,342)		7,088,846

		12,873,305		1,327,214

Net Assets
Total decrease		(29,559,501)		(15,999,807)

Beginning of period		697,479,027		713,478,834

End of period (including accumulated net investment income of $137,067 and $233,299, respectively)	$	667,919,526	$	697,479,027

See accompanying Notes to Financial Statements.

10 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	76.85	$	78.82	$	74.51	$	54.80	$	47.06	$	46.55

Income (loss) from investment operations:
Net investment income (loss)²		(0.01)		(0.19)		(0.29)		(0.16)		0.01		(0.26)
Net realized and unrealized gain		1.23		5.67		4.60		19.88		7.73		0.77

Total from investment operations		1.22		5.48		4.31		19.72		7.74		0.51

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		(0.01)		0.00		0.00
Distributions from net realized gain		(5.92)		(7.45)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(5.92)		(7.45)		0.00		(0.01)		0.00		0.00

Net asset value, end of period	$	72.15	$	76.85	$	78.82	$	74.51	$	54.80	$	47.06



Total Return, at Net Asset Value³		1.63%		6.61%		5.78%		35.98%		16.45%		1.09%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	633,487	$	660,450	$	682,515	$	725,406	$	558,934	$	543,020

Average net assets (in thousands)	$	611,596	$	695,736	$	688,259	$	618,970	$	575,072	$	605,083

Ratios to average net assets:⁴
Net investment income (loss)		(0.02)%		(0.24)%		(0.39)%		(0.24)%		0.03%		(0.53)%
Expenses excluding specific expenses listed below		0.84%		0.83%		0.83%		0.84%		0.85%		0.84%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.84%		0.83%		0.83%		0.84%		0.85%		0.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%		0.80%

Portfolio turnover rate		60%		81%		113%		84%		66%		91%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	0.84	%
Year Ended December 31, 2015	0.83	%
Year Ended December 31, 2014	0.83	%
Year Ended December 31, 2013	0.84	%
Year Ended December 31, 2012	0.85	%
Year Ended December 30, 2011	0.84	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	73.88	$	76.21	$	72.22	$	53.25	$	45.84	$	45.46

Income (loss) from investment operations:
Net investment loss²		(0.09)		(0.38)		(0.46)		(0.30)		(0.12)		(0.37)
Net realized and unrealized gain		1.17		5.50		4.45		19.27		7.53		0.75

Total from investment operations		1.08		5.12		3.99		18.97		7.41		0.38

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00		0.00
Distributions from net realized gain		(5.92)		(7.45)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(5.92)		(7.45)		0.00		0.00		0.00		0.00

Net asset value, end of period	$	69.04	$	73.88	$	76.21	$	72.22	$	53.25	$	45.84



Total Return, at Net Asset Value³		1.50%		6.35%		5.53%		35.62%		16.17%		0.83%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	34,433	$	37,029	$	30,964	$	36,549	$	35,942	$	35,773

Average net assets (in thousands)	$	33,731	$	32,812	$	32,927	$	35,905	$	37,842	$	37,775

Ratios to average net assets:⁴
Net investment loss		(0.27)%		(0.49)%		(0.64)%		(0.49)%		(0.22)%		(0.78)%
Expenses excluding specific expenses listed below		1.09%		1.08%		1.08%		1.09%		1.10%		1.09%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.09%		1.08%		1.08%		1.09%		1.10%		1.09%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%		1.05%

Portfolio turnover rate		60%		81%		113%		84%		66%		91%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.09	%
Year Ended December 31, 2015	1.08	%
Year Ended December 31, 2014	1.08	%
Year Ended December 31, 2013	1.09	%
Year Ended December 31, 2012	1.10	%
Year Ended December 30, 2011	1.09	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Discovery Mid Cap Growth Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

The Fund offers two classes of shares. Both classes are sold at their offering price, which is the net asset value per share, to separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. The class of shares designated as Service shares is subject to a distribution and service plan. Both classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates. Distributions received from the Fund’s investments in Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received from REITs after their tax reporting periods are concluded.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to

13 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended December 31, 2015, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended December 31, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the Fund will not have any capital loss carryforwards. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	540,571,590

Gross unrealized appreciation	$	142,442,360
Gross unrealized depreciation		(3,270,244)

Net unrealized appreciation	$	139,172,116

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

14 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

3. Securities Valuation (Continued)

evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered are measured using net asset value as a practical expedient, and are not classified in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

15 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	124,713,413	$	—	$	—	$	124,713,413
Consumer Staples		36,930,227		—		—		36,930,227
Energy		24,515,405		—		—		24,515,405
Financials		70,358,019		—		—		70,358,019
Health Care		104,067,524		—		—		104,067,524
Industrials		116,886,540		—		—		116,886,540
Information Technology		144,641,503		—		—		144,641,503
Materials		27,789,828		—		—		27,789,828
Investment Company		29,841,247		—		—		29,841,247

Total Assets	$	679,743,706	$	—	$	—	$	679,743,706

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated Fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

16 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

5. Market Risk Factors (Continued)

a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016					Year Ended December 31, 2015
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		146,606		$	10,736,692		316,843		$	25,835,263
Dividends and/or distributions reinvested		674,971			48,415,668		772,150			61,563,484
Redeemed		(635,482	)		(46,078,713)		(1,154,717	)		(93,160,379)

Net increase (decrease)		186,095		$	13,073,647		(65,724	)	$	(5,761,632)



Service Shares
Sold		29,057		$	2,029,005		153,951		$	11,748,349
Dividends and/or distributions reinvested		39,877			2,737,189		37,465			2,875,460
Redeemed		(71,388	)		(4,966,536)		(96,510	)		(7,534,963)

Net increase (decrease)		(2,454	)	$	(200,342)		94,906		$	7,088,846

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities	$	380,717,963	$	416,050,916

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $700 million			0.60
Over $1.5 billion			0.58

The Fund’s effective management fee for the reporting period was 0.72% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

17 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan for Service Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act for Service shares to pay OppenheimerFunds Distributor, Inc. (the “Distributor”), for distribution related services, personal service and account maintenance for the Fund’s Service shares. Under the Plan, payments are made periodically at an annual rate of 0.25% of the daily net assets of Service shares of the Fund. The Distributor currently uses all of those fees to compensate sponsors of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares, which results in lower performance compared to the Fund’s shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $103,513 and $5,586 for Non-Service and Service shares, respectively.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $11,504 for IMMF management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

18 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

19 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ’Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name

Pay
Date

Net Income

Net Profit
from Sale

Other

Capital
Sources

Oppenheimer Discovery Mid Cap Growth Fund/VA

6/21/16

0.0%

100.0%

0.0%

20 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

21 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

22 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

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23 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Ronald J. Zibelli, Jr., Vice President
		Justin Livengood, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and		OFI Global Asset Management, Inc.
Shareholder
Servicing Agent

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		June 30, 2016
		Oppenheimer
		Conservative Balanced Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds

		SEMIANNUAL REPORT

		Listing of Top Holdings

		Fund Performance Discussion

		Financial Statements

PORTFOLIO MANAGERS: Krishna Memani and Magnus Krantz

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		2/9/87		4.20%		3.70%		6.90%		2.77%
Service Shares		5/1/02		4.03		3.45		6.62		2.51
Russell 3000 Index				3.62		2.14		11.60		7.40
Barclays U.S. Aggregate Bond Index				5.31		6.00		3.76		5.13
Reference Index				4.92		5.06		6.82		6.55

The Fund’s performance is compared to the performance of the Russell 3000 Index, the Barclays U.S. Aggregate Bond Index and the Fund’s Reference Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Fund’s Reference Index is a customized weighted index currently comprised of 65% of the Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. The Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Alphabet, Inc., Cl. C			1.3%
Johnson & Johnson			1.2
Microsoft Corp.			1.1
Simon Property Group, Inc.			0.9
Facebook, Inc., Cl. A			0.8
Chubb Ltd.			0.8
Comcast Corp., Cl. A			0.8
Chevron Corp.			0.8
Suncor Energy, Inc.			0.7
Citigroup, Inc.			0.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

PORTFOLIO ALLOCATION


Mortgage-Backed Obligations
Government Agency			20.6%
Non-Agency			10.9
Common Stocks			31.2
Non-Convertible Corporate Bonds and Notes			28.5
Asset-Backed Securities			6.3
Investment Company Oppenheimer Institutional Money Market Fund			2.1
U.S. Government Obligations			0.3
Over-the-Counter Options Purchased			0.1

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of investments.

2 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 4.20% during the reporting period. On a relative basis, the Fund’s Reference Index returned 4.92%. The Fund’s Reference Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 65% of the Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. Measured separately, the Barclays U.S. Aggregate Bond Index returned 5.31% and the Russell 3000 Index returned 3.62%.

MARKET OVERVIEW

2016 started off with credit markets widening amid stock market weakness. The Federal Reserve’s (the “Fed”) statement in January suggested they would continue gradually raising rates this year, which further roiled markets as global growth continued to show risk of slowing further. Risk asset weakness and the Bank of Japan cutting rates to negative levels at the end of January helped U.S. Treasury yields fall dramatically.

By mid-February markets began to turn. The European Central Bank (“ECB”) hinted it would likely ease further, the Bank of Japan’s tone remained dovish, China signaled it would provide further stimulus, and better than expected economic data helped turn sentiment. A dovish Fed statement in mid-March and further dovish statements from Chair Yellen (sometimes at odds with other Fed speakers) helped the better trend in risk sentiment persist.

The second quarter of 2016 began with improving data momentum, payrolls and wages remained steady, while survey indicators such as the Institute for Supply Management (“ISM”) and consumer sentiment also improved. Chinese and emerging market growth looked to have stabilized or modestly strengthened. The market continued to price for one with the potential of two hikes by the Federal Reserve in 2016, as core consumer price inflation data remained stable at about 2.2% year-over-year, and headline inflation stabilized at about 1%.

Data trends continued into May, which led to expectations that the Fed would hike at least twice during 2016 – including the potential for a June hike. A weak May payrolls report caused the market to back off the possibility of two hikes, as did a dovish Chair Yellen in her press conference after the mid-June Federal Open Market Committee meeting.

The big surprise news came late in June with voters in the United Kingdom opting to drop out of the European Union. U.S. markets became extremely volatile for two days. However, risk assets sharply rebounded, while bond yields remain depressed on expectations of further central bank easing.

EQUITY STRATEGY REVIEW

The equity strategy produced positive absolute performance during the reporting period, but underperformed the Russell 3000 Index. The equity strategy’s underperformance stemmed primarily from weaker relative stock selection in the information technology and energy sectors. The equity strategy outperformed the Russell 3000 Index in the health care, financials and industrials sectors, due largely to stronger relative stock selection.

The equity strategy’s top contributors to performance included Johnson & Johnson, Digital Realty Trust, Inc. and Verizon Communications, Inc. Johnson & Johnson is engaged in the research and development, manufacture and sale of products in the health care industry. The company reported positive earnings results due in part to strong prescription drug revenue and a weakening dollar. Johnson & Johnson also announced that it expects to increase profit margins this year, partly due to cost cuts. Digital Realty (“DLR”) is a real estate investment trust (“REIT”) that owns, acquires, develops and manages technology-related real estate, including data centers. The company performed strongly during the reporting period, showing improved leasing results and higher profitability. In addition, DLR completed a key acquisition of TelX, which provides valuable services to clients who need to connect with many internet and telecom providers inside datacenters. This acquisition is expected to be accretive to both revenue and earnings growth over the next few years, and enhances the value proposition DLR can offer its tenants. Verizon benefited as competitive intensity in wireless has shown signs of abating, allowing investors to have greater confidence in its dividend yield relative to other stable U.S. income stocks. The company entered the year at 11x earnings per share (“EPS”) and 5% dividend yield following comments from management that overall company EPS would be flat in 2016 relative to 2015 due to a divesture that left the company with some stranded costs to work out over 2016. However, as industry trends have improved and management has made improved progress on its cost reductions, the stock’s performance has improved.

The equity strategy’s top detractors from performance included Citigroup, Inc., Apple, Inc. and Alphabet, Inc. Starting with Citigroup, over the first half of the reporting period, the stock, along with other large banking companies, underperformed largely as a result of inaction by the Fed. Net interest margins—a key metric of profitability—were under pressure as interest rates remained low. Investors had expected that with a rise in short-term rates, this measure of

3 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

profitability would expand, providing a boost to earnings growth over the near- to-mid-term. Though the Fed indeed raised rates in December, weak economic data greatly decreased the likelihood that more rate hikes are coming, pressuring Citigroup and its peers. Apple experienced declines over the closing months of the period. The company reported a disappointing quarter and outlook as the iPhone 6S is lapping very difficult prior year results in addition to a decelerating global macro-economy. Alphabet, the holding company of Google, reported a decent quarter, yet the results did not satisfy elevated investor expectations. With very widespread ownership, the stock experienced declines following the earnings release.

FIXED-INCOME STRATEGY REVIEW

The Fund’s fixed-income strategy underperformed the Barclays U.S. Aggregate Bond Index this reporting period. The strategy’s underperformance stemmed from selection in investment grade credit and commercial mortgage-backed securities (“CMBS”). Positive contributors to performance included security selection in agency MBS and an underweight position in U.S. Treasuries.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,042.00	$	3.41
Service shares		1,000.00		1,040.30		4.68

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.53		3.37
Service shares		1,000.00		1,020.29		4.63


Class	Expense Ratios
Non-Service shares		0.67%
Service shares		0.92

5 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—34.7%

Consumer Discretionary—4.3%

Auto Components—0.3%

Delphi Automotive plc		12,740	$	797,524

Hotels, Restaurants & Leisure—0.8%

International Speedway Corp., Cl. A		7,570		253,216

McDonald’s Corp.		9,920		1,193,773

Sonic Corp.		16,760		453,358

				1,900,347

Household Durables—0.3%

Toll Brothers, Inc.¹		21,090		567,532

Internet & Catalog Retail—0.2%

Amazon.com, Inc.¹		760		543,871

Media—1.0%

Comcast Corp., Cl. A		28,490		1,857,263

Madison Square Garden Co. (The), Cl. A¹		2,790		481,303

				2,338,566

Specialty Retail—1.7%

AutoZone, Inc.¹		1,160		920,855

Home Depot, Inc. (The)		11,320		1,445,451

Ross Stores, Inc.		16,280		922,913

Sally Beauty Holdings, Inc.¹		23,500		691,135

				3,980,354

Consumer Staples—3.4%

Beverages—1.3%

Coca-Cola European Partners plc		16,060		573,181

Molson Coors Brewing Co., Cl. B		9,660		976,916

PepsiCo, Inc.		13,990		1,482,101

				3,032,198

Food Products—0.9%

Kraft Heinz Co. (The)		11,870		1,050,257

Mondelez International, Inc., Cl. A		24,170		1,099,977

				2,150,234

Tobacco—1.2%

Philip Morris International, Inc.		14,530		1,477,992

Reynolds American, Inc.		21,310		1,149,248

				2,627,240

Energy—2.2%

Oil, Gas & Consumable Fuels—2.2%

Chevron Corp.		17,022		1,784,416

HollyFrontier Corp.		10,861		258,166

Noble Energy, Inc.		31,982		1,147,195

Suncor Energy, Inc.		62,320		1,728,134

Western Refining, Inc.		12,337		254,512

				5,172,423

Financials—5.7%

Commercial Banks—1.8%

BancorpSouth, Inc.		26,820		608,546

Citigroup, Inc.		40,350		1,710,436

JPMorgan Chase & Co.		20,450		1,270,763

Webster Financial Corp.		21,730		737,734

				4,327,479

Consumer Finance—0.5%

Synchrony Financial¹		43,230		1,092,854

Insurance—1.4%

Chubb Ltd.		14,630		1,912,287

FNF Group		39,030		1,463,625

				3,375,912

Real Estate Investment Trusts (REITs)—1.5%

Digital Realty Trust, Inc.		6,130		668,109

Lamar Advertising Co., Cl. A		10,420		690,846


	Shares		Value

Real Estate Investment Trusts (REITs) (Continued)

Simon Property Group, Inc.		9,500	$	2,060,550

				3,419,505

Thrifts & Mortgage Finance—0.5%

New York Community Bancorp, Inc.		72,790		1,091,122

Health Care—5.0%

Biotechnology—0.5%

BioMarin Pharmaceutical, Inc.¹		4,540		353,212

Celgene Corp.¹		8,830		870,903

				1,224,115

Health Care Equipment & Supplies—0.7%

DexCom, Inc.¹		4,780		379,197

Medtronic plc		13,179		1,143,542

				1,522,739

Health Care Providers & Services—1.4%

Centene Corp.¹		12,250		874,283

Diplomat Pharmacy, Inc.¹		12,050		421,750

McKesson Corp.		4,740		884,721

Universal Health Services, Inc., Cl. B		5,460		732,186

WellCare Health Plans, Inc.¹		4,300		461,304

				3,374,244

Life Sciences Tools & Services—0.2%

Agilent Technologies, Inc.		10,460		464,006

Pharmaceuticals—2.2%

Bristol-Myers Squibb Co.		14,620		1,075,301

Johnson & Johnson		22,560		2,736,528

Mylan NV¹		10,080		435,859

Prestige Brands Holdings, Inc.¹		15,880		879,752

				5,127,440

Industrials—4.9%

Aerospace & Defense—1.1%

L-3 Communications Holdings, Inc.		5,370		787,725

Lockheed Martin Corp.		3,740		928,156

United Technologies Corp.		8,130		833,732

				2,549,613

Airlines—0.3%

Spirit Airlines, Inc.¹		14,290		641,192

Building Products—0.3%

Masonite International Corp.¹		10,190		673,967

Commercial Services & Supplies—1.2%

KAR Auction Services, Inc.		24,280		1,013,447

Tyco International plc		20,760		884,376

Waste Connections, Inc.		11,890		856,675

				2,754,498

Construction & Engineering—0.3%

AECOM¹		20,550		652,873

Industrial Conglomerates—0.7%

General Electric Co.		52,230		1,644,200

Machinery—0.3%

Xylem, Inc.		15,200		678,680

Professional Services—0.4%

Nielsen Holdings plc		7,940		412,642

Robert Half International, Inc.		17,840		680,774

				1,093,416

Road & Rail—0.3%

Canadian Pacific Railway Ltd.		5,800		746,982

Information Technology—6.4%

Electronic Equipment, Instruments, & Components—0.2%

SYNNEX Corp.		5,200		493,064

Internet Software & Services—2.5%

Alphabet, Inc., Cl. C¹		4,540		3,142,134

Facebook, Inc., Cl. A¹		16,970		1,939,331

6 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Shares		Value

Internet Software & Services (Continued)

j2 Global, Inc.		10,110	$	638,649

				5,720,114

IT Services—0.7%

Amdocs Ltd.		7,360		424,819

PayPal Holdings, Inc.¹		34,730		1,267,993

				1,692,812

Semiconductors & Semiconductor Equipment—0.4%

Applied Materials, Inc.		41,510		994,995

Software—2.4%

Activision Blizzard, Inc.		21,860		866,312

Fortinet, Inc.¹		13,450		424,885

Guidewire Software, Inc.¹		6,500		401,440

Imperva, Inc.¹		6,600		283,866

Microsoft Corp.		49,440		2,529,845

Paylocity Holding Corp.¹		9,660		417,312

ServiceNow, Inc.¹		5,541		367,922

Splunk, Inc.¹		6,810		368,966

				5,660,548

Technology Hardware, Storage & Peripherals—0.2%

Western Digital Corp.		10,590		500,483

Materials—1.0%

Chemicals—0.2%

Eastman Chemical Co.		8,470		575,113

Construction Materials—0.5%

Vulcan Materials Co.		8,850		1,065,186

Metals & Mining—0.3%

Alcoa, Inc.		78,290		725,748

Telecommunication Services—0.7%

Diversified Telecommunication Services—0.7%

ORBCOMM, Inc.¹		375		3,731

Verizon Communications, Inc.		29,210		1,631,087

				1,634,818

Utilities—1.1%

Electric Utilities—0.8%

OGE Energy Corp.		29,990		982,172

PG&E Corp.		13,490		862,281

				1,844,453

Gas Utilities—0.3%

Suburban Propane Partners LP²		21,230		709,082

Total Common Stocks (Cost $71,737,818)				81,181,542
	Principal Amount

Asset-Backed Securities—7.0%

American Credit Acceptance Receivables Trust:
Series 2014-1, Cl. B, 2.39%, 11/12/19³	$	171,560		171,627
Series 2014-2, Cl. B, 2.26%, 3/10/20³		63,315		63,317
Series 2014-3, Cl. B, 2.43%, 6/10/20³		419,484		419,724
Series 2014-4, Cl. B, 2.60%, 10/12/20³		175,000		175,336
Series 2015-1, Cl. B, 2.85%, 2/12/21³		445,000		447,632
Series 2015-3, Cl. B, 3.56%, 10/12/21³		360,000		366,479

American Express Credit Account Master Trust:
Series 2014-2, Cl. A, 1.26%, 1/15/20		80,000		80,340
Series 2014-3, Cl. A, 1.49%, 4/15/20		65,000		65,516

AmeriCredit Automobile Receivables Trust:
Series 2012-2, Cl. E, 4.85%, 8/8/19³		380,000		380,724
Series 2012-4, Cl. D, 2.68%, 10/9/18		115,000		115,515
Series 2013-2, Cl. E, 3.41%, 10/8/20³		415,000		418,492
Series 2013-3, Cl. E, 3.74%, 12/8/20³		180,000		183,369
Series 2014-1, Cl. E, 3.58%, 8/9/21		355,000		357,123
Series 2014-2, Cl. E, 3.37%, 11/8/21		440,000		438,475

Cabela’s Credit Card Master Note Trust,
Series 2016-1, Cl. A1, 1.78%, 6/15/22		340,000		340,014

Capital Auto Receivables Asset Trust:
Series 2013-1, Cl. D, 2.19%, 9/20/21		125,000		125,359


	Principal Amount		Value

Asset-Backed Securities (Continued)

Capital Auto Receivables Asset Trust: (Continued)
Series 2014-1, Cl. D, 3.39%, 7/22/19	$	140,000	$	143,331
Series 2014-3, Cl. D, 3.14%, 2/20/20		195,000		196,833
Series 2015-1, Cl. D, 3.16%, 8/20/20		195,000		196,810
Series 2015-4, Cl. D, 3.62%, 5/20/21		295,000		300,579

Capital One Multi-Asset Execution Trust:
Series 2014-A2, Cl. A2, 1.26%, 1/15/20		480,000		481,587
Series 2014-A5, Cl. A5, 1.48%, 7/15/20		660,000		664,480

CarFinance Capital Auto Trust:
Series 2014-1A, Cl. A, 1.46%, 12/17/18³		17,331		17,320
Series 2015-1A, Cl. A, 1.75%, 6/15/21³		139,115		138,570

CarMax Auto Owner Trust:
Series 2015-2, Cl. D, 3.04%, 11/15/21		115,000		115,780
Series 2015-3, Cl. D, 3.27%, 3/15/22		210,000		211,507
Series 2016-1, Cl. D, 3.11%, 8/15/22		220,000		220,182

Chase Issuance Trust:
Series 2007-A3, Cl. A3, 5.23%, 4/15/19		105,000		107,864
Series 2014-A1, Cl. A1, 1.15%, 1/15/19		595,000		596,251
Series 2014-A6, Cl. A6, 1.26%, 7/15/19		400,000		401,587

CPS Auto Receivables Trust:
Series 2012-B, Cl. A, 2.52%, 9/16/19³		46,276		46,387
Series 2014-A, Cl. A, 1.21%, 8/15/18³		95,164		95,093
Series 2014-C, Cl. A, 1.31%, 2/15/19³		120,006		119,883

CPS Auto Trust, Series 2012-C, Cl. A, 1.82%, 12/16/19³		17,334		17,319

Credit Acceptance Auto Loan Trust:
Series 2014-1A, Cl. B, 2.29%, 4/15/22³		270,000		269,555
Series 2014-2A, Cl. B, 2.67%, 9/15/22³		195,000		195,365

Discover Card Execution Note Trust,
Series 2014-A5, Cl. A, 1.39%, 4/15/20		585,000		588,808

Drive Auto Receivables Trust:
Series 2015-BA, Cl. C, 2.76%, 7/15/21³		345,000		345,396
Series 2016-BA, Cl. C, 3.19%, 7/15/22³		170,000		170,454

DT Auto Owner Trust:
Series 2013-1A, Cl. D, 3.74%, 5/15/20³		143,283		144,548
Series 2013-2A, Cl. D, 4.18%, 6/15/20³		500,235		505,630
Series 2014-2A, Cl. D, 3.68%, 4/15/21³		615,000		621,246
Series 2014-3A, Cl. D, 4.47%, 11/15/21³		245,000		248,600
Series 2015-1A, Cl. C, 2.87%, 11/16/20³		205,000		205,075
Series 2016-1A, Cl. B, 2.79%, 5/15/20³		290,000		291,294

Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/44³		278,536		270,365

Exeter Automobile Receivables Trust:
Series 2014-1A, Cl. B, 2.42%, 1/15/19³		237,586		237,586
Series 2014-1A, Cl. C, 3.57%, 7/15/19³		280,000		282,203
Series 2014-2A, Cl. A, 1.06%, 8/15/18³		7,641		7,637
Series 2014-2A, Cl. C, 3.26%, 12/16/19³		135,000		135,941

First Investors Auto Owner Trust:
Series 2013-3A, Cl. B, 2.32%, 10/15/19³		465,000		465,529
Series 2013-3A, Cl. D, 3.67%, 5/15/20³		165,000		163,189

Flagship Credit Auto Trust:
Series 2014-1, Cl. A, 1.21%, 4/15/19³		49,229		49,091
Series 2014-2, Cl. A, 1.43%, 12/16/19³		133,852		133,254

FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43³		37,374		36,736

GM Financial Automobile Leasing Trust,
Series 2015-1, Cl. D, 3.01%, 3/20/20		280,000		278,588

7 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Asset-Backed Securities (Continued)

GO Financial Auto Securitization Trust, Series 2015-1, Cl. A, 1.81%, 3/15/18³	$	46,773	$	46,747

Navistar Financial Dealer Note Master Trust, Series 2014-1, Cl. D, 2.753%, 10/25/19^3,4		145,000		144,457

Santander Drive Auto Receivables Trust:
Series 2013-A, Cl. E, 4.71%, 1/15/21³		325,000		334,176
Series 2014-2, Cl. D, 2.76%, 2/18/20		200,000		203,071
Series 2016-2, Cl. D, 3.39%, 4/15/22		115,000		116,446

SNAAC Auto Receivables Trust:
Series 2013-1A, Cl. C, 3.07%, 8/15/18³		31,621		31,645
Series 2014-1A, Cl. D, 2.88%, 1/15/20³		165,000		162,891

TCF Auto Receivables Owner Trust:
Series 2014-1A, Cl. C, 3.12%, 4/15/21³		115,000		114,396
Series 2015-1A, Cl. D, 3.53%, 3/15/22³		190,000		188,195

Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/44³		127,968		126,905

United Auto Credit Securitization Trust, Series 2015-1, Cl. D, 2.92%, 6/17/19³		260,000		255,375

Westlake Automobile Receivables Trust:
Series 2014-1A, Cl. D, 2.20%, 2/15/21³		180,000		179,598
Series 2014-2A, Cl. D, 2.86%, 7/15/21³		195,000		193,688
Series 2015-1A, Cl. C, 2.29%, 11/16/20³		205,000		204,743
Series 2015-2A, Cl. C, 2.45%, 1/15/21³		250,000		249,836

Total Asset-Backed Securities (Cost $16,385,407)				16,418,664

Mortgage-Backed Obligations—35.0%

Government Agency—22.9%

FHLMC/FNMA/FHLB/Sponsored—20.0%

Federal Home Loan Mortgage Corp. Gold Pool:
4.50%, 10/1/18		20,502		20,995
5.00%, 12/1/34		3,128		3,493
5.50%, 9/1/39		429,401		479,362
6.50%, 4/1/18-4/1/34		29,700		33,865
7.00%, 10/1/31-10/1/37		134,681		157,193
9.00%, 8/1/22-5/1/25		2,491		2,730

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183,Cl. IO, 13.247%, 4/1/27⁵		69,310		15,165
Series 192,Cl. IO, 6.638%, 2/1/28⁵		20,419		3,993
Series 243,Cl. 6, 1.656%, 12/15/32⁵		57,878		10,025

Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		224,499		229,568

Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.163%, 6/1/26⁶		22,670		21,095

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2426,Cl. BG, 6.00%, 3/15/17		13,144		13,364
Series 2427,Cl. ZM, 6.50%, 3/15/32		118,680		137,470
Series 2461,Cl. PZ, 6.50%, 6/15/32		51,342		61,224
Series 2564,Cl. MP, 5.00%, 2/15/18		67,817		69,502
Series 2585,Cl. HJ, 4.50%, 3/15/18		36,211		37,039
Series 2626,Cl. TB, 5.00%, 6/15/33		107,332		116,635
Series 2635,Cl. AG, 3.50%, 5/15/32		43,163		45,818
Series 2707,Cl. QE, 4.50%, 11/15/18		215,028		221,727
Series 2770,Cl. TW, 4.50%, 3/15/19		9,459		9,733
Series 3010,Cl. WB, 4.50%, 7/15/20		29,332		30,511
Series 3025,Cl. SJ, 23.129%, 8/15/35⁴		19,187		30,226
Series 3030,Cl. FL, 0.842%, 9/15/35⁴		101,616		101,339
Series 3741,Cl. PA, 2.15%, 2/15/35		237,957		240,713
Series 3815,Cl. BD, 3.00%, 10/15/20		7,431		7,558
Series 3822,Cl. JA, 5.00%, 6/15/40		68,684		72,677


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 3840,Cl. CA, 2.00%, 9/15/18	$	5,587	$	5,633
Series 3848,Cl. WL, 4.00%, 4/15/40		130,731		137,763
Series 3857,Cl. GL, 3.00%, 5/15/40		7,643		7,987
Series 4221,Cl. HJ, 1.50%, 7/15/23		742,146		749,611

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130,Cl. SC, 49.105%, 3/15/29⁵		63,972		13,151
Series 2796,Cl. SD, 49.105%, 7/15/26⁵		98,673		18,225
Series 2920,Cl. S, 52.005%, 1/15/35⁵		520,081		99,823
Series 2922,Cl. SE, 6.264%, 2/15/35⁵		30,653		5,708
Series 2981,Cl. AS, 0.09%, 5/15/35⁵		279,962		57,070
Series 3201,Cl. SG, 3.605%, 8/15/36⁵		76,704		17,154
Series 3397,Cl. GS, 14.918%, 12/15/37⁵		33,428		6,818
Series 3424,Cl. EI, 5.039%, 4/15/38⁵		17,511		2,172
Series 3450,Cl. BI, 10.234%, 5/15/38⁵		94,151		16,575
Series 3606,Cl. SN, 2.214%, 12/15/39⁵		49,126		9,958

Federal National Mortgage Assn.:
2.50%, 7/1/31⁷		7,320,000		7,573,913
3.00%, 7/1/31⁷		5,585,000		5,856,287
3.50%, 7/1/46⁷		14,505,000		15,303,341
4.00%, 7/1/46⁷		6,085,000		6,523,429
4.50%, 7/1/31⁷		219,000		224,543
5.00%, 7/1/46⁷		3,345,000		3,716,086

Federal National Mortgage Assn. Pool:
5.00%, 3/1/21		10,033		10,358
5.50%, 9/1/20		2,705		2,881
6.00%, 11/1/17-3/1/37		193,654		221,285
6.50%, 5/1/17-10/1/19		13,097		13,283
7.00%, 11/1/17-10/1/35		8,949		9,423
7.50%, 1/1/33		70,765		86,701
8.50%, 7/1/32		4,406		4,833

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222,Cl. 2, 16.513%, 6/25/23⁵		157,223		24,879
Series 233,Cl. 2, 31.465%, 8/25/23⁵		107,575		20,468
Series 252,Cl. 2, 35.254%, 11/25/23⁵		144,390		26,501
Series 319,Cl. 2, 3.308%, 2/25/32⁵		32,561		7,029
Series 320,Cl. 2, 9.764%, 4/25/32⁵		10,979		2,987
Series 321,Cl. 2, 1.725%, 4/25/32⁵		115,584		24,238
Series 331,Cl. 9, 10.026%, 2/25/33⁵		134,828		28,987
Series 334,Cl. 17, 17.337%, 2/25/33⁵		74,761		15,429
Series 339,Cl. 12, 0.00%, 6/25/33^5,8		100,913		21,081
Series 339,Cl. 7, 0.00%, 11/25/33^5,8		294,016		58,424
Series 343,Cl. 13, 0.00%, 9/25/33^5,8		107,151		21,029
Series 345,Cl. 9, 0.00%, 1/25/34^5,8		96,233		19,092
Series 351,Cl. 10, 0.00%, 4/25/34^5,8		13,358		2,683
Series 351,Cl. 8, 0.00%, 4/25/34^5,8		46,055		9,219
Series 356,Cl. 10, 0.00%, 6/25/35^5,8		32,417		6,007
Series 356,Cl. 12, 0.00%, 2/25/35^5,8		17,413		3,234
Series 362,Cl. 13, 0.00%, 8/25/35^5,8		124,634		25,302
Series 364,Cl. 16, 0.00%, 9/25/35^5,8		87,752		16,880

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61,Cl. PL, 6.00%, 11/25/28		52,878		60,624
Series 2003-100,Cl. PA, 5.00%, 10/25/18		153,014		157,925
Series 2003-130,Cl. CS, 13.193%, 12/25/33⁴		10,891		12,429
Series 2003-84,Cl. GE, 4.50%, 9/25/18		11,427		11,730
Series 2004-101,Cl. BG, 5.00%, 1/25/20		31,090		31,308
Series 2004-25,Cl. PC, 5.50%, 1/25/34		116,373		121,275
Series 2005-104,Cl. MC, 5.50%, 12/25/25		237,356		260,514
Series 2005-31,Cl. PB, 5.50%, 4/25/35		250,000		301,610

8 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2005-73,Cl. DF, 0.703%, 8/25/35⁴	$	188,744	$	189,555
Series 2006-11,Cl. PS, 22.905%, 3/25/36⁴		71,188		113,180
Series 2006-46,Cl. SW, 22.537%, 6/25/36⁴		49,719		70,473
Series 2006-50,Cl. KS, 22.538%, 6/25/36⁴		10,661		16,232
Series 2008-75,Cl. DB, 4.50%, 9/25/23		46,896		48,192
Series 2009-113,Cl. DB, 3.00%, 12/25/20		166,142		169,197
Series 2009-36,Cl. FA, 1.393%, 6/25/37⁴		75,185		76,751
Series 2009-37,Cl. HA, 4.00%, 4/25/19		43,385		44,303
Series 2009-70,Cl. TL, 4.00%, 8/25/19		477,583		486,834
Series 2010-43,Cl. KG, 3.00%, 1/25/21		84,411		86,280
Series 2011-15,Cl. DA, 4.00%, 3/25/41		33,210		35,204
Series 2011-3,Cl. EL, 3.00%, 5/25/20		268,567		273,452
Series 2011-3,Cl. KA, 5.00%, 4/25/40		168,133		185,359
Series 2011-38,Cl. AH, 2.75%, 5/25/20		6,055		6,145
Series 2011-82,Cl. AD, 4.00%, 8/25/26		182,132		187,288

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65,Cl. S, 27.57%, 11/25/31⁵		126,619		25,872
Series 2001-81,Cl. S, 26.098%, 1/25/32⁵		32,958		7,494
Series 2002-47,Cl. NS, 31.79%, 4/25/32⁵		87,800		18,452
Series 2002-51,Cl. S, 31.979%, 8/25/32⁵		80,621		16,092
Series 2002-52,Cl. SD, 35.332%, 9/25/32⁵		117,919		27,996
Series 2002-77,Cl. SH, 35.599%, 12/18/32⁵		49,270		11,529
Series 2002-84,Cl. SA, 34.035%, 12/25/32⁵		122,242		24,880
Series 2002-9,Cl. MS, 27.042%, 3/25/32⁵		34,107		7,684
Series 2003-33,Cl. SP, 28.934%, 5/25/33⁵		133,175		28,727
Series 2003-4,Cl. S, 30.371%, 2/25/33⁵		73,573		16,802
Series 2003-46,Cl. IH, 0.00%, 6/25/23^5,8		248,321		27,791
Series 2004-54,Cl. DS, 38.392%, 11/25/30⁵		99,126		18,901
Series 2004-56,Cl. SE, 11.821%, 10/25/33⁵		25,028		5,187
Series 2005-12,Cl. SC, 9.13%, 3/25/35⁵		14,542		2,625
Series 2005-14,Cl. SE, 37.768%, 3/25/35⁵		48,378		9,655
Series 2005-40,Cl. SA, 48.117%, 5/25/35⁵		255,608		55,193
Series 2005-52,Cl. JH, 3.146%, 5/25/35⁵		689,009		130,730
Series 2005-93,Cl. SI, 18.351%, 10/25/35⁵		58,901		10,803
Series 2007-88,Cl. XI, 35.398%, 6/25/37⁵		146,589		28,428
Series 2008-55,Cl. SA, 8.139%, 7/25/38⁵		69,859		8,304
Series 2009-8,Cl. BS, 0.00%, 2/25/24^5,8		10,618		385
Series 2011-96,Cl. SA, 5.993%, 10/25/41⁵		140,254		28,646


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2012-134,Cl. SA, 8.342%, 12/25/42⁵	$	537,931	$	131,100
Series 2012-40,Cl. PI, 0.00%, 4/25/41^5,8		303,384		37,195

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 5.183%, 9/25/23⁶		57,105		53,963

				46,880,794

GNMA/Guaranteed—2.9%

Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		19,251		20,109
7.50%, 1/15/23-6/15/24		24,782		26,205
8.00%, 5/15/17-4/15/23		17,880		19,634
8.50%, 8/15/17-12/15/17		1,130		1,144

Government National Mortgage Assn. II Pool:
3.50%, 7/1/46⁷		4,180,000		4,436,025
4.00%, 7/1/46⁷		1,965,000		2,100,554

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 48.182%, 2/16/32⁵		153,676		25,092
Series 2002-76,Cl. SY, 52.112%, 12/16/26⁵		309,288		58,961
Series 2007-17,Cl. AI, 15.086%, 4/16/37⁵		376,368		81,969
Series 2011-52,Cl. HS, 4.18%, 4/16/41⁵		181,670		35,387

				6,805,080

Non-Agency—12.1%

Commercial—7.0%

Banc of America Funding Trust:
Series 2006-G,Cl. 2A4, 0.738%, 7/20/36⁴		692,191		645,577
Series 2014-R7,Cl. 3A1, 2.855%, 3/26/36^3,4		273,345		274,236

BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 2.43%, 9/26/35^3,4		176,609		177,141

Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 2.672%, 1/25/36⁴		174,481		163,257

Citigroup Commercial Mortgage Trust, Series 2013-GC11, Cl. D, 4.603%, 4/10/46^3,4		95,000		87,387

COMM Mortgage Trust:
Series 2012-CR4,Cl. D, 4.725%, 10/15/45^3,4		185,000		177,919
Series 2012-CR5,Cl. E, 4.479%, 12/10/45^3,4		480,000		436,152
Series 2013-CR6,Cl. AM, 3.147%, 3/10/46³		255,000		266,264
Series 2013-CR7,Cl. D, 4.491%, 3/10/46^3,4		445,000		407,850
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		865,000		945,151
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		285,000		310,602
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		280,000		302,547

COMM Mortgage Trust, Interest-Only
Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/45^5,8		402,399		29,940

Connecticut Avenue Securities:
Series 2014-C03,Cl. 1M1, 1.653%, 7/25/24⁴		198,308		198,861

9 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial (Continued)

Connecticut Avenue Securities: (Continued)
Series 2014-C04,Cl. 2M1, 2.553%, 11/25/24⁴	$	78,876	$	79,190
Series 2015-C03,Cl. 1M1, 1.953%, 7/25/25⁴		166,390		166,897
Series 2016-C02,Cl. 1M1, 2.603%, 9/25/28⁴		19,649		19,889
Series 2016-C03,Cl. 1M1, 2.453%, 10/25/28⁴		376,657		379,449

CSMC:
Series 2006-6,Cl. 1A4, 6.00%, 7/25/36		174,827		130,074
Series 2009-13R,Cl. 4A1, 2.746%, 9/26/36^3,4		5,120		5,129

Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		155,000		165,224

Federal National Mortgage Assn., Alternative Credit Enhancement Securities:
Series 2015-M11,Cl. A2, 2.921%, 4/25/25⁴		380,000		402,727
Series 2015-M8,Cl. A2, 2.90%, 1/25/25⁴		265,000		283,253
Series 2016-M5,Cl. A2, 2.469%, 4/25/26		960,000		977,737

First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,Cl. 3A1, 6.00%, 1/25/35		92,036		83,504
Series 2005-FA8,Cl. 1A6, 1.103%, 11/25/35⁴		112,355		75,061

FREMF Mortgage Trust:
Series 2012-K501,Cl. C, 3.425%, 11/25/46^3,4		50,000		50,087
Series 2013-K25,Cl. C, 3.743%, 11/25/45^3,4		60,000		57,062
Series 2013-K26,Cl. C, 3.722%, 12/25/45^3,4		40,000		39,100
Series 2013-K27,Cl. C, 3.616%, 1/25/46^3,4		110,000		100,751
Series 2013-K28,Cl. C, 3.614%, 6/25/46^3,4		450,000		416,963
Series 2013-K502,Cl. C, 3.21%, 3/25/45^3,4		220,000		221,172
Series 2013-K712,Cl. C, 3.484%, 5/25/45^3,4		70,000		71,137
Series 2013-K713,Cl. C, 3.274%, 4/25/46^3,4		145,000		144,423
Series 2014-K715,Cl. C, 4.268%, 2/25/46^3,4		35,000		34,616

GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6%, 4/25/37^3,4		456,163		428,986

GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.182%, 7/25/35⁴		39,059		38,466

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Cl. E, 5.365%, 5/15/45^3,4		205,000		195,548

JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 2.827%, 7/25/35⁴		153,416		153,327

JP Morgan Resecuritization Trust:
Series 2009-11,Cl. 5A1, 2.746%, 9/26/36^3,4		19,080		19,097
Series 2009-5,Cl. 1A2, 3.046%, 7/26/36^3,4		244,812		220,150

JPMBB Commercial Mortgage Securities Trust:
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		385,000		421,800
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		180,000		193,503


	Principal Amount		Value

Commercial (Continued)

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 2.851%, 4/21/34⁴	$	62,052	$	63,133

Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6,Cl. E, 4.812%, 11/15/45^3,4		385,000		373,849
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		720,000		779,550

Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 2.197%, 11/26/36^3,4		249,917		166,572

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.668%, 6/26/46^3,4		448,567		447,911

RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 2.405%, 7/26/45^3,4		33,583		33,508

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 2.602%, 8/25/34⁴		278,602		278,605

Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1,Cl. M1, 3.853%, 7/25/23⁴		358,647		366,338
Series 2014-DN1,Cl. M2, 2.653%, 2/25/24⁴		145,000		147,037
Series 2014-HQ2,Cl. M1, 1.903%, 9/25/24⁴		100,709		101,291
Series 2015-DN1,Cl. M1, 1.703%, 1/25/25⁴		12,723		12,724
Series 2015-DNA2,Cl. M2, 3.046%, 12/25/27⁴		110,000		112,183
Series 2015-DNA3,Cl. M1, 1.803%, 4/25/28⁴		97,910		98,099
Series 2015-DNA3,Cl. M2, 3.303%, 4/25/28⁴		380,000		390,949
Series 2015-HQA1,Cl. M1, 1.703%, 3/25/28⁴		241,337		241,364
Series 2016-DNA2,Cl. M1, 1.703%, 10/25/28⁴		388,499		388,594
Series 2016-DNA2,Cl. M2, 2.653%, 10/25/28⁴		390,000		393,416
Series 2016-DNA3,Cl. M1, 1.546%, 12/25/28⁴		325,000		325,481
Series 2016-DNA3,Cl. M2, 2.446%, 12/25/28⁴		110,000		110,298
Series 2016-HQA2,Cl. M1, 1.653%, 11/25/28⁴		225,000		223,697
Series 2016-HQA2,Cl. M2, 2.703%, 11/25/28⁴		385,000		387,443

UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 5.043%, 5/10/63^3,4		45,000		43,328

Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Cl. AS, 4.013%, 6/15/48		165,000		180,089

WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.992%, 6/15/45^3,4		80,000		77,206
Series 2013-C11,Cl. D, 4.318%, 3/15/45^3,4		49,000		45,023
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		155,000		164,347
Series 2013-C15,Cl. D, 4.629%, 8/15/46^3,4		225,000		200,454
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		150,000		166,083

10 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Commercial (Continued)

WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/44^3,5,8	$	2,693,716	$	133,210

				16,448,988

Multi-Family—2.6%

Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates:
Series K041,Cl. A2, 3.171%, 10/25/24		135,000		147,480
Series K042,Cl. A2, 2.67%, 12/25/24		315,000		332,016
Series K043,Cl. A2, 3.062%, 12/25/24		145,000		157,200
Series K045,Cl. A2, 3.023%, 1/25/25		315,000		340,973
Series K046,Cl. A2, 3.205%, 3/25/25		80,000		87,596
Series K047,Cl. A2, 3.329%, 5/25/25		735,000		812,493
Series K048,Cl. A2, 3.284%, 6/25/25⁴		815,000		897,451
Series K049,Cl. A2, 3.01%, 7/25/25		370,000		399,466
Series K050,Cl. A2, 3.334%, 8/25/25⁴		370,000		409,295
Series K052,Cl. A2, 3.151%, 11/25/25		635,000		692,421
Series K053,Cl. A2, 2.995%, 12/25/25		775,000		835,192
Series K054,Cl. A2, 2.745%, 1/25/26		835,000		881,590

				5,993,173

Residential—2.5%

Alternative Loan Trust, Series 2005-29CB, Cl. A4, 5%, 7/25/35		317,645		259,618

Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		76,904		68,430
Series 2007-C,Cl. 1A4, 3.023%, 5/20/36⁴		32,350		29,176

Banc of America Mortgage Trust, Series 2004-E, Cl. 2A6, 3.335%, 6/25/34⁴		93,500		92,521

Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.09%, 3/25/35⁴		275,390		276,718
Series 2005-9,Cl. A1, 2.66%, 10/25/35⁴		704,896		681,162
Series 2006-1,Cl. A1, 2.58%, 2/25/36⁴		281,904		275,942

Carrington Mortgage Loan Trust, Series 2006-FRE1, Cl. A2, 0.563%, 7/25/36⁴		27,885		27,686

CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		96,349		88,059
Series 2006-6,Cl. A3, 6.00%, 4/25/36		50,619		45,635

Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 2.87%, 10/25/35⁴		609,375		603,880

HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.763%, 7/25/35⁴		46,293		43,837

RALI Trust, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		12,390		10,058

WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 2.535%, 10/25/33⁴		139,047		141,406
Series 2005-AR14,Cl. 1A4, 2.538%, 12/25/35⁴		136,550		131,989
Series 2005-AR16,Cl. 1A1, 2.567%, 12/25/35⁴		124,591		116,838

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 2.766%, 2/25/35⁴		28,571		28,458
Series 2005-AR10,Cl. 1A1, 2.893%, 6/25/35⁴		538,382		547,767
Series 2005-AR13,Cl. 1A5, 3.057%, 5/25/35⁴		135,327		135,637
Series 2005-AR15,Cl. 1A2, 2.736%, 9/25/35⁴		196,792		191,351
Series 2005-AR15,Cl. 1A6, 2.736%, 9/25/35⁴		384,272		364,432
Series 2005-AR4,Cl. 2A2, 2.985%, 4/25/35⁴		370,688		370,607


	Principal Amount		Value

Residential (Continued)

Wells Fargo Mortgage-Backed Securities Trust: (Continued)
Series 2006-AR10,Cl. 5A5, 3.046%, 7/25/36⁴	$	276,996	$	267,428
Series 2006-AR14,Cl. 1A2, 5.879%, 10/25/36⁴		61,649		59,254
Series 2006-AR2,Cl. 2A3, 2.855%, 3/25/36⁴		34,310		33,717
Series 2006-AR7,Cl. 2A4, 3.085%, 5/25/36⁴		198,961		189,406
Series 2006-AR8,Cl. 2A1, 2.866%, 4/25/36⁴		218,262		213,259
Series 2006-AR8,Cl. 2A4, 2.866%, 4/25/36⁴		130,253		127,267
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		73,201		75,922
Series 2007-AR8,Cl. A1, 2.816%, 11/25/37⁴		414,083		368,341

				5,865,801

Total Mortgage-Backed Obligations (Cost $81,229,915)				81,993,836

U.S. Government Obligations—0.4%

Federal Home Loan Banks Nts., 0.875%, 6/29/18		20,000		20,079

Federal Home Loan Mortgage Corp. Nts.:
1.125% Nts., 4/15/19		145,000		146,385
5.50% Nts., 7/18/16		65,000		65,162

Federal National Mortgage Assn. Nts., 0.875%, 3/28/18		24,000		24,089

United States Treasury Nts., 1.50%, 5/31/19		552,000		564,603

Total U.S. Government Obligations (Cost $808,151)				820,318

Non-Convertible Corporate Bonds and Notes—31.7%

Consumer Discretionary—4.8%

Auto Components—0.1%

BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45		128,000		133,252

Johnson Controls, Inc., 1.40% Sr. Unsec. Nts., 11/2/17		77,000		77,267

				210,519

Automobiles—1.3%

Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31		185,000		301,174

Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24		835,000		866,656

General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		342,000		381,442

General Motors Financial Co., Inc., 3% Sr. Unsec. Nts., 9/25/17		401,000		407,058

Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		107,000		119,934

Hyundai Capital America, 2.40% Sr. Unsec. Nts., 10/30/18³		392,000		397,609

Nissan Motor Acceptance Corp., 2% Sr. Unsec. Nts., 3/8/19³		279,000		282,491

ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/25³		363,000		369,124

				3,125,488

Diversified Consumer Services—0.2%

Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		350,000		364,875

Hotels, Restaurants & Leisure—0.4%

Marriott International, Inc.: 3.125% Sr. Unsec. Nts., 6/15/26		52,000		52,713

11 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Hotels, Restaurants & Leisure (Continued)

Marriott International, Inc.: (Continued)
3.25% Sr. Unsec. Nts., 9/15/22	$	262,000	$	272,545
6.375% Sr. Unsec. Nts., 6/15/17		354,000		370,380

McDonald’s Corp.:
2.75% Sr. Unsec. Nts., 12/9/20		173,000		180,815
4.875% Sr. Unsec. Nts., 12/9/45		92,000		107,714

				984,167

Household Durables—0.7%

Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		373,000		363,675

Newell Brands, Inc.:
5.00% Sr. Unsec. Nts., 11/15/23³		391,000		411,164
5.50% Sr. Unsec. Nts., 4/1/46		91,000		108,593

Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23		410,000		405,900

Whirlpool Corp.:
1.35% Sr. Unsec. Nts., 3/1/17		123,000		123,228
1.65% Sr. Unsec. Nts., 11/1/17		105,000		105,690

				1,518,250

Leisure Equipment & Products—0.2%

Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		433,000		434,006

Media—1.3%

21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		92,000		115,412

Charter Communications Operating LLC/Charter Communications Operating Capital:
4.908% Sr. Sec. Nts., 7/23/25³		124,000		135,391
6.484% Sr. Sec. Nts., 10/23/45³		207,000		248,196

Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		211,000		300,852

Historic TW, Inc., 9.15% Debs., 2/1/23		118,000		158,841

Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		123,000		132,078

Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16		404,000		407,094

Sky plc:
3.75% Sr. Unsec. Nts., 9/16/24³		167,000		173,888
6.10% Sr. Unsec. Nts., 2/15/18³		125,000		133,699

Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		416,000		417,912

Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		145,000		135,730

Time Warner, Inc., 2.95% Sr. Unsec. Nts., 7/15/26		180,000		181,839

Viacom, Inc., 2.50% Sr. Unsec. Nts., 12/15/16		183,000		183,814

Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26³		379,000		369,051

				3,093,797

Multiline Retail—0.1%

Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23³		300,000		320,250

Specialty Retail—0.4%

AutoZone, Inc.:
1.30% Sr. Unsec. Nts., 1/13/17		63,000		63,149
1.625% Sr. Unsec. Nts., 4/21/19		68,000		68,396

Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		213,000		227,377

Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44		167,000		206,353

Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		225,000		235,463


	Principal Amount		Value

Specialty Retail (Continued)

Signet UK Finance plc, 4.70% Sr.
Unsec. Nts., 6/15/24	$	119,000	$	116,376

				917,114

Textiles, Apparel & Luxury Goods—0.1%

PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		273,000		278,119

Consumer Staples—3.5%

Beverages—1.1%

Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		448,000		455,882
3.65% Sr. Unsec. Nts., 2/1/26		223,000		239,153
4.90% Sr. Unsec. Nts., 2/1/46		86,000		101,154

Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		262,000		419,122

Constellation Brands, Inc., 4.75% Sr.
Unsec. Nts., 11/15/24		355,000		377,188

Molson Coors Brewing Co., 3% Sr.
Unsec. Nts., 7/15/26⁷		352,000		351,924

Pernod Ricard SA:
2.95% Sr. Unsec. Nts., 1/15/17³		423,000		426,564
4.25% Sr. Unsec. Nts., 7/15/22³		260,000		284,621

				2,655,608

Food & Staples Retailing—0.9%

CVS Health Corp., 2.875% Sr. Unsec. Nts., 6/1/26		354,000		362,575

Delhaize Group:
5.70% Sr. Unsec. Nts., 10/1/40		101,000		118,511
6.50% Sr. Unsec. Nts., 6/15/17		107,000		111,980

Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		9,000		9,152
6.40% Sr. Unsec. Nts., 8/15/17		386,000		408,444
6.90% Sr. Unsec. Nts., 4/15/38		109,000		152,348

Walgreens Boots Alliance, Inc.:
1.75% Sr. Unsec. Nts., 5/30/18		260,000		262,126
3.10% Sr. Unsec. Nts., 6/1/23		390,000		397,099

Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		220,000		258,098

				2,080,333

Food Products—1.0%

Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		350,000		354,982
8.50% Sr. Unsec. Nts., 6/15/19		320,000		374,665

Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		424,000		426,321

JM Smucker Co. (The), 1.75% Sr. Unsec. Nts., 3/15/18		334,000		336,771

Kraft Heinz Foods Co.:
3.00% Sr. Unsec. Nts., 6/1/26³		157,000		159,012
4.375% Sr. Unsec. Nts., 6/1/46³		156,000		165,789

TreeHouse Foods, Inc., 4.875% Sr. Unsec. Nts., 3/15/22		385,000		394,625

Tyson Foods, Inc., 4.875% Sr. Unsec. Nts., 8/15/34		140,000		156,741

				2,368,906

Tobacco—0.5%

Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		180,000		334,764

Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/18³		411,000		415,815

Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		285,000		365,812

				1,116,391

12 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Energy—2.5%

Energy Equipment & Services—0.7%

Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45	$	102,000	$	111,641

Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		165,000		176,441

Nabors Industries, Inc., 2.35% Sr. Unsec. Nts., 9/15/16		371,000		370,445

Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/17³		368,000		370,465
4.00% Sr. Unsec. Nts., 12/21/25³		234,000		252,255

Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/17³		431,000		432,557

				1,713,804

Oil, Gas & Consumable Fuels—1.8%

Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		72,000		66,424
6.20% Sr. Unsec. Nts., 3/15/40		98,000		110,285

Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		124,000		128,045

Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		234,000		230,649

BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		353,000		355,966

Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		379,000		383,524

CNOOC Nexen Finance 2014 ULC, 1.625% Sr. Unsec. Nts., 4/30/17		444,000		445,015

Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25		224,000		241,326

ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		47,000		53,379
5.95% Sr. Unsec. Nts., 3/15/46		99,000		123,999

Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		115,000		103,495

Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		119,000		127,205
4.90% Sr. Unsec. Nts., 5/15/46		42,000		45,460

Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		327,000		333,527

Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		104,000		105,190

Origin Energy Finance Ltd., 3.50% Sr. Unsec. Nts., 10/9/18³		236,000		237,572

Regency Energy Partners LP/Regency Energy Finance Corp., 5% Sr. Unsec. Nts., 10/1/22		280,000		287,713

Shell International Finance BV:
1.375% Sr. Unsec. Nts., 5/10/19		284,000		284,957
4.00% Sr. Unsec. Nts., 5/10/46		140,000		143,269

TransCanada PipeLines Ltd., 1.625% Sr. Unsec. Nts., 11/9/17		349,000		349,911

Western Gas Partners LP, 4.65% Sr. Unsec. Nts., 7/1/26⁷		62,000		62,368

				4,219,279

Financials—8.5%

Capital Markets—1.4%

Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/24³		290,000		298,546

Credit Suisse AG, New York, 3.625% Sr. Unsec. Nts., 9/9/24		221,000		228,615

Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26³		140,000		145,905

Goldman Sachs Group, Inc. (The):
3.75% Sr. Unsec. Nts., 2/25/16		215,000		226,031
5.15% Sub. Nts., 5/22/45		301,000		314,863


	Principal Amount		Value

Capital Markets (Continued)

Morgan Stanley:
3.875% Sr. Unsec. Nts., 1/27/26	$	540,000	$	576,075
5.00% Sub. Nts., 11/24/25		395,000		433,164

Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		452,000		452,801

Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		265,000		303,635

UBS Group Funding Jersey Ltd., 4.125% Sr. Unsec. Nts., 4/15/26³		228,000		237,895

				3,217,530

Commercial Banks—3.9%

ABN AMRO Bank NV, 4.75% Sub. Nts., 7/28/25³		226,000		235,465

Bank of America Corp.:
3.50% Sr. Unsec. Nts., 4/19/26		345,000		357,620
7.75% Jr. Sub. Nts., 5/14/38		424,000		599,179

BB&T Corp., 2.05% Sr. Unsec. Nts., 5/10/21		388,000		393,932

BNP Paribas SA, 4.375% Sub. Nts., 9/28/25³		229,000		232,765

BPCE SA, 2.65% Sr. Unsec. Nts., 2/3/21		356,000		366,824

Citigroup, Inc.:
3.40% Sr. Unsec. Nts., 5/1/26		222,000		228,292
4.65% Sr. Unsec. Nts., 7/30/45		330,000		364,404

Citizens Bank NA (Providence RI), 2.55% Sr. Unsec. Nts., 5/13/21		302,000		305,290

Danske Bank AS, 2.80% Sr. Unsec. Nts., 3/10/21³		227,000		235,741

Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		228,000		240,041

FirstMerit Bank NA (Akron OH), 4.27% Sub. Nts., 11/25/26		432,000		450,787

Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		245,000		254,098

ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/21³		303,000		313,364

Intesa Sanpaolo SpA, 5.71% Sub. Nts., 1/15/26³		373,000		354,445

JPMorgan Chase & Co.:
2.70% Sr. Unsec. Nts., 5/18/23		229,000		231,574
6.75% Jr. Sub. Perpetual Bonds, Series S^4,9		294,000		324,135

KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		325,000		330,246

Lloyds Banking Group plc, 6.657% Jr. Sub. Perpetual Bonds^3,4,9		400,000		432,000

Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		328,000		330,353

Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds^4,9		355,000		339,025

Skandinaviska Enskilda Banken AB, 2.625% Sr. Unsec. Nts., 3/15/21		227,000		234,343

Societe Generale SA, 5.922% Jr. Sub. Perpetual Bonds^3,4,9		440,000		445,865

SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		163,000		164,755

SunTrust Banks, Inc., 3.50% Sr. Unsec. Nts., 1/20/17		227,000		229,554

Swedbank AB, 2.65% Sr. Unsec. Nts., 3/10/21³		241,000		249,369

US Bancorp, 3.10% Sub. Nts., 4/27/26		230,000		239,663

Wells Fargo & Co.:
3.00% Sr. Unsec. Nts., 4/22/26		567,000		578,689
4.40% Sub. Nts., 6/14/46		35,000		35,636

				9,097,454

13 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Consumer Finance—0.6%

Ally Financial, Inc., 4.25% Sr. Unsec. Nts., 4/15/21	$	379,000	$	379,474

Capital One Financial Corp., 3.20% Sr. Unsec. Nts., 2/5/25		306,000		309,573

Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		209,000		211,027
3.95% Sr. Unsec. Nts., 11/6/24		331,000		339,988

Synchrony Financial, 4.50% Sr. Unsec. Nts., 7/23/25		114,000		118,424

				1,358,486

Diversified Financial Services—0.6%

Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		115,000		116,968

Berkshire Hathaway, Inc., 3.125% Sr. Unsec. Nts., 3/15/26		172,000		180,665

Nationwide Building Society, 3.90% Sr. Unsec. Nts., 7/21/25³		317,000		339,478

Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25³		221,000		222,076

S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		256,000		262,180

Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/53⁴		380,000		358,625

				1,479,992

Insurance—0.9%

AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		368,000		397,749

Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/23³		284,000		307,110

Manulife Financial Corp., 4.15% Sr. Unsec. Nts., 3/4/26		227,000		243,392

MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^4,9		296,000		294,520

TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/24³		362,000		381,120

Travelers Cos, Inc. (The), 3.75% Sr. Unsec. Nts., 5/15/46		295,000		309,871

XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^4,9		243,000		169,493

				2,103,255

Real Estate Investment Trusts (REITs)—0.9%

American Tower Corp., 5.90% Sr. Unsec. Nts., 11/1/21		233,000		271,459

Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23		425,000		430,313

HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17		125,000		129,147

Highwoods Realty LP, 5.85% Sr. Unsec. Nts., 3/15/17		159,000		163,530

Host Hotels & Resorts LP, Series D, 3.75% Sr. Unsec. Nts., 10/15/23		244,000		246,253

Liberty Property LP, 5.50% Sr. Unsec. Nts., 12/15/16		268,000		273,152

Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17		36,000		37,426

Ventas Realty LP, 1.25% Sr. Unsec. Nts., 4/17/17		178,000		178,085

WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/17³		369,000		370,142

Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		88,000		88,941

				2,188,448

Real Estate Management & Development—0.2%

Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		373,000		379,731


	Principal Amount		Value

Health Care—2.6%

Biotechnology—0.3%

AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25	$	208,000	$	218,360
4.70% Sr. Unsec. Nts., 5/14/45		83,000		88,188

Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		110,000		124,268

Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		208,000		222,390
5.00% Sr. Unsec. Nts., 8/15/45		56,000		61,961

				715,167

Health Care Equipment & Supplies—0.7%

Becton Dickinson & Co.:
1.45% Sr. Unsec. Nts., 5/15/17		453,000		454,278
3.875% Sr. Unsec. Nts., 5/15/24		126,000		137,415

Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		292,000		309,593

DENTSPLY SIRONA, Inc., 2.75% Sr. Unsec. Nts., 8/15/16		425,000		425,784

Stryker Corp., 3.50% Sr. Unsec. Nts., 3/15/26		137,000		145,708

Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25		130,000		134,299

				1,607,077

Health Care Providers & Services—0.9%

Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24		214,000		228,719

Express Scripts Holding Co., 4.50% Sr. Unsec. Nts., 2/25/26		285,000		313,873

Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/22³		422,000		464,728

Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		499,000		519,104

McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		180,000		206,223

Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18		178,000		194,412

Quest Diagnostics, Inc., 3.45% Sr. Unsec. Nts., 6/1/26		155,000		160,575

				2,087,634

Life Sciences Tools & Services—0.3%

Thermo Fisher Scientific, Inc.:
1.30% Sr. Unsec. Nts., 2/1/17		96,000		96,085
2.15% Sr. Unsec. Nts., 12/14/18		156,000		157,866
3.00% Sr. Unsec. Nts., 4/15/23		160,000		163,177
4.15% Sr. Unsec. Nts., 2/1/24		144,000		157,474
5.30% Sr. Unsec. Nts., 2/1/44		40,000		46,709

				621,311

Pharmaceuticals—0.4%

Actavis Funding SCS:
3.80% Sr. Unsec. Nts., 3/15/25		277,000		288,739
4.75% Sr. Unsec. Nts., 3/15/45		136,000		142,978

Mylan NV:
2.50% Sr. Unsec. Nts., 6/7/19³		170,000		172,378
3.95% Sr. Unsec. Nts., 6/15/26³		230,000		233,139

Perrigo Finance Unlimited Co., 4.375% Sr. Unsec. Nts., 3/15/26		103,000		107,535

				944,769

Industrials—2.3%

Aerospace & Defense—0.4%

BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/25³		292,000		310,257

L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17		10,000		10,005

Lockheed Martin Corp., 3.55% Sr. Unsec. Nts., 1/15/26		184,000		201,140

14 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Aerospace & Defense (Continued)

Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43	$	200,000	$	239,722

Textron, Inc., 3.875% Sr. Unsec. Nts., 3/1/25		129,000		136,463

United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/18⁴		67,000		67,632

				965,219

Building Products—0.1%

Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		252,000		269,119


Commercial Services & Supplies—0.4%

Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		343,000		362,648

Republic Services, Inc.:
2.90% Sr. Unsec. Nts., 7/1/26⁷		185,000		188,121
3.80% Sr. Unsec. Nts., 5/15/18		311,000		325,548

Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		92,000		100,341

				976,658

Electrical Equipment—0.1%

Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/23³		349,000		350,309


Industrial Conglomerates—0.3%

Fortive Corp.:
1.80% Sr. Unsec. Nts., 6/15/19³		385,000		387,747
3.15% Sr. Unsec. Nts., 6/15/26³		191,000		196,953

Roper Technologies, Inc., 3.85% Sr. Unsec. Nts., 12/15/25		192,000		205,348

				790,048

Machinery—0.1%

Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23		120,000		133,467


Marine—0.0%

AP Moeller-Maersk AS, 3.875% Sr. Unsec. Nts., 9/28/25³		43,000		43,946


Professional Services—0.2%

Experian Finance plc, 2.375% Sr. Unsec. Nts., 6/15/17³		427,000		429,312


Road & Rail—0.5%

Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		76,000		87,054

ERAC USA Finance LLC:
4.50% Sr. Unsec. Nts., 2/15/45³		126,000		133,760
6.375% Sr. Unsec. Nts., 10/15/17³		312,000		330,822

Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		124,000		144,011

Penske Truck Leasing Co. LP/PTL Finance Corp.:
3.75% Sr. Unsec. Nts., 5/11/17³		220,000		224,208
4.25% Sr. Unsec. Nts., 1/17/23³		131,000		137,415

				1,057,270

Trading Companies & Distributors—0.2%

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.95% Sr. Unsec. Nts., 2/1/22		379,000		379,948


Information Technology—1.5%

Electronic Equipment, Instruments, & Components—0.1%

Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/25		330,000		334,950


IT Services—0.4%

Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		185,000		187,663

Fidelity National Information Services, Inc., 1.45% Sr. Unsec. Nts., 6/5/17		351,000		350,668


	Principal Amount		Value

IT Services (Continued)

Visa, Inc., 4.30% Sr. Unsec. Nts., 12/14/45	$	141,000	$	163,143

Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17		149,000		150,317
6.75% Sr. Unsec. Nts., 2/1/17		75,000		77,024

				928,815

Semiconductors & Semiconductor Equipment—0.0%

Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		107,000		125,244


Software—0.4%

Autodesk, Inc.:
1.95% Sr. Unsec. Nts., 12/15/17		313,000		313,867
4.375% Sr. Unsec. Nts., 6/15/25		125,000		130,945

Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23³		174,000		177,045

Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		205,000		219,987

				841,844

Technology Hardware, Storage & Peripherals—0.6%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		227,000		248,119

Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48% Sr. Sec. Nts., 6/1/19³		376,000		385,443
6.02% Sr. Sec. Nts., 6/15/26³		256,000		266,088

Hewlett Packard Enterprise Co.:
2.45% Sr. Unsec. Nts., 10/5/17³		267,000		270,543
6.35% Sr. Unsec. Nts., 10/15/45³		184,000		183,377

				1,353,570

Materials—1.9%

Chemicals—0.8%

Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		174,000		177,400
4.125% Sr. Unsec. Nts., 3/15/35		87,000		84,332

Eastman Chemical Co.:
2.40% Sr. Unsec. Nts., 6/1/17		46,000		46,436
4.65% Sr. Unsec. Nts., 10/15/44		112,000		115,410

Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19		370,000		375,057

RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		378,000		386,203

Valspar Corp. (The):
3.30% Sr. Unsec. Nts., 2/1/25		122,000		123,224
3.95% Sr. Unsec. Nts., 1/15/26		174,000		183,675

Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/26³		230,000		238,537

				1,730,274

Construction Materials—0.3%

CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/45³		282,000		300,988

James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/23³		421,000		432,578

				733,566

Containers & Packaging—0.3%

International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44		183,000		186,882

Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		113,000		116,971
4.50% Sr. Unsec. Nts., 11/1/23		358,000		389,600

				693,453

Metals & Mining—0.5%

BHP Billiton Finance USA Ltd., 1.625% Sr. Unsec. Nts., 2/24/17		379,000		380,093

Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		159,000		153,649

15 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Metals & Mining (Continued)

Glencore Finance Canada Ltd., 3.60% Sr. Unsec. Nts., 1/15/17³	$	348,000	$	348,219

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		116,000		117,753

Rio Tinto Finance USA Ltd., 3.75% Sr. Unsec. Nts., 6/15/25		154,000		162,105

				1,161,819

Telecommunication Services—1.5%

Diversified Telecommunication Services—1.5%

AT&T, Inc.:
4.125% Sr. Unsec. Nts., 2/17/26		222,000		238,947
4.35% Sr. Unsec. Nts., 6/15/45		316,000		307,647

British Telecommunications plc, 9.375% Sr. Unsec. Nts., 12/15/30		288,000		443,407

Deutsche Telekom International Finance BV, 2.25% Sr. Unsec. Nts., 3/6/17³		373,000		375,535

Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		111,000		111,419

Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		148,000		154,660

Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		397,000		407,811
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		104,000		133,997

Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		189,000		201,735
4.50% Sr. Unsec. Nts., 9/15/20		522,000		580,144
4.522% Sr. Unsec. Nts., 9/15/48		438,000		454,369
5.012% Sr. Unsec. Nts., 8/21/54		105,000		111,993

				3,521,664

Wireless Telecommunication Services—0.0%

Rogers Communications, Inc., 3.625% Sr. Unsec. Nts., 12/15/25		77,000		82,467


Utilities—2.6%

Electric Utilities—2.1%

AEP Texas Central Co., 3.85% Sr. Unsec. Nts., 10/1/25³		198,000		216,198

American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/44³		118,000		128,746

Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26³		188,000		193,698

Edison International:
2.95% Sr. Unsec. Nts., 3/15/23		233,000		239,246


	Principal Amount		Value

Electric Utilities (Continued)

Edison International: (Continued)
3.75% Sr. Unsec. Unsub. Nts., 9/15/17	$	329,000	$	338,846

EDP Finance BV, 5.25% Sr. Unsec. Nts., 1/14/21³		375,000		398,437

Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/17³		389,000		410,604

Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		96,000		102,994

Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		77,000		85,997

ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		93,000		104,821

NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17		419,000		420,107

Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		88,000		93,153

PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22		158,000		166,543

PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21³		600,000		668,872

Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		347,000		386,594

Southern Power Co., 1.85% Sr. Unsec. Nts., 12/1/17		373,000		376,401

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25³		277,000		296,842

Xcel Energy, Inc., 3.30% Sr. Unsec. Nts., 6/1/25		186,000		196,634

				4,824,733

Independent Power and Renewable Electricity Producers—0.1%

Dayton Power & Light Co. (The), 1.875% Sec. Nts., 9/15/16		367,000		367,495


Multi-Utilities—0.4%

CenterPoint Energy, Inc., 5.95% Sr. Unsec. Nts., 2/1/17		386,000		395,633

CMS Energy Corp., 3.875% Sr. Unsec. Nts., 3/1/24		240,000		261,543

NiSource Finance Corp., 4.80% Sr. Unsec. Nts., 2/15/44		179,000		206,254

				863,430

Total Non-Convertible Corporate Bonds and Notes (Cost $71,335,027)				74,160,380

	Shares

Investment Company—2.3%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^10,11 (Cost $5,367,607)		5,367,607		5,367,607

Counterparty

Exercise Price

Expiration Date

Contracts

Over-the-Counter Options Purchased—0.1%

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹

BOA

USD

83.000

9/16/16

USD

418

84,595

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹

CITNA-B

USD

83.000

9/16/16

USD

562

113,738

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹

BOA

USD

83.000

9/16/16

USD

561

113,535

Total Over-the-Counter Options Purchased (Cost $222,725)

311,868

Total Investments, at Value (Cost $247,086,650)

111.2%

260,254,215

Net Other Assets (Liabilities)

(11.2)

(26,132,863)

Net Assets

100.0%

234,121,352

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

16 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Footnotes to Statement of Investments (Continued)

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $34,518,372 or 14.74% of the Fund’s net assets at period end.

4. Represents the current interest rate for a variable or increasing rate security.

5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline.

Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $1,654,336 or 0.71% of the

Fund’s net assets at period end.

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $75,058 or 0.03% of the Fund’s net assets at period end.

7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

8. Interest rate is less than 0.0005%.

9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

10. Rate shown is the 7-day yield at period end.

11. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		5,367,607		—		—		5,367,607
					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	5,367,607	$	11,891

Futures Contracts as of June 30, 2016

Description

Exchange

Buy/Sell

Expiration Date

Number of Contracts

Value

Unrealized Appreciation
(Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/21/16

$ 1,895,781

(16,728)

United States Treasury Nts., 10 yr.

CBT

Sell

9/21/16

112

14,894,250

(156,694)

United States Treasury Nts., 2 yr.

CBT

Buy

9/30/16

11,405,062

29,229

United States Treasury Nts., 5 yr.

CBT

Buy

9/30/16

3,054,102

55,880

United States Ultra Bonds

CBT

Buy

9/21/16

9,318,750

606,159

517,846


Glossary:
Counterparty Abbreviations
BOA		Bank of America NA
CITNA-B		Citibank NA

Exchange Abbreviations
CBT		Chicago Board of Trade

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $241,719,043)	$	254,886,608
Affiliated companies (cost $5,367,607)		5,367,607

		260,254,215

Cash		19,956,671

Cash used for collateral on futures		260,000

Receivables and other assets:
Investments sold (including $9,397,948 sold on a when-issued or delayed delivery basis)		11,338,655
Interest, dividends and principal paydowns		926,827
Variation margin receivable		23,885
Shares of beneficial interest sold		14,768
Other		41,506

Total assets		292,816,527

Liabilities
Payables and other liabilities:
Investments purchased (including $55,529,777 purchased on a when-issued or delayed delivery basis)		58,469,957
Shares of beneficial interest redeemed		121,347
Variation margin payable		45,313
Trustees’ compensation		34,517
Distribution and service plan fees		11,166
Other		12,875

Total liabilities		58,695,175

Net Assets	$	234,121,352



Composition of Net Assets
Par value of shares of beneficial interest	$	15,961

Additional paid-in capital		228,238,436

Accumulated net investment income		1,959,549

Accumulated net realized loss on investments		(9,775,713)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		13,683,119

Net Assets	$	234,121,352



Net Asset Value Per Share

Non-Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $178,990,202 and 12,169,478 shares of beneficial interest outstanding)		$14.71


Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $55,131,150 and 3,791,986 shares of beneficial interest outstanding)		$14.54

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Interest:
Unaffiliated companies (net of foreign withholding taxes of $594)	$	2,174,962

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $6,074)		729,971
Affiliated companies		11,891

Total investment income		2,916,824

Expenses
Management fees		860,267

Distribution and service plan fees—Service shares		66,779

Transfer and shareholder servicing agent fees:
Non-Service shares		88,582
Service shares		26,756

Shareholder communications:
Non-Service shares		19,141
Service shares		5,788

Custodian fees and expenses		24,301

Trustees’ compensation		7,984

Borrowing fees		2,037

Other		38,335

Total expenses		1,139,970
Less reduction to custodian expenses		(1,062)
Less waivers and reimbursements of expenses		(297,235)

Net expenses		841,673

Net Investment Income		2,075,151

Realized and Unrealized Gain
Net realized gain on:
Investments from unaffiliated companies (including premiums on options exercised)		2,325,389
Closing and expiration of futures contracts		297,187

Net realized gain		2,622,576

Net change in unrealized appreciation/depreciation on:
Investments		4,265,623
Translation of assets and liabilities denominated in foreign currencies		650
Futures contracts		491,201

Net change in unrealized appreciation/depreciation		4,757,474

Net Increase in Net Assets Resulting from Operations	$	9,455,201

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	2,075,151	$	5,143,739

Net realized gain		2,622,576		8,011,492

Net change in unrealized appreciation/depreciation		4,757,474		(10,889,422)

Net increase in net assets resulting from operations		9,455,201		2,265,809

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(4,214,715)		(4,370,338)
Service shares		(1,155,621)		(1,196,499)

		(5,370,336)		(5,566,837)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(6,434,244)		(18,739,351)
Service shares		1,839,033		(10,891,668)

		(4,595,211)		(29,631,019)

Net Assets
Total decrease		(510,346)		(32,932,047)

Beginning of period		234,631,698		267,563,745

End of period (including accumulated net investment income of $1,959,549 and $5,254,734)	$	234,121,352	$	234,631,698

See accompanying Notes to Financial Statements.

20 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	14.46	$	14.67	$	13.84	$	12.52	$	11.30	$	11.47

Income (loss) from investment operations:
Net investment income²		0.13		0.31		0.29		0.25		0.29		0.20
Net realized and unrealized gain (loss)		0.47		(0.18)		0.83		1.38		1.09		(0.11)

Total from investment operations		0.60		0.13		1.12		1.63		1.38		0.09

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.35)		(0.34)		(0.29)		(0.31)		(0.16)		(0.26)

Net asset value, end of period	$	14.71	$	14.46	$	14.67	$	13.84	$	12.52	$	11.30



Total Return, at Net Asset Value³		4.20%		0.83%		8.20%		13.17%		12.34%		0.72%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	178,990	$	182,406	$	203,684	$	213,697	$	218,032	$	128,383

Average net assets (in thousands)	$	178,097	$	194,208	$	208,556	$	218,090	$	191,416	$	141,848

Ratios to average net assets:⁴
Net investment income		1.86%		2.09%		2.03%		1.87%		2.46%		1.70%
Expenses excluding specific expenses listed below		0.93%		0.91%		0.90%		0.89%		0.90%		0.91%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.93%		0.91%		0.90%		0.89%		0.90%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.67%		0.67%		0.66%		0.66%		0.67%

Portfolio turnover rate⁷		36%		68%		98%		187%		110%		102%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



		Six Months Ended June 30, 2016		0.93%
		Year Ended December 31, 2015		0.91%
		Year Ended December 31, 2014		0.90%
		Year Ended December 31, 2013		0.90%
		Year Ended December 31, 2012		0.91%
		Year Ended December 30, 2011		0.93%

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2016		$367,695,755		$365,682,751
Year Ended December 31, 2015		$829,988,104		$849,696,153
Year Ended December 31, 2014		$697,503,637		$678,765,376
Year Ended December 31, 2013		$794,398,216		$800,879,825
Year Ended December 31, 2012		$555,111,600		$549,805,766
Year Ended December 30, 2011		$450,804,195		$453,759,282

See accompanying Notes to Financial Statements.

21 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	14.28	$	14.49	$	13.66	$	12.37	$	11.17	$	11.35

Income (loss) from investment operations:
Net investment income²		0.11		0.27		0.25		0.21		0.26		0.16
Net realized and unrealized gain (loss)		0.46		(0.18)		0.84		1.36		1.08		(0.11)

Total from investment operations		0.57		0.09		1.09		1.57		1.34		0.05

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.30)		(0.26)		(0.28)		(0.14)		(0.23)

Net asset value, end of period	$	14.54	$	14.28	$	14.49	$	13.66	$	12.37	$	11.17



Total Return, at Net Asset Value³		4.03%		0.57%		8.02%		12.83%		12.11%		0.38%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	55,131	$	52,226	$	63,880	$	69,601	$	72,872	$	77,551

Average net assets (in thousands)	$	53,794	$	59,085	$	65,450	$	72,332	$	76,257	$	85,157

Ratios to average net assets:⁴
Net investment income		1.61%		1.84%		1.78%		1.62%		2.18%		1.45%
Expenses excluding specific expenses listed below		1.18%		1.16%		1.15%		1.15%		1.16%		1.16%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.18%		1.16%		1.15%		1.15%		1.16%		1.16%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%		0.92%		0.92%		0.92%		0.92%		0.92%

Portfolio turnover rate⁷		36%		68%		98%		187%		110%		102%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



		Six Months Ended June 30, 2016		1.18%
		Year Ended December 31, 2015		1.16%
		Year Ended December 31, 2014		1.15%
		Year Ended December 31, 2013		1.16%
		Year Ended December 31, 2012		1.17%
		Year Ended December 30, 2011		1.18%

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2016		$367,695,755		$365,682,751
Year Ended December 31, 2015		$829,988,104		$849,696,153
Year Ended December 31, 2014		$697,503,637		$678,765,376
Year Ended December 31, 2013		$794,398,216		$800,879,825
Year Ended December 31, 2012		$555,111,600		$549,805,766
Year Ended December 30, 2011		$450,804,195		$453,759,282

See accompanying Notes to Financial Statements.

22 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Conservative Balanced Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s main investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

23 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended December 31, 2015, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended December 31, 2015, the Fund utilized $7,623,518 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $241,220. Details of the fiscal year ended December 31, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2016	$	3,323,244
2017		8,580,875

Total	$	11,904,119

At period end, it is estimated that the capital loss carryforwards would be $9,281,543 expiring by 2017. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $2,622,576 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	247,309,732

Gross unrealized appreciation	$	17,018,175
Gross unrealized depreciation		(3,558,138)

Net unrealized appreciation	$	13,460,037

3. Securities Valuation

24 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

3. Securities Valuation (Continued)

was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Futures contracts and futures options traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type				Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities				Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans				Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds				Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the

25 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	10,128,194	$	—		$	—	$	10,128,194
Consumer Staples		7,809,672		—			—		7,809,672
Energy		5,172,423		—			—		5,172,423
Financials		13,306,872		—			—		13,306,872
Health Care		11,712,544		—			—		11,712,544
Industrials		11,435,421		—			—		11,435,421
Information Technology		15,062,016		—			—		15,062,016
Materials		2,366,047		—			—		2,366,047
Telecommunication Services		1,634,818		—			—		1,634,818
Utilities		2,553,535		—	��		—		2,553,535
Asset-Backed Securities		—		16,418,664			—		16,418,664
Mortgage-Backed Obligations		—		81,993,836			—		81,993,836
U.S. Government Obligations		—		820,318			—		820,318
Non-Convertible Corporate Bonds and Notes		—		74,160,380			—		74,160,380
Investment Company		5,367,607		—			—		5,367,607
Over-the-Counter Options Purchased		—		311,868			—		311,868

Total Investments, at Value		86,549,149		173,705,066			—		260,254,215
Other Financial Instruments:
Futures contracts		691,268		—			—		691,268

Total Assets	$	87,240,417	$	173,705,066		$	—	$	260,945,483


Liabilities Table
Other Financial Instruments:
Futures contracts	$	(173,422)	$	—		$	—	$	(173,422)

Total Liabilities	$	(173,422)	$	—		$	—	$	(173,422)

4. Investments and Risks

26 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

4. Investments and Risks (Continued)

its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


		When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$55,529,777

Sold securities		9,397,948

The Fund may enter into “forward roll” transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund’s market value of investments relative to its net assets which can incrementally increase the volatility of the Fund’s performance. Forward roll transactions can be replicated over multiple settlement periods.

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.

27 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

industry.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to unanticipated changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains

28 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

6. Use of Derivatives (Continued)

(losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

During the reporting period, the Fund had an ending monthly average market value of $16,654,605 and $11,393,192 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Option Activity

The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

The Fund has purchased call options on individual equity securities and/or equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $106,233 and $341 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

The Fund has written put options on individual equity securities and/or equity indexes to increase exposure to equity risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $3,295 on written put options.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Written option activity for the reporting period was as follows:


	Number of Contracts		Amount of Premiums

Options outstanding as of December 31, 2015		–	$	–
Options written		924		35,112
Options exercised		(924)		(35,112)

Options outstanding as of June 30, 2016		–	$	–

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

29 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at June 30, 2016:


			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount

Bank of America NA	$	198,130	$	–	$	–	$	–	$	198,130
Citibank NA		113,738		–		–		–		113,738

	$	311,868	$	–	$	–	$	–	$	311,868

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets
and Liabilities Location

Value

Statement of Assets
and Liabilities Location

Value

Interest rate contracts

Variation margin receivable

23,885*

Variation margin payable

45,313*

Equity contracts

Investments, at value

311,868**

—

Total

335,753

45,313

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

**Amounts relate to purchased option contracts and purchased swaption contracts, if any.

30 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

6. Use of Derivatives (Continued)

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investments from unaffiliated companies (including premiums on options exercised)*		Closing and expiration of futures contracts		Total

Interest rate contracts	$	(65,957)	$	297,187	$	231,230

*Includes purchased option contracts and purchased swaption contracts, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investments*		Futures contracts		Total

Equity contracts	$	89,143	$	—	$	89,143
Interest rate contracts		—		491,201		491,201

Total	$	89,143	$	491,201	$	580,344

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016					Year Ended December 31, 2015
	Shares		Amount			Shares		Amount

Non-Service Shares
Sold		98,667	$	1,437,448			192,335	$	2,822,887
Dividends and/or distributions reinvested		289,075		4,214,715			299,338		4,370,338
Redeemed		(831,390)		(12,086,407	)		(1,759,489)		(25,932,576)

Net decrease		(443,648)	$	(6,434,244	)		(1,267,816)	$	(18,739,351)



Service Shares
Sold		542,241	$	7,717,530			228,285	$	3,296,473
Dividends and/or distributions reinvested		80,196		1,155,621			82,918		1,196,499
Redeemed		(488,479)		(7,034,118	)		(1,062,479)		(15,384,640)

Net increase (decrease)		133,958	$	1,839,033			(751,276)	$	(10,891,668)

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$72,722,698		$72,185,763
U.S. government and government agency obligations		449,883		1,071,144
To Be Announced (TBA) mortgage-related securities		367,695,755		365,682,751

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any applicable waivers.

31 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.67% for Non-Service shares and 0.92% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $226,249 and $68,309 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

10. Borrowings and Other Financing

11. Pending Litigation

32 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

11. Pending Litigation (Continued)

for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

33 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

34 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

DISTRIBUTION SOURCES Unaudited

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name

Pay
Date

Net Income

Net Profit

from Sale

Other

Capital

Sources

Oppenheimer Conservative Balanced Fund/VA

6/21/16

87.2%

12.8%

0.0%

35 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Magnus Krantz, Vice President
		Krishna Memani, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		June 30, 2016
		Oppenheimer
		Capital Appreciation Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGER: Michael Kotlarz

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		-6.29%		-6.84%		9.22%		5.71%
Service Shares		9/18/01		-6.40		-7.07		8.95		5.44
S&P 500 Index				3.84		3.99		12.10		7.42
Russell 1000 Growth Index				1.36		3.02		12.35		8.78

The Fund’s performance is compared to the performance of the S&P 500 Index and the Russell 1000 Growth Index. The S&P 500 Index is a broad-based measure of domestic stock performance. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Alphabet, Inc., Cl. A			5.2%
PayPal Holdings, Inc.			4.2
Allergan plc			3.9
Oracle Corp.			3.6
Activision Blizzard, Inc.			3.2
Electronic Arts, Inc.			3.2
Amazon.com, Inc.			3.0
Apple, Inc.			2.7
MasterCard, Inc., Cl. A			2.6
Biogen, Inc.			2.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of common stocks.

2 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Performance Discussion

In a volatile market environment, the Fund’s Non-Service shares generated a cumulative total return of -6.29%. In comparison, the Fund underperformed the Russell 1000 Growth Index (the “Index”), which returned 1.36% for the same period. The Fund’s underperformance stemmed largely from stock selection in the health care and financials sectors, and both stock selection within and an underweight allocation to consumer staples. The Fund outperformed the Index in the materials sector due to stock selection, and in the energy sector, as a result of an overweight position and stock selection.

MARKET OVERVIEW

The first half of 2016 was a volatile time for global equity markets. China’s slowing economy, falling crude oil prices, and the aggressive interest rate hike path indicated by the Federal Reserve (the “Fed”) in its December 2015 communication, contributed to a tumultuous environment. March saw a temporary relief rally as communication from the Fed turned more accommodative in light of this weak start to the year. Oil prices and commodities started to pick up, but continued to experience volatility through the close of the reporting period. However, unanswered questions, including how quickly the Fed would raise interest rates and whether Britain would decide to exit the E.U. on its June 23 vote, made for an uncertain period. The U.K. surprised the markets by ultimately deciding to exit the E.U. As a result, markets dropped sharply and remained volatile through the reporting period’s end.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included NVIDIA Corp., Facebook, Inc. and Oracle Corp. NVIDIA Corp., a visual computing company that develops graphics chips for use in PCs, mobile devices, servers, automobiles and supercomputers, reported revenue above consensus over the first quarter of its fiscal year and guided second quarter revenue ahead of consensus expectations driven by broad-based growth. We believe the company is positioned to benefit from growth opportunities across all four key platforms, with a particularly strong competitive position in the gaming market. Shares of Facebook, the world’s largest social networking site, rallied after the company reported record revenue from mobile advertising. Marketers are flocking to Facebook because of its knack for getting well-targeted ads in front of consumers. Oracle, the business software giant, reported profit that topped estimates and posted strong gains in revenue from cloud-based businesses, signaling that it’s making progress in the transition away from traditional software. Additionally, the board authorized repurchases of as much as $10 billion of common stock under its existing buyback program.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Allergan plc, Valeant Pharmaceuticals International, Inc. and Biogen, Inc. Allergan, formerly known as Actavis, is a specialty pharmaceuticals manufacturer that markets branded drugs for patients suffering from diseases principally in the eye care, neuroscience, medical aesthetics/dermatology, women’s health and gastroenterology categories. In November 2015, the company announced that it was merging with Pfizer to create a global pharmaceuticals company, and expected the deal to close in the second half of 2016. The merger was called off in early April after unprecedented actions by the U.S. Treasury department made the economics of the transaction unattractive, leading to a decline in share price. Valeant Pharmaceuticals International said it is under investigation by the U.S. Securities and Exchange Commission in a previously undisclosed probe, in addition to its delayed financial results. We have since sold our position. Biogen is a biopharmaceutical company that experienced declines in June 2016 after reporting top-line results from the Phase 2 study of opicinumab, a drug being developed to treat multiple sclerosis. The trial did not meet any of its key endpoints, a disappointment which led a fall in share price.

STRATEGY & OUTLOOK

Global markets remain volatile, discounting a wide array of conflicting signals and divergent monetary and geopolitical policies and pressures. Global commodities, including energy, have rallied as Chinese economic data looks to be bottoming. We are watching carefully to see if this nascent cyclical recovery has legs in order to add more economic sensitivity to the portfolio and are closely monitoring the fallout from the Brexit vote. The U.S. economy remains an attractive place for investment as economic growth is stable and the employment picture remains robust. Despite these conflicting trends, our process remains consistent and we seek that companies with capital discipline, strong management and sustainable competitive advantages that we believe have the greatest prospects for outperformance over time.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

3 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	937.10	$	3.86
Service shares		1,000.00		936.00		5.07

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.89		4.03
Service shares		1,000.00		1,019.64		5.29

4 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—97.4%

Consumer Discretionary—17.5%

Hotels, Restaurants & Leisure—2.6%

McDonald’s Corp.		96,450	$	11,606,793

Starbucks Corp.		154,310		8,814,187

				20,420,980

Household Durables—1.1%

Whirlpool Corp.		50,810		8,466,978

Internet & Catalog Retail—3.3%

Amazon.com, Inc.¹		33,184		23,747,134

Netflix, Inc.¹		19,020		1,739,950

				25,487,084

Leisure Products—1.2%

Hasbro, Inc.		113,090		9,498,429

Media��2.0%

Walt Disney Co. (The)		161,780		15,825,320

Multiline Retail—0.6%

Dollar Tree, Inc.¹		48,630		4,582,891

Specialty Retail—4.3%

Home Depot, Inc. (The)		105,160		13,427,880

O’Reilly Automotive, Inc.¹		29,880		8,100,468

TJX Cos., Inc. (The)		153,620		11,864,073

				33,392,421

Textiles, Apparel & Luxury Goods—2.4%

Coach, Inc.		239,710		9,765,786

NIKE, Inc., Cl. B		168,850		9,320,520

				19,086,306

Consumer Staples—6.0%

Beverages—3.1%

Constellation Brands, Inc., Cl. A		36,530		6,042,062

Dr Pepper Snapple Group, Inc.		91,110		8,803,959

Molson Coors Brewing Co., Cl. B		90,130		9,114,847

				23,960,868

Food & Staples Retailing—2.3%

Costco Wholesale Corp.		40,010		6,283,170

CVS Health Corp.		121,790		11,660,175

				17,943,345

Food Products—0.6%

ConAgra Foods, Inc.		100,750		4,816,858

Energy—3.2%

Energy Equipment & Services—1.1%

Halliburton Co.		189,228		8,570,136

Oil, Gas & Consumable Fuels—2.1%

EOG Resources, Inc.		113,650		9,480,683

Pioneer Natural Resources Co.		44,123		6,671,839

				16,152,522

Financials—3.4%

Capital Markets—1.3%

BlackRock, Inc., Cl. A		24,050		8,237,847

Charles Schwab Corp. (The)		66,130		1,673,750

				9,911,597

Commercial Banks—0.4%

JPMorgan Chase & Co.		48,270		2,999,498

Diversified Financial Services—0.8%

Intercontinental Exchange, Inc.		24,880		6,368,285

Real Estate Investment Trusts (REITs)—0.9%

Crown Castle International Corp.		69,890		7,088,942

Health Care—15.2%

Biotechnology—4.8%

Biogen, Inc.¹		80,140		19,379,455

Celgene Corp.¹		70,304		6,934,083

Regeneron Pharmaceuticals, Inc.¹		6,990		2,441,118


	Shares		Value

Biotechnology (Continued)

Vertex Pharmaceuticals, Inc.¹		99,715	$	8,577,484

				37,332,140

Health Care Equipment & Supplies—2.2%

Baxter International, Inc.		194,740		8,806,143

Medtronic plc		98,220		8,522,549

				17,328,692

Health Care Providers & Services—2.1%

Laboratory Corp. of America Holdings¹		67,120		8,743,723

UnitedHealth Group, Inc.		55,690		7,863,428

				16,607,151

Pharmaceuticals—6.1%

Allergan plc¹		130,980		30,268,168

Bristol-Myers Squibb Co.		238,800		17,563,740

				47,831,908

Industrials—9.8%

Aerospace & Defense—0.8%

United Technologies Corp.		61,080		6,263,754

Building Products—1.2%

A.O. Smith Corp.		53,420		4,706,836

Allegion plc		70,540		4,897,592

				9,604,428

Electrical Equipment—1.4%

Acuity Brands, Inc.		23,420		5,807,223

Rockwell Automation, Inc.		41,320		4,744,363

				10,551,586

Industrial Conglomerates—1.9%

Danaher Corp.		148,220		14,970,220

Machinery—1.9%

Ingersoll-Rand plc		107,220		6,827,769

Stanley Black & Decker, Inc.		39,930		4,441,015

Wabtec Corp.		53,430		3,752,389

				15,021,173

Professional Services—1.1%

Nielsen Holdings plc		165,200		8,585,444

Road & Rail—1.5%

Canadian Pacific Railway Ltd.		32,490		4,184,387

J.B. Hunt Transport Services, Inc.		93,030		7,528,918

				11,713,305

Information Technology—38.7%

Electronic Equipment, Instruments, & Components—1.4%

Corning, Inc.		544,540		11,152,179

Internet Software & Services—9.2%

Alphabet, Inc., Cl. A¹		58,360		41,058,011

Alphabet, Inc., Cl. C¹		13,910		9,627,111

Facebook, Inc., Cl. A¹		135,640		15,500,939

LinkedIn Corp., Cl. A¹		33,260		6,294,455

				72,480,516

IT Services—8.1%

MasterCard, Inc., Cl. A		235,250		20,716,115

PayPal Holdings, Inc.¹		902,100		32,935,671

Visa, Inc., Cl. A		127,248		9,437,984

				63,089,770

Semiconductors & Semiconductor Equipment—6.5%

Broadcom Ltd.		108,270		16,825,158

Microchip Technology, Inc.		159,530		8,097,743

NVIDIA Corp.		325,550		15,304,105

Texas Instruments, Inc.		174,390		10,925,534

				51,152,540

Software—10.8%

Activision Blizzard, Inc.		635,740		25,194,376

Electronic Arts, Inc.¹		326,790		24,757,610

Microsoft Corp.		127,780		6,538,503

5 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Software (Continued)

Oracle Corp.		683,330	$	27,968,697

				84,459,186

Technology Hardware, Storage & Peripherals—2.7%

Apple, Inc.		217,880		20,829,328

Materials—3.6%

Chemicals—1.9%

Albemarle Corp.		105,390		8,358,481

Sherwin-Williams Co. (The)		21,970		6,451,930

				14,810,411


	Shares		Value

Construction Materials—0.9%

Vulcan Materials Co.		61,400	$	7,390,104

Metals & Mining—0.8%

Newmont Mining Corp.		158,520		6,201,302

Total Common Stocks (Cost $635,599,561)				761,947,597

Investment Company—3.3%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^2,3 (Cost $26,025,563)		26,025,563		26,025,563

Total Investments, at Value (Cost $661,625,124)		100.7%		787,973,160

Net Other Assets (Liabilities)		(0.7)		(5,126,307)

Net Assets		100.0%	$	782,846,853

Footnotes to Statement of Investments

1. Non-income producing security.

2. Rate shown is the 7-day yield at period end.


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		8,225,463		147,722,290		129,922,190		26,025,563



	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	26,025,563	$	23,729

See accompanying Notes to Financial Statements.

6 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $635,599,561)	$	761,947,597
Affiliated companies (cost $26,025,563)		26,025,563

		787,973,160

Cash		2,000,000

Receivables and other assets:
Investments sold		19,888,910
Shares of beneficial interest sold		1,584,591
Dividends		533,757
Other		74,810

Total assets		812,055,228

Liabilities
Payables and other liabilities:
Investments purchased		28,710,354
Shares of beneficial interest redeemed		322,804
Trustees’ compensation		65,386
Distribution and service plan fees		56,300
Shareholder communications		38,535
Other		14,996

Total liabilities		29,208,375

Net Assets	$	782,846,853



Composition of Net Assets
Par value of shares of beneficial interest	$	16,963

Additional paid-in capital		636,631,741

Accumulated net investment loss		(1,197,992)

Accumulated net realized gain on investments		21,061,632

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		126,334,509

Net Assets	$	782,846,853



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $510,819,912 and 11,023,005 shares of beneficial interest outstanding)		$46.34


Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $272,026,941 and 5,940,485 shares of beneficial interest outstanding)		$45.79

See accompanying Notes to Financial Statements.

7 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,306)	$	3,660,281
Affiliated companies		23,729

Total investment income		3,684,010

Expenses
Management fees		2,764,632

Distribution and service plan fees - Service shares		342,910

Transfer and shareholder servicing agent fees:
Non-Service shares		254,594
Service shares		137,354

Shareholder communications:
Non-Service shares		17,423
Service shares		9,359

Trustees’ compensation		19,127

Borrowing fees		7,525

Custodian fees and expenses		5,937

Other		33,615

Total expenses		3,592,476
Less reduction to custodian expenses		(887)
Less waivers and reimbursements of expenses		(105,024)

Net expenses		3,486,565

Net Investment Income		197,445

Realized and Unrealized Gain (Loss)
Net realized gain on investments		22,195,317

Net change in unrealized appreciation/depreciation on:
Investments		(78,162,142)
Translation of assets and liabilities denominated in foreign currencies		5,907

Net change in unrealized appreciation/depreciation		(78,156,235)

Net Decrease in Net Assets Resulting from Operations	$	(55,763,473)

See accompanying Notes to Financial Statements.

8 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	197,445	$	2,548,712

Net realized gain		22,195,317		91,601,467

Net change in unrealized appreciation/depreciation		(78,156,235)		(62,184,920)

Net increase (decrease) in net assets resulting from operations		(55,763,473)		31,965,259

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(2,123,971)		(554,707)
Service shares		(318,481)		—

		(2,442,452)		(554,707)

Distributions from net realized gain:
Non-Service shares		(53,815,550)		(106,184,924)
Service shares		(29,108,236)		(59,885,291)

		(82,923,786)		(166,070,215)

Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		38,019,358		32,611,326
Service shares		3,705,765		30,119,410

		41,725,123		62,730,736

Net Assets
Total decrease		(99,404,588)		(71,928,927)

Beginning of period		882,251,441		954,180,368

End of period (including accumulated net investment income (loss) of $(1,197,992) and $1,047,015, respectively)	$	782,846,853	$	882,251,441

See accompanying Notes to Financial Statements.

9 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	55.49	$	64.87	$	57.88	$	45.06	$	39.75	$	40.35

Income (loss) from investment operations:
Net investment income²		0.03		0.22		0.09		0.23		0.42		0.23
Net realized and unrealized gain (loss)		(3.50)		2.25		8.64		13.09		5.18		(0.69)

Total from investment operations		(3.47)		2.47		8.73		13.32		5.60		(0.46)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.06)		(0.27)		(0.50)		(0.29)		(0.14)
Distributions from net realized gain		(5.46)		(11.79)		(1.47)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(5.68)		(11.85)		(1.74)		(0.50)		(0.29)		(0.14)

Net asset value, end of period	$	46.34	$	55.49	$	64.87	$	57.88	$	45.06	$	39.75



Total Return, at Net Asset Value³		(6.29)%		3.54%		15.41%		29.74%		14.12%		(1.15)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	510,820	$	564,514	$	616,862	$	626,907	$	573,684	$	637,868

Average net assets (in thousands)	$	510,942	$	601,110	$	614,272	$	595,912	$	600,121	$	713,770

Ratios to average net assets:⁴
Net investment income		0.14%		0.36%		0.15%		0.44%		0.95%		0.57%
Expenses excluding specific expenses listed below		0.83%		0.81%		0.80%		0.81%		0.81%		0.80%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.83%		0.81%		0.80%		0.81%		0.81%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%		0.80%

Portfolio turnover rate		52%		60%		61%		77%		28%		27%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	0.83	%
Year Ended December 31, 2015	0.81	%
Year Ended December 31, 2014	0.80	%
Year Ended December 31, 2013	0.81	%
Year Ended December 31, 2012	0.81	%
Year Ended December 30, 2011	0.80	%

See accompanying Notes to Financial Statements.

10 OPPENHEIMER CAPITAL APPRECIATION FUND/VA


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	54.80	$	64.30	$	57.37	$	44.66	$	39.40	$	39.99

Income (loss) from investment operations:
Net investment income (loss)²		(0.03)		0.07		(0.06)		0.10		0.31		0.13
Net realized and unrealized gain (loss)		(3.46)		2.22		8.57		12.98		5.12		(0.68)

Total from investment operations		(3.49)		2.29		8.51		13.08		5.43		(0.55)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		0.00		(0.11)		(0.37)		(0.17)		(0.04)
Distributions from net realized gain		(5.46)		(11.79)		(1.47)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(5.52)		(11.79)		(1.58)		(0.37)		(0.17)		(0.04)

Net asset value, end of period	$	45.79	$	54.80	$	64.30	$	57.37	$	44.66	$	39.40



Total Return, at Net Asset Value³		(6.40)%		3.27%		15.13%		29.43%		13.81%		(1.37)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	272,027	$	317,737	$	337,318	$	364,214	$	366,664	$	375,330

Average net assets (in thousands)	$	275,644	$	332,468	$	343,254	$	367,615	$	382,196	$	407,413

Ratios to average net assets:⁴
Net investment income (loss)		(0.11)%		0.12%		(0.10)%		0.20%		0.71%		0.32%
Expenses excluding specific expenses listed below		1.08%		1.06%		1.05%		1.06%		1.06%		1.05%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.08%		1.06%		1.05%		1.06%		1.06%		1.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%		1.05%

Portfolio turnover rate		52%		60%		61%		77%		28%		27%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended June 30, 2016	1.08	%
Year Ended December 31, 2015	1.06	%
Year Ended December 31, 2014	1.05	%
Year Ended December 31, 2013	1.06	%
Year Ended December 31, 2012	1.06	%
Year Ended December 30, 2011	1.05	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Capital Appreciation Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

12 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

2. Significant Accounting Policies (Continued)

expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.


Federal tax cost of securities	$	662,517,800

Gross unrealized appreciation	$	129,060,186
Gross unrealized depreciation		(3,618,353)

Net unrealized appreciation	$	125,441,833

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

13 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

14 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

3. Securities Valuation (Continued)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	136,760,409	$	—	$	—	$	136,760,409
Consumer Staples		46,721,071		—		—		46,721,071
Energy		24,722,658		—		—		24,722,658
Financials		26,368,322		—		—		26,368,322
Health Care		119,099,891		—		—		119,099,891
Industrials		76,709,910		—		—		76,709,910
Information Technology		303,163,519		—		—		303,163,519
Materials		28,401,817		—		—		28,401,817
Investment Company		26,025,563		—		—		26,025,563

Total Assets	$	787,973,160	$	—	$	—	$	787,973,160

4. Investments and Risks

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

15 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		346,352	$	17,565,567		257,353	$	15,042,314
Dividends and/or distributions reinvested		1,203,259		55,939,521		1,895,571		106,739,631
Redeemed		(700,272)		(35,485,730)		(1,488,512)		(89,170,619)

Net increase		849,339	$	38,019,358		664,412	$	32,611,326



Service Shares
Sold		297,774	$	14,616,207		931,104	$	54,653,065
Dividends and/or distributions reinvested		640,546		29,426,717		1,075,333		59,885,291
Redeemed		(795,528)		(40,337,159)		(1,455,061)		(84,418,946)

Net increase		142,792	$	3,705,765		551,376	$	30,119,410

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities	$	412,998,970	$	474,872,687

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $200 million			0.60
Over $1 billion			0.58

The Fund’s effective management fee for the reporting period was 0.71% of average annual net assets before any applicable waivers.

16 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $65,456 and $34,365 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Borrowings and Other Financing

10. Pending Litigation

17 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

18 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay

Date

Net Income

Net Profit
from Sale

Other
Capital
Sources

Oppenheimer Capital Appreciation Fund/VA

6/21/16

2.5%

79.6%

17.9%

19 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

OPPENHEIMER CAPITAL APPRECIATION FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Michael Kotlarz, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		June 30, 2016
		�� Oppenheimer
		Core Bond Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds

		SEMIANNUAL REPORT

		Listing of Top Holdings

		Fund Performance Discussion

		Financial Statements

PORTFOLIO MANAGERS: Krishna Memani and Peter A. Strzalkowski, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		5.02%		5.57%		5.49%		1.10%
Service Shares		5/1/02		4.82		5.10		5.20		0.83
Barclays Credit Index				7.54		7.55		5.20		6.11
Barclays U.S. Aggregate Bond Index				5.31		6.00		3.76		5.13
Citigroup Broad Investment Grade Bond Index				5.36		5.98		3.77		5.23

The Fund’s performance is compared to the performance of the Barclays Credit Index, an index of non-convertible U.S. investment grade corporate bonds; the Barclays U.S. Aggregate Bond Index, an index of U.S. corporate and government bonds and the Citigroup Broad Investment Grade Bond Index, an index of institutionally traded U.S. Treasury Bonds, government-sponsored bonds, mortgage-backed securities and corporate securities. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS


PORTFOLIO ALLOCATION
Mortgage-Backed Obligations

Government Agency			27.5%

Non-Agency			13.7
Non-Convertible Corporate Bonds and Notes			36.5
Asset-Backed Securities			8.2
Short-Term Notes			6.9
Investment Company

Oppenheimer Institutional Money Market Fund			6.2
U.S. Government Obligations			0.9
Over-the-Counter Options Purchased			0.1
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of investments.

2 OPPENHEIMER CORE BOND FUND/VA

Fund Performance Discussion

MARKET OVERVIEW

The second quarter of 2016 began with improving data momentum, payrolls and wages remained steady, while survey indicators such as the Institute for Supply Management (ISM) and consumer sentiment also improved. Chinese and emerging market growth looked to have stabilized or modestly strengthened. The market continued to price for one with the potential of two hikes by the Federal Reserve in 2016, as core consumer price inflation data remained stable at about 2.2% year-over-year, and headline inflation stabilized at about 1%.

FUND REVIEW

Against this backdrop, the Fund’s Non-Service shares produced a return of 5.02% during the reporting period. On a relative basis, the Fund underperformed its benchmarks, the Barclays U.S. Aggregate Bond Index (the “Index”), the Barclays Credit Index and the Citigroup Broad Investment Grade Bond Index, which returned 5.31%, 7.54%, and 5.36%, respectively. The Fund’s underperformance versus the Index this reporting period stemmed from selection in investment grade credit and commercial mortgage-backed securities (“CMBS”). Positive contributors to performance included security selection in agency MBS and an underweight position in U.S. Treasuries.

STRATEGY & OUTLOOK

The Fund continues to maintain an overweight to credit versus the Index as we believe that the U.S. credit cycle, while maturing, has not yet turned. Strong demand for investment grade corporates continues as yields elsewhere in the world have plummeted and in many jurisdictions are negative – even for higher rated corporate debt. This has caused flows into U.S. investment grade fixed-income markets. Even record gross supply in May was met with strong demand, leaving spreads only slightly off their lows. Although volatility will remain high post the Brexit vote, we believe that investment grade credit will remain well supported.

Brexit and other challenges to global growth and inflation will likely keep yields on government securities in the U.S. and other developed markets low, and the Fed away from hiking again before year end.

Although technicals remain strong for high quality U.S. dollar assets, credit spreads could be challenged and volatile along with other risk assets. We therefore have been taking a more defensive stance toward credit exposure. In particular, during the reporting period, we reduced our car loan asset-backed security exposure and will continue to reduce as bonds mature or pre-pay. Underwriting of car loans the last few years appears less rigorous than earlier post crisis vintages and is a cause of our caution.

We continue to opportunistically look for opportunities within agency MBS, increasing and decreasing exposure and positioning among the various mortgage securities available.

3 OPPENHEIMER CORE BOND FUND/VA

Within corporates, we have made few changes to the portfolio, maintaining overweights in banks and automotives. We also maintain a position in BB-rated corporates concentrated in domestic names. We remain focused on credits with improving profiles that offer attractive valuations.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER CORE BOND FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares		$ 1,000.00		$ 1,050.20		$ 3.83
Service shares		1,000.00		1,048.20		5.10

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.13		3.78
Service shares		1,000.00		1,019.89		5.03


Class	Expense Ratios
Non-Service shares		0.75%
Service shares		1.00

5 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Principal Amount		Value

Asset-Backed Securities—10.5%

Auto Loan—8.0%

American Credit Acceptance Receivables Trust:
Series 2014-1,Cl. B, 2.39%, 11/12/19¹	$	142,738	$	142,794
Series 2014-2,Cl. B, 2.26%, 3/10/20¹		53,422		53,424
Series 2014-3,Cl. B, 2.43%, 6/10/20¹		313,732		313,911
Series 2014-4,Cl. B, 2.60%, 10/12/20¹		145,000		145,279
Series 2015-1,Cl. B, 2.85%, 2/12/21¹		385,000		387,277
Series 2015-3,Cl. B, 3.56%, 10/12/21¹		325,000		330,849

AmeriCredit Automobile Receivables Trust:
Series 2012-2,Cl. E, 4.85%, 8/8/19¹		375,000		375,715
Series 2012-4,Cl. D, 2.68%, 10/9/18		100,000		100,448
Series 2013-2,Cl. E, 3.41%, 10/8/20¹		345,000		347,903
Series 2013-3,Cl. E, 3.74%, 12/8/20¹		160,000		162,994
Series 2014-1,Cl. E, 3.58%, 8/9/21		310,000		311,854
Series 2014-2,Cl. E, 3.37%, 11/8/21		385,000		383,665

Capital Auto Receivables Asset Trust:
Series 2013-4,Cl. D, 3.22%, 5/20/19		105,000		106,923
Series 2014-1,Cl. D, 3.39%, 7/22/19		115,000		117,736
Series 2014-3,Cl. D, 3.14%, 2/20/20		160,000		161,504
Series 2015-1,Cl. D, 3.16%, 8/20/20		165,000		166,532
Series 2015-4,Cl. D, 3.62%, 5/20/21		260,000		264,917

CarFinance Capital Auto Trust:
Series 2014-1A,Cl. A, 1.46%, 12/17/18¹		14,924		14,914
Series 2015-1A,Cl. A, 1.75%, 6/15/21¹		119,242		118,774

CarMax Auto Owner Trust:
Series 2015-2,Cl. D, 3.04%, 11/15/21		100,000		100,678
Series 2015-3,Cl. D, 3.27%, 3/15/22		180,000		181,292
Series 2016-1,Cl. D, 3.11%, 8/15/22		185,000		185,153

CPS Auto Receivables Trust:
Series 2012-B,Cl. A, 2.52%, 9/16/19¹		74,894		75,074
Series 2014-A,Cl. A, 1.21%, 8/15/18¹		79,901		79,841
Series 2014-C,Cl. A, 1.31%, 2/15/19¹		100,545		100,442

Credit Acceptance Auto Loan Trust:
Series 2014-1A,Cl. B, 2.29%, 4/15/22¹		215,000		214,645
Series 2014-2A,Cl. B, 2.67%, 9/15/22¹		160,000		160,300

Drive Auto Receivables Trust:
Series 2015-BA,Cl. C, 2.76%, 7/15/21¹		300,000		300,344
Series 2016-BA,Cl. C, 3.19%, 7/15/22¹		160,000		160,427

DT Auto Owner Trust:
Series 2013-1A,Cl. D, 3.74%, 5/15/20¹		125,373		126,479
Series 2013-2A,Cl. D, 4.18%, 6/15/20¹		445,163		449,965
Series 2014-2A,Cl. D, 3.68%, 4/15/21¹		525,000		530,332
Series 2014-3A,Cl. D, 4.47%, 11/15/21¹		205,000		208,012
Series 2015-1A,Cl. C, 2.87%, 11/16/20¹		180,000		180,066
Series 2016-1A,Cl. B, 2.79%, 5/15/20¹		265,000		266,183

Exeter Automobile Receivables Trust:
Series 2014-1A,Cl. B, 2.42%, 1/15/19¹		195,160		195,160
Series 2014-1A,Cl. C, 3.57%, 7/15/19¹		230,000		231,810
Series 2014-2A,Cl. A, 1.06%, 8/15/18¹		6,226		6,223
Series 2014-2A,Cl. C, 3.26%, 12/16/19¹		110,000		110,767

First Investors Auto Owner Trust:
Series 2013-3A,Cl. B, 2.32%, 10/15/19¹		385,000		385,438
Series 2013-3A,Cl. D, 3.67%, 5/15/20¹		125,000		123,628

Flagship Credit Auto Trust:
Series 2014-1,Cl. A, 1.21%, 4/15/19¹		42,727		42,608
Series 2014-2,Cl. A, 1.43%, 12/16/19¹		116,005		115,487

GM Financial Automobile Leasing Trust, Series 2015-1, Cl. D, 3.01%, 3/20/20		240,000		238,790

GO Financial Auto Securitization Trust, Series 2015-1, Cl. A, 1.81%, 3/15/18¹		40,564		40,542

Navistar Financial Dealer Note Master Trust, Series 2014-1, Cl. D, 2.753%, 10/25/19^1,2		125,000		124,532

Santander Drive Auto Receivables Trust:
Series 2013-4,Cl. E, 4.67%, 1/15/20¹		360,000		364,396
Series 2013-A,Cl. E, 4.71%, 1/15/21¹		270,000		277,623


	Principal Amount		Value

Auto Loan (Continued)

Santander Drive Auto Receivables Trust: (Continued)
Series 2014-2,Cl. D, 2.76%, 2/18/20	$	215,000	$	218,301
Series 2014-4,Cl. C, 2.60%, 11/16/20		155,000		156,859
Series 2016-2,Cl. D, 3.39%, 4/15/22		120,000		121,509

SNAAC Auto Receivables Trust:
Series 2013-1A,Cl. C, 3.07%, 8/15/18¹		45,850		45,885
Series 2014-1A,Cl. D, 2.88%, 1/15/20¹		140,000		138,210

TCF Auto Receivables Owner Trust:
Series 2014-1A,Cl. C, 3.12%, 4/15/21¹		100,000		99,475
Series 2015-1A,Cl. D, 3.53%, 3/15/22¹		160,000		158,480

United Auto Credit Securitization Trust,
Series 2015-1, Cl. D, 2.92%, 6/17/19¹		225,000		220,998

Westlake Automobile Receivables Trust:
Series 2014-1A,Cl. D, 2.20%, 2/15/21¹		155,000		154,653
Series 2014-2A,Cl. D, 2.86%, 7/15/21¹		165,000		163,890
Series 2015-1A,Cl. C, 2.29%, 11/16/20¹		215,000		214,731
Series 2015-2A,Cl. C, 2.45%, 1/15/21¹		215,000		214,859

				11,491,500



Credit Card—2.2%

American Express Credit Account Master Trust:
Series 2014-2,Cl. A, 1.26%, 1/15/20		75,000		75,319
Series 2014-3,Cl. A, 1.49%, 4/15/20		60,000		60,476

Cabela’s Credit Card Master Note Trust, Series 2016-1, Cl. A1, 1.78%, 6/15/22		320,000		320,013

Capital One Multi-Asset Execution Trust:
Series 2014-A2,Cl. A2, 1.26%, 1/15/20		445,000		446,472
Series 2014-A5,Cl. A5, 1.48%, 7/15/20		595,000		599,039

Chase Issuance Trust:
Series 2007-A3,Cl. A3, 5.23%, 4/15/19		95,000		97,591
Series 2014-A1,Cl. A1, 1.15%, 1/15/19		555,000		556,167
Series 2014-A6,Cl. A6, 1.26%, 7/15/19		350,000		351,388

Discover Card Execution Note Trust, Series 2014-A5, Cl. A, 1.39%, 4/15/20		535,000		538,482

				3,044,947


Equipment—0.1%

FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43¹		53,725		52,808

Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/44¹		79,980		79,316

				132,124


Loans: Other—0.2%

Element Rail Leasing I LLC, Series 2014- 1A, Cl. A1, 2.299%, 4/19/44¹		305,383		296,425

Total Asset-Backed Securities (Cost $14,941,512)				14,964,996


Mortgage-Backed Obligations—52.8%

Government Agency—35.2%

FHLMC/FNMA/FHLB/ Sponsored—30.7%

Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		5,317		5,939
5.50%, 9/1/39		418,503		467,196
6.00%, 5/1/18-10/1/29		583,664		664,952
6.50%, 4/1/18-4/1/34		158,963		182,048
7.00%, 8/1/16-10/1/37		169,049		197,921
9.00%, 8/1/22-5/1/25		11,004		12,064

Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20		890		946

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205,Cl. IO, 0.00%, 9/1/29^3,4		7,310		1,606

6 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 206,Cl. IO, 0.00%, 12/1/29^3,4	$	115,723	$	31,950
Series 243,Cl. 6, 0.00%, 12/15/32^3,4		78,415		13,582

Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		421,925		431,453

Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.074%, 6/1/26⁵		37,783		35,159

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151,Cl. F, 9.00%, 5/15/21		3,238		3,551
Series 1674,Cl. Z, 6.75%, 2/15/24		12,338		13,645
Series 2034,Cl. Z, 6.50%, 2/15/28		2,117		2,434
Series 2042,Cl. N, 6.50%, 3/15/28		4,598		5,127
Series 2043,Cl. ZP, 6.50%, 4/15/28		246,831		276,428
Series 2046,Cl. G, 6.50%, 4/15/28		12,970		14,907
Series 2053,Cl. Z, 6.50%, 4/15/28		2,232		2,566
Series 2066,Cl. Z, 6.50%, 6/15/28		224,409		257,909
Series 2195,Cl. LH, 6.50%, 10/15/29		188,335		216,878
Series 2220,Cl. PD, 8.00%, 3/15/30		1,194		1,415
Series 2326,Cl. ZP, 6.50%, 6/15/31		57,280		64,596
Series 2461,Cl. PZ, 6.50%, 6/15/32		216,853		258,589
Series 2470,Cl. LF, 1.442%, 2/15/32²		1,811		1,853
Series 2564,Cl. MP, 5.00%, 2/15/18		48,394		49,596
Series 2585,Cl. HJ, 4.50%, 3/15/18		25,865		26,456
Series 2635,Cl. AG, 3.50%, 5/15/32		34,219		36,325
Series 2707,Cl. QE, 4.50%, 11/15/18		12,358		12,743
Series 2770,Cl. TW, 4.50%, 3/15/19		7,567		7,787
Series 3010,Cl. WB, 4.50%, 7/15/20		19,555		20,341
Series 3025,Cl. SJ, 23.129%, 8/15/35²		19,187		30,226
Series 3030,Cl. FL, 0.842%, 9/15/35²		2,931		2,923
Series 3645,Cl. EH, 3.00%, 12/15/20		65,851		67,333
Series 3741,Cl. PA, 2.15%, 2/15/35		192,938		195,172
Series 3815,Cl. BD, 3.00%, 10/15/20		3,716		3,779
Series 3822,Cl. JA, 5.00%, 6/15/40		6,764		7,158
Series 3840,Cl. CA, 2.00%, 9/15/18		2,793		2,816
Series 3848,Cl. WL, 4.00%, 4/15/40		31,472		33,165
Series 3857,Cl. GL, 3.00%, 5/15/40		6,551		6,846
Series 4221,Cl. HJ, 1.50%, 7/15/23		111,973		113,099

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074,Cl. S, 11.378%, 7/17/28³		1,548		280
Series 2079,Cl. S, 0.00%, 7/17/28^3,4		2,752		542
Series 2130,Cl. SC, 99.999%, 3/15/29³		98,743		20,299
Series 2526,Cl. SE, 1.989%, 6/15/29³		3,263		717
Series 2796,Cl. SD, 99.999%, 7/15/26³		167,606		30,957
Series 2920,Cl. S, 18.756%, 1/15/35³		660,274		126,731
Series 2922,Cl. SE, 0.00%, 2/15/35^3,4		78,137		14,549
Series 2981,Cl. AS, 0.00%, 5/15/35^3,4		104,219		21,245
Series 3004,Cl. SB, 0.00%, 7/15/35^3,4		30,730		4,700
Series 3201,Cl. SG, 0.00%, 8/15/36^3,4		177,426		39,680
Series 3397,Cl. GS, 0.00%, 12/15/37^3,4		15,561		3,174
Series 3424,Cl. EI, 0.00%, 4/15/38^3,4		15,715		1,949
Series 3450,Cl. BI, 0.00%, 5/15/38^3,4		411,051		72,365
Series 3606,Cl. SN, 0.00%, 12/15/39^3,4		106,440		21,577

Federal National Mortgage Assn.:
2.50%, 7/1/31⁶		6,785,000		7,020,355
3.00%, 7/1/31⁶		5,180,000		5,431,614
3.50%, 7/1/46⁶		13,895,000		14,659,767


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn.: (Continued)
4.00%, 7/1/46⁶	$	5,695,000	$	6,105,329
5.00%, 7/1/46⁶		2,205,000		2,449,617

Federal National Mortgage Assn. Pool:
5.00%, 3/1/21-7/1/22		9,422		9,766
5.50%, 2/1/35-5/1/36		166,970		189,428
6.50%, 5/1/17-1/1/34		66,368		69,022
7.00%, 11/1/17-7/1/35		48,875		55,652
7.50%, 1/1/33		4,522		5,540
8.50%, 7/1/32		10,385		11,392

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221,Cl. 2, 5.235%, 5/25/23³		2,323		426
Series 222,Cl. 2, 0.00%, 6/25/23^3,4		261,126		41,321
Series 252,Cl. 2, 8.481%, 11/25/23³		246,212		45,189
Series 294,Cl. 2, 0.00%, 2/25/28^3,4		29,132		5,147
Series 301,Cl. 2, 0.00%, 4/25/29^3,4		2,506		575
Series 303,Cl. IO, 0.00%, 11/25/29^3,4		51,632		13,439
Series 320,Cl. 2, 0.00%, 4/25/32^3,4		193,370		52,618
Series 321,Cl. 2, 0.00%, 4/25/32^3,4		514,990		107,992
Series 324,Cl. 2, 0.00%, 7/25/32^3,4		5,353		1,127
Series 331,Cl. 5, 0.00%, 2/25/33^3,4		7,595		1,476
Series 331,Cl. 9, 0.00%, 2/25/33^3,4		167,158		35,938
Series 334,Cl. 12, 0.00%, 3/25/33^3,4		12,421		2,763
Series 334,Cl. 17, 0.578%, 2/25/33³		106,725		22,026
Series 339,Cl. 12, 0.00%, 6/25/33^3,4		170,445		35,607
Series 339,Cl. 7, 0.00%, 11/25/33^3,4		367,744		73,075
Series 343,Cl. 13, 0.00%, 9/25/33^3,4		179,907		35,308
Series 343,Cl. 18, 0.00%, 5/25/34^3,4		44,339		8,439
Series 345,Cl. 9, 0.00%, 1/25/34^3,4		127,853		25,365
Series 351,Cl. 10, 0.00%, 4/25/34^3,4		58,240		11,699
Series 351,Cl. 8, 0.00%, 4/25/34^3,4		98,403		19,698
Series 356,Cl. 10, 0.00%, 6/25/35^3,4		70,932		13,144
Series 356,Cl. 12, 0.00%, 2/25/35^3,4		34,827		6,467
Series 362,Cl. 13, 0.00%, 8/25/35^3,4		137,651		27,945
Series 364,Cl. 15, 0.00%, 9/25/35^3,4		7,207		1,319
Series 364,Cl. 16, 0.00%, 9/25/35^3,4		148,532		28,571
Series 365,Cl. 16, 0.00%, 3/25/36^3,4		203,590		39,178

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1993-87,Cl. Z, 6.50%, 6/25/23		182,638		201,746
Series 1998-58,Cl. PC, 6.50%, 10/25/28		141,114		159,431
Series 1998-61,Cl. PL, 6.00%, 11/25/28		68,599		78,648
Series 1999-54,Cl. LH, 6.50%, 11/25/29		109,419		128,161
Series 2001-44,Cl. QC, 6.00%, 9/25/16		63		64
Series 2001-51,Cl. OD, 6.50%, 10/25/31		8,503		9,500
Series 2001-74,Cl. QE, 6.00%, 12/25/31		169,877		195,051
Series 2002-12,Cl. PG, 6.00%, 3/25/17		309		314
Series 2003-100,Cl. PA, 5.00%, 10/25/18		113,606		117,252
Series 2003-28,Cl. KG, 5.50%, 4/25/23		554,634		606,770
Series 2003-84,Cl. GE, 4.50%, 9/25/18		5,274		5,414
Series 2004-101,Cl. BG, 5.00%, 1/25/20		42,289		42,585
Series 2004-25,Cl. PC, 5.50%, 1/25/34		4,655		4,851
Series 2005-73,Cl. DF, 0.703%, 8/25/35²		7,750		7,784
Series 2006-11,Cl. PS, 22.905%, 3/25/36²		95,142		151,264
Series 2006-46,Cl. SW, 22.537%, 6/25/36²		66,510		94,274
Series 2006-50,Cl. KS, 22.538%, 6/25/36²		92,811		141,310
Series 2008-75,Cl. DB, 4.50%, 9/25/23		36,701		37,716
Series 2009-113,Cl. DB, 3.00%, 12/25/20		122,271		124,520

7 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2009-36,Cl. FA, 1.393%, 6/25/37²	$	79,574	$	81,232
Series 2009-70,Cl. TL, 4.00%, 8/25/19		51,519		52,517
Series 2010-43,Cl. KG, 3.00%, 1/25/21		36,055		36,853
Series 2011-3,Cl. EL, 3.00%, 5/25/20		197,651		201,246
Series 2011-38,Cl. AH, 2.75%, 5/25/20		3,260		3,309
Series 2011-82,Cl. AD, 4.00%, 8/25/26		70,354		72,346

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 0.00%, 11/18/31^3,4		6,724		1,450
Series 2001-63,Cl. SD, 1.111%, 12/18/31³		2,321		451
Series 2001-65,Cl. S, 0.00%, 11/25/31^3,4		168,718		34,474
Series 2001-68,Cl. SC, 0.00%, 11/25/31^3,4		1,541		305
Series 2001-81,Cl. S, 0.946%, 1/25/32³		49,994		11,367
Series 2002-28,Cl. SA, 6.133%, 4/25/32³		1,499		319
Series 2002-38,Cl. SO, 14.057%, 4/25/32³		4,293		869
Series 2002-39,Cl. SD, 9.39%, 3/18/32³		2,838		656
Series 2002-47,Cl. NS, 4.481%, 4/25/32³		149,206		31,356
Series 2002-48,Cl. S, 5.141%, 7/25/32³		2,456		543
Series 2002-51,Cl. S, 4.586%, 8/25/32³		136,972		27,339
Series 2002-52,Cl. SD, 9.001%, 9/25/32³		199,779		47,432
Series 2002-52,Cl. SL, 5.348%, 9/25/32³		1,550		333
Series 2002-53,Cl. SK, 7.538%, 4/25/32³		9,890		2,385
Series 2002-56,Cl. SN, 5.996%, 7/25/32³		3,348		730
Series 2002-60,Cl. SM, 0.707%, 8/25/32³		22,237		3,916
Series 2002-7,Cl. SK, 0.00%, 1/25/32^3,4		9,984		1,820
Series 2002-77,Cl. BS, 0.00%, 12/18/32^3,4		13,986		2,877
Series 2002-77,Cl. IS, 11.522%, 12/18/32³		7,314		1,668
Series 2002-77,Cl. SH, 2.426%, 12/18/32³		70,545		16,507
Series 2002-84,Cl. SA, 3.842%, 12/25/32³		163,013		33,178
Series 2002-9,Cl. MS, 1.818%, 3/25/32³		2,534		571
Series 2002-90,Cl. SN, 1.208%, 8/25/32³		11,440		2,014
Series 2002-90,Cl. SY, 4.641%, 9/25/32³		8,159		1,448
Series 2003-26,Cl. DI, 0.00%, 4/25/33^3,4		7,094		1,701
Series 2003-33,Cl. SP, 1.909%, 5/25/33³		168,144		36,270
Series 2003-4,Cl. S, 1.266%, 2/25/33³		105,356		24,061
Series 2004-54,Cl. DS, 99.999%, 11/25/30³		145,788		27,799
Series 2005-12,Cl. SC, 0.00%, 3/25/35^3,4		37,149		6,707
Series 2005-14,Cl. SE, 10.756%, 3/25/35³		115,391		23,028
Series 2005-40,Cl. SA, 99.999%, 5/25/35³		326,032		70,399
Series 2005-40,Cl. SB, 15.064%, 5/25/35³		14,911		2,581
Series 2005-52,Cl. JH, 0.00%, 5/25/35^3,4		89,439		16,970


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2005-93,Cl. SI, 0.00%, 10/25/35^3,4	$	242,283	$	44,438
Series 2008-55,Cl. SA, 0.00%, 7/25/38^3,4		18,547		2,205
Series 2009-8,Cl. BS, 99.999%, 2/25/24³		34,295		1,243
Series 2011-96,Cl. SA, 5.484%, 10/25/41³		65,903		13,460
Series 2012-134,Cl. SA, 7.016%, 12/25/42³		186,781		45,521
Series 2012-40,Cl. PI, 0.00%, 4/25/41^3,4		151,692		18,597

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 5.04%, 9/25/23⁵		81,831		77,328

				43,993,052


GNMA/Guaranteed—4.5%

Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26		7,108		7,640
8.50%, 8/15/17-12/15/17		5,249		5,315

Government National Mortgage Assn. II Pool:
3.50%, 7/1/46⁶		3,890,000		4,128,263
4.00%, 7/1/46⁶		1,940,000		2,073,829

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 18.481%, 2/16/32³		236,210		38,568
Series 2007-17,Cl. AI, 1.868%, 4/16/37³		78,775		17,156
Series 2011-52,Cl. HS, 0.00%, 4/16/41^3,4		517,547		100,813

				6,371,584


Non-Agency—17.6%

Commercial—10.7%

Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.00%, 4/14/29^3,4		1,313,663		18,103

Banc of America Funding Trust: Series 2006-G,Cl. 2A4, 0.738%, 7/20/36²		579,255		540,246
Series 2014-R7,Cl. 3A1, 2.855%, 3/26/36^1,2		267,403		268,275

BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 2.43%, 9/26/35^1,2		133,683		134,086

Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/24^1,3,4		327,589		10,113

Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 2.672%, 1/25/36²		137,278		128,447

Citigroup Commercial Mortgage Trust, Series 2013-GC11, Cl. D, 4.603%, 4/10/46^1,2		85,000		78,188

Citigroup Global Markets Mortgage Securities VII, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1999-C1, Cl. X, 0.00%, 5/18/32^3,4		3,046,314		49

8 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value

Commercial (Continued)

COMM Mortgage Trust:
Series 2012-CR4,Cl. D, 4.725%, 10/15/45^1,2	$	50,000	$	48,086
Series 2012-CR5,Cl. E, 4.479%, 12/10/45^1,2		300,000		272,595
Series 2013-CR6,Cl. AM, 3.147%, 3/10/46¹		245,000		255,822
Series 2013-CR7,Cl. D, 4.491%, 3/10/46^1,2		390,000		357,442
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		715,000		781,252
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		280,000		305,153
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		280,000		302,547

COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/45^3,4		2,539,583		188,955

Connecticut Avenue Securities: Series 2014-C03,Cl. 1M1, 1.653%, 7/25/24²		191,140		191,673
Series 2014-C04,Cl. 2M1, 2.553%, 11/25/24²		73,946		74,241
Series 2015-C03,Cl. 1M1, 1.953%, 7/25/25²		153,590		154,058
Series 2016-C02,Cl. 1M1, 2.603%, 9/25/28²		39,298		39,778
Series 2016-C03,Cl. 1M1, 2.453%, 10/25/28²		351,877		354,485

CSMC:
Series 2006-6,Cl. 1A4, 6.00%, 7/25/36		205,320		152,761
Series 2009-13R,Cl. 4A1, 2.746%, 9/26/36^1,2		2,853		2,857

Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		140,000		149,235

Federal National Mortgage Assn., Alternative Credit Enhancement Securities:
Series 2015-M11,Cl. A2, 2.921%, 4/25/25²		350,000		370,933
Series 2015-M8,Cl. A2, 2.90%, 1/25/25²		245,000		261,876
Series 2016-M5,Cl. A2, 2.469%, 4/25/26		1,030,000		1,049,030

First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,Cl. 3A1, 6.00%, 1/25/35		133,324		120,963
Series 2005-FA8,Cl. 1A6, 1.103%, 11/25/35²		170,235		113,728

FREMF Mortgage Trust:
Series 2012-K501,Cl. C, 3.425%, 11/25/46^1,2		35,000		35,061
Series 2013-K25,Cl. C, 3.743%, 11/25/45^1,2		90,000		85,594
Series 2013-K26,Cl. C, 3.722%, 12/25/45^1,2		60,000		58,650
Series 2013-K27,Cl. C, 3.616%, 1/25/46^1,2		95,000		87,012
Series 2013-K28,Cl. C, 3.614%, 6/25/46^1,2		285,000		264,077
Series 2013-K502,Cl. C, 3.21%, 3/25/45^1,2		175,000		175,932
Series 2013-K712,Cl. C, 3.484%, 5/25/45^1,2		75,000		76,218
Series 2013-K713,Cl. C, 3.274%, 4/25/46^1,2		115,000		114,543
Series 2014-K715,Cl. C, 4.268%, 2/25/46^1,2		50,000		49,452


	Principal Amount		Value

Commercial (Continued)

GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6%, 4/25/37^1,2	$	424,429	$	399,144

GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.182%, 7/25/35²		110,364		108,690

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Cl. E, 5.365%, 5/15/45^1,2		180,000		171,701

JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 2.827%, 7/25/35²		108,732		108,668

JP Morgan Resecuritization Trust:
Series 2009-11,Cl. 5A1, 2.746%, 9/26/36^1,2		10,898		10,907
Series 2009-5,Cl. 1A2, 3.046%, 7/26/36^1,2		391,700		352,240

JPMBB Commercial Mortgage Securities Trust:
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		490,000		536,837
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		145,000		155,878

LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.00%, 2/18/30^3,4		327,864		1,977

Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/24^1,2		49,013		40,474

Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6,Cl. E, 4.812%, 11/15/45^1,2		400,000		388,415
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		595,000		644,211

Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 2.197%, 11/26/36^1,2		451,604		300,998

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.668%, 6/26/46^1,2		248,314		247,951

RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 2.405%, 7/26/45^1,2		26,513		26,453

Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1,Cl. M1, 3.853%, 7/25/23²		331,059		338,158
Series 2014-DN1,Cl. M2, 2.653%, 2/25/24²		180,000		182,528
Series 2014-HQ2,Cl. M1, 1.903%, 9/25/24²		89,519		90,036
Series 2015-DN1,Cl. M1, 1.703%, 1/25/25²		11,928		11,928
Series 2015-DNA2,Cl. M2, 3.046%, 12/25/27²		150,000		152,977
Series 2015-DNA3,Cl. M1, 1.803%, 4/25/28²		88,586		88,757
Series 2015-DNA3,Cl. M2, 3.303%, 4/25/28²		340,000		349,796
Series 2015-HQA1,Cl. M1, 1.703%, 3/25/28²		216,494		216,518
Series 2016-DNA2,Cl. M1, 1.703%, 10/25/28²		354,075		354,162
Series 2016-DNA2,Cl. M2, 2.653%, 10/25/28²		355,000		358,109
Series 2016-DNA3,Cl. M1, 1.546%, 12/25/28²		300,000		300,444
Series 2016-DNA3,Cl. M2, 2.446%, 12/25/28²		280,000		280,759
Series 2016-HQA2,Cl. M1, 1.653%, 11/25/28²		210,000		210,363
Series 2016-HQA2,Cl. M2, 2.703%, 11/25/28²		350,000		352,221

9 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial (Continued)

UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 5.043%, 5/10/63^1,2	$	65,000	$	62,585

Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Cl. AS, 4.013%, 6/15/48		240,000		261,948

WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.992%, 6/15/45^1,2		120,000		115,810
Series 2013-C11,Cl. D, 4.318%, 3/15/45^1,2		74,000		67,994
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		150,000		159,045
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		130,000		143,938

				15,264,136

Multi-Family—3.8%

Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates:
Series K041,Cl. A2, 3.171%, 10/25/24		210,000		229,413
Series K042,Cl. A2, 2.67%, 12/25/24		285,000		300,396
Series K043,Cl. A2, 3.062%, 12/25/24		155,000		168,041
Series K045,Cl. A2, 3.023%, 1/25/25		310,000		335,561
Series K046,Cl. A2, 3.205%, 3/25/25		75,000		82,121
Series K047,Cl. A2, 3.329%, 5/25/25		650,000		718,532
Series K048,Cl. A2, 3.284%, 6/25/25²		715,000		787,334
Series K049,Cl. A2, 3.01%, 7/25/25		330,000		356,280
Series K050,Cl. A2, 3.334%, 8/25/25²		325,000		359,516
Series K052,Cl. A2, 3.151%, 11/25/25		565,000		616,091
Series K053,Cl. A2, 2.995%, 12/25/25		690,000		743,590
Series K054,Cl. A2, 2.745%, 1/25/26		755,000		797,126

				5,494,001

Residential—3.1%

Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		143,554		127,736
Series 2007-C,Cl. 1A4, 3.023%, 5/20/36²		62,679		56,528

Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6%, 3/25/37		96,853		87,939

Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.09%, 3/25/35²		195,882		196,827
Series 2005-9,Cl. A1, 2.66%, 10/25/35²		190,041		183,642
Series 2006-1,Cl. A1, 2.58%, 2/25/36²		255,348		249,947

Carrington Mortgage Loan Trust, Series 2006-FRE1, Cl. A2, 0.563%, 7/25/36²		54,045		53,660

CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		20,611		19,617
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		114,098		104,280
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		15,921		15,730	��

Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 2.87%, 10/25/35²		524,907		520,174

HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.763%, 7/25/35²		48,145		45,590

MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.553%, 8/25/36²		50,570		22,445

RALI Trust:
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		980		796
Series 2007-QS6,Cl. A28, 5.75%, 4/25/37		12,203		10,118

WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 2.535%, 10/25/33²		122,752		124,835


	Principal Amount		Value

Residential (Continued)

WaMu Mortgage Pass-Through Certificates Trust: (Continued)
Series 2005-AR14,Cl. 1A4, 2.538%, 12/25/35²	$	235,658	$	227,787
Series 2005-AR16,Cl. 1A1, 2.567%, 12/25/35²		102,307		95,940

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR10,Cl. 1A1, 2.893%, 6/25/35²		454,541		462,464
Series 2005-AR13,Cl. 1A5, 3.057%, 5/25/35²		137,181		137,495
Series 2005-AR15,Cl. 1A2, 2.736%, 9/25/35²		137,007		133,219
Series 2005-AR15,Cl. 1A6, 2.736%, 9/25/35²		54,123		51,329
Series 2005-AR4,Cl. 2A2, 2.985%, 4/25/35²		315,190		315,121
Series 2006-AR10,Cl. 5A5, 3.046%, 7/25/36²		251,143		242,468
Series 2006-AR14,Cl. 1A2, 5.879%, 10/25/36²		120,570		115,885
Series 2006-AR2,Cl. 2A3, 2.855%, 3/25/36²		109,601		107,707
Series 2006-AR7,Cl. 2A4, 3.085%, 5/25/36²		8,265		7,869
Series 2006-AR8,Cl. 2A1, 2.866%, 4/25/36²		271,918		265,686
Series 2006-AR8,Cl. 2A4, 2.866%, 4/25/36²		121,413		118,631
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		111,986		116,149
Series 2007-AR3,Cl. A4, 5.88%, 4/25/37²		62,270		58,311
Series 2007-AR8,Cl. A1, 2.816%, 11/25/37²		171,094		152,194

				4,428,119

Total Mortgage-Backed Obligations (Cost $76,197,964)				75,550,892

U.S. Government Obligations—1.2%

Federal Home Loan Banks Nts., 0.875%, 6/29/18		30,000		30,119

Federal Home Loan Mortgage Corp. Nts., 1.125%, 4/15/19		196,000		197,871

Federal National Mortgage Assn. Nts., 0.875%, 3/28/18		32,000		32,119

United States Treasury Nts., 1.50%, 5/31/19⁷		1,438,000		1,470,833

Total U.S. Government Obligations (Cost $1,701,436)				1,730,942

Corporate Bonds and Notes—46.7%

Consumer Discretionary—7.2%

Auto Components—0.1%

BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45		109,000		113,473

Johnson Controls, Inc., 1.40% Sr. Unsec. Nts., 11/2/17		66,000		66,228

				179,701

Automobiles—2.0%

Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31		172,000		280,010

Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24		762,000		790,889

10 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value

Automobiles (Continued)

General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43	$	313,000	$	349,098

General Motors Financial Co., Inc., 3% Sr. Unsec. Nts., 9/25/17		344,000		349,197

Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		93,000		104,242

Hyundai Capital America, 2.40% Sr. Unsec. Nts., 10/30/18¹		348,000		352,980

Nissan Motor Acceptance Corp., 2% Sr. Unsec. Nts., 3/8/19¹		251,000		254,140

ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/25¹		338,000		343,702

				2,824,258

Diversified Consumer Services—0.2%

Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		311,000		324,218

Hotels, Restaurants & Leisure—0.6%

Marriott International, Inc.:
3.125% Sr. Unsec. Nts., 6/15/26		49,000		49,671
3.25% Sr. Unsec. Nts., 9/15/22		228,000		237,176
6.375% Sr. Unsec. Nts., 6/15/17		314,000		328,529

McDonald’s Corp.:
2.75% Sr. Unsec. Nts., 12/9/20		153,000		159,912
4.875% Sr. Unsec. Nts., 12/9/45		85,000		99,519

				874,807

Household Durables—0.9%

Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		344,000		335,400

Newell Brands, Inc.:
5.00% Sr. Unsec. Nts., 11/15/23¹		346,000		363,843
5.50% Sr. Unsec. Nts., 4/1/46		81,000		96,660

Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23		352,000		348,480

Whirlpool Corp.:
1.35% Sr. Unsec. Nts., 3/1/17		104,000		104,192
1.65% Sr. Unsec. Nts., 11/1/17		85,000		85,559

				1,334,134

Leisure Equipment & Products—0.3%

Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		371,000		371,862

Media—2.0%

21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		79,000		99,104

Charter Communications Operating LLC/Charter Communications Operating Capital:
4.908% Sr. Sec. Nts., 7/23/25¹		112,000		122,288
6.484% Sr. Sec. Nts., 10/23/45¹		185,000		221,818

Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		242,000		345,054

Historic TW, Inc., 9.15% Debs., 2/1/23		96,000		129,227

Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		113,000		121,340

Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16		351,000		353,688

Sky plc:
3.75% Sr. Unsec. Nts., 9/16/24¹		162,000		168,681
6.10% Sr. Unsec. Nts., 2/15/18¹		116,000		124,073

Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		366,000		367,682

Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		126,000		117,945


	Principal Amount		Value

Media (Continued)

Time Warner, Inc., 2.95% Sr. Unsec. Nts., 7/15/26	$	168,000	$	169,716

Viacom, Inc., 2.50% Sr. Unsec. Nts., 12/15/16		155,000		155,689

Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26¹		346,000		336,917

				2,833,222

Multiline Retail—0.2%

Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23¹		325,000		346,938

Specialty Retail—0.7%

AutoZone, Inc.:
1.30% Sr. Unsec. Nts., 1/13/17		59,000		59,139
1.625% Sr. Unsec. Nts., 4/21/19		64,000		64,373

Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		197,000		210,297

Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44		142,000		175,462

Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		355,000		371,508

Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		101,000		98,773

				979,552

Textiles, Apparel & Luxury Goods—0.2%

PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		332,000		338,225

Consumer Staples—5.3%

Beverages—1.7%

Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		408,000		415,178
3.65% Sr. Unsec. Nts., 2/1/26		213,000		228,429
4.90% Sr. Unsec. Nts., 2/1/46		82,000		96,449

Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		230,000		367,931

Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24		330,000		350,625

Molson Coors Brewing Co., 3% Sr. Unsec. Nts., 7/15/26⁶		338,000		337,927

Pernod Ricard SA:
2.95% Sr. Unsec. Nts., 1/15/17¹		357,000		360,008
4.25% Sr. Unsec. Nts., 7/15/22¹		252,000		275,864

				2,432,411

Food & Staples Retailing—1.4%

CVS Health Corp., 2.875% Sr. Unsec. Nts., 6/1/26		333,000		341,067

Delhaize Group:
5.70% Sr. Unsec. Nts., 10/1/40		215,000		252,276
6.50% Sr. Unsec. Nts., 6/15/17		95,000		99,422

Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		15,000		15,253
6.40% Sr. Unsec. Nts., 8/15/17		330,000		349,188
6.90% Sr. Unsec. Nts., 4/15/38		90,000		125,792

Walgreens Boots Alliance, Inc.:
1.75% Sr. Unsec. Nts., 5/30/18		240,000		241,962
3.10% Sr. Unsec. Nts., 6/1/23		360,000		366,553

Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		192,000		225,249

				2,016,762

Food Products—1.5%

Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		300,000		304,271
8.50% Sr. Unsec. Nts., 6/15/19		289,000		338,369

Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		374,000		376,047

11 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Food Products (Continued)

JM Smucker Co. (The), 1.75% Sr. Unsec. Nts., 3/15/18	$	288,000	$	290,390

Kraft Heinz Foods Co.:
3.00% Sr. Unsec. Nts., 6/1/26¹		145,000		146,858
4.375% Sr. Unsec. Nts., 6/1/46¹		145,000		154,099

TreeHouse Foods, Inc., 4.875% Sr. Unsec. Nts., 3/15/22		350,000		358,750

Tyson Foods, Inc., 4.875% Sr. Unsec. Nts., 8/15/34		118,000		132,110

				2,100,894

Tobacco—0.7%

Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		167,000		310,587

Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/18¹		357,000		361,182

Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		254,000		326,022

				997,791

Energy—3.7%

Energy Equipment & Services—1.1%

Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		92,000		100,696

Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		146,000		156,123

Nabors Industries, Inc., 2.35% Sr. Unsec. Nts., 9/15/16		333,000		332,502

Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/17¹		334,000		336,237
4.00% Sr. Unsec. Nts., 12/21/25¹		209,000		225,305

Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/17¹		369,000		370,333

				1,521,196

Oil, Gas & Consumable Fuels—2.6%

Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		64,000		59,043
6.20% Sr. Unsec. Nts., 3/15/40		90,000		101,283

Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		107,000		110,491

Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		201,000		198,121

BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		328,000		330,756

Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		352,000		356,202

CNOOC Nexen Finance 2014 ULC, 1.625% Sr. Unsec. Nts., 4/30/17		373,000		373,852

Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25		195,000		210,083

ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		42,000		47,700
5.95% Sr. Unsec. Nts., 3/15/46		89,000		111,474

Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		106,000		95,395

Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		105,000		112,240
4.90% Sr. Unsec. Nts., 5/15/46		37,000		40,048

Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		302,000		308,028

Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		92,000		93,052

Origin Energy Finance Ltd., 3.50% Sr. Unsec. Nts., 10/9/18¹		198,000		199,319

Regency Energy Partners LP/Regency Energy Finance Corp., 5% Sr. Unsec. Nts., 10/1/22		245,000		251,749


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

Shell International Finance BV:
1.375% Sr. Unsec. Nts., 5/10/19	$	264,000	$	264,890
4.00% Sr. Unsec. Nts., 5/10/46		130,000		133,036

TransCanada PipeLines Ltd., 1.625% Sr. Unsec. Nts., 11/9/17		324,000		324,846

Western Gas Partners LP, 4.65% Sr. Unsec. Nts., 7/1/26⁶		58,000		58,344

				3,779,952

Financials—12.5%

Capital Markets—2.1%

Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/24¹		258,000		265,603

Credit Suisse AG, New York, 3.625% Sr. Unsec. Nts., 9/9/24		199,000		205,857

Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26¹		130,000		135,483

Goldman Sachs Group, Inc. (The):
3.75% Sr. Unsec. Nts., 2/25/16		202,000		212,364
5.15% Sub. Nts., 5/22/45		262,000		274,067

Morgan Stanley:
3.875% Sr. Unsec. Nts., 1/27/26		507,000		540,871
5.00% Sub. Nts., 11/24/25		332,000		364,077

Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		373,000		373,661

Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		417,000		477,795

UBS Group Funding Jersey Ltd., 4.125% Sr. Unsec. Nts., 4/15/26¹		205,000		213,897

				3,063,675

Commercial Banks—5.6%

ABN AMRO Bank NV, 4.75% Sub. Nts., 7/28/25¹		200,000		208,376

Bank of America Corp.:
3.50% Sr. Unsec. Nts., 4/19/26		324,000		335,852
7.75% Jr. Sub. Nts., 5/14/38		354,000		500,258

BB&T Corp., 2.05% Sr. Unsec. Nts., 5/10/21		360,000		365,504

BNP Paribas SA, 4.375% Sub. Nts., 9/28/25¹		205,000		208,371

BPCE SA, 2.65% Sr. Unsec. Nts., 2/3/21		321,000		330,760

Citigroup, Inc.:
3.40% Sr. Unsec. Nts., 5/1/26		208,000		213,895
4.65% Sr. Unsec. Nts., 7/30/45		290,000		320,233

Citizens Bank NA (Providence RI), 2.55% Sr. Unsec. Nts., 5/13/21		281,000		284,061

Danske Bank AS, 2.80% Sr. Unsec. Nts., 3/10/21¹		202,000		209,779

Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		206,000		216,879

FirstMerit Bank NA (Akron OH), 4.27% Sub. Nts., 11/25/26		362,000		377,743

Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		218,000		226,095

ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/21¹		270,000		279,235

Intesa Sanpaolo SpA, 5.71% Sub. Nts., 1/15/26¹		332,000		315,484

JPMorgan Chase & Co.:
2.70% Sr. Unsec. Nts., 5/18/23		212,000		214,383
6.75% Jr. Sub. Perpetual Bonds, Series S^2,8		264,000		291,060

KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		302,000		306,874

Lloyds Banking Group plc, 6.657% Jr. Sub. Perpetual Bonds^1,2,8		334,000		360,720

Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		287,000		289,059

12 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value

Commercial Banks (Continued)

Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds^2,8	$	214,000	$	204,370

Skandinaviska Enskilda Banken AB, 2.625% Sr. Unsec. Nts., 3/15/21		202,000		208,534

Societe Generale SA, 5.922% Jr. Sub. Perpetual Bonds^1,2,8		370,000		374,932

SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		151,000		152,626

SunTrust Banks, Inc., 3.50% Sr. Unsec. Nts., 1/20/17		203,000		205,284

Swedbank AB, 2.65% Sr. Unsec. Nts., 3/10/21¹		216,000		223,501

US Bancorp, 3.10% Sub. Nts., 4/27/26		214,000		222,991

Wells Fargo & Co.:
3.00% Sr. Unsec. Nts., 4/22/26		532,000		542,968
4.40% Sub. Nts., 6/14/46		33,000		33,600

				8,023,427

Consumer Finance—0.9%

Ally Financial, Inc., 4.25% Sr. Unsec. Nts., 4/15/21		346,000		346,432

Capital One Financial Corp., 3.20% Sr. Unsec. Nts., 2/5/25		277,000		280,235

Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		186,000		187,804
3.95% Sr. Unsec. Nts., 11/6/24		280,000		287,603

Synchrony Financial, 4.50% Sr. Unsec. Nts., 7/23/25		97,000		100,764

				1,202,838

Diversified Financial Services—0.9%

Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		102,000		103,745

Berkshire Hathaway, Inc., 3.125% Sr. Unsec. Nts., 3/15/26		153,000		160,708

Nationwide Building Society, 3.90% Sr. Unsec. Nts., 7/21/25¹		286,000		306,280

Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25¹		189,000		189,920

S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		226,000		231,456

Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/53²		345,000		325,594

				1,317,703

Insurance—1.3%

AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		308,000		332,898

Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/23¹		258,000		278,994

Manulife Financial Corp., 4.15% Sr. Unsec. Nts., 3/4/26		205,000		219,804

MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^2,8		258,000		256,710

TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/24¹		326,000		343,219

Travelers Cos, Inc. (The), 3.75% Sr. Unsec. Nts., 5/15/46		276,000		289,913

XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^2,8		212,000		147,870

				1,869,408

Real Estate Investment Trusts (REITs)—1.5%

American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		149,000		165,849
5.90% Sr. Unsec. Nts., 11/1/2¹		200,000		233,012

Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23		370,000		374,625

HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17		107,000		110,550


	Principal Amount		Value

Real Estate Investment Trusts (REITs) (Continued)

Highwoods Realty LP, 5.85% Sr. Unsec. Nts., 3/15/17	$	149,000	$	153,245

Host Hotels & Resorts LP, Series D, 3.75% Sr. Unsec. Nts., 10/15/23		212,000		213,958

Liberty Property LP, 5.50% Sr. Unsec. Nts., 12/15/16		228,000		232,383

Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17		31,000		32,228

Ventas Realty LP, 1.25% Sr. Unsec. Nts., 4/17/17		151,000		151,072

WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/17¹		318,000		318,984

Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		75,000		75,802

				2,061,708

Real Estate Management & Development—0.2%

Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		332,000		337,992

Health Care—3.7%

Biotechnology—0.4%

AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		184,000		193,165
4.70% Sr. Unsec. Nts., 5/14/45		74,000		78,625

Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		100,000		112,970

Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		180,000		192,453
5.00% Sr. Unsec. Nts., 8/15/45		49,000		54,216

				631,429

Health Care Equipment & Supplies—1.0%

Becton Dickinson & Co.:
1.45% Sr. Unsec. Nts., 5/15/17		384,000		385,083
3.875% Sr. Unsec. Nts., 5/15/24		116,000		126,509

Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		260,000		275,666

DENTSPLY SIRONA, Inc., 2.75% Sr. Unsec. Nts., 8/15/16		352,000		352,649

Stryker Corp., 3.50% Sr. Unsec. Nts., 3/15/26		124,000		131,882

Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25		111,000		114,671

				1,386,460

Health Care Providers & Services—1.3%

Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24		180,000		192,380

Express Scripts Holding Co., 4.50% Sr. Unsec. Nts., 2/25/26		261,000		287,442

Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/22¹		350,000		385,437

Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		454,000		472,291

McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		155,000		177,581

Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18		156,000		170,384

Quest Diagnostics, Inc., 3.45% Sr. Unsec. Nts., 6/1/26		145,000		150,216

				1,835,731

Life Sciences Tools & Services—0.4%

Thermo Fisher Scientific, Inc.:
1.30% Sr. Unsec. Nts., 2/1/17		87,000		87,078

13 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Life Sciences Tools & Services (Continued)

Thermo Fisher Scientific, Inc.: (Continued)
2.15% Sr. Unsec. Nts., 12/14/18	$	138,000	$	139,650
3.00% Sr. Unsec. Nts., 4/15/23		142,000		144,819
4.15% Sr. Unsec. Nts., 2/1/24		121,000		132,322
5.30% Sr. Unsec. Nts., 2/1/44		45,000		52,548

				556,417

Pharmaceuticals—0.6%

Actavis Funding SCS:
3.80% Sr. Unsec. Nts., 3/15/25		243,000		253,298
4.75% Sr. Unsec. Nts., 3/15/45		119,000		125,106

Mylan NV:
2.50% Sr. Unsec. Nts., 6/7/19¹		155,000		157,168
3.95% Sr. Unsec. Nts., 6/15/26¹		210,000		212,866

Perrigo Finance Unlimited Co., 4.375% Sr. Unsec. Nts., 3/15/26		92,000		96,051

				844,489

Industrials—3.4%

Aerospace & Defense—0.6%

BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/25¹		258,000		274,131

L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17		10,000		10,005

Lockheed Martin Corp., 3.55% Sr. Unsec. Nts., 1/15/26		168,000		183,650

Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		180,000		215,750

Textron, Inc., 3.875% Sr. Unsec. Nts., 3/1/25		111,000		117,421

United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/18²		60,000		60,566

				861,523

Building Products—0.2%

Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		233,000		248,828

Commercial Services & Supplies—0.6%

Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		312,000		329,872

Republic Services, Inc.:
2.90% Sr. Unsec. Nts., 7/1/26⁶		175,000		177,953
3.80% Sr. Unsec. Nts., 5/15/18		277,000		289,958

Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		85,000		92,706

				890,489

Electrical Equipment—0.2%

Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/23¹		294,000		295,103

Industrial Conglomerates—0.5%

Fortive Corp.:
1.80% Sr. Unsec. Nts., 6/15/19¹		360,000		362,568
3.15% Sr. Unsec. Nts., 6/15/26¹		177,000		182,517

Roper Technologies, Inc., 3.85% Sr. Unsec. Nts., 12/15/25		170,000		181,819

				726,904

Machinery—0.1%

Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23		130,000		144,590

Marine—0.0%

AP Moeller-Maersk AS, 3.875% Sr. Unsec. Nts., 9/28/25¹		39,000		39,858

Professional Services—0.3%

Experian Finance plc, 2.375% Sr. Unsec. Nts., 6/15/17¹		361,000		362,954


	Principal Amount		Value

Road & Rail—0.7%

Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35	$	68,000	$	77,890

ERAC USA Finance LLC:
4.50% Sr. Unsec. Nts., 2/15/45¹		110,000		116,774
6.375% Sr. Unsec. Nts., 10/15/17¹		279,000		295,831

Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		110,000		127,752

Penske Truck Leasing Co. LP/PTL Finance Corp.:
3.75% Sr. Unsec. Nts., 5/11/17¹		195,000		198,730
4.25% Sr. Unsec. Nts., 1/17/23¹		119,000		124,828

				941,805

Trading Companies & Distributors—0.2%

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.95% Sr. Unsec. Nts., 2/1/22		354,000		354,885

Information Technology—2.3%

Electronic Equipment, Instruments, & Components—0.2%

Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/25		290,000		294,350

IT Services—0.6%

Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		174,000		176,504

Fidelity National Information Services, Inc., 1.45% Sr. Unsec. Nts., 6/5/17		297,000		296,719

Visa, Inc., 4.30% Sr. Unsec. Nts., 12/14/45		127,000		146,945

Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17		130,000		131,149
6.75% Sr. Unsec. Nts., 2/1/17		65,000		66,754

				818,071

Semiconductors & Semiconductor Equipment—0.1%

Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		93,000		108,857

Software—0.6%

Autodesk, Inc.:
1.95% Sr. Unsec. Nts., 12/15/17		279,000		279,774
4.375% Sr. Unsec. Nts., 6/15/25		110,000		115,231

Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23¹		236,000		240,130

Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		186,000		199,598

				834,733

Technology Hardware, Storage & Peripherals—0.8%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		198,000		216,421

Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48% Sr. Sec. Nts., 6/1/19¹		355,000		363,916
6.02% Sr. Sec. Nts., 6/15/26¹		240,000		249,457

Hewlett Packard Enterprise Co.:
2.45% Sr. Unsec. Nts., 10/5/17¹		238,000		241,158
6.35% Sr. Unsec. Nts., 10/15/45¹		162,000		161,451

				1,232,403

Materials—2.6%

Chemicals—1.1%

Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		151,000		153,951
4.125% Sr. Unsec. Nts., 3/15/35		75,000		72,700

Eastman Chemical Co.:
2.40% Sr. Unsec. Nts., 6/1/17		42,000		42,398
4.65% Sr. Unsec. Nts., 10/15/44		92,000		94,801

14 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value

Chemicals (Continued)

Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19	$	338,000	$	342,620

RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		325,000		332,053

Valspar Corp. (The):
3.30% Sr. Unsec. Nts., 2/1/25		103,000		104,033
3.95% Sr. Unsec. Nts., 1/15/26		152,000		160,452

Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/26¹		215,000		222,980

				1,525,988

Construction Materials—0.4%

CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/45¹		245,000		261,497

James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/23¹		364,000		374,010

				635,507

Containers & Packaging—0.4%

International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44		153,000		156,246

Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		94,000		97,303
4.50% Sr. Unsec. Nts., 11/1/23		300,000		326,480

				580,029

Metals & Mining—0.7%

BHP Billiton Finance USA Ltd., 1.625% Sr. Unsec. Nts., 2/24/17		352,000		353,015

Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		145,000		140,120

Glencore Finance Canada Ltd., 3.60% Sr. Unsec. Nts., 1/15/17¹		302,000		302,190

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		101,000		102,527

Rio Tinto Finance USA Ltd., 3.75% Sr. Unsec. Nts., 6/15/25		143,000		150,526

				1,048,378

Telecommunication Services—2.2%

Diversified Telecommunication Services—2.2%

AT&T, Inc.:
4.125% Sr. Unsec. Nts., 2/17/26		201,000		216,344
4.35% Sr. Unsec. Nts., 6/15/45		281,000		273,572

British Telecommunications plc, 9.375% Sr. Unsec. Nts., 12/15/30		247,000		380,284

Deutsche Telekom International Finance BV, 2.25% Sr. Unsec. Nts., 3/6/17¹		349,000		351,372

Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		97,000		97,367

Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		135,000		141,075

Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		347,000		356,449
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		95,000		122,401

Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		163,000		173,983
4.50% Sr. Unsec. Nts., 9/15/20		448,000		497,901
4.522% Sr. Unsec. Nts., 9/15/48		432,000		448,144
5.012% Sr. Unsec. Nts., 8/21/54		50,000		53,330

				3,112,222

Wireless Telecommunication Services—0.0%

Rogers Communications, Inc., 3.625% Sr. Unsec. Nts., 12/15/25		68,000		72,828

Utilities—3.8%

Electric Utilities—3.0%

AEP Texas Central Co., 3.85% Sr. Unsec. Nts., 10/1/25¹		177,000		193,268


	Principal Amount		Value

Electric Utilities (Continued)

American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/44¹	$	99,000	$	108,015

Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26¹		176,000		181,335

Edison International:
2.95% Sr. Unsec. Nts., 3/15/23		208,000		213,576
3.75% Sr. Unsec. Unsub. Nts., 9/15/17		306,000		315,158

EDP Finance BV, 5.25% Sr. Unsec. Nts., 1/14/21¹		330,000		350,625

Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/17¹		333,000		351,494

Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		85,000		91,192

Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		70,000		78,179

ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		78,000		87,914

NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17		369,000		368,374

Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		73,000		77,275

PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22		204,000		215,031

PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21¹		444,000		494,965

Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		307,000		342,030

Southern Power Co., 1.85% Sr. Unsec. Nts., 12/1/17		328,000		330,991

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25¹		231,000		247,547

Xcel Energy, Inc., 3.30% Sr. Unsec. Nts., 6/1/25		167,000		176,547

				4,223,516

Independent Power and Renewable Electricity Producers—0.2%

Dayton Power & Light Co. (The), 1.875% Sec. Nts., 9/15/16		337,000		337,454

Multi-Utilities—0.6%

CenterPoint Energy, Inc., 5.95% Sr. Unsec. Nts., 2/1/17		327,000		335,161

CMS Energy Corp.:
3.875% Sr. Unsec. Nts., 3/1/24		202,000		220,132
5.05% Sr. Unsec. Unsub. Nts., 3/15/22		99,000		113,330

NiSource Finance Corp., 4.80% Sr. Unsec. Nts., 2/15/44		148,000		170,534

				839,157

Total Corporate Bonds and Notes (Cost $64,227,413)				66,917,632

Short-Term Notes—8.8%

American Water Capital Corp., 0.76%, 7/15/16⁹		640,000		639,811

Amphenol Corp., 0.75%, 7/5/16		640,000		639,947

Arizona Public Service Co., 0.68%, 7/28/16		640,000		639,674

Bacardi USA, Inc., 0.70%, 7/13/16⁹		610,000		609,858

BAT International Finance plc, 0.811%, 7/15/16⁹		640,000		639,798

Bell Canada, 0.78%, 7/22/16⁹		640,000		639,709

CBS Corp., 0.69%, 7/19/16⁹		280,000		279,903

Deutsche Telekom AG, 0.861%, 7/15/16		280,000		279,906

Duke Energy Corp., 0.74%, 7/18/16⁹		280,000		279,902

Ecolab, Inc., 0.72%, 7/7/16		630,000		629,924

Harley-Davidson, Inc., 0.70%, 7/27/16⁹		420,000		419,788

Hitachi Capital America Corp., 1.001%, 7/6/16		630,000		629,913

HP, Inc., 0.79%, 7/8/16		270,000		269,959

15 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Short-Term Notes (Continued)

Hyundai Capital America, 0.71%, 7/6/16⁹	$	630,000	$	629,938

Johnson Controls, Inc., 0.75%, 7/18/16		640,000		639,773

NextEra Energy Capital Holdings, Inc., 0.73%, 7/19/16^1,⁹		280,000		279,898

Nissan Motor Acceptance Corp., 0.69%, 7/1/16⁹		630,000		630,000

Omnicom Group, Inc., 0.73%, 7/18/16⁹		420,000		419,855

Potash Corp., 0.73%, 7/11/16⁹		630,000		629,872

PPG Industries, Inc., 0.70%, 7/7/16		640,000		639,925

Sempra Energy, 1.011%, 7/25/16⁹		640,000		639,569


	Principal Amount		Value

Short-Term Notes (Continued)

Telus Corp., 0.75%, 7/22/16¹	$	640,000	$	639,720

Thomson Reuters Corp., 0.83%, 7/5/16		280,000		279,974

Virginia Electric & Power Co., 0.69%, 7/21/16⁹		280,000		279,893

Xylem, Inc., 0.71%, 7/6/16⁹		280,000		279,972

Total Short-Term Notes (Cost $12,586,482)				12,586,481
	Shares

Investment Company—7.9%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^10,11 (Cost $11,345,423)		11,345,423		11,345,423

Counterparty

Exercise Price

Expiration Date

Contracts

Over-the-Counter Options Purchased—0.1%

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹²

BOA

USD

83.000

9/16/16

USD

388

78,523

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹²

CITNA-B

USD

83.000

9/16/16

USD

338

68,405

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹²

BOA

USD

83.000

9/16/16

USD

340

68,809

Total Over-the-Counter Options Purchased (Cost $154,820)

215,737

Total Investments, at Value (Cost $181,155,050)

128.0%

183,312,103

Net Other Assets (Liabilities)

(28.0)

(40,134,038)

Net Assets

100.0%

143,178,065

Footnotes to Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $31,583,719 or 22.06% of the Fund’s net assets at period end.

2. Represents the current interest rate for a variable or increasing rate security.

3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $1,996,477 or 1.39% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

5. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $112,487 or 0.08% of the Fund’s net assets at period end.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

7. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $35,799. See Note 6 of the accompanying Notes.

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

9. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $7,297,766 or 5.10% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

10. Rate shown is the 7-day yield at period end.


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		24,144,526		73,748,956		86,548,059		11,345,423
					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	11,345,423	$	44,090
Total

12. Non-income producing security.

16 OPPENHEIMER CORE BOND FUND/VA

Footnotes to Statement of Investments (Continued)

Future Contracts as of June 30, 2016

Description

Exchange

Buy/Sell

Expiration Date

Number of Contracts

Value

Unrealized Appreciation
(Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/21/16

6,376,719

(187,374)

United States Treasury Nts., 10 yr.

CBT

Sell

9/21/16

11,303,672

(80,031)

United States Treasury Nts., 2 yr.

CBT

Buy

9/30/16

10,966,407

18,816

United States Treasury Nts., 5 yr.

CBT

Buy

9/30/16

2,076,789

37,998

United States Ultra Bonds

CBT

Buy

9/21/16

12,487,125

812,426

601,835

Glossary:


Counterparty Abbreviations
BOA		Bank of America NA
CITNA-B		Citibank NA
Exchange Abbreviations
CBT		Chicago Board of Trade

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $169,809,627)	$	171,966,680
Affiliated companies (cost $11,345,423)		11,345,423

		183,312,103

Cash		500,348

Cash used for collateral on futures		220,000

Receivables and other assets:
Investments sold (including $8,506,658 sold on a when-issued or delayed delivery basis)		11,010,587
Interest, dividends and principal paydowns		750,774
Variation margin receivable		38,496
Shares of beneficial interest sold		25,756
Other		36,389

Total assets		195,894,453

Liabilities
Payables and other liabilities:
Investments purchased (including $50,758,581 purchased on a when-issued or delayed delivery basis)		52,452,927
Shares of beneficial interest redeemed		140,073
Variation margin payable		60,719
Trustees’ compensation		27,510
Distribution and service plan fees		11,020
Shareholder communications		6,775
Other		17,364

Total liabilities		52,716,388

Net Assets	$	143,178,065



Composition of Net Assets
Par value of shares of beneficial interest	$	18,449

Additional paid-in capital		222,993,946

Accumulated net investment income		1,075,014

Accumulated net realized loss on investments		(83,668,231)

Net unrealized appreciation on investments		2,758,887

Net Assets	$	143,178,065



Net Asset Value Per Share

Non-Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $89,014,044 and 11,417,199 shares of beneficial interest outstanding)		$7.80


Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $54,164,021 and 7,031,364 shares of beneficial interest outstanding)		$7.70

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Interest - unaffiliated companies	$	2,220,571

Fee income on when-issued securities		397,292

Dividends - affiliated companies		44,090

Total investment income		2,661,953

Expenses
Management fees		412,784

Distribution and service plan fees - Service shares		64,402

Transfer and shareholder servicing agent fees:
Non-Service shares		43,005
Service shares		25,792

Shareholder communications:
Non-Service shares		10,496
Service shares		6,294

Legal, auditing and other professional fees		36,610

Custodian fees and expenses		24,045

Trustees’ compensation		8,636

Borrowing fees		1,175

Other		3,660

Total expenses		636,899
Less reduction to custodian expenses		(182)
Less waivers and reimbursements of expenses		(55,070)

Net expenses		581,647

Net Investment Income		2,080,306

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)		(2,421,611)
Closing and expiration of futures contracts		120,796

Net realized loss		(2,300,815)

Net change in unrealized appreciation/depreciation on:
Investments		6,327,841
Futures contracts		557,172

Net change in unrealized appreciation/depreciation		6,885,013

Net Increase in Net Assets Resulting from Operations	$	6,664,504

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CORE BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	2,080,306	$	4,848,365

Net realized loss		(2,300,815)		(345,781)

Net change in unrealized appreciation/depreciation		6,885,013		(3,220,897)

Net increase in net assets resulting from operations		6,664,504		1,281,687

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,248,135)		(3,667,301)
Service shares		(1,867,358)		(2,079,404)

		(5,115,493)		(5,746,705)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		2,891,827		(2,833,378)
Service shares		1,058,236		1,545,644

		3,950,063		(1,287,734)

Net Assets
Total increase (decrease)		5,499,074		(5,752,752)

Beginning of period		137,678,991		143,431,743

End of period (including accumulated net investment income of $1,075,014 and $4,110,201, respectively)	$	143,178,065	$	137,678,991

See accompanying Notes to Financial Statements.

20 OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	7.71	$	7.96	$	7.83	$	8.26	$	7.88	$	7.73

Income (loss) from investment operations:
Net investment income²		0.12		0.27		0.30		0.36		0.35		0.36
Net realized and unrealized gain (loss)		0.26		(0.19)		0.26		(0.37)		0.44		0.25

Total from investment operations		0.38		0.08		0.56		(0.01)		0.79		0.61

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.29)		(0.33)		(0.43)		(0.42)		(0.41)		(0.46)

Net asset value, end of period	$	7.80	$	7.71	$	7.96	$	7.83	$	8.26	$	7.88



Total Return, at Net Asset Value³		5.02%		0.96%		7.27%		(0.10)%		10.29%		8.27%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	89,014	$	85,160	$	90,757	$	96,785	$	116,989	$	122,271

Average net assets (in thousands)	$	86,508	$	89,919	$	94,336	$	105,012	$	119,547	$	127,341

Ratios to average net assets:⁴
Net investment income		3.12%		3.46%		3.72%		4.51%		4.34%		4.71%
Expenses excluding specific expenses listed below		0.83%		0.82%		0.80%		0.80%		0.77%		0.77%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.83%		0.82%		0.80%		0.80%		0.77%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.75%		0.75%		0.75%		0.75%		0.75%

Portfolio turnover rate⁷		39%		73%		127%		115%		140%		99%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended June 30, 2016	0.84	%
Year Ended December 31, 2015	0.83	%
Year Ended December 31, 2014	0.81	%
Year Ended December 31, 2013	0.81	%
Year Ended December 31, 2012	0.79	%
Year Ended December 30, 2011	0.79	%

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2016		$330,077,334		$325,582,368
Year Ended December 31, 2015		$697,962,198		$709,720,690
Year Ended December 31, 2014		$560,409,975		$543,669,748
Year Ended December 31, 2013		$776,927,298		$806,883,121
Year Ended December 31, 2012		$930,202,858		$942,406,652
Year Ended December 30, 2011		$911,850,847		$909,531,196

See accompanying Notes to Financial Statements.

21 OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	7.61	$	7.86	$	7.74	$	8.17	$	7.79	$	7.65

Income (loss) from investment operations:
Net investment income²		0.11		0.25		0.27		0.34		0.33		0.34
Net realized and unrealized gain (loss)		0.25		(0.19)		0.26		(0.37)		0.44		0.24

Total from investment operations		0.36		0.06		0.53		(0.03)		0.77		0.58

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.31)		(0.41)		(0.40)		(0.39)		(0.44)

Net asset value, end of period	$	7.70	$	7.61	$	7.86	$	7.74	$	8.17	$	7.79



Total Return, at Net Asset Value³		4.82%		0.70%		6.93%		(0.38)%		10.17%		7.93%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	54,164	$	52,519	$	52,675	$	54,946	$	64,694	$	62,294

Average net assets (in thousands)	$	51,884	$	54,016	$	55,215	$	59,523	$	67,116	$	58,629

Ratios to average net assets:⁴
Net investment income		2.86%		3.21%		3.47%		4.26%		4.07%		4.42%
Expenses excluding specific expenses listed below		1.08%		1.07%		1.04%		1.05%		1.02%		1.02%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.08%		1.07%		1.04%		1.05%		1.02%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%		1.00%

Portfolio turnover rate⁷		39%		73%		127%		115%		140%		99%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended June 30, 2016	1.09	%
Year Ended December 31, 2015	1.08	%
Year Ended December 31, 2014	1.05	%
Year Ended December 31, 2013	1.06	%
Year Ended December 31, 2012	1.04	%
Year Ended December 30, 2011	1.04	%

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2016		$330,077,334		$325,582,368
Year Ended December 31, 2015		$697,962,198		$709,720,690
Year Ended December 31, 2014		$560,409,975		$543,669,748
Year Ended December 31, 2013		$776,927,298		$806,883,121
Year Ended December 31, 2012		$930,202,858		$942,406,652
Year Ended December 30, 2011		$911,850,847		$909,531,196

See accompanying Notes to Financial Statements.

22 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Core Bond Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s main investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

23 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

During the fiscal year ended December 31, 2015, the Fund utilized did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2016	$	5,303,131
2017		75,069,850
No expiration		941,683

Total	$	81,314,664

At period end, it is estimated that the capital loss carryforwards would be $80,372,981 expiring by 2017 and $3,242,498, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	181,157,302
Federal tax cost of other investments		7,248,095

Total federal tax cost	$	188,405,397

Gross unrealized appreciation	$	5,843,466
Gross unrealized depreciation		(3,086,830)

Net unrealized appreciation	$	2,756,636

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

24 OPPENHEIMER CORE BOND FUND/VA

3. Securities Valuation (Continued)

security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type				Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities				Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans				Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds				Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

25 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	14,964,996	$	—	$	14,964,996
Mortgage-Backed Obligations		—		75,500,305		50,587		75,550,892
U.S. Government Obligations		—		1,730,942		—		1,730,942
Corporate Bonds and Notes		—		66,917,632		—		66,917,632
Short-Term Notes		—		12,586,481		—		12,586,481
Over-the-Counter Options Purchased		—		215,737		—		215,737
Investment Company		11,345,423		—		—		11,345,423

Total Investments, at Value		11,345,423		171,916,093		50,587		183,312,103
Other Financial Instruments:
Futures contracts		869,240		—		—		869,240

Total Assets	$	12,214,663	$	171,916,093	$	50,587	$	184,181,343


Liabilities Table
Other Financial Instruments:
Futures contracts	$	(267,405)	$	—	$	—	$	(267,405)

Total Liabilities	$	(267,405)	$	—	$	—	$	(267,405)

4. Investments and Risks

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

26 OPPENHEIMER CORE BOND FUND/VA

4. Investments and Risks (Continued)


		When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$50,758,581
Sold securities		8,506,658

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Use of Derivatives

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type,

27 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

below.

Futures Contracts

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

During the reporting period, the Fund had an ending monthly average market value of $15,761,783 and $14,409,000 on futures contracts purchased and sold, respectively.

Option Activity

The Fund has purchased call options on treasury and/or euro futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on treasury and/or euro futures to decrease exposure to interest rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $67,945 and $341 on purchased call options and purchased put options, respectively.

The Fund has written put options on treasury and/or euro futures to increase exposure to interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $3,052 on written put options.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

At period end the fund had no outstanding written options.

28 OPPENHEIMER CORE BOND FUND/VA

6. Use of Derivatives (Continued)

in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end:


			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount

Bank of America NA	$	147,332	$	–	$	–	$	–	$	147,332
Citibank NA		68,405		–		–		–		68,405

	$	215,737	$	–	$	–	$	–	$	215,737

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

29 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets

and Liabilities Location

Value

Statement of Assets

and Liabilities Location

Value

Interest rate contracts

Variation margin receivable

38,496*

Variation margin payable

60,719*

Interest rate contracts

Investments, at value

215,737**

Total

254,233

60,719

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

**Amounts relate to purchased option contracts and purchased swaption contracts.

The effect of derivative instruments on the Statement of Operations is as follows:

Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives

Investment

Closing and

Not Accounted

from

expiration

for as Hedging

unaffiliated

of futures

Instruments

companies*

contracts

Total

Interest rate contracts

(63,543)

120,796

57,253

*Includes purchased option contracts, purchased swaption contracts, written option contracts exercised and written swaption contracts exercised, if any.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives

Not Accounted

for as Hedging

Futures

Instruments

Investments*

contracts

Total

Interest rate contracts

60,917

557,172

618,089

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		875,210	$	6,915,912		1,062,552	$	8,456,159
Dividends and/or distributions reinvested		420,198		3,248,135		476,892		3,667,301
Redeemed		(925,116)		(7,272,220)		(1,900,400)		(14,956,838)

Net increase (decrease)		370,292	$	2,891,827		(360,956)	$	(2,833,378)



Service Shares
Sold		1,729,552	$	13,430,355		2,849,289	$	22,223,803
Dividends and/or distributions reinvested		244,739		1,867,358		273,246		2,079,404
Redeemed		(1,843,509)		(14,239,477)		(2,925,634)		(22,757,563)

Net increase		130,782	$	1,058,236		196,901	$	1,545,644

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$45,746,670		$43,053,286
U.S. government and government agency obligations		615,831		1,153,338
To Be Announced (TBA) mortgage-related securities		330,077,334		325,582,368

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

30 OPPENHEIMER CORE BOND FUND/VA

9. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule

Up to $1 billion		0.60%
Over $1 billion		0.50

The Fund’s effective management fee for the reporting period was 0.60% of average annual net assets before any applicable waivers.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.75% for Non-Service shares and 1.00% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $28,226 and $16,800 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

10. Borrowings and Other Financing

11. Pending Litigation

31 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

11. Pending Litigation (Continued)

performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

32 OPPENHEIMER CORE BOND FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

33 OPPENHEIMER CORE BOND FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay

Net Income

Net Profit

Other

Date

from Sale

Capital

Sources

Oppenheimer Core Bond Fund/VA

6/21/16

87.9%

0.0%

12.1%

34 OPPENHEIMER CORE BOND FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

35 OPPENHEIMER CORE BOND FUND/VA

OPPENHEIMER CORE BOND FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Krishna Memani, Vice President
		Peter A. Strzalkowski, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		June 30, 2016
		Oppenheimer
		Global Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds

		SEMIANNUAL REPORT

		Listing of Top Holdings

		Fund Performance Discussion

		Financial Statements

PORTFOLIO MANAGER: Rajeev Bhaman, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		11/12/90		-8.18%		-13.46%		5.15%		4.91%
Service Shares		7/13/00		-8.29		-13.68		4.89		4.64
MSCI All Country World Index				1.23		-3.73		5.38		4.26

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns include changes in share price and reinvested distributions but should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

The Fund’s performance is compared to the performance of the MSCI All Country (AC) World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


S&P Global, Inc.			3.2%
Aetna, Inc.			3.1
Colgate-Palmolive Co.			2.7
Intuit, Inc.			2.4
Alphabet, Inc., Cl. C			2.3
Airbus Group SE			2.3
Alphabet, Inc., Cl. A			2.3
Facebook, Inc., Cl. A			2.2
Murata Manufacturing Co. Ltd.			2.2
Unilever plc			2.2

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of investments.

2 OPPENHEIMER GLOBAL FUND/VA

Fund Performance Discussion

For the period ended June 30, 2016, the Fund’s Non-Service shares returned -8.18% versus the MSCI All Country World Index, its benchmark, which returned 1.23%. The year thus far has truly been an annus horribilis. After a reasonable 2015, where the Fund meaningfully outperformed its benchmark, the new year has proven to be completely the opposite. The market dislocation that resulted from expectations of the Federal Reserve (the “Fed”) raising rates this year led to a severe underperformance of all things growth related. Perceived safety and stability were sought after as were the dogs of the previous year. This meant that the best performing segments of the market were utilities, commodities and all things bond-like. Oil rebounded from its year end lows and brought hope to some that we were in for a return to prices seen in early 2015. We believe that it is unlikely. Our orientation towards long-term growth companies has not been the flavor of the semester. The political season too has hurt some of our companies, particularly in health care where the posturing over price controls and eagerness to demonstrate populist rhetoric has particularly hurt the biotechnology sector. We have not helped ourselves either by our choice of European financials, which have been a disaster, as European policy makers seem not to be able to get out of their own way and exacerbate the crisis in financials that has continued for the better part of this decade.

MARKET REVIEW

The market of the past few months can be characterized by W.B. Yeats’ words in his poem, The Second Coming, “the best lack all conviction while the worst are full of passionate intensity.” An unwillingness to consider a future that isn’t dire led to what is often called a “risk-off” market, where businesses that have a larger proportion of their value in future growth came into disfavor. Concerns over the Fed raising rates in the short term combined with low growth in the world benefited stable earners such as utilities and punished companies that are options on future growth such as biotechnology firms. A turn in oil prices off the bottom in the first quarter led to outperformance in commodity stocks that had been massively oversold. The woes of the financial sector continued, with market activity and risk tolerance massively attenuated, especially in Europe, and ongoing litigation and capital regulation. Regulators have provided no relief to the uncertainty around increased future capital requirements, which has put pressure on fees and earnings. Further, zealous prosecutors still seem to find ways of increasing fines and penalties on the financial sector for the misdeeds, both actual and supposed, of the past. This too has detracted from confidence in the markets.

Currencies have performed in line with the underlying economic trends in the various regions. The dollar has been strong. The euro and pound sterling weakened particularly with Brexit – the British public’s referendum decision to exit the European Union. This causes nothing but uncertainty in the near term and adds to underlying volatility in markets. The commodity currencies of Australia and Canada have followed the fortunes of oil with significant declines as oil fell to $30 per barrel but have come back as oil moved back into the $40’s. The Japanese yen strengthened substantially from 120 yen to the dollar to almost 100 yen, which is not going to help Japanese exporters. Emerging markets currencies have also been mixed with significant gains in the Brazilian real as the belief that the impeachment of President Dilma Rousseff would lead to better policies, stability in the Chinese renminbi despite worries of a serious devaluation to come, and weakness in the South African rand.

The interest rate environment has been for lower rates almost everywhere, with government debt in Japan, Switzerland and Germany even yielding negative rates across various tenors. U.S. Government paper still seems to offer a positive coupon and lower credits coming with fatter spreads to Treasuries. This may change.

FUND REVIEW

Our pivot to cheap European financials was met with a hefty smack upside the head. Our confidence in the scientific prowess of the drug discovery engines of the 21st century was trampled on by the stampede to the exit door with the hearing of the murmurs of Fed rate rises and the increased eagerness to promise free products and services, even life preserving high cost medicines upon which billions of dollars of risk capital have been ventured. These were the cause of much of our woes though not the only ones. Our lack of conviction in wishing to own utilities, regulated or other, and other bond proxies hurt too as these were the sectors that performed best. Our structural bet against commodities, which helped in 2015, had the opposite impact in 2016. Quality and growth orientation seemed to attract opprobrium not salutes. We compounded these problems with a couple of stand-out poor performing investments especially with SunEdison and Banca Monte dei Paschi Di Siena. The former stumbled its way towards bankruptcy while the latter is still hostage to the archaic and arcane Italian laws that prevent banks from collecting on the collateral that backs granted credit. There seems to be a willingness to legislatively move in the right direction but it is not a given. In mitigation, these risk positions were sized below 1% of the portfolio. We had a couple of failures in drug trials of our Pharma companies with Circassia Pharmaceutical’s cat allergy vaccine showing no benefit versus the placebo, and a couple of drug candidates at Bluebird Bio, BioMarin Pharmaceutical, and

3 OPPENHEIMER GLOBAL FUND/VA

Celldex Therapeutics, all showing no clear benefit versus placebo. In many of these cases it was not that the drug did not show benefit, it was that the response to placebo was inexplicably good.

There were a couple of positives. Our long held positions in Keyence, a pioneer in sensors and scanners that help manufacturing efficiency; Intuit, the owner of Turbotax and Quickbooks; Aetna, the health insurer along with DLF, the largest owner of quality real estate in the Indian capital region, performed well.

OUTLOOK AND POSITIONING

Our thematic, long-term, investment style leads us towards quality businesses with sustainability of both enterprise and advantaged position. We hope to buy these at prices that do not fully reflect their future value, usually because the current understanding of that value by the market is misestimated for a reason that is temporary. For that, we have to be willing to go against the market’s current beliefs and have deep conviction in the correctness of our view. Unpopularity is a price we are willing to incur for a while.

We see risk of higher rates that is not being priced in the market today at all. We see a belief in the necessity of availability of expensive-to-provide medical treatments for a price that severely undervalues the research effort and risk dollars expended that is unjustified. We see a pessimism and a loss of confidence in structures that have delivered increasing prosperity for over half a century, which we think is unreasonable.

To that end, we are invested greatly in businesses that connect the world - physically and virtually, such as Facebook, Google (Alphabet), United Parcel Service and Airbus; businesses that connect savers with investors and lenders, such as the banks and S&P Global ( the renamed McGraw Hill Financial); businesses that cure intractable diseases and make it more affordable and rational, such as Vertex Pharmaceuticals, Gilead Sciences, Aetna and Anthem; businesses that allow people to spend their hard earned money on things that give them pleasure, such as Walt Disney and LVMH Moet Hennessy Louis Vuitton, and on daily necessities, such as Unilever and Colgate-Palmolive. We also believe that companies that do things that allow businesses and people to be more efficient will continue to be valuable, such as Intuit and PayPal. Where we believe we are advantaged is in seeing these connections and their implementability globally.

We believe deeply in being diversified across a range of businesses across industries and geographies that are the source of opportunity and stability. Our perspective that this should be a fund for all seasons is firm, notwithstanding the last few months.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER GLOBAL FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	918.20	$	3.68
Service shares		1,000.00		917.10		4.87

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.03		3.88
Service shares		1,000.00		1,019.79		5.14


Class	Expense Ratios
Non-Service shares		0.77%
Service shares		1.02

5 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—96.0%

Consumer Discretionary—13.2%

Automobiles—0.7%

Suzuki Motor Corp.		516,000	$	13,925,839

Hotels, Restaurants & Leisure—0.9%

International Game Technology plc		742,421		13,912,969

McDonald’s Corp.		52,620		6,332,291

				20,245,260

Internet & Catalog Retail—1.5%

JD.com, Inc., ADR¹		1,073,440		22,789,131

Rakuten, Inc.		843,800		9,100,892

				31,890,023

Leisure Products—0.3%

Nintendo Co. Ltd.		49,800		7,105,719

Media—2.8%

Walt Disney Co. (The)		445,000		43,529,900

Zee Entertainment Enterprises Ltd.		2,585,136		17,530,185

				61,060,085

Specialty Retail—3.1%

Industria de Diseno Textil SA		1,365,750		45,544,301

Tiffany & Co.		372,180		22,568,995

				68,113,296

Textiles, Apparel & Luxury Goods—3.9%

Brunello Cucinelli SpA		415,468		7,454,240

Kering		174,030		28,381,944

LVMH Moet Hennessy Louis Vuitton SE		284,690		43,106,937

Tod’s SpA		109,288		5,861,656

				84,804,777

Consumer Staples—5.8%

Food Products—3.1%

Nestle SA		263,001		20,286,762

Unilever plc		995,913		47,771,048

				68,057,810

Household Products—2.7%

Colgate-Palmolive Co.		802,230		58,723,236

Energy—1.6%

Energy Equipment & Services—0.9%

Technip SA		368,390		20,035,715

Oil, Gas & Consumable Fuels—0.7%

Repsol SA¹		28,487		361,388

Repsol SA		1,111,015		14,094,408

				14,455,796

Financials—20.3%

Capital Markets—4.1%

Credit Suisse Group AG¹		1,356,634		14,456,793

Deutsche Bank AG¹		761,780		10,365,433

Goldman Sachs Group, Inc. (The)		181,820		27,014,816

Nomura Holdings, Inc.		2,039,800		7,309,510

UBS Group AG		2,445,979		31,647,554

				90,794,106

Commercial Banks—5.9%

Banca Monte dei Paschi di Siena SpA¹		12,281,831		5,276,449

Banco Bilbao Vizcaya Argentaria SA		2,780,245		15,932,445

Citigroup, Inc.		1,023,850		43,401,002

ICICI Bank Ltd., Sponsored ADR		3,889,800		27,928,764

Societe Generale SA		529,389		16,730,173

Sumitomo Mitsui Financial Group, Inc.		699,900		20,066,319

				129,335,152

Diversified Financial Services—3.2%

S&P Global, Inc.		653,680		70,113,717

Insurance—5.3%

Allianz SE		247,783		35,302,156


	Shares		Value

Insurance (Continued)

Dai-ichi Life Insurance Co. Ltd. (The)		2,072,000	$	22,972,738

FNF Group		542,940		20,360,250

Prudential plc		2,125,407		36,208,024

				114,843,168

Real Estate Management & Development—1.8%

DLF Ltd.		17,320,632		38,865,543

Health Care—15.4%

Biotechnology—5.6%

ACADIA Pharmaceuticals, Inc.¹		568,420		18,450,913

Biogen, Inc.¹		86,090		20,818,284

BioMarin Pharmaceutical, Inc.¹		191,580		14,904,924

Bluebird Bio, Inc.¹		175,100		7,580,079

Celldex Therapeutics, Inc.¹		1,185,450		5,204,126

Circassia Pharmaceuticals plc¹		4,471,614		6,060,868

Gilead Sciences, Inc.		312,450		26,064,579

Ionis Pharmaceuticals, Inc.¹		244,430		5,692,775

MacroGenics, Inc.¹		385,270		10,398,437

Sage Therapeutics, Inc.¹		81,030		2,441,434

Vertex Pharmaceuticals, Inc.¹		68,010		5,850,220

				123,466,639

Health Care Equipment & Supplies—1.4%

Zimmer Biomet Holdings, Inc.		257,390		30,984,608

Health Care Providers & Services—5.3%

Aetna, Inc.		556,960		68,021,525

Anthem, Inc.		299,905		39,389,523

Cigna Corp.		44,750		5,727,552

Humana, Inc.		13,260		2,385,209

				115,523,809

Pharmaceuticals—3.1%

Bayer AG		287,506		28,926,610

Roche Holding AG		83,851		22,139,228

Shire plc		229,700		14,144,808

Theravance Biopharma, Inc.¹		93,335		2,117,771

				67,328,417

Industrials—12.7%

Aerospace & Defense—2.9%

Airbus Group SE		883,420		51,298,797

Embraer SA, Sponsored ADR		560,923		12,183,247

				63,482,044

Air Freight & Couriers—1.6%

United Parcel Service, Inc., Cl. B		326,360		35,155,499

Building Products—1.8%

Assa Abloy AB, Cl. B		1,892,192		38,784,107

Construction & Engineering—0.3%

FLSmidth & Co. AS		197,846		7,045,305

Electrical Equipment—3.1%

Emerson Electric Co.		345,460		18,019,194

Nidec Corp.		511,600		38,615,596

Prysmian SpA		520,359		11,407,112

				68,041,902

Industrial Conglomerates—2.3%

3M Co.		210,760		36,908,291

Siemens AG		124,038		12,706,213

				49,614,504

Machinery—0.7%

FANUC Corp.		98,300		15,911,466

Information Technology—24.1%

Communications Equipment—1.1%

Telefonaktiebolaget LM Ericsson, Cl. B		3,209,895		24,535,239

Electronic Equipment, Instruments, & Components—5.6%

Keyence Corp.		70,311		47,421,438

6 OPPENHEIMER GLOBAL FUND/VA


	Shares		Value

Electronic Equipment, Instruments, & Components (Continued)

Kyocera Corp.		586,900	$	27,826,393

Murata Manufacturing Co. Ltd.		426,000		47,787,989

				123,035,820

Internet Software & Services—8.1%

Alphabet, Inc., Cl. A¹		71,480		50,288,324

Alphabet, Inc., Cl. C¹		74,142		51,313,678

eBay, Inc.¹		476,280		11,149,715

Facebook, Inc., Cl. A¹		423,750		48,426,150

Twitter, Inc.¹		903,680		15,281,229

				176,459,096

IT Services—1.2%

Earthport plc¹		11,054,193		2,045,995

PayPal Holdings, Inc.¹		670,060		24,463,891

				26,509,886

Semiconductors & Semiconductor Equipment—2.0%

Maxim Integrated Products, Inc.		1,235,255		44,086,251

Software—6.1%

Adobe Systems, Inc.¹		358,763		34,365,908

Intuit, Inc.		471,200		52,590,632

SAP SE		612,275		45,766,098

				132,722,638


	Shares		Value

Materials—0.9%

Chemicals—0.9%

Linde AG		134,864	$	18,770,829

Telecommunication Services—2.0%

Wireless Telecommunication Services—2.0%

KDDI Corp.		1,403,600		42,727,437

Total Common Stocks (Cost $1,300,630,131)				2,096,554,738

Preferred Stocks—1.6%

Bayerische Motoren Werke (BMW) AG, Preference		540,067		34,235,058

Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.		7,925,360		1,063,838

Total Preferred Stocks (Cost $15,905,058)				35,298,896

Investment Company—1.9%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%2,3 (Cost $41,963,302)		41,963,302		41,963,302

Total Investments, at Value (Cost $1,358,498,491)		99.5%		2,173,816,936

Net Other Assets (Liabilities)		0.5		10,084,876

Net Assets		100.0%	$	2,183,901,812

Footnotes to Statement of Investments

1. Non-income producing security.

2. Rate shown is the 7-day yield at period end.


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		20,379,539		120,194,241		98,610,478		41,963,302



	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	41,963,302	$	36,783


Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent

United States	$	1,019,970,457		46.6	%
Japan		300,771,336		13.9
Germany		186,072,396		8.6
France		159,553,566		7.3
United Kingdom		105,998,905		4.9
Switzerland		88,530,337		4.1
India		85,388,331		4.0
Spain		75,932,542		3.5
Sweden		63,319,346		2.9
Italy		29,999,457		1.4
China		22,789,131		1.1
Ireland		14,144,808		0.7
Brazil		12,183,248		0.6
Denmark		7,045,305		0.3
Cayman Islands		2,117,771		0.1

Total	$	2,173,816,936		100.0	%

See accompanying Notes to Financial Statements.

7 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,316,535,189)	$	2,131,853,634
Affiliated companies (cost $41,963,302)		41,963,302

		2,173,816,936

Cash		2,141,332

Cash—foreign currencies (cost $113,596)		116,138

Receivables and other assets:
Dividends		6,410,602
Shares of beneficial interest sold		4,404,016
Investments sold		1,933,736
Other		111,132

Total assets		2,188,933,892

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		4,432,428
Distribution and service plan fees		198,770
Foreign capital gains tax		171,385
Trustees’ compensation		93,508
Shareholder communications		75,290
Other		60,699

Total liabilities		5,032,080

Net Assets	$	2,183,901,812



Composition of Net Assets
Par value of shares of beneficial interest	$	68,263

Additional paid-in capital		1,347,742,168

Accumulated net investment income		16,882,908

Accumulated net realized gain on investments and foreign currency transactions		4,473,805

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		814,734,668

Net Assets	$	2,183,901,812



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,231,078,957 and 38,317,360 shares of beneficial interest outstanding)		$32.13

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $952,822,855 and 29,945,528 shares of beneficial interest outstanding)		$31.82

See accompanying Notes to Financial Statements.

8 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $2,633,094)	$	28,820,014
Affiliated companies		36,783

Interest		13

Total investment income		28,856,810

Expenses
Management fees		7,124,104

Distribution and service plan fees:
Service shares		1,214,781

Transfer and shareholder servicing agent fees:
Non-Service shares		631,050
Service shares		486,683

Shareholder communications:
Non-Service shares		39,625
Service shares		30,550

Custodian fees and expenses		72,329

Trustees’ compensation		36,477

Borrowing fees		21,877

Other		99,381

Total expenses		9,756,857
Less reduction to custodian expenses		(666)
Less waivers and reimbursements of expenses		(8,224)

Net expenses		9,747,967

Net Investment Income		19,108,843

Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies		33,996,906
Foreign currency transactions		238,220

Net realized gain		34,235,126

Net change in unrealized appreciation/depreciation on:
Investments		(285,445,367)
Translation of assets and liabilities denominated in foreign currencies		28,803,603

Net change in unrealized appreciation/depreciation		(256,641,764)

Net Decrease in Net Assets Resulting from Operations	$	(203,297,795)

See accompanying Notes to Financial Statements.

9 OPPENHEIMER GLOBAL FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	19,108,843	$	20,616,652

Net realized gain		34,235,126		169,082,914

Net change in unrealized appreciation/depreciation		(256,641,764)		(88,101,127)

Net increase (decrease) in net assets resulting from operations		(203,297,795)		101,598,439

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(13,598,845)		(19,562,644)
Service shares		(7,587,430)		(13,304,683)

		(21,186,275)		(32,867,327)

Distributions from net realized gain:
Non-Service shares		(86,197,755)		(97,527,552)
Service shares		(67,272,765)		(81,961,759)

		(153,470,520)		(179,489,311)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		39,328,148		(4,461,169)
Service shares		34,816,751		(69,555,025)

		74,144,899		(74,016,194)

Net Assets
Total decrease		(303,809,691)		(184,774,393)

Beginning of period		2,487,711,503		2,672,485,896

End of period (including accumulated net investment income of $16,882,908 and $18,960,340, respectively)	$	2,183,901,812	$	2,487,711,503

See accompanying Notes to Financial Statements.

10 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	38.00	$	39.50	$	40.86	$	32.55	$	27.46	$	30.30

Income (loss) from investment operations:
Net investment income²		0.32		0.35		0.50		0.41		0.44		0.65
Net realized and unrealized gain (loss)		(3.37)		1.40		0.46		8.40		5.29		(3.11)

Total from investment operations		(3.05)		1.75		0.96		8.81		5.73		(2.46)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.38)		(0.54)		(0.46)		(0.50)		(0.64)		(0.38)
Distributions from net realized gain		(2.44)		(2.71)		(1.86)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(2.82)		(3.25)		(2.32)		(0.50)		(0.64)		(0.38)

Net asset value, end of period	$	32.13	$	38.00	$	39.50	$	40.86	$	32.55	$	27.46



Total Return, at Net Asset Value³		(8.18)%		3.94%		2.29%		27.31%		21.27%		(8.29)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,231,079	$	1,406,001	$	1,468,107	$	1,397,026	$	1,252,127	$	1,165,141

Average net assets (in thousands)	$	1,266,486	$	1,502,338	$	1,532,383	$	1,333,848	$	1,206,244	$	1,335,403

Ratios to average net assets:⁴
Net investment income		1.82%		0.86%		1.24%		1.13%		1.48%		2.17%
Expenses excluding specific expenses listed below		0.77%		0.76%		0.76%		0.77%		0.76%		0.76%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.77%		0.76%		0.76%		0.77%		0.76%		0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.76%		0.76%		0.77%		0.76%		0.76%

Portfolio turnover rate		3%		14%		13%		11%		14%		13%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	0.77	%
Year Ended December 31, 2015	0.76	%
Year Ended December 31, 2014	0.76	%
Year Ended December 31, 2013	0.77	%
Year Ended December 31, 2012	0.76	%
Year Ended December 30, 2011	0.76	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	37.59	$	39.10	$	40.47	$	32.25	$	27.21	$	30.04

Income (loss) from investment operations:
Net investment income²		0.27		0.25		0.40		0.32		0.36		0.56
Net realized and unrealized gain (loss)		(3.33)		1.39		0.44		8.32		5.25		(3.08)

Total from investment operations		(3.06)		1.64		0.84		8.64		5.61		(2.52)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.44)		(0.35)		(0.42)		(0.57)		(0.31)
Distributions from net realized gain		(2.44)		(2.71)		(1.86)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(2.71)		(3.15)		(2.21)		(0.42)		(0.57)		(0.31)

Net asset value, end of period	$	31.82	$	37.59	$	39.10	$	40.47	$	32.25	$	27.21



Total Return, at Net Asset Value³		(8.29)%		3.67%		2.06%		26.99%		20.95%		(8.53)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	952,823	$	1,081,711	$	1,204,379	$	1,216,285	$	1,130,388	$	1,003,839

Average net assets (in thousands)	$	976,751	$	1,219,501	$	1,265,528	$	1,174,119	$	1,069,295	$	1,091,128

Ratios to average net assets:⁴
Net investment income		1.57%		0.63%		0.99%		0.89%		1.23%		1.90%
Expenses excluding specific expenses listed below		1.02%		1.01%		1.01%		1.02%		1.01%		1.01%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.02%		1.01%		1.01%		1.02%		1.01%		1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02%		1.01%		1.01%		1.02%		1.01%		1.01%

Portfolio turnover rate		3%		14%		13%		11%		14%		13%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.02	%
Year Ended December 31, 2015	1.01	%
Year Ended December 31, 2014	1.01	%
Year Ended December 31, 2013	1.03	%
Year Ended December 31, 2012	1.01	%
Year Ended December 30, 2011	1.01	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Global Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s main investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

13 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	1,379,996,309
Federal tax cost of other investments		113,596

Total federal tax cost	$	1,380,109,905

Gross unrealized appreciation	$	986,567,559
Gross unrealized depreciation		(193,330,709)

Net unrealized appreciation	$	793,236,850

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

14 OPPENHEIMER GLOBAL FUND/VA

3. Securities Valuation (Continued)

by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing

15 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	109,133,286	$	178,011,713	$	—	$	287,144,999
Consumer Staples		58,723,236		68,057,810		—		126,781,046
Energy		361,388		34,130,123		—		34,491,511
Financials		188,818,549		255,133,137		—		443,951,686
Health Care		266,031,959		71,271,514		—		337,303,473
Industrials		102,266,231		175,768,596		—		278,034,827
Information Technology		331,965,778		195,383,152		—		527,348,930
Materials		—		18,770,829		—		18,770,829
Telecommunication Services		—		42,727,437		—		42,727,437
Preferred Stocks		1,063,838		34,235,058		—		35,298,896
Investment Company		41,963,302		—		—		41,963,302

Total Assets	$	1,100,327,567	$	1,073,489,369	$	—	$	2,173,816,936

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

16 OPPENHEIMER GLOBAL FUND/VA

4. Investments and Risks (Continued)

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016						Year Ended December 31, 2015
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		943,655		$	32,514,756			3,090,155		$	125,761,536
Dividends and/or distributions reinvested		3,043,507			99,796,600			2,891,830			117,090,196
Redeemed		(2,671,308	)		(92,983,208	)		(6,149,839	)		(247,312,901)

Net increase (decrease)		1,315,854		$	39,328,148			(167,854	)	$	(4,461,169)



Service Shares
Sold		1,041,966		$	35,266,289			5,612,447		$	223,502,452
Dividends and/or distributions reinvested		2,305,519			74,860,195			2,375,130			95,266,442
Redeemed		(2,177,727	)		(75,309,733	)		(10,010,458	)		(388,323,919)

Net increase (decrease)		1,169,758		$	34,816,751			(2,022,881	)	$	(69,555,025)

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$61,565,424		$172,169,104

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

17 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $4.2 billion	0.60
Over $5 billion	0.58

The Fund’s effective management fee for the reporting period was 0.64% of average annual net assets before any applicable waivers.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 1.00% for Non-Service shares and 1.25% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Borrowings and Other Financing

10. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against

18 OPPENHEIMER GLOBAL FUND/VA

10. Pending Litigation (Continued)

OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

19 OPPENHEIMER GLOBAL FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

20 OPPENHEIMER GLOBAL FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay

Date

Net Income

Net Profit

from Sale

Other
Capital
Sources

Oppenheimer Global Fund/VA

6/21/16

11.5%

64.9%

23.6%

21 OPPENHEIMER GLOBAL FUND/VA

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22 OPPENHEIMER GLOBAL FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 OPPENHEIMER GLOBAL FUND/VA

OPPENHEIMER GLOBAL FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Rajeev Bhaman, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		June 30, 2016
		Oppenheimer
		Main Street Fund^®/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds

		SEMIANNUAL REPORT

		Listing of Top Holdings

		Fund Performance Discussion

		Financial Statements

PORTFOLIO MANAGERS: Manind Govil, CFA, Benjamin Ram and Paul Larson

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		7/5/95		4.62%		5.67%		12.38%		7.01%
Service Shares		7/13/00		4.49		5.40		12.11		6.74
S&P 500 Index				3.84		3.99		12.10		7.42

The Fund’s performance is compared to the performance of the S&P 500 Index. The S&P 500 Index is a broad-based measure of domestic stock performance. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Apple, Inc.			4.7%
Alphabet, Inc., Cl. C			4.6
General Electric Co.			4.3
Comcast Corp., Cl. A			3.3
CME Group, Inc., Cl. A			3.1
Philip Morris International, Inc.			3.1
Mondelez International, Inc., Cl. A			3.0
Johnson & Johnson			2.9
Kraft Heinz Co. (The)			2.9
Berkshire Hathaway, Inc., Cl. B			2.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of common stocks.

2 OPPENHEIMER MAIN STREET FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 4.62% during the reporting period. In comparison, the Fund outperformed the S&P 500 Index (the “Index”), which returned 3.84%. The Fund’s outperformance relative to the Index stemmed largely from stronger relative stock selection in the financials, health care and industrials sectors. The Fund underperformed the Index in the energy and information technology sectors due primarily to stock selection, and in the telecommunication services sector as a result of an underweight position.

MARKET OVERVIEW

Markets remained turbulent during the reporting period. However, despite the volatility, the Index and the Fund experienced gains. The reporting period also saw a continued rotation away from growth stocks and into value stocks. This is a significant reversal from 2015 when growth stocks, in general, significantly outperformed. Another big trend has been demand for so called bond proxy stocks with above average dividend yields. This trend was magnified post Brexit as treasury yields, already at historic lows, were under further pressure and future rate hike expectations continued to be pushed farther out.

The reporting period saw the market driven by several important macroeconomic trends and events:

●

Uncertainty over when or if the Federal Reserve (the “Fed”) would raise interest rates, an especially important issue for financials.

●

Continued slow but steady recovery in domestic consumer employment and consumption.

●

Decelerating emerging markets growth, contributing to the weakness in export demand for commodities and other industrial products.

●

Competitive currency devaluations, including negative interest rates in a growing number of jurisdictions, thrusting the world economy into uncharted territory.

●

Impact of Brexit and the increased uncertainty for global markets as a result.

As investors, it is important to know what is and what is not within one’s circle of competence. We humbly admit that accurately and consistently predicting outcomes of complex factors such as those listed above is largely outside our circle. As such, we strive to keep the portfolio in an all-weather orientation. Whether rates, commodity prices, currencies or even whole economies go up or down, our goal is to have a portfolio that can out-perform no matter the environment. If our strategy includes not making oversized macro factor bets, a reasonable question is, “What types of risks are you willing to take?” First, we believe identifying companies with sustainable competitive advantages (or economic moats, if you prefer), is squarely in the middle of our circle of competence. Second, we believe we have the skills to identify company management teams that are likely to successfully execute on their plans. Lastly, we believe that correctly valuing stocks and seeing within what expectations the market is pricing is also within our skillset. It is not by accident that we weight the portfolio more heavily towards companies that we believe have structural competitive advantages and/or management teams that are executing (e.g. gaining market share, expanding profit margins), with at least reasonable stock valuations.

Allow us to use a metaphor. If managing the portfolio was like betting on horses, we’d readily admit that we cannot predict ahead of time the weather or track conditions. But we do believe we can find the strongest horses (advantaged business models), the best jockeys (executing management teams), and can see when the payoff odds are in our favor (when valuations appear reasonable). To offset our agnostic position on the conditions, we seek to ensure we have some horses in the stable that will win no matter the weather. In short, it boils down to mostly stock selection.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included Kraft Heinz Co., Philip Morris International, Inc. and Johnson & Johnson.

Kraft Heinz produces processed food and beverages. The company delivered improved top line trends which had been an investor concern while also continuing to make dramatic improvements in its cost structure.

3 OPPENHEIMER MAIN STREET FUND/VA

Philip Morris is the world’s second largest tobacco company—selling tobacco-related products internationally outside the U.S. The stock benefited as management continued to execute well, which has led to share gains in many markets worldwide. Additionally, as the U.S. dollar flattened (relative to other currencies), the stock was boosted further as investors appear to expect the pressure on the company’s earnings—from a strengthening dollar—to subside.

Johnson & Johnson is engaged in the research and development, manufacture and sale of products in the health care industry. The company reported positive earnings results due in part to strong prescription drug revenue and a weakening dollar. Johnson & Johnson also announced that it expects to increase profit margins this year, partly due to cost cuts.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Citigroup, Inc., Alphabet, Inc. and Express Scripts Holding Co.

Starting with Citigroup, over the first half of the reporting period, the stock, along with other large banking companies, underperformed largely as a result of inaction by the Fed. Net interest margins—a key metric of profitability—were under pressure as interest rates remained low. Investors had expected that with a rise in short-term rates, this measure of profitability would expand, providing a boost to earnings growth over the near- to-mid-term. Though the Fed indeed raised rates in December, weak economic data greatly decreased the likelihood that more rate hikes are coming, pressuring Citigroup and its peers. We keep Citi in the portfolio because the overall company is strengthened by selling non-core operations. In addition, the stock has the potential to benefit if interest rates rise.

Alphabet, the holding company of Google, reported a decent quarter, yet the results did not satisfy elevated investor expectations. With very widespread ownership, the stock experienced declines following the earnings release, yet we continue to believe that the company is on the right side of secular trends in the advertising market.

The stock of pharmacy benefit manager (PBM) Express Scripts Holding suffered as the company is in a dispute with its largest customer, Anthem, over pricing. We believe the company’s stock price reflects the potential loss of Anthem and the dispute should only have a modest impact on Express’ selling season.

STRATEGY & OUTLOOK

While bottom-up company research and stock selection continue to be central to our process and strategy, we do have some observations about the current environment. First, the U.S. economy continues its “slow and steady” growth. This is being driven by favorable employment and inflation data while home prices and innovation also continue to help drive the economy higher. However, rhetoric around Brexit and U.S. elections could cause global contagion by slowing global trade.

Secondly, U.S. corporate revenues, earnings, and free cash flow seem have topped out for the near term, but earnings growth may resume due to productivity improvements. The energy and industrials sectors have also showed signs of bottoming. Additionally, while we have previously seen revenue and accounting earnings growth, it has not translated into commensurate cash available for shareholders. From a valuation perspective, U.S. equities look favorable based on current interest rate levels.

We remain laser-focused on the rise in “accounting shenanigans” and the rising spread between Generally Accepted Accounting Principles (GAAP) earnings and pro-forma adjusted earnings. While these two measurements have always diverged, the historical normal spread has increased from approximately 5-10% to 30%. This, combined with ongoing financial engineering, e.g., tax inversions and other obfuscations, have caused us to place increasing emphasis on judging the attractiveness of an investment based on free cash flow, rather than earnings.

Though we remain overweight financials, the mix of our position skews towards non-lender financials such as CME Group. In addition to Net Interest Margin pressure, we expect credit to start increasing. But this expectation is increasingly being priced in.

We believe the risks inherent to this market include the misallocation of capital, fueled by an environment of ongoing relatively low interest rates and possibly leading to “bubble-like” valuations for some companies. We intend to maintain our discipline around valuation. Additionally, while innovation is alive and well and continuing to help generate economic growth, fundamental disruptions across market segments have been elevated. We continue to be focused on potential disruption risk to our companies.

4 OPPENHEIMER MAIN STREET FUND/VA

economic moats and skilled management teams positions us well, should this environment come to pass. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies, characterized by these qualities, at compelling valuations and believe this disciplined approach has the potential to generate superior long-term performance.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

5 OPPENHEIMER MAIN STREET FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,046.20	$	4.03
Service shares		1,000.00		1,044.90		5.30

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.93		3.98
Service shares		1,000.00		1,019.69		5.24


Class	Expense Ratios
Non-Service shares		0.79%
Service shares		1.04

6 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—97.7%

Consumer Discretionary—10.2%

Auto Components—0.5%

Delphi Automotive plc		90,390	$	5,658,414

Hotels, Restaurants & Leisure—1.9%

McDonald’s Corp.		199,940		24,060,780

Internet & Catalog Retail—0.9%

Amazon.com, Inc.¹		15,080		10,791,550

Media—3.3%

Comcast Corp., Cl. A		616,315		40,177,575

Specialty Retail—3.6%

AutoZone, Inc.¹		18,340		14,559,025

CarMax, Inc.¹		78,630		3,855,229

Home Depot, Inc. (The)		204,497		26,112,222

				44,526,476

Consumer Staples—11.7%

Beverages—2.7%

PepsiCo, Inc.		318,190		33,709,049

Food Products—5.9%

Kraft Heinz Co. (The)		397,920		35,207,961

Mondelez International, Inc., Cl. A		821,400		37,381,914

				72,589,875

Tobacco—3.1%

Philip Morris International, Inc.		370,489		37,686,141

Energy—6.6%

Oil, Gas & Consumable Fuels—6.6%

Chevron Corp.		315,126		33,034,659

HollyFrontier Corp.		240,550		5,717,874

Magellan Midstream Partners LP²		182,800		13,892,800

Noble Energy, Inc.		309,635		11,106,607

Suncor Energy, Inc.		606,140		16,808,262

				80,560,202

Financials—17.9%

Capital Markets—1.4%

Bank of New York Mellon Corp. (The)		438,310		17,028,344

Commercial Banks—4.2%

Citigroup, Inc.		694,478		29,438,923

M&T Bank Corp.		93,060		11,002,484

SunTrust Banks, Inc.		266,830		10,961,376

				51,402,783

Consumer Finance—1.2%

Discover Financial Services		270,043		14,471,604

Diversified Financial Services—7.1%

Berkshire Hathaway, Inc., Cl. B¹		238,610		34,548,342

CME Group, Inc., Cl. A		389,800		37,966,520

S&P Global, Inc.		145,751		15,633,252

				88,148,114

Insurance—2.2%

Marsh & McLennan Cos., Inc.		195,740		13,400,360

Progressive Corp. (The)		424,690		14,227,115

				27,627,475

Real Estate Investment Trusts (REITs)—1.8%

Simon Property Group, Inc.		101,740		22,067,406

Health Care—14.9%

Health Care Equipment & Supplies—1.2%

Boston Scientific Corp.¹		637,730		14,903,750

Health Care Providers & Services—5.1%

Express Scripts Holding Co.¹		361,397		27,393,893

McKesson Corp.		64,280		11,997,862

UnitedHealth Group, Inc.		165,940		23,430,728

				62,822,483


	Shares		Value

Health Care Technology—0.7%

Cerner Corp.¹		154,190	$	9,035,534

Life Sciences Tools & Services—0.5%

Agilent Technologies, Inc.		133,610		5,926,940

Pharmaceuticals—7.4%

Bristol-Myers Squibb Co.		351,000		25,816,050

Johnson & Johnson		295,460		35,839,298

Merck & Co., Inc.		352,330		20,297,731

Mylan NV¹		196,970		8,516,983

				90,470,062

Industrials—12.8%

Aerospace & Defense—2.1%

Lockheed Martin Corp.		54,900		13,624,533

United Technologies Corp.		113,820		11,672,241

				25,296,774

Commercial Services & Supplies—2.5%

Republic Services, Inc., Cl. A		105,210		5,398,325

Tyco International plc		361,445		15,397,557

Waste Connections, Inc.		137,725		9,923,086

				30,718,968

Industrial Conglomerates—4.3%

General Electric Co.		1,686,330		53,085,668

Machinery—0.8%

Deere & Co.		119,740		9,703,730

Professional Services—1.4%

Nielsen Holdings plc		333,990		17,357,460

Road & Rail—1.7%

Canadian National Railway Co.		167,680		9,903,181

Canadian Pacific Railway Ltd.		90,340		11,634,889

				21,538,070

Information Technology—16.2%

Internet Software & Services—6.2%

Alphabet, Inc., Cl. C¹		81,467		56,383,311

Facebook, Inc., Cl. A¹		172,480		19,711,014

				76,094,325

IT Services—4.1%

Amdocs Ltd.		371,470		21,441,248

PayPal Holdings, Inc.¹		487,270		17,790,228

Xerox Corp.		1,108,267		10,517,454

				49,748,930

Semiconductors & Semiconductor Equipment—0.7%

Applied Materials, Inc.		368,640		8,836,301

Technology Hardware, Storage & Peripherals—5.2%

Apple, Inc.		601,566		57,509,710

Western Digital Corp.		139,840		6,608,838

				64,118,548

Materials—2.1%

Chemicals—1.2%

EI du Pont de Nemours & Co.		75,620		4,900,176

PPG Industries, Inc.		90,650		9,441,197

				14,341,373

Construction Materials—0.9%

Vulcan Materials Co.		93,880		11,299,397

Telecommunication Services—2.4%

Diversified Telecommunication Services—2.4%

Verizon Communications, Inc.		528,310		29,500,830

Utilities—2.9%

Electric Utilities—2.3%

OGE Energy Corp.		147,720		4,837,830

PG&E Corp.		363,820		23,255,374

				28,093,204

7 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Gas Utilities—0.6%

AmeriGas Partners LP²		174,735	$	8,160,125

Total Common Stocks (Cost $896,229,405)				1,201,558,260

Investment Company—1.5%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^3,4 (Cost $18,491,966)		18,491,966		18,491,966

Total Investments, at Value (Cost $914,721,371)		99.2%		1,220,050,226

Net Other Assets (Liabilities)		0.8		10,196,272

Net Assets		100.0%	$	1,230,246,498

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

3. Rate shown is the 7-day yield at period end.

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		18,174,708		123,249,783		122,932,525		18,491,966

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	18,491,966	$	52,690

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $896,229,405)	$	1,201,558,260
Affiliated companies (cost $18,491,966)		18,491,966

		1,220,050,226

Cash		750,303

Receivables and other assets:
Investments sold		10,447,560
Dividends		2,192,090
Shares of beneficial interest sold		422,721
Other		92,741

Total assets		1,233,955,641

Liabilities
Payables and other liabilities:
Investments purchased		1,789,576
Shares of beneficial interest redeemed		1,647,983
Distribution and service plan fees		145,059
Trustees’ compensation		81,524
Shareholder communications		26,119
Other		18,882

Total liabilities		3,709,143

Net Assets	$	1,230,246,498



Composition of Net Assets
Par value of shares of beneficial interest	$	46,429

Additional paid-in capital		920,790,744

Accumulated net investment income		5,796,952

Accumulated net realized loss on investments and foreign currency transactions		(1,704,934)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		305,317,307

Net Assets	$	1,230,246,498



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $516,813,515 and 19,405,755 shares of beneficial interest outstanding)		$26.63

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $713,432,983 and 27,023,127 shares of beneficial interest outstanding)		$26.40

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $65,655)	$	11,427,305
Affiliated companies		52,690

Interest		18

Total investment income		11,480,013

Expenses
Management fees		3,932,931

Distribution and service plan fees - Service shares		849,144

Transfer and shareholder servicing agent fees:
Non-Service shares		248,758
Service shares		340,168

Shareholder communications:
Non-Service shares		25,206
Service shares		34,452

Trustees’ compensation		25,297

Borrowing fees		10,661

Custodian fees and expenses		3,823

Other		40,161

Total expenses		5,510,601
Less reduction to custodian expenses		(249)
Less waivers and reimbursements of expenses		(11,522)

Net expenses		5,498,830

Net Investment Income		5,981,183

Realized and Unrealized Gain
Net realized gain on:
Investments from unaffiliated companies		2,535,631
Foreign currency transactions		9,147

Net realized gain		2,544,778

Net change in unrealized appreciation/depreciation on:
Investments		41,555,530
Translation of assets and liabilities denominated in foreign currencies		1,505,297

Net change in unrealized appreciation/depreciation		43,060,827

Net Increase in Net Assets Resulting from Operations	$	51,586,788

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	5,981,183	$	11,743,405

Net realized gain		2,544,778		162,442,794

Net change in unrealized appreciation/depreciation		43,060,827		(133,007,686)

Net increase in net assets resulting from operations		51,586,788		41,178,513

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,704,268)		(5,010,080)
Service shares		(6,065,396)		(4,935,637)

		(11,769,664)		(9,945,717)

Distributions from net realized gain:
Non-Service shares		(60,632,296)		(81,805,950)
Service shares		(84,601,632)		(115,456,402)

		(145,233,928)		(197,262,352)

Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		42,281,521		27,294,558
Service shares		59,597,554		6,563,579

		101,879,075		33,858,137

Net Assets
Total decrease		(3,537,729)		(132,171,419)

Beginning of period		1,233,784,227		1,365,955,646

End of period (including accumulated net investment income of $5,796,952 and $11,585,433, respectively)	$	1,230,246,498	$	1,233,784,227

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	29.24	$	33.61	$	31.24	$	23.97	$	20.71	$	20.88

Income (loss) from investment operations:
Net investment income²		0.17		0.33		0.28		0.24		0.26		0.16
Net realized and unrealized gain (loss)		1.14		0.80		3.01		7.33		3.22		(0.16)

Total from investment operations		1.31		1.13		3.29		7.57		3.48		0.00

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.32)		(0.27)		(0.30)		(0.22)		(0.17)
Distributions from net realized gain		(3.58)		(5.18)		(0.65)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.92)		(5.50)		(0.92)		(0.30)		(0.22)		(0.17)

Net asset value, end of period	$	26.63	$	29.24	$	33.61	$	31.24	$	23.97	$	20.71



Total Return, at Net Asset Value³		4.62%		3.33%		10.70%		31.77%		16.87%		(0.01)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	516,813	$	518,456	$	559,933	$	561,016	$	481,089	$	392,861

Average net assets (in thousands)	$	500,039	$	541,020	$	554,449	$	517,750	$	466,231	$	426,354

Ratios to average net assets:⁴
Net investment income		1.16%		1.05%		0.86%		0.87%		1.12%		0.79%
Expenses excluding specific expenses listed below		0.79%		0.78%		0.77%		0.78%		0.78%		0.78%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.79%		0.78%		0.77%		0.78%		0.78%		0.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%		0.78%		0.77%		0.78%		0.78%		0.78%

Portfolio turnover rate		16%		44%		43%		49%		37%		38%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended June 30, 2016	0.79	%
Year Ended December 31, 2015	0.78	%
Year Ended December 31, 2014	0.77	%
Year Ended December 31, 2013	0.78	%
Year Ended December 31, 2012	0.78	%
Year Ended December 30, 2011	0.78	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER MAIN STREET FUND/VA


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	28.98	$	33.33	$	30.99	$	23.78	$	20.53	$	20.71

Income (loss) from investment operations:
Net investment income²		0.13		0.25		0.19		0.17		0.20		0.11
Net realized and unrealized gain (loss)		1.13		0.80		2.99		7.27		3.20		(0.17)

Total from investment operations		1.26		1.05		3.18		7.44		3.40		(0.06)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.22)		(0.19)		(0.23)		(0.15)		(0.12)
Distributions from net realized gain		(3.58)		(5.18)		(0.65)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.84)		(5.40)		(0.84)		(0.23)		(0.15)		(0.12)

Net asset value, end of period	$	26.40	$	28.98	$	33.33	$	30.99	$	23.78	$	20.53



Total Return, at Net Asset Value³		4.49%		3.11%		10.40%		31.44%		16.61%		(0.32)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	713,433	$	715,328	$	806,023	$	915,027	$	869,372	$	1,003,184

Average net assets (in thousands)	$	683,770	$	757,218	$	856,467	$	895,073	$	913,871	$	1,094,254

Ratios to average net assets:⁴
Net investment income		0.91%		0.80%		0.61%		0.62%		0.85%		0.54%
Expenses excluding specific expenses listed below		1.04%		1.03%		1.02%		1.04%		1.03%		1.03%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.04%		1.03%		1.02%		1.04%		1.03%		1.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		1.03%		1.02%		1.04%		1.03%		1.03%

Portfolio turnover rate		16%		44%		43%		49%		37%		38%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended June 30, 2016		1.04%
Year Ended December 31, 2015		1.03%
Year Ended December 31, 2014		1.02%
Year Ended December 31, 2013		1.04%
Year Ended December 31, 2012		1.03%
Year Ended December 30, 2011		1.03%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Main Street Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

14 OPPENHEIMER MAIN STREET FUND/VA

2. Significant Accounting Policies (Continued)

expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

During the fiscal year ended December 31, 2015, the Fund utilized $2,513,988 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2016	$	2,513,988

At period end, it is estimated that the Fund will not have any capital loss carryforwards. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $2,513,988 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	916,603,718

Gross unrealized appreciation	$	315,205,760
Gross unrealized depreciation		(11,759,252)

Net unrealized appreciation	$	303,446,508

3. Securities Valuation

15 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

16 OPPENHEIMER MAIN STREET FUND/VA

3. Securities Valuation (Continued)

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	125,214,795	$	—	$	—	$	125,214,795
Consumer Staples		143,985,065		—		—		143,985,065
Energy		80,560,202		—		—		80,560,202
Financials		220,745,726		—		—		220,745,726
Health Care		183,158,769		—		—		183,158,769
Industrials		157,700,670		—		—		157,700,670
Information Technology		198,798,104		—		—		198,798,104
Materials		25,640,770		—		—		25,640,770
Telecommunication Services		29,500,830		—		—		29,500,830
Utilities		36,253,329		—		—		36,253,329
Investment Company		18,491,966		—		—		18,491,966

Total Assets	$	1,220,050,226	$	—	$	—	$	1,220,050,226

4. Investments and Risks

17 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016					Year Ended December 31, 2015
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		447,391		$	12,940,603		517,352		$	15,973,699
Dividends and/or distributions reinvested		2,522,303			66,336,564		2,966,041			86,816,030
Redeemed		(1,294,344	)		(36,995,646)		(2,414,970	)		(75,495,171)

Net increase		1,675,350		$	42,281,521		1,068,423		$	27,294,558



Service Shares
Sold		1,870,495		$	53,998,889		1,895,395		$	56,747,875
Dividends and/or distributions reinvested		3,477,830			90,667,028		4,144,304			120,392,039
Redeemed		(3,009,656	)		(85,068,363)		(5,534,911	)		(170,576,335)

Net increase		2,338,669		$	59,597,554		504,788		$	6,563,579

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$ 186,703,607		$ 235,380,289

18 OPPENHEIMER MAIN STREET FUND/VA

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.58
Over $5 billion	0.56

The Fund’s effective management fee for the reporting period was 0.67% of average annual net assets before any applicable waivers.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Borrowings and Other Financing

19 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

10. Pending Litigation

20 OPPENHEIMER MAIN STREET FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

21 OPPENHEIMER MAIN STREET FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Real Estate Investment Trusts (“REITs”) and Master Limited Partnerships (“MLPs”), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and MLPs in which the Fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.


Fund Name	Pay	Net Income	Net Profit	Other
	Date		from Sale	Capital
				Sources
Oppenheimer Main Street Fund/VA	6/21/16	9.0%	57.1%	33.9%

22 OPPENHEIMER MAIN STREET FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, President and Principal Executive Officer
		Manind Govil, Vice President
		Benjamin Ram, Vice President
		Paul Larson, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and		OFI Global Asset Management, Inc.
Shareholder
Servicing Agent

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		June 30, 2016
		Oppenheimer
		Main Street Small Cap Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: Matthew P. Ziehl, CFA, Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, Kristin Ketner, Magnus Krantz and Adam Weiner.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/1/98		2.90%		-6.40%		10.38%		6.92%
Service Shares		7/16/01		2.76		-6.65		10.11		6.65
Russell 2000 Index				2.22		-6.73		8.35		6.20

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns include changes in share price and reinvested distributions but should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

The Fund’s performance is compared to the performance of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


MB Financial, Inc.			2.2%
Pinnacle Foods, Inc.			2.1
FirstMerit Corp.			2.0
Prestige Brands Holdings, Inc.			1.9
Burlington Stores, Inc.			1.9
Kaiser Aluminum Corp.			1.8
BankUnited, Inc.			1.8
ALLETE, Inc.			1.8
WellCare Health Plans, Inc.			1.8
CACI International, Inc., Cl. A			1.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of common stocks.

2 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 2.90% during the reporting period. In comparison, the Fund outperformed the Russell 2000 Index (the “Index”), which returned 2.22%. The Fund’s outperformance relative to the Index stemmed largely from stronger relative stock selection in the health care, utilities and consumer discretionary sectors. Within these sectors, an underweight position in health care and a slight overweight position in utilities relative to the Index, also benefited the Fund. The Fund underperformed the Index in the information technology, materials and industrials sectors, as a result of weaker relative stock selection.

MARKET OVERVIEW

The reporting period saw the market driven by several important macroeconomic trends and events:

●

Uncertainty over when or if the Federal Reserve (the “Fed”) would raise interest rates, an especially important issue for financials.

●

Continued slow but steady recovery in domestic consumer employment and consumption.

●

Decelerating emerging markets growth, contributing to the weakness in export demand for commodities and other industrial products.

●

Competitive currency devaluations, including negative interest rates in a growing number of jurisdictions, thrusting the world economy into uncharted territory.

●

Impact of Brexit and the increased uncertainty for global markets as a result.

We strive to keep the portfolio in an all-weather orientation. Whether rates, commodity prices, currencies or even whole economies go up or down, our goal is to have a portfolio that can out-perform no matter the environment, because we avoid making oversized macro factor bets.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included WellCare Health Plans, Inc., Burlington Stores, Inc. and DuPont Fabros Technology, Inc.

WellCare is a managed care company for government-sponsored healthcare coverage with a focus on Medicare and Medicaid programs. Investors reacted favorably when the company updated its longer term growth goals of doubling its revenue within five years and attaining an after tax margin of at least 2%. WellCare also has a strong cash position and this, combined with a new credit facility, has increased deployable cash for potential acquisitions and accelerating growth. (If two big proposed mergers—Aetna/Humana and Anthem/Cigna—eventually occur, divestitures would be likely, resulting in possible acquisition opportunities for WellCare.) Additionally, the Center for Medicare and Medicaid (CMS) announced its preliminary 2017 rates which should bode well for the company’s Medicare Advantage business. This continues to be our largest holding in Health Care as our confidence in the company’s margin recovery is strengthened by both CMS’ rate outlook as well as expected growth in both Medicare and Medicaid spending.

Burlington owns and operates branded apparel retail stores throughout the U.S. and Puerto Rico. During the fourth quarter of 2015, both weather and secular issues negatively impacted apparel retailers and department stores—pushing earnings down by 10%-15% for many. In contrast, Burlington executed extremely

3 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

well and grew earnings despite being in the early stages of a transition to an off-price retail model. Management’s success in a challenging environment led to rising investor confidence and boosted the stock higher.

Data center REIT DuPont Fabros Technology (“DFT”) reported solid fourth quarter operating and leasing results in February. Then in March, the company announced a land purchase to enter a new market in Portland, plus an equity offering to fund development of additional space in several markets pursuant to large new lease commitments. Altogether, DFT is showing solid execution against the rather straightforward “wholesale” business strategy laid out at its fall 2015 Investor Day, whereby the company would continue to pursue large-scale deployments with cloud service providers who need highly efficient, scalable space in key markets such as Northern Virginia, where DFT is a major player.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Korn/Ferry International, Ultragenyx Pharmaceutical, Inc. and Imperva, Inc.

Executive recruiter and talent management firm Korn/Ferry’s stock retrenched in the first half of 2016 after several years of solid price appreciation. Fiscal third quarter earnings results came in as expected, but forward revenue guidance was lower than anticipated largely due to currency headwinds. Guidance was lowered further in June on the fiscal year-end report. The company has increased its foreign sales exposure due to the major Hay Group acquisition completed in late 2015. Integration efforts and expected cost synergies remain on track, and in fact are coming in slightly ahead of initial expectations. We maintain our position, as Korn/Ferry is executing solidly in all of its key businesses despite external challenges, and the stock is very attractively valued.

Ultragenyx is a development stage biopharmaceutical company focused on products to treat rare and ultra-rare diseases with an initial focus on debilitating metabolic genetic diseases. The stock was down with the biotech selloff of the first quarter of 2016. At period end, we remain positive on the company.

Imperva develops protection software and services for databases and business applications. Excellent quarterly results were overshadowed by a conservative outlook relative to lofty expectations, especially on bottom line earnings per share (EPS). The market opportunity continues to look robust and Imperva is investing heavily to capitalize on this, but with the market shifting its focus slightly towards bottom line profitability rather than top-line growth, the company was caught out of touch with sentiment and was punished as a result. We continue to like the company fundamentally and expect the market to eventually refocus on these types of high growth stocks.

STRATEGY & OUTLOOK

Another risk inherent to this market is the misallocation of capital, fueled by an environment of ongoing relatively low interest rates and possibly leading to “bubble-like” valuations for some companies. We intend to maintain our discipline around valuation. Additionally, while innovation is alive and well and continuing to help generate economic growth, fundamental disruptions across market segments have been elevated. We continue to be focused on potential disruption risk to our companies.

Traditionally, during periods of economic uncertainty and heightened market volatility, investors favor stocks of higher quality companies—with greater consistency and stability of revenue and earnings—leading to relatively better stock performance of those companies. We think focusing on companies with competitive advantages and skilled management teams positions us well, should this environment come to pass. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies, characterized by these qualities, at compelling valuations and believe this disciplined approach has the potential to generate superior long-term performance.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,029.00	$	4.04
Service shares		1,000.00		1,027.60		5.31

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.89		4.03
Service shares		1,000.00		1,019.64		5.29


Class	Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

5 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—97.4%

Consumer Discretionary—10.7%

Auto Components—0.9%

Visteon Corp.		135,320	$	8,905,409

Hotels, Restaurants & Leisure—4.4%

International Speedway Corp., Cl. A		231,287		7,736,550

Popeyes Louisiana Kitchen, Inc.¹		190,290		10,397,446

Sonic Corp.		506,150		13,691,357

Texas Roadhouse, Inc., Cl. A		250,240		11,410,944

				43,236,297

Media—1.0%

Madison Square Garden Co. (The),
Cl. A¹		43,730		7,543,863

MDC Partners, Inc., Cl. A		123,290		2,254,974

				9,798,837

Specialty Retail—4.4%

Burlington Stores, Inc.¹		276,130		18,420,632

Group 1 Automotive, Inc.		177,740		8,773,247

Rent-A-Center, Inc.		511,390		6,279,869

Sally Beauty Holdings, Inc.¹		347,610		10,223,210

				43,696,958

Consumer Staples—3.7%

Food Products—2.1%

Pinnacle Foods, Inc.		436,570		20,208,825

Tobacco—1.6%

Universal Corp.		273,830		15,810,944

Energy—3.0%

Energy Equipment & Services—0.4%

RigNet, Inc.¹		272,830		3,653,194

Oil, Gas & Consumable Fuels—2.6%

Cone Midstream Partners LP²		531,353		9,213,661

Renewable Energy Group, Inc.¹		1,003,453		8,860,490

Western Refining, Inc.		365,288		7,535,892

				25,610,043

Financials—22.6%

Capital Markets—1.3%

Evercore Partners, Inc., Cl. A		142,683		6,305,162

Stifel Financial Corp.¹		192,430		6,051,923

				12,357,085

Commercial Banks—9.4%

BancorpSouth, Inc.		473,590		10,745,757

BankUnited, Inc.		581,475		17,862,912

FirstMerit Corp.		971,036		19,682,900

MB Financial, Inc.		584,150		21,192,962

Talmer Bancorp, Inc., Cl. A		331,660		6,357,922

Webster Financial Corp.		485,780		16,492,231

				92,334,684

Insurance—3.2%

Endurance Specialty Holdings Ltd.		184,240		12,373,558

James River Group Holdings Ltd.		308,630		10,481,075

Old Republic International Corp.		464,700		8,964,063

				31,818,696

Real Estate Investment Trusts (REITs)—7.7%

Brandywine Realty Trust		892,620		14,996,016

Chatham Lodging Trust		460,016		10,111,152

DiamondRock Hospitality Co.		1,113,860		10,058,156

DuPont Fabros Technology, Inc.		244,890		11,642,070

Four Corners Property Trust, Inc.		623,440		12,836,630

National Storage Affiliates Trust		537,826		11,197,537

Seritage Growth Properties		97,220		4,845,445

				75,687,006

Thrifts & Mortgage Finance—1.0%

Oritani Financial Corp.		606,050		9,690,740


	Shares		Value

Health Care—12.1%

Biotechnology—1.6%

ACADIA Pharmaceuticals, Inc.¹	149,620	$	4,856,665

Axovant Sciences Ltd.¹	145,080		1,862,827

Sage Therapeutics, Inc.¹	77,560		2,336,883

Santhera Pharmaceutical Holding AG¹	35,357		2,787,305

Ultragenyx Pharmaceutical, Inc.¹	75,310		3,683,412

			15,527,092

Health Care Equipment & Supplies—1.8%

NxStage Medical, Inc.¹	408,730		8,861,266

Spectranetics Corp. (The)¹	468,890		8,772,932

			17,634,198

Health Care Providers & Services—4.8%

Acadia Healthcare Co., Inc.¹	128,140		7,098,956

Addus HomeCare Corp.¹	104,880		1,828,058

Diplomat Pharmacy, Inc.¹	204,060		7,142,100

HealthSouth Corp.	352,690		13,691,426

WellCare Health Plans, Inc.¹	162,681		17,452,418

			47,212,958

Life Sciences Tools & Services—0.9%

VWR Corp.¹	311,050		8,989,345

Pharmaceuticals—3.0%

Akorn, Inc.¹	135,430		3,857,724

Impax Laboratories, Inc.¹	123,700		3,565,034

Prestige Brands Holdings, Inc.¹	344,876		19,106,130

TherapeuticsMD, Inc.¹	298,130		2,534,105

			29,062,993

Industrials—17.4%

Aerospace & Defense—2.1%

AAR Corp.	290,075		6,770,350

Curtiss-Wright Corp.	106,520		8,974,310

Hexcel Corp.	122,120		5,085,077

			20,829,737

Airlines—1.0%

Spirit Airlines, Inc.¹	222,460		9,981,780

Building Products—1.2%

Masonite International Corp.¹	184,020		12,171,083

Commercial Services & Supplies—5.9%

ABM Industries, Inc.	363,300		13,253,184

ACCO Brands Corp.¹	1,096,117		11,322,889

KAR Auction Services, Inc.	373,020		15,569,855

Matthews International Corp., Cl. A	174,540		9,711,405

Pitney Bowes, Inc.	470,280		8,370,984

			58,228,317

Construction & Engineering—1.9%

AECOM¹	295,323		9,382,412

Dycom Industries, Inc.¹	99,610		8,940,993

			18,323,405

Electrical Equipment—0.9%

Generac Holdings, Inc.¹	254,560		8,899,418

Professional Services—2.6%

Korn/Ferry International	641,701		13,283,211

On Assignment, Inc.¹	346,990		12,821,280

			26,104,491

Road & Rail—1.1%

Genesee & Wyoming, Inc., Cl. A¹	180,820		10,659,339

Transportation Infrastructure—0.7%

Wesco Aircraft Holdings, Inc.¹	485,970		6,521,717

Information Technology—17.6%

Electronic Equipment, Instruments, & Components—1.6%

SYNNEX Corp.	171,540		16,265,423

6 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Internet Software & Services—1.5%

j2 Global, Inc.		227,953	$	14,399,791

IT Services—4.3%

Black Knight Financial Services, Inc.,
Cl. A¹		322,812		12,137,731

Booz Allen Hamilton Holding Corp.,
Cl. A		454,140		13,460,710

CACI International, Inc., Cl. A¹		185,960		16,812,644

				42,411,085

Semiconductors & Semiconductor Equipment—3.1%

Cavium, Inc.¹		167,260		6,456,236

Cypress Semiconductor Corp.		772,481		8,149,675

MKS Instruments, Inc.		366,900		15,798,714

				30,404,625

Software—7.1%

FleetMatics Group plc¹		242,020		10,486,727

Fortinet, Inc.¹		244,031		7,708,939

Guidewire Software, Inc.¹		162,150		10,014,384

Imperva, Inc.¹		215,080		9,250,591

Paylocity Holding Corp.¹		311,710		13,465,872

Proofpoint, Inc.¹		184,930		11,667,234

Zynga, Inc., Cl. A¹		3,016,960		7,512,230

				70,105,977


	Shares		Value

Materials—5.4%

Construction Materials—0.6%

Summit Materials, Inc., Cl. A¹		302,944	$	6,198,234

Metals & Mining—1.8%

Kaiser Aluminum Corp.		198,420		17,939,152

Paper & Forest Products—3.0%

Boise Cascade Co.¹		519,070		11,912,657

PH Glatfelter Co.		661,740		12,943,634

Schweitzer-Mauduit International, Inc.		146,719		5,176,246

				30,032,537

Utilities—4.9%

Electric Utilities—3.5%

ALLETE, Inc.		270,830		17,503,743

Portland General Electric Co.		379,620		16,748,834

				34,252,577

Gas Utilities—1.4%

Suburban Propane Partners LP²		409,955		13,692,497

Total Common Stocks (Cost $799,230,639)				958,656,489


Investment Company—2.6%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^3,4(Cost $25,488,890)		25,488,890		25,488,890

Total Investments, at Value (Cost
$824,719,529)		100.0%		984,145,379

Net Other Assets (Liabilities)		(0.0)		(262,276)

Net Assets		100.0%	$	983,883,103

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

3. Rate shown is the 7-day yield at period end.


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		14,384,001		156,164,425		145,059,536		25,488,890

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	25,488,890	$	49,302

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $799,230,639)	$	958,656,489
Affiliated companies (cost $25,488,890)		25,488,890

		984,145,379

Cash		1,000,000

Receivables and other assets:
Dividends		1,306,984
Investments sold		976,217
Shares of beneficial interest sold		161,006
Other		49,248

Total assets		987,638,834

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		3,465,375
Distribution and service plan fees		176,894
Shareholder communications		57,633
Trustees’ compensation		40,381
Other		15,448

Total liabilities		3,755,731

Net Assets	$	983,883,103



Composition of Net Assets
Par value of shares of beneficial interest	$	47,370

Additional paid-in capital		826,333,568

Accumulated net investment income		3,081,682

Accumulated net realized loss on investments and foreign currency transactions		(5,005,367)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		159,425,850

Net Assets	$	983,883,103



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $129,421,374 and 6,165,319 shares of beneficial interest outstanding)		$20.99

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $854,461,729 and 41,204,340 shares of beneficial interest outstanding)		$20.74

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $4,654)	$	7,945,470
Affiliated companies		49,302

Interest		7

Total investment income		7,994,779

Expenses
Management fees		3,267,345

Distribution and service plan fees - Service shares		1,029,875

Transfer and shareholder servicing agent fees:
Non-Service shares		62,416
Service shares		412,550

Shareholder communications:
Non-Service shares		7,565
Service shares		50,171

Trustees’ compensation		21,287

Borrowing fees		8,694

Custodian fees and expenses		2,646

Other		35,094

Total expenses		4,897,643
Less reduction to custodian expenses		(339)
Less waivers and reimbursements of expenses		(57,500)

Net expenses		4,839,804

Net Investment Income		3,154,975

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies		(3,504,370)
Foreign currency transactions		(881)

Net realized loss		(3,505,251)

Net change in unrealized appreciation/depreciation on:
Investments		27,504,662
Translation of assets and liabilities denominated in foreign currencies		746,383

Net change in unrealized appreciation/depreciation		28,251,045

Net Increase in Net Assets Resulting from Operations	$	27,900,769

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	3,154,975	$	2,875,881

Net realized gain (loss)		(3,505,251)		41,953,892

Net change in unrealized appreciation/depreciation		28,251,045		(107,664,132)

Net increase (decrease) in net assets resulting from operations		27,900,769		(62,834,359)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(682,044)		(1,186,413)
Service shares		(2,155,681)		(5,919,665)

		(2,837,725)		(7,106,078)

Distributions from net realized gain:
Non-Service shares		(5,056,399)		(19,582,501)
Service shares		(33,184,812)		(137,100,829)

		(38,241,211)		(156,683,330)

Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		2,365,066		21,318,007
Service shares		8,873,464		86,089,174

		11,238,530		107,407,181

Net Assets
Total decrease		(1,939,637)		(119,216,586)

Beginning of period		985,822,740		1,105,039,326

End of period (including accumulated net investment income of $3,081,682 and $2,764,432, respectively)	$	983,883,103	$	985,822,740

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	21.32	$	26.56	$	27.80	$	20.14	$	17.17	$	17.66

Income (loss) from investment operations:
Net investment income²		0.09		0.12		0.26		0.16		0.21		0.10
Net realized and unrealized gain (loss)		0.53		(1.28)		2.74		8.01		2.87		(0.48)

Total from investment operations		0.62		(1.16)		3.00		8.17		3.08		(0.38)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		(0.23)		(0.25)		(0.22)		(0.11)		(0.11)
Distributions from net realized gain		(0.84)		(3.85)		(3.99)		(0.29)		0.00		0.00

Total dividends and/or distributions to shareholders		(0.95)		(4.08)		(4.24)		(0.51)		(0.11)		(0.11)

Net asset value, end of period	$	20.99	$	21.32	$	26.56	$	27.80	$	20.14	$	17.17



Total Return, at Net Asset Value³		2.90%		(5.90)%		11.93%		41.01%		17.99%		(2.21)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	129,421	$	129,104	$	136,402	$	134,692	$	87,267	$	79,722

Average net assets (in thousands)	$	125,494	$	134,932	$	133,864	$	113,522	$	83,790	$	86,796

Ratios to average net assets:⁴
Net investment income		0.88%		0.49%		0.99%		0.67%		1.09%		0.58%
Expenses excluding specific expenses listed below		0.81%		0.80%		0.80%		0.81%		0.83%		0.83%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.81%		0.80%		0.80%		0.81%		0.83%		0.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.79%		0.80%		0.80%		0.80%

Portfolio turnover rate		26%		43%		65%		60%		92%		108%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016			0.81%
Year Ended December 31, 2015			0.80%
Year Ended December 31, 2014			0.80%
Year Ended December 31, 2013			0.81%
Year Ended December 31, 2012			0.83%
Year Ended December 30, 2011			0.83%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	21.05	$	26.26	$	27.53	$	19.96	$	17.02	$	17.50

Income (loss) from investment operations:
Net investment income²		0.06		0.06		0.19		0.10		0.15		0.06
Net realized and unrealized gain (loss)		0.52		(1.25)		2.71		7.93		2.85		(0.47)

Total from investment operations		0.58		(1.19)		2.90		8.03		3.00		(0.41)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.17)		(0.18)		(0.17)		(0.06)		(0.07)
Distributions from net realized gain		(0.84)		(3.85)		(3.99)		(0.29)		0.00		0.00

Total dividends and/or distributions to shareholders		(0.89)		(4.02)		(4.17)		(0.46)		(0.06)		(0.07)

Net asset value, end of period	$	20.74	$	21.05	$	26.26	$	27.53	$	19.96	$	17.02



Total Return, at Net Asset Value³		2.76%		(6.09)%		11.66%		40.62%		17.67%		(2.38)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	854,462	$	856,719	$	968,637	$	990,168	$	849,920	$	790,752

Average net assets (in thousands)	$	829,505	$	927,514	$	957,874	$	935,083	$	836,487	$	823,201

Ratios to average net assets:⁴
Net investment income		0.63%		0.24%		0.75%		0.43%		0.82%		0.34%
Expenses excluding specific expenses listed below		1.06%		1.05%		1.05%		1.06%		1.08%		1.08%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.06%		1.05%		1.05%		1.06%		1.08%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.04%		1.05%		1.05%		1.05%

Portfolio turnover rate		26%		43%		65%		60%		92%		108%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016			1.06%
Year Ended December 31, 2015			1.05%
Year Ended December 31, 2014			1.05%
Year Ended December 31, 2013			1.06%
Year Ended December 31, 2012			1.08%
Year Ended December 30, 2011			1.08%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Main Street Small Cap Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

13 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

At period end, it is estimated that the capital loss carryforwards would be $3,505,251, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	826,852,443

Gross unrealized appreciation	$	191,862,069
Gross unrealized depreciation		(34,569,133)

Net unrealized appreciation	$	157,292,936

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

14 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

3. Securities Valuation (Continued)

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing

15 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in those investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered are measured using net asset value as a practical expedient, and are not classified in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	105,637,501	$	—	$	—	$	105,637,501
Consumer Staples		36,019,769		—		—		36,019,769
Energy		29,263,237		—		—		29,263,237
Financials		221,888,211		—		—		221,888,211
Health Care		115,639,281		2,787,305		—		118,426,586
Industrials		171,719,287		—		—		171,719,287
Information Technology		173,586,901		—		—		173,586,901
Materials		54,169,923		—		—		54,169,923
Utilities		47,945,074		—		—		47,945,074
Investment Company		25,488,890		—		—		25,488,890

Total Assets	$	981,358,074	$	2,787,305	$	—	$	984,145,379

4. Investments and Risks

16 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

4. Investments and Risks (Continued)

company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		624,284	$	12,935,488		1,409,497	$	33,342,939
Dividends and/or distributions reinvested		272,999		5,738,443		876,695		20,768,914
Redeemed		(786,171)		(16,308,865)		(1,368,306)		(32,793,846)

Net increase		111,112	$	2,365,066		917,886	$	21,318,007


Service Shares
Sold		2,150,091	$	42,647,029		3,720,118	$	87,937,386
Dividends and/or distributions reinvested		1,701,516		35,340,493		6,109,352		143,020,494
Redeemed		(3,353,609)		(69,114,058)		(6,013,134)		(144,868,706)

Net increase		497,998	$	8,873,464		3,816,336	$	86,089,174

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$244,498,691		$276,641,041

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $200 million			0.60
Next $4 billion			0.58
Over $5 billion			0.56

17 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

The Fund’s effective management fee for the reporting period was 0.69% of average annual net assets before any applicable waivers.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $6,333 and $40,447 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Risk Exposures and the Use of Derivative Instruments

10. Pending Litigation

18 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

10. Pending Litigation (Continued)

dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

19 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

20 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Real Estate Investment Trusts (“REITs”) and Master Limited Partnerships (“MLPs”), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and MLPs in which the Fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

Fund Name

Pay
Date

Net Income

Net Profit
from Sale

Other
Capital
Sources

Oppenheimer Main Street Small Cap Fund®/VA

6/21/16

15.5%

47.9%

36.6%

21 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

22 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, President and Principal Executive Officer
		Matthew P. Ziehl, Vice President
		Raymond Anello, Vice President
		Raman Vardharaj, Vice President
		Joy Budzinski, Vice President
		Kristin Ketner, Vice President
		Magnus Krantz, Vice President
		Adam Weiner, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		June 30, 2016
		Oppenheimer
		Government Money Fund/VA*		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements
		*Prior to April 29, 2016, the Fund was named Oppenheimer Money Fund/VA

PORTFOLIO MANAGERS: Christopher Proctor, CFA and Adam S. Wilde, CFA


Current Yield
For the 7-Day Period Ended 6/30/16
With Compounding	0.01	%
Without Compounding	0.01	%
For the 6-Month Period Ended 6/30/16
With Compounding	0.01	%
Without Compounding	0.01	%

Performance data quoted represents past performance, which does not guarantee future results. Yields include dividends in a hypothetical investment for the periods shown. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The yields take into account voluntary fee waivers and/or expense reimbursements, without which yields would have been lower. Some of these undertakings may be modified at any time, as indicated in the prospectus. There is no guarantee that the Fund will maintain a positive yield. The Fund’s performance should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s performance does not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.


PORTFOLIO ALLOCATION
U.S. Government Agencies			57.0%
Repurchase Agreements			43.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of investments.

2 OPPENHEIMER GOVERNMENT MONEY FUND/VA

Fund Performance Discussion

While the Federal Reserve (the “Fed”) rate hike in December now seems to be a distant memory, rates in 2016 continued to inch higher with the month of May being the most favorable. For example, 1-month Libor at the end of May was at a level last witnessed in the first half of 2009. In June, 1-month Libor began the month on a steep decline, but with the Brexit vote, rebounded by month-end. U.S. Treasury yields on the other hand plummeted at the end of June, but remain in better shape versus this time last year.

MARKET OVERVIEW

The first half of 2016 was a volatile time for global equity markets. China’s slowing economy, falling crude oil prices, and the aggressive interest rate hike path indicated by the Fed in its December 2015 communication, contributed to a tumultuous environment. March saw a temporary relief rally as communication from the Fed turned more accommodative in light of this weak start to the year. Oil prices and commodities started to pick up, but continued to experience volatility through the close of the reporting period. However, unanswered questions, including how quickly the Fed would raise interest rates and whether Britain would decide to exit the E.U. on its June 23 vote, made for an uncertain period. The U.K. surprised the markets by ultimately deciding to exit the E.U. As a result, markets dropped sharply and remained volatile through the reporting period’s end.

On Fed rate hikes, Fed Chairwoman Janet Yellen and the Federal Open Market Committee (“FOMC”) released statements and minutes that indicated the pace of rate hikes would be slow. The Brexit only further strengthened that stance, and the assumption that central banks throughout the globe would continue to be accommodative.

FUND REVIEW

On April 29, 2016, we successfully converted Oppenheimer Money Fund/VA to Oppenheimer Government Money Fund/VA. As such, the Fund is now compliant with holding at least 99.5% of assets in cash, U.S. Government Securities, and/or repurchase agreements that are fully collateralized with Government Securities.

We continued to maintain the weighted average maturity (WAM) of the Fund below the industry average and maintained an above average liquidity profile to accommodate the cash flow of the Fund.

Given these conservative measures, the Fund continued to generate consistent and competitive levels of current income.

STRATEGY & OUTLOOK

The outlook for the Fund is to remain a conservative option with sizeable exposure to overnight government repurchase agreements and short term Agency Discount notes.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

3 OPPENHEIMER GOVERNMENT MONEY FUND/VA

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During During 6 Months Ended June 30, 2016” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016


	$	1,000.00	$	1,000.10	$	1.74


Hypothetical
(5% return before expenses)

		1,000.00		1,023.12		1.76

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). This annualized expense ratio, excluding indirect expenses from affiliated funds, based on the 6-month period ended June 30, 2016 is as follows:

Expense Ratio

0.35%

The expense ratio reflects voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” table in the Fund’s financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

4 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Maturity Date*		Final Legal Maturity Date**		Principal Amount		Value

U.S. Government Agencies—55.8%

Fannie Mae:
0.22%		8/1/16		8/1/16	$	18,025,000	$	18,021,585
0.235%		7/5/16		7/5/16		1,500,000		1,499,961
0.25%		8/5/16		8/5/16		10,000,000		9,997,570

Federal Agricultural Mortgage Corp., 0.20%		8/2/16		8/2/16		38,000,000		37,993,244

Federal Farm Credit Bank, 0.49%¹		7/1/16		3/22/17		1,000,000		999,194

Federal Home Loan Bank:
0.126%		7/1/16		7/1/16		102,700,000		102,700,000
0.182%		7/21/16		7/21/16		45,300,000		45,295,432
0.215%		7/6/16		7/6/16		63,650,000		63,648,100
0.22%		7/7/16		7/7/16		23,190,000		23,189,148
0.233%		7/8/16		7/8/16		10,750,000		10,749,513
0.235%		7/5/16		7/5/16		1,200,000		1,199,969
0.235%		7/11/16		7/11/16		2,900,000		2,899,811
0.244%		7/13/16		7/13/16		11,610,000		11,609,056
0.245%		7/18/16		7/18/16		3,300,000		3,299,618
0.26%		7/29/16		7/29/16		19,400,000		19,396,077
0.267%		7/27/16		7/27/16		89,000,000		88,982,862
0.298%		7/15/16		7/15/16		24,215,000		24,212,195
0.30%		7/25/16		7/25/16		50,000,000		49,990,000
0.305%		8/5/16		8/5/16		1,000,000		999,704
0.305%		7/20/16		7/20/16		41,300,000		41,293,350
0.32%		7/22/16		7/22/16		8,400,000		8,398,432
0.39%		9/13/16		9/13/16		9,700,000		9,692,224
0.40%		9/21/16		9/21/16		4,200,000		4,196,173

Freddie Mac:
0.21%		7/12/16		7/12/16		5,000,000		4,999,679
0.23%		7/25/16		7/25/16		12,693,000		12,691,054
0.501%		10/3/16		10/3/16		1,000,000		998,694

Tennessee Valley Authority:
0.25%		7/19/16		7/19/16		34,000,000		33,995,750
0.254%		7/5/16		7/5/16		29,000,000		28,999,182

Total U.S. Government Agencies (Cost $661,947,577)								661,947,577


Short-Term Investments—42.2%

Repurchase Agreements² (Cost $500,000,000)						500,000,000		500,000,000

Total Investments, at Value (Cost $1,161,947,577)						98.0%		1,161,947,577

Net Other Assets (Liabilities)						2.0		23,521,093

Net Assets						100.0%	$	1,185,468,670

Footnotes to Statement of Investments

Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown.

* The Maturity Date represents the date used to calculate the Fund’s weighted average maturity as determined under Rule 2a-7.

** If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Fund’s weighted average life as determined under Rule 2a-7.

1. Represents the current interest rate for a variable or increasing rate security.

2. Repurchase agreements:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

Principal
Amount

Collateralized By

Collateral
Received, at
Value

Repurchase
Agreements, at
Value

Repurchase
Agreement
Proceeds to be
Received⁽¹⁾

South Street Securities LLC

0.50%

6/30/16

7/1/16

400,000,000

U.S. Treasury Nts., 1.25%, 11/30/18 and U.S. Government Agency Mortgages, 1.03%-5.20%, 9/1/16-5/1/46

(408,005,689)

$ 400,000,000

$ 400,005,556

Toronto Dominion Bank

0.40

6/30/16

7/1/16

100,000,000

U.S. Treasury Nts., 2.125%, 9/30/21; U.S. Treasury Bills, 0%, 7/7/16; U.S. Government Agency Mortgages, 3.50%-4%, 5/20/45-11/20/45

(102,001,134)

100,000,000

100,001,111

(510,006,823)

$500,000,000

$500,006,667

1. Includes accrued interest.

The following issuer is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the reporting period by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. There were no affiliate securities held by the Fund at period end. Transactions during the period in which the issuer was an affiliate are as follows:

5 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		131,359,385		126,653,654		258,013,039		—

							Income

Oppenheimer Institutional Money Market Fund, Cl. E							$	190,049

See accompanying Notes to Financial Statements.

6 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments-unaffiliated companies (cost $1,161,947,577)	$	1,161,947,577

Cash		11,266,280

Receivables and other assets:
Shares of beneficial interest sold		23,319,849
Interest		6,789
Other		191,466

Total assets		1,196,731,961

Liabilities
Payables and other liabilities:
Investments purchased		11,113,796
Shares of beneficial interest redeemed		105,774
Trustees’ compensation		28,341
Dividends		3,199
Other		12,181

Total liabilities		11,263,291

Net Assets	$	1,185,468,670



Composition of Net Assets
Par value of shares of beneficial interest	$	1,185,441

Additional paid-in capital		1,184,262,535

Accumulated net investment income		20,909

Accumulated net realized loss on investments		(215)

Net Assets – applicable to 1,185,441,278 shares of beneficial interest outstanding	$	1,185,468,670



Net Asset Value, Redemption Price Per Share and Offering Price Per Share		$1.00

See accompanying Notes to Financial Statements.

7 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Interest	$	3,970,730

Dividends from affiliated companies		190,049

Total investment income		4,160,779

Expenses
Management fees		4,686,024

Transfer and shareholder servicing agent fees		1,151,532

Shareholder communications		14,064

Trustees’ compensation		51,128

Custodian fees and expenses		7,594

Other		137,537

Total expenses		6,047,879
Less reduction to custodian expenses		(6,134)
Less waivers and reimbursements of expenses		(1,995,916)

Net expenses		4,045,829

Net Investment Income		114,950

Net realized loss		(215)

Net Increase in Net Assets Resulting from Operations	$	114,735

See accompanying Notes to Financial Statements.

8 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	114,950	$	114,454

Net realized gain (loss)		(215)		22,016

Net increase in net assets resulting from operations		114,735		136,470

Dividends and/or Distributions to Shareholders
Dividends from net investment income		(119,696)		(119,146)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions		(1,463,162,418)		2,133,322,061

Net Assets
Total increase (decrease)		(1,463,167,379)		2,133,339,385

Beginning of period		2,648,636,049		515,296,664

End of period (including accumulated net investment income of $20,909 and $25,655, respectively)	$	1,185,468,670	$	2,648,636,049

See accompanying Notes to Financial Statements.

9 OPPENHEIMER GOVERNMENT MONEY FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00

Income (loss) from investment operations:
Net investment income²		0.00³		0.00³		0.00³		0.00³		0.00³		0.00³
Net realized gain (loss)		0.00³		0.00³		0.00³		0.00³		0.00³		0.00³

Total from investment operations		0.00³		0.00³		0.00³		0.00³		0.00³		0.00³


Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³		(0.00)³		(0.00)³		(0.00)³		(0.00)³		(0.00)³


Net asset value, end of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00



Total Return, at Net Asset Value⁴		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,185,469	$	2,648,636	$	515,297	$	177,026	$	174,428	$	163,973

Average net assets (in thousands)	$	2,305,333	$	1,144,581	$	329,045	$	178,263	$	164,276	$	156,127

Ratios to average net assets:⁵
Net investment income		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%
Total expenses⁶		0.53%		0.53%		0.57%		0.61%		0.62%		0.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.35%		0.19%		0.15%		0.22%		0.30%		0.29%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	0.53	%
Year Ended December 31, 2015	0.53	%
Year Ended December 31, 2014	0.57	%

See accompanying Notes to Financial Statements.

10 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Government Money Fund/VA, formerly Oppenheimer Money Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek income consistent with stability of principal. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Money Market Fund Reform. In accordance with the Reform Rules, adopted by the Securities and Exchange Commission (SEC) in July 2014, the Fund’s name changed from Oppenheimer Money Fund/VA to Oppenheimer Government Money Fund/VA on April 29, 2016. Additionally the Board of Trustees approved the adoption of a new non-fundamental investment policy requiring each Fund to invest 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully by cash and/or government securities.

3. Securities Valuation

11 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

scheduled early closing time of the Exchange.

Valuation Methods and Inputs

Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund’s Board of Trustees.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


		Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
U.S. Government Agencies	$		—	$	661,947,577	$		—	$	661,947,577
Short-Term Investments			—		500,000,000	$		—		500,000,000

Total Assets	$		—	$	1,161,947,577	$		—	$	1,161,947,577

4. Investments and Risks

12 OPPENHEIMER GOVERNMENT MONEY FUND/VA

4. Investments and Risks (Continued)

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Sold		873,419,412	$	873,419,412		3,416,245,044	$	3,416,245,044
Dividends and/or distributions reinvested		119,696		119,696		112,387		112,387
Redeemed		(2,336,701,526)		(2,336,701,526)		(1,283,035,370)		(1,283,035,370)

Net increase (decrease)		(1,463,162,418)	$	(1,463,162,418)		2,133,322,061	$	2,133,322,061

7. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $500 million			0.450%
Next $500 million			0.425
Next $500 million			0.400
Over $1.5 billion			0.375

The Fund’s effective management fee for the reporting period was 0.41% of average annual net assets before any applicable waivers.

13 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates (Continued)

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Waivers and Reimbursements of Expenses. The Manager has voluntarily undertaken to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,635,020.

The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.50%. As a result of this limitation, the Manager waived $316,040 for the reporting period.

The Manager is permitted to recapture previously waived and/or reimbursed fees in any given fiscal year if the recapture would not: 1) cause the Fund to generate a negative daily yield, and 2) exceed amounts previously waived and/or reimbursed under this arrangement during the current and prior three fiscal years. The reimbursement to the Manager of such previous waivers and reimbursements would not include any portion of distribution and/or service fees. At period end, the following waived and/or reimbursed amounts are eligible for recapture:


Expiration Date

December 31, 2016	$	486,156
December 31, 2017		1,378,598
December 31, 2018		3,773,037
December 31, 2019		1,951,060

The Manager has not recaptured any previously waived and/or reimbursed amounts during the reporting period.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Borrowings and Other Financing

Repurchase Agreements. In a repurchase transaction, a Fund buys a security and simultaneously sells it back to an approved institution for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved institutions include U.S. commercial banks, U.S. branches of foreign banks or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the investment adviser from time to time. Repurchase agreements must be fully collateralized. However, if the seller fails to pay the repurchase price on the delivery date, a Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. If the default on the part of the seller is due to its bankruptcy, a Fund’s ability to liquidate the collateral may be delayed or limited.

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received) as of period end:

14 OPPENHEIMER GOVERNMENT MONEY FUND/VA

8. Borrowings and Other Financing (Continued)


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Collateral (Received) / Pledged		Net Exposure⁽²⁾

Repurchase Agreement
South Street Securities LLC	$	400,005,556	$	(408,005,689)	$	(8,000,133)
Toronto Dominion Bank		100,001,111		(102,001,134)		(2,000,023)

	$	500,006,667

1. Includes accrued interest.

2. Net exposure represents the net receivable/payable that would be due from the counterparty in the event of default.

9. Pending Litigation

15 OPPENHEIMER GOVERNMENT MONEY FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

16 OPPENHEIMER GOVERNMENT MONEY FUND/VA

DISTRIBUTION SOURCES Unaudited


Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Government Money Fund/VA		1/15/16		96.3%		0.0%	3.7%
Oppenheimer Government Money Fund/VA		2/19/16		95.8%		0.0%	4.2%
Oppenheimer Government Money Fund/VA		3/18/16		95.9%		0.1%	4.0%
Oppenheimer Government Money Fund/VA		4/15/16		95.9%		0.0%	4.1%
Oppenheimer Government Money Fund/VA		5/20/16		96.8%		0.0%	3.2%
Oppenheimer Government Money Fund/VA		6/17/16		95.9%		0.0%	4.1%

17 OPPENHEIMER GOVERNMENT MONEY FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

18 OPPENHEIMER GOVERNMENT MONEY FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

19 OPPENHEIMER GOVERNMENT MONEY FUND/VA

OPPENHEIMER GOVERNMENT MONEY FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, President and Principal Executive Officer
		Christopher Proctor, Vice President
		Adam S. Wilde, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO


		June 30, 2016
		Oppenheimer		Semiannual Report
		Global Strategic Income Fund/VA
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: Michael A. Mata, Krishna Memani and Hemant Baijal

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/3/93		4.38%		0.66%		2.74%		5.19%

Service Shares		3/19/01		4.17		0.36		2.45		4.92

Barclays U.S. Aggregate Bond Index				5.31		6.00		3.76		5.13

Citigroup World Government Bond Index				10.74		11.26		1.18		4.22

Citigroup Non-U.S. World Government Bond Index				13.50		13.85		0.31		3.97

J.P. Morgan Domestic High Yield Index				9.82		1.53		6.19		7.72

Reference Index				9.97		7.84		3.18		5.56

The Fund’s performance is compared to the performance of the Barclays U.S. Aggregate Bond Index, the Citigroup World Government Bond Index, the Citigroup Non-U.S. World Government Bond Index, the J.P. Morgan Domestic High Yield Index and the Fund’s Reference Index. The Barclays U.S. Aggregate Bond Index is an index of U.S. Government and corporate bonds. The Citigroup World Government Bond Index is an index of debt securities of major foreign government bond markets. The Citigroup Non-U.S. World Government Bond Index is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The J.P. Morgan Domestic High Yield Index is an unmanaged index of high yield fixed income securities issued by U.S. companies. The Fund’s Reference Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

2 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

TOP HOLDINGS AND ALLOCATIONS


PORTFOLIO ALLOCATION

Corporate Bonds and Notes			46.4%

Investment Companies
Oppenheimer Institutional Money Market Fund			5.8
Oppenheimer Master Event-Linked Bond Fund, LLC			2.6
Oppenheimer Master Loan Fund, LLC			9.3
Oppenheimer Ultra-Short Duration Fund			2.2

Mortgage-Backed Obligations
Government Agency			7.3
Non-Agency			10.0

Asset-Backed Securities			6.6

Foreign Government Obligations			5.7

U.S. Government Obligations			1.7

Short-Term Note			1.4

Structured Securities			0.5

Corporate Loans			0.2

Common Stocks			0.2

Over-the-Counter Options Purchased			0.1

Rights, Warrants and Certificates			—^*

Over-the-Counter Interest Rate Swaption Purchased			—^*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on total market value of investments.


CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL

AAA		20.0%

AA		2.1

A		4.4

BBB		21.6

BB		20.2

B		12.7

CCC		2.1

CC		0.0

C		0.0

D		1.3

Unrated		15.6

Total		100.0%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2016, and are subject to change. Except for securities labeled “Unrated,” and except for certain securities issued or guaranteed by a foreign sovereign, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as S&P Global Ratings (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Sub-Adviser”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

3 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 4.38% during the reporting period. In comparison, the Fund underperformed the 9.97% return of its Reference Index (the “Index”), which currently is composed of the following broad-based securities indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index.

MARKET OVERVIEW

2016 started off with credit markets widening amid stock market weakness, as government bond yields fell. The 10-year U.S. Treasury began the year at just over 2.20% but had fallen below 2% by the end of January. The Federal Reserve’s (“Fed”) statement in late January suggested the central bank would continue gradually raising rates this year, which further roiled markets as global growth continued to show risk of slowing further. Risk asset weakness and the Bank of Japan (“BoJ”) cutting rates to negative levels at the end of January helped U.S. Treasury yields fall dramatically toward all-time lows by mid-February. Through the first six weeks of the year, at the sector level, U.S. investment-grade industrial bonds were wider by about 40 basis points compared to Treasury yields, while bank bonds were particularly weak, widening by about 60 basis points. The 10-year U.S. Treasury briefly traded below 1.70%, close to the four-year low.

By mid-February, markets began to turn positive. The European Central Bank (“ECB”) hinted it would likely ease further, the BoJ’s tone remained dovish, China signaled it would provide further stimulus, and better than expected economic data helped turn sentiment. A dovish Fed statement in mid-March and further dovish statements from Chair Yellen (sometimes at odds with other Fed speakers) helped the better trend in risk sentiment persist.

The second quarter of 2016 began with improving data momentum, payrolls and wages remained steady, and survey indicators such as the Institute for Supply Management (“ISM”) and consumer sentiment also improved. Chinese and emerging market growth looked to have stabilized or modestly strengthened. The market continued to price for one with the potential of two hikes by the Fed in 2016, as core consumer price inflation data remained stable at about 2.2% year-over-year, and headline inflation stabilized at about 1%.

The ECB continued to leave the Deposit Facility rate steady at -0.40% as markets began to price the risk of Brexit. Their corporate bond buying program began in early June. Still, credit spreads appeared to have largely priced in a referendum vote to remain in the EU and remained unchanged on the second quarter until a surprise vote to leave the EU caused spreads to widen. 10-year German yields continued to fall leading up to the UK referendum initially touching negative levels in mid-June. After the Brexit vote, 10-year German government bond yields fell into negative territory joining shorter maturity debt. The 10-year German bond yield fell about 30 basis points (“bps”) to -0.13% at period end.

BoJ policymakers maintained their purchase programs and maintained their negative policy rate. Japanese first quarter Gross Domestic Product (“GDP”) growth was better than expected with inflation continuing to be muted. This was little solace to local markets, where long maturity bonds continued to rally with yields on 10-year and 30-year Japanese Government Bonds (“JGBs”) lower. By the end of May, 30-year Japanese bond yields had fallen 20 bps to about 30 bps. After the Brexit vote and the global yield rally, 30-year JGBs traded close to zero, while 10-year fell to yield lows at -0.22 bps.

In Brazil, the lower house of Congress voted to impeach President Rousseff, which led to the Senate voting for impeachment in May. After the April vote, 10-year government bond yields plummeted by almost 2% to 12.25%. The change in regime was positive for risk assets as well as sovereign credit spreads. Brazilian sovereign 5-year credit default swaps (“CDS”) tightened significantly from 400 bps in early April down to 320 bps by period end.

The Reserve Bank of India cut interest rates in April, while the government announced economic reforms. In Mexico, the central bank raised interest rates right at the end of the period in order to prop up the peso.

During the second quarter of 2016, commodity prices continued to climb with West Texas crude oil climbing over $50/barrel in early June, before ending just under $49/barrel which continued to help support some energy and metals & mining firm equities and credit spreads. High yield spreads overall tightened about 70 bps during the quarter, led by commodity-related sectors.

4 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

In U.S. fixed income, 10-year U.S. Treasury yields started the second quarter at about 1.75% and remained in a range from 1.65% to 1.95% for much of the quarter. However, after the Brexit vote in late June, Treasuries caught a flight to quality bid to finish the reporting period near 1.50% after touching 1.40% intraday, testing the all-time low yields.

Investment-grade credit spreads tightened strongly in April and remained range bound for May, sold off in June, particularly after the UK referendum, but still finished tighter on the quarter. Current coupon Agency Mortgage spreads were stable in April and May, but widened in June as additional supply and funding pressures hit the market.

FUND REVIEW

During the reporting period, the Fund’s underperformance versus the Index stemmed largely from its underweight position in foreign exchange, which performed positively when risk sentiment improved. High yield also was a negative relative contributor, particularly over the second half of the reporting period, as the Fund was underweight strong performing names in the energy and metal and mining sectors.

The most significant positive contributors versus the Index included allocations to leveraged loans and mortgage-backed securities (“MBS”).

STRATEGY & OUTLOOK

We think risk to global growth has diminished significantly. Emerging market growth momentum appears to have bottomed. While Chinese growth still remains a risk, the downside risks elsewhere have diminished. Overall we think the macro pictures will be rather bland, which suggests the search for yield among fixed income investors will likely continue.

We believe the Fed is unlikely to hike this year given their focus on global economic fragilities, and if they do, it will be late in the year and only once. Other central banks are likely to continue easing further. The Bank of England is poised to ease after expectations for UK growth was reduced following the Brexit vote. The ECB will likely remain on hold for now but with an easing bias, particularly with the ECB’s corporate bond buying program just beginning. The Bank of Japan and the government are likely to announce easier monetary and fiscal policies in the coming days.

Easy central bank monetary policy is likely to be a floor under risk markets. We also think oil will be less of a factor for many markets as long as it remains in a $40-60/barrel range.

In the U.S., we believe the credit cycle has peaked but continues to extend even as defaults continue to slowly rise. However, credit markets in the U.S. and elsewhere will likely continue to benefit from easy global central bank policy and the global search for yield.

In our opinion, U.S. fixed income assets will remain the beneficiary of foreign inflows. With about a third of developed market government bonds yielding below zero, the U.S. continues to look attractive.

We expect both U.S. Treasuries and corporate debt to perform well given the continued search for yield.

During the reporting period, we reduced the Fund’s exposure to Europe. Negative yields in some European government bond markets are not attractive in our view. However, European investment-grade corporate debt has the potential to perform well given positive yields and the ECB purchasing the debt.

We increased emerging market local rates and credit exposures. The Fed remaining on hold and easier central bank policies in many jurisdictions should help local rates markets. We also increased exposure to senior loans, which we see as offering value compared to other credit markets that have rallied significantly since their worst levels in February.

As of the end of the reporting period, the Fund’s largest allocation remained to high yield corporate bonds. Allocations to investment-grade mortgage backed securities, investment-grade corporate bonds and senior floating rate loans are the next largest sectors.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

5 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,043.80	$	3.77
Service shares		1,000.00		1,041.70		4.99

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,021.18		3.73
Service shares		1,000.00		1,019.99		4.93


Class	Expense Ratios
Non-Service shares		0.74%
Service shares		0.98

6 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS June 30, 2016 Unaudited



	Principal Amount		Value

Asset-Backed Securities—6.9%

American Credit Acceptance Receivables Trust:
Series 2013-1, Cl. D, 4.94%, 6/15/20¹	$	1,520,000	$	1,515,755
Series 2013-2, Cl. D, 5.92%, 8/17/20¹		1,375,000		1,379,839
Series 2014-2, Cl. B, 2.26%, 3/10/20¹		1,254,421		1,254,469
Series 2014-2, Cl. D, 4.96%, 5/10/21¹		720,000		727,372
Series 2014-3, Cl. B, 2.43%, 6/10/20¹		461,785		462,049
Series 2014-4, Cl. B, 2.60%, 10/12/20¹		205,000		205,394
Series 2015-1, Cl. B, 2.85%, 2/12/21¹		665,000		668,933
Series 2015-3, Cl. B, 3.56%, 10/12/21¹		525,000		534,448

American Express Credit Account Master Trust:
Series 2014-2, Cl. A, 1.26%, 1/15/20		130,000		130,552
Series 2014-3, Cl. A, 1.49%, 4/15/20		165,000		166,309

AmeriCredit Automobile Receivables Trust:
Series 2012-2, Cl. E, 4.85%, 8/8/19¹		470,000		470,896
Series 2012-3, Cl. E, 4.46%, 11/8/19¹		360,000		362,375
Series 2012-4, Cl. D, 2.68%, 10/9/18		315,000		316,411
Series 2013-2, Cl. E, 3.41%, 10/8/20¹		1,290,000		1,300,854
Series 2013-3, Cl. D, 3.00%, 7/8/19		440,000		444,743
Series 2013-3, Cl. E, 3.74%, 12/8/20¹		455,000		463,516
Series 2013-4, Cl. D, 3.31%, 10/8/19		1,955,000		1,989,398
Series 2014-1, Cl. C, 2.15%, 3/9/20		655,000		659,129
Series 2014-1, Cl. E, 3.58%, 8/9/21		550,000		553,289
Series 2014-2, Cl. C, 2.18%, 6/8/20		990,000		995,111
Series 2014-2, Cl. E, 3.37%, 11/8/21		485,000		483,319
Series 2014-3, Cl. D, 3.13%, 10/8/20		1,395,000		1,421,108
Series 2014-4, Cl. D, 3.07%, 11/9/20		305,000		309,101

Cabela’s Credit Card Master Note Trust, Series 2016-1, Cl. A1, 1.78%, 6/15/22		870,000		870,036

Capital Auto Receivables Asset Trust:
Series 2013-1, Cl. D, 2.19%, 9/20/21		275,000		275,789
Series 2013-4, Cl. D, 3.22%, 5/20/19		170,000		173,114
Series 2014-1, Cl. D, 3.39%, 7/22/19		685,000		701,298
Series 2014-3, Cl. D, 3.14%, 2/20/20		255,000		257,397
Series 2015-4, Cl. D, 3.62%, 5/20/21		470,000		478,888

Capital One Multi-Asset Execution Trust:
Series 2014-A2, Cl. A2, 1.26%, 1/15/20		965,000		968,191
Series 2014-A5, Cl. A5, 1.48%, 7/15/20		1,070,000		1,077,264

CarFinance Capital Auto Trust:
Series 2013-2A, Cl. B, 3.15%, 8/15/19¹		94,198		94,521
Series 2015-1A, Cl. A, 1.75%, 6/15/21¹		2,181,128		2,172,582

CarMax Auto Owner Trust:
Series 2012-2, Cl. D, 3.02%, 12/17/18		1,615,000		1,616,150
Series 2014-2, Cl. D, 2.58%, 11/16/20		450,000		447,885
Series 2015-2, Cl. D, 3.04%, 11/15/21		175,000		176,187
Series 2015-3, Cl. D, 3.27%, 3/15/22		305,000		307,189
Series 2016-1, Cl. D, 3.11%, 8/15/22		465,000		465,385

Chase Issuance Trust:
Series 2007-A3, Cl. A3, 5.23%, 4/15/19		165,000		169,500
Series 2014-A1, Cl. A1, 1.15%, 1/15/19		1,515,000		1,518,186
Series 2014-A6, Cl. A6, 1.26%, 7/15/19		935,000		938,709

Chrysler Capital Auto Receivables Trust:
Series 2013-BA, Cl. B, 1.78%, 6/17/19¹		1,185,000		1,187,445
Series 2013-BA, Cl. C, 2.24%, 9/16/19¹		1,065,000		1,073,048
Series 2014-AA, Cl. B, 1.76%, 8/15/19¹		1,305,000		1,305,584
Series 2014-AA, Cl. C, 2.28%, 11/15/19¹		1,430,000		1,427,382

CPS Auto Receivables Trust, Series 2014- C, Cl. A, 1.31%, 2/15/19¹		158,926		158,764

CPS Auto Trust, Series 2012-C, Cl. A, 1.82%, 12/16/19¹		34,001		33,972

Credit Acceptance Auto Loan Trust, Series 2014-1A, Cl. B, 2.29%, 4/15/22¹		765,000		763,738

Discover Card Execution Note Trust, Series 2014-A5, Cl. A, 1.39%, 4/15/20		1,470,000		1,479,568

Drive Auto Receivables Trust:
Series 2015-AA, Cl. B, 2.28%, 6/17/19¹		955,000		957,488
Series 2015-AA, Cl. C, 3.06%, 5/17/21¹		1,280,000		1,291,507
Series 2015-BA, Cl. C, 2.76%, 7/15/21¹		2,625,000		2,628,014
Series 2015-BA, Cl. D, 3.84%, 7/15/21¹		985,000		978,343



	Principal Amount		Value

Asset-Backed Securities (Continued)

Drive Auto Receivables Trust: (Continued)
Series 2015-CA, Cl. B, 2.23%, 9/16/19¹	$	1,240,000	$	1,242,175
Series 2015-CA, Cl. D, 4.20%, 9/15/21¹		1,715,000		1,715,315
Series 2015-DA, Cl. C, 3.38%, 11/15/21¹		1,445,000		1,463,591
Series 2016-BA, Cl. C, 3.19%, 7/15/22¹		440,000		441,175

DT Auto Owner Trust:
Series 2013-1A, Cl. D, 3.74%, 5/15/20¹		1,078,207		1,087,721
Series 2013-2A, Cl. D, 4.18%, 6/15/20¹		2,693,924		2,722,982
Series 2014-1A, Cl. D, 3.98%, 1/15/21¹		1,065,000		1,078,416
Series 2014-2A, Cl. D, 3.68%, 4/15/21¹		3,535,000		3,570,902
Series 2014-3A, Cl. D, 4.47%, 11/15/21¹		2,425,000		2,460,630
Series 2015-1A, Cl. C, 2.87%, 11/16/20¹		305,000		305,112
Series 2015-1A, Cl. D, 4.26%, 2/15/22¹		3,020,000		3,027,273
Series 2015-2A, Cl. D, 4.25%, 2/15/22¹		625,000		625,352
Series 2015-3A, Cl. D, 4.53%, 10/17/22¹		2,530,000		2,566,865
Series 2016-1A, Cl. B, 2.79%, 5/15/20¹		625,000		627,789

Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/44¹		278,536		270,365

Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. C, 4.35%, 1/15/19¹		500,000		504,556
Series 2014-1A, Cl. B, 2.42%, 1/15/19¹		313,952		313,952
Series 2014-1A, Cl. C, 3.57%, 7/15/19¹		860,000		866,766
Series 2014-2A, Cl. A, 1.06%, 8/15/18¹		10,188		10,183
Series 2014-2A, Cl. C, 3.26%, 12/16/19¹		180,000		181,255

First Investors Auto Owner Trust, Series 2013-3A, Cl. D, 3.67%, 5/15/20¹		1,085,000		1,073,092

Flagship Credit Auto Trust:
Series 2014-2, Cl. A, 1.43%, 12/16/19¹		167,761		167,012
Series 2015-3, Cl. A, 2.38%, 10/15/20¹		2,868,512		2,874,442

GM Financial Automobile Leasing Trust, Series 2015-1, Cl. D, 3.01%, 3/20/20		415,000		412,908

GO Financial Auto Securitization Trust, Series 2015-1, Cl. A, 1.81%, 3/15/18¹		69,952		69,914

ICE EM CLO:
Series 2007-1A, Cl. B, 2.558%, 8/15/22^1,2		7,870,000		7,534,533
Series 2007-1A, Cl. C, 3.858%, 8/15/22^1,2		5,270,000		4,932,767
Series 2007-1A, Cl. D, 5.858%, 8/15/22^1,2		4,730,018		4,167,401

Navistar Financial Dealer Note Master Trust, Series 2014-1, Cl. D, 2.753%, 10/25/19^1,2		180,000		179,326

Santander Drive Auto Receivables Trust:
Series 2012-AA, Cl. D, 2.46%, 12/17/18¹		2,430,000		2,445,172
Series 2013-1, Cl. D, 2.27%, 1/15/19		5,325,000		5,343,514
Series 2013-4, Cl. D, 3.92%, 1/15/20		740,000		757,909
Series 2013-4, Cl. E, 4.67%, 1/15/20¹		520,000		526,350
Series 2013-5, Cl. D, 2.73%, 10/15/19		1,200,000		1,214,733
Series 2013-A, Cl. D, 3.78%, 10/15/19¹		1,970,000		2,017,004
Series 2013-A, Cl. E, 4.71%, 1/15/21¹		405,000		416,435
Series 2014-1, Cl. D, 2.91%, 4/15/20		800,000		811,635
Series 2014-2, Cl. C, 2.33%, 11/15/19		3,475,000		3,502,796
Series 2014-2, Cl. D, 2.76%, 2/18/20		1,120,000		1,137,197
Series 2014-4, Cl. C, 2.60%, 11/16/20		3,060,000		3,096,706
Series 2015-1, Cl. C, 2.57%, 4/15/21		870,000		879,807
Series 2015-1, Cl. D, 3.24%, 4/15/21		1,190,000		1,208,723
Series 2015-5, Cl. D, 3.65%, 12/15/21		915,000		944,713
Series 2016-2, Cl. D, 3.39%, 4/15/22		300,000		303,771

SNAAC Auto Receivables Trust:
Series 2013-1A, Cl. C, 3.07%, 8/15/18¹		69,565		69,618
Series 2014-1A, Cl. D, 2.88%, 1/15/20¹		905,000		893,431

TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/22¹		285,000		282,293

Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/44¹		123,969		122,939

United Auto Credit Securitization Trust, Series 2015-1, Cl. D, 2.92%, 6/17/19¹		385,000		378,152

7 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Asset-Backed Securities (Continued)

Westlake Automobile Receivables Trust:
Series 2014-1A, Cl. D, 2.20%, 2/15/21¹	$	1,095,000	$	1,092,552
Series 2014-2A, Cl. D, 2.86%, 7/15/21¹		245,000		243,351
Series 2015-1A, Cl. C, 2.29%, 11/16/20¹		2,720,000		2,716,597
Series 2015-2A, Cl. C, 2.45%, 1/15/21¹		365,000		364,760

Total Asset-Backed Securities (Cost $120,539,502)				120,071,422

Mortgage-Backed Obligations—18.1%

Government Agency—7.7%

FHLMC/FNMA/FHLB/Sponsored—6.7%

Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 9/1/33		357,720		398,558
5.50%, 9/1/39		455,558		508,562
6.00%, 5/1/18-11/1/21		83,406		93,772
6.50%, 3/1/18-8/1/32		385,896		443,201
7.00%, 10/1/31-10/1/37		85,074		99,439
7.50%, 1/1/32		298,756		365,679

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192,Cl. IO, 7.007%, 2/1/28³		7,309		1,429
Series 205,Cl. IO, 12.483%, 9/1/29³		45,163		9,922
Series 243,Cl. 6, 0.02%, 12/15/32³		95,218		16,492

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360,Cl. PZ, 7.50%, 9/15/22		314,718		348,082
Series 151,Cl. F, 9.00%, 5/15/21		4,857		5,326
Series 1674,Cl. Z, 6.75%, 2/15/24		166,560		184,206
Series 1897,Cl. K, 7.00%, 9/15/26		568,109		640,284
Series 2043,Cl. ZP, 6.50%, 4/15/28		219,405		245,713
Series 2106,Cl. FG, 0.892%, 12/15/28²		383,873		385,087
Series 2122,Cl. F, 0.892%, 2/15/29²		10,306		10,340
Series 2148,Cl. ZA, 6.00%, 4/15/29		223,690		256,911
Series 2195,Cl. LH, 6.50%, 10/15/29		150,567		173,387
Series 2326,Cl. ZP, 6.50%, 6/15/31		22,031		24,845
Series 2344,Cl. FP, 1.392%, 8/15/31²		96,145		98,690
Series 2368,Cl. PR, 6.50%, 10/15/31		72,010		81,210
Series 2412,Cl. GF, 1.392%, 2/15/32²		145,720		149,567
Series 2449,Cl. FL, 0.992%, 1/15/32²		116,025		117,645
Series 2451,Cl. FD, 1.442%, 3/15/32²		55,852		57,450
Series 2453,Cl. BD, 6.00%, 5/15/17		4,560		4,656
Series 2461,Cl. PZ, 6.50%, 6/15/32		261,215		311,489
Series 2464,Cl. FI, 1.442%, 2/15/32²		50,103		51,268
Series 2470,Cl. AF, 1.442%, 3/15/32²		95,828		98,571
Series 2470,Cl. LF, 1.442%, 2/15/32²		51,273		52,465
Series 2477,Cl. FZ, 0.992%, 6/15/31²		206,952		209,921
Series 2517,Cl. GF, 1.442%, 2/15/32²		44,579		45,616
Series 2635,Cl. AG, 3.50%, 5/15/32		66,235		70,310
Series 2668,Cl. AZ, 4.00%, 9/15/18		19,240		19,657
Series 2676,Cl. KY, 5.00%, 9/15/23		802,713		870,039
Series 2707,Cl. QE, 4.50%, 11/15/18		80,327		82,829
Series 2770,Cl. TW, 4.50%, 3/15/19		11,350		11,680
Series 3025,Cl. SJ, 23.129%, 8/15/35²		128,249		202,038
Series 3741,Cl. PA, 2.15%, 2/15/35		475,913		481,425
Series 3815,Cl. BD, 3.00%, 10/15/20		11,611		11,809
Series 3840,Cl. CA, 2.00%, 9/15/18		8,846		8,919
Series 3848,Cl. WL, 4.00%, 4/15/40		231,201		243,636
Series 3857,Cl. GL, 3.00%, 5/15/40		9,827		10,269
Series 3917,Cl. BA, 4.00%, 6/15/38		144,871		153,293
Series 4221,Cl. HJ, 1.50%, 7/15/23		289,046		291,954

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074,Cl. S, 45.034%, 7/17/28³		11,870		2,150
Series 2079,Cl. S, 0.00%, 7/17/28^3,4		20,688		4,074
Series 2136,Cl. SG, 62.989%, 3/15/29³		542,984		121,574
Series 2399,Cl. SG, 52.773%, 12/15/26³		304,570		65,100
Series 2437,Cl. SB, 64.444%, 4/15/32³		978,492		254,881
Series 2526,Cl. SE, 26.012%, 6/15/29³		20,042		4,406
Series 2682,Cl. TQ, 99.999%, 10/15/33³		207,637		51,404
Series 2795,Cl. SH, 5.849%, 3/15/24³		424,324		51,999


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2920,Cl. S, 46.414%, 1/15/35³	$	215,178	$	41,301
Series 2922,Cl. SE, 5.456%, 2/15/35³		36,195		6,740
Series 2981,Cl. AS, 0.09%, 5/15/35³		346,172		70,566
Series 2981,Cl. BS, 99.999%, 5/15/35³		414,074		88,312
Series 3201,Cl. SG, 4.18%, 8/15/36³		179,751		40,200
Series 3397,Cl. GS, 12.435%, 12/15/37³		144,662		29,505
Series 3424,Cl. EI, 0.00%, 4/15/38^3,4		60,841		7,547
Series 3450,Cl. BI, 8.629%, 5/15/38³		244,564		43,055
Series 3606,Cl. SN, 1.623%, 12/15/39³		72,519		14,701
Series 3659,Cl. IE, 0.00%, 3/15/19^3,4		211,155		9,230
Series 3685,Cl. EI, 0.00%, 3/15/19^3,4		119,730		3,902

Federal National Mortgage Assn.:
2.50%, 7/1/31⁵		18,655,000		19,302,096
3.00%, 7/1/31⁵		14,295,000		14,989,369
3.50%, 7/1/46⁵		37,080,000		39,120,847
4.00%, 7/1/46⁵		15,695,000		16,825,838
5.00%, 7/1/46⁵		5,190,000		5,765,765

Federal National Mortgage Assn. Pool:
5.00%, 2/1/18-7/1/33		880,470		939,422
5.50%, 4/1/21-5/1/36		243,230		273,100
6.00%, 10/1/16-1/1/19		15,739		15,943
6.50%, 4/1/17-1/1/34		647,680		754,510
7.00%, 11/1/17-6/1/34		798,489		959,056
7.50%, 2/1/27-3/1/33		1,009,339		1,229,279
8.50%, 7/1/32		1,521		1,668

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214,Cl. 2, 34.323%, 3/25/23³		117,827		19,246
Series 221,Cl. 2, 37.731%, 5/25/23³		13,921		2,555
Series 254,Cl. 2, 28.452%, 1/25/24³		240,584		53,876
Series 301,Cl. 2, 0.00%, 4/25/29^3,4		45,895		10,531
Series 313,Cl. 2, 15.967%, 6/25/31³		457,852		95,622
Series 319,Cl. 2, 0.084%, 2/25/32³		213,054		45,994
Series 321,Cl. 2, 5.789%, 4/25/32³		62,650		13,137
Series 324,Cl. 2, 0.00%, 7/25/32^3,4		65,348		13,760
Series 328,Cl. 2, 0.00%, 12/25/32^3,4		131,039		22,519
Series 331,Cl. 5, 0.00%, 2/25/33^3,4		248,433		48,289
Series 332,Cl. 2, 0.00%, 3/25/33^3,4		1,041,563		197,574
Series 334,Cl. 12, 0.00%, 3/25/33^3,4		199,543		44,394
Series 339,Cl. 15, 2.41%, 10/25/33³		598,354		130,078
Series 345,Cl. 9, 0.00%, 1/25/34^3,4		179,009		35,514
Series 351,Cl. 10, 0.00%, 4/25/34^3,4		114,343		22,968
Series 351,Cl. 8, 0.00%, 4/25/34^3,4		200,524		40,140
Series 356,Cl. 10, 0.00%, 6/25/35^3,4		145,073		26,882
Series 356,Cl. 12, 0.00%, 2/25/35^3,4		71,395		13,258
Series 362,Cl. 13, 0.00%, 8/25/35^3,4		95,137		19,314

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates:
Series 1999-54,Cl. LH, 6.50%, 11/25/29		131,749		154,316
Series 2001-80,Cl. ZB, 6.00%, 1/25/32		120,145		136,781
Series 2002-12,Cl. PG, 6.00%, 3/25/17		8,386		8,516
Series 2002-29,Cl. F, 1.453%, 4/25/32²		54,944		56,257
Series 2002-64,Cl. FJ, 1.453%, 4/25/32²		16,919		17,323
Series 2002-68,Cl. FH, 0.948%, 10/18/32²		37,892		38,086
Series 2002-84,Cl. FB, 1.453%, 12/25/32²		243,030		248,658
Series 2002-9,Cl. PC, 6.00%, 3/25/17		7,863		8,002
Series 2002-9,Cl. PR, 6.00%, 3/25/17		9,628		9,790
Series 2002-90,Cl. FH, 0.953%, 9/25/32²		135,975		136,639
Series 2003-100,Cl. PA, 5.00%, 10/25/18		126,303		130,356
Series 2003-11,Cl. FA, 1.453%, 9/25/32²		243,035		248,664
Series 2003-112,Cl. AN, 4.00%, 11/25/18		43,066		44,007

8 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates: (Continued)
Series 2003-116,Cl. FA, 0.853%, 11/25/33²	$	24,688	$	24,724
Series 2003-84,Cl. GE, 4.50%, 9/25/18		17,580		18,046
Series 2004-101,Cl. BG, 5.00%, 1/25/20		39,077		39,351
Series 2004-25,Cl. PC, 5.50%, 1/25/34		44,222		46,084
Series 2005-109,Cl. AH, 5.50%, 12/25/25		1,051,318		1,147,158
Series 2005-31,Cl. PB, 5.50%, 4/25/35		560,000		675,607
Series 2005-71,Cl. DB, 4.50%, 8/25/25		151,955		162,315
Series 2006-11,Cl. PS, 22.905%, 3/25/36²		110,212		175,224
Series 2006-46,Cl. SW, 22.537%, 6/25/36²		175,324		248,511
Series 2008-75,Cl. DB, 4.50%, 9/25/23		61,169		62,860
Series 2009-113,Cl. DB, 3.00%, 12/25/20		182,977		186,342
Series 2009-36,Cl. FA, 1.393%, 6/25/37²		54,385		55,518
Series 2009-70,Cl. TL, 4.00%, 8/25/19		210,456		214,532
Series 2010-43,Cl. KG, 3.00%, 1/25/21		94,167		96,253
Series 2011-122,Cl. EC, 1.50%, 1/25/20		113,396		113,918
Series 2011-15,Cl. DA, 4.00%, 3/25/41		110,239		116,857
Series 2011-3,Cl. EL, 3.00%, 5/25/20		295,781		301,160
Series 2011-3,Cl. KA, 5.00%, 4/25/40		232,800		256,651
Series 2011-38,Cl. AH, 2.75%, 5/25/20		9,316		9,454
Series 2011-6,Cl. BA, 2.75%, 6/25/20		128,211		129,753
Series 2011-69,Cl. EA, 3.00%, 11/25/29		79,876		80,588
Series 2011-82,Cl. AD, 4.00%, 8/25/26		188,707		194,049
Series 2012-20,Cl. FD, 0.853%, 3/25/42²		326,758		328,427

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 21.328%, 11/18/31³		61,782		13,322
Series 2001-63,Cl. SD, 24.916%, 12/18/31³		16,668		3,240
Series 2001-68,Cl. SC, 16.917%, 11/25/31³		11,045		2,184
Series 2001-81,Cl. S, 20.51%, 1/25/32³		13,601		3,092
Series 2002-28,Cl. SA, 30.583%, 4/25/32³		9,526		2,027
Series 2002-38,Cl. SO, 41.849%, 4/25/32³		60,429		12,238
Series 2002-48,Cl. S, 26.471%, 7/25/32³		14,828		3,281
Series 2002-52,Cl. SL, 29.207%, 9/25/32³		9,572		2,054
Series 2002-56,Cl. SN, 27.985%, 7/25/32³		20,375		4,441
Series 2002-77,Cl. IS, 38.239%, 12/18/32³		102,954		23,485
Series 2002-77,Cl. SH, 30.358%, 12/18/32³		20,258		4,740
Series 2002-9,Cl. MS, 23.04%, 3/25/32³		17,807		4,012
Series 2003-13,Cl. IO, 9.27%, 3/25/33³		187,951		29,945
Series 2003-26,Cl. DI, 10.665%, 4/25/33³		143,879		34,490
Series 2003-33,Cl. SP, 23.653%, 5/25/33³		109,570		23,635
Series 2003-38,Cl. SA, 0.00%, 3/25/23^3,4		36,571		872
Series 2003-4,Cl. S, 25.326%, 2/25/33³		31,489		7,191
Series 2004-56,Cl. SE, 9.526%, 10/25/33³		510,027		105,704
Series 2005-12,Cl. SC, 8.134%, 3/25/35³		17,211		3,107
Series 2005-14,Cl. SE, 32.818%, 3/25/35³		624,614		124,653


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2005-40,Cl. SA, 43.984%, 5/25/35³	$	530,996	$	114,656
Series 2005-40,Cl. SB, 56.971%, 5/25/35³		851,917		147,481
Series 2005-52,Cl. JH, 4.423%, 5/25/35³		332,394		63,067
Series 2005-63,Cl. SA, 43.349%, 10/25/31³		29,218		5,852
Series 2006-90,Cl. SX, 99.999%, 9/25/36³		576,444		105,653
Series 2007-88,Cl. XI, 28.138%, 6/25/37³		666,524		129,260
Series 2008-55,Cl. SA, 0.00%, 7/25/38^3,4		56,722		6,743
Series 2009-8,Cl. BS, 0.00%, 2/25/24^3,4		33,929		1,230
Series 2010-95,Cl. DI, 0.00%, 11/25/20^3,4		296,048		13,742
Series 2011-96,Cl. SA, 5.993%, 10/25/41³		168,981		34,513
Series 2012-134,Cl. SA, 8.342%, 12/25/42³		664,942		162,055
Series 2012-40,Cl. PI, 0.00%, 4/25/41^3,4		1,213,536		148,780

Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29		3		—

				117,152,354

GNMA/Guaranteed—1.0%

Government National Mortgage Assn. I Pool:
7.00%, 4/15/28-7/15/28		61,637		69,582
7.50%, 2/15/27		4,638		4,784
8.00%, 5/15/26		9,591		9,713

Government National Mortgage Assn. II Pool:
2.00%, 11/20/25²		2,875		2,975
3.50%, 7/1/46⁵		10,660,000		11,312,925
4.00%, 7/1/46⁵		4,910,000		5,248,713

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17,Cl. AI, 14.757%, 4/16/37³		281,060		61,212
Series 2011-52,Cl. HS, 4.298%, 4/16/41³		471,074		91,760

				16,801,664

Non-Agency—10.4%

Commercial—7.6%

Banc of America Funding Trust:
Series 2006-G,Cl. 2A4, 0.738%, 7/20/36²		928,993		866,433
Series 2014-R7,Cl. 3A1, 2.855%, 3/26/36^1,2		109,932		110,291

BCAP LLC Trust:
Series 2011-R11,Cl. 18A5, 2.43%, 9/26/35^1,2		145,947		146,387
Series 2012-RR2,Cl. 6A3, 2.872%, 9/26/35^1,2		223,456		222,692
Series 2012-RR6,Cl. RR6, 2.404%, 11/26/36¹		226,257		224,066
Series 2013-RR2,Cl. 5A2, 3.031%, 3/26/36^1,2		7,318,528		6,395,512

Chase Mortgage Finance Trust, Series 2005- A2, Cl. 1A3, 2.672%, 1/25/36²		19,034		17,810

Citigroup Commercial Mortgage Trust, Series 2013-GC11, Cl. D, 4.603%, 4/10/46^1,2		130,000		119,582

COMM Mortgage Trust:
Series 2012-CR4,Cl. D, 4.725%, 10/15/45^1,2		95,000		91,364
Series 2012-CR5,Cl. E, 4.479%, 12/10/45^1,2		605,000		549,733

9 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial (Continued)

COMM Mortgage Trust: (Continued)
Series 2013-CR6,Cl. AM, 3.147%, 3/10/46¹	$	960,000	$	1,002,406
Series 2013-CR7,Cl. D, 4.491%, 3/10/46^1,2		3,270,000		2,997,011
Series 2013-CR9,Cl. D, 4.399%, 7/10/45^1,2		2,685,000		2,446,603
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		25,000		27,317
Series 2014-UBS3,Cl. D, 4.974%, 6/10/47^1,2		8,895,000		7,170,493
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		1,095,000		1,193,367
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		1,100,000		1,188,578

COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/45^3,4		3,201,306		238,189

Connecticut Avenue Securities:
Series 2014-C03,Cl. 1M1, 1.653%, 7/25/24²		444,400		445,640
Series 2014-C03,Cl. 2M2, 3.353%, 7/25/24²		4,495,000		4,230,099
Series 2014-C04,Cl. 2M1, 2.553%, 11/25/24²		200,476		201,275
Series 2015-C01,Cl. 1M2, 4.753%, 2/25/25²		2,500,000		2,540,862
Series 2015-C03,Cl. 1M1, 1.953%, 7/25/25²		371,177		372,308
Series 2015-C03,Cl. 1M2, 5.453%, 7/25/25²		4,490,000		4,521,906
Series 2016-C02,Cl. 1M1, 2.603%, 9/25/28²		564,913		571,807
Series 2016-C03,Cl. 1M1, 2.453%, 10/25/28²		971,378		978,579

CSMC, Series 2009-13R, Cl. 4A1, 2.746%, 9/26/36^1,2		2,432		2,436

Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Cl. A1, 5.888%, 6/25/36²		70,163		57,679

Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		600,000		639,579

Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 0.668%, 7/22/36^1,2		5,060,144		4,443,594

Federal National Mortgage Assn., Alternative Credit Enhancement Securities:
Series 2015-M11,Cl. A2, 2.921%, 4/25/25²		825,000		874,342
Series 2015-M8,Cl. A2, 2.90%, 1/25/25²		580,000		619,951
Series 2016-M5,Cl. A2, 2.469%, 4/25/26		3,270,000		3,330,415

FREMF Mortgage Trust:
Series 2012-K20,Cl. C, 4.005%, 5/25/45^1,2		3,725,000		3,688,129
Series 2012-K501,Cl. C, 3.425%, 11/25/46^1,2		40,000		40,070
Series 2013-K25,Cl. C, 3.743%, 11/25/45^1,2		135,000		128,390
Series 2013-K26,Cl. C, 3.722%, 12/25/45^1,2		95,000		92,863
Series 2013-K27,Cl. C, 3.616%, 1/25/46^1,2		150,000		137,387
Series 2013-K28,Cl. C, 3.614%, 6/25/46^1,2		2,330,000		2,158,942
Series 2013-K502,Cl. C, 3.21%, 3/25/45^1,2		220,000		221,172
Series 2013-K712,Cl. C, 3.484%, 5/25/45^1,2		265,000		269,305
Series 2013-K713,Cl. C, 3.274%, 4/25/46^1,2		535,000		532,873


	Principal Amount		Value

Commercial (Continued)

FREMF Mortgage Trust: (Continued)
Series 2014-K41,Cl. B, 3.961%, 11/25/47^1,2	$	2,365,000	$	2,330,978
Series 2015-K44,Cl. B, 3.811%, 1/25/48^1,2		3,990,000		3,869,062
Series 2015-K45,Cl. B, 3.714%, 4/25/48^1,2		3,011,000		2,888,797

GS Mortgage Securities Trust, Series 2014- GC22, Cl. D, 4.646%, 6/10/47^1,2		1,515,000		1,157,500

GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.182%, 7/25/352		23,163		22,811

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Cl. D, 4.293%, 12/15/47²		4,527,000		3,971,284

JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 2.827%, 7/25/35²		88,624		88,572

JP Morgan Resecuritization Trust:
Series 2009-11,Cl. 5A1, 2.746%, 9/26/36^1,2		9,247		9,255
Series 2009-5,Cl. 1A2, 3.046%, 7/26/36^1,2		4,958,561		4,459,037

JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14,Cl. D, 4.715%, 8/15/46^1,2		2,500,000		2,292,686
Series 2013-C15,Cl. D, 5.212%, 11/15/45^1,2		1,245,000		1,188,906
Series 2014-C21,Cl. D, 4.816%, 8/15/47^1,2		4,953,000		4,093,132
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		2,245,000		2,459,589
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		1,225,000		1,316,897

Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6,Cl. E, 4.812%, 11/15/45^1,2		705,000		684,581
Series 2013-C12,Cl. D, 4.925%, 10/15/46^1,2		2,370,000		2,142,263
Series 2013-C13,Cl. D, 5.055%, 11/15/46^1,2		570,000		518,422
Series 2014-C14,Cl. B, 4.802%, 2/15/47²		240,000		264,832
Series 2014-C14,Cl. D, 4.992%, 2/15/47^1,2		5,060,000		4,510,770

Morgan Stanley Re-Remic Trust, Series 2012- R3, Cl. 1A, 2.197%, 11/26/36^1,2		22,603		22,795

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.668%, 6/26/46^1,2		218,943		218,623

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 2.602%, 8/25/34²		4,039,724		4,039,766

Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1,Cl. M1, 3.853%, 7/25/23²		910,412		929,935
Series 2014-DN1,Cl. M2, 2.653%, 2/25/24²		25,000		25,351
Series 2014-DN4,Cl. M3, 5.003%, 10/25/24²		4,980,000		5,081,124
Series 2014-HQ2,Cl. M1, 1.903%, 9/25/24²		254,571		256,041
Series 2014-HQ2,Cl. M3, 4.203%, 9/25/24²		5,430,000		5,222,404
Series 2015-DN1,Cl. M1, 1.703%, 1/25/25²		33,001		33,001
Series 2015-DN1,Cl. M3, 4.603%, 1/25/25²		3,975,000		4,134,790
Series 2015-DNA2,Cl. M2, 3.046%, 12/25/27²		395,000		402,840
Series 2015-DNA3,Cl. M1, 1.803%, 4/25/28²		256,432		256,927

10 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Commercial (Continued)

Structured Agency Credit Risk Debt Nts.: (Continued)
Series 2015-DNA3,Cl. M2, 3.303%, 4/25/28²	$	965,000	$	992,805
Series 2015-DNA3,Cl. M3, 5.153%, 4/25/28²		3,815,000		3,788,084
Series 2015-HQA1,Cl. M1, 1.703%, 3/25/28²		564,303		564,366
Series 2016-DNA2,Cl. M1, 1.703%, 10/25/28²		993,376		993,621
Series 2016-DNA2,Cl. M2, 2.653%, 10/25/28²		995,000		1,003,714
Series 2016-DNA3,Cl. M1, 1.546%, 12/25/28²		835,000		836,235
Series 2016-DNA3,Cl. M2, 2.446%, 12/25/28²		995,000		997,697
Series 2016-HQA2,Cl. M1, 1.653%, 11/25/28²		575,639		576,643
Series 2016-HQA2,Cl. M2, 2.703%, 11/25/28²		985,000		991,250

UBS-Barclays Commercial Mortgage Trust:
Series 2012-C2,Cl. E, 5.043%, 5/10/63^1,2		1,025,000		986,913
Series 2013-C5,Cl. D, 4.224%, 3/10/46^1,2		4,200,000		3,802,331

Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA3, Cl. 5A, 1.928%, 4/25/47²		454,277		345,351

Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Cl. AS, 4.013%, 6/15/48		780,000		851,330

WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.992%, 6/15/45^1,2		180,000		173,714
Series 2013-C11,Cl. D, 4.318%, 3/15/45^1,2		441,000		405,207
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		640,000		678,592
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		490,000		542,537

WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/44^1,3,4		3,971,215		196,385

				133,727,183

Multi-Family—0.9%

Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates:
Series K041,Cl. A2, 3.171%, 10/25/24		580,000		633,616
Series K042,Cl. A2, 2.67%, 12/25/24		710,000		748,354
Series K043,Cl. A2, 3.062%, 12/25/24		470,000		509,543
Series K045,Cl. A2, 3.023%, 1/25/25		1,035,000		1,120,341
Series K046,Cl. A2, 3.205%, 3/25/25		195,000		213,515
Series K047,Cl. A2, 3.329%, 5/25/25		1,720,000		1,901,345
Series K048,Cl. A2, 3.284%, 6/25/25²		1,900,000		2,092,217
Series K049,Cl. A2, 3.01%, 7/25/25		870,000		939,285
Series K050,Cl. A2, 3.334%, 8/25/25²		865,000		956,865
Series K052,Cl. A2, 3.151%, 11/25/25		1,450,000		1,581,119
Series K053,Cl. A2, 2.995%, 12/25/25		1,815,000		1,955,966
Series K054,Cl. A2, 2.745%, 1/25/26		2,120,000		2,238,288

				14,890,454

Residential—1.9%

Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.09%, 3/25/35²		143,025		143,715
Series 2006-1,Cl. A1, 2.58%, 2/25/36²		79,669		77,983

CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		963,577		917,104
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		839,830		829,777

Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2,Cl. 1A3, 2.986%, 5/25/35²		1,236,414		1,221,000


	Principal Amount		Value

Residential (Continued)

Citigroup Mortgage Loan Trust, Inc.: (Continued)
Series 2005-3,Cl. 2A4, 3.007%, 8/25/35²	$	2,158,421	$	1,826,421
Series 2006-AR1,Cl. 1A1, 2.87%, 10/25/35²		10,056		9,965
Series 2009-8,Cl. 7A2, 2.855%, 3/25/36^1,2		10,392,280		9,331,473
Series 2012-8,Cl. 1A1, 2.93%, 10/25/35^1,2		403,711		402,919
Series 2014-8,Cl. 1A2, 0.738%, 7/20/36^1,2		3,400,000		2,683,776

CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G,Cl. 2A, 0.672%, 12/15/35²		55,148		48,379
Series 2006-H,Cl. 2A1A, 0.592%, 11/15/36²		31,322		22,970

Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/35²		406,141		411,543

HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.763%, 7/25/35²		10,185		9,644

MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.553%, 8/25/36²		946,390		420,042

RALI Trust:
Series 2005-QA4,Cl. A32, 3.407%, 4/25/35²		11,449		595
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		19,610		15,919

Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		2,497,595		2,332,544

WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 2.535%, 10/25/33²		101,026		102,741
Series 2005-AR16,Cl. 1A1, 2.567%, 12/25/35²		13,281		12,454

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 2.766%, 2/25/35²		1,626,440		1,620,043
Series 2005-AR10,Cl. 1A1, 2.893%, 6/25/35²		730,315		743,045
Series 2005-AR13,Cl. 1A5, 3.057%, 5/25/35²		218,748		219,249
Series 2005-AR15,Cl. 1A2, 2.736%, 9/25/35²		264,880		257,557
Series 2005-AR15,Cl. 1A6, 2.736%, 9/25/35²		3,267,213		3,098,530
Series 2005-AR4,Cl. 2A2, 2.985%, 4/25/35²		15,184		15,180
Series 2006-AR10,Cl. 5A5, 3.046%, 7/25/36²		561,378		541,987
Series 2006-AR14,Cl. 1A2, 5.879%, 10/25/36²		1,097,133		1,054,504
Series 2006-AR2,Cl. 2A3, 2.855%, 3/25/36²		2,599,926		2,554,993
Series 2006-AR7,Cl. 2A4, 3.085%, 5/25/36²		1,406,306		1,338,771
Series 2006-AR8,Cl. 2A1, 2.866%, 4/25/36²		1,065,847		1,041,417
Series 2007-AR3,Cl. A4, 5.88%, 4/25/37²		831,442		778,571

				34,084,811

Total Mortgage-Backed Obligations (Cost $312,989,294)				316,656,466

U.S. Government Obligations—1.8%

Federal Home Loan Banks Nts., 0.875%, 6/29/18		1,930,000		1,937,629

Federal Home Loan Mortgage Corp. Nts., 1.125%, 4/15/19		5,396,000		5,447,521

Federal National Mortgage Assn. Nts., 0.875%, 3/28/18		693,000		695,580

11 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value

U.S. Government Obligations (Continued)

United States Treasury Nts.:
0.75%, 10/31/17		$	5,265,000	$	5,279,089
0.875%, 7/15/17			1,535,000		1,540,787
1.625%, 4/30/19^6,7			6,347,000		6,511,375
1.75%, 10/31/20^6,7			9,509,000		9,832,895
2.50%, 8/15/23⁶			735,000		796,528

Total U.S. Government Obligations (Cost $31,588,552)					32,041,404

Foreign Government Obligations—5.9%

Argentina—0.3%
Argentine Republic Sr. Unsec. Nts.:
6.625%, 7/6/28			2,550,000		2,550,000
7.125%, 7/6/36			2,085,000		2,085,000
8.375%, 5/19/24¹			595,000		617,313

					5,252,313

Brazil—0.2%
Federative Republic of Brazil Sr. Unsec. Bonds:
5.00%, 1/27/45			640,000		576,000
6.00%, 4/7/26			2,090,000		2,267,650

					2,843,650

Colombia—0.5%
Republic of Colombia Sr. Unsec. Bonds:
3.875%, 3/22/26	EUR		840,000		998,561
4.00%, 2/26/24			410,000		429,475
5.00%, 6/15/45			315,000		329,175
6.125%, 1/18/41			3,530,000		4,112,450
Series B, 7.50%, 8/26/26	COP		11,235,000,000		3,839,703

					9,709,364

Croatia—0.1%
Republic of Croatia Sr. Unsec. Bonds, 6.75%, 11/5/19¹			775,000		845,215

Republic of Croatia Sr. Unsec. Nts., 3.875%, 5/30/22	EUR		900,000		1,025,701

					1,870,916

Dominican Republic—0.0%
Dominican Republic Sr. Unsec. Bonds, 7.45%, 4/30/44¹			425,000		469,625

Hungary—0.4%
Hungary Sr. Unsec. Bonds:
5.375%, 2/21/23			1,165,000		1,292,806
5.75%, 11/22/23			1,550,000		1,767,194

Hungary Unsec. Bonds, Series 23/A, 6%, 11/24/23	HUF		497,000,000		2,124,938

Hungary Unsec. Nts., Series 20/B, 3.50%, 6/24/20	HUF		535,000,000		1,989,714

					7,174,652

Indonesia—1.5%
Perusahaan Penerbit SBSN Indonesia III Sr. Unsec. Nts., 4%, 11/21/18¹			760,000		789,412

Perusahaan Penerbit SBSN Indonesia III Unsec. Bonds:
4.35%, 9/10/24¹			500,000		518,750
4.55%, 3/29/26¹			840,000		879,900

Perusahaan Penerbit SBSN Indonesia III Unsec. Nts., 6.125%, 3/15/19¹			1,670,000		1,837,000

Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 7/30/25¹	EUR		250,000		287,630
3.75%, 6/14/28¹	EUR		420,000		473,035
4.125%, 1/15/25¹			315,000		328,848
5.125%, 1/15/45¹			1,575,000		1,676,883
5.875%, 3/13/20¹			315,000		351,094
6.75%, 1/15/44¹			1,635,000		2,081,759

Republic of Indonesia Treasury Bonds:
Series FR53, 8.25%, 7/15/21	IDR		112,775,000,000		8,870,529
Series FR56, 8.375%, 9/15/26	IDR		95,810,000,000		7,664,068

					25,758,908


		Principal Amount		Value

Kazakhstan—0.1%
Republic of Kazakhstan Sr. Unsec. Bonds, 4.875%, 10/14/44¹		$	2,085,000	$	2,032,854

Mexico—0.6%
United Mexican States Sr. Unsec. Bonds:
4.00%, 3/15/15	EUR		1,720,000		1,776,358
Series M, 5.75%, 3/5/26	MXN		157,670,000		8,568,687

					10,345,045

Morocco—0.1%
Kingdom of Morocco Sr. Unsec. Bonds:
4.25%, 12/11/22¹			960,000		1,007,786
5.50%, 12/11/42¹			1,065,000		1,154,859

					2,162,645

Namibia—0.0%
Republic of Namibia Sr. Unsec. Bonds, 5.25%, 10/29/25¹			420,000		429,450

Oman—0.1%
Sultanate of Oman Sr. Unsec. Bonds, 4.75%, 6/15/26¹			1,690,000		1,680,969

Peru—0.1%
Republic of Peru Sr. Unsec. Bonds:
2.75%, 1/30/26	EUR		1,135,000		1,338,289
3.75%, 3/1/30	EUR		410,000		496,415
4.125%, 8/25/27			740,000		817,700

					2,652,404

Romania—0.2%
Romania Sr. Unsec. Bonds:
2.75%, 10/29/25¹	EUR		1,150,000		1,311,858
3.875%, 10/29/35¹	EUR		360,000		415,965
4.875%, 1/22/24¹			1,315,000		1,453,141

					3,180,964

Senegal—0.0%
Republic of Senegal Unsec. Bonds, 6.25%, 7/30/24¹			425,000		406,938

Serbia—0.1%
Republic of Serbia Sr. Unsec. Nts., 5.25%, 11/21/17¹			565,000		584,897

Republic of Serbia Unsec. Nts., 5.875%, 12/3/18¹			1,190,000		1,263,542

					1,848,439

South Africa—0.4%
Republic of South Africa Unsec. Bonds:
Series 2037, 8.50%, 1/31/37	ZAR		24,200,000		1,489,731
Series R186, 10.50%, 12/21/26	ZAR		68,600,000		5,177,502

					6,667,233

Turkey—0.9%
Republic of Turkey Sr. Unsec. International Bonds, 4.875%, 10/9/26			1,260,000		1,330,428

Republic of Turkey Unsec. Bonds, 6.625%, 2/17/45			1,265,000		1,539,020

Republic of Turkey Unsec. Nts.:
7.40%, 2/5/20	TRY		25,400,000		8,490,214
8.80%, 11/14/18	TRY		10,570,000		3,693,896

					15,053,558

Uruguay—0.3%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50			4,705,000		4,716,763

Total Foreign Government Obligations (Cost $99,910,821)					104,256,690

Corporate Loans—0.2%

Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 4/30/18²			785,300		710,369

12 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


		Principal Amount		Value

Corporate Loans (Continued)

Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/20²		$	945,861	$	908,026

Pharmaceutical Product Development LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 4.25%, 8/18/22²			766,131		761,055

Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/19^2,8			4,151,000		809,445

Sabine Oil & Gas Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 8.75%, 12/31/18^2,8			1,485,000		46,406

Total Corporate Loans (Cost $7,961,598)					3,235,301

Corporate Bonds and Notes—48.5%

Consumer Discretionary—9.8%

Auto Components—1.1%

BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45			192,000		199,879

Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/26¹			1,245,000		1,215,431

Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/22¹			1,445,000		1,271,600

GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		970,000		1,469,104
6.75% Sr. Unsec. Nts., 10/28/19	GBP		1,780,000		2,698,929

Goodyear Tire & Rubber Co. (The):
5.00% Sr. Unsec. Nts., 5/31/26			665,000		679,131
5.125% Sr. Unsec. Nts., 11/15/23			1,815,000		1,883,063
7.00% Sr. Unsec. Nts., 5/15/22			745,000		795,288

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22			2,915,000		2,754,675

Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23			2,925,000		3,020,062

MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/22			3,675,000		3,638,250

Tenneco, Inc., 5% Sr. Unsec. Nts., 7/15/26			495,000		503,351

					20,128,763

Automobiles—0.7%

Daimler Finance North America LLC:
1.50% Sr. Unsec. Nts., 7/5/19¹			861,000		859,717
8.50% Sr. Unsec. Unsub. Nts., 1/18/31			485,000		789,565

Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24			2,098,000		2,177,539

General Motors Co.:
5.00% Sr. Unsec. Nts., 4/1/35			2,265,000		2,263,840
6.25% Sr. Unsec. Nts., 10/2/43			900,000		1,003,795

General Motors Financial Co., Inc., 3% Sr. Unsec. Nts., 9/25/17			616,000		625,306

Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45			258,000		289,186

Hyundai Capital America, 2.40% Sr. Unsec. Nts., 10/30/18¹			624,000		632,929

Nissan Motor Acceptance Corp., 2% Sr. Unsec. Nts., 3/8/19¹			645,000		653,070

Volkswagen Group of America Finance LLC, 1.60% Sr. Unsec. Nts., 11/20/17¹			976,000		976,755

ZF North America Capital, Inc.:
4.50% Sr. Unsec. Nts., 4/29/22¹			1,095,000		1,114,163
4.75% Sr. Unsec. Nts., 4/29/25¹			926,000		941,622

					12,327,487

Distributors—0.1%

LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23			2,172,000		2,144,850


		Principal Amount		Value

Diversified Consumer Services—0.1%

Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		$	813,000	$	847,552

Hotels, Restaurants & Leisure—1.9%

1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/22¹			2,285,000		2,375,692

Aramark Services, Inc., 4.75% Sr. Unsec. Nts., 6/1/26¹			745,000		731,962

Boyd Gaming Corp.:
6.375% Sr. Unsec. Nts., 4/1/261			235,000		246,750
6.875% Sr. Unsec. Nts., 5/15/23			1,400,000		1,498,000

Caesars Entertainment Resort Properties LLC, 11% Sec. Nts., 10/1/21			835,000		824,562

Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.375% Sec. Nts., 5/1/22			830,000		776,050

Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21			1,770,000		1,816,462

Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sr. Sec. Nts., 3/15/19¹			2,005,000		2,090,213

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21			140,000		145,000

International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/22¹			2,100,000		2,162,559

Isle of Capri Casinos, Inc., 5.875% Sr. Unsec. Nts., 3/15/21			970,000		1,011,225

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
5.00% Sr. Unsec. Nts., 6/1/24¹			1,245,000		1,279,237
5.25% Sr. Unsec. Nts., 6/1/26¹			995,000		1,022,362

Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/20¹			2,855,000		3,001,319

Marriott International, Inc.:
3.125% Sr. Unsec. Nts., 6/15/26			135,000		136,850
3.25% Sr. Unsec. Nts., 9/15/22			388,000		403,616
6.375% Sr. Unsec. Nts., 6/15/17			561,000		586,958

McDonald’s Corp.:
2.75% Sr. Unsec. Nts., 12/9/20			387,000		404,483
4.875% Sr. Unsec. Nts., 12/9/45			260,000		304,410

MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/21¹			1,080,000		1,074,087

Merlin Entertainments plc, 2.75% Sr. Unsec. Nts., 3/15/22¹	EUR		2,215,000		2,390,059

MGM Growth Properties Operating Partnership LP/MGP Escrow Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24¹			1,230,000		1,303,800

MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23			1,250,000		1,321,875
6.625% Sr. Unsec. Nts., 12/15/21			1,155,000		1,261,838
6.75% Sr. Unsec. Nts., 10/1/20			1,135,000		1,245,662

NCL Corp. Ltd., 5.25% Sr. Unsec. Nts., 11/15/19¹			1,030,000		1,045,450

PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/20¹			550,000		507,375

Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/08^1,8			250,000		—

Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/24¹			500,000		495,000

Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp., 6.375% Sr. Sec. Nts., 6/1/21¹			560,000		557,200

Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/22¹			2,235,000		1,916,513

					33,936,569

13 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value

Household Durables—1.0%

Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
4.625% Sr. Sec. Nts., 5/15/23¹		$	740,000	$	732,600
7.25% Sr. Unsec. Nts., 5/15/24¹			1,235,000		1,266,647

Beazer Homes USA, Inc., 6.625% Sec. Nts., 4/15/18			990,000		1,007,424

KB Home:
7.00% Sr. Unsec. Nts., 12/15/21			1,100,000		1,111,000
7.625% Sr. Unsec. Nts., 5/15/23			2,275,000		2,320,500

Lennar Corp.:
4.75% Sr. Unsec. Nts., 11/15/22			400,000		408,500
4.75% Sr. Unsec. Nts., 5/30/25			2,498,000		2,435,550

Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20			770,000		829,675

Newell Brands, Inc.:
2.15% Sr. Unsec. Nts., 10/15/18			386,000		390,301
5.00% Sr. Unsec. Nts., 11/15/23¹			868,000		912,763
5.50% Sr. Unsec. Nts., 4/1/46			289,000		344,873

PulteGroup, Inc.:
4.25% Sr. Unsec. Nts., 3/1/21			495,000		512,820
5.50% Sr. Unsec. Nts., 3/1/26			740,000		762,200
6.00% Sr. Unsec. Nts., 2/15/35			80,000		80,000

Standard Industries, Inc., 5.50% Sr. Unsec. Nts., 2/15/23¹			245,000		251,737

Taylor Morrison Communities, Inc./ Monarch Communities, Inc., 5.875% Sr. Unsec. Nts., 4/15/23¹			1,060,000		1,070,600

Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23			1,929,000		1,909,710

Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17			280,000		281,841

					16,628,741

Leisure Equipment & Products—0.0%

Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18			647,000		648,503

Media—3.3%

21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41			350,000		439,067

Altice Financing SA, 6.50% Sec. Nts., 1/15/22¹			2,460,000		2,493,825

Altice Finco SA, 8.125% Sec. Nts., 1/15/24¹			1,260,000		1,225,350

Altice Luxembourg SA:
6.25% Sr. Unsec. Nts., 2/15/25¹	EUR		595,000		605,169
7.25% Sr. Sec. Nts., 5/15/22¹	EUR		1,820,000		2,041,605

AMC Entertainment, Inc., 5.75% Sr. Sub. Nts., 6/15/25			745,000		745,000

Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27			1,202,000		1,271,115

CCO Holdings LLC/CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 2/15/26¹			1,135,000		1,171,887

Charter Communications Operating LLC/Charter Communications Operating Capital:
4.908% Sr. Sec. Nts., 7/23/25¹			1,752,000		1,912,937
6.484% Sr. Sec. Nts., 10/23/45¹			1,787,000		2,142,640

Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23			495,000		491,287

Clear Channel Worldwide Holdings, Inc., Series B, 6.50% Sr. Unsec. Nts., 11/15/22			895,000		899,475

Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42			307,000		353,363

DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24			2,950,000		2,765,625
6.75% Sr. Unsec. Nts., 6/1/21			925,000		960,844
7.75% Sr. Unsec. Nts., 7/1/26¹			250,000		258,750


		Principal Amount		Value

Media (Continued)

DreamWorks Animation SKG, Inc., 6.875% Sr. Unsec. Nts., 8/15/20¹		$	1,260,000	$	1,334,812

Entercom Radio LLC, 10.50% Sr. Unsec. Nts., 12/1/19			1,125,000		1,188,068

Gray Television, Inc.:
5.875% Sr. Unsec. Nts., 7/15/26¹			1,990,000		2,009,900
7.50% Sr. Unsec. Nts., 10/1/20			570,000		597,075

iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19			875,000		668,281

Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24			283,000		303,887

LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21			1,200,000		1,257,000

MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/24¹			490,000		488,775

Mediacom LLC/Mediacom Capital Corp., 7.25% Sr. Unsec. Nts., 2/15/22			1,465,000		1,547,406

Nexstar Broadcasting, Inc.:
6.125% Sr. Unsec. Nts., 2/15/22¹			755,000		766,325
6.875% Sr. Unsec. Nts., 11/15/20			1,205,000		1,263,744

Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/22¹			3,510,000		3,426,638

Omnicom Group, Inc., 3.65% Sr. Unsec. Nts., 11/1/24			588,000		621,263

Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16			602,000		606,611

Sinclair Television Group, Inc.:
5.625% Sr. Unsec. Nts., 8/1/24¹			1,845,000		1,893,431
6.125% Sr. Unsec. Nts., 10/1/22			1,185,000		1,232,400

Sirius XM Radio, Inc.:
5.375% Sr. Unsec. Nts., 7/15/26¹			995,000		982,563
6.00% Sr. Unsec. Nts., 7/15/24¹			245,000		253,881

Sky plc:
3.75% Sr. Unsec. Nts., 9/16/24¹			570,000		593,509
6.10% Sr. Unsec. Nts., 2/15/18¹			317,000		339,061

TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/24¹			1,680,000		1,736,700

Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17			628,000		630,886

Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42			438,000		409,998

Time Warner, Inc.:
2.95% Sr. Unsec. Nts., 7/15/26			462,000		466,720
3.875% Sr. Unsec. Nts., 1/15/26			200,000		216,162

Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22			965,000		965,000

Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/23¹			245,000		244,387
5.125% Sr. Sec. Nts., 2/15/25¹			2,045,000		2,029,663

UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/23¹	EUR		1,945,000		2,321,698

UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/22¹			1,552,500		1,620,422

Viacom, Inc., 3.50% Sr. Unsec. Nts., 4/1/17			248,000		251,573

Virgin Media Finance plc, 7% Sr. Unsec. Nts., 4/15/23	GBP		760,000		1,037,158

Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/26¹			827,000		805,291
5.50% Sr. Sec. Nts., 8/15/26¹			705,000		687,375
6.00% Sr. Sec. Nts., 4/15/21	GBP		1,962,000		2,700,064

					57,275,666

Multiline Retail—0.2%

Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23¹			3,089,000		3,297,507

Specialty Retail—0.7%

AutoZone, Inc.: 1.30% Sr. Unsec. Nts., 1/13/17			161,000		161,380

14 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


		Principal Amount		Value

Specialty Retail (Continued)

AutoZone, Inc.: (Continued)
1.625% Sr. Unsec. Nts., 4/21/19		$	174,000	$	175,013

Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21			544,000		580,720

CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23			1,255,000		1,280,100

GameStop Corp., 5.50% Sr. Unsec. Nts., 10/1/19¹			1,030,000		1,023,563

Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44			342,000		422,592

L Brands, Inc.:
6.625% Sr. Unsec. Nts., 4/1/21			1,585,000		1,791,050
6.75% Sr. Unsec. Nts., 7/1/36			1,260,000		1,265,506
6.875% Sr. Unsec. Nts., 11/1/35			1,595,000		1,622,912

Men’s Wearhouse, Inc. (The), 7% Sr. Unsec. Nts., 7/1/22			580,000		490,100

Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24			555,000		580,809

Sally Holdings LLC/Sally Capital, Inc., 5.75% Sr. Unsec. Nts., 6/1/22			1,565,000		1,629,556

Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24			480,000		469,415

Toys R US Property Co. II LLC, 8.50% Sr. Sec. Nts., 12/1/17			1,285,000		1,278,575

					12,771,291

Textiles, Apparel & Luxury Goods—0.7%

Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/24¹			425,000		428,187
4.875% Sr. Unsec. Nts., 5/15/26¹			495,000		499,257

Levi Strauss & Co.:
5.00% Sr. Unsec. Nts., 5/1/25			2,215,000		2,237,150
6.875% Sr. Unsec. Nts., 5/1/22			490,000		522,463

New Look Secured Issuer plc, 6.50% Sr. Sec. Nts., 7/1/22¹	GBP		1,525,000		1,875,182

PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22			2,737,000		2,788,319

Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21			3,060,000		3,105,900

William Carter Co. (The), 5.25% Sr. Unsec. Nts., 8/15/21			825,000		858,000

					12,314,458

Consumer Staples—2.6%

Beverages—0.5%

Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19			970,000		987,065
3.65% Sr. Unsec. Nts., 2/1/26			699,000		749,633
4.90% Sr. Unsec. Nts., 2/1/46			343,000		403,441

Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39			390,000		623,883

Beam Suntory, Inc., 1.875% Sr. Unsec. Nts., 5/15/17			305,000		306,210

Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24			2,475,000		2,629,688

Molson Coors Brewing Co.:
1.45% Sr. Unsec. Nts., 7/15/19⁵			348,000		349,045
3.00% Sr. Unsec. Nts., 7/15/26⁵			907,000		906,804

Pernod Ricard SA:
2.95% Sr. Unsec. Nts., 1/15/17¹			708,000		713,966
4.25% Sr. Unsec. Nts., 7/15/22¹			704,000		770,667

					8,440,402

Food & Staples Retailing—0.8%

Albertsons Cos. LLC/Safeway, Inc./ New Albertson’s, Inc./Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/24¹			745,000		771,075

CVS Health Corp., 2.875% Sr. Unsec. Nts., 6/1/26			912,000		934,092


	Principal Amount		Value

Food & Staples Retailing (Continued)

Delhaize Group:
5.70% Sr. Unsec. Nts., 10/1/40	$	261,000	$	306,251
6.50% Sr. Unsec. Nts., 6/15/17		166,000		173,727

Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		2,055,000		2,090,963

Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		40,000		40,676
6.40% Sr. Unsec. Nts., 8/15/17		559,000		591,503
6.80% Sr. Unsec. Nts., 12/15/18		287,000		323,143
6.90% Sr. Unsec. Nts., 4/15/38		248,000		346,627

New Albertsons, Inc., 7.45% Sr. Unsec. Nts., 8/1/29		740,000		721,500

Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		1,765,000		1,988,821

Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/24¹		495,000		504,900

Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/23¹		2,100,000		2,254,665

SUPERVALU, Inc., 6.75% Sr. Unsec. Nts., 6/1/21		740,000		625,285

US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/24¹		125,000		128,438

Walgreens Boots Alliance, Inc.:
1.75% Sr. Unsec. Nts., 5/30/18		667,000		672,453
3.10% Sr. Unsec. Nts., 6/1/23		1,000,000		1,018,202

Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		688,000		807,143

				14,299,464

Food Products—0.8%

Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		615,000		623,754
8.50% Sr. Unsec. Nts., 6/15/19		400,000		468,331

ConAgra Foods, Inc., 1.90% Sr. Unsec. Nts., 1/25/18		386,000		389,200

Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/23¹		2,065,000		2,137,275

Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		635,000		638,475

JM Smucker Co. (The), 1.75% Sr. Unsec. Nts., 3/15/18		498,000		502,132

Kraft Heinz Foods Co.:
3.00% Sr. Unsec. Nts., 6/1/26¹		402,000		407,151
4.375% Sr. Unsec. Nts., 6/1/46¹		402,000		427,226

Land O’ Lakes, Inc., 6% Sr. Unsec. Nts., 11/15/22¹		745,000		793,425

Marfrig Holdings Europe BV, 8% Sr. Unsec. Nts., 6/8/23^1,5		455,000		465,465

Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/25¹		910,000		912,275

Post Holdings, Inc.:
6.75% Sr. Unsec. Nts., 12/1/21¹		940,000		996,400
7.375% Sr. Unsec. Nts., 2/15/22		1,675,000		1,767,125

TreeHouse Foods, Inc.:
4.875% Sr. Unsec. Nts., 3/15/22		932,000		955,300
6.00% Sr. Unsec. Nts., 2/15/24¹		990,000		1,061,082

Tyson Foods, Inc., 4.875% Sr. Unsec. Nts., 8/15/34		364,000		407,527

WhiteWave Foods Co. (The), 5.375% Sr. Unsec. Nts., 10/1/22		670,000		720,250

				13,672,393

Household Products—0.1%

Spectrum Brands, Inc.:
6.125% Sr. Unsec. Nts., 12/15/24		360,000		381,600
6.375% Sr. Unsec. Nts., 11/15/20		1,700,000		1,778,625

				2,160,225

15 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Personal Products—0.1%

Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/24/22	$	85,000	$	87,762

Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21		2,205,000		2,138,850

				2,226,612


Tobacco—0.3%

Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		463,000		861,088

Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/18¹		947,000		958,094

Philip Morris International, Inc., 4.25% Sr. Unsec. Nts., 11/10/44		194,000		213,782

Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		708,000		908,754

Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21		1,170,000		1,224,113

				4,165,831


Energy—5.8%

Energy Equipment & Services—0.7%

Eletson Holdings, Inc., 9.625% Sr. Sec. Nts., 1/15/22¹		2,095,000		1,644,575

Endeavor Energy Resources LP/EER Finance, Inc., 7% Sr. Unsec. Nts., 8/15/21¹		550,000		543,125

Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		257,000		281,293

Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		247,000		264,126

Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		905,000		576,937

Nabors Industries, Inc., 2.35% Sr. Unsec. Nts., 9/15/16		466,000		465,302

Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/43¹		2,612,000		2,543,289
6.45% Sr. Unsec. Nts., 5/30/44¹		2,770,000		2,946,261

Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		780,000		717,600

Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/17¹		789,000		794,285
4.00% Sr. Unsec. Nts., 12/21/25¹		611,000		658,667

Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/17¹		637,000		639,301

Sinopec Group Overseas Development 2015 Ltd., 2.50% Sr. Unsec. Nts., 4/28/20¹		860,000		870,140

				12,944,901


Oil, Gas & Consumable Fuels—5.1%

Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		168,000		154,989
5.55% Sr. Unsec. Nts., 3/15/26		715,000		791,403
6.20% Sr. Unsec. Nts., 3/15/40		206,000		231,824

Antero Resources Corp., 6% Sr. Unsec. Nts., 12/1/20		1,705,000		1,732,007

Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		317,000		327,341

Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25		1,340,000		1,372,633

Bill Barrett Corp., 7.625% Sr. Unsec. Nts., 10/1/19		895,000		733,900

Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/22¹		570,000		542,925

Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		350,000		344,988

BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		967,000		975,125


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

California Resources Corp., 8% Sec. Nts., 12/15/22¹	$	873,000	$	620,921

Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23		1,650,000		1,596,375

Cheniere Corpus Christi Holdings LLC, 7% Sr. Sec. Nts., 6/30/24¹		2,065,000		2,123,088

Chesapeake Energy Corp., 8% Sec. Nts., 12/15/22¹		785,000		669,212

Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		972,000		983,604

CNOOC Finance 2011 Ltd., 4.25% Sr. Unsec. Nts., 1/26/21¹		760,000		804,905

CNOOC Nexen Finance 2014 ULC, 1.625% Sr. Unsec. Nts., 4/30/17		546,000		547,248

Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25		506,000		545,138

Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		1,130,000		1,138,475

ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		108,000		122,657
5.95% Sr. Unsec. Nts., 3/15/46		230,000		288,078

CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22		1,440,000		1,265,400

Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		950,000		930,648

DCP Midstream LLC:
4.75% Sr. Unsec. Nts., 9/30/21¹		245,000		230,300
5.35% Sr. Unsec. Nts., 3/15/20¹		365,000		358,586

Delek & Avner Tamar Bond Ltd., 5.082% Sr. Sec. Nts., 12/30/23¹		500,000		518,125

Denbury Resources, Inc., 9% Sec. Nts., 5/15/21¹		495,000		497,475

Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		292,000		262,787

Encana Corp., 3.90% Sr. Unsec. Nts., 11/15/21		485,000		471,543

Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		1,175,000		1,148,562
7.50% Sr. Sec. Nts., 10/15/20		1,975,000		2,103,375

EnLink Midstream Partners LP, 4.40% Sr. Unsec. Nts., 4/1/24		791,000		743,506

Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		174,000		185,998
4.90% Sr. Unsec. Nts., 5/15/46		171,000		185,089

EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/22		1,460,000		897,900

Gazprom OAO Via Gaz Capital SA:
4.95% Sr. Unsec. Nts., 7/19/22¹		1,925,000		1,999,209
7.288% Sr. Unsec. Nts., 8/16/37¹		1,000,000		1,165,350

Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21		1,720,000		1,634,000

Halcon Resources Corp., 12% Sec. Nts., 2/15/22¹		274,000		251,395

Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23		1,555,000		1,763,362

KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/23¹		505,000		494,900
6.375% Sr. Unsec. Nts., 4/9/21¹		3,255,000		3,572,362
7.00% Sr. Unsec. Nts., 5/5/20¹		3,450,000		3,772,713

Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		875,000		892,464

Laredo Petroleum, Inc., 5.625% Sr. Unsec. Nts., 1/15/22		1,305,000		1,226,700

LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23⁹		1,530,000		1,484,100

MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21¹		1,145,000		893,100

16 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

MPLX LP, 4.875% Sr. Unsec. Nts., 6/1/25¹		$ 695,000	$	680,759

Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125% Sr. Sec. Nts., 11/15/21¹		945,000		746,550

Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		1,045,000		1,050,225

Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		240,000		242,746

Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/22¹		720,000		726,156

Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		765,000		699,975

ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23		1,360,000		1,451,800

Origin Energy Finance Ltd., 3.50% Sr. Unsec. Nts., 10/9/18¹		1,079,000		1,086,187

Pacific Exploration & Production Corp., 5.625% Sr. Unsec. Nts., 1/19/25^1,8		1,135,000		215,650

Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23		310,000		252,557
5.75% Sr. Unsec. Nts., 1/20/20		75,000		72,540
8.375% Sr. Unsec. Nts., 5/23/21		1,235,000		1,277,607
8.75% Sr. Unsec. Nts., 5/23/26		2,085,000		2,104,453

Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/26	EUR	1,030,000		1,070,494
5.50% Sr. Unsec. Nts., 6/27/44		3,790,000		3,443,404
6.375% Sr. Unsec. Nts., 2/4/21¹		850,000		926,330
6.375% Sr. Unsec. Nts., 1/23/45		580,000		585,800
6.875% Sr. Unsec. Nts., 8/4/26¹		3,260,000		3,652,830

QEP Resources, Inc., 5.25% Sr. Unsec. Nts., 5/1/23		805,000		744,625

Range Resources Corp.:
5.00% Sr. Sub. Nts., 8/15/22		1,735,000		1,643,912
5.00% Sr. Sub. Nts., 3/15/23		325,000		306,313

Regency Energy Partners LP/Regency Energy Finance Corp., 5% Sr. Unsec. Nts., 10/1/22		410,000		421,294

Rice Energy, Inc., 6.25% Sr. Unsec. Nts., 5/1/22		1,565,000		1,561,088

Sabine Pass Liquefaction LLC:
5.625% Sr. Sec. Nts., 4/15/23		1,250,000		1,260,938
5.75% Sr. Sec. Nts., 5/15/24		575,000		573,563

Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		825,000		641,438
7.75% Sr. Unsec. Nts., 6/15/21		405,000		345,263

Shell International Finance BV:
1.375% Sr. Unsec. Nts., 5/10/19		728,000		730,454
4.00% Sr. Unsec. Nts., 5/10/46		355,000		363,289

SM Energy Co., 6.50% Sr. Unsec. Nts., 1/1/23		1,550,000		1,449,250

Southwestern Energy Co., 4.05% Sr. Unsec. Nts., 1/23/20		780,000		766,350

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% Sr. Unsec. Nts., 8/15/22		1,420,000		1,228,300

Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.125% Sr. Unsec. Nts., 11/15/19		745,000		741,275
5.00% Sr. Unsec. Nts., 1/15/18		1,160,000		1,186,100

Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
5.875% Sr. Unsec. Nts., 10/1/20		1,154,000		1,188,620
6.25% Sr. Unsec. Nts., 10/15/22		935,000		979,413

Thai Oil PCL, 4.875% Sr. Unsec. Nts., 1/23/43¹		195,000		208,416

TOTAL SA, 2.25% Jr. Sub. Perpetual Bonds^2,10	EUR	2,185,000		2,349,725


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

TransCanada PipeLines Ltd., 1.625% Sr. Unsec. Nts., 11/9/17		$ 895,000	$	897,336

Western Gas Partners LP, 4.65% Sr. Unsec. Nts., 7/1/26⁵		157,000		157,931

Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/21		1,640,000		1,490,350

Williams Partners LP/ACMP Finance Corp., 6.125% Sr. Unsec. Nts., 7/15/22		1,390,000		1,427,235

WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24		945,000		836,325
6.00% Sr. Unsec. Nts., 1/15/22		305,000		285,175

				89,665,826


Financials—8.9%

Capital Markets—1.3%

Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		2,095,000		1,010,837

Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/24¹		765,000		787,543

Credit Suisse AG, New York, 3.625% Sr. Unsec. Nts., 9/9/24		512,000		529,643

Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26¹		360,000		375,183

Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/21¹		3,145,000		2,901,263

First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/24¹		1,935,000		1,947,094
5.75% Sec. Nts., 1/15/24¹		910,000		905,450
7.00% Sr. Unsec. Nts., 12/1/23¹		3,055,000		3,112,281

Goldman Sachs Group, Inc. (The):
3.75% Sr. Unsec. Nts., 2/25/16		548,000		576,116
5.15% Sub. Nts., 5/22/45		698,000		730,146

KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/20¹		3,970,000		3,602,775

Morgan Stanley:
3.875% Sr. Unsec. Nts., 1/27/26		1,377,000		1,468,992
5.00% Sub. Nts., 11/24/25		746,000		818,077

MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/24¹		495,000		520,988

Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		626,000		627,110

Prime Security Services Borrower LLC/ Prime Finance, Inc., 9.25% Sec. Nts., 5/15/23¹		495,000		525,938

Springleaf Finance Corp., 8.25% Sr. Unsec. Nts., 12/15/20		490,000		492,450

UBS Group AG, 6.875% Jr. Sub. Perpetual Bonds^2,10,11		1,005,000		986,605

UBS Group Funding Jersey Ltd., 4.125% Sr. Unsec. Nts., 4/15/26¹		584,000		609,346

				22,527,837


Commercial Banks—3.9%

ABN AMRO Bank NV, 4.75% Sub. Nts., 7/28/25¹		2,499,000		2,603,658

Allied Irish Banks plc, 4.125% Sub. Nts., 11/26/25^2,11	EUR	750,000		773,545

Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/12⁸		315,159		—

Australia & New Zealand Banking Group Ltd., 6.75% Jr. Sub. Perpetual Bonds^1,2,10		105,000		108,629

Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/20¹		125,000		126,875

Banco Bilbao Vizcaya Argentaria SA, 8.875% Jr. Sub. Perpetual Bonds^2,10,11	EUR	2,525,000		2,784,499

Banco de Bogota SA, 6.25% Sub. Nts., 5/12/26¹		590,000		601,800

17 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial Banks (Continued)

Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 11/30/20¹		$ 170,000	$	184,833

Bank of America Corp.:
3.50% Sr. Unsec. Nts., 4/19/26		880,000		912,191
7.75% Jr. Sub. Nts., 5/14/38		455,000		642,987

Bank of China Ltd., 5% Sub. Nts., 11/13/24¹		655,000		699,232

Bank of Ireland:
4.25% Sub. Nts., 6/11/24²	EUR	930,000		1,004,844
10.00% Sub. Nts., 12/19/22	EUR	1,690,000		2,365,995

BankAmerica Capital III, 1.198% Jr. Sub. Nts., 1/15/27²		420,000		349,125

Barclays plc:
7.00% Jr. Sub. Perpetual Bonds^2,10	GBP	1,170,000		1,380,779
8.00% Jr. Sub. Perpetual Bonds^2,10	EUR	1,390,000		1,446,760

BB&T Corp., 2.05% Sr. Unsec. Nts., 5/10/21		993,000		1,008,181

BNP Paribas SA, 4.375% Sub. Nts., 9/28/25¹		529,000		537,698

BPCE SA:
2.65% Sr. Unsec. Nts., 2/3/21		759,000		782,077
2.75% Sub. Nts., 7/8/26²	EUR	895,000		1,007,881
4.875% Sub. Nts., 4/1/26¹		1,015,000		1,043,871

CIT Group, Inc.:
4.25% Sr. Unsec. Nts., 8/15/17		575,000		587,075
5.00% Sr. Unsec. Nts., 8/15/22		3,205,000		3,269,100

Citigroup, Inc.:
3.40% Sr. Unsec. Nts., 5/1/26		566,000		582,040
4.65% Sr. Unsec. Nts., 7/30/45		480,000		530,041
6.25% Jr. Sub. Perpetual Bonds^2,10		1,770,000		1,825,313
6.675% Sub. Nts., 9/13/43		296,000		381,593

Citizens Bank NA (Providence RI), 2.55% Sr. Unsec. Nts., 5/13/21		776,000		784,453

Constellis Holdings LLC/Constellis Finance Corp., 9.75% Sec. Nts., 5/15/20¹		2,095,000		2,010,676

Cooperatieve Rabobank UA, 5.50% Jr. Sub. Perpetual Bonds^2,10	EUR	1,910,000		2,027,419

Credit Agricole SA, 8.125% Jr. Sub. Perpetual Bonds^1,2,10		1,005,000		1,003,284

Danske Bank AS:
2.80% Sr. Unsec. Nts., 3/10/21¹		525,000		545,217
5.684% Jr. Sub. Perpetual Bonds^2,10	GBP	1,415,000		1,893,194

Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		491,000		516,931

FirstMerit Corp., 4.35% Sub. Nts., 2/4/23		660,000		692,665

Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/22¹		1,015,000		995,969

HSBC Bank Capital Funding Sterling 1 LP, 5.844% Jr. Sub. Perpetual Bonds^2,10	GBP	710,000		1,012,389

Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		528,000		547,607

ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/22^1,2		730,000		740,846

ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/21¹		705,000		729,115

Intesa Sanpaolo SpA:
5.017% Sub. Nts., 6/26/24¹		1,625,000		1,495,868
5.71% Sub. Nts., 1/15/26¹		866,000		822,920
7.00% Jr. Sub. Perpetual Bonds^2,10,11	EUR	900,000		935,852

JPMorgan Chase & Co.:
2.70% Sr. Unsec. Nts., 5/18/23		584,000		590,564
6.75% Jr. Sub. Perpetual Bonds, Series S^2,10		650,000		716,625

KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		833,000		846,445

Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/24²		345,000		361,586

Lloyds Banking Group plc, 6.413% Jr. Sub. Perpetual Bonds^1,2,10		566,000		608,450


	Principal Amount		Value

Commercial Banks (Continued)

NN Group NV, 4.625% Sub. Nts., 4/8/44²	EUR	1,370,000	$	1,541,665

OPE KAG Finance Sub, Inc., 7.875% Sr. Unsec. Nts., 7/31/23¹		1,660,000		1,643,400

Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds^1,2,10	GBP	150,000		205,329

Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		477,000		480,422

Royal Bank of Scotland Group plc:
5.125% Sub. Nts., 5/28/24		1,590,000		1,553,527
7.64% Jr. Sub. Perpetual Bonds^2,10		497,000		474,635

Santander UK Group Holdings plc, 4.75% Sub. Nts., 9/15/25¹		1,575,000		1,559,203

Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/24^1,2		1,165,000		1,149,797

Skandinaviska Enskilda Banken AB, 2.625% Sr. Unsec. Nts., 3/15/21		526,000		543,015

Societe Generale SA:
5.922% Jr. Sub. Perpetual Bonds^1,2,10		550,000		557,332
8.00% Jr. Sub. Perpetual Bonds^1,2,10		2,105,000		2,014,275

SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/23¹	EUR	1,645,000		1,755,396

SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		417,000		421,491

SunTrust Banks, Inc., 3.50% Sr. Unsec. Nts., 1/20/17		364,000		368,095

Swedbank AB, 2.65% Sr. Unsec. Nts., 3/10/21¹		557,000		576,343

TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/21¹		390,000		397,931

Turkiye Halk Bankasi As, 5% Sr. Unsec. Nts., 7/13/21^1,5		810,000		808,226

Turkiye Is Bankasi, 5.375% Sr. Unsec. Nts., 10/6/21¹		460,000		475,813

Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/25^1,2		995,000		1,011,169

US Bancorp, 3.10% Sub. Nts., 4/27/26		586,000		610,619

Wells Fargo & Co.:
3.00% Sr. Unsec. Nts., 4/22/26		1,445,000		1,474,790
4.40% Sub. Nts., 6/14/46		89,000		90,617
5.90% Jr. Sub. Perpetual Bonds, Series S^2,10		685,000		705,550

				67,837,337


Consumer Finance—0.5%

Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/23¹		2,090,000		1,452,550

Ally Financial, Inc.:
4.25% Sr. Unsec. Nts., 4/15/21		1,704,000		1,706,130
4.625% Sr. Unsec. Nts., 5/19/22		1,000,000		1,010,000
5.75% Sub. Nts., 11/20/25		1,175,000		1,182,344

Capital One Financial Corp., 3.20% Sr. Unsec. Nts., 2/5/25		656,000		663,661

Cash America International, Inc., 5.75% Sr. Unsec. Nts., 5/15/18		1,045,000		1,065,900

Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25		606,000		611,878

Synchrony Financial, 4.50% Sr. Unsec. Nts., 7/23/25		172,000		178,674

TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/18¹		685,000		551,425

				8,422,562


Diversified Financial Services—0.4%

Banco Nacional de Desenvolvimento Economico e Social, 6.50% Sr. Unsec. Nts., 6/10/19¹		1,490,000		1,579,400

Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		267,000		271,568

18 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Diversified Financial Services (Continued)

Berkshire Hathaway, Inc., 3.125% Sr. Unsec. Nts., 3/15/26		$ 398,000	$	418,050

JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35^1,12	MXN	5,808,600		27,800

Nationwide Building Society, 3.90% Sr. Unsec. Nts., 7/21/25¹		683,000		731,431

Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25¹		445,000		447,166

S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		941,000		963,719

Schaeffler Finance BV:
3.25% Sr. Sec. Nts., 5/15/25¹	EUR	670,000		763,186
4.75% Sr. Sec. Nts., 5/15/23¹		135,000		137,700

Suntory Holdings Ltd., 1.65% Sr. Unsec. Nts., 9/29/17¹		327,000		328,133

Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/53²		810,000		764,438

				6,432,591


Insurance—0.8%

Assicurazioni Generali SpA, 7.75% Sub. Nts., 12/12/42²	EUR	790,000		1,020,608

Aviva plc:
5.902% Jr. Sub. Perpetual Bonds^2,10	GBP	750,000		985,934
6.125% Jr. Sub. Perpetual Bonds^2,10	GBP	1,490,000		1,989,263

AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		480,000		518,803

CNO Financial Group, Inc., 4.50% Sr. Unsec. Nts., 5/30/20		2,195,000		2,282,800

Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/23¹		744,000		804,541

Liberty Mutual Group, Inc., 4.85% Sr. Unsec. Nts., 8/1/44¹		359,000		369,180

Manulife Financial Corp., 4.15% Sr. Unsec. Nts., 3/4/26		525,000		562,912

MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^2,10		446,000		443,770

National Financial Partners Corp., 9% Sr. Unsec. Nts., 7/15/21¹		1,525,000		1,475,437

Prudential Financial, Inc., 5.375% Jr. Sub. Nts., 5/15/45²		617,000		624,713

Sogecap SA, 4.125% Sub. Perpetual Bonds^2,10	EUR	1,015,000		1,044,436

TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/24¹		835,000		879,103

Travelers Cos, Inc. (The), 3.75% Sr. Unsec. Nts., 5/15/46		751,000		788,859

Unum Group, 7.125% Sr. Unsec. Nts., 9/30/16		535,000		542,046

XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^2,10		360,000		251,100

				14,583,505


Real Estate Investment Trusts (REITs)—1.3%

American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20		616,000		630,993
5.90% Sr. Unsec. Nts., 11/1/21		279,000		325,051

Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/34^8,12	MXN	4,830,531		—

Boston Properties LP, 3.70% Sr. Unsec. Nts., 11/15/18		593,000		621,153

Communications Sales & Leasing, Inc./ CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23		2,320,000		2,360,600

Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23		935,000		946,687

CTR Partnership LP/CareTrust Capital Corp., 5.875% Sr. Unsec. Nts., 6/1/21		760,000		763,800


	Principal Amount		Value

Real Estate Investment Trusts (REITs) (Continued)

DuPont Fabros Technology LP, 5.875% Sr. Unsec. Nts., 9/15/21	$	1,535,000	$	1,613,669

Equinix, Inc.:
5.375% Sr. Unsec. Nts., 1/1/22		2,200,000		2,282,500
5.875% Sr. Unsec. Nts., 1/15/26		1,135,000		1,186,075

FelCor Lodging LP, 6% Sr. Unsec. Nts., 6/1/25		1,035,000		1,047,937

GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23		810,000		849,488

HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17		332,000		343,015

Highwoods Realty LP, 5.85% Sr. Unsec. Nts., 3/15/17		407,000		418,595

Host Hotels & Resorts LP, Series D, 3.75% Sr. Unsec. Nts., 10/15/23		557,000		562,143

Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/26¹		995,000		968,881

Iron Mountain, Inc., 6% Sr. Unsec. Nts., 10/1/20¹		685,000		724,388

iStar, Inc., 4.875% Sr. Unsec. Nts., 7/1/18		2,145,000		2,077,969

Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26¹		620,000		646,741

MPT Operating Partnership LP/MPT Finance Corp., 6.375% Sr. Unsec. Nts., 3/1/24		740,000		791,800

Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		2,040,000		2,108,850

Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17		53,000		55,100

Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/26¹		1,175,000		1,201,438

WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/17¹		434,000		435,343

Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		130,000		131,390

				23,093,606


Real Estate Management & Development—0.3%

Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		873,000		888,755

Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/20¹		2,025,000		2,030,062

Realogy Group LLC/Realogy Co.-Issuer Corp.:
4.875% Sr. Unsec. Nts., 6/1/23¹		1,240,000		1,227,600
5.25% Sr. Unsec. Nts., 12/1/21¹		1,605,000		1,651,144

				5,797,561


Thrifts & Mortgage Finance—0.4%

Jefferies Finance LLC/JFIN Co.-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/20¹		1,015,000		926,187

MDC-GMTN BV, 2.75% Sr. Unsec. Nts., 5/11/23¹		840,000		842,261

Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/25¹		2,135,000		2,070,950

Radian Group, Inc., 5.25% Sr. Unsec. Nts., 6/15/20		2,025,000		2,045,250

Walter Investment Management Corp., 7.875% Sr. Unsec. Nts., 12/15/21		1,630,000		808,888

				6,693,536


Health Care—3.6%

Biotechnology—0.1%

AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		521,000		546,950
4.70% Sr. Unsec. Nts., 5/14/45		125,000		132,813

Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		236,000		266,611

19 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal��Amount		Value

Biotechnology (Continued)

Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		$ 491,000	$	524,968
5.00% Sr. Unsec. Nts., 8/15/45		81,000		89,622

Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		390,000		443,935

				2,004,899


Health Care Equipment & Supplies—0.3%

Becton Dickinson & Co., 3.875% Sr. Unsec. Nts., 5/15/24		333,000		363,169

Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		678,000		718,851

DJO Finco, Inc./DJO Finance LLC/ DJO Finance Corp., 8.125% Sec. Nts., 6/15/21¹		580,000		504,600

Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/23¹		680,000		698,700

Hologic, Inc., 5.25% Sr. Unsec. Nts., 7/15/22¹		1,460,000		1,531,175

Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/23¹		510,000		522,750

Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		520,000		521,300

Stryker Corp., 3.50% Sr. Unsec. Nts., 3/15/26		318,000		338,213

Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25		314,000		324,383

				5,523,141


Health Care Providers & Services—2.2%

Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		930,000		916,050
6.50% Sr. Unsec. Nts., 3/1/24¹		250,000		254,375

Amsurg Corp., 5.625% Sr. Unsec. Nts., 7/15/22		945,000		974,531

Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24		442,000		472,401

Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		1,920,000		1,968,000
5.625% Sr. Unsec. Nts., 2/15/21¹		245,000		256,025
6.125% Sr. Unsec. Nts., 2/15/24¹		245,000		261,078

CHS/Community Health Systems, Inc., 6.875% Sr. Unsec. Nts., 2/1/22		3,585,000		3,154,800

DaVita HealthCare Partners, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		1,160,000		1,152,750
5.125% Sr. Unsec. Nts., 7/15/24		1,995,000		2,020,885

Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/22¹		590,000		601,682

Express Scripts Holding Co., 4.50% Sr. Unsec. Nts., 2/25/26		661,000		727,965

FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		1,008,000		735,840

Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/24¹		785,000		820,325
5.875% Sr. Unsec. Nts., 1/31/22¹		1,265,000		1,393,081

HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		700,000		719,250
7.50% Sr. Unsec. Nts., 2/15/22		2,695,000		3,070,952
Series 1,5.875% Sr. Unsec. Nts., 5/1/23		3,480,000		3,719,250

HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		1,550,000		1,563,950

IASIS Healthcare LLC/IASIS Capital Corp., 8.375% Sr. Unsec. Nts., 5/15/19		1,270,000		1,226,344

Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		1,395,000		1,250,269

Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		1,158,000		1,204,655


	Principal Amount		Value

Health Care Providers & Services (Continued)

LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21		$ 1,435,000	$	1,499,575

McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		406,000		465,147

Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18		261,000		285,066

OCP SA, 4.50% Sr. Unsec. Nts., 10/22/25¹		740,000		725,866

Quest Diagnostics, Inc., 3.45% Sr. Unsec. Nts., 6/1/26		400,000		414,388

Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		900,000		868,500

Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23		2,370,000		2,278,162
8.125% Sr. Unsec. Nts., 4/1/22		1,445,000		1,488,061

Universal Health Services, Inc., 4.75% Sr. Sec. Nts., 8/1/22¹		1,000,000		1,019,620

Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		725,000		669,719

				38,178,562


Life Sciences Tools & Services—0.2%

Quintiles Transnational Corp., 4.875% Sr. Unsec. Nts., 5/15/23¹		1,627,000		1,659,540

Thermo Fisher Scientific, Inc.:
1.30% Sr. Unsec. Nts., 2/1/17		309,000		309,275
2.15% Sr. Unsec. Nts., 12/14/18		247,000		249,954
3.00% Sr. Unsec. Nts., 4/15/23		599,000		610,893
4.15% Sr. Unsec. Nts., 2/1/24		229,000		250,428
5.30% Sr. Unsec. Nts., 2/1/44		298,000		347,983

				3,428,073


Pharmaceuticals—0.8%

Actavis Funding SCS:
1.85% Sr. Unsec. Nts., 3/1/17		645,000		647,296
3.80% Sr. Unsec. Nts., 3/15/25		647,000		674,419
4.75% Sr. Unsec. Nts., 3/15/45		206,000		216,569

Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR	2,055,000		2,380,987

Concordia International Corp., 7% Sr. Unsec. Nts., 4/15/23¹		585,000		501,637

Endo Finance LLC/Endo Finco, Inc., 5.875% Sr. Unsec. Nts., 1/15/23¹		1,555,000		1,356,737

Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/23¹		1,205,000		1,066,425
6.00% Sr. Unsec. Nts., 2/1/25¹		210,000		183,225

Mallinckrodt International Finance SA/ Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/201		220,000		213,400
5.50% Sr. Unsec. Nts., 4/15/25¹		1,160,000		1,040,659
5.75% Sr. Unsec. Nts., 8/1/22¹		930,000		889,894

Mylan NV:
2.50% Sr. Unsec. Nts., 6/7/19¹		430,000		436,015
3.95% Sr. Unsec. Nts., 6/15/26¹		585,000		592,985

Perrigo Finance Unlimited Co., 4.375% Sr. Unsec. Nts., 3/15/26		239,000		249,523

Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/24¹		370,000		385,725

Valeant Pharmaceuticals International, Inc.:
5.50% Sr. Unsec. Nts., 3/1/23¹		2,330,000		1,882,931
5.875% Sr. Unsec. Nts., 5/15/23¹		555,000		450,938
6.75% Sr. Unsec. Nts., 8/15/211		485,000		415,888
7.50% Sr. Unsec. Nts., 7/15/21¹		785,000		696,197

				14,281,450

20 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Industrials—5.3%

Aerospace & Defense—0.8%

Aerojet Rocketdyne Holdings, Inc., 7.125% Sec. Nts., 3/15/21	$	2,440,000	$	2,574,810

BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/25¹		674,000		716,140

CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/21¹		2,995,000		2,545,750

DigitalGlobe, Inc., 5.25% Sr. Unsec. Nts., 2/1/21¹		910,000		850,850

L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17		33,000		33,016

LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/19		1,555,000		1,574,438

Lockheed Martin Corp., 3.55% Sr. Unsec. Nts., 1/15/26		428,000		467,870

Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		505,000		605,298

Spirit AeroSystems, Inc., 5.25% Sr. Unsec. Nts., 3/15/22		985,000		1,034,649

Textron, Inc., 4.30% Sr. Unsec. Nts., 3/1/24		293,000		315,497

TransDigm, Inc., 6.375% Sr. Sub. Nts., 6/15/26¹		1,245,000		1,243,444

Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		1,975,000		1,826,875

United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/18²		170,000		171,604

				13,960,241


Air Freight & Couriers—0.3%

CEVA Group plc, 7% Sr. Sec. Nts., 3/1/21¹		1,475,000		1,275,875

SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/20¹		2,560,000		1,984,000

XPO Logistics, Inc., 7.875% Sr. Unsec. Nts., 9/1/19¹		1,870,000		1,912,075

				5,171,950


Airlines—0.3%

Air Canada, 6.75% Sr. Sec. Nts., 10/1/19¹		3,540,000		3,677,883

American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/20¹		830,000		795,763
5.50% Sr. Unsec. Nts., 10/1/19¹		930,000		924,187

				5,397,833


Building Products—0.5%

Masco Corp., 4.45% Sr. Unsec. Nts., 4/1/25		1,045,000		1,086,905

Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21		3,340,000		3,466,085

Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		530,000		566,003

Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/24¹		1,365,000		1,395,712

USG Corp., 5.50% Sr. Unsec. Nts., 3/1/25¹		2,000,000		2,102,500

				8,617,205


Commercial Services & Supplies—0.7%

ACCO Brands Corp., 6.75% Sr. Unsec. Nts., 4/30/20		495,000		526,556

ADT Corp. (The), 5.25% Sr. Sec. Nts., 3/15/20		3,135,000		3,323,100

Advanced Disposal Services, Inc., 8.25% Sr. Unsec. Nts., 10/1/20		1,075,000		1,096,500

Cenveo Corp., 6% Sr. Sec. Nts., 8/1/19¹		400,000		334,000

Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		1,230,000		1,264,588


	Principal Amount		Value

Commercial Services & Supplies (Continued)

Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20	$	1,400,000	$	1,169,000

Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		727,000		768,645

R.R. Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		1,200,000		1,248,000

Republic Services, Inc.:
2.90% Sr. Unsec. Nts., 7/1/26⁵		472,000		479,963
3.80% Sr. Unsec. Nts., 5/15/18		786,000		822,768

Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		217,000		236,673

West Corp., 5.375% Sr. Unsec. Nts., 7/15/22¹		1,375,000		1,283,906

				12,553,699


Construction & Engineering—0.0%

Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35¹		420,000		459,900


Electrical Equipment—0.2%

EnerSys, 5% Sr. Unsec. Nts., 4/30/23¹		2,090,000		2,074,325

Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/23¹		329,000		330,234
5.625% Sr. Unsec. Nts., 11/1/24¹		1,190,000		1,239,825

				3,644,384


Industrial Conglomerates—0.1%

Fortive Corp.:
1.80% Sr. Unsec. Nts., 6/15/19¹		985,000		992,027
3.15% Sr. Unsec. Nts., 6/15/26¹		486,000		501,149

Roper Technologies, Inc., 3.85% Sr. Unsec. Nts., 12/15/25		305,000		326,203

				1,819,379


Machinery—0.8%

Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/22¹		1,785,000		1,793,925

EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		1,020,000		1,030,200

Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23		764,000		849,742

Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		3,585,000		3,083,100

Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		2,410,000		1,705,075

Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18		946,000		967,123

Terex Corp.:
6.00% Sr. Unsec. Nts., 5/15/21		1,840,000		1,851,500
6.50% Sr. Unsec. Nts., 4/1/20		730,000		740,038

Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		1,335,000		1,321,650

				13,342,353


Marine—0.0%

AP Moeller-Maersk AS, 3.875% Sr. Unsec. Nts., 9/28/25¹		63,000		64,387


Professional Services—0.4%

Equifax, Inc., 6.30% Sr. Unsec. Nts., 7/1/17		796,000		833,726

FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22		2,740,000		2,888,645

Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/22¹		2,415,000		2,472,356

				6,194,727


Road & Rail—0.3%

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/25¹		2,100,000		1,908,375

Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		111,000		127,145

21 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Road & Rail (Continued)

ERAC USA Finance LLC:
4.50% Sr. Unsec. Nts., 2/15/45¹	$	187,000	$	198,517
6.375% Sr. Unsec. Nts., 10/15/17¹		794,000		841,898

GFL Environmental, Inc., 9.875% Sr. Unsec. Nts., 2/1/21¹		490,000		524,300

Herc Spinoff Escrow Issuer LLC/Herc Spinoff Escrow Issuer Corp.:
7.50% Sec. Nts., 6/1/22¹		745,000		733,825
7.75% Sec. Nts., 6/1/24¹		500,000		488,750

Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		197,000		228,792

Penske Truck Leasing Co. LP/PTL Finance Corp.:
3.75% Sr. Unsec. Nts., 5/11/17¹		354,000		360,771
4.25% Sr. Unsec. Nts., 1/17/23¹		281,000		294,761

				5,707,134


Trading Companies & Distributors—0.8%

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.95% Sr. Unsec. Nts., 2/1/22		976,000		978,440

Aircastle Ltd., 5% Sr. Unsec. Nts., 4/1/23		245,000		249,581

American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/23¹		340,000		352,750

Eldorado International. Finance GmbH, 8.625% Sr. Unsec. Nts., 6/16/21¹		350,000		340,498

Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21		1,290,000		1,257,750
6.75% Sr. Unsec. Nts., 12/15/20		875,000		882,656

HD Supply, Inc.:
5.25% Sr. Sec. Nts., 12/15/21¹		3,060,000		3,219,701
5.75% Sr. Unsec. Nts., 4/15/24¹		490,000		510,825

Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/21¹		2,030,000		1,299,200

Standard Industries, Inc., 6% Sr. Unsec. Nts., 10/15/25¹		1,265,000		1,328,250

United Rentals North America, Inc.:
4.625% Sr. Sec. Nts., 7/15/23		2,100,000		2,128,875
5.875% Sr. Unsec. Nts., 9/15/26		1,235,000		1,231,913

				13,780,439


Transportation Infrastructure—0.1%

Aeropuerto Internacional de Tocumen SA, 5.625% Sr. Sec. Nts., 5/18/36¹		845,000		849,225

DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/37¹		1,320,000		1,452,502

				2,301,727


Information Technology—2.2%

Communications Equipment—0.4%

Avaya, Inc., 7% Sr. Sec. Nts., 4/1/19¹		1,610,000		1,155,175

Blue Coat Holdings, Inc., 8.375% Sr. Unsec. Nts., 6/1/23¹		960,000		1,089,600

CommScope Technologies Finance LLC, 6% Sr. Unsec. Nts., 6/15/25¹		975,000		1,004,250

Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22		1,345,000		1,276,916

Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/23¹		730,000		722,700

Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/23¹		535,000		556,400

ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20		971,000		1,003,771

				6,808,812


Electronic Equipment, Instruments, & Components—0.3%

Belden, Inc., 5.50% Sr. Sub. Nts., 9/1/22¹		2,065,000		2,090,812

CDW LLC/CDW Finance Corp., 5% Sr. Unsec. Nts., 9/1/23		700,000		706,643


	Principal Amount		Value

Electronic Equipment, Instruments, & Components (Continued)

Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/25	$	722,000	$	732,830

Zebra Technologies Corp., 7.25% Sr. Unsec. Nts., 10/15/22		1,955,000		2,082,075

				5,612,360


Internet Software & Services—0.1%

Baidu, Inc., 4.125% Sr. Unsec. Nts., 6/30/25		725,000		762,775

EarthLink Holdings Corp., 7.375% Sr. Sec. Nts., 6/1/20		1,445,000		1,510,025

				2,272,800


IT Services—0.3%

Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		474,000		480,822

Fidelity National Information Services, Inc., 2.85% Sr. Unsec. Nts., 10/15/18		626,000		642,809

Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/20¹		1,880,000		1,739,000

Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/23¹		1,585,000		1,620,662

Total System Services, Inc., 2.375% Sr. Unsec. Nts., 6/1/18		506,000		510,133

Visa, Inc., 4.30% Sr. Unsec. Nts., 12/14/45		301,000		348,271

Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17		222,000		223,962
6.75% Sr. Unsec. Nts., 2/1/17		111,000		113,996

				5,679,655


Semiconductors & Semiconductor Equipment—0.3%

Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		156,000		182,598

Micron Technology, Inc.:
5.25% Sr. Unsec. Nts., 8/1/23¹		575,000		493,063
5.875% Sr. Unsec. Nts., 2/15/22		755,000		713,475
7.50% Sr. Sec. Nts., 9/15/23¹		245,000		262,542

NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/23¹		2,540,000		2,590,800

				4,242,478


Software—0.2%

Autodesk, Inc.:
1.95% Sr. Unsec. Nts., 12/15/17		659,000		660,827
4.375% Sr. Unsec. Nts., 6/15/25		185,000		193,798

BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/21¹		775,000		585,125

Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/23¹		595,000		566,737

Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23¹		401,000		408,018

Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		437,000		468,948

				2,883,453


Technology Hardware, Storage & Peripherals—0.6%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		452,000		494,051

Denali International LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/20¹		1,225,000		1,288,087

Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48% Sr. Sec. Nts., 6/1/19¹		2,231,000		2,287,032
5.875% Sr. Unsec. Nts., 6/15/21¹		710,000		728,304
6.02% Sr. Sec. Nts., 6/15/26¹		1,898,000		1,972,793
7.125% Sr. Unsec. Nts., 6/15/24¹		745,000		779,271

Hewlett Packard Enterprise Co.:
2.45% Sr. Unsec. Nts., 10/5/17¹		693,000		702,197
6.35% Sr. Unsec. Nts., 10/15/45¹		436,000		434,523

NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		520,000		533,000

22 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Technology Hardware, Storage & Peripherals (Continued)

Western Digital Corp., 7.375% Sr. Sec. Nts., 4/1/23¹		$ 1,280,000	$	1,366,400

				10,585,658


Materials—3.8%

Chemicals—1.2%

Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		258,000		263,042
4.125% Sr. Unsec. Nts., 3/15/35		129,000		125,044

Arkema SA, 4.75% Jr. Sub. Perpetual Bonds^2,10	EUR	2,535,000		2,915,786

Blue Cube Spinco, Inc., 9.75% Sr. Unsec. Nts., 10/15/23¹		1,140,000		1,325,250

Chemours Co. (The):
6.625% Sr. Unsec. Nts., 5/15/23		780,000		666,900
7.00% Sr. Unsec. Nts., 5/15/25		660,000		556,875

Chemtura Corp., 5.75% Sr. Unsec. Nts., 7/15/21		740,000		751,100

Eastman Chemical Co.:
2.40% Sr. Unsec. Nts., 6/1/17		116,000		117,100
4.65% Sr. Unsec. Nts., 10/15/44		187,000		192,693

Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19		803,000		813,975

Hexion, Inc., 6.625% Sr. Sec. Nts., 4/15/20		2,125,000		1,787,763

Huntsman International LLC, 5.125% Sr. Unsec. Nts., 11/15/22		1,010,000		1,004,950

Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/26¹		340,000		347,225

LyondellBasell Industries NV, 5% Sr. Unsec. Nts., 4/15/19		474,000		513,586

NOVA Chemicals Corp.:
5.00% Sr. Unsec. Nts., 5/1/25¹		250,000		248,125
5.25% Sr. Unsec. Nts., 8/1/23¹		495,000		499,331

ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR	815,000		945,008
4.625% Sr. Unsec. Nts., 7/15/24		1,470,000		1,573,734

PQ Corp., 6.75% Sr. Sec. Nts., 11/15/22¹		1,960,000		2,043,300

RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		692,000		707,017

Techniplas LLC, 10% Sr. Sec. Nts., 5/1/20¹		1,395,000		1,039,275

Tronox Finance LLC, 6.375% Sr. Unsec. Nts., 8/15/20		1,260,000		941,850

Valspar Corp. (The), 3.95% Sr. Unsec. Nts., 1/15/26		418,000		441,243

Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/26¹		585,000		606,713

				20,426,885


Construction Materials—0.3%

CRH America, Inc.:
5.125% Sr. Unsec. Nts., 5/18/45¹		678,000		723,652
6.00% Sr. Unsec. Nts., 9/30/16		299,000		301,697

Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/25^1,2		765,000		742,050

HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR	625,000		751,392
7.50% Sr. Unsec. Nts., 4/3/20	EUR	570,000		778,044

James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/23¹		582,000		598,005

US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24¹		745,000		746,863

				4,641,703


Containers & Packaging—1.1%

Ball Corp., 5% Sr. Unsec. Nts., 3/15/22		1,225,000		1,306,463

Berry Plastics Corp., 5.125% Sec. Nts., 7/15/23		2,200,000		2,205,500


	Principal Amount		Value

Containers & Packaging (Continued)

Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/19¹		$ 1,880,000	$	1,835,350

Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		1,870,000		1,916,750

International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44		378,000		386,019

Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/24¹		505,000		497,425

Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/22¹		1,245,000		1,251,225

Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23		660,000		718,256

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/23¹		745,000		755,244
5.75% Sr. Sec. Nts., 10/15/20		3,920,000		4,058,846
7.00% Sr. Unsec. Nts., 7/15/24¹		250,000		257,844

Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/22¹		1,150,000		1,187,375
5.125% Sr. Unsec. Nts., 12/1/24¹		645,000		665,156

Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/18¹		3,175,000		3,329,781

				20,371,234


Metals & Mining—1.2%

ABJA Investment Co. Pte Ltd.:
4.95% Sr. Unsec. Nts., 5/3/23	SGD	250,000		162,911
5.95% Sr. Unsec. Nts., 7/31/24		65,000		61,032

Alcoa, Inc.:
5.125% Sr. Unsec. Nts., 10/1/24		1,330,000		1,333,325
5.72% Sr. Unsec. Nts., 2/23/19		520,000		560,617

Aleris International, Inc., 7.875% Sr. Unsec. Nts., 11/1/20		742,000		660,380

ArcelorMittal:
2.875% Sr. Unsec. Nts., 7/6/20	EUR	2,000,000		2,216,830
6.125% Sr. Unsec. Nts., 6/1/25		730,000		730,000

BHP Billiton Finance USA Ltd., 1.625% Sr. Unsec. Nts., 2/24/17		965,000		967,783

Constellium NV, 5.75% Sr. Unsec. Nts., 5/15/24¹		1,250,000		990,625

Evraz Group SA, 6.75% Sr. Unsec. Nts., 1/31/22¹¹		380,000		386,156

First Quantum Minerals Ltd., 7.25% Sr. Unsec. Nts., 5/15/22¹		2,050,000		1,593,875

Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.125% Sr. Unsec. Nts., 6/15/19		500,000		507,500

Freeport-McMoRan, Inc., 2.30% Sr. Unsec. Nts., 11/14/17		495,000		488,812

Glencore Finance Canada Ltd.:
2.70% Sr. Unsec. Nts., 10/25/17¹		640,000		637,803
3.60% Sr. Unsec. Nts., 1/15/17¹		509,000		509,320

Glencore Funding LLC, 4.125% Sr. Unsec. Nts., 5/30/23¹		1,140,000		1,050,340

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		173,000		175,615

JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19		235,000		216,342

Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/20¹		260,000		271,719

Novelis, Inc.:
8.375% Sr. Unsec. Nts., 12/15/17		1,112,000		1,137,715
8.75% Sr. Unsec. Nts., 12/15/20		1,285,000		1,340,191

Rio Tinto Finance USA Ltd., 3.75% Sr. Unsec. Nts., 6/15/25		390,000		410,526

Southern Copper Corp., 5.875% Sr. Unsec. Nts., 4/23/45		1,160,000		1,093,980

23 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Metals & Mining (Continued)

Teck Resources Ltd.:
8.00% Sr. Unsec. Nts., 6/1/21¹		$ 250,000	$	258,125
8.50% Sr. Unsec. Nts., 6/1/24¹		250,000		260,000

United States Steel Corp., 8.375% Sr. Sec. Nts., 7/1/21¹		495,000		522,844

Vale Overseas Ltd., 5.875% Sr. Unsec. Nts., 6/10/21		805,000		808,019

Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75% Sr. Sec. Nts., 12/15/18¹		560,000		518,000

Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/23¹		755,000		768,212

				20,638,597


Paper & Forest Products—0.0%

Metsa Board OYJ, 4% Sr. Unsec. Nts., 3/13/19	EUR	300,000		355,638


Telecommunication Services—3.5%

Diversified Telecommunication Services—2.6%

AT&T, Inc.:
4.125% Sr. Unsec. Nts., 2/17/26		495,000		532,788
4.35% Sr. Unsec. Nts., 6/15/45		1,289,000		1,254,925

British Telecommunications plc, 9.375% Sr. Unsec. Nts., 12/15/30		719,000		1,106,979

CenturyLink, Inc.:
6.45% Sr. Unsec. Nts., Series S, 6/15/21		1,940,000		1,976,375
7.50% Sr. Unsec. Nts., Series Y, 4/1/24		1,235,000		1,250,437

Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/20¹		2,475,000		2,512,125

Deutsche Telekom International Finance BV, 2.25% Sr. Unsec. Nts., 3/6/17¹		958,000		964,512

FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/191		3,600,000		3,559,500

Frontier Communications Corp.:
7.125% Sr. Unsec. Nts., 1/15/23		2,190,000		1,971,000
10.50% Sr. Unsec. Nts., 9/15/22		1,595,000		1,693,691

Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		745,000		534,537

Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30		3,045,000		4,223,927

Level 3 Financing, Inc.:
5.375% Sr. Unsec. Nts., 8/15/22		130,000		131,787
5.625% Sr. Unsec. Nts., 2/1/23		1,930,000		1,955,341

Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		165,000		165,624

Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		6,579,000		6,875,055

Telecom Italia SpA, 3.625% Sr. Unsec. Nts., 1/19/24¹¹	EUR	1,980,000		2,339,093

Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		577,000		592,712
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		228,000		293,763

T-Mobile USA, Inc.:
6.00% Sr. Unsec. Nts., 4/15/24		985,000		1,026,863
6.25% Sr. Unsec. Nts., 4/1/21		2,670,000		2,795,143

Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		250,000		266,845
4.50% Sr. Unsec. Nts., 9/15/20		1,071,000		1,190,295
4.522% Sr. Unsec. Nts., 9/15/48		1,433,000		1,486,553
5.012% Sr. Unsec. Nts., 8/21/54		146,000		155,723

Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		1,155,000		975,975
7.75% Sr. Unsec. Nts., 10/1/21		2,180,000		2,065,550

Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/23		1,345,000		1,378,625

				45,275,743


	Principal Amount		Value

Wireless Telecommunication Services—0.9%

Bharti Airtel International Netherlands BV:
5.125% Sr. Unsec. Nts., 3/11/23¹		$ 695,000	$	753,153
5.35% Sr. Unsec. Nts., 5/20/24¹		390,000		432,601

Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/23¹		1,440,000		1,231,200

GTH Finance BV:
6.25% Sr. Unsec. Nts., 4/26/20¹		320,000		332,645
7.25% Sr. Unsec. Nts., 4/26/23¹		485,000		506,825

Rogers Communications, Inc., 3.625% Sr. Unsec. Nts., 12/15/25		709,000		759,334

Sprint Communications, Inc., 7% Sr. Unsec. Nts., 3/1/20¹		1,315,000		1,383,367

Sprint Corp., 7.875% Sr. Unsec. Nts., 9/15/23		1,915,000		1,575,087

Telefonica Europe BV, 6.75% Jr. Sub. Perpetual Bonds^2,10	GBP	3,385,000		4,576,931

Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds^2,10	EUR	2,890,000		3,367,953

Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/20¹	EUR	1,030,000		1,127,573

				16,046,669


Utilities—3.0%

Electric Utilities—1.5%

AEP Texas Central Co., 3.85% Sr. Unsec. Nts., 10/1/25¹		291,000		317,745

American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/44¹		250,000		272,766

Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26¹		482,000		496,610

Edison International:
2.95% Sr. Unsec. Nts., 3/15/23		539,000		553,450
3.75% Sr. Unsec. Unsub. Nts., 9/15/17		843,000		868,229

EDP Finance BV, 5.25% Sr. Unsec. Nts., 1/14/21¹		5,366,000		5,701,375

Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds^1,2,10		2,247,000		2,148,694
5.625% Jr. Sub. Perpetual Bonds^1,2,10		1,135,000		1,085,344
6.00% Jr. Sub. Perpetual Bonds^2,10	GBP	1,015,000		1,213,677

Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19¹		239,000		241,925

Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/17¹		728,000		768,430

Enel SpA, 5% Jr. Sub. Nts., 1/15/75²	EUR	3,915,000		4,583,602

Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		243,000		260,702

Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		202,000		225,602

ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		348,000		392,233

National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP	109,600,000		2,367,425

NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17		793,000		795,096

PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22		411,000		433,223

PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21¹		1,280,000		1,426,927

Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		523,000		582,676

Southern Co. (The), 1.55% Sr. Unsec. Nts., 7/1/18		356,000		358,504

Southern Power Co., 1.85% Sr. Unsec. Nts., 12/1/17		596,000		601,435

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25¹		389,000		416,865

24 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Electric Utilities (Continued)

Xcel Energy, Inc., 3.30% Sr. Unsec. Nts., 6/1/25		$ 431,000	$	455,640

				26,568,175


Gas Utilities—0.1%

AmeriGas Partners LP/AmeriGas Finance Corp., 5.625% Sr. Unsec. Nts., 5/20/24		995,000		1,003,706

Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21		660,000		608,850

				1,612,556


Independent Power and Renewable Electricity Producers—0.9%

AES Corp.:
6.00% Sr. Unsec. Nts., 5/15/26		225,000		230,062
7.375% Sr. Unsec. Nts., 7/1/21		1,045,000		1,183,467

Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/26¹		1,130,000		1,130,000
5.375% Sr. Unsec. Nts., 1/15/23		2,365,000		2,317,700
7.875% Sr. Sec. Nts., 1/15/231		638,000		676,280

Dayton Power & Light Co. (The), 1.875% Sec. Nts., 9/15/16		799,000		800,078

Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23		420,000		371,700
7.375% Sr. Unsec. Nts., 11/1/22		1,580,000		1,532,600

Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 12.25% Sec. Nts., 3/1/22^1,8		1,487,674		1,748,017

GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18		935,000		748,000

Infinis plc, 7% Sr. Sec. Nts., 2/15/19	GBP	1,745,000		2,346,220

Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28		662,520		626,910

NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 3/15/23		1,455,000		1,440,450
7.25% Sr. Unsec. Nts., 5/15/26¹		245,000		245,000

				15,396,484


Multi-Utilities—0.5%

CenterPoint Energy, Inc., 6.50% Sr. Unsec. Nts., 5/1/18		580,000		628,775

CMS Energy Corp.:
3.875% Sr. Unsec. Nts., 3/1/24		740,000		806,423
5.05% Sr. Unsec. Unsub. Nts., 3/15/22		83,000		95,014

InterGen NV, 7% Sr. Sec. Nts., 6/30/231		1,055,000		751,688

NGG Finance plc, 4.25% Sub. Nts., 6/18/76²	EUR	4,005,000		4,720,960

NiSource Finance Corp.:
4.80% Sr. Unsec. Nts., 2/15/44		403,000		464,360
6.80% Sr. Unsec. Nts., 1/15/19		843,000		948,517

TECO Finance, Inc., 6.572% Sr. Unsec. Nts., 11/1/17		650,000		690,314

				9,106,051

Total Corporate Bonds and Notes (Cost $868,680,472)				850,242,010


	Shares		Value

Common Stocks—0.2%

Arco Capital Corp. Ltd.^1,13,14		690,638	$	—

JP Morgan International, GDR¹³		446,838		—

Kaiser Aluminum Corp.		205		18,534

Premier Holdings Ltd.¹³		18,514		—

Valeant Pharmaceuticals International, Inc.¹³		208,970		4,208,656

Wallace Theater Holdings, Inc.^1,13		1,525		15

Total Common Stocks (Cost $5,146,127)				4,227,205
	Units

Rights, Warrants and Certificates—0.0%

MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17¹³(Cost $6,331,150)		22,685		—
	Principal Amount

Structured Securities—0.5%

Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/11⁸	RUB	53,910,000		—

Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/10⁸	RUB	97,250,000		—

Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/25^1,15		1,220,885		697,683
3.054% Sr. Sec. Nts., 4/30/25^1,15		1,555,595		888,956
3.098% Sr. Sec. Nts., 4/30/25^1,15		1,343,008		767,471
3.131% Sr. Sec. Nts., 4/30/25^1,15		1,200,479		686,022
3.179% Sr. Sec. Nts., 4/30/25^1,15		1,494,694		854,153
3.231% Sr. Sec. Nts., 4/30/25^1,15		1,705,966		974,886
3.265% Sr. Sec. Nts., 4/30/25^1,15		1,362,868		778,820
3.346% Sr. Sec. Nts., 4/30/25^1,15		1,281,038		732,058
69.959% Sr. Sec. Nts., 12/31/17^9,12	BRL	5,140,000		2,338,812

LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/16^8,15		2,994		—

Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB	34,521,042		238,197

Total Structured Securities (Cost $17,456,678)				8,957,058

Short-Term Note—1.5%

United States Treasury Bills, 0.275%, 9/22/16¹⁵(Cost $25,985,804)		26,000,000		25,985,804
	Shares

Investment Companies—20.8%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^16,17		106,417,491		106,417,491

Oppenheimer Master Event-Linked Bond Fund, LLC¹⁷		3,053,962		47,116,424

Oppenheimer Master Loan Fund, LLC¹⁷		11,442,504		171,587,208

Oppenheimer Ultra-Short Duration Fund, Cl. Y¹⁷		7,994,509		40,052,488

Total Investment Companies (Cost $369,063,955)				365,173,611

Counterparty

Exercise Price

Expiration Date

Contracts

Over-the-Counter Options Purchased—0.1%

AUD Currency Call¹³

BAC

AUD

1.090

8/29/16

AUD

49,550,000

85,911

CAD Currency Put¹³

DEU

CAD

1.325

9/1/16

CAD

23,590,000

136,327

CAD Currency Put¹³

RBS

CAD

1.315

8/5/16

CAD

11,638,110

55,060

EUR Currency Put¹³

RBS

EUR

1.115

7/13/16

EUR

17,665,000

201,328

GBP Currency Put^13,18

DEU

GBP

1.300

9/28/16

GBP

1,057,684

74,191

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹³

BOA

USD

83.000

9/16/16

USD

1,064

215,332

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹³

BOA

USD

83.000

9/16/16

USD

936

189,428

iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call¹³

CITNA-B

USD

83.000

9/16/16

USD

936

189,428

25 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

JPY Currency Call^13,19

DEU

JPY

120.000

8/2/16

JPY

1,520,000

55,743

S&P 500 Index Call¹³

DEU

USD

2100.000

8/19/16

USD

20,981

783,179

TWD Currency Put^13,20

DEU

TWD

33.000

8/5/16

TWD

584,118,093

26,285

Total Over-the-Counter Options Purchased (Cost $2,931,649)

2,012,212

Counterparty

Pay / Receive

Floating Rate

Fixed Rate

Expiration

Date

Notional Amount

(000’s)

Over-the-Counter Interest Rate Swaption Purchased—0.0%

Interest Rate Swap maturing 5/30/33 Call¹³(Cost $115,675)

BAC

Receive

Six-Month GBP BBA
LIBOR

3.990%

5/30/23

GBP

1,235

44,397

Total Investments, at Value (Cost $1,868,701,277)

104.5%

1,832,903,580

Net Other Assets (Liabilities)

(4.5)

(79,185,376)

Net Assets

100.0%

1,753,718,204

Consolidated Footnotes to Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $528,579,717 or 30.14% of the Fund’s net assets at period end.

2. Represents the current interest rate for a variable or increasing rate security.

3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,722,432 or 0.21% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.

6. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $2,308,583. See Note 6 of the accompanying Consolidated Notes.

7. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $1,296,368. See Note 6 of the accompanying Consolidated Notes.

8. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

9. Restricted security. The aggregate value of restricted securities at period end was $3,822,912, which represents 0.22% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Depreciation

Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 69.959% Sr. Sec. Nts., 12/31/17		10/16/07	$	2,543,389	$	2,338,812	$	204,577
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		5/8/13 – 4/17/14		1,574,413		1,484,100		90,313

			$	4,117,802	$	3,822,912	$	294,890

10. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

11. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

12. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

13. Non-income producing security.

14. Security received as the result of issuer reorganization.

15. Zero coupon bond reflects effective yield on the original acquisition date.

16. Rate shown is the 7-day yield at period end.

17. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		92,728,261		387,767,770		374,078,540		106,417,491
Oppenheimer Master Event-Linked Bond Fund, LLC		3,158,849		—		104,887		3,053,962
Oppenheimer Master Loan Fund, LLC		6,443,877		4,998,627		—		11,442,504
Oppenheimer Ultra-Short Duration Fund, Cl. Y		—		7,994,509		—		7,994,509

			Value		Income		Realized Loss

Oppenheimer Institutional Money Market Fund, Cl. E			$	106,417,491	$	400,133	$	—
Oppenheimer Master Event-Linked Bond Fund, LLC				47,116,424		1,326,051^a		606,503 ^a
Oppenheimer Master Loan Fund, LLC				171,587,208		2,542,018 ^b		2,440,509 ^b

26 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Consolidated Footnotes to Statement of Investments (Continued)


	Value		Income		Realized Loss

Oppenheimer Ultra-Short Duration Fund, Cl. Y	$	40,052,488	$	62,047	$	—

Total	$	365,173,611	$	4,330,249	$	3,047,012

a. Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.

b. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.

18. Digital option becomes ineligible for exercise if at any time spot rates are less than or equal to USD 1.064 per EUR 1 or greater than or equal to USD 1.146 per EUR 1.

19. If the Spot Rate, at the Expiration Time on the Expiration Date, is (a) in respect of the First Currency Pair, greater than or equal to the First Digital Level, and (b) in respect of the Second Currency Pair, less than or equal to the Second Digital Level (a“Digital Event”) then, the In-the-Money Amount shall be the Digital Payment Amount. In all other circumstances the In-the-Money Amount will be Zero. First Currency Pair: USD/CNH, Second Currency Pair: USD/JPY, First Digital Level: CNH 7.00 per USD 1.00, Second Digital Level: JPY 120.00 per USD 1.00.

20. Knock-out option becomes ineligible for exercise if at 15:00 hours local time in Tokyo on 8/5/2016 the spot rate is greater than or equal to 105 JPY per 1 USD.


Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent

United States	$	1,428,139,290	77.9%
United Kingdom		38,966,610	2.1
Indonesia		31,248,457	1.7
France		24,536,369	1.3
Netherlands		24,088,057	1.3
Mexico		21,253,141	1.2
Italy		19,969,000	1.1
Canada		18,691,785	1.0
Turkey		17,746,697	1.0
Supranational		16,634,702	0.9
Brazil		13,449,351	0.7
Ireland		12,890,268	0.7
Luxembourg		11,993,728	0.7
Colombia		11,982,683	0.7
Spain		10,628,892	0.6
Peru		10,473,657	0.6
Kazakhstan		9,872,830	0.5
Germany		9,430,343	0.5
India		9,361,813	0.5
Hungary		7,174,652	0.4
South Africa		6,667,233	0.4
Russia		5,936,584	0.3
Portugal		5,701,375	0.3
Argentina		5,437,145	0.3
China		5,397,687	0.3
Belgium		4,728,100	0.3
Uruguay		4,716,763	0.3
Switzerland		4,698,240	0.3
Austria		3,367,953	0.2
Australia		3,281,860	0.2
Romania		3,180,964	0.2
Morocco		2,888,511	0.2
Denmark		2,502,797	0.1
Philippines		2,367,425	0.1
Jersey, Channel Islands		2,162,559	0.1
Croatia		1,870,916	0.1
Serbia		1,848,439	0.1
Israel		1,743,475	0.1
Oman		1,680,969	0.1
Greece		1,644,575	0.1
Japan		1,608,313	0.1
United Arab Emirates		2,294,763	0.1
Jamaica		1,231,200	0.1
Sweden		1,119,358	0.1
New Zealand		1,013,088	0.1
Panama		849,225	0.0
Singapore		732,830	0.0
South Korea		632,929	0.0
Norway		606,713	0.0
Thailand		570,002	0.0
Dominican Republic		469,625	0.0
Namibia		429,450	0.0
Senegal		406,938	0.0
Finland		355,638	0.0

27 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Geographic Holdings (Continued)	Value		Percent

Eurozone	$	201,328	0.0%
Taiwan		26,285	0.0

Total	$	1,832,903,580	100.0%



Forward Currency Exchange Contracts as of June 30, 2016
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation

BAC		08/2016	EUR	7,300	USD	8,261	$	—	$	144,639
BAC		07/2016	IDR	72,521,000	USD	5,508		—		19,386
BAC		08/2016	MYR	22,265	USD	5,551		29,661		—
BAC		07/2016 - 08/2016	USD	21,023	IDR	291,963,000		—		998,996
BAC		07/2016	USD	8,840	SGD	12,050		—		103,309
BNP		07/2016	BRL	17,940	USD	5,589		—		4,350
BNP		08/2016	CLP	20,000	USD	29		1,215		—
BNP		07/2016	COP	89,000	USD	29		864		—
BNP		08/2016	MXN	344,600	USD	18,267		512,838		—
BNP		07/2016 - 08/2016	USD	10,523	BRL	35,510		—		482,187
BNP		08/2016	USD	3,843	MXN	71,100		—		31,370
BOA		07/2016	BRL	20,070	USD	5,531		716,649		—
BOA		11/2016	EUR	950	USD	1,086		—		26,561
BOA		07/2016 - 08/2016	IDR	230,923,000	USD	17,262		209,743		32,048
BOA		08/2016	INR	606,000	USD	8,910		8,480		—
BOA		11/2016	MXN	161,100	USD	8,563		125,647		—
BOA		08/2016	MYR	20,355	USD	5,052		49,576		—
BOA		07/2016	PLN	56,120	USD	14,451		—		226,673
BOA		07/2016	TRY	10,650	USD	3,629		73,399		—
BOA		07/2016	USD	6,253	BRL	20,070		4,866		—
BOA		07/2016	USD	14,433	EUR	12,730		304,605		—
BOA		11/2016	USD	7,271	GBP	5,025		571,709		—
BOA		07/2016	USD	8,713	IDR	119,890,000		—		360,730
BOA		08/2016 - 11/2016	USD	13,351	MXN	250,200		—		191,534
BOA		07/2016	USD	18,968	PLN	74,450		183,107		74,478
BOA		07/2016	USD	15,304	TRY	45,340		—		443,481
BOA		08/2016	ZAR	274,090	USD	17,594		823,895		—
CITNA-B		11/2016	EUR	1,435	USD	1,618		—		17,661
CITNA-B		11/2016	MXN	16,200	USD	845		28,215		—
CITNA-B		07/2016	PLN	26,250	USD	6,643		6,803		—
CITNA-B		07/2016	TRY	24,870	USD	8,511		135,007		—
CITNA-B		08/2016	USD	4,218	HUF	1,199,000		33,759		29,177
CITNA-B		07/2016	USD	5,361	PLN	21,390		—		60,325
DEU		08/2016 - 11/2016	EUR	9,720	USD	10,909		—		93,073
DEU		08/2016	HUF	1,472,000	USD	5,285		—		111,991
DEU		07/2016	TRY	40,890	USD	13,999		158,574		—
DEU		11/2016	USD	476	EUR	415		12,722		—
GSCO-OT		07/2016	AUD	12,740	USD	9,376		116,965		—
GSCO-OT		07/2016	BRL	7,240	USD	2,158		96,185		—
GSCO-OT		07/2016	IDR	121,868,000	USD	8,656		567,749		—
GSCO-OT		07/2016	USD	9,409	AUD	12,740		—		83,523
GSCO-OT		07/2016 - 08/2016	USD	4,444	BRL	14,640		1,755		94,637
GSCO-OT		07/2016 - 08/2016	USD	12,118	IDR	166,389,000		17,627		477,666
HSBC		11/2016	EUR	8,325	USD	9,392		9,286		114,693
HSBC		11/2016	GBP	7,865	USD	11,247		—		760,527
HSBC		08/2016	USD	7,854	EUR	6,890		192,930		—
JPM		08/2016	CLP	5,719,000	USD	8,325		285,968		—
JPM		11/2016	EUR	4,885	USD	5,496		—		46,371
JPM		07/2016	IDR	239,189,000	USD	17,823		280,432		—
JPM		11/2016	MXN	318,500	USD	17,033		145,042		—
JPM		07/2016	PLN	47,080	USD	11,903		34,200		7,934
JPM		07/2016	RUB	1,749,000	USD	26,800		373,610		—
JPM		07/2016	SGD	8,578	USD	6,365		1,852		—
JPM		07/2016	TRY	22,460	USD	7,651		139,166		—
JPM		11/2016	USD	10,988	EUR	9,560		325,206		—
JPM		11/2016	USD	40,972	GBP	28,125		3,473,385		—
JPM		07/2016	USD	17,946	IDR	239,189,000		33,807		190,953
JPM		08/2016 - 11/2016	USD	13,128	MXN	245,100		—		138,528
JPM		07/2016	USD	10,461	RUB	693,100		—		307,288
JPM		07/2016	USD	6,377	SGD	8,578		10,763		—
JPM		07/2016	USD	8,435	TRY	24,890		—		183,322
JPM		08/2016	USD	6,475	ZAR	98,620		—		151,800

28 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation

MSCO		08/2016 - 11/2016		EUR	12,540	USD		14,226	$	—	$	256,885
MSCO		11/2016		GBP	5,700	USD		7,913		12,129		325,607
MSCO		11/2016		USD	25,150	EUR		22,095		501,279		—
MSCO		11/2016		USD	26	MXN		500		—		538
RBS		08/2016		BRL	17,570	USD		5,121		300,109		—
RBS		07/2016 - 08/2016		COP	31,874,000	USD		10,651		204,514		—
RBS		11/2016		USD	8,960	MXN		169,700		—		192,223
RBS		07/2016		USD	5,790	PLN		23,210		—		93,078
RBS		07/2016		USD	2,728	RUB		179,000		—		52,731
RBS		07/2016		USD	3,605	TRY		10,590		—		76,539
RBS		08/2016		USD	4,884	ZAR		73,810		—		76,000
TDB		07/2016		BRL	9,370	USD		2,919		—		2,271
TDB		11/2016		EUR	710	USD		796		—		3,951
TDB		07/2016		USD	2,606	BRL		9,370		—		310,914
TDB		08/2016		USD	8,436	CLP		5,772,000		—		254,235
TDB		07/2016		USD	5,426	COP		15,962,000		35,708		53,511
TDB		11/2016		USD	57,596	EUR		50,755		975,588		—
TDB		12/2016		USD	2,368	PHP		113,000		—		12,165
TDB		11/2016		USD	160	SGD		220		—		2,854

Total Unrealized Appreciation and Depreciation									$	12,126,589	$	7,722,713

Futures Contracts as of June 30, 2016

Description

Exchange

Buy/Sell

Expiration Date

Number of
Contracts

Value

Unrealized
Appreciation
(Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/21/16

4,308,594

(38,505)

United States Treasury Long Bonds

CBT

Buy

9/21/16

4,653,282

247,951

United States Treasury Nts., 10 yr.

CBT

Sell

9/21/16

727

96,679,641

(266,158)

United States Treasury Nts., 10 yr.

CBT

Buy

9/21/16

4,255,500

108,619

United States Treasury Nts., 2 yr.

CBT

Buy

9/30/16

386

84,660,657

443,630

United States Treasury Nts., 5 yr.

CBT

Sell

9/30/16

3,420,594

(48,913)

United States Ultra Bonds

CBT

Buy

9/21/16

197

36,715,875

2,389,552

2,836,176


Over-the-Counter Options Written at June 30, 2016
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts		Premiums Received		Value

AUD Currency Put		BAC	NZD		1.042		8/29/16	AUD		(49,550,000)	$	268,597	$	(460,150)

AUD Currency Call		BAC	NZD		1.120		8/29/16	AUD		(49,550,000)		156,651		(19,222)

CAD Currency Put		DEU	CAD		1.370		9/1/16	CAD		(24,390,000)		105,215		(41,463)

CAD Currency Call		DEU	CAD		1.260		9/1/16	CAD		(22,430,000)		94,883		(85,548)

CAD Currency Put¹		RBS	CAD		1.325		8/5/16	CAD		(11,726,613)		103,371		(23,336)

EUR Currency Put		RBS	USD		1.075		7/13/16	EUR		(17,665,000)		142,026		(11,094)

S&P 500 Index Call		DEU	USD		2141.100		8/19/16	USD		(41,962)		902,183		(692,625)

TWD Currency Put²		DEU	TWD		34.000		8/5/16	TWD		(601,818,642)		23,011		(5,416)

Total Over-the-Counter Options Written											$	1,795,937	$	(1,338,854)

1. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 1.3700 CAD per 1 USD.

2. Knock-out option becomes ineligible for exercise if at 15:00 hours local time in Tokyo on 8/5/2016 the spot rate is greater than or equal to 1.05 JPY per 1 USD.


Centrally Cleared Credit Default Swaps at June 30, 2016
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)		Value

CDX.HY.25		Buy		5.000	%		12/20/20	USD		8,663	$	19,443	$	(354,931	)


Over-the-Counter Credit Default Swaps at June 30, 2016
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/ (Paid)			Value

Alpha Bank AE		BAC		Buy		5.000	%		3/20/17	EUR		1,165	$	(136,738	)	$	92,009

Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000			12/20/17	EUR		125		(60	)		4,618

Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000			12/20/17	EUR		125		(60	)		4,618

Banco Santander SA		UBS		Sell		3.000			9/20/17	EUR		250		(997	)		7,622

Federative Republic of Brazil		BNP		Sell		1.000			12/20/18	USD		1,190		94,152			(16,892	)

Hellenic Republic		BAC		Sell		1.000			3/20/20	USD		475		168,651			(126,773	)

Hellenic Republic		BAC		Sell		1.000			3/20/20	USD		475		180,526			(126,773	)

Malaysia		BOA		Buy		1.000			12/20/20	USD		765		(40,897	)		10,435

Malaysia		BOA		Buy		1.000			12/20/20	USD		385		(26,693	)		5,252

Malaysia		BOA		Buy		1.000			12/20/20	USD		705		(36,881	)		9,617

29 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)			Value

Malaysia		MOS-A		Buy		1.000%		12/20/20	USD	765	$	(48,374	)	$	10,435

Republic of Peru		BNP		Buy		1.000		12/20/20	USD	964		(27,540	)		8,242

Russian Federation		BNP		Buy		1.000		12/20/20	USD	765		(81,669	)		33,715

State Bank of India		BNP		Sell		1.000		9/20/19	USD	1,740		71,791			(10,004)

Total Over-the-Counter Credit Default Swaps											$	115,211		$	(93,879)

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Type of Reference Asset on which the

Fund Sold Protection

Total Maximum
Potential Payments

for Selling
Credit Protection

(Undiscounted)

Amount Recoverable*

Reference
Asset Rating
Range**

Investment Grade Single Name Corporate Debt

1,740,000

—

EUR

BBB-

Investment Grade Sovereign Debt

660,000

EUR

—

BBB to BBB-

Non-Investment Grade Sovereign Debt

2,140,000

—

EUR

BB to B-

Total USD

3,880,000

—

Total EUR

660,000

EUR

—

EUR

*The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

**The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Centrally Cleared Interest Rate Swaps at June 30, 2016

Counterparty

Pay/Receive

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month

ZAR JIBAR

DEU

Receive

SAFEX

8.310%

6/29/26

ZAR

56,100

3,840

Six-Month PLN

DEU

Receive

WIBOR WIBO

1.920

6/29/21

PLN

21,650

33,493

MXN TIIE

JPM

Pay

BANXICO

6.100

4/16/26

MXN

81,000

13,418

Total Centrally Cleared Interest Rate Swaps

50,751

Over-the-Counter Interest Rate Swaps at June 30, 2016

Counterparty

Pay/Receive

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month

DEU

Pay

KRW CD KSDA

1.480%

4/20/18

KRW

102,630,000

370,621

Three-Month

DEU

Receive

KRW CD KSDA

1.670

4/20/26

KRW

21,990,000

(661,322)

SIB

Pay

BZDI

12.550

1/2/25

BRL

21,670

43,298

Total Over-the-Counter Interest Rate Swaps

(247,403)

Glossary:

Counterparty Abbreviations


BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
GSCO-OT		Goldman Sachs Bank USA
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
MOS-A		Morgan Stanley
MSCO		Morgan Stanley Capital Services, Inc.
RBS		Royal Bank of Scotland plc (The)
SIB		Banco Santander SA
TDB		Toronto Dominion Bank
UBS		UBS AG

Currency abbreviations indicate amounts reporting in currencies


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chilean Peso
CNH		Offshore Chinese Renminbi
COP		Colombian Peso

30 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Currency abbreviations indicate amounts reporting in currencies (Continued)


EUR		Euro
GBP		British Pound Sterling
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
PHP		Philippine Peso
PLN		Polish Zloty
RUB		Russian Ruble
SGD		Singapore Dollar
TRY		New Turkish Lira
TWD		New Taiwan Dollar
ZAR		South African Rand

Definitions
BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BZDI		Brazil Interbank Deposit Rate
CD		Certificate of Deposit
CDX.HY.25		Markit CDX High Yield Index
JIBAR SAFEX		South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KSDA		Korean Securities Dealers Assn.
S&P		Standard & Poor’s
TIIE		Interbank Equilibrium Interest Rate
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

Exchange Abbreviations
CBT		Chicago Board of Trade

See accompanying Notes to Consolidated Financial Statements.

31 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,499,637,322)	$	1,467,729,969
Affiliated companies (cost $369,063,955)		365,173,611

		1,832,903,580

Cash		21,021,390

Cash used for collateral on centrally cleared swaps		1,149,350

Unrealized appreciation on forward currency exchange contracts		12,126,589

Swaps, at value (premiums paid $399,909)		600,482

Centrally cleared swaps, at value		50,751

Receivables and other assets:
Investments sold (including $24,491,154 sold on a when-issued or delayed delivery basis)		52,323,007
Interest, dividends and principal paydowns		15,203,682
Shares of beneficial interest sold		119,939
Variation margin receivable		51,567
Other		176,382

Total assets		1,935,726,719

Liabilities
Bank overdraft-foreign		31,833

Unrealized depreciation on forward currency exchange contracts		7,722,713

Options written, at value (premiums received $1,795,937)		1,338,854

Swaps, at value (premiums received $515,120)		941,764

Centrally cleared swaps, at value (premiums received $19,443)		354,931

Payables and other liabilities:
Investments purchased (including $139,481,710 purchased on a when-issued or delayed delivery basis)		168,282,802
Shares of beneficial interest redeemed		2,540,333
Distribution and service plan fees		274,177
Variation margin payable		253,228
Shareholder communications		106,718
Trustees’ compensation		90,213
Other		70,949

Total liabilities		182,008,515

Net Assets	$	1,753,718,204




Composition of Net Assets
Par value of shares of beneficial interest	$	355,100

Additional paid-in capital		1,931,243,686

Accumulated net investment income		40,566,810

Accumulated net realized loss on investments and foreign currency transactions		(189,739,116)

Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(28,708,276)

Net Assets	$	1,753,718,204



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $415,726,672 and 85,968,455 shares of beneficial interest outstanding)		$4.84


Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,337,991,532 and 269,131,579 shares of beneficial interest outstanding)		$4.97

See accompanying Notes to Consolidated Financial Statements.

32 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Allocation of Income and Expenses from Master Funds¹
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	1,324,119
Dividends		1,932
Expenses		(105,237)

Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		1,220,814

Net investment income allocated from Oppenheimer Master Loan Fund, LLC
Interest		2,529,644
Dividends		12,374
Expenses		(204,086)

Net investment income allocated from Oppenheimer Master Loan Fund, LLC		2,337,932

Total allocation of net investment income from master funds		3,558,746

Investment Income
Interest - unaffiliated companies (net of foreign withholding taxes of $273,762)		35,040,264

Fee income on when-issued securities		999,119

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $(4))		188
Affiliated companies		462,180

Total investment income		36,501,751

Expenses
Management fees		5,342,072

Distribution and service plan fees:
Service shares		1,663,562

Transfer and shareholder servicing agent fees:
Non-Service shares		208,938
Service shares		666,367

Shareholder communications:
Non-Service shares		20,608
Service shares		65,522

Custodian fees and expenses		74,297
			��
Trustees’ compensation		35,021

Borrowing fees		15,677

Other		119,646

Total expenses		8,211,710
Less reduction to custodian expenses		(4,526)
Less waivers and reimbursements of expenses		(417,974)

Net expenses		7,789,210

Net Investment Income		32,271,287

33 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS Unaudited / Continued



Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)	$	(44,052,484)
Closing and expiration of option contracts written		410,150
Closing and expiration of futures contracts		(949,505)
Foreign currency transactions		(20,698,389)
Swap contracts		(566,326)
Swaption contracts		1,043,475

Net realized loss allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(606,503)
Oppenheimer Master Loan Fund, LLC		(2,440,509)

Net realized loss		(67,860,091)

Net change in unrealized appreciation/depreciation on:
Investments		76,071,639
Translation of assets and liabilities denominated in foreign currencies		20,550,540
Futures contracts		2,423,412
Option contracts written		418,163
Swap contracts		1,536,633
Swaption contracts		1,465,085

Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		676,127
Oppenheimer Master Loan Fund, LLC		5,421,469

Net change in unrealized appreciation/depreciation		108,563,068

Net Increase in Net Assets Resulting from Operations	$	72,974,264

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 1 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

34 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	32,271,287	$	86,850,429

Net realized loss		(67,860,091)		(53,432,958)

Net change in unrealized appreciation/depreciation		108,563,068		(75,538,414)

Net increase (decrease) in net assets resulting from operations		72,974,264		(42,120,943)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(20,719,866)		(29,479,205)
Service shares		(61,256,620)		(81,704,570)

		(81,976,486)		(111,183,775)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(11,159,809)		(120,101,219)
Service shares		(30,972,451)		(59,939,490)

		(42,132,260)		(180,040,709)

Net Assets
Total decrease		(51,134,482)		(333,345,427)

Beginning of period		1,804,852,686		2,138,198,113

End of period (including accumulated net investment income of $40,566,810 and $90,272,009, respectively)	$	1,753,718,204	$	1,804,852,686

See accompanying Notes to Consolidated Financial Statements.

35 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period		$4.88		$5.30		$5.38		$5.67		$5.38		$5.58

Income (loss) from investment operations:
Net investment income²		0.10		0.23		0.26		0.28		0.33		0.36
Net realized and unrealized gain (loss)		0.11		(0.34)		(0.11)		(0.29)		0.36		(0.31)

Total from investment operations		0.21		(0.11)		0.15		(0.01)		0.69		0.05

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.25)		(0.31)		(0.23)		(0.28)		(0.34)		(0.18)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.06)		(0.07)

Total dividends and/or distributions to shareholders		(0.25)		(0.31)		(0.23)		(0.28)		(0.40)		(0.25)

Net asset value, end of period		$4.84		$4.88		$5.30		$5.38		$5.67		$5.38



Total Return, at Net Asset Value³		4.38%		(2.26)%		2.84%		(0.13)%		13.53%		0.85%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$415,727		$429,710		$586,951		$738,741		$741,996		$648,084

Average net assets (in thousands)		$420,103		$510,765		$707,673		$734,707		$690,351		$694,868

Ratios to average net assets:^4,5
Net investment income		3.88%		4.51%		4.73%		5.12%		6.01%		6.50%
Expenses excluding specific expenses listed below		0.78%		0.76%		0.74%		0.74%		0.77%		0.77%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%		0.00%		0.00%		0.00%

Total expenses⁷		0.78%		0.76%		0.74%		0.74%		0.77%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.74%		0.73%		0.71%		0.72%		0.71%		0.71%

Portfolio turnover rate⁸		43%		79%		93%		107%		78%		49%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Six Months Ended June 30, 2016			0.79%
		Year Ended December 31, 2015			0.77%
		Year Ended December 31, 2014			0.75%
		Year Ended December 31, 2013			0.74%
		Year Ended December 31, 2012			0.77%
		Year Ended December 30, 2011			0.77%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions	Sale Transactions

Six Months Ended June 30, 2016	$877,685,156	$829,309,065
Year Ended December 31, 2015	$1,225,140,927	$1,266,426,777
Year Ended December 31, 2014	$1,348,552,640	$1,337,346,996
Year Ended December 31, 2013	$4,294,357,677	$4,679,296,373
Year Ended December 31, 2012	$3,862,820,437	$3,466,796,233
Year Ended December 30, 2011	$1,050,654,783	$1,039,506,614

See accompanying Notes to Consolidated Financial Statements.

36 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period		$5.00		$5.42		$5.50		$5.79		$5.49		$5.68

Income (loss) from investment operations:
Net investment income²		0.09		0.23		0.25		0.27		0.33		0.35
Net realized and unrealized gain (loss)		0.12		(0.35)		(0.11)		(0.29)		0.36		(0.31)

Total from investment operations		0.21		(0.12)		0.14		(0.02)		0.69		0.04

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.24)		(0.30)		(0.22)		(0.27)		(0.33)		(0.16)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.06)		(0.07)

Total dividends and/or distributions to shareholders		(0.24)		(0.30)		(0.22)		(0.27)		(0.39)		(0.23)

Net asset value, end of period		$4.97		$5.00		$5.42		$5.50		$5.79		$5.49



Total Return, at Net Asset Value³		4.17%		(2.49)%		2.49%		(0.37)%		13.15%		0.65%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,337,991		$1,375,143		$1,551,247		$1,716,026		$1,840,721		$1,604,906

Average net assets (in thousands)		$1,339,846		$1,496,350		$1,646,615		$1,794,640		$1,715,995		$1,673,715

Ratios to average net assets:^4,5
Net investment income		3.63%		4.26%		4.48%		4.88%		5.76%		6.25%
Expenses excluding specific expenses listed below		1.03%		1.01%		0.99%		0.99%		1.02%		1.02%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%		0.00%		0.00%		0.00%

Total expenses⁷		1.03%		1.01%		0.99%		0.99%		1.02%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.98%		0.98%		0.96%		0.97%		0.96%		0.96%

Portfolio turnover rate⁸		43%		79%		93%		107%		78%		49%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Six Months Ended June 30, 2016			1.04%
		Year Ended December 31, 2015			1.02%
		Year Ended December 31, 2014			1.00%
		Year Ended December 31, 2013			0.99%
		Year Ended December 31, 2012			1.02%
		Year Ended December 30, 2011			1.02%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2016		$877,685,156		$829,309,065
Year Ended December 31, 2015		$1,225,140,927		$1,266,426,777
Year Ended December 31, 2014		$1,348,552,640		$1,337,346,996
Year Ended December 31, 2013		$4,294,357,677		$4,679,296,373
Year Ended December 31, 2012		$3,862,820,437		$3,466,796,233
Year Ended December 30, 2011		$1,050,654,783		$1,039,506,614

See accompanying Notes to Consolidated Financial Statements.

37 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Global Strategic Income Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s main investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange traded funds related to gold or other special minerals (“Gold ETFs”). The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 182,275 shares with net assets of $15,946,644 in the Subsidiary.

Other financial information at period end:


Total market value of investments	$	8,205,751
Net assets	$	15,946,644
Net income (loss)	$	142,380
Net realized gain (loss)	$	34,779
Net change in unrealized appreciation/depreciation	$	171,637

38 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

2. Significant Accounting Policies (Continued)

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Consolidated Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Consolidated Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

During the fiscal year ended December 31, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2016	$	3,339,490
No expiration		108,831,615

Total	$	112,171,105

At period end, it is estimated that the capital loss carryforwards would be $3,339,490 expiring by 2016 and $176,691,706, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

39 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	1,869,221,428
Federal tax cost of other investments		21,077,861

Total federal tax cost	$	1,890,299,289

Gross unrealized appreciation	$	51,037,808
Gross unrealized depreciation		(80,266,235)

Net unrealized depreciation	$	(29,228,427)

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided

40 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)

below.


Security Type		Standard inputs generally considered by third-party pricing vendors

Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.

Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Structured securities		Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.

Swaps		Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	103,436,721	$	16,634,701	$	120,071,422
Mortgage-Backed Obligations		—		316,656,466		—		316,656,466

41 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Investments, at Value: (Continued)
U.S. Government Obligations	$	—	$	32,041,404	$	—	$	32,041,404
Foreign Government Obligations		—		104,256,690		—		104,256,690
Corporate Loans		—		3,235,301		—		3,235,301
Corporate Bonds and Notes		—		850,214,210		27,800		850,242,010
Common Stocks		4,227,190		—		15		4,227,205
Rights, Warrants and Certificates		—		—		—		—
Structured Securities		—		6,380,049		2,577,009		8,957,058
Short-Term Note		—		25,985,804		—		25,985,804
Investment Companies		146,469,979		—		—		146,469,979
Over-the-Counter Options Purchased		—		2,012,212		—		2,012,212
Over-the-Counter Interest Rate Swaption Purchased		—		44,397		—		44,397

Total Investments, at Value		150,697,169		1,444,263,254		19,239,525		1,614,199,948
Other Financial Instruments:
Swaps, at value		—		600,482		—		600,482
Centrally cleared swaps, at value		—		50,751		—		50,751
Futures contracts		3,189,752		—		—		3,189,752
Forward currency exchange contracts		—		12,126,589		—		12,126,589

Total Assets excluding investment companies valued using practical expedient	$	153,886,921	$	1,457,041,076	$	19,239,525		1,630,167,522

Investment companies valued using practical expedient								218,703,632

Total Assets							$	1,848,871,154


Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(941,764)	$	—	$	(941,764)
Centrally cleared swaps, at value		—		(354,931)		—		(354,931)
Options written, at value		—		(1,338,854)		—		(1,338,854)
Futures contracts		(353,576)		—		—		(353,576)
Forward currency exchange contracts		—		(7,722,713)		—		(7,722,713)

Total Liabilities	$	(353,576)	$	(10,358,262)	$	—	$	(10,711,838)

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:


			Value as of December 31, 2015		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discount^a

Assets Table
Investments, at Value:
Asset-Backed Securities			$	16,991,566	$	—	$	(417,053)	$	60,188
Mortgage-Backer Obligations				16,686		(48,004)		49,339		—
Corporate Loans				7,452		(1,440,560)		1,433,108		—
Corporate Bonds and Notes				29,997		1		(2,177)		(20)
Common Stocks				1,255,935		(2,111,954)		2,061,624		—
Structured Securities				4,439,555		(146,101)		(587,883)		24,926

Total Assets			$	22,741,191	$	(3,746,618)	$	2,536,958	$	85,094


a. Included in net investment income.
	Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Value as of June 30, 2016

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	—	$	—	$	—	$	16,634,701
Mortgage-Backed Obligations		—		(18,021)		—		—		—
Corporate Loans		—		—		—		—		—
Corporate Bonds and Notes		—		(1)		—		—		27,800
Common Stocks		—		(1,205,590)		—		—		15
Structured Securities		—		(1,153,488)		—		—		2,577,009

Total Assets	$	—	$	(2,377,100)	$	—	$	—	$	19,239,525

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to Level 3 investments still held at period end:

42 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)


	Change in unrealized appreciation/ depreciation

Assets Table
Investments, at Value
Asset-Backed Securities	$	(417,053)
Mortgaged-Backed Obligations
Corporate Bonds and Notes		(2,176)
Structured Securities		(587,883)

Total	$	(1,007,112)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

Value as of
June 30, 2016

Valuation
Technique

Unobservable
Input

Range of
Unobservable
Inputs

Unobservable
Input Used

Assets Table

Investments, at Value:

Asset-Backed Securities

16,634,701

Broker quotes

N/A

(a)

Corporate Bonds and Notes

27,800

Broker quotes

N/A

(a)

Estimated recovery

Common Stocks

proceeds

Nominal Value

N/A

$0.01/share

(b)

Structured Securities

2,577,009

Broker quotes

N/A

(a)

Total

19,239,525

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service or broker-dealer for which such inputs are unobservable. The Manager periodically reviews pricing vendor and broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.

(b) The Fund fair values certain common stocks held at a nominal value to reflect the low probability of receipt of future payments to be received as a result of a merger. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the future distribution amount, or a significant increase (decrease) to the probability of payment rate, will result in a significant increase (decrease) to the fair value of the investment.

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

43 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Investment in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC (“Master Loan”) and Oppenheimer Master Event-Linked Bond Fund, LLC (“Master Event-Linked Bond”) (the “Master Funds”). Each Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Master Fund than in another, the Fund will have greater exposure to the risks of that Master Fund.

The investment objective of Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds. The Fund owns 13.2% of Master Loan and 15.4% of Master Event-Linked Bond at period end.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Consolidated Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$139,481,710
Sold securities		24,491,154

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual

44 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. Investments and Risks (Continued)

restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment.

Information concerning securities not accruing interest at period end is as follows:


Cost			$15,047,820
Market Value			$2,819,518
Market Value as % of Net Assets			0.16%

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Use of Derivatives

45 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation) is reported in the Consolidated Statement of Assets and Liabilities as a receivable (or payable) and in the Consolidated Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Consolidated Statement of Operations.

The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $397,823,603 and $582,320,611, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Futures Contracts

Futures contracts are reported on a schedule following the Consolidated Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Consolidated Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Consolidated Statement of Operations. Realized gains (losses) are reported in the Consolidated Statement of Operations at the closing or expiration of futures contracts.

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.

During the reporting period, the Fund had an ending monthly average market value of $126,861,899 and $86,136,317 on futures contracts purchased and sold, respectively.

46 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

Option Activity

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $515,318 and $692,521 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Consolidated Statement of Investments and as a liability in the Consolidated Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Consolidated Statement of Investments.

The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has written call options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $386,929 and $473,607 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Written option activity for the reporting period was as follows:


	Number of Contracts		Amount of Premiums
Options outstanding as of December 31, 2015		64,770,515,000	$	2,061,032
Options written		87,887,739,565		3,094,038
Options closed or expired		(128,650,000)		(410,150)
Options exercised		(151,752,432,348)		(2,948,983)

Options outstanding as of June 30, 2016		777,172,217	$	1,795,937

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

47 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Consolidated Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Consolidated Statement of Operations.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

Credit Default Swap Contracts. A credit default swap is a contract that enables an investor to buy or sell protection against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on a debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a corporate issuer, sovereign issuer, or a basket or index of issuers (the “reference asset”).

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of Operations.

The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual issuers and/or indexes of issuers.

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

For the reporting period, the Fund had ending monthly average notional amounts of $17,714,455 and $19,234,473 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on the various foreign currency notional amounts. These currency swap contracts increase exposure to, or decrease exposure away from, foreign exchange and interest rate risk.

For the reporting period, the Fund had ending monthly average notional amounts of $3,841,011 on currency swaps which receive a fixed rate. Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified floating interest rate while the other is typically a fixed interest rate.

The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund.

The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease

48 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.

For the reporting period, the Fund had ending monthly average notional amounts of $23,593,548 and $75,530,063 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

Purchased swaptions are reported as a component of investments in the Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations for the amount of the premium paid or received.

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

During the reporting period, the Fund had an ending monthly average market value of $2,624,581 and $1,690,172 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:


	Notional Amount			Amount of Premiums

Swaptions outstanding as of
December 31, 2015		362,297,441		$	1,043,474
Swaptions written		1,411,090,000			4,109,288
Swaptions closed or expired		(362,297,441	)		(1,043,475	)
Swaptions exercised		(1,411,090,000	)		(4,109,287	)

Swaptions outstanding as of June 30, 2016		–		$	–

49 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

At period end, the Fund has required certain counterparties to post collateral of $18,322,121.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at June 30, 2016:


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount

Banco Santander SA	$	43,298	$	–	$	–	$	–	$	43,298
Bank of America NA		3,501,740		(1,355,505)		(2,146,235)		–		–
Barclays Bank plc		251,978		(251,978)		–		–		–
BNP Paribas		556,874		(544,803)		(12,071)		–		–
Citibank NA		393,212		(107,163)		(286,049)		–		–
Deutsche Bank NA		1,617,642		(1,617,642)		–		–		–
Goldman Sachs Bank USA		800,281		(655,826)		(144,455)		–		–
HSBC Bank USA NA		202,216		(202,216)		–		–		–
JPMorgan Chase Bank NA		5,103,431		(1,026,196)		(3,647,973)		–		429,262
Morgan Stanley		10,435		–		–		–		10,435
Morgan Stanley Capital Services, Inc.		513,408		(513,408)		–		–		–
Royal Bank of Scotland plc (The)		761,011		(525,001)		(236,010)		–		–
Toronto Dominion Bank		1,011,296		(639,901)		(371,395)		–		–

50 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount

UBS AG	$	16,858	$	–	$	–	$	–	$	16,858

	$	14,783,680	$	(7,439,639)	$	(6,844,188)	$	–	$	499,853

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at June 30, 2016:


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount

Bank of America NA	$	(1,355,505)	$	1,355,505	$	–	$	–	$	–
Barclays Bank plc		(1,999,248)		251,978		636,982		–		(1,110,288)
BNP Paribas		(544,803)		544,803		–		–		–
Citibank NA		(107,163)		107,163		–		–		–
Deutsche AG		(1,691,438)		1,617,642		73,796		–		–
Goldman Sachs Bank USA		(655,826)		655,826		–		–		–
HSBC Bank USA NA		(875,220)		202,216		486,009		–		(186,995)
JPMorgan Chase Bank NA		(1,026,196)		1,026,196		–		–		–
Morgan Stanley Capital Services, Inc.		(583,030)		513,408		–		–		(69,622)
Royal Bank of Scotland plc (The)		(525,001)		525,001		–		–		–
Toronto Dominion Bank		(639,901)		639,901		–		–		–

	$	(10,003,331)	$	7,439,639	$	1,196,787	$	–	$	(1,366,905)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statements of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives
Not Accounted
for as Hedging
Instruments

Consolidated
Statement of Assets
and Liabilities Location

Value

Consolidated
Statement of Assets
and Liabilities Location

Value

Credit contracts

Swaps, at value

186,563

Swaps, at value

280,442

Interest rate contracts

Swaps, at value

413,919

Swaps, at value

661,322

Credit contracts

Centrally cleared swaps, at value

354,931

Interest rate contracts

Centrally cleared swaps, at value

50,751

Interest rate contracts

Variation margin receivable

51,567*

Variation margin payable

253,228*

Forward currency exchange contracts

Unrealized appreciation on forward currency exchange contracts

12,126,589

Unrealized depreciation on forward currency exchange contracts

7,722,713

Equity contracts

Options written, at value

692,625

Forward currency exchange contracts

Options written, at value

646,229

Equity contracts

Investments, at value

783,179**

Forward currency exchange contracts

Investments, at value

634,845**

Interest rate contracts

Investments, at value

638,585**

Total

14,885,998

10,611,490

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

**Amounts relate to purchased option contracts and purchased swaption contracts.

51 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

The effect of derivative instruments on the Consolidated Statement of Operations is as follows:


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies (including premiums on options exercised)*		Closing and expiration of swaption contracts written		Closing and expiration of option contracts written		Closing and expiration of futures contracts			Foreign currency transactions		Swap contracts		Total

Credit contracts	$	—	$	—	$	—	$	—		$	—	$	491,211	$	491,211
Equity contracts		—		—		—		819,519			—		—		819,519
Forward currency exchange contracts		(614,186)		—		410,150		—			2,264,381		(21,919)		2,038,426
Interest rate contracts		(2,037,227)		1,043,475		—		(1,769,024	)		—		(1,035,618)		(3,798,394	)

Total	$	(2,651,413)	$	1,043,475	$	410,150	$	(949,505	)	$	2,264,381	$	(566,326)	$	(449,238)

*Includes purchased options contracts, purchased swaption contracts, written options contracts exercised and written swaption contracts exercised, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investments*			Option contracts written		Swaption contracts written		Futures contracts		Translation of assets and liabilities denominated in foreign currencies		Swap contracts		Total

Credit contracts	$	—		$	—	$	—	$	—	$	—	$	(305,101)	$	(305,101)
Equity contracts		(119,004	)		209,558		—		—		—		—		90,554
Forward currency exchange contracts		(281,450	)		208,605		—		—		797,833		1,512,906		2,237,894
Interest rate contracts		98,360			—		1,465,085		2,423,412		—		328,828		4,315,685

Total	$	(302,094)		$	418,163	$	1,465,085	$	2,423,412	$	797,833	$	1,536,633	$	6,339,032

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		1,050,891	$	5,189,637		4,671,962	$	23,990,179
Dividends and/or distributions reinvested		4,307,665		20,719,866		5,825,930		29,479,205
Redeemed		(7,518,956)		(37,069,312)		(33,212,336)		(173,570,603)

Net decrease		(2,160,400)	$	(11,159,809)		(22,714,444)	$	(120,101,219)



Service Shares
Sold		6,424,957	$	32,305,881		13,496,560	$	71,281,913
Dividends and/or distributions reinvested		12,375,075		61,256,620		15,712,417		81,704,570
Redeemed		(24,809,996)		(124,534,952)		(40,362,328)		(212,925,973)

Net decrease		(6,009,964)	$	(30,972,451)		(11,153,351)	$	(59,939,490)

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities	$	615,749,335	$	699,388,201
U.S. government and government agency obligations		34,182,366		38,946,758
To Be Announced (TBA) mortgage-related securities		877,685,156		829,309,065

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the

52 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

9. Fees and Other Transactions with Affiliates (Continued)

Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $200 million			0.60
Next $4 billion			0.50
Over $5 billion			0.48

The Manager also provides investment management related services to the Subsidiary. The Subsidiary pays the Manager a monthly management fee at an annual rate according to the above schedule. The Subsidiary also pays certain other expenses including custody and directors’ fees.

The Fund’s effective management fee for the reporting period was 0.61% of average annual net assets before any Subsidiary management fees or any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund and the Subsidiary. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund and the Subsidiary, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.75% for Non-Service shares and 1.00% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business.

The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $90,200.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in underlying funds managed by the Manager or its affiliates. During the reporting period, the Manager waived fees and/or reimbursed the Fund $327,774 for management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

53 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Litigation

54 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

55 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

DISTRIBUTION SOURCES Unaudited

This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.


Fund Name	Pay Date		Net Income			Net Profit from Sale			Other Capital Sources
Oppenheimer Global Strategic Income Fund/VA		6/21/16		85.0	%		0.0	%		15.0	%

56 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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57 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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58 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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59 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Krishna Memani, Vice President
		Michael A. Mata. Vice President
		Hemant Baijal, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		^© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		June 30, 2016
		Oppenheimer
		Equity Income Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGER: Michael S. Levine, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		1/2/03		0.36%		-9.51%		6.00%		6.41%
Service Shares		9/18/06		0.28		-9.73		5.65		3.47*
Russell 1000 Value Index				6.30		2.86		11.35		6.13

*Shows performance since inception.

The Fund’s performance is compared to the performance of the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Citigroup, Inc.			4.7%
JPMorgan Chase & Co.			3.6
Assured Guaranty Ltd.			3.3
Merck & Co., Inc.			2.7
Chevron Corp.			2.4
Pfizer, Inc.			2.4
AT&T, Inc.			2.3
Apple, Inc.			2.2
Wells Fargo & Co.			2.2
Royal Dutch Shell plc, Cl. A, Sponsored ADR			2.1

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of common stocks.

2 OPPENHEIMER EQUITY INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 0.36% during the reporting period. In comparison, the Fund underperformed the Russell 1000 Value Index (the “Index”), which returned 6.30%. On a sector basis, the most significant detractors from performance versus the Index included stock selection and overweight positions in financials and consumer discretionary, and stock selection in information technology and health care. The Fund outperformed the Index within the consumer staples sector due to stock selection and the telecommunication services sector as a result of an overweight position.

MARKET OVERVIEW

The first half of 2016 was a volatile time for global equity markets. Concerns about slowing global economic growth, a sharp drop in crude oil prices in early 2016, and sharp declines in global interest rates contributed to a tumultuous environment. March saw a temporary relief rally as communication from the Fed turned more accommodative in light of this weak start to the year. Furthermore, an apparent bottom in commodity prices helped investor sentiment. However, unanswered questions, including how quickly the Fed would raise interest rates and whether Britain would decide to exit the E.U. on its June 23 vote, made for an uncertain period. The U.K. surprised the markets by ultimately deciding to exit the E.U. As a result, markets dropped sharply and remained volatile through the reporting period’s end.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included AT&T, Inc., Communications Sales & Leasing, Inc. (CSAL) and Chevron Corp.

AT&T performed well during the reporting period as its defensive characteristics and attractive dividend yield appealed to investors.

CSAL is a telecom infrastructure real estate investment trust (REIT) created from the separation from Windstream last year. After performing very poorly post separation, CSAL rebounded strongly during the reporting period as the company diversified its tenant base which assuaged investor concerns about the sustainability of the dividend. We’ve trimmed our position modestly as the stock has appreciated, but with an 8% yield we continue to like the name.

Chevron benefited from the sharp bounce off the oil price lows seen in the first quarter of 2016. Furthermore, Chevron’s attractive yield and more focused capital spending plans were rewarded by the market.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Citigroup, Inc., United Continental Holdings, Inc. (“United”) and Allergan plc.

Citigroup is a leading money center banking company. Financials in general and Citi in particular had a difficult reporting period due to credit concerns surrounding energy exposures as well as continued very low interest rates. While both of these concerns are valid, we believe the fears are more than discounted in Citi’s stock, as well as in the stock of many Financials. Energy losses are going to increase, but we believe Citi should be well prepared for them. Also, while low interest rates are a negative for financials, we believe Citi’s stock already reflects this. We received encouraging news from the Fed’s Comprehensive Capital Analysis and Review (CCAR) process during the second quarter that could lead to an increased dividend and larger share buyback.

United detracted from performance as industry revenue trends remain somewhat soft and concerns about international travel increased following the Brexit vote. We own United because we believe airline industry fundamentals have structurally improved following years/decades of poor industry operating performance. Industry consolidation and better management execution have resulted in record levels of profitability while lower oil prices have also helped. While United has lagged the industry following its merger with Continental a few years ago, we believe the company will be able to close the margin gap with its peer group.

Allergan, formerly known as Actavis, is a specialty pharmaceuticals manufacturer. Last July, Allergan announced the sale of its generic business, which sells approximately 1,000 generic and branded generic products globally, to Teva Pharmaceuticals for approximately $40 billion. The transaction is expected to close in the first half of 2016 and may allow the company to pursue additional opportunities in its expanding branded pharmaceuticals business. In November 2015, the company announced that it was merging with Pfizer to create a global pharmaceuticals company, and expected the deal to close in the second half of 2016. Allergan declined in the first quarter as concerns increased during March about the likelihood of the transaction closing. Subsequently, the merger was called off in early April after unprecedented actions by the U.S. Treasury department made the economics of the transaction unattractive.

3 OPPENHEIMER EQUITY INCOME FUND/VA

STRATEGY & OUTLOOK

The economic and market environment remain extremely volatile. While the U.S. economy continues to grow, it is unlikely that growth will be robust. Recent concerns about job growth, the fallout from the Brexit vote and continued declines in interest rates are all weighing on sentiment—both investor sentiment and corporate investment intentions. On the positive side, we are encouraged that commodity prices appear to have found a floor and we expect crude oil supply/ demand to improve during the second half of the year which should lend further support to commodity prices. While higher energy prices would offset some of the tailwinds consumers have been experiencing for the past 18 months, we think stable to modestly higher commodity prices will be a net positive to the manufacturing economy. We remain disciplined regarding valuations and, as a result, we see the potential for heightened risk in safe haven asset classes that have been performing well of late. While value stocks have significantly underperformed the market during the past few years, we continue to believe that the Fund is well positioned to benefit when value investing begins to outperform again. Furthermore, we continue to target an above-average dividend yield.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER EQUITY INCOME FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,003.60	$	3.99
Service shares		1,000.00		1,002.80		5.24

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.89		4.03
Service shares		1,000.00		1,019.64		5.29


Class	Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

5 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—86.9%

Consumer Discretionary—9.3%

Auto Components—0.4%

Lear Corp.		270	$	27,475


Automobiles—3.1%

Ford Motor Co.¹		9,798		123,161

General Motors Co.		4,140		117,162

				240,323


Hotels, Restaurants & Leisure—0.9%

Extended Stay America, Inc.		4,850		72,508


Household Durables—2.8%

Beazer Homes USA, Inc.²		2,700		20,925

CalAtlantic Group, Inc.		2,875		105,541

MDC Holdings, Inc.		1,975		48,072

PulteGroup, Inc.		2,425		47,263

				221,801


Media—0.3%

Comcast Corp., Cl. A		355		23,142


Multiline Retail—1.3%

Kohl’s Corp.		930		35,266

Macy’s, Inc.		1,155		38,819

Target Corp.		390		27,230

				101,315


Specialty Retail—0.5%

Best Buy Co., Inc.		705		21,573

Staples, Inc.		2,000		17,240

				38,813


Consumer Staples—6.2%

Beverages—0.9%

Coca-Cola Co. (The)		675		30,598

Molson Coors Brewing Co., Cl. B		370		37,418

				68,016


Food & Staples Retailing—1.6%

Walgreens Boots Alliance, Inc.		785		65,367

Wal-Mart Stores, Inc.		820		59,876

				125,243


Food Products—1.9%

Kraft Heinz Co. (The)		1,360		120,333

Pinnacle Foods, Inc.		510		23,608

				143,941


Household Products—0.7%

Procter & Gamble Co. (The)		680		57,576


Tobacco—1.1%

Philip Morris International, Inc.		850		86,462


Energy—9.4%

Oil, Gas & Consumable Fuels—9.4%

BP plc, Sponsored ADR		2,850		101,203

Chevron Corp.		1,785		187,122

Exxon Mobil Corp.		1,550		145,297

Kinder Morgan, Inc.		2,935		54,943

Marathon Oil Corp.		3,825		57,413

Royal Dutch Shell plc, Cl. A, Sponsored ADR		2,885		159,310

Williams Cos., Inc. (The)		1,135		24,550

				729,838


Financials—29.4%

Capital Markets—4.6%

Goldman Sachs Group, Inc. (The)		960		142,637

KKR & Co. LP³		7,475		92,242

Morgan Stanley		4,885		126,912

				361,791


	Shares		Value

Commercial Banks—11.5%

Bank of America Corp.		5,940	$	78,824

Citigroup, Inc.		8,600		364,554

JPMorgan Chase & Co.		4,430		275,280

Wells Fargo & Co.		3,675		173,938

				892,596


Insurance—6.9%

American International Group, Inc.		1,700		89,913

Assured Guaranty Ltd.		10,125		256,871

MBIA, Inc.²		6,475		44,224

MetLife, Inc.		3,725		148,367

				539,375


Real Estate Investment Trusts (REITs)—5.0%

Apollo Commercial Real Estate Finance, Inc.		525		8,437

Blackstone Mortgage Trust, Inc., Cl. A		2,195		60,735

Colony Capital, Inc., Cl. A		4,685		71,915

Communications Sales & Leasing, Inc.		2,790		80,631

iStar, Inc.²		3,075		29,489

NorthStar Realty Finance Corp.		2,825		32,290

Starwood Property Trust, Inc.		3,025		62,678

Two Harbors Investment Corp.		5,000		42,800

				388,975


Real Estate Management & Development—0.1%

Realogy Holdings Corp.²		160		4,643


Thrifts & Mortgage Finance—1.3%

MGIC Investment Corp.²		2,970		17,672

Radian Group, Inc.		7,950		82,839

				100,511


Health Care—10.0%

Biotechnology—1.4%

AbbVie, Inc.		1,700		105,247


Health Care Equipment & Supplies—1.7%

Abbott Laboratories		770		30,269

Medtronic plc		1,215		105,425

				135,694


Pharmaceuticals—6.9%

Allergan plc²		50		11,555

Johnson & Johnson		625		75,812

Merck & Co., Inc.		3,675		211,717

Pfizer, Inc.		5,240		184,500

Roche Holding AG, Sponsored ADR		1,225		40,364

Teva Pharmaceutical Industries Ltd., Sponsored ADR		275		13,813

				537,761


Industrials—5.7%

Aerospace & Defense—0.5%

General Dynamics Corp.		87		12,114

United Technologies Corp.		280		28,714

				40,828


Airlines—1.3%

United Continental Holdings, Inc.²		2,420		99,317


Commercial Services & Supplies—1.0%

R.R. Donnelley & Sons Co.		4,475		75,717


Electrical Equipment—1.1%

Eaton Corp. plc		650		38,824

General Cable Corp.		3,570		45,375

				84,199


Industrial Conglomerates—1.5%

General Electric Co.		3,850		121,198


Road & Rail—0.3%

CSX Corp.		910		23,733

6 OPPENHEIMER EQUITY INCOME FUND/VA


	Shares		Value

Information Technology—9.8%

Communications Equipment—1.4%

Cisco Systems, Inc.		3,675	$	105,436


Internet Software & Services—1.1%

Alphabet, Inc., Cl. C²		118		81,668


IT Services—0.4%

International Business Machines Corp.		220		33,392


Semiconductors & Semiconductor Equipment—2.1%

Cypress Semiconductor Corp.		2,175		22,946

Intel Corp.		1,000		32,800

Micron Technology, Inc.²		2,315		31,854

QUALCOMM, Inc.		1,370		73,391

				160,991


Software—2.4%

Microsoft Corp.		2,955		151,207

Oracle Corp.		900		36,837

				188,044


Technology Hardware, Storage & Peripherals—2.4%

Apple, Inc.		1,830		174,948

HP, Inc.		1,075		13,491

				188,439


Materials—1.3%

Chemicals—0.4%

LyondellBasell Industries NV, Cl. A		425		31,629


Containers & Packaging—0.5%

International Paper Co.		900		38,142


Paper & Forest Products—0.4%

Domtar Corp.		945		33,084


Telecommunication Services—3.0%

Diversified Telecommunication Services—3.0%

AT&T, Inc.		4,100		177,161

Frontier Communications Corp.		11,000		54,340

				231,501


Utilities—2.8%

Electric Utilities—2.3%

American Electric Power Co., Inc.		1,250		87,612

Exelon Corp.		250		9,090

PPL Corp.		2,225		83,994

				180,696


	Shares		Value

Independent Power and Renewable Electricity Producers—0.5%

NRG Energy, Inc.		2,600	$	38,974

Total Common Stocks (Cost $ 6,321,259)				6,760,034


Preferred Stocks—9.0%

Allergan plc, 5.50% Cv., Series A		180		150,052

American Homes 4 Rent, 5% Cum., Series B, Non-Vtg.		1,050		28,192

Dominion Resources, Inc., 6.375% Cv.		495		25,661

Exelon Corp., 6.50% Cv.		1,310		64,635

Frontier Communications Corp., 11.125% Cv., Series A, Non-Vtg.		1,525		144,601

iStar, Inc., 4.50% Cv., Non-Vtg.		2,100		95,634

Post Holdings, Inc., 5.25% Cv.		585		85,158

Teva Pharmaceutical Industries Ltd.,
7% Cv., Non-Vtg.		132		109,164

Total Preferred Stocks (Cost $730,962)				703,097

	Units

Rights, Warrants and Certificates—0.0%

Kinder Morgan, Inc. Wts., Strike Price $40,
Exp. 5/25/172 (Cost $14,395)		4,000		68
	Principal Amount

Non-Convertible Corporate Bonds and Notes—0.2%

J.C. Penney Corp., Inc., 5.65% Sr.
Unsec. Nts., 6/1/20 (Cost $14,848)	$	18,500		17,482


Convertible Corporate Bonds and Notes—1.9%

MGIC Investment Corp.:
2.00% Cv. Sr. Unsec. Nts., 4/1/20		31,000		34,565
9.00% Cv. Jr. Sub. Nts., 4/1/63⁴		32,000		36,040

Navistar International Corp., 4.75% Cv. Sr. Sub. Nts., 4/15/19		126,000		74,419

Total Convertible Corporate Bonds and Notes
(Cost $188,480)				145,024

	Shares

Structured Security—0.2%

Barclays Bank plc, Alcoa, Inc. Equity
Linked Nts., 10/4/17² (Cost $16,983)		450		14,346


Investment Company—2.0%

Oppenheimer Institutional Money Market
Fund, Cl. E, 0.49%^5,6 (Cost $152,436)		152,436		152,436

Exercise Price

Expiration Date

Contracts

Exchange-Traded Option Purchased—0.0%

Navistar International Corp. Put² (Cost $122)

USD

8.000

7/15/16

USD

Total Investments, at Value (Cost $7,439,485)

100.2%

7,792,537

Net Other Assets (Liabilities)

(0.2)

(15,934)

Net Assets

100.0%

7,776,603

Footnotes to Statement of Investments

1. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $ 117,190

2. Non-income producing security.

3. Security is a Master Limited Partnership.

4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $36,040 or 0.46% of the Fund’s net assets at period end.

5. Rate shown is the 7-day yield at period end.

6. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2015

Additions

Reductions

June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E

60,375

768,787

676,726

152,436

7 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	152,436	$	95



Exchange-Traded Options Written at June 30, 2016

Description		Exercise Price		Expiration Date		Number of Contracts			Premiums Received		Value

American Electric Power Co., Inc. Call	USD		67.500		8/19/16		USD	(4)	$	556	$	(1,280)

AT&T, Inc. Call	USD		40.000		7/15/16		USD	(20)		1,539		(6,280)

Best Buy Co., Inc. Call	USD		31.000		7/15/16		USD	(1)		55		(55)

Chevron Corp. Call	USD		100.000		7/15/16		USD	(5)		1,735		(2,415)

Kinder Morgan, Inc. Call	USD		18.000		7/15/16		USD	(1)		58		(86)

Marathon Oil Corp. Call	USD		14.000		7/15/16		USD	(2)		248		(240)

Micron Technology, Inc. Call	USD		13.000		7/15/16		USD	(1)		82		(107)

NRG Energy, Inc. Call	USD		14.000		7/15/16		USD	(5)		460		(588)

PPL Corp. Call	USD		39.000		7/15/16		USD	(5)		320		(50)

Total Exchange-Traded Options Written									$	5,053		$ (11,101)

See accompanying Notes to Financial Statements.

8 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $7,287,049)	$	7,640,101
Affiliated companies (cost $152,436)		152,436

		7,792,537

Cash		6,694

Receivables and other assets:
Investments sold		24,102
Interest and dividends		17,871
Shares of beneficial interest sold		429
Other		12,627

Total assets		7,854,260

Liabilities
Options written, at value (premiums received $5,053)		11,101

Payables and other liabilities:
Investments purchased		38,829
Trustees’ compensation		10,354
Legal, auditing and other professional fees		6,578
Shareholder communications		4,811
Shares of beneficial interest redeemed		4,249
Distribution and service plan fees		1,526
Other		209

Total liabilities		77,657

Net Assets	$	7,776,603



Composition of Net Assets
Par value of shares of beneficial interest	$	701

Additional paid-in capital		8,025,173

Accumulated net investment loss		(80,845)

Accumulated net realized loss on investments		(515,430)

Net unrealized appreciation on investments		347,004

Net Assets	$	7,776,603



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $336,925 and 36,914 shares of beneficial interest outstanding)		$9.13


Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $7,439,678 and 663,870 shares of beneficial interest outstanding)		$11.21

See accompanying Notes to Financial Statements.

9 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $ 1,714)			$ 141,678
Affiliated companies			95

Interest			9,055

Total investment income			150,828

Expenses
Management fees			29,149

Distribution and service plan fees:
Service shares			9,306

Transfer and shareholder servicing agent fees:
Non-Service shares			158
Service shares			3,729

Shareholder communications:
Non-Service shares			115
Service shares			2,696

Legal, auditing and other professional fees			28,024

Trustees’ compensation			4,955

Custodian fees and expenses			718

Borrowing fees			78

Other			1,693

Total expenses			80,621
Less reduction to custodian expenses			(1)
Less waivers and reimbursements of expenses			(40,037)

Net expenses			40,583

Net Investment Income			110,245

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)			(236,071)
Closing and expiration of option contracts written			12,135
Short Positions			(149)

Net realized loss			(224,085)

Net change in unrealized appreciation/depreciation on:
Investments			108,349
Option contracts written			(10,910)

Net change in unrealized appreciation/depreciation			97,439

Net Decrease in Net Assets Resulting from Operations			$ (16,401)

See accompanying Notes to Financial Statements.

10 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	110,245	$	257,353

Net realized loss		(224,085)		(151,710)

Net change in unrealized appreciation/depreciation		97,439		(1,094,652)

Net decrease in net assets resulting from operations		(16,401)		(989,009)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(21,464)		(10,233)
Service shares		(396,306)		(287,911)

		(417,770)		(298,144)

Distributions from net realized gain:
Non-Service shares		—		(25,987)
Service shares		—		(746,892)

		—		(772,879)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		31,515		91,789
Service shares		(340,596)		(1,019,497)

		(309,081)		(927,708)

Net Assets
Total decrease		(743,252)		(2,987,740)

Beginning of period		8,519,855		11,507,595

End of period (including accumulated net investment income (loss) of $(80,845) and $226,680, respectively)	$	7,776,603	$	8,519,855

See accompanying Notes to Financial Statements.

11 OPPENHEIMER EQUITY INCOME FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015			Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period		$9.72		$12.09			$11.64		$9.15		$8.00		$8.49

Income (loss) from investment operations:
Net investment income²		0.14		0.29			0.25		0.21		0.16		0.15
Net realized and unrealized gain (loss)		(0.11)		(1.28)			1.01		2.42		1.11		(0.56)

Total from investment operations		0.03		(0.99)			1.26		2.63		1.27		(0.41)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.62)		(0.39)			(0.22)		(0.14)		(0.12)		(0.08)
Distributions from net realized gain		0.00		(0.99)	��		(0.59)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.62)		(1.38)			(0.81)		(0.14)		(0.12)		(0.08)

Net asset value, end of period		$9.13		$9.72			$12.09		$11.64		$9.15		$8.00



Total Return, at Net Asset Value³		0.36%		(9.58)%			11.08%		28.93%		16.08%		(4.93)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$337		$325			$302		$227		$154		$104

Average net assets (in thousands)		$318		$318			$266		$195		$132		$101

Ratios to average net assets:⁴
Net investment income		2.96%		2.64%			2.08%		2.00%		1.82%		1.78%
Expenses excluding specific expenses listed below		1.84%		1.52%			1.42%		1.64%		1.75%		1.83%
Interest and fees from borrowings		0.00%⁵		0.00%⁵			0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.84%		1.52%			1.42%		1.64%		1.75%		1.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%			0.80%		0.80%		0.80%		0.80%

Portfolio turnover rate		23%		44%			40%		159%		87%		86%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.84	%
Year Ended December 31, 2015	1.52	%
Year Ended December 31, 2014	1.42	%
Year Ended December 31, 2013	1.64	%
Year Ended December 31, 2012	1.75	%
Year Ended December 30, 2011	1.83	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER EQUITY INCOME FUND/VA


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period		$11.81		$14.43		$13.78		$10.83		$9.69		$10.23

Income (loss) from investment operations:
Net investment income²		0.16		0.33		0.26		0.22		0.13		0.11
Net realized and unrealized gain (loss)		(0.13)		(1.58)		1.19		2.87		1.13		(0.56)

Total from investment operations		0.03		(1.25)		1.45		3.09		1.26		(0.45)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.63)		(0.38)		(0.21)		(0.14)		(0.12)		(0.09)
Distributions from net realized gain		0.00		(0.99)		(0.59)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.63)		(1.37)		(0.80)		(0.14)		(0.12)		(0.09)

Net asset value, end of period		$11.21		$11.81		$14.43		$13.78		$10.83		$9.69



Total Return, at Net Asset Value³		0.28%		(9.82)%		10.73%		28.70%		13.09%		(4.48)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$7,440		$8,195		$11,206		$10,862		$6,897		$6,885

Average net assets (in thousands)		$7,490		$10,265		$11,020		$8,549		$7,095		$7,449

Ratios to average net assets:⁴
Net investment income		2.83%		2.43%		1.82%		1.78%		1.26%		1.08%
Expenses excluding specific expenses listed below		2.09%		1.76%		1.67%		1.89%		1.93%		1.90%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		2.09%		1.76%		1.67%		1.89%		1.93%		1.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.04% ��		1.05%

Portfolio turnover rate		23%		44%		40%		159%		87%		86%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	2.09	%
Year Ended December 31, 2015	1.76	%
Year Ended December 31, 2014	1.67	%
Year Ended December 31, 2013	1.89	%
Year Ended December 31, 2012	1.93	%
Year Ended December 30, 2011	1.90	%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Equity Income Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to

14 OPPENHEIMER EQUITY INCOME FUND/VA

2. Significant Accounting Policies (Continued)


Expiring

No expiration	$	204,205

At period end, it is estimated that the capital loss carryforwards would be $428,290 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	7,518,023
Federal tax cost of other investments		(5,053)

Total federal tax cost	$	7,512,970

Gross unrealized appreciation	$	774,576
Gross unrealized depreciation		(506,110)

Net unrealized appreciation	$	268,466

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

15 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities		Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps		Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

16 OPPENHEIMER EQUITY INCOME FUND/VA

3. Securities Valuation (Continued)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	725,377	$	—	$	—	$	725,377
Consumer Staples		481,238		—		—		481,238
Energy		729,838		—		—		729,838
Financials		2,287,891		—		—		2,287,891
Health Care		778,702		—		—		778,702
Industrials		444,992		—		—		444,992
Information Technology		757,970		—		—		757,970
Materials		102,855		—		—		102,855
Telecommunication Services		231,501		—		—		231,501
Utilities		219,670		—		—		219,670
Preferred Stocks		607,463		95,634		—		703,097
Rights, Warrants and Certificates		68		—		—		68
Non-Convertible Corporate Bond and Note		—		17,482		—		17,482
Convertible Corporate Bonds and Notes		—		145,024		—		145,024
Structured Security		—		14,346		—		14,346
Investment Company		152,436		—		—		152,436
Exchange-Traded Option Purchased		50		—		—		50

Total Assets	$	7,520,051	$	272,486	$	—	$	7,792,537


Liabilities Table
Other Financial Instruments:
Options written, at value	$	—	$	(11,101)	$	—	$	(11,101)

Total Liabilities	$	—	$	(11,101)	$	—	$	(11,101)

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers into Level 1*		Transfers out of Level 2*

Assets Table
Investments, at Value:
Preferred Stocks	$	126,635	$	(126,635)

Total Assets	$	126,635	$	(126,635)
		��

* Transfers from Level 2 to Level 1 are a result of the availability of quoted prices from an active market which were not available and have become available.

4. Investments and Risks

17 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Use of Derivatives

18 OPPENHEIMER EQUITY INCOME FUND/VA

6. Use of Derivatives (Continued)

it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Option Activity

During the reporting period, the Fund had an ending monthly average market value of $157 on purchased put options.

During the reporting period, the Fund had an ending monthly average market value of $4,485 and $1,210 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Written option activity for the reporting period was as follows:


	Number of Contracts		Amount of Premiums

Options outstanding as of December 31, 2015		49	$	9,487
Options written		271		29,908
Options closed or expired		(145)		(12,135)
Options exercised		(131)		(22,207)

Options outstanding as of June 30, 2016		44	$	5,053

19 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets

and Liabilities Location

Value

Statement of Assets
and Liabilities Location

Value

Equity contracts

Investments, at value

50*

Options written, at value

11,101

*Amounts relate to purchased option contracts and purchased swaption contracts, if any.

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies (including premiums on options exercised)*		Closing and expiration of option contracts written		Total

Equity contracts	$	1,188	$	12,135	$	13,323

*Includes purchased option contracts and purchased swaption contracts and written option contracts exercised, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written		Total

Equity contracts	$	1,181	$	(10,910)	$	(9,729)

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

20 OPPENHEIMER EQUITY INCOME FUND/VA

7. Shares of Beneficial Interest (Continued)


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		4,501	$	42,193		6,593	$	71,817
Dividends and/or distributions reinvested		2,351		21,464		3,275		36,220
Redeemed		(3,358)		(32,142)		(1,387)		(16,248)

Net increase		3,494	$	31,515		8,481	$	91,789



Service Shares
Sold		12,465	$	139,400		73,064	$	1,015,107
Dividends and/or distributions reinvested		35,353		396,306		76,880		1,034,803
Redeemed		(77,884)		(876,302)		(232,573)		(3,069,407)

Net decrease		(30,066)	$	(340,596)		(82,629)	$	(1,019,497)

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$1,839,317		$2,536,093

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Over $800 million			0.60

The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any applicable waivers.

21 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Service shares of the Fund. The Distributor currently uses all of those fees to compensate sponsors of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares, which results in lower performance compared to the Fund’s shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,635 and $38,381 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

10. Risk Exposures and the Use of Derivative Instruments

Securities Sold Short. The Fund sells securities that it does not own, and it will therefore be obligated to purchase such securities at a future date. Upon entering into a short position, the Fund is required to segregate cash or securities at its custodian which are pledged for the benefit of the lending broker and/or to deposit and pledge cash directly at the lending broker, with a value equal to a certain percentage, exceeding 100%, of the value of the securities that it sold short. Cash that has been segregated and pledged for this purpose will be disclosed on the Statement of Assets and Liabilities; securities that have been segregated and pledged for this purpose are disclosed as such in the Statement of Investments. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out. By entering into short sales, the Fund bears the market risk of increases in value of the security sold short in excess of the proceeds received. Until the security is replaced, the Fund is required to pay the lender any dividend or interest earned. Dividend expense on short sales is treated as an expense in the Statement of Operations.

At period end, the Fund had no outstanding securities sold short.

11. Pending Litigation

22 OPPENHEIMER EQUITY INCOME FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

23 OPPENHEIMER EQUITY INCOME FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Real Estate Investment Trusts (“REITs”) and Master Limited Partnerships (“MLPs”), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and MLPs in which the Fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

Fund Name

Pay
Date

Net Income

Net Profit
from Sale

Other
Capital
Sources

Oppenheimer Equity Income Fund/VA

6/21/16

50.1%

0.0%

49.9%

24 OPPENHEIMER EQUITY INCOME FUND/VA

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25 OPPENHEIMER EQUITY INCOME FUND/VA

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26 OPPENHEIMER EQUITY INCOME FUND/VA

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27 OPPENHEIMER EQUITY INCOME FUND/VA

OPPENHEIMER EQUITY INCOME FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Michael S. Levine, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

PORTFOLIO MANAGERS: Mark Hamilton, Dokyoung Lee, CFA, Ben Rockmuller, CFA and Alessio de Longis, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		Since Inception
Non-Service Shares		11/14/13		3.46%		-0.01%		1.94%
Service Shares		11/14/13		3.21		-0.39		1.69
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index				0.15		0.19		0.10

The Fund’s performance is compared to the performance of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index. The Bank of America Merrill Lynch 3-month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS


TOP TEN COMMON STOCK HOLDINGS
Honeywell International, Inc.	0.8	%
Alphabet, Inc., Cl. A	0.7
Chubb Ltd.	0.6
UnitedHealth Group, Inc.	0.6
Lockheed Martin Corp.	0.6
Altria Group, Inc.	0.5
Republic Services, Inc., Cl. A	0.5
Edison International	0.5
Apple, Inc.	0.5
Sunoco Logistics Partners LP	0.4

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.


PORTFOLIO ALLOCATION
Common Stocks	30.7	%
Short-Term Notes	29.1
Event-Linked Bonds
Multiple Event	5.3
Windstorm	4.1
Earthquake	2.7
Other	0.4
Longevity	0.1
Non-Convertible Corporate Bonds and Notes	10.1
Investment Companies
Oppenheimer Institutional Money Market Fund	6.3
SPDR Gold Trust Exchange Traded Fund	1.1
Asset-Backed Securities	4.0
Corporate Loans	2.9
Foreign Government Obligations	1.5
Mortgage-Backed Obligation
Non-Agency	0.5
Convertible Corporate Bonds and Notes	0.5
Over-the-Counter Options Purchased	0.4
Preferred Stocks	0.2
Over-the-Counter Interest Rate Swaptions Purchased	0.1

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of investments.

2 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 3.46% during the reporting period, versus the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Index”), which returned 0.15% during the same period. The Fund outperformed the Index in a period where the alternative strategies and assets it invests in performed better than the Index.

MARKET OVERVIEW

By mid-February markets began to turn. The European Central Bank (the “ECB”) hinted it would likely ease further, the Bank of Japan’s tone remained dovish, China signaled it would provide further stimulus, and better than expected economic data helped turn sentiment. A dovish Fed statement in mid-March and further dovish statements from Chair Yellen (sometimes at odds with other Fed speakers) helped the better trend in risk sentiment persist.

The second quarter of 2016 began with improving data momentum: payrolls and wages remained steady, while survey indicators such as the Institute for Supply Management (the “ISM”) and consumer sentiment also improved. Chinese and emerging market growth looked to have stabilized or modestly strengthened. The market continued to price for one with the potential of two hikes by the Federal Reserve in 2016, as core consumer price inflation data remained stable at about 2.2% year-over-year, and headline inflation stabilized at about 1%.

FUND REVIEW

Top contributors to the Fund’s performance this reporting period included its exposure to master limited partnerships (“MLPs”) and quantitative alpha strategies.

Our MLP strategy seeks to invest in U.S. midstream MLPs that the investment team believes have attractive risk and reward characteristics. After experiencing declines over the first half of the reporting period, the asset class performed well over the second half. While the depths of this energy cycle appear to be behind us, a recovery is far from complete. The supply-demand picture for both crude oil and natural gas has improved and suggest a resumption of growth lies ahead. Importantly for midstream investors, the call on U.S.-sourced volumes over the medium-term appears to have shifted higher, which over time should aid midstream asset utilization. This fundamentally positive commodity outlook, combined with midstream valuations that remain below long-term averages, we believe, makes a compelling case for midstream investment.

The Fund’s Global Multi Strategy is a systematic alpha-oriented alternative strategy. It leverages four key strategies that seek to generate attractive risk-adjusted returns that exhibit low correlation to traditional stocks and bonds. All four strategies produced positive returns, with the strongest being Global Macro, which involves tactical positioning in broad asset and/or sector classes.

A slight detractor from performance was the Fund’s Currency Alpha strategy. Our Currency Alpha strategy is a total return strategy focused on fundamental and systematic dislocations across currency markets. The strategy can be long and/or short currencies against the U.S. dollar. It has a go-anywhere mandate across currencies and seeks opportunities regardless of dollar bull or bear market cycles. During the reporting period, the currency strategy has had a U.S. dollar long bias, mainly driven by macro environment and the Fed moving forward with the normalization in interest rates. This positioning worked against the Fund when the U.S. dollar sold off.

3 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

STRATEGY & OUTLOOK

The Fund is comprised of a flexible blend of alternative strategies and assets and is designed to be a turnkey alternative solution that improves the risk/reward tradeoff of a traditional balanced portfolio. We classify alternatives into three categories: Alpha alternatives, such as the Global Multi Strategy, Fundamental Alpha Strategies, and the Currency Alpha Strategy, rely less on the direction of major markets and economic factors to generate returns. Income alternatives (e.g., MLPs, loans, and event-linked bonds) provide exposure to relatively stable income producing assets with less interest rate sensitivity than traditional fixed income allocations. Real asset alternatives, like Commodities and Global Real Estate, could help guard against inflation over the long-term. We combine these strategies and assets to provide a core, alternative exposure that can potentially offset some of the risk from equity drawdowns, rising interest rates and inflationary shocks.

As we look ahead, we expect a continuation in this year’s seesaw behavior, in which global markets alternate between risk-on and risk-off. In terms of the macro environment, we are seeing a relatively weaker economic picture as our macro regime framework continues to indicate that most of the developed economies remain at cyclical peaks and are likely to oscillate between slowdown and expansion regimes for the near-term. Most central banks, excluding the U.S., are trying to counterbalance this by supportive monetary policy, but the long-term effects seem to be dissipating. Risks remain somewhat elevated, with the economic drag from Brexit, weakness in European financials, the ongoing structural transition in China, and uncertainty surrounding the direction of Fed policy. Elevated risks coupled with a muted growth outlook are causing a high degree of financial market uncertainty that may persist for some time. In such an environment, further diversifying in alternatives can improve the risk /reward profile for investors. Thus we believe that diversifying risk, controlling volatility and managing the downside has the potential to be a winning strategy going forward. Because the Fund is comprised of a number of different alternative assets and strategies, with diversifying properties as well as the potential to generate attractive total returns, we believe it can play a particularly valuable role in investors’ portfolios.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	1,034.60	$	7.00
Service shares		1,000.00		1,032.10		8.27

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,018.00		6.95
Service shares		1,000.00		1,016.76		8.21


Class	Expense Ratios
Non-Service shares		1.38%
Service shares		1.63

5 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


CONSOLIDATED STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—30.9%

Consumer Discretionary—1.7%

Diversified Consumer Services—0.1%

Apollo Education Group, Inc.¹		40,751	$	371,649

Hotels, Restaurants & Leisure—0.5%

Brinker International, Inc.		27,725		1,262,319

Diamond Resorts International, Inc.¹		13,550		405,958

Fujita Kanko, Inc.		11,000		40,471

Hilton Worldwide Holdings, Inc.		7,670		172,805

Krispy Kreme Doughnuts, Inc.¹		19,168		401,762

				2,283,315

Household Durables—0.2%

Sekisui House SI Residential Investment Corp.		285		329,474

Skullcandy, Inc.¹		70,884		435,228

				764,702

Media—0.4%

Carmike Cinemas, Inc.¹		13,150		396,078

DISH Network Corp., Cl. A¹		17,463		915,061

DreamWorks Animation SKG, Inc., Cl. A¹		9,798		400,444

				1,711,583

Multiline Retail—0.4%

Target Corp.²		21,095		1,472,853

Textiles, Apparel & Luxury Goods—0.1%

Tumi Holdings, Inc.¹		14,748		394,361

Consumer Staples—1.3%

Beverages—0.3%

Coca-Cola Co. (The)		25,800		1,169,514

Personal Products—0.1%

Elizabeth Arden, Inc.¹		29,092		400,306

Tobacco—0.9%

Altria Group, Inc.		32,102		2,213,754

Philip Morris International, Inc.		15,420		1,568,522

				3,782,276

Energy—6.5%

Energy Equipment & Services—0.1%

Halliburton Co.		7,601		344,250

Schlumberger Ltd.		4,290		339,253

Vantage Drilling International¹		447		39,336

				722,839

Oil, Gas & Consumable Fuels—6.4%

Buckeye Partners LP³		12,220		859,433

Canadian Natural Resources Ltd.		14,945		461,092

Chevron Corp.		8,044		843,252

Columbia Pipeline Group, Inc.		15,611		—

ConocoPhillips		26,863		1,171,227

Energy Transfer Equity LP³		94,310		1,355,235

Energy Transfer Partners LP³		43,466		1,654,751

Enterprise Products Partners LP³		61,945		1,812,511

EOG Resources, Inc.		7,349		613,053

EQT Midstream Partners LP³		8,960		719,488

Genesis Energy LP³		17,000		652,290

Magellan Midstream Partners LP³		23,525		1,787,900

MPLX LP³		39,192		1,318,027

Newfield Exploration Co.¹		9,412		415,822

NGL Energy Partners LP³		12,700		245,364

Noble Energy, Inc.²		36,334		1,303,300

NuStar Energy LP³		1,020		50,796

NuStar GP Holdings LLC³		16,215		415,753

Occidental Petroleum Corp.		11,367		858,890

Plains All American Pipeline LP³		28,190		774,943

Shell Midstream Partners LP³		17,516		591,866

Sunoco Logistics Partners LP^2,3		64,045		1,841,294

Tallgrass Energy GP LP, Cl. A		49,088		1,107,916


	Shares		Value

Oil, Gas & Consumable Fuels (Continued)

Tallgrass Energy Partners LP³		9,000	$	414,180

Targa Resources Corp.²		17,502		737,534

TC PipeLines LP³		29,915		1,712,933

Tesoro Logistics LP³		13,770		682,028

TransMontaigne Partners LP³		7,215		296,464

Valero Energy Corp.		6,541		333,591

Western Gas Partners LP³		8,450		425,880

Williams Cos., Inc. (The)		25,530		552,214

Williams Partners LP³		25,687		889,798

				26,898,825

Financials—7.6%

Capital Markets—0.2%

Goldman Sachs Group, Inc. (The)		4,563		677,971

Commercial Banks—1.0%

Banner Corp.		512		21,781

Citigroup, Inc.		20,260		858,821

JPMorgan Chase & Co.		19,645		1,220,740

M&T Bank Corp.²		15,255		1,803,599

Wells Fargo & Co.		7,790		368,701

				4,273,642

Diversified Financial Services—0.0%

Tiptree Financial, Inc., Cl. A		538		2,948

Insurance—0.8%

Allstate Corp. (The)		12,290		859,685

Chubb Ltd.		20,725		2,708,965

Enstar Group Ltd.¹		305		49,407

				3,618,057

Real Estate Investment Trusts (REITs)—4.8%

Acadia Realty Trust		8,910		316,483

American Assets Trust, Inc.		13,015		552,357

American Campus Communities, Inc.		7,740		409,214

Ascendas Real Estate Investment Trust		134,000		247,552

AvalonBay Communities, Inc.		3,130		564,621

Blackstone Mortgage Trust, Inc., Cl. A		41,355		1,144,293

Boston Properties, Inc.		3,740		493,306

Canadian Real Estate Investment Trust		3,057		114,287

CubeSmart		12,070		372,722

CyrusOne, Inc.		11,120		618,939

Derwent London plc		3,890		137,074

Duke Realty Corp.		13,610		362,843

Equinix, Inc.		560		217,129

Equity One, Inc.		8,520		274,174

Essex Property Trust, Inc.		2,250		513,202

Eurocommercial Properties NV		3,438		147,503

Extra Space Storage, Inc.		4,630		428,460

First Industrial Realty Trust, Inc.		13,420		373,344

Fortune Real Estate Investment Trust		177,000		211,737

Frasers Centrepoint Trust		111,000		175,495

GLP J-Reit		241		304,273

Goodman Group		55,700		296,915

GPT Group (The)		53,300		215,613

Great Portland Estates plc		20,620		172,767

Hammerson plc		26,290		192,062

Highwoods Properties, Inc.		4,840		255,552

Invincible Investment Corp.		418		263,260

Japan Prime Realty Investment Corp.		24		102,789

Japan Retail Fund Investment Corp.		67		170,516

Kilroy Realty Corp.		4,470		296,316

Kimco Realty Corp.		6,230		195,497

Klepierre		6,750		301,140

Land Securities Group plc		33,930		480,203

Macerich Co. (The)		15,215		1,299,209

Mapletree Industrial Trust		107,000		136,874

Mid-America Apartment Communities, Inc.		1,780		189,392

Orix JREIT, Inc.		62		106,484

6 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


	Shares		Value

Real Estate Investment Trusts (REITs) (Continued)

Paramount Group, Inc.		20,690	$	329,799

Physicians Realty Trust		11,640		244,556

Prologis, Inc.		7,290		357,502

Public Storage		1,450		370,605

Regency Centers Corp.		3,560		298,079

Simon Property Group, Inc.		6,060		1,314,414

SL Green Realty Corp.		1,780		189,517

Starwood Property Trust, Inc.		27,830		576,638

Stockland		76,600		269,784

Sun Communities, Inc.		3,670		281,269

Tanger Factory Outlet Centers, Inc.		4,920		197,686

Taubman Centers, Inc.		3,680		273,056

Unibail-Rodamco SE		2,571		673,585

Vastned Retail NV		2,323		94,344

Ventas, Inc.		9,010		656,108

Vicinity Centres		178,400		443,895

Welltower, Inc.		8,980		684,007

Westfield Corp.		29,807		237,483

				20,145,924

Real Estate Management & Development—0.8%

CapitaLand Ltd.		103,000		236,610

Cheung Kong Property Holdings Ltd.		26,000		163,998

China Resources Land Ltd.		136,000		318,845

Frasers Logistics & Industrial Trust¹		317,000		223,554

Helical Bar plc		21,410		81,342

Henderson Land Development Co. Ltd.		34,100		193,228

Hongkong Land Holdings Ltd.		9,000		55,010

Mitsubishi Estate Co. Ltd.		19,100		349,226

Mitsui Fudosan Co. Ltd.		15,000		342,419

Sino Land Co. Ltd.		190,000		313,395

Sun Hung Kai Properties Ltd.		33,000		397,371

Unite Group plc (The)		28,720		238,041

Vonovia SE		13,481		491,993

				3,405,032

Thrifts & Mortgage Finance—0.0%

Essent Group Ltd.¹		1,967		42,900

Health Care—3.3%

Biotechnology—0.2%

Celator Pharmaceuticals, Inc.¹		13,388		404,050

Chelsea Therapeutics, Inc.^1,4		10,531		—

Dyax Corp.^1,4		10,770		108

Shire plc, ADR		3,430		631,394

				1,035,552

Health Care Equipment & Supplies—0.3%

HeartWare International, Inc.¹		7,023		405,578

LDR Holding Corp.¹		10,976		405,563

Medtronic plc		7,872		683,054

				1,494,195

Health Care Providers & Services—1.2%

Express Scripts Holding Co.^1,2		12,820		971,756

HCA Holdings, Inc.¹		4,235		326,137

UnitedHealth Group, Inc.²		18,725		2,643,970

Universal Health Services, Inc., Cl. B		7,155		959,486

				4,901,349

Pharmaceuticals—1.6%

Allergan plc^1,2		6,680		1,543,681

Ambit Biosciences Corp.^1,4		10,347		6,208

Durata Therapeutics^1,4		6,530		—

Merck & Co., Inc.		27,855		1,604,727

Novartis AG, ADR		18,220		1,503,332

Roche Holding AG		6,274		1,656,528

Teva Pharmaceutical Industries Ltd.¹		10		—

XenoPort, Inc.¹		57,623		405,666

				6,720,142


	Shares		Value

Industrials—3.6%

Aerospace & Defense—2.2%

American Science & Engineering, Inc.		10,706	$	400,511

Honeywell International, Inc.²		28,160		3,275,571

L-3 Communications Holdings, Inc.		6,190		908,011

Lockheed Martin Corp.		10,165		2,522,648

Northrop Grumman Corp.		5,320		1,182,530

Raytheon Co.		6,130		833,374

				9,122,645

Airlines—0.2%

United Continental Holdings, Inc.¹		10,260		421,071

Virgin America, Inc.¹		6,991		392,964

				814,035

Building Products—0.0%

Griffon Corp.		683		11,515

Commercial Services & Supplies—0.7%

Republic Services, Inc., Cl. A²		41,520		2,130,391

Tyco International plc²		22,525		959,565

				3,089,956

Industrial Conglomerates—0.3%

General Electric Co.²		45,280		1,425,414

Road & Rail—0.2%

Union Pacific Corp.		9,960		869,010

Information Technology—3.5%

Communications Equipment—0.2%

Juniper Networks, Inc.		42,860		963,921

Electronic Equipment, Instruments, & Components—0.4%

FEI Co.		3,749		400,693

Ingram Micro, Inc., Cl. A		9,972		346,826

Multi-Fineline Electronix, Inc.^1,2		16,278		377,650

Rofin-Sinar Technologies, Inc.¹		12,207		389,892

				1,515,061

Internet Software & Services—1.3%

Alphabet, Inc., Cl. A^1,2		4,246		2,987,188

Benefitfocus, Inc.¹		468		17,840

Cvent, Inc.¹		11,054		394,849

Demandware, Inc.¹		5,405		404,835

Endurance International Group Holdings, Inc.¹		2,332		20,965

inContact, Inc.¹		28,916		400,487

Limelight Networks, Inc.¹		2,845		4,239

LinkedIn Corp., Cl. A¹		2,081		393,829

Marketo, Inc.¹		11,489		400,047

SciQuest, Inc.¹		22,823		403,054

				5,427,333

IT Services—0.1%

Higher One Holdings, Inc.¹		79,765		407,599

MoneyGram International, Inc.¹		1,178		8,070

				415,669

Semiconductors & Semiconductor Equipment—0.8%

Fairchild Semiconductor International, Inc., Cl. A¹		20,131		399,600

QUALCOMM, Inc.²		22,810		1,221,932

Xilinx, Inc.²		37,385		1,724,570

				3,346,102

Software—0.2%

Qlik Technologies, Inc.¹		13,317		393,917

Xura, Inc.¹		16,166		394,935

				788,852

Technology Hardware, Storage & Peripherals—0.5%

Apple, Inc.		20,000		1,912,000

Lexmark International, Inc., Cl. A		9,811		370,365

				2,282,365

7 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued



	Shares		Value

Materials—1.4%

Chemicals—0.8%

Axiall Corp.		12,278	$	400,386

Celanese Corp., Cl. A²		17,230		1,127,703

LyondellBasell Industries NV, Cl. A		5,437		404,622

Methanex Corp.		25,342		737,452

Valspar Corp. (The)		3,640		393,229

Westlake Chemical Partners LP³		18,048		360,599

				3,423,991

Containers & Packaging—0.6%

Packaging Corp. of America		13,320		891,508

Sonoco Products Co.²		31,420		1,560,317

				2,451,825

Telecommunication Services—0.9%

Diversified Telecommunication Services—0.9%

AT&T, Inc.²		28,570		1,234,510

BCE, Inc.		27,865		1,318,293

Verizon Communications, Inc.		21,950		1,225,688

				3,778,491

Wireless Telecommunication Services—0.0%

NII Holdings, Inc.¹		605		1,924

Utilities—1.1%

Electric Utilities—0.9%

Edison International		25,985		2,018,255

Empire District Electric Co. (The)		10,933		371,394

PPL Corp.		30,785		1,162,134

				3,551,783

Gas Utilities—0.1%

Questar Corp.		15,462		392,271

Independent Power and Renewable Electricity Producers—0.0%

EME Reorganization Trust		52,072		224

NRG Energy, Inc.		171		2,566

				2,790

Multi-Utilities—0.1%

CMS Energy Corp.		12,300		564,078

Total Common Stocks (Cost $124,545,024)				130,528,966



Preferred Stocks—0.2%

M&T Bank Corp., 6.375% Cum., Series A, Non-Vtg.		340		346,800

M&T Bank Corp., 6.375% Cum., Series C, Non-Vtg.		475		489,250

Total Preferred Stocks (Cost $845,454)				836,050

	Principal Amount

Asset-Backed Securities—4.1%

Aircraft Lease Securitisation Ltd., Series 2007-1A, Cl. G3, 0.725%, 5/10/32^5,6	$	292,080		289,150

Airspeed Ltd., Series 2007-1A, Cl. G1, 0.712%, 6/15/32^5,6		4,286,002		3,357,358

Bear Stearns Structured Products Trust, Series 2007-EMX1, Cl. A2, 1.753%, 3/25/37^5,6		1,600,000		1,485,837

Blade Engine Securitization Ltd., Series 2006-1AW, Cl. A1, 0.742%, 9/15/41^5,6		1,892,055		1,274,326

GSAMP Trust, Series 2005-HE4, Cl. M3, 0.973%, 7/25/45⁶		1,400,000		1,161,058

JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Cl. M2, 0.903%, 12/25/35⁶		1,836,000		1,637,463

Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-NC1, Cl. M1, 0.833%, 12/25/35⁶		1,780,000		1,489,525

New Century Home Equity Loan Trust, Series 2005-1, Cl. M2, 1.173%, 3/25/35⁶		857,925		723,735


	Principal Amount		Value

Asset-Backed Securities (Continued)

Raspro Trust, Series 2005-1A, Cl. G, 1.047%, 3/23/245,6	$	2,336,672	$	2,242,957

SG Mortgage Securities Trust, Series
2005-OPT1, Cl. M2, 0.903%, 10/25/35⁶		4,250,000		3,535,965

Total Asset-Backed Securities (Cost $17,955,189)				17,197,374


Mortgage-Backed Obligation—0.5%

RAMP Trust, Series 2005-RS6, Cl. M4, 1.428%, 6/25/35⁶(Cost $2,050,256)		2,300,000		2,014,384


Foreign Government Obligations—1.5%
Federative Republic of Brazil Unsec. Nts., 13.451%, 10/1/16	BRL	10,400,000		3,128,887
Kingdom of Spain Sr. Unsec. Nts., 4.25%, 10/31/16	EUR	2,900,000		3,265,522

Total Foreign Government Obligations (Cost $6,377,054)				6,394,409


Non-Convertible Corporate Bonds and Notes—10.2%

Consumer Discretionary—1.5%

Auto Components—0.1%

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		350,000		330,750

Diversified Consumer Services—0.1%

Laureate Education, Inc., 9.25% Sr. Unsec. Nts., 9/1/19⁵		400,000		352,000

Hotels, Restaurants & Leisure—0.3%

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21		250,000		258,929

International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/22⁵		300,000		308,937

MGM Resorts International, 7.75% Sr. Unsec. Nts., 3/15/22		250,000		283,437

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50% Sr. Unsec. Nts., 3/1/25⁵		250,000		242,813

Wynn Macau Ltd., 5.25% Sr. Unsec. Nts., 10/15/21⁵		200,000		195,560

				1,289,676

Household Durables—0.1%

Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25% Sr. Unsec. Nts., 5/15/24⁵		350,000		358,969

Media—0.9%

Altice Luxembourg SA, 7.75% Sr. Unsec. Nts., 5/15/22⁵		250,000		253,437

CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% Sr. Unsec. Nts., 5/1/23⁵		200,000		202,500

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908% Sr. Sec. Nts., 7/23/25⁵		300,000		327,558

Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/21⁵		400,000		423,900

DISH DBS Corp., 5.875% Sr. Unsec. Nts., 7/15/22		350,000		341,250

iHeartCommunications, Inc., 9% Sr. Sec. Nts., 3/1/21		350,000		248,062

Neptune Finco Corp., 10.875% Sr. Unsec. Nts., 10/15/25⁵		350,000		401,625

8 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


	Principal Amount		Value

Media (Continued)

Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/22⁵	$	400,000	$	390,500

Sirius XM Radio, Inc., 6% Sr. Unsec. Nts., 7/15/24⁵		350,000		362,688

Univision Communications, Inc., 5.125% Sr. Sec. Nts., 2/15/25⁵		300,000		297,750

VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/24⁵		400,000		399,792

				3,649,062

Multiline Retail—0.0%

Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23⁵		250,000		266,875

Specialty Retail—0.0%

Claire’s Stores, Inc., 9% Sr. Sec. Nts., 3/15/19⁵		200,000		121,000

Consumer Staples—0.3%

Food & Staples Retailing—0.1%

Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/23⁵		250,000		268,413

Food Products—0.2%

MHP SA, 8.25% Sr. Unsec. Nts., 4/2/20⁵		200,000		190,000

Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/23⁵		250,000		256,250

Post Holdings, Inc., 7.375% Sr. Unsec. Nts., 2/15/22		400,000		422,000

				868,250

Energy—1.6%

Energy Equipment & Services—0.0%

CHC Helicopter SA, 9.25% Sr. Sec. Nts., 10/15/20⁷		90,000		40,500

Offshore Group Investment Ltd., 7.50% 1st Lien Nts., 11/1/19⁷		250,000		—

Vantage Drilling International, 10% Sec. Nts., 12/31/20		7,000		6,580

				47,080

Oil, Gas & Consumable Fuels—1.6%

Arch Coal, Inc., 7.25% Sr. Unsec. Nts., 6/15/21⁷		300,000		5,062

Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		300,000		302,250

Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		350,000		342,870

EP Energy LLC/Everest Acquisition Finance, Inc., 9.375% Sr. Unsec. Nts., 5/1/20		350,000		249,375

Gazprom OAO Via Gaz Capital SA: 7.288% Sr. Unsec. Nts., 8/16/37⁵		250,000		291,338
9.25% Sr. Unsec. Nts., 4/23/19⁵		300,000		346,690

Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/21		350,000		71,750

Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20⁷		250,000		44,063

Lukoil International Finance BV: 4.563% Sr. Unsec. Unsub. Nts., 4/24/23⁵		250,000		253,681
6.125% Sr. Unsec. Nts., 11/9/20⁵		2,729,000		2,980,990

NGPL PipeCo LLC, 7.119% Sr. Sec. Nts., 12/15/17⁵		350,000		366,625

Pacific Exploration & Production Corp., 5.375% Sr. Unsec. Nts., 1/26/19^5,7		400,000		76,000

Petrobras Argentina SA, 5.875% Sr. Unsec. Nts., 5/15/17⁵		250,000		251,875

Petrobras Global Finance BV, 5.375% Sr. Unsec. Nts., 1/27/21		100,000		92,500

Petroleos de Venezuela SA, 12.75% Sr. Unsec. Nts., 2/17/22⁵		200,000		102,400


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/21	$	300,000	$	304,500

SandRidge Energy, Inc., 7.51% Sr. Unsec. Nts., 3/15/21		500,000		29,063

Williams Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Nts., 5/15/23		350,000		338,825

YPF SA, 8.50% Sr. Unsec. Nts., 7/28/25⁵		250,000		265,063

				6,714,920

Financials—3.3%

Capital Markets—0.1%

Goldman Sachs Capital II, 4% Jr. Sub. Perpetual Bonds^6,8		89,000		66,876

Springleaf Finance Corp., 6.90% Sr. Unsec. Nts., 12/15/17		400,000		415,500

				482,376

Commercial Banks—2.8%

Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/20⁵		200,000		203,000

Banco BMG SA, 8.875% Sub. Nts., 8/5/20⁵		200,000		196,250

Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 11/30/20⁵		250,000		271,812

Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		600,000		614,400

Bank of America Corp., 8% Jr. Sub. Perpetual Bonds, Series K^6,8		1,666,000		1,657,670

Citigroup, Inc., 5.875% Jr. Sub. Perpetual Bonds^6,8		1,783,000		1,713,909

CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/23⁵		250,000		234,062

ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/22^5,6		200,000		202,972

Intercorp Peru Ltd., 5.875% Sr. Unsec. Nts., 2/12/25⁵		250,000		250,000

Itau Unibanco Holding SA (Cayman Islands), 5.125% Sub. Nts., 5/13/23⁵		300,000		299,220

JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 1^6,8		1,653,000		1,688,126

Moon Wise Global Ltd., 9% Sub. Perpetual Bonds^6,8		250,000		274,064

Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/20⁵		200,000		201,258

Wachovia Capital Trust III, 5.57% Jr. Sub. Perpetual Bonds^6,8		2,117,000		2,093,264

Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K^6,8		1,597,000		1,672,858

Yapi ve Kredi Bankasi AS, 6.75% Sr. Unsec. Nts., 2/8/17⁵		200,000		205,574

				11,778,439

Diversified Financial Services—0.0%

Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/20⁷		300,000		6,750

Insurance—0.1%

HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/21⁵		250,000		240,625

Real Estate Investment Trusts (REITs)—0.1%

Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23		350,000		394,118

Real Estate Management & Development—0.2%

Country Garden Holdings Co. Ltd., 7.875% Sr. Unsec. Nts., 5/27/19⁵		200,000		215,442

Evergrande Real Estate Group Ltd., 8.75% Sr. Unsec. Nts., 10/30/18⁵		200,000		198,740

Kaisa Group Holdings Ltd., 8.875% Sr. Unsec. Nts., 3/19/18^5,7		200,000		158,500

9 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Real Estate Management & Development (Continued)

Solera LLC/Solera Finance, Inc., 10.50% Sr. Unsec. Nts., 3/1/24⁵	$	350,000	$	369,031

				941,713

Health Care—0.5%

Health Care Equipment & Supplies—0.2%

Crimson Merger Sub, Inc., 6.625% Sr. Unsec. Nts., 5/15/22⁵		400,000		333,000

Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		400,000		401,000

				734,000

Health Care Providers & Services—0.3%

Centene Corp., 5.625% Sr. Unsec. Nts., 2/15/21⁵		300,000		313,500

DaVita HealthCare Partners, Inc.: 5.125% Sr. Unsec. Nts., 7/15/24		550,000		557,136
5.75% Sr. Unsec. Nts., 8/15/22		200,000		210,000

HCA, Inc., 6.50% Sr. Sec. Nts., 2/15/20		250,000		277,813

				1,358,449

Industrials—0.7%

Aerospace & Defense��0.1%

TransDigm, Inc., 6.50% Sr. Sub. Nts., 7/15/24		350,000		353,500

Building Products—0.0%

Elementia SAB de CV, 5.50% Sr. Unsec. Nts., 1/15/25⁵		250,000		250,625

Construction & Engineering—0.0%

OAS Financial Ltd., 8% Sr. Unsec. Nts., 7/2/21^7,9		200,000		1,250

Machinery—0.1%

Algeco Scotsman Global Finance plc, 8.50% Sr. Sec. Nts., 10/15/18⁵		200,000		163,000

Case New Holland Industrial, Inc., 7.875% Sr. Unsec. Nts., 12/1/17		350,000		378,000

				541,000

Professional Services—0.1%

Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/22⁵		350,000		358,312

Trading Companies & Distributors—0.3%

Eldorado International. Finance GmbH, 8.625% Sr. Unsec. Nts., 6/16/21⁵		200,000		194,570

HD Supply, Inc., 7.50% Sr. Unsec. Nts., 7/15/20		200,000		209,980

International Lease Finance Corp., 8.75% Sr. Unsec. Nts., 3/15/17		300,000		313,734

United Rentals North America, Inc., 7.625% Sr. Unsec. Nts., 4/15/22		400,000		429,000

				1,147,284

Transportation Infrastructure—0.1%

Aeropuertos Argentina 2000 SA, 10.75% Sr. Sec. Nts., 12/1/20⁵		126,000		137,970

Global Ports Finance plc, 6.872% Unsec. Nts., 1/25/22⁵		200,000		207,250

				345,220

Information Technology—0.3%

Communications Equipment—0.1%

CommScope Technologies Finance LLC, 6% Sr. Unsec. Nts., 6/15/25⁵		300,000		309,000

Software—0.1%

Activision Blizzard, Inc., 5.625% Sr. Unsec. Nts., 9/15/21⁵		350,000		367,500

BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/21⁵		350,000		264,250

				631,750


	Principal Amount		Value

Technology Hardware, Storage & Peripherals—0.1%

Denali International LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/20⁵	$	250,000	$	262,875

Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24⁵		300,000		321,750

				584,625

Materials—0.7%

Chemicals—0.1%

Hexion, Inc., 8.875% Sr. Sec. Nts., 2/1/18		300,000		261,750

Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21		200,000		160,000

				421,750

Construction Materials—0.1%

Cemex Finance LLC, 6% Sr. Sec. Nts., 4/1/24⁵		550,000		534,875

Containers & Packaging—0.1%

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20		350,000		362,397

Metals & Mining—0.3%

Alcoa, Inc., 5.40% Sr. Unsec. Nts., 4/15/21		300,000		319,500

ALROSA Finance SA, 7.75% Sr. Unsec. Nts., 11/3/20⁵		200,000		228,484

AngloGold Ashanti Holdings plc, 5.125% Sr. Unsec. Nts., 8/1/22		250,000		255,937

Evraz Group SA, 6.50% Sr. Unsec. Nts., 4/22/20⁵		250,000		255,938

Nord Gold SE, 6.375% Sr. Unsec. Nts., 5/7/18⁵		250,000		262,469

				1,322,328

Paper & Forest Products—0.1%

Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/21⁵		250,000		261,562

Telecommunication Services—0.9%

Diversified Telecommunication Services—0.6%

CenturyLink, Inc., 5.80% Sr. Unsec. Nts., 3/15/22		350,000		341,141

Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/20⁵		250,000		253,750

Colombia Telecomunicaciones SA ESP: 5.375% Sr. Unsec. Nts., 9/27/22⁵		250,000		236,875
8.50% Sub. Perpetual Bonds^5,6,8		500,000		442,500

Embarq Corp., 7.995% Sr. Unsec. Nts., 6/1/36		300,000		301,125

Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		300,000		215,250

T-Mobile USA, Inc., 6.625% Sr. Unsec. Nts., 4/1/23		350,000		371,305

Turk Telekomunikasyon AS, 4.875% Sr. Unsec. Nts., 6/19/24⁵		200,000		200,186

Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/23		300,000		307,500

				2,669,632

Wireless Telecommunication Services—0.3%

Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/20⁵		200,000		168,000

Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/25⁵		250,000		244,687

Sistema JSFC via Sistema International Funding SA, 6.95% Sr. Unsec. Nts., 5/17/19⁵		200,000		214,396

10 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


		Principal Amount		Value

Wireless Telecommunication Services (Continued)

SoftBank Group Corp., 4.50% Sr. Unsec. Nts., 4/15/20⁵		$	200,000	$	207,000

Wind Acquisition Finance SA, 7.375% Sec. Nts., 4/23/21⁵			400,000		385,000

					1,219,083

Utilities—0.4%

Electric Utilities—0.1%

FirstEnergy Corp., 7.375% Sr. Unsec. Nts., 11/15/31			250,000		311,264

MMC Energy, Inc., 8.875% Sr. Unsec. Nts., 10/15/20⁷			100,000		—

					311,264

Independent Power and Renewable Electricity Producers—0.3%

AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, 7.95% Sr. Unsec. Nts., 5/11/26⁵			200,000		208,750

Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 12.25% Sec. Nts., 3/1/22^5,7			789,459		927,614

Talen Energy Supply LLC, 5.125% Sr. Unsec. Nts., 7/15/19⁵			250,000		221,250

					1,357,614

Total Non-Convertible Corporate Bonds and Notes (Cost $44,969,956)					43,186,536


Convertible Corporate Bonds and Notes—0.5%

Clearwire Communications LLC/Clearwire Finance, Inc., 8.25% Cv. Sr. Unsec. Nts., 12/1/40⁵			1,750,000		1,780,625

SEACOR Holdings, Inc., 2.50% Cv. Sr. Unsec. Nts., 12/15/27			434,000		426,405

Total Convertible Corporate Bonds and Notes (Cost $2,285,451)					2,207,030


Corporate Loans—2.9%

Celanese US Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 2.689%, 10/31/18⁶			904,324		905,361

Dynegy, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 4/23/20⁶			1,637,433		1,606,048

Energy Future Intermediate Holding Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 4.25%, 12/19/16^6,10			400,000		399,875

International Lease Finance Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.50%, 2/26/21⁶			5,330,000		5,330,000

TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%, 5/14/22^6,10			3,990,389		3,946,495

Total Corporate Loans (Cost $12,204,281)					12,187,779


Event-Linked Bonds—12.7%

Earthquake—2.8%

Acorn Re Ltd. Catastrophe Linked Nts., 4.049%, 7/17/18^5,6			750,000		776,812

Azzurro Re I Ltd. Catastrophe Linked Nts., 2.15%, 1/16/19^5,6	EUR		800,000		889,198

Bosphorus Ltd. Catastrophe Linked Nts., 4.036%, 8/17/18^6,9			500,000		506,725

Golden State Re II Ltd. Catastrophe Linked Nts., 2.50%, 1/8/19^5,6			1,000,000		991,250

Kilimanjaro Re Ltd. Catastrophe Linked Nts., 3.999%, 11/25/19^5,6			250,000		254,162

Kizuna Re II Ltd. Catastrophe Linked Nts.: 2.499%, 4/6/18^6,9			950,000		951,472


	Principal Amount		Value

Earthquake (Continued)

Kizuna Re II Ltd. Catastrophe Linked Nts.: (Continued)
2.749%, 4/6/18^5,6	$	750,000	$	748,912

Merna Reinsurance Ltd. Catastrophe Linked Nts., 2.249%, 4/9/18^5,6		500,000		501,875

Merna Reinsurance V Ltd. Catastrophe Linked Nts., 2.249%, 4/7/17^5,6		750,000		750,112

Nakama Re Ltd. Catastrophe Linked Nts.:
2.374%, 1/16/19^5,6		750,000		751,238
2.499%, 4/13/18^5,6		250,000		250,913
2.749%, 4/13/18^5,6		500,000		503,225
2.999%, 9/29/16^5,6		750,000		752,569
3.124%, 1/16/20^5,6		500,000		510,875
3.124%, 1/14/21^6,9		250,000		251,263
3.499%, 1/14/21^5,6		250,000		257,688

Tramline Re II Ltd. Catastrophe Linked
Nts., 3.499%, 7/7/17^5,6		250,000		250,538

Ursa Re Ltd. Catastrophe Linked Nts.:
3.50%, 12/7/17^5,6		750,000		754,163
5.00%, 12/7/17^5,6		500,000		505,275
5.00%, 9/21/18^6,9		500,000		507,175

				11,665,440

Longevity—0.1%

Vita Capital VI Ltd. Catastrophe Linked Nts., 2.90%, 1/8/21^5,6		250,000		255,037

Multiple Event—5.3%

Atlas IX Capital DAC Catastrophe Linked Nts.:
3.836%, 1/17/19^5,6		750,000		765,862
7.481%, 1/7/19^5,6		250,000		251,037
8.006%, 1/8/20^5,6		250,000		256,512

Blue Halo Re Ltd. Catastrophe Linked
Nts., 14.249%, 6/21/19^5,6		500,000		500,975

Caelus Re IV Ltd. Catastrophe Linked
Nts., 5.749%, 3/6/20^5,6		750,000		771,112

Citrus Re Ltd. Catastrophe Linked Nts.:
4.529%, 4/24/17^5,6		750,000		745,687
4.709%, 4/18/17^5,6		250,000		248,937

Cranberry Re Ltd. Catastrophe Linked Nts., 4.043%, 7/6/18^5,6		500,000		510,175

East Lane Re VI Ltd. Catastrophe Linked Nts.:
2.899%, 3/14/18^5,6		750,000		752,812
3.639%, 3/13/20^5,6		500,000		510,325

Espada Re Ltd. Catastrophe Linked
Nts., 1.50%, 6/6/20^5,6		250,000		249,250

Galileo Re Ltd. Catastrophe Linked Nts.:
7.568%, 1/9/17^5,6		250,000		252,363
13.668%, 1/8/18-1/8/19^5,6		1,000,000		1,026,500

Kilimanjaro Re Ltd. Catastrophe Linked Nts.:
4.749%, 4/30/18^5,6		500,000		501,425
4.999%, 4/30/18^5,6		500,000		500,325
6.999%, 12/6/19^5,6		250,000		254,562
9.499%, 12/6/19^5,6		500,000		507,775

Laetere Re Ltd., 10%, 5/31/17^5,6,11		250,000		228,663

Loma Reinsurance Ltd. Catastrophe Linked Nts.:
11.989%, 1/8/18^5,6		200,000		204,650
17.989%, 1/8/18^5,6		500,000		512,075

Longpoint Re Ltd. III Catastrophe
Linked Nts., 3.75%, 5/23/18^5,6		250,000		253,537

PennUnion Re Ltd. Catastrophe Linked
Nts., 4.749%, 12/7/18^5,6		500,000		504,525

Residential Reinsurance 2012 Ltd. Catastrophe Linked Nts.:
4.749%, 12/6/16^5,6		1,499,000		1,495,028
5.999%, 12/6/16^5,6		250,000		249,137
12.999%, 12/6/16^5,6		250,000		250,387
19.249%, 12/6/16^5,6		250,000		249,237

Residential Reinsurance 2013 Ltd. Catastrophe Linked Nts.:
5.499%, 12/6/17^5,6		500,000		498,375
8.249%, 6/6/17^5,6		250,000		259,038

11 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Multiple Event (Continued)

Residential Reinsurance 2013 Ltd. Catastrophe Linked Nts.: (Continued)

20.249%, 12/6/17^5,6	$	500,000	$	509,825

Residential Reinsurance 2014 Ltd. Catastrophe Linked Nts.:
3.749%, 6/6/18^5,6		500,000		502,625
15.249%, 6/6/18^5,6		500,000		503,975

Residential Reinsurance 2015 Ltd. Catastrophe Linked Nts.:
7.499%, 12/6/19^5,6		250,000		247,438
11.219%, 6/6/19^5,6		250,000		252,913

Residential Reinsurance 2016 Ltd. Catastrophe Linked Nts.:
3.499%, 6/6/20^5,6		750,000		751,388
11.749%, 6/6/20^5,6		250,000		251,013

Riverfront Re Ltd. Catastrophe Linked
Nts., 4.254%, 1/6/17^5,6		500,000		491,475

Sanders Re Ltd. Catastrophe Linked Nts.:
3.339%, 5/25/18^5,6		750,000		745,088
3.559%, 5/25/18^5,6		750,000		742,688
4.029%, 6/7/17^5,6		500,000		499,725
4.129%, 5/28/19^5,6		500,000		496,725

Tradewynd Re Ltd. Catastrophe Linked Nts.:
5.31%, 1/8/18^5,6		500,000		504,525
6.459%, 1/9/17^5,6		500,000		503,225
7.139%, 1/9/17^5,6		250,000		251,813
7.45%, 1/8/18^5,6		500,000		509,275
9.109%, 7/9/18^5,6		250,000		272,313

Tramline Re II Ltd. Catastrophe Linked
Nts., 9.999%, 1/4/19^5,6		400,000		405,380

VenTerra Re Ltd. Catastrophe Linked
Nts., 3.999%, 1/9/17^5,6		750,000		754,388

				22,506,083

Other—0.4%

Benu Capital Ltd. Catastrophe Linked Nts.:
2.55%, 1/8/20^5,6	EUR	250,000		278,630
3.35%, 1/8/20^5,6	EUR	500,000		557,039

Vitality Re IV Ltd. Catastrophe Linked
Nts., 3.999%, 1/9/17^5,6		250,000		252,737

Vitality Re V Ltd. Catastrophe Linked
Nts., 2.749%, 1/7/19^5,6		250,000		252,937

Vitality Re VI Ltd. Catastrophe Linked
Nts., 2.349%, 1/8/18^5,6		250,000		250,513

Vitality Re VII Ltd. Catastrophe Linked
Nts., 2.899%, 1/7/20^5,6		250,000		254,963

				1,846,819

Windstorm—4.1%

Akibare Re Ltd. Catastrophe Linked Nts., 3.414%, 4/7/20^5,6		750,000		762,637

Alamo Re Ltd. Catastrophe Linked Nts.:
4.869%, 6/7/19^5,6		750,000		776,362
5.449%, 6/7/17^5,6		500,000		508,725
6.029%, 6/7/18^5,6		500,000		517,125

Aozora Re Ltd. Catastrophe Linked Nts.:
2.249%, 4/7/17^5,6	JPY	91,000,000		873,209
3.114%, 4/7/20^5,6		250,000		251,512

Armor Re Ltd. Catastrophe Linked Nts.,
4.699%, 12/15/16^5,6		1,000,000		998,125

Calypso Capital II Ltd. Catastrophe Linked Nts.:
2.88%, 1/9/17^5,6	EUR	500,000		555,874
4.10%, 1/8/18^5,6	EUR	500,000		568,719

Citrus Re Ltd. Catastrophe Linked Nts.:
5.139%, 4/9/18^5,6		250,000		250,212
6.569%, 4/9/18^5,6		250,000		248,787
7.50%, 2/24/19^5,6		500,000		507,125
9.729%, 4/9/18^5,6		250,000		247,437
10.749%, 2/25/19^5,6		500,000		501,025

Everglades Re II Ltd. Catastrophe
Linked Nts., 5.484%, 5/3/18^5,6		750,000		758,363

Everglades Re Ltd. Catastrophe Linked
Nts., 7.364%, 4/28/17^5,6		750,000		764,437


	Principal Amount		Value

Windstorm (Continued)

First Coast Re 2016 Ltd. Catastrophe Linked Nts., 4%, 5/31/19^5,6	$	250,000	$	251,713

Gator Re Ltd. Catastrophe Linked Nts., 6.57%, 1/9/17^5,6		1,000,000		805,750

Green Fields II Capital Ltd. Catastrophe Linked Nts., 2.75%, 1/9/17^5,6	EUR	750,000		834,476

Lion I Re Ltd. Catastrophe Linked Nts., 2.31%, 4/28/17^5,6	EUR	750,000		829,899

Manatee Re Ltd. Catastrophe Linked Nts.:
5.249%, 12/22/17^5,6		750,000		745,088
16.25%, 3/10/19^5,6		500,000		502,975

MetroCat Re Ltd. Catastrophe Linked Nts., 4.749%, 8/5/16^5,6		250,000		250,781

Mythen Re Ltd. Catastrophe Linked Nts., 12.328%, 11/10/16^5,6		500,000		490,663

Pelican III Re Ltd. Catastrophe Linked Nts., 6.429%, 4/16/18^5,6		750,000		746,438

Pelican Re Ltd. Catastrophe Linked Nts., 6.249%, 5/15/17^5,6		500,000		506,175

Queen City Re Catastrophe Linked Nts., 3.743%, 1/6/17^5,6		1,000,000		979,550

Queen Street IX Re Ltd. Catastrophe Linked Nts., 5.743%, 6/8/17^5,6		250,000		249,638

Queen Street X Re Ltd. Catastrophe Linked Nts., 5.993%, 6/8/18^5,6		250,000		250,263

Queen Street XI Re DAC Catastrophe Linked Nts., 6.393%, 6/7/19^5,6		250,000		253,538

Queen Street XII Re Designated Activity Co. Catastrophe Linked Nts., 6.068%, 4/8/20^5,6		500,000		501,025

				17,287,646

Total Event-Linked Bonds (Cost $53,820,424)				53,561,025

Short-Term Notes—29.4%

France—2.2%
French Republic Treasury Bills:
0.00%, 8/18/16¹¹	EUR	5,600,000		6,216,156
0.00%, 10/26/16¹¹	EUR	2,900,000		3,224,345

				9,440,501

Italy—2.6%
Republic of Italy Treasury Bills:
0.00%, 9/14/16¹¹	EUR	4,400,000		4,886,044
0.00%, 10/14/16¹¹	EUR	5,500,000		6,108,612

				10,994,656

Japan—4.6%
Japan Treasury Bills, 0.00%, 11/10/16¹¹	JPY	2,000,000,000		19,386,646

Sweden—3.5%
Kingdom of Sweden Treasury Bills,
0.00%, 7/20/16¹¹	SEK	123,800,000		14,637,565

United States—16.5%
United States Treasury Bills, 0.369%,
9/15/16^11,12,13	USD	69,450,000		69,419,789

Total Short-Term Notes (Cost $123,438,905)				123,879,157

	Shares

Investment Companies—7.4%

Oppenheimer Institutional Money Market
Fund, Cl. E, 0.49%^14,15,16		27,021,595		27,021,595

SPDR Gold Trust Exchange Traded Fund^1,15		34,231		4,330,906

Total Investment Companies (Cost $31,015,099)				31,352,501

12 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased—0.5%

BRL Currency Call¹

BOA

BRL

3.150

11/9/16

BRL

29,060,000

145,678

CAD Currency Put^1,17

BOA

CAD

1.320

7/15/16

CAD

46,086,000

70,788

CAD Currency Put^1,18

CITNA-B

MXN

12.000

7/13/16

CAD

911,500

—

CHF Currency Put^1,19

BOA

JPY

110.000

11/24/16

CHF

906,600

668,963

CNH Currency Put¹

GSG

CNH

6.800

4/5/17

CNH

47,600,000

166,886

COP Currency Call¹

CITNA-B

COP

2940.000

8/4/16

COP

54,213,292,000

487,920

EUR Currency Put^1,20

NOM

USD

1.090

7/27/16

EUR

27,670,000

122,191

JPY Currency Call¹

DEU

KRW

12.000

9/27/16

JPY

1,844,740,000

185,377

TWD Currency Put¹

GSG

TWD

32.700

8/4/16

TWD

904,477,000

72,358

Total Over-the-Counter Options Purchased (Cost $1,887,801)

1,920,161

Counterparty

Pay/Receive

Floating Rate

Fixed Rate

Expiration

Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.1%

Interest Rate

Swap maturing

Six-Month JPY BBA

11/2/27 Call¹

GSG

Receive

LIBOR

1.070%

11/20/17

JPY

560,000

5,067

Interest Rate

Swap maturing

Six-Month JPY BBA

11/22/27 Call¹

GSG

Receive

LIBOR

1.070

11/20/17

JPY

424,000

3,837

Interest Rate

Swap maturing

Three-Month USD

3/21/28 Call¹

GSG

Receive

BBA LIBOR

2.580

3/19/18

USD

1,100

18,622

Interest Rate

Swap maturing

Three-Month USD

3/26/29 Call¹

GSG

Receive

BBA LIBOR

2.185

3/22/19

USD

3,300

121,363

Interest Rate

Swap maturing

Three-Month USD

4/18/28 Call¹

GSG

Receive

BBA LIBOR

2.505

4/16/18

USD

3,750

71,727

Interest Rate

Swap maturing

Three-Month USD

4/18/28 Call¹

GSG

Receive

BBA LIBOR

2.505

4/16/18

USD

2,200

42,080

Interest Rate

Swap maturing

7/25/28 Call¹

GSG

Receive

Six-Month JPY BBA
LIBOR

1.050

7/23/18

JPY

630,000

24,838

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $920,645)

287,534

Total Investments, at Value (Cost $422,315,539)

100.9%

425,552,906

Net Other Assets (Liabilities)

(0.9

)

(3,861,926)

Net Assets

100.0%

421,690,980

Footnotes to Consolidated Statement of Investments

1. Non-income producing security.

2. All or portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to securities sold short. The aggregate market value of such securities is $ 9,863,035. See Note 10 of accompanying Consolidated Notes

3. Security is a Master Limited Partnership.

4. Security received as the result of issuer reorganization

5. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $84,313,296 or 19.99% of the Fund’s net assets at period end

6. Represents the current interest rate for a variable or increasing rate security.

7. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

9. Restricted security. The aggregate value of restricted securities at period end was $2,217,885, which represents 0.53% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)

Bosphorus Ltd. Catastrophe Linked Nts., 4.036%, 8/17/18		8/11/15	$	500,000	$	506,725	$	6,725
Kizuna Re II Ltd. Catastrophe Linked Nts., 2.499%, 4/6/18		3/13/14 – 6/24/15		954,703		951,472		(3,231)
Nakama Re Ltd. Catastrophe Linked Nts., 3.124%, 1/14/21		12/14/15		250,000		251,263		1,263
OAS Financial Ltd., 8% Sr. Unsec. Nts., 7/2/21		9/3/14		204,171		1,250		(202,921)
Ursa Re Ltd. Catastrophe Linked Nts., 5%, 9/21/18		12/16/15 – 3/29/16		501,058		507,175		6,117

			$	2,409,932	$	2,217,885	$	(192,047)

10. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.

11. Zero coupon bond reflects effective yield on the original acquisition date.

12. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $9,062,056. See Note 6 of the accompanying Consolidated Notes.

13. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $6,275,269. See Note 6 of the accompanying Consolidated Notes.

13 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

14. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016
Oppenheimer Institutional Money Market Fund, Cl. E		23,203,584		133,120,235		129,302,224		27,021,595

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	27,021,595	$	79,105

15. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

16. Rate shown is the 7-day yield at period end.

17. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 1.37 CAD per 1 USD.

18. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 12 MXN per 1 CAD and Knock-out option is ineligible for exercise if at any time spot rates are less than or equal to 11.5 MXN per 1 CAD.

19. Digital option becomes eligible for exercise if at any time spot rates are less than or equal to 110.00000 JPY per 1 CHF.

20. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to USD 1.0400 per 1 EUR.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:


Geographic Holdings	Value		Percent
United States	$	301,684,933		70.9	%
Japan		28,183,965		6.6
Sweden		14,637,565		3.4
France		12,475,872		2.9
Italy		11,379,656		2.7
Supranational		7,977,630		1.9
Bermuda		5,061,282		1.2
Russia		5,041,235		1.2
Brazil		4,779,167		1.1
Cayman Islands		4,590,204		1.1
Switzerland		3,828,824		0.9
Spain		3,265,522		0.8
Canada		2,701,912		0.6
Eurozone		2,397,162		0.6
Colombia		2,102,382		0.5
Ireland		1,559,082		0.4
United Kingdom		1,464,490		0.3
Australia		1,463,690		0.3
Hong Kong		1,334,739		0.3
China		1,165,590		0.3
Turkey		1,113,743		0.3
Singapore		1,020,085		0.2
Argentina		926,720		0.2
Mexico		785,500		0.2
Netherlands		646,469		0.2
Chile		633,855		0.2
Germany		491,993		0.1
Barbados		423,900		0.1
Jersey, Channel Islands		308,937		0.1
Luxembourg		293,938		0.1
South Africa		255,938		0.1
Peru		250,000		0.1
Dominican Republic		208,750		0.1
India		202,972		0.0
Macau		195,560		0.0
Ukraine		190,000		0.0
Jamaica		168,000		0.0
China Offshore		166,886		0.0
Venezuela		102,400		0.0
Taiwan		72,358		0.0

Total	$	425,552,906		100.0	%


	Shares Sold Short			Value
Securities Sold Short—(9.5)%
Common Stock Securities Sold Short—(9.5)%
AGCO Corp.		(26,510	)	$	(1,249,416	)
Air Lease Corp., Cl. A		(52,605	)		(1,408,762	)
Aircastle Ltd.		(24,325	)		(475,797	)
Aker Solutions ASA		(244,171	)		(1,060,010	)
athenahealth, Inc.		(4,430	)		(611,384	)
Boeing Co. (The)		(13,220	)		(1,716,881	)

14 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


	Shares Sold Short			Value

Common Stock Securities Sold Short (Continued)

Camden Property Trust		(16,730	)	$	(1,479,267)

Caterpillar, Inc.		(19,310	)		(1,463,891)

CBL & Associates Properties, Inc.		(57,290	)		(533,370)

Charter Communications, Inc., Cl. A		(8,785	)		(2,008,602)

Cheniere Energy, Inc.		(26,850	)		(1,008,217)

Cie Financiere Richemont SA		(19,443	)		(1,140,624)

CNH Industrial NV		(144,010	)		(1,029,671)

Colgate-Palmolive Co.		(21,770	)		(1,593,564)

Comcast Corp., Cl. A		(11,240	)		(732,736)

Comerica, Inc.		(10,302	)		(423,721)

Commerce Bancshares, Inc.		(20,292	)		(971,987)

Deere & Co.		(20,200	)		(1,637,008)

Ensco plc, Cl. A		(69,960	)		(679,312)

Fastenal Co.		(14,620	)		(648,982)

Franklin Resources, Inc.		(34,290	)		(1,144,257)

Gulfmark Offshore, Inc., Cl. A		(9,820	)		(30,737)

Intel Corp.		(39,930	)		(1,309,704)

Oracle Corp.		(29,875	)		(1,222,784)

Pennsylvania Real Estate Investment Trust		(73,402	)		(1,574,473)

Procter & Gamble Co. (The)		(19,355	)		(1,638,788)

Rio Tinto plc, Sponsored ADR		(19,000	)		(594,700)

RLJ Lodging Trust		(45,190	)		(969,325)

SAP SE, ADR		(8,670	)		(650,423)

Southern Copper Corp.		(52,550	)		(1,417,799)

Subsea 7 SA		(216,575	)		(2,119,773)

Tidewater, Inc.		(45,460	)		(200,479)

Tiffany & Co.		(8,760	)		(531,206)

Transocean Ltd.		(12,808	)		(152,287)

W.W. Grainger, Inc.		(2,910	)		(661,297)

Walt Disney Co. (The)		(8,730	)		(853,969)

Weingarten Realty Investors		(53,763	)		(2,194,606)

Zions Bancorporation		(27,990	)		(703,389)

Total Securities Sold Short (Proceeds $42,083,630)				$	(39,843,198)



Forward Currency Exchange Contracts as of June 30, 2016
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation

BAC		07/2016	KRW	8,050,400		USD	6,827	$	152,901	$	—
BAC		07/2016	USD	6,831		JPY	692,000		125,232		—
BNP		07/2016	BRL	41,290		USD	12,270		583,656		—
BNP		07/2016 - 10/2016	USD	15,975		BRL	51,690		10,011		36,601
BOA		07/2016	BRL	9,670		USD	3,013		—		2,345
BOA		09/2016	CLP	4,158,000		USD	5,992		245,200		—
BOA		09/2016	IDR	82,900,000		USD	6,106		113,742		—
BOA		07/2016	USD	2,666		BRL	9,670		—		343,858
BOA		09/2016	USD	2,022		CHF	1,930		35,979		—
BOA		09/2016	USD	2,606		EUR	2,365		—		26,621
BOA		07/2016	USD	6,802		KRW	8,050,400		—		177,957
BOA		07/2016	USD	9,174		SEK	74,000		424,812		—
CITNA-B		09/2016	CAD	1,725		USD	1,330		5,248		—
CITNA-B		09/2016	EUR	2,350		USD	2,677		—		61,272
CITNA-B		09/2016	GBP	2,150		USD	2,909		—		44,444
CITNA-B		09/2016	NZD	1,895		USD	1,328		19,645		—
CITNA-B		09/2016	TRY	3,820		USD	1,274		29,960		—
CITNA-B		09/2016	USD	8,652		CAD	11,119		44,435		—
CITNA-B		09/2016	USD	2,731		EUR	2,440		15,740		—
CITNA-B		09/2016	USD	2,795		JPY	290,400		—		24,501
DEU		09/2016	USD	2,637		CHF	2,565		—		2,062
DEU		09/2016	USD	1,322		SEK	10,990		18,565		—
GSCO-OT		07/2016 - 08/2016	BRL	31,140		USD	9,455		199,121		3,775
GSCO-OT		09/2016	JPY	155,000		USD	1,492		13,304		—
GSCO-OT		07/2016	USD	4,640		BRL	15,570		—		206,851
GSCO-OT		04/2017	USD	1,505		CNH	10,000		26,652		—
GSCO-OT		09/2016	USD	2,437		EUR	2,215		—		27,924
HSBC		09/2016	USD	5,031		EUR	4,400		134,834		—
JPM		07/2016	BRL	32,000		USD	9,969		—		7,759
JPM		09/2016	CHF	3,595		USD	3,737		—		38,269
JPM		09/2016	EUR	630		USD	713		—		11,572

15 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued



Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation

JPM		09/2016	HUF	363,000		USD	1,296	$	—	$	20,242
JPM		09/2016	KRW	1,531,000		USD	1,303		24,031		—
JPM		09/2016	NOK	23,060		USD	2,756		—		812
JPM		07/2016	USD	9,061		BRL	32,000		—		901,174
JPM		09/2016 - 10/2016	USD	24,779		EUR	22,182		253,148		172,851
JPM		09/2016	USD	3,730		GBP	2,600		266,229		—
JPM		09/2016	USD	1,212		MXN	23,200		—		46,442
JPM		09/2016	USD	2,409		THB	85,000		—		7,119
JPM		09/2016	ZAR	64,100		USD	4,092		189,929		—
MSCO		07/2016	JPY	692,000		USD	6,825		—		119,214
MSCO		08/2016 - 10/2016	USD	9,551		EUR	8,500		99,079		5,670
MSCO		09/2016	USD	2,561		HUF	741,000		—		42,850
MSCO		09/2016	USD	3,828		JPY	397,000		—		27,369
MSCO		07/2016	USD	6,120		SEK	49,800		230,157		—
RBS		09/2016	CHF	1,275		USD	1,329		—		17,010
RBS		09/2016	USD	3,110		AUD	4,220		—		28,160
RBS		11/2016	USD	18,501		JPY	2,000,000		—		961,621
RBS		09/2016	USD	1,301		NOK	10,920		—		3,405
TDB		07/2016	BRL	15,950		USD	4,436		529,250		—
TDB		09/2016	GBP	905		USD	1,286		—		80,598
TDB		07/2016	USD	4,969		BRL	15,950		3,867		—
TDB		09/2016	USD	2,677		GBP	1,825		245,167		—

Total Unrealized Appreciation and Depreciation								$	4,039,894	$	3,450,348


Futures Contracts as of June 30, 2016
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts			Value		Unrealized Appreciation (Depreciation)
Brent Crude Oil*		ICE		Buy		7/29/16		17		$	845,070	$	8,811
CAC 40 10 Index		PAR		Sell		7/15/16		314			14,753,860		(252,997)
Euro-BTP		EUX		Sell		9/08/16		9			1,424,353		(13,651)
FTSE 100 Index		ICE		Sell		9/16/16		178			15,218,916		(1,270,342)
Gas Oil*		NYM		Sell		7/29/16		12			756,655		39,208
Gold (100 oz.)*		CMX		Buy		8/29/16		8			1,056,480		82,301
Lean Hogs*		CME		Sell		7/15/16		26			861,640		(10,166)
Natural Gas*		NYM		Sell		7/27/16		34			994,160		(172,120)
Nickel*		LME		Buy		7/18/16		17			959,820		107,556
Russell 2000 Mini Index		NYF		Sell		9/16/16		261			29,947,140		(94,537)
S&P 500 E-Mini Index		CME		Buy		9/16/16		80			8,360,800		(57,029)
S&P 500 E-Mini Index		CME		Sell		9/16/16		132			13,795,320		(367,588)
S&P/TSX 60 Index		MON		Sell		9/15/16		34			4,285,955		(24,477)
Soybean*		CBT		Buy		8/12/16		15			880,687		68,020
SPI 200 Index		SFE		Sell		9/15/16		32			3,088,208		(38,484)
STOXX Europe 600 Index		EUX		Sell		9/16/16		879			15,953,816		(347,326)
Sugar #11 World*		NYB		Buy		9/30/16		42			956,323		130,839
United States Treasury Long Bonds		CBT		Buy		9/21/16		40			6,893,750		386,494
United States Treasury Nts., 10 yr.		CBT		Sell		9/21/16		94	��		12,500,531		(331,359)
United States Treasury Nts., 10 yr.		CBT		Buy		9/21/16		51			6,782,203		179,040
Wheat*		CBT		Buy		9/14/16		35			779,625		(62,988)
WTI Crude Oil*		NYM		Buy		7/20/16		8			386,640		26,360
Zinc*		LME		Sell		7/18/16		17			893,350		(85,692)

												$	(2,100,127)

*All or a portion of this security is owned by the subsidiary. See Note 1 of the accompanying Consolidated Notes.


Over-the-Counter Options Written at June 30, 2016

Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts		Premiums Received		Value
CNH Currency Put		GSG	CNH		7.500		4/5/17	CNH		(52,500,000)	$	65,240	$	(39,952)
COP Currency Call		CITNA-B	COP		2800.000		8/4/16	COP		(103,263,414,000)		344,471		(309,790)
EUR Currency Put		DEU	USD		1.133		9/21/16	EUR		(18,429,000)		560,899		(596,086)
EUR Currency Call		DEU	USD		1.133		9/21/16	EUR		(18,429,000)		561,733		(199,236)
EUR Currency Call		JPM	USD		1.108		7/5/16	EUR		(1,980,000)		21,714		(9,938)
EUR Currency Put		JPM	USD		1.108		7/5/16	EUR		(1,980,000)		22,985		(8,468)
EUR Currency Call		TDB	USD		1.100		7/5/16	EUR		(2,000,000)		17,492		(20,436)
EUR Currency Put		TDB	USD		1.100		7/5/16	EUR		(2,000,000)		17,193		(3,554)
GBP Currency Put		GSG	USD		1.318		7/5/16	GBP		(1,670,000)		33,281		(12,543)
GBP Currency Call		GSG	USD		1.348		7/6/16	GBP		(1,645,000)		12,726		(5,366)
GBP Currency Put		GSG	USD		1.348		7/6/16	GBP		(1,645,000)		14,502		(43,846)

16 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


Over-the-Counter Options Written (Continued)
Description	Counterparty				Exercise Price		Expiration Date			Number of Contracts				Premiums Received			Value
GBP Currency Call		GSG		USD		1.318		7/5/16			GBP	(1,670,000	)	$	36,998		$	(25,075	)
GBP Currency Call		JPM		USD		1.372		7/1/16			GBP	(1,585,000	)		50,218			—
GBP Currency Put		JPM		USD		1.372		7/1/16			GBP	(1,585,000	)		49,783			(73,701	)
GBP Currency Call		TDB		USD		1.335		7/5/16			GBP	(1,645,000	)		20,544			(10,400	)
GBP Currency Put		TDB		USD		1.346		7/7/16			GBP	(1,645,000	)		18,097			(42,795	)
GBP Currency Put		TDB		USD		1.335		7/5/16			GBP	(1,645,000	)		20,461			(26,182	)
GBP Currency Call		TDB		USD		1.346		7/7/16			GBP	(1,645,000	)		17,739			(8,430	)
JPY Currency Call		DEU		KRW		12.700		9/27/16			JPY	(1,844,740,000	)		216,057			(74,168	)
JPY Currency Put		GSG		JPY		102.290		7/1/16			JPY	(227,000,000	)		24,092			(20,884	)
JPY Currency Call		GSG		JPY		102.290		7/1/16			JPY	(227,000,000	)		26,655			(227	)
JPY Currency Call		TDB		JPY		101.630		7/5/16			JPY	(223,000,000	)		22,816			(1,784	)
JPY Currency Put		TDB		JPY		101.630		7/5/16			JPY	(223,000,000	)		23,313			(36,126	)
TWD Currency Put		GSG		TWD		33.200		8/4/16			TWD	(918,307,000	)		154,425			(26,631	)

Total Over-the-Counter Options Written														$	2,353,434		$	(1,595,618	)


Centrally Cleared Credit Default Swaps at June 30, 2016
Reference Asset			Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)				Premiums Received/ (Paid)			Value
CDX.HY.24				Buy		5.000%		6/20/20			USD	181		$	11,644		$	(9,610	)
CDX.HY.24				Buy		5.000		6/20/20			USD	887			63,389			(47,009	)
CDX.HY.24				Buy		5.000		6/20/20			USD	107			5,495			(5,662	)
CDX.HY.24				Buy		5.000		6/20/20			USD	1,862			144,017			(98,692	)
CDX.HY.24				Buy		5.000		6/20/20			USD	215			13,140			(11,376	)
CDX.HY.25				Buy		5.000		12/20/20			USD	9,531			235,859			(390,505	)
CDX.HY.25				Buy		5.000		12/20/20			USD	12,628			(25,958	)		(517,429	)
CDX.IG.25				Sell		1.000		12/20/20			USD	5,655			(44,408	)		42,814
iTraxx.Main.24				Buy		1.000		12/20/20			EUR	5,160			69,067			(42,243	)

Total of Cleared Credit Default Swaps														$	472,245		$	(1,079,712	)


Over-the-Counter Credit Default Swaps at June 30, 2016
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)				Premiums Received/ (Paid)			Value
Altria Group, Inc.		JPM		Sell		1.000%		6/20/21			USD	1,540		$	(55,864	)	$	50,578
American Express Co.		BOA		Buy		1.000		6/20/21			USD	1,540			38,487			(38,545	)
Boeing Co. (The)		JPM		Buy		1.000		6/20/21			USD	1,540			44,304			(45,862	)
Bristol-Myers Squibb Co.		JPM		Sell		1.000		6/20/21			USD	1,540			(70,681	)		66,279
CDX.NA.HY.21		CITNA-B		Buy		5.000		12/20/18	��		USD	1,125			(34,531	)		(74,844	)
CDX.NA.HY.21		CITNA-B		Sell		5.000		12/20/18			USD	288			160,725			(98,899	)
CDX.NA.HY.21		GSG		Sell		5.000		12/20/18			USD	84			46,161			(29,010	)
CDX.NA.HY.25		GSG		Buy		5.000		12/20/20			USD	1,125			(194,688	)		106,563
CDX.NA.HY.25		GSG		Sell		5.000		12/20/20			USD	353			234,113			(201,410	)
Computer Sciences Corp.		BOA		Buy		5.000		6/20/21			USD	1,540			314,996			(299,763	)
ConocoPhillips		GSG		Buy		1.000		6/20/21			USD	1,540			(91,982	)		39,735
Ei Du Pont de Nemours & Co.		JPM		Buy		1.000		6/20/21			USD	1,540			41,841			(41,987	)
Expedia, Inc.		BNP		Buy		1.000		6/20/21			USD	1,540			(20,383	)		3,111
Ford Motor Co.		BNP		Buy		5.000		6/20/21			USD	1,540			248,432			(252,670	)
Gap, Inc. (The)		BAC		Sell		1.000		6/20/21			USD	1,540			113,804			(169,254	)
Home Depot, Inc. (The)		BAC		Sell		1.000		6/20/21			USD	1,540			(59,970	)		53,832
Honeywell International, Inc.		JPM		Sell		1.000		6/20/21			USD	1,540			(60,915	)		52,344
Kinder Morgan, Inc.		GSG		Sell		1.000		6/20/21			USD	1,540			157,554			(106,748	)
Kingdom of Spain		BAC		Buy		1.000		12/20/20			USD	4,278			30,105			(2,624	)
Kingdom of Spain		BAC		Buy		1.000		6/20/21			USD	449			(1,152	)		652
Kroger Co. (The)		BNP		Buy		1.000		6/20/21			USD	1,540			27,516			(24,175	)
Malaysia		BNP		Buy		1.000		6/20/21			USD	775			(22,856	)		17,502
Malaysia		BNP		Buy		1.000		12/20/20			USD	1,700			(110,693	)		23,189
Malaysia		MOS-A		Buy		1.000	��	12/20/20			USD	1,700			(85,394	)		23,189
Mckesson Corp.		JPM		Buy		1.000		6/20/21			USD	1,540			51,490			(50,971	)
Motorola Solutions, Inc.		GSG		Sell		1.000		6/20/21			USD	1,540			22,465			(33,143	)
Norfolk Southern Corp.		BAC		Buy		1.000		6/20/21			USD	1,540			44,224			(42,292	)
Portugal Obrigacoes Do Tesouro		GSG		Buy		1.000		6/20/21			USD	1,400			(157,783	)		119,883
Portuguese Republic		BAC		Buy		1.000		12/20/20			USD	2,567			(96,674	)		190,384
Portuguese Republic		GSG		Buy		1.000		6/20/21			USD	568			(46,803	)		48,638
Republic of Austria		BAC		Buy		1.000		12/20/20			USD	1,454			55,320			(47,531	)
Republic of Austria		GSG		Buy		1.000		6/20/21			USD	314			11,120			(10,880	)
Republic of Italy		BAC		Buy		1.000		12/20/20			USD	5,133			5,513			79,557
Republic of Italy		BAC		Buy		1.000		6/20/21			USD	532			(10,856	)		10,474
Sherwin-Williams Co. (The)		BOA		Sell		1.000		6/20/21			USD	1,540			(36,909	)		11,666
United Parcel Service of America		JPM		Sell		1.000		6/20/21			USD	1,540			(65,555	)		58,097

17 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaps (Continued)

Reference Asset

Counterparty

Buy/Sell
Protection

Fixed Rate

Maturity Date

Notional Amount
(000’s)

Premiums Received/(Paid)

Value

Weyerhaeuser Co.

GSG

Sell

1.000%

6/20/21

USD

1,540

4,758

$ 12,441

Total Over-the-Counter Credit Default Swaps

429,239

$ (602,494)

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Type of Reference Asset on which the Fund Sold Protection

Total Maximum
Potential Payments for
Selling Credit
Protection
(Undiscounted)

Amount Recoverable*

Reference Asset Rating
Range**

Investment Grade Corporate Debt Indexes

$5,655,000

$—

BBB+

Non-Investment Grade Corporate Debt Indexes

725,149

24,409,170

B to CCC

Investment Grade Single Name Corporate Debt

13,860,000

—

A+ to BBB-

Non-Investment Grade Single Name Corporate Debt

1,540,000

—

BB+

Total

$21,780,149

$24,409,170

* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment of the Fund.

Centrally Cleared Interest Rate Swaps at June 30, 2016

Counterparty

Pay/Receive
Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums
Received /
(Paid)

Value

BAC

Pay

Three-Month SEK
STIBOR SIDE

1.418%

11/12/25

SEK

1,840

—

$17,277

BAC

Receive

Three-Month SEK
STIBOR SIDE

1.365

8/10/25

SEK

4,580

—

42,557

BAC

Receive

Six-Month JPY BBA
LIBOR

0.468

11/12/25

JPY

23,000

—

(10,741)

BAC

Receive

Three-Month SEK
STIBOR SIDE

1.630

7/3/25

SEK

66,785

19,369

859,442

BAC

Pay

Three-Month SEK
STIBOR SIDE

1.501

12/9/25

SEK

5,120

—

52,045

BOA

Receive

Six-Month AUD
BBR BBSW

3.105

12/7/25

AUD

12,620

—

(751,667)

BOA

Receive

Three-Month USD
BBA LIBOR

1.670

5/5/26

USD

290

—

8,775

CITNA-B

Receive

Three-Month USD
BBA LIBOR

2.318

8/10/25

USD

165

)

15,665

GSG

Receive

Three-Month USD
BBA LIBOR

2.197

11/12/25

USD

145

—

12,926

JPM

Receive

Six-Month JPY BBA
LIBOR

0.100

6/6/26

JPY

35,000

—

(4,189)

JPM

Pay

Six-Month JPY BBA
LIBOR

0.593

7/10/25

JPY

948,000

—

(557,935)

JPM

Pay

Three-Month SEK
STIBOR SIDE

1.070

6/7/26

SEK

3,550

—

14,671

JPM

Receive

Six-Month AUD
BBR BBSW

2.396

6/3/26

AUD

930

—

(12,657)

JPM

Receive

Six-Month JPY BBA
LIBOR

0.566

8/6/25

JPY

13,000

—

(7,339)

JPM

Pay

Six-Month JPY BBA
LIBOR

0.595

8/11/25

JPY

29,000

—

(17,164)

JPM

Receive

Six-Month JPY BBA
LIBOR

0.461

12/9/25

JPY

28,000

—

(12,932)

JPM

Receive

Three-Month USD
BBA LIBOR

2.350

7/10/25

USD

9,170

(2,532

)

909,781

Total of Centrally Cleared Interest Rate Swaps

16,833

$ 558,515

Over-the-Counter Interest Rate Swaps at June 30, 2016

Counterparty

PAy/Receive
Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BOA

Pay

Three-Month CNY
CNREPOFIX=CFXS

2.605%

3/26/21

CNY

3,900

$ (3,572)

BOA

Pay

Three-Month CNY
CNREPOFIX=CFXS

2.900

7/24/20

CNY

14,000

13,137

GSG

Pay

Three-Month CNY
CNREPOFIX=CFXS

2.830

8/14/20

CNY

3,250

1,931

Total of Over-the-Counter Interest Rate Swaps

$ 11,496

18 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Over-the-Counter Total Return Swaps at June 30, 2016

Reference Asset

Counterparty

Pay/Receive Total

Return*

Floating Rate

Maturity Date

Notional
Amount
(000’s)

Value

CGAUOPAU Custom Basket

CITNA-B

Receive

One-Month AUD BBR BBSW
plus 50 basis points

3/9/17

AUD

8,499

127,784

CGCNOCAD Custom Basket

CITNA-B

Receive

One-Month CAD BA CDOR
plus 80 basis points

3/7/17

CAD

8,084

(239,791)

GSEHOPCN Custom Basket

GSG

Pay

One-Month HKD HIBOR

HKAB minus 25 basis points

6/22/17

HKD

14,465

(240,719)

GSEHOPHK Custom Basket

GSG

Receive

One-Month HKD HIBOR
HKAB plus 40 basis points

6/7/17

HKD

49,264

76,416

GSOPRUSS Custom Basket

GSG

Receive

One-Month USD BBA LIBOR
plus 35 basis points

6/7/17

USD

30,163

(163,249)

GSOPSPS3 Custom Basket

GSG

Receive

One-Month USD BBA LIBOR
plus 35 basis points

4/7/17

USD

21,759

213,649

HIN6 Index

GSG

Pay

No Floating Rate

8/3/16

HKD

50,511

(374,334)

iBoxx USD Liquid Leveraged

Loans Index Series 1
Version 1

MOS-A

Receive

USD BBA LIBOR

9/26/16

USD

663

11,896

iBoxx USD Liquid Leveraged Loans Index Series 1
Version 1

MOS-A

Receive

USD BBA LIBOR

9/26/16

USD

1,659

20,716

iBoxx USD Liquid Leveraged Loans Index Series 1
Version 1

GSG

Receive

USD BBA LIBOR

9/26/16

USD

1,077

656

JPCMOLNG Custom Basket

JPM

Receive

One-Month USD BBA LIBOR
plus 30 basis points

12/7/16

USD

9,415

93,192

JPCMOSHR Custom Basket

JPM

Pay

One-Month USD BBA LIBOR
minus 85 basis points

12/7/16

USD

9,453

104,342

JPEBCACO Custom Basket

JPM

Receive

One-Month EUR EURIBOR
plus 10 basis points

10/6/16

EUR

13,854

(832,426)

JPEBUKXO Custom Basket

JPM

Receive

One-Month GBP BBA LIBOR
plus 20 basis points

10/6/16

GBP

10,763

636,416

OEX Index

GSG

Pay

One-Month USD BBA LIBOR
minus 35 basis points

4/7/17

USD

10,703

(12,577)

OEX Index

GSG

Pay

One-Month USD BBA LIBOR
minus 35 basis points

4/13/17

USD

11,209

37,555

PowerShares Senior Loan

One-Month USD BBA LIBOR

Exchange Traded Fund

CITNA-B

Receive

minus 190 basis points

11/3/16

USD

12,935

(10,841)

PowerShares Senior Loan Exchange Traded Fund

CITNA-B

Receive

One-Month USD BBA LIBOR
minus 125 basis points

11/3/16

USD

60,038

(80,673)

Total Over-the-Counter Total Return Swaps

(631,988)

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

Over-the-Counter Volatility Swaps at June 30, 2016

Reference Asset

Counterparty

Pay/Receive
Volatility*

Strike Price

Maturity Date

Notional Amount

Value

GBP/JPY spot exchange rate

DEU

Receive

23.000

8/5/16

GBP

3,700

105,852

* Fund will pay or receive the volatility of the reference asset depending on whether the realized volatility of the reference asset exceeds or is less than the strike price. For contracts where the Fund has elected to receive the volatility of the reference asset, it will receive a net payment of the difference between the realized volatility and the strike price multiplied by the notional amount if the realized volatility exceeds the strike price; the Fund will make a net payment of the absolute value of the difference of the realized volatility and the strike price multiplied by the notional amount if the realized volatility is less than the strike price. For contracts where the Fund has elected to pay the volatility of the reference asset, it will make a net payment of the difference between the realized volatility and the strike price multiplied by the notional amount if the realized volatility exceeds the strike price; the Fund will receive a net payment of the absolute value of the difference of the realized and the strike price multiplied by the notional amount if the realized volatility is less than the strike price.


Glossary:
Counterparty Abbreviations
BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
GSCO-OT		Goldman Sachs Bank USA
GSG		Goldman Sachs Group, Inc. (The)
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
MOS-A		Morgan Stanley
MSCO		Morgan Stanley Capital Services, Inc.
NOM		Nomura Global Financial Products, Inc.
RBS		Royal Bank of Scotland plc (The)
TDB		Toronto Dominion Bank

19 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Currency abbreviations indicate amounts reporting in currencies
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Offshore Chinese Renminbi
CNY		Chinese Renminbi
COP		Colombian Peso
EUR		Euro
GBP		British Pound Sterling
HKD		Hong Kong Dollar
HUF		Hungarian Forint
IDR		Indonesian Rupiah
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
THB		Thailand Baht
TRY		New Turkish Lira
TWD		New Taiwan Dollar
ZAR		South African Rand

Definitions
BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BBR		Bank Bill Rate
BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BTP		Italian Treasury Bonds
CDX.HY.24		Merkit CDX High Yield Index
CDX.HY.25		Markit CDX High Yield Index
CDX.IG.25		Markit CDX Investment Grade Index
CDX.NA.HY.21		Markit CDX North American High Yield
CDX.NA.HY.25		Markit CDX North American High Yield
CGAUOPAU		Custom Basket of Securities
CGCNOCAD		Custom Basket of Securities
CNREPOFIX=CFXS		Repurchase Fixing Rates
EURIBOR		Euro Interbank Offered Rate
GSEHOPCN		Custom Basket of Securities
GSEHOPHK		Custom Basket of Securities
GSOPRUSS		Custom Basket of Securities
GSOPSPS3		Custom Basket of Securities
HIBOR		Hong Kong Interbank Offered Rate
HIN6		The Hang Seng Index Futures
HKAB		Hong Kong Association of Banks
iTraxx.Main.24		Credit Default Swap Trading Index for a Specific Basket of Securities
JPCMOLNG		Custom Basket of Securities
JPCMOSHR		Custom Basket of Securities
JPEBCACO		Custom Basket of Securities
JPEBUKXO		Custom Basket of Securities
OEX		S&P 100 Index
STIBOR SIDE		Stockholm Interbank Offered Rate

Exchange Abbreviations
CBT		Chicago Board of Trade
CME		Chicago Mercantile Exchanges
CMX		Commodity Exchange, Inc.
EUX		European Stock Exchange
ICE		Intercontinental Exchange
LME		London Metal Exchange
MON		Montreal Exchange
NYB		New York Board of Trade
NYF		New York Futures Exchange
PAR		Paris Stock Exchange
SFE		Sydney Futures Exchange

See accompanying Notes to Consolidated Financial Statements.

20 �� OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited


Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $395,293,944)	$	398,531,311
Affiliated companies (cost $27,021,595)		27,021,595
		425,552,906
Cash		1,919,631
Cash used for collateral on futures		771,050
Cash used for collateral on centrally cleared swaps		2,160,180
Deposits with broker for securities sold short		40,793,209
Deposits with broker for foreign securities sold short		4,220,637
Unrealized appreciation on forward currency exchange contracts		4,039,894
Swaps, at value (net premiums paid $1,178,887)		2,411,656
Centrally cleared swaps, at value (net premiums paid $27,575)		1,975,953
Receivables and other assets:
Investments sold (including $2,887,313 sold on a when-issued or delayed delivery basis)		4,093,174
Interest and dividends		1,566,282
Variation margin receivable		73,643
Shares of beneficial interest sold		34
Other		16,349
Total assets		489,594,598
Liabilities
Securities sold short, at value (proceeds $42,083,630) - see accompanying consolidated statement of investments		39,843,198
Unrealized depreciation on forward currency exchange contracts		3,450,348
Options written, at value (premiums received $2,353,434)		1,595,618
Swaps, at value (net premiums received $1,608,126)		3,528,790
Centrally cleared swaps, at value (net premiums received $516,653)		2,497,150
Payables and other liabilities:
Investments purchased (including $3,930,533 purchased on a when-issued or delayed delivery basis)		15,558,001
Variation margin payable		1,326,762
Dividends		69,773
Trustees’ compensation		3,947
Shareholder communications		3,363
Distribution and service plan fees		402
Shares of beneficial interest redeemed		83
Other		26,183
Total liabilities		67,903,618

Net Assets	$	421,690,980


Composition of Net Assets
Par value of shares of beneficial interest	$	42,269
Additional paid-in capital		433,469,315
Accumulated net investment loss		(3,397,636	)
Accumulated net realized loss on investments and foreign currency transactions		(12,348,268	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		3,925,300
Net Assets	$	421,690,980


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $419,719,821 and 42,071,357 shares of beneficial interest outstanding)		$9.98

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,971,159 and 197,997 shares of beneficial interest outstanding)		$9.96

See accompanying Notes to Consolidated Financial Statements.

21 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited


Investment Income
Interest - unaffiliated companies (net of foreign withholding taxes of $8,385)	$	3,859,940
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $35,680)		1,525,701
Affiliated companies		79,105
Total investment income		5,464,746
Expenses
Management fees		2,087,955
Distribution and service plan fees:
Service shares		2,385
Transfer and shareholder servicing agent fees:
Non-Service shares		202,282
Service shares		956
Shareholder communications:
Non-Service shares		7,244
Service shares		34
Dividends on short sales		347,377
Custodian fees and expenses		66,507
Financing expense from short sales		64,850
Trustees’ compensation		16,509
Borrowing fees		3,484
Other		91,494
Total expenses		2,891,077
Less reduction to custodian expenses		(624	)
Less waivers and reimbursements of expenses		(73,616	)
Net expenses		2,816,837
Net Investment Income		2,647,909
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)		(7,230,834	)
Closing and expiration of option contracts written		3,172,633
Closing and expiration of futures contracts		871,833
Foreign currency transactions		10,838,334
Short Positions		1,972,955
Swap contracts		(17,139,330	)
Net realized loss		(7,514,409	)
Net change in unrealized appreciation/depreciation on:
Investments		17,271,203
Translation of assets and liabilities denominated in foreign currencies		1,356,657
Futures contracts		(532,669	)
Option contracts written		527,793
Short positions		(3,203,140	)
Swap contracts		2,947,529
Net change in unrealized appreciation/depreciation		18,367,373
Net Increase in Net Assets Resulting from Operations	$	13,500,873

See accompanying Notes to Consolidated Financial Statements.

22 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015

Operations
Net investment income	$	2,647,909		$	3,369,216

Net realized loss		(7,514,409	)		(4,484,971	)

Net change in unrealized appreciation/depreciation		18,367,373			(14,937,519	)

Net increase (decrease) in net assets resulting from operations		13,500,873			(16,053,274	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(173,263	)		(1,416,586	)
Service shares		—			(1,965	)

		(173,263	)		(1,418,551	)

Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		169,143			161,111,575
Service shares		62,908			587,007

		232,051			161,698,582

Net Assets
Total increase		13,559,661			144,226,757

Beginning of period		408,131,319			263,904,562

End of period (including accumulated net investment loss of $3,397,636 and $5,872,282, respectively)	$	421,690,980		$	408,131,319

See accompanying Notes to Consolidated Financial Statements.

23 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015		Year Ended December 31, 2014		Period Ended December 31, 2013¹
Per Share Operating Data
Net asset value, beginning of period		$9.66			$10.04		$9.92		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.06			0.09		0.08		(0.02)
Net realized and unrealized gain (loss)		0.26			(0.44)		0.52		(0.05)

Total from investment operations		0.32			(0.35)		0.60		(0.07)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³			(0.03)		(0.25)		(0.01)
Distributions from net realized gain		0.00			0.00		(0.21)		0.00
Tax return of capital distribution		0.00			0.00		(0.02)		0.00

Total dividends and/or distributions to shareholders		(0.00)	³		(0.03)		(0.48)		(0.01)

Net asset value, end of period		$9.98			$9.66		$10.04		$9.92



Total Return, at Net Asset Value⁴		3.46%			(3.45)%		6.02%		(0.69)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$419,720			$406,286		$262,573		$9,917

Average net assets (in thousands)		$406,881			$363,975		$161,988		$9,827

Ratios to average net assets:⁵
Net investment income (loss)		1.30%			0.92%		0.77%⁶		(1.85)%⁶
Expenses excluding specific expenses listed below		1.22%			1.24%		1.33%		7.16%
Dividends and/or interest expense on securities sold short		0.17%			0.17%		0.08%		0.00%
Borrowing expenses on securities sold short		0.03%			0.05%		0.02%		0.00%
Interest and fees from borrowings		0.00%⁷			0.00%⁷		0.00%		0.00%

Total expenses⁸		1.42%			1.46%		1.43%⁶		7.16%⁶
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.38%			1.41%		1.31%⁶		3.33%⁶

Portfolio turnover rate		55%			67%		147%		11%

1. For the period from November 14, 2013 (inception of offering) to December 31, 2013.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Includes the Fund’s shares of the allocated expenses and/or net investment income from the master funds.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.43	%
Year Ended December 31, 2015	1.47	%
Year Ended December 31, 2014	1.45	%
Period Ended December 31, 2013	7.18	%

See accompanying Notes to Consolidated Financial Statements.

24 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015			Year Ended December 31, 2014			Period Ended December 31, 2013¹
Per Share Operating Data
Net asset value, beginning of period		$9.65		$10.03			$9.92			$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.05		0.07			0.08			(0.03)
Net realized and unrealized gain (loss)		0.26		(0.44	)		0.50			(0.04)

Total from investment operations		0.31		(0.37	)		0.58			(0.07)

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.01	)		(0.25	)		(0.01)
Distributions from net realized gain		0.00		0.00			(0.21	)		0.00
Tax return of capital distribution		0.00		0.00			(0.01	)		0.00

Total dividends and/or distributions to shareholders		0.00		(0.01	)		(0.47	)		(0.01)

Net asset value, end of period		$9.96		$9.65			$10.03			$9.92



Total Return, at Net Asset Value³		3.21%		(3.68)%			5.90%			(0.72)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,971		$1,845			$1,332			$10

Average net assets (in thousands)		$1,922		$1,695			$335			$10

Ratios to average net assets:⁴
Net investment income (loss)		1.06%		0.66%			0.77%⁵			(2.12)%⁵
Expenses excluding specific expenses listed below		1.47%		1.48%			1.68%			7.43%
Dividends and/or interest expense on securities sold short		0.17%		0.17%			0.08%			0.00%
Borrowing expenses on securities sold short		0.03%		0.05%			0.02%			0.00%
Interest and fees from borrowings		0.00%⁶		0.00%⁶			0.00%			0.00%

Total expenses⁷		1.67%		1.70%			1.78%⁵			7.43%⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.63%		1.65%			1.67%⁵			3.50%⁵

Portfolio turnover rate		55%		67%			147%			11%

1. For the period from November 14, 2013 (inception of offering) to December 31, 2013.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Includes the Fund’s shares of the allocated expenses and/or net investment income from the master funds.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.68	%
Year Ended December 31, 2015	1.71	%
Year Ended December 31, 2014	1.80	%
Period Ended December 31, 2013	7.45	%

See accompanying Notes to Consolidated Financial Statements.

25 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer Global Multi-Alternatives Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. The Sub-Adviser has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC and OFI SteelPath, Inc. (collectively, the “Sub-Sub-Advisers”). Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Multi-Alternatives Fund/VA (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are expected to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 21,023 shares with net assets of $11,722,285 in the Subsidiary.

Other financial information at period end:


Total market value of investments	$	10,985,480
Net assets	$	11,722,285
Net income (loss)	$	(63,249)
Net realized gain (loss)	$	58,900
Net change in unrealized appreciation/depreciation	$	1,092,488

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

26 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

2. Significant Accounting Policies (Continued)

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Consolidated Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

During the fiscal year ended December 31, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October foreign currency losses of $131,091 and straddle losses of $8,294. Details of the fiscal year ended December 31, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
No expiration	$	2,102,249

At period end, it is estimated that the capital loss carryforwards would be $9,616,658, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

27 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.


Federal tax cost of securities	$	422,315,539
Federal tax cost of other investments		(132,186,600)

Total federal tax cost	$	290,128,939

Gross unrealized appreciation	$	31,793,261
Gross unrealized depreciation		(27,897,105)

Net unrealized appreciation	$	3,896,156

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

28 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

3. Securities Valuation (Continued)

forward currency rate.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities		Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps		Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities at period end based on valuation input level:

29 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)



	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	6,628,518		$	369,945		$	—	$	6,998,463
Consumer Staples		5,352,096			—			—		5,352,096
Energy		27,621,664			—			—		27,621,664
Financials		23,380,094			8,786,380			—		32,166,474
Health Care		12,488,394			1,656,528			6,316		14,151,238
Industrials		15,332,575			—			—		15,332,575
Information Technology		14,739,303			—			—		14,739,303
Materials		5,875,816			—			—		5,875,816
Telecommunication Services		3,780,415			—			—		3,780,415
Utilities		4,510,698			224			—		4,510,922
Preferred Stocks		—			836,050			—		836,050
Asset-Backed Securities		—			15,923,048			1,274,326		17,197,374
Mortgage-Backed Obligation		—			2,014,384			—		2,014,384
Foreign Government Obligations		—			6,394,409			—		6,394,409
Non-Convertible Corporate Bonds and Notes		—			43,186,536			—		43,186,536
Convertible Corporate Bonds and Notes		—			2,207,030			—		2,207,030
Corporate Loans		—			12,187,779			—		12,187,779
Event-Linked Bonds		249,250			53,311,775			—		53,561,025
Short-Term Notes		—			123,879,157			—		123,879,157
Investment Companies		31,352,501			—			—		31,352,501
Over-the-Counter Options Purchased		—			1,920,161			—		1,920,161
Over-the-Counter Interest Rate Swaptions Purchased		—			287,534			—		287,534

Total Investments, at Value		151,311,324			272,960,940			1,280,642		425,552,906
Other Financial Instruments:
Forward currency exchange contracts		—			4,039,894			—		4,039,894
Futures contracts		1,028,629			—			—		1,028,629
Centrally cleared swaps, at value		—			1,975,953			—		1,975,953
Swaps, at value		—			2,411,656			—		2,411,656

Total Assets	$	152,339,953		$	281,388,443		$	1,280,642		435,009,038


Liabilities Table
Other Financial Instruments:
Common Stock Securities Sold Short	$	(35,522,791)		$	(4,320,407	)	$	—	$	(39,843,198)
Forward currency exchange contracts		—			(3,450,348	)		—		(3,450,348)
Futures contracts		(3,128,756	)		—			—		(3,128,756)
Options written, at value		—			(1,595,618	)		—		(1,595,618)
Centrally cleared swaps, at value		—			(2,497,150	)		—		(2,497,150)
Swaps, at value		—			(3,528,790	)		—		(3,528,790)

Total Liabilities	$	(38,651,547	)	$	(15,392,313	)	$	—	$	(54,043,860)

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers out of Level 1*		Transfers into Level 2*
Assets Table
Investments, at Value:
Common Stocks Utilities		$ (521)		$ 521

Total Assets		$ (521)		$ 521

* Transfers from Level 1 to Level 2 are a result of a change from the use of an exchange traded price to a valuation received from a third-party pricing service or a fair valuation determined based on observable market information other than quoted prices from an active market.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may

30 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

4. Investments and Risks (Continued)

be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is a registered open-end management investment company, regulated as a money market fund under the 1940 Act. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Consolidated Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

Event-Linked Bonds. The Fund may invest in “event-linked” bonds. Event-linked bonds, which are sometimes referred to as “catastrophe” bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Consolidated Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Consolidated Statement of Operations upon the sale or maturity of such securities.

31 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$3,930,533
Sold securities		2,887,313

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Information concerning securities not accruing interest at period end is as follows:


Cost			$2,295,886
Market Value			$1,259,739
Market Value as % of Net Assets			0.30%

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

32 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

5. Market Risk Factors (Continued)

are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

6. Use of Derivatives

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Forward Currency Exchange Contracts

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $119,812,517 and $178,547,913, respectively.

Futures Contracts

33 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

satisfy the Fund’s payment obligations.

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.

The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.

The Fund has purchased futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to increase exposure to volatility risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to decrease exposure to volatility risk.

The Fund has purchased futures contracts, which have values that are linked to the price movement of the related commodities, in order to increase exposure to commodity risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related commodities, in order to decrease exposure to commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $34,671,543 and $98,088,560 on futures contracts purchased and sold, respectively.

Option Activity

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

During the reporting period, the Fund had an ending monthly average market value of $596,894 and $711,863 on purchased call options and purchased put options, respectively.

The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as

34 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has written call options on treasury and/or euro futures to decrease exposure to interest rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $780,394 and $549,779 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Written option activity for the reporting period was as follows:


	Number of Contracts		Amount of Premiums

Options outstanding as of December 31, 2015		5,400,003,810	$	609,381
Options written		140,556,603,630		8,682,627
Options closed or expired		(19,861,610,000)		(3,172,633)
Options exercised		(19,054,838,440)		(3,765,941)

Options outstanding as of June 30, 2016		107,040,159,000	$	2,353,434

Swap Contracts

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual issuers and/or indexes of issuers.

35 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

For the reporting period, the Fund had ending monthly average notional amounts of $65,437,631 and $19,873,214 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.

For the reporting period, the Fund had ending monthly average notional amounts of $20,108,950 and $23,014,139 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.

The Fund has entered into total return swaps on various equity securities or indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.

The Fund has entered into total return swaps on various equity securities or indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. The Fund will receive payments of a floating reference interest rate and an amount equal to the negative price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract.

The Fund has entered into total return swaps to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

The Fund has entered into total return swaps to decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

For the reporting period, the Fund had ending monthly average notional amounts of $171,960,731 and $41,043,557 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to pay the measured volatility and receive a fixed rate payment. If the measured volatility of the related reference investment

36 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to pay a fixed rate payment and receive the measured volatility. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

The Fund has entered into variance swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to make a payment if the measured price variance of the reference investment exceeds the specified fixed rate. If the measured variance of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured variance of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into variance swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to make a payment if the measured price variance of the reference asset is less than the specified fixed rate. If the measured variance of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured variance of the related reference investment decreases over the period, the swaps will depreciate in value.

For the reporting period, the Fund had ending monthly average notional amounts of $47,215 and $33,706 on volatility swaps which pay measured volatility/variance and volatility swaps which receive measured volatility/variance, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Swaption Transactions

During the reporting period, the Fund had an ending monthly average market value of $390,525 on purchased swaptions.

At period end, the Fund has required certain counterparties to post collateral of $2,429,884.

37 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

against the right of offset in bankruptcy, insolvency or other events.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end:


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount

Bank of America NA	$	1,729,965	$	(892,661)	$	(837,304)	$	–	$	–
Barclays Bank plc		613,032		(261,701)		(303,827)		–		47,504
BNP Paribas		637,469		(313,446)		–		–		324,023
Citibank NA		730,732		(730,732)		–		–		–
Deutsche Bank Securities, Inc.		309,794		(309,794)		–		–		–
Goldman Sachs Bank USA		239,077		(238,550)		(527)		–		–
Goldman Sachs Group, Inc. (The)		1,184,245		(1,184,245)		–		–		–
HSBC Bank USA NA		134,834		–		–		–		134,834
JPMorgan Chase Bank NA		1,794,585		(1,794,585)		–		–		–
Morgan Stanley		55,801		–		–		–		55,801
Morgan Stanley Capital Services, Inc.		329,236		(195,103)		–		(134,133)		–
Nomura Global Financial Products, Inc.		122,191		–		–		–		122,191
Toronto Dominion Bank		778,284		(230,305)		(344,299)		–		203,680

	$	8,659,245	$	(6,151,122)	$	(1,485,957)	$	(134,133)	$	888,033

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at June 30, 2016:

38 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount

Bank of America NA	$	(892,661)	$	892,661	$	–	$	–	$	–
Barclays Bank plc		(261,701)		261,701		–		–		–
BNP Paribas		(313,446)		313,446		–		–		–
Citibank NA		(945,055)		730,732		214,323		–		–
Deutsche Bank Securities, Inc.		(871,552)		309,794		561,758		–		–
Goldman Sachs Bank USA		(238,550)		238,550		–		–		–
Goldman Sachs Group, Inc. (The)		(1,346,594)		1,184,245		162,349		–		–
JPMorgan Chase Bank NA		(2,269,593)		1,794,585		475,008		–		–
Morgan Stanley Capital Services, Inc.		(195,103)		195,103		–		–		–
Royal Bank of Scotland plc (The)		(1,010,196)		–		1,010,196		–		–
Toronto Dominion Bank		(230,305)		230,305		–		–		–

	$	(8,574,756)	$	6,151,122	$	2,423,634	$	–	$	–

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Consolidated

Statement of Assets

and Liabilities Location

Value

Consolidated
Statement of Assets
and Liabilities Location

Value

Credit contracts

Swaps, at value

1,001,382

Swaps, at value

1,944,942

Equity contracts

Swaps, at value

1,289,354

Swaps, at value

1,580,276

Interest rate contracts

Swaps, at value

15,068

Swaps, at value

3,572

Volatility contracts

Swaps, at value

105,852

Credit contracts

Centrally cleared swaps, at value

42,814

Centrally cleared swaps, at value

1,122,526

Interest rate contracts

Centrally cleared swaps, at value

1,933,139

Centrally cleared swaps, at value

1,374,624

Commodity

Variation margin receivable

70,284^*

Variation margin payable

97,537^*

Equity contracts

Variation margin payable

1,202,975^*

Interest rate contracts

Variation margin receivable

3,359^*

Variation margin payable

26,250^*

Forward currency exchange contracts

Unrealized appreciation on forward currency exchange contracts

4,039,894

Unrealized depreciation on forward currency exchange contracts

3,450,348

Options written, at value

1,595,618

Forward currency exchange contracts

Investments, at value

1,920,161^**

Interest rate contracts

Investments, at value

287,534^**

Total

10,708,841

12,398,668

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

**Amounts relate to purchased option contracts and purchased swaption contracts, if any.

The effect of derivative instruments on the Consolidated Statement of Operations is as follows:

39 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)


Amount of Realized Gain or (Loss) Recognized on Derivatives

	Investment from		Closing and
Derivatives	unaffiliated		expiration		Closing and
Not Accounted	companies(including		of option		expiration		Foreign
for as Hedging	premiums on		contracts		of futures		currency
Instruments	options exercised)*		written		contracts		transactions		Swap contracts		Total

Commodity contracts	$	—	$	—	$	58,899	$	—	$	—	$	58,899
Credit contracts		—		—		—		—		(1,173,588)		(1,173,588)
Equity contracts		(663,713)		—		791,053		—		(761,069)		(633,729)
Forward currency exchange contracts		(214,158)		3,172,633		—		(3,999,976)		—		(1,041,501)
Interest rate contracts		—		—		(376,111)		—		487,279		111,168
Volatility contracts		—		—		397,992		—		(15,691,952)		(15,293,960)

Total	$	(877,871)	$	3,172,633	$	871,833	$	(3,999,976)	$	(17,139,330)	$	(17,972,711)

*Includes purchased option contracts, purchased swaption contract, written option contracts exercised and written swaption contracts exercised, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

							Translation
							of assets and
Derivatives							liabilities
Not Accounted			Option				denominated
for as Hedging			contracts		Futures		in foreign
Instruments	Investments*		written		contracts		currencies		Swap contracts		Total

Commodity contracts	$	—	$	—	$	293,628	$	—	$	—	$	293,628
Credit contracts		—		—		—		—		990,782		990,782
Equity contracts		522,754		—		(1,085,521)		—		1,203,224		640,457
Forward currency exchange contracts		(251,620)		476,199		—		(3,558,783)		—		(3,334,204)
Interest rate contracts		(260,105)		51,594		182,256		—		464,805		438,550
Volatility contracts		—		—		76,968		—		288,718		365,686

Total	$	11,029	$	527,793	$	(532,669)	$	(3,558,783)	$	2,947,529	$	(605,101)

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016				Year Ended December 31, 2015
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		—	$	—		15,762,717	$	159,728,797
Dividends and/or distributions reinvested		17,085		169,143		143,442		1,382,778
Redeemed		—		—		—		—

Net increase		17,085	$	169,143		15,906,159	$	161,111,575



Service Shares
Sold		31,088	$	299,744		145,309	$	1,456,569
Dividends and/or distributions reinvested		—		—		203		1,954
Redeemed		(24,280)		(236,836)		(87,055)		(871,516)

Net increase		6,808	$	62,908		58,457	$	587,007

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$119,923,162		$124,185,908

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

40 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

9. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule

Up to $500 million			1.00%
Next $500 million			0.95
Next $4 billion			0.90
Over $5 billion			0.88

The Fund’s effective management fee for the reporting period was 1.00% of average annual net assets before any Subsidiary management fees or any applicable waivers.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Adviser to provide the day-today portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Adviser an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Adviser under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (excluding any applicable dividends tied to short sales expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses will not exceed the annual rate of 1.20% for Non-Service shares and 1.45% for Service shares. During the reporting period, the Manager waived fees and/or reimbursed the Fund $7 and $1 for Non-Service and Service shares, respectively.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During reporting period, the Manager waived fees and/or reimbursed the Fund $18,083 for IMMF management fees.

These undertakings may be modified or terminated as set forth according to the terms in the prospectus.

41 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

10. Borrowing and Other Financing

Securities Sold Short. The Fund sells securities that it does not own, and it will therefore be obligated to purchase such securities at a future date. Upon entering into a short position, the Fund is required to segregate cash or securities at its custodian which are pledged for the benefit of the lending broker and/or to deposit and pledge cash directly at the lending broker, with a value equal to a certain percentage, exceeding 100%, of the value of the securities that it sold short. Cash that has been segregated and pledged for this purpose will be disclosed on the Consolidated Statement of Assets and Liabilities; securities that have been segregated and pledged for this purpose are disclosed as such in the Consolidated Statement of Investments. The aggregate market value of such cash and securities at period end is $54,876,881. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out. By entering into short sales, the Fund bears the market risk of increases in value of the security sold short in excess of the proceeds received. Until the security is replaced, the Fund is required to pay the lender any dividend or interest earned. Dividend expense on short sales is treated as an expense in the Consolidated Statement of Operations.

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Litigation

42 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF

INVESTMENTS Unaudited

43 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

DISTRIBUTION SOURCES Unaudited

This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Real Estate Investment Trusts (“REITs”) and Master Limited Partnerships (“MLPs”), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and MLPs in which the Fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

Fund Name

Pay

Net Income

Net Profit

Other

Date

from Sale

Capital

Sources

Oppenheimer Global Multi-Alternatives Fund/VA

6/21/16

37.0%

0.0%

63.0%

44 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

45 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

46 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

47 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz., Trustee, President and Principal Executive Officer
		Mark Hamilton, Vice President
		Benjamin Rockmuller, Vice President
		Dokyoung Lee, Vice President
		Alessio de Longis, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and		OFI Global Asset Management, Inc.
Shareholder
Servicing Agent

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		June 30, 2016
		Oppenheimer
		International Growth Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: George R. Evans, CFA, and Robert B. Dunphy, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/16


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/13/92		-2.59%		-5.59%		4.34%		5.17%
Service Shares		3/19/01		-2.72		-6.00		4.14		4.88
MSCI AC World ex-U.S. Index				-1.02		-10.24		0.10		1.87

The Fund’s performance is compared to the performance of the MSCI AC World ex-U.S. Index. The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Dollarama, Inc.			1.9%
Nippon Telegraph & Telephone Corp.			1.8
Infineon Technologies AG			1.8
Heineken NV			1.4
Bunzl plc			1.4
Continental AG			1.4
Amadeus IT Holding SA, Cl. A			1.4
Keyence Corp.			1.3
James Hardie Industries plc			1.3
Vodafone Group plc			1.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2016, and are based on the total market value of investments.

2 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Performance Discussion

In a volatile market environment, the Fund’s Non-Service shares generated a cumulative total return of -2.59%. On a relative basis, the Fund underperformed the MSCI AC World ex-U.S. Index (the “Index”), which returned -1.02%. The Fund’s underperformance relative to the Index stemmed largely from an overweight position and stock selection in the consumer discretionary sector and an underweight position in the energy sector. Stock selection within the materials, information technology and telecommunication services sectors detracted from performance to a lesser degree. The Fund outperformed the Index most in the financials sector due to an underweight position. We are structurally and perennially underweight in the sector due to our bias against the business characteristics inherent in most financial companies. Financials stock prices reacted particularly negatively to the United Kingdom’s (“UK”) decision to exit the European Union (“EU”), commonly referred to as Brexit. The Fund also outperformed the Index in industrials as a result of stronger relative stock selection.

As we have often said before, volatility is our friend. We understand that it is uncomfortable for investors so we seek to dampen it in the Fund by investing in a large number of companies in relatively equal amounts. But down markets give us the opportunity to buy stocks at prices that we could not get when sentiment is optimistic. As the market has pulled back, we have bought more shares in companies we already own and taken the opportunity to acquire some new ones that we have coveted for some time. In addition, as long term, bottom up, micro-economic—as opposed to macroeconomic—stock pickers, we did not make changes to our portfolio in anticipation of any particular Brexit vote outcomes.

MARKET OVERVIEW

The first half of 2016 was a volatile time for global equity markets. China’s slowing economy, falling crude oil prices, and the aggressive interest rate hike path indicated by the Federal Reserve (the “Fed”) in its December 2015 communication, contributed to a tumultuous environment. March saw a temporary relief rally as communication from the Fed turned more accommodative in light of this weak start to the year. Oil prices and commodities started to pick up, but continued to experience volatility through the close of the reporting period. However, unanswered questions, including how quickly the Fed would raise interest rates and whether Britain would decide to exit the EU on its June 23 vote, made for an uncertain period. The UK surprised the markets by ultimately deciding to exit the EU. As a result, markets dropped sharply and remained volatile through the reporting period’s end. See the Strategy & Outlook section of this report for more information on the Brexit and our views/outlook.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included Nippon Telegraph & Telephone Corporation, Dollarama, Inc. and CIMIC Group Ltd. Nippon Telegraph & Telephone Corporation is the incumbent telecommunications service company in Japan. It provides voice, data and video streaming services over both fixed and mobile networks. In addition, it is one of the largest providers of data warehouse services in the world. We have owned the company for nearly two years as part of our Data Deluge investment theme. The company continues to execute well on its development plans and the stock has continued to react favorably. Dollarama is the largest dollar store chain in Canada with more than 1,000 locations, with plans to expand well beyond that over the next several years. The stock price rose over the first half of the reporting period after the company announced fiscal fourth quarter sales rose 32% year over year, and same store sales rose 7.9% year over year. The company increased both its dividend and stock buyback program. Given the weakness of the Canadian economy, we believe consumers will remain highly value conscious. We believe Dollarama is well positioned for this. CIMIC Group is an Australian construction and engineering firm with considerable exposure to mining and infrastructure spending in Asia. The company has been working through a considerable restructuring in an effort to adapt to a far less robust environment both for mining and Asian infrastructure spending. The company released a quarterly report that showed some promise that these efforts are bearing fruit.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included William Hill plc, Essentra plc and Domino’s Pizza Group plc. William Hill is a London-based bookmaker. Recent trends have been cyclically soft, especially for its online efforts, in addition to periodic regulatory noise, which affects the industry. We have been investors in the company for more than a dozen years and the returns have been good, despite recent weakness. We believe it has the potential to continue its long-term results. Essentra is an international supplier of specialty plastic packaging for health and personal care products, of fiber filters, and of customized protective components for use with industrial equipment. It also has a distribution business. During the reporting period, the company guided revenue and earnings expectations lower after losing a large filter customer. The stock price dropped as a result. In our opinion, the lower near-term revenue growth is fully reflected in the share price. We are positive on the longer-term outlook for the company and on its ability to trim expenses in the near term to maintain profitability at acceptable levels. Domino’s Pizza Group is the master franchiser for Domino’s Pizza stores in the UK, Ireland, Germany and Switzerland.

3 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

During the reporting period, the group acquired a significant stake in the Icelandic, Norwegian and Swedish franchises, with intent to become a majority owner. The company also announced a three for one stock split. After reaching new highs, the stock sold off in the wake of the Brexit vote, which acted as a catalyst for profit-taking. We remain owners.

STRATEGY & OUTLOOK

As expected, global markets had a negative reaction to the Brexit. The British exit from the EU may require companies to make adjustments in their operations, though the impact and timing will not be clear for some time. Furthermore, each company within each industry will not be affected in exactly the same way. Multi-national businesses always confront a wide variety of currency, regulatory, and trade restrictions. So, while the impact of Brexit is not yet clear, the issues it raises for companies are not. They deal with them as a routine part of managing global customer relationships and supply chains.

It has been our experience that exogenous shocks often provide opportunity. As Warren Buffett once noted, in the short run markets are a voting machine, and in the long run they are a weighing machine. Ultimately, the strength and durability of the economics of a business will drive the trajectory of its share price. This is unchanged by Brexit.

We want to remind investors that we are emphatically and insistently micro-economists. While we have opinions on macro-economic and political events, we do not base our investment decisions on them. Instead, we seek high-quality companies that are able to monetize long-term structural growth opportunities due to their meaningful and durable competitive advantages. We buy them when they are offered in the market at prices that we believe will enable us to realize a return on our capital above our hurdle rate. This is the discipline we will continue to follow.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

4 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2016.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Expenses Paid During 6 Months Ended June 30, 2016
Non-Service shares	$	1,000.00	$	974.10	$	4.92
Service shares		1,000.00		972.80		6.15

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,019.89		5.03
Service shares		1,000.00		1,018.65		6.29


Class	Expense Ratios
Non-Service shares		1.00%
Service shares		1.25

5 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS June 30, 2016 Unaudited


	Shares		Value

Common Stocks—98.6%

Consumer Discretionary—21.3%

Auto Components—2.6%

Continental AG		35,330	$	6,639,503

Valeo SA		134,763		6,018,856

				12,658,359

Automobiles—1.8%

Bayerische Motoren Werke AG		35,637		2,611,799

Hero MotoCorp Ltd.		130,054		6,089,085

				8,700,884

Diversified Consumer Services—0.7%

Dignity plc		102,457		3,521,604

Hotels, Restaurants & Leisure—3.6%

Carnival Corp.		137,270		6,067,334

Domino’s Pizza Group plc		1,062,054		4,727,093

Whitbread plc		55,730		2,604,810

William Hill plc		1,056,291		3,658,645

				17,057,882

Household Durables—1.3%

SEB SA		50,020		6,030,208

Media—3.6%

Grupo Televisa SAB, Sponsored ADR		127,220		3,312,809

ProSiebenSat.1 Media SE¹		105,321		4,598,913

SES SA, Cl. A, FDR		189,410		4,091,431

Sky plc		306,386		3,477,569

Technicolor SA		261,940		1,625,062

				17,105,784

Multiline Retail—2.7%

Dollarama, Inc.		129,595		9,047,927

Hudson’s Bay Co.		319,462		3,854,957

				12,902,884

Specialty Retail—0.8%

Industria de Diseno Textil SA		120,883		4,031,142

Textiles, Apparel & Luxury Goods—4.2%

Burberry Group plc		251,914		3,937,883

Cie Financiere Richemont SA		65,905		3,866,319

Hermes International		12,676		4,777,186

LVMH Moet Hennessy Louis Vuitton SE		27,410		4,150,343

Swatch Group AG (The)		10,866		3,158,765

				19,890,496

Consumer Staples—12.2%

Beverages—2.7%

Diageo plc		90,910		2,543,773

Heineken NV		74,595		6,892,796

Pernod Ricard SA		28,820		3,210,180

				12,646,749

Food & Staples Retailing—2.9%

Alimentation Couche-Tard, Inc., Cl. B		96,145		4,128,739

CP ALL PCL		3,749,200		5,377,939

Spar Group Ltd. (The)		313,672		4,306,929

				13,813,607

Food Products—4.7%

Aryzta AG¹		101,343		3,723,980

Barry Callebaut AG¹		3,869		4,751,808

Danone SA		48,866		3,445,672

Saputo, Inc.		188,015		5,583,912

Unilever plc		105,128		5,042,684

				22,548,056

Household Products—1.3%

Reckitt Benckiser Group plc		59,097		5,945,491

Tobacco—0.6%

Swedish Match AB		88,054		3,060,031


	Shares		Value

Energy—1.4%

Energy Equipment & Services—0.4%

Technip SA		35,261	$	1,917,749

Oil, Gas & Consumable Fuels—1.0%

Koninklijke Vopak NV		96,499		4,833,449

Financials—3.0%

Capital Markets—1.7%

ICAP plc		807,177		4,537,194

Tullett Prebon plc		261,864		1,055,273

UBS Group AG		203,387		2,631,544

				8,224,011

Commercial Banks—0.5%

ICICI Bank Ltd., Sponsored ADR		340,495		2,444,754

Insurance—0.8%

Prudential plc		208,769		3,556,549

Health Care—11.4%

Biotechnology—2.5%

CSL Ltd.		72,600		6,104,353

Grifols SA		258,769		5,843,600

				11,947,953

Health Care Equipment & Supplies—3.7%

Coloplast AS, Cl. B		61,965		4,625,526

Essilor International SA		37,909		5,045,421

Sonova Holding AG		31,990		4,250,279

William Demant Holding AS¹		189,460		3,684,538

				17,605,764

Health Care Providers & Services—0.7%

Sonic Healthcare Ltd.		218,882		3,538,227

Life Sciences Tools & Services—1.0%

Lonza Group AG¹		28,847		4,780,335

Pharmaceuticals—3.5%

Galenica AG		3,492		4,704,026

Novo Nordisk AS, Cl. B		112,338		6,041,207

Roche Holding AG		22,902		6,046,828

				16,792,061

Industrials—20.7%

Aerospace & Defense—2.3%

Airbus Group SE		93,920		5,453,785

Embraer SA		317,326		1,728,732

Rolls-Royce Holdings plc¹		410,326		3,896,361

				11,078,878

Air Freight & Couriers—1.0%

Royal Mail plc		697,154		4,726,185

Commercial Services & Supplies—2.8%

Aggreko plc		166,902		2,866,525

Edenred		221,044		4,560,813

Prosegur Cia de Seguridad SA		925,430		5,603,049

				13,030,387

Construction & Engineering—1.3%

Boskalis Westminster		77,962		2,689,089

CIMIC Group Ltd.		135,485		3,628,513

				6,317,602

Electrical Equipment—3.3%

ABB Ltd.¹		99,682		1,963,388

Legrand SA		76,570		3,950,626

Nidec Corp.		80,800		6,098,788

Schneider Electric SE		65,010		3,847,368

				15,860,170

Machinery—2.6%

Aalberts Industries NV		190,097		5,734,194

Atlas Copco AB, Cl. A		195,534		5,063,053

6 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA


	Shares		Value

Machinery (Continued)

Weir Group plc (The)		84,652	$	1,634,588

				12,431,835

Professional Services—3.0%

Experian plc		259,473		4,928,577

Intertek Group plc		124,440		5,810,966

SGS SA		1,564		3,586,214

				14,325,757

Trading Companies & Distributors—4.4%

Brenntag AG		110,286		5,329,537

Bunzl plc		222,481		6,881,448

Travis Perkins plc		206,602		4,133,173

Wolseley plc		88,790		4,601,559

				20,945,717

Information Technology—16.4%

Communications Equipment—2.1%

Nokia OYJ		948,403		5,396,378

Telefonaktiebolaget LM Ericsson, Cl. B		599,207		4,580,115

				9,976,493

Electronic Equipment, Instruments, & Components—2.8%

Hoya Corp.		129,193		4,599,803

Keyence Corp.		9,506		6,411,347

Spectris plc		94,768		2,307,435

				13,318,585

Internet Software & Services—1.6%

United Internet AG		78,726		3,248,257

Yahoo Japan Corp.		1,006,100		4,430,731

				7,678,988

IT Services—1.4%

Amadeus IT Holding SA, Cl. A		145,026		6,353,371

Semiconductors & Semiconductor Equipment—3.6%

ARM Holdings plc		274,730		4,161,050

ASML Holding NV		46,761		4,635,096

Infineon Technologies AG		591,639		8,502,137

				17,298,283

Software—4.4%

AVEVA Group plc		65,424		1,476,843

Dassault Systemes		65,707		5,017,376

Gemalto NV		65,672		4,022,205

SAP SE		72,067		5,386,837


	Shares		Value

Software (Continued)

Temenos Group AG¹		105,085	$	5,234,578

				21,137,839

Technology Hardware, Storage & Peripherals—0.5%

Lenovo Group Ltd.		3,842,000		2,321,301

Materials—5.9%

Chemicals—3.6%

Essentra plc		449,566		3,085,949

Novozymes AS, Cl. B		114,251		5,505,827

Sika AG		1,135		4,747,884

Syngenta AG		9,734		3,741,519

				17,081,179

Construction Materials—1.3%

James Hardie Industries plc		415,900		6,370,585

Containers & Packaging—1.0%

CCL Industries, Inc., Cl. B		27,404		4,769,159

Telecommunication Services—6.3%

Diversified Telecommunication Services—5.0%

BT Group plc		869,308		4,800,187

Iliad SA		20,090		4,083,809

Inmarsat plc		238,860		2,563,801

Nippon Telegraph & Telephone Corp.		186,600		8,759,658

Telstra Corp. Ltd.		885,707		3,686,003

				23,893,458

Wireless Telecommunication Services—1.3%

Vodafone Group plc		2,028,359		6,174,714

Total Common Stocks (Cost $351,557,024)				470,644,515

Preferred Stock—0.0%

Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $12,272)		599,541		80,478

	Units

Rights, Warrants and Certificates—0.0%

MEI Pharma, Inc. Wts., Strike Price $1.19, Exp. 5/10/17¹ (Cost $35,548)		151,358		2,270

	Shares

Investment Company—0.8%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.49%^2,3 (Cost $3,994,902)		3,994,902		3,994,902

Total Investments, at Value (Cost $355,599,746)		99.4%		474,722,165

Net Other Assets (Liabilities)		0.6		2,848,467

Net Assets		100.0%	$	477,570,632

Footnotes to Statement of Investments

1. Non-income producing security.

2. Rate shown is the 7-day yield at period end.


	Shares December 31, 2015		Gross Additions		Gross Reductions		Shares June 30, 2016

Oppenheimer Institutional Money Market Fund, Cl. E		4,009,537		34,479,814		34,494,449		3,994,902
					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	3,994,902	$	13,933


Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent

United Kingdom	$	108,657,927		22.9%
France		67,225,883		14.2
Switzerland		57,187,468		12.0
Germany		36,316,984		7.6
Japan		30,300,326		6.4
Netherlands		28,806,829		6.1

7 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


Geographic Holdings (Continued)	Value		Percent

Canada	$	27,384,695		5.8%
Spain		21,831,163		4.6
Denmark		19,857,098		4.2
Australia		16,957,096		3.6
Sweden		12,703,200		2.7
United States		10,064,506		2.1
India		8,614,317		1.8
Ireland		6,370,585		1.3
Finland		5,396,378		1.1
Thailand		5,377,939		1.1
South Africa		4,306,929		0.9
Mexico		3,312,809		0.7
China		2,321,301		0.5
Brazil		1,728,732		0.4

Total	$	474,722,165		100.0%

See accompanying Notes to Financial Statements.

8 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $351,604,844)	$	470,727,263	��
Affiliated companies (cost $3,994,902)		3,994,902

		474,722,165

Cash		499,613

Cash—foreign currencies (cost $3,300)		4

Receivables and other assets:
Dividends		2,393,371
Shares of beneficial interest sold		632,722
Investments sold		80,583
Other		28,411

Total assets		478,356,869

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		338,941
Foreign capital gains tax		220,202
Investments purchased		140,071
Distribution and service plan fees		36,415
Trustees’ compensation		20,425
Shareholder communications		5,959
Other		24,224

Total liabilities		786,237

Net Assets	$	477,570,632



Composition of Net Assets
Par value of shares of beneficial interest	$	227,226

Additional paid-in capital		360,118,047

Accumulated net investment income		4,644,415

Accumulated net realized loss on investments and foreign currency transactions		(6,227,355)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		118,808,299

Net Assets	$	477,570,632



Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $303,148,731 and 146,439,789 shares of beneficial interest outstanding)		$2.07


Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $174,421,901 and 80,785,754 shares of beneficial interest outstanding)		$2.16

See accompanying Notes to Financial Statements.

9 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2016 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $616,052)	$	7,592,170
Affiliated companies		13,933

Interest		35

Total investment income		7,606,138

Expenses
Management fees		2,267,798
Distribution and service plan fees —Service shares		212,602

Transfer and shareholder servicing agent fees:
Non-Service shares		152,976
Service shares		85,195

Shareholder communications:
Non-Service shares		4,924
Service shares		2,754

Custodian fees and expenses		24,101

Trustees’ compensation		11,300

Borrowing fees		4,252

Other		44,371

Total expenses		2,810,273
Less reduction to custodian expenses		(163)
Less waivers and reimbursements of expenses		(211,254)

Net expenses		2,598,856

Net Investment Income		5,007,282

Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies (net of foreign capital gains tax of $6,698)		718,512
Foreign currency transactions		5,340

Net realized gain		723,852

Net change in unrealized appreciation/depreciation on:
Investments (net of foreign capital gains tax of $150,566)		(20,015,212)
Translation of assets and liabilities denominated in foreign currencies		1,877,831

Net change in unrealized appreciation/depreciation		(18,137,381)

Net Decrease in Net Assets Resulting from Operations	$	(12,406,247)

See accompanying Notes to Financial Statements.

10 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015

Operations
Net investment income	$	5,007,282	$	5,013,190

Net realized gain		723,852		12,349,329

Net change in unrealized appreciation/depreciation		(18,137,381)		(2,159,966)

Net increase (decrease) in net assets resulting from operations		(12,406,247)		15,202,553

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,398,645)		(4,005,137)
Service shares		(1,459,515)		(1,505,303)

		(4,858,160)		(5,510,440)

Distributions from net realized gain:
Non-Service shares		(7,229,895)		(24,445,588)
Service shares		(4,021,530)		(11,368,323)

		(11,251,425)		(35,813,911)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		4,171,901		(24,199,401)
Service shares		15,075,211		32,889,329

		19,247,112		8,689,928

Net Assets
Total decrease		(9,268,720)		(17,431,870)

Beginning of period		486,839,352		504,271,222

End of period (including accumulated net investment income of $4,644,415 and $4,495,293, respectively)	$	477,570,632	$	486,839,352

See accompanying Notes to Financial Statements.

11 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	2.20	$	2.31	$	2.57	$	2.07	$	1.72	$	1.87

Income (loss) from investment operations:
Net investment income²		0.02		0.03		0.03		0.03		0.03		0.02
Net realized and unrealized gain (loss)		(0.08)		0.06		(0.21)		0.50		0.35		(0.15)

Total from investment operations		(0.06)		0.09		(0.18)		0.53		0.38		(0.13)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.03)		(0.03)		(0.03)		(0.03)		(0.02)
Distributions from net realized gain		(0.05)		(0.17)		(0.05)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.07)		(0.20)		(0.08)		(0.03)		(0.03)		(0.02)

Net asset value, end of period	$	2.07	$	2.20	$	2.31	$	2.57	$	2.07	$	1.72



Total Return, at Net Asset Value³		(2.59)%		3.43%		(7.22)%		25.87%		22.22%		(7.16)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	303,149	$	317,547	$	358,756	$	458,038	$	348,449	$	364,221

Average net assets (in thousands)	$	307,172	$	343,347	$	400,556	$	404,859	$	332,018	$	406,974

Ratios to average net assets:⁴
Net investment income		2.18%		1.08%		1.13%		1.24%		1.68%		1.21%
Expenses excluding interest and fees from borrowings		1.09%		1.08%		1.07%		1.09%		1.13%		1.09%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.09%		1.08%		1.07%		1.09%		1.13%		1.09%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%		1.00%

Portfolio turnover rate		6%		24%		41%		32%		22%		25%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.09	%
Year Ended December 31, 2015	1.08	%
Year Ended December 31, 2014	1.07	%
Year Ended December 31, 2013	1.09	%
Year Ended December 31, 2012	1.13	%
Year Ended December 30, 2011	1.09	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA


Service Shares	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	2.29	$	2.40	$	2.66	$	2.14	$	1.78	$	1.94

Income (loss) from investment operations:
Net investment income²		0.02		0.02		0.02		0.02		0.03		0.02
Net realized and unrealized gain (loss)		(0.08)		0.06		(0.21)		0.53		0.35		(0.17)

Total from investment operations		(0.06)		0.08		(0.19)		0.55		0.38		(0.15)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.02)		(0.02)		(0.03)		(0.02)		(0.01)
Distributions from net realized gain		(0.05)		(0.17)		(0.05)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.07)		(0.19)		(0.07)		(0.03)		(0.02)		(0.01)

Net asset value, end of period	$	2.16	$	2.29	$	2.40	$	2.66	$	2.14	$	1.78



Total Return, at Net Asset Value³		(2.72)%		3.11%		(7.15)%		25.71%		21.68%		(7.61)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	174,422	$	169,292	$	145,515	$	118,060	$	68,997	$	57,276

Average net assets (in thousands)	$	171,069	$	165,226	$	128,694	$	88,647	$	63,118	$	62,359

Ratios to average net assets:⁴
Net investment income		1.97%		0.79%		0.85%		0.89%		1.43%		0.96%
Expenses excluding interest and fees from borrowings		1.34%		1.33%		1.32%		1.34%		1.38%		1.34%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.34%		1.33%		1.32%		1.34%		1.38%		1.34%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.25%		1.25%		1.25%		1.25%		1.25%

Portfolio turnover rate		6%		24%		41%		32%		22%		25%

1. December 30, 2011 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended June 30, 2016	1.34	%
Year Ended December 31, 2015	1.33	%
Year Ended December 31, 2014	1.32	%
Year Ended December 31, 2013	1.34	%
Year Ended December 31, 2012	1.38	%
Year Ended December 30, 2011	1.34	%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2016 Unaudited

1. Organization

Oppenheimer International Growth Fund/VA (the “Fund”), is a separate series of Oppenheimer Variable Account Funds, which is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified open-end management investment company. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

14 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	362,640,893
Federal tax cost of other investments		3,300

Total federal tax cost	$	362,644,193

Gross unrealized appreciation	$	159,883,780
Gross unrealized depreciation		(48,116,630)

Net unrealized appreciation	$	111,767,150

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

3. Securities Valuation

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

15 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Classifications

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing

16 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

3. Securities Valuation (Continued)

the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	22,283,027	$	79,616,216	$	��	$	101,899,243
Consumer Staples		9,712,651		48,301,283		—		58,013,934
Energy		—		6,751,198		—		6,751,198
Financials		2,444,754		11,780,560		—		14,225,314
Health Care		—		54,664,340		—		54,664,340
Industrials		—		98,716,531		—		98,716,531
Information Technology		—		78,084,860		—		78,084,860
Materials		4,769,159		23,451,764		—		28,220,923
Telecommunication Services		—		30,068,172		—		30,068,172
Preferred Stock		80,478		—		—		80,478
Rights, Warrants and Certificates		—		2,270		—		2,270
Investment Company		3,994,902		—		—		3,994,902

Total Assets	$	43,284,971	$	431,437,194	$	—	$	474,722,165

4. Investments and Risks

17 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2016					Year Ended December 31, 2015
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		8,941,085		$	19,050,267		25,785,184		$	60,862,122
Dividends and/or distributions reinvested		4,989,924			10,628,540		12,263,244			28,450,725
Redeemed		(11,901,469	)		(25,506,906)		(48,734,993	)		(113,512,248)

Net increase (decrease)		2,029,540		$	4,171,901		(10,686,565	)	$	(24,199,401)



Service Shares
Sold		10,244,631		$	22,831,385		20,290,959		$	49,094,495
Dividends and/or distributions reinvested		2,468,940			5,481,045		5,341,754			12,873,626
Redeemed		(5,936,049	)		(13,237,219)		(12,264,866	)		(29,078,792)

Net increase		6,777,522		$	15,075,211		13,367,847		$	32,889,329

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$32,406,856		$27,355,413

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

18 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule
Up to $250 million			1.00%
Next $250 million			0.90
Next $500 million			0.85
Over $1 billion			0.82

The Fund’s effective management fee for the reporting period was 0.95% of average annual net assets before any applicable waivers.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 1.00% for Non-Service shares and 1.25% for Service shares. The expense limitations do not include interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager waived fees and/or reimbursed the Fund $133,638 and $74,542 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Borrowings and Other Financing

10. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against

19 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

10. Pending Litigation (Continued)

20 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

21 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay

Date

Net Income

Net Profit
from Sale

Other
Capital

Sources

Oppenheimer International Growth Fund/VA

6/21/16

32.5%

45.6%

21.9%

22 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		George R. Evans, Vice President
		Robert B. Dunphy, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and summary prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		© 2016 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 6/30/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b)	Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Variable Account Funds


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		8/12/2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		8/12/2016


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		8/12/2016

Expense Ratios

Non-Service shares

Service shares