Oppenheimer Variable Account Funds N-CSRS Certified 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: 6/30/2017

Item 1. Reports to Stockholders.

June 30, 2017
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 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		8/15/86		14.58%		15.38%		12.98%		6.04%
Service Shares		10/16/00		14.45		15.09		12.70		5.77
Russell MidCap Growth Index				11.40		17.05		14.19		7.87

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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

Restaurant Brands International, Inc.	2.1	%
Domino’s Pizza, Inc.	2.0
Waste Connections, Inc.	1.9
Vail Resorts, Inc.	1.9
First Republic Bank	1.9
Pool Corp.	1.8
Microchip Technology, Inc.	1.7
Rockwell Automation, Inc.	1.7
SBA Communications Corp., Cl. A	1.7
Electronic Arts, Inc.	1.6

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, 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 14.58% during the reporting period, outperforming the Russell Midcap Growth Index (the “Index”) return of 11.40%. The Morningstar U.S. Insurance Fund Mid-Cap Growth peer group produced a return of 13.77%.

The Fund outperformed the Index in nine out of eleven sectors of the Index, led by Consumer Discretionary, Consumer Staples and Information Technology. Stock selection and underweight positions in these sectors contributed positively to performance. The Fund underperformed the Index mainly in the Energy sector, where an overweight position detracted from performance.

MARKET OVERVIEW

Bullish sentiment from Trump’s election victory last year continued into the new year, resulting in U.S. equity markets realizing one of the best first quarter performances in several years. Investors anticipated an administration friendly to both the economy and financial markets. Less regulation, tax reform and other policies favorable to domestic economic growth were on the new administration’s agenda. Consumer and business confidence remained high, corporate earnings strengthened, and other macro factors (employment, capital expenditures) were favorable, while inflationary pressures (wage growth, commodity prices, interest rates) seemed contained.

Domestic equities performed well across all capitalization segments, but there was a distinct performance reversal from 2016. Large caps led the way this reporting period, followed by mid-caps. Small caps trailed after many years of relative outperformance. The performance reversal also held true stylistically.

Growth indices, across all cap ranges, outperformed their Value counterparts. Specifically, for midcap equities, Growth outperformed Value during the reporting period.

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Fund this reporting period included Veeva Systems, Inc., Domino’s Pizza, Inc. and Autodesk, Inc.

Veeva Systems is a SaaS (software-as-a-service) company focused on providing customer relationship management software to the biotechnology and pharmaceutical industries. The company has experienced strong growth in recent years, as their technology allows pharmaceutical companies to more efficiently develop, market and sell their products to health care providers.

Domino’s Pizza, the leading pizza delivery company in the U.S., has continued to experience strong revenue growth due to its unique competitive positioning in the industry. We believe they are one of the most innovative restaurant companies in the mid-cap space, with particular leadership in online ordering. Continued robust capital expenditure spending on new technology and advertising may help stimulate further growth going forward.

Autodesk is a top provider of computer-aided design (CAD) software. The company reported healthy subscriber growth and recurring revenues grew significantly year-over year. Autodesk operates using a SaaS delivery model, which provides many advantages over traditional software delivery, including visibility and stability of revenues, increased efficiency and lower costs.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Diamondback Energy, Nabors Industries Ltd. and Acuity Brands, Inc.

Diamondback Energy is an oil and gas company focused in the Permian Basin in west Texas. The company reported solid results during the period, but the stock underperformed due to the decline in oil prices. While we are not optimistic about the outlook for oil prices, Diamondback Energy has one of the lowest cost structures in the industry, which allows it to earn strong returns even at current oil prices. The company has also done some acquisitions in the Permian Basin that we believe can support growth.

Nabors Industries is one of the largest operators of land drilling rigs in the U.S. The company reported somewhat disappointing fourth-quarter results related to higher-than-expected operating costs, which seem likely to persist. In addition, there are growing concerns that oil prices are unlikely to surpass current levels for a variety of reasons, which would limit the growth opportunity for land rig operators such as Nabors. We have exited our position.

3      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Acuity Brands is a producer of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications. The company’s fiscal first quarter results disappointed, with earnings per share below consensus, and the stock traded down. Weakness in small projects and lingering production inefficiencies led to the lowest organic growth since 2013 and a drop in gross margin. We have since exited our position in Acuity Brands.

STRATEGY & OUTLOOK

Our long-term investment process remains the same. We seek 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. At the end of the period, the Fund was overweight in the Industrial and Healthcare sectors while underweight the Consumer Discretionary, Consumer Staples, and Information Technology sectors relative to the benchmark.    

Looking forward, we expect the U.S. economy to continue on the 2% growth trajectory that it has been on for the last several years. Although interest rates remain very low in a historical context, monetary stimulus has peaked. We believe the Federal Reserve will gradually raise short term rates while buying fewer bonds. Meanwhile, corporate profits are growing at a healthy pace and cash flows are being directed to dividends, buybacks and acquisitions. Equity valuations remain high but the bull market may persist given the favorable macro conditions. While the initial market enthusiasm about the Trump agenda of corporate tax reform, infrastructure spending and deregulation has waned, future progress on these topics could provide upside to our outlook. Technology driven disruption remains abundant across the economy and is at the forefront of our fundamental research. We are cautiously optimistic about the prospects for small and mid-cap growth stocks. We believe our opportunity set remains compelling and we think stock selection can continue to drive our relative 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.

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.

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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,145.80	$	4.26
Service shares		1,000.00		1,144.50		5.60
Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

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, 2017 Unaudited

	Shares		Value
Common Stocks—97.4%
Consumer Discretionary—17.3%
Distributors—1.8%
Pool Corp.		105,420	$	12,394,229
Hotels, Restaurants & Leisure—9.6%
Domino’s Pizza, Inc.		65,570		13,870,022
Hilton Worldwide Holdings, Inc.		168,493		10,421,292
MGM Resorts International		233,280		7,299,331
Restaurant Brands International, Inc.		232,140		14,518,036
Royal Caribbean Cruises Ltd.		65,180		7,119,612
Vail Resorts, Inc.		64,510		13,084,563
				66,312,856
Household Durables—1.3%
Mohawk Industries, Inc.1		36,650		8,857,939
Internet & Catalog Retail—1.2%
Expedia, Inc.		54,680		8,144,586
Media—1.3%
CBS Corp., Cl. B		89,840		5,729,995
Live Nation Entertainment, Inc.1		99,870		3,480,470
				9,210,465
Specialty Retail—2.1%
Burlington Stores, Inc.1		42,380		3,898,536
Ulta Beauty, Inc.1		36,430		10,467,796
				14,366,332
Consumer Staples—2.9%
Beverages—1.3%
Constellation Brands, Inc., Cl. A		44,870		8,692,665
Food Products—1.6%
Lamb Weston Holdings, Inc.		127,610		5,619,944
Pinnacle Foods, Inc.		94,030		5,585,382
				11,205,326
Energy—1.4%
Energy Equipment & Services—0.6%
RPC, Inc.		204,270		4,128,297
Oil, Gas & Consumable Fuels—0.8%
Diamondback Energy, Inc.1		66,886		5,940,145
Financials—12.8%
Capital Markets—3.8%
CBOE Holdings, Inc.		72,000		6,580,800
MarketAxess Holdings, Inc.		50,570		10,169,627
MSCI, Inc., Cl. A		34,350		3,537,707
Raymond James Financial, Inc.		72,320		5,801,510
				26,089,644
Commercial Banks—2.8%
First Republic Bank		128,800		12,892,880
SVB Financial Group1		35,330		6,210,661
				19,103,541
Consumer Finance—0.6%
SLM Corp.1		386,230		4,441,645
Diversified Financial Services—1.2%
IHS Markit Ltd.1		186,220		8,201,129
Insurance—1.3%
Athene Holding Ltd., Cl. A1		72,690		3,606,151
Progressive Corp. (The)		126,890		5,594,580
				9,200,731
Real Estate Investment Trusts (REITs)—3.1%
Equinix, Inc.		23,510		10,089,551
SBA Communications Corp., Cl. A1		85,530		11,537,997
				21,627,548
Health Care—16.6%
Biotechnology—2.2%
BioMarin Pharmaceutical, Inc.1		68,280		6,201,190

	Shares		Value
Biotechnology (Continued)
Exelixis, Inc.1		78,010	$	1,921,386
Incyte Corp.1		55,130		6,941,418
				15,063,994
Health Care Equipment & Supplies—7.7%
ABIOMED, Inc.1		14,650		2,099,345
Align Technology, Inc.1		49,660		7,454,959
Cooper Cos., Inc. (The)		39,350		9,421,177
DexCom, Inc.1		21,760		1,591,744
Hologic, Inc.1		131,850		5,983,353
IDEXX Laboratories, Inc.1		67,190		10,845,810
Intuitive Surgical, Inc.1		10,890		10,186,179
West Pharmaceutical Services, Inc.		58,090		5,490,667
				53,073,234
Health Care Providers & Services—0.9%
WellCare Health Plans, Inc.1		32,790		5,887,773
Health Care Technology—1.3%
Veeva Systems, Inc., Cl. A1		147,420		9,038,320
Life Sciences Tools & Services—3.4%
Agilent Technologies, Inc.		152,050		9,018,085
Bio-Rad Laboratories, Inc., Cl. A1		18,370		4,157,315
Mettler-Toledo International, Inc.1		18,090		10,646,689
				23,822,089
Pharmaceuticals—1.1%
Jazz Pharmaceuticals plc1		23,310		3,624,705
Zoetis, Inc., Cl. A		65,340		4,075,909
				7,700,614
Industrials—16.9%
Aerospace & Defense—1.5%
BWX Technologies, Inc.		72,170		3,518,288
L3 Technologies, Inc.		42,840		7,157,707
				10,675,995
Air Freight & Couriers—1.4%
XPO Logistics, Inc.1		153,240		9,903,901
Airlines—0.6%
Alaska Air Group, Inc.		43,850		3,935,976
Building Products—3.2%
A.O. Smith Corp.		169,390		9,541,739
Lennox International, Inc.		47,220		8,671,481
Owens Corning		60,460		4,045,983
				22,259,203
Commercial Services & Supplies—3.1%
Copart, Inc.1		253,650		8,063,534
Waste Connections, Inc.		203,815		13,129,762
				21,193,296
Construction & Engineering—1.1%
Quanta Services, Inc.1		221,710		7,298,693
Electrical Equipment—1.7%
Rockwell Automation, Inc.		71,810		11,630,347
Machinery—2.1%
Nordson Corp.		82,420		9,999,194
Xylem, Inc.		79,960		4,432,183
				14,431,377
Professional Services—1.4%
TransUnion1		231,180		10,012,406
Road & Rail—0.8%
Norfolk Southern Corp.		44,660		5,435,122
Information Technology—23.4%
Electronic Equipment, Instruments, & Components—2.6%
CDW Corp.		104,220		6,516,877
Cognex Corp.		55,090		4,677,141

6      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

	Shares		Value
Electronic Equipment, Instruments, & Components (Continued)
Trimble, Inc.1		192,600	$	6,870,042
				18,064,060
Internet Software & Services—1.5%
CoStar Group, Inc.1		13,290		3,503,244
MercadoLibre, Inc.		27,320		6,854,042
				10,357,286
IT Services—5.2%
Booz Allen Hamilton Holding Corp., Cl. A		134,250		4,368,495
Fiserv, Inc.1		84,580		10,347,517
Gartner, Inc.1		58,280		7,198,163
Global Payments, Inc.		77,930		7,038,638
Total System Services, Inc.		120,830		7,038,347
				35,991,160
Semiconductors & Semiconductor Equipment—6.7%
Analog Devices, Inc.		91,570		7,124,146
KLA-Tencor Corp.		76,670		7,016,071
Lam Research Corp.		35,530		5,025,008
Marvell Technology Group Ltd.		349,340		5,771,097
Microchip Technology, Inc.		155,680		12,015,382
Skyworks Solutions, Inc.		64,660		6,204,127
Teradyne, Inc.		106,360		3,193,991
				46,349,822
Software—7.4%
Autodesk, Inc.1		101,890		10,272,550
Electronic Arts, Inc.1		106,070		11,213,720
PTC, Inc.1		176,000		9,701,120

	Shares			Value
Software (Continued)
Red Hat, Inc.1		96,210		$	9,212,108
ServiceNow, Inc.1		66,170			7,014,020
Workday, Inc., Cl. A1		34,630			3,359,110
					50,772,628
Materials—6.1%
Chemicals—3.3%
Albemarle Corp.		96,940			10,231,047
Celanese Corp., Cl. A		79,940			7,589,504
FMC Corp.		65,860			4,811,073
					22,631,624
Construction Materials—0.7%
Vulcan Materials Co.		35,060			4,441,401
Containers & Packaging—1.6%
Berry Global Group, Inc.1		72,410			4,128,094
Packaging Corp. of America		63,400			7,062,126
					11,190,220
Metals & Mining—0.5%
Steel Dynamics, Inc.		102,900			3,684,849
Total Common Stocks (Cost $544,422,953)					672,762,468
Investment Company—1.9%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%2,3 (Cost $12,785,087)		12,785,087			12,785,087
Total Investments, at Value (Cost $557,208,040)		99.3	%		685,547,555
Net Other Assets (Liabilities)		0.7			4,654,903
Net Assets		100.0	%	$	690,202,458

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, 2016	Gross Additions	Gross Reductions	Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E	21,498,967	163,864,082	172,577,962	12,785,087
			Value	Income
Oppenheimer Institutional Government Money Market Fund, Cl. E			$                12,785,087	$                44,126

See accompanying Notes to Financial Statements.

7      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $544,422,953)	$	672,762,468
Affiliated companies (cost $12,785,087)		12,785,087
		685,547,555
Cash		500,000
Receivables and other assets:
Investments sold		6,222,989
Dividends		385,890
Shares of beneficial interest sold		17,766
Other		59,579
Total assets		692,733,779
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		2,435,726
Trustees’ compensation		53,322
Shareholder communications		18,101
Distribution and service plan fees		7,259
Other		16,913
Total liabilities		2,531,321
Net Assets	$	690,202,458
Composition of Net Assets
Par value of shares of beneficial interest	$	9,237
Additional paid-in capital		500,199,760
Accumulated net investment loss		(296,397)
Accumulated net realized gain on investments		61,950,343
Net unrealized appreciation on investments		128,339,515
Net Assets	$	690,202,458
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 $655,266,817 and 8,745,676 shares of beneficial interest outstanding)	$	74.92
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $34,935,641 and 490,950 shares of beneficial interest outstanding)	$	71.16

See accompanying Notes to Financial Statements.

8      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months EndedJune 30, 2017 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $18,272)	$	2,446,895
Affiliated companies		44,126
Total investment income		2,491,021
Expenses
Management fees		2,398,518
Distribution and service plan fees - Service shares		42,046
Transfer and shareholder servicing agent fees:
Non-Service shares		319,543
Service shares		16,821
Shareholder communications:
Non-Service shares		25,322
Service shares		1,333
Trustees’ compensation		12,679
Borrowing fees		6,068
Custodian fees and expenses		2,491
Other		39,309
Total expenses		2,864,130
Less reduction to custodian expenses		(212)
Less waivers and reimbursements of expenses		(124,897)
Net expenses		2,739,021
Net Investment Loss		(248,000)
Realized and Unrealized Gain
Net realized gain on investment transactions in unaffiliated companies		64,161,458
Net change in unrealized appreciation/depreciation		27,462,502
Net Increase in Net Assets Resulting from Operations	$	91,375,960

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, 2017		Year Ended
	(Unaudited)		December 31, 2016
Operations
Net investment income (loss)	$	(248,000)	$	192,842
Net realized gain		64,161,458		74,319,102
Net change in unrealized appreciation/depreciation		27,462,502		(60,542,760)
Net increase in net assets resulting from operations		91,375,960		13,969,184
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(202,565)		—
Service shares		—		—
		(202,565)		—
Distributions from net realized gain:
Non-Service shares		(66,541,431)		(48,415,668)
Service shares		(3,695,269)		(2,737,189)
		(70,236,700)		(51,152,857)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		31,452,503		(21,717,260)
Service shares		1,853,068		(2,617,902)
		33,305,571		(24,335,162)
Net Assets
Total increase (decrease)		54,242,266		(61,518,835)
Beginning of period		635,960,192		697,479,027
End of period (including accumulated net investment income (loss) of $(296,397) and $154,168, respectively)	$	690,202,458	$	635,960,192

See accompanying Notes to Financial Statements.

10      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Non-Service Shares
Per Share Operating Data
Net asset value, beginning of period		$72.65		$76.85		$78.82		$74.51		$54.80		$47.06
Income (loss) from investment operations:
Net investment income (loss)1		(0.02)		0.03		(0.19)		(0.29)		(0.16)		0.01
Net realized and unrealized gain		10.71		1.69		5.67		4.60		19.88		7.73
Total from investment operations		10.69		1.72		5.48		4.31		19.72		7.74
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		0.00		0.00		0.00		(0.01)		0.00
Distributions from net realized gain		(8.39)		(5.92)		(7.45)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(8.42)		(5.92)		(7.45)		0.00		(0.01)		0.00
Net asset value, end of period		$74.92		$72.65		$76.85		$78.82		$74.51		$54.80
Total Return, at Net Asset Value2		14.58%		2.34%		6.61%		5.78%		35.98%		16.45%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$655,267		$603,708		$660,450		$682,515		$725,406		$558,934
Average net assets (in thousands)		$644,955		$621,110		$695,736		$688,259		$618,970		$575,072
Ratios to average net assets:3
Net investment income (loss)		(0.06)%		0.04%		(0.24)%		(0.39)%		(0.24)%		0.03%
Expenses excluding specific expenses listed below		0.84%		0.84%		0.83%		0.83%		0.84%		0.85%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		0.84%		0.84%		0.83%		0.83%		0.84%		0.85%
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		65%		141%		81%		113%		84%		66%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	0.84%
Year Ended December 31, 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%

See accompanying Notes to Financial Statements.

11      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS Continued

	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Service Shares
Per Share Operating Data
Net asset value, beginning of period		$69.43		$73.88		$76.21		$72.22		$53.25		$45.84
Income (loss) from investment operations:
Net investment loss1		(0.12)		(0.15)		(0.38)		(0.46)		(0.30)		(0.12)
Net realized and unrealized gain		10.24		1.62		5.50		4.45		19.27		7.53
Total from investment operations		10.12		1.47		5.12		3.99		18.97		7.41
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		(8.39)		(5.92)		(7.45)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(8.39)		(5.92)		(7.45)		0.00		0.00		0.00
Net asset value, end of period		$71.16		$69.43		$73.88		$76.21		$72.22		$53.25
Total Return, at Net Asset Value2		14.45%		2.08%		6.35%		5.53%		35.62%		16.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$34,935		$32,252		$37,029		$30,964		$36,549		$35,942
Average net assets (in thousands)		$33,949		$33,797		$32,812		$32,927		$35,905		$37,842
Ratios to average net assets:3
Net investment loss		(0.31)%		(0.21)%		(0.49)%		(0.64)%		(0.49)%		(0.22)%
Expenses excluding specific expenses listed below		1.09%		1.09%		1.08%		1.08%		1.09%		1.10%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		1.09%		1.09%		1.08%		1.08%		1.09%		1.10%
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		65%		141%		81%		113%		84%		66%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.09	%
Year Ended December 31, 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	%

See accompanying Notes to Financial Statements.

12        OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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 2.00%. The “Reduction to custodian

13      OPPENHEIMER DISCOVERY MID CAP GROWTH 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.

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 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, 2016, 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, 2016, 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 there would be no 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	$	558,338,039
Gross unrealized appreciation	$	131,109,201
Gross unrealized depreciation		(3,899,685)
Net unrealized appreciation	$	127,209,516

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to

Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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

14      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

3. Securities Valuation (Continued)

was determined.

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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, if any, are classified as Level 2 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	$	119,286,407	$	—	$	—	$	119,286,407
Consumer Staples		19,897,991		—		—		19,897,991
Energy		10,068,442		—		—		10,068,442
Financials		88,664,238		—		—		88,664,238
Health Care		114,586,024		—		—		114,586,024
Industrials		116,776,316		—		—		116,776,316
Information Technology		161,534,956		—		—		161,534,956
Materials		41,948,094		—		—		41,948,094
Investment Company		12,785,087		—		—		12,785,087
Total Assets	$	685,547,555	$	—	$	—	$	685,547,555

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.

15      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 67% of the Fund’s total outstanding shares at period end.

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.

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.

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:

16      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

6. Shares of Beneficial Interest (Continued)

	Six Months Ended June 30, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		147,480	$	11,251,319		260,318	$	19,152,890
Dividends and/or distributions reinvested		881,557		66,743,996		674,971		48,415,668
Redeemed		(593,088)		(46,542,812)		(1,219,400)		(89,285,818)
Net increase (decrease)		435,949	$	31,452,503		(284,111)	$	(21,717,260)
Service Shares
Sold		23,924	$	1,807,373		50,885	$	3,568,573
Dividends and/or distributions reinvested		51,387		3,695,269		39,878		2,737,189
Redeemed		(48,900)		(3,649,574)		(127,436)		(8,923,664)
Net increase (decrease)		26,411	$	1,853,068		(36,673)	$	(2,617,902)

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	426,986,726	$	467,440,092

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 0.71% 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.

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.

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

17      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; 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.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-Service shares	$	111,600
Service shares		5,893

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 IGMMF. During the reporting period, the Manager waived fees and/or

reimbursed the Fund $7,404 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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 last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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		6/20/17		0.0%		50.5%		49.5%

20      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	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, 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 Foxson, 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

                  

                  OppenheimerFunds^®

                  The Right Way

                  to Invest

                    June 30, 2017

                  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 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		2/9/87		5.41%		6.48%		8.04%		1.68%
Service Shares		5/1/02		5.27		6.21		7.78		1.42
Russell 3000 Index				8.93		18.51		14.58		7.26
Bloomberg Barclays U.S. Aggregate Bond Index				2.27		-0.31		2.21		4.48
Reference Index				4.61		6.02		6.61		6.07

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the Russell 3000 Index, the Bloomberg 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 Bloomberg 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 Bloomberg 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

Johnson & Johnson	1.2	%
Alphabet, Inc., Cl. C	1.2
Microsoft Corp.	1.1
Exxon Mobil Corp.	1.1
JPMorgan Chase & Co.	0.9
Facebook, Inc., Cl. A	0.9
PG&E Corp.	0.8
Merck & Co., Inc.	0.7
Comcast Corp., Cl. A	0.7
McDonald’s Corp.	0.7

PORTFOLIO ALLOCATION
Mortgage-Backed Obligations
Government Agency	23.2	%
Non-Agency	9.1
Common Stocks	31.3
Non-Convertible Corporate Bonds and Notes	27.3
Asset-Backed Securities	6.7
Investment Company
Oppenheimer Institutional Government Money Market Fund	2.2
U.S. Government Obligations	0.2

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, 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 5.41% during the reporting period. In comparison, the Reference Index returned 4.61%. The Fund’s Reference Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 65% of the Bloomberg Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. Measured separately, the Bloomberg Barclays U.S. Aggregate Bond Index returned 2.27% and the Russell 3000 Index returned 8.93%.

MARKET OVERVIEW

During the reporting period, markets continued their general risk-on mode started by the surprise election of Donald Trump in November 2016, as equities climbed and credit spreads narrowed to tight levels not seen since 2015. U.S. GDP growth continued to progress as employment and wage gains suggested the U.S. may be approaching full employment. Business and consumer confidence indicators were among its highest levels in the current expansion. While consumption growth has slowed modestly from a strong pace, the recovery in investment expenditures, a weaker dollar, and a stronger housing sector added to growth.

As its dual mandates of full employment and price stability were approached, the Federal Reserve Bank (the “Fed”) continued to reduce monetary accommodation and normalized rates. The Fed hiked interest rates 0.25% in March and June, and also signaled the potential for balance sheet normalization later this year, possibly in September, along with another hike in December. This was largely in line with market expectations and the reaction has been orderly to date.

As mentioned above, market performance continued to be positive for most risk assets during the six-month reporting period, with domestic and international equities performing positively. Early in the reporting period, U.S. Treasury rates marched higher as the 10-year Treasury rate increased 19 basis points (bps) to 2.63% before falling quickly through the end of the period to 2.31%. This ultimately contributed to U.S. Treasuries generating a positive total return. For the reporting period, credit sectors of the investment-grade fixed-income market posted positive absolute performance and also outperformed U.S. Treasuries.

EQUITY STRATEGY REVIEW

The equity strategy produced positive absolute performance during the reporting period, and outperformed the Russell 3000 Index. The equity strategy’s outperformance stemmed largely from stronger relative stock selection in the real estate sector. The equity strategy also outperformed slightly in the energy and consumer discretionary sectors, due to stock selection. The equity strategy underperformed the Index within the consumer staples, industrials and health care sectors, as a result of weaker relative stock selection.

The equity strategy’s top contributors to performance included Facebook, Alphabet and Johnson & Johnson.

Facebook continued to perform well this reporting period. The company reported strong first quarter results, with revenue beating analysts’ estimates due to strong growth across its applications and solid demand for its mobile ads. Additionally the company continues to increase its moat versus competitors.

Alphabet (the holding company of Google) reported a solid set of results that fueled a rerating of the company. Alphabet continued to monetize its rich asset base steadily and thoughtfully. The company is a leader in online ad spending, online video, location based services, cloud services, and has the largest mobile operating system in the world.

Johnson & Johnson is the world’s biggest maker of health care products. The company has been benefiting from strong demand for newer drugs, including its cancer drugs Darzalex and Imbruvica.

The equity strategy’s top detractors from performance included AutoZone, Verizon Communications and Synchrony Financial.

During AutoZone’s fiscal third quarter, there was further deceleration of comparable store sales which came in below expectations. This further highlighted that the company may be running at a lower EPS (earnings per share) growth rate in the near term (mid-single-digit to high-single-digit) versus double digit growth previously as comparisons are slower and some margin headwinds (some temporary, some not) weigh on earnings. The slowdown appears to be industry-wide as AutoZone’s key competitors have experienced decelerations also. Given the shadow that Amazon is casting in U.S. retail, multiples for AutoZone and its peers have compressed as fears of share gains and price compression at the hands of Amazon have gotten extreme.

3        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Verizon Communications faced increased competition and reported earnings and sales over the quarter that missed estimates. The company’s move to unlimited data plans led to a loss of overage revenue, further challenging its growth rate.

Synchrony experienced declines late in the period after surprising the market with a larger than expected loan loss reserve. However, the company maintains this increased reserve is not an indication of deterioration in credit quality, but rather is needed to absorb the faster than industry growth they have been experiencing. We do not foresee an imminent decline in credit, as the delinquency trends remain stable, and the company’s fairly large capital cushion (18% capital versus 13% peer average) should offset any credit quality concern.

FIXED-INCOME STRATEGY REVIEW

The Fund’s fixed-income strategy outperformed the Bloomberg Barclays U.S. Aggregate Bond Index this reporting period. The strategy’s outperformance versus the Index this reporting period stemmed from its exposure to investment grade corporate bonds, where security selection and an overweight position benefited. In addition, the strategy’s exposure to mortgage-backed securities (“MBS”) contributed positively to performance. The strategy had its largest exposure to government agency MBS and a smaller allocation to non-agency MBS. Non-agency MBS, which is an out-of-benchmark position, was the stronger relative performer versus the Index this period. Non-agency MBS benefited from solid fundamentals and a strong environment this reporting period. The strategy’s overweight position in agency MBS detracted very slightly from 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.

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.

4        OPPENHEIMER CONSERVATIVE BALANCED 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, 2017.

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, 2017” 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, 2017		Ending      Account      Value      June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,054.10	$	3.42
Service shares		1,000.00		1,052.70		4.69
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.47		3.36
Service shares		1,000.00		1,020.23		4.62

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

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

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 CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—33.9%
Consumer Discretionary—3.5%
Auto Components—0.3%
Visteon Corp.1		6,390	$	652,164
Hotels, Restaurants & Leisure—0.9%
Cedar Fair LP2		5,645		407,005
McDonald’s Corp.		10,240		1,568,358
				1,975,363
Household Durables—0.3%
Mohawk Industries, Inc.1		3,000		725,070
Media—1.0%
Comcast Corp., Cl. A		42,960		1,672,003
Madison Square Garden Co. (The), Cl. A1		2,880		567,072
				2,239,075
Specialty Retail—1.0%
AutoZone, Inc.1		1,200		684,552
Burlington Stores, Inc.1		5,820		535,382
Lowe’s Cos., Inc.		10,980		851,279
				2,071,213
Consumer Staples—3.0%
Beverages—1.4%
Coca-Cola European Partners plc		27,840		1,132,253
Molson Coors Brewing Co., Cl. B		8,760		756,338
PepsiCo, Inc.		9,930		1,146,816
				3,035,407
Food Products—1.3%
Kraft Heinz Co. (The)		10,490		898,363
Mondelez International, Inc., Cl. A		24,900		1,075,431
Pinnacle Foods, Inc.		16,650		989,010
				2,962,804
Household Products—0.3%
Spectrum Brands Holdings, Inc.		6,140		767,746
Energy—2.2%
Oil, Gas & Consumable Fuels—2.2%
Exxon Mobil Corp.		29,002		2,341,331
HollyFrontier Corp.		25,626		703,946
Shell Midstream Partners LP2		18,735		567,671
Suncor Energy, Inc.		39,560		1,155,152
				4,768,100
Financials—6.1%
Capital Markets—0.8%
Bank of New York Mellon Corp. (The)		12,410		633,158
Intercontinental Exchange, Inc.		16,150		1,064,608
				1,697,766
Commercial Banks—2.8%
Citigroup, Inc.		22,510		1,505,469
First Horizon National Corp.		31,210		543,678
JPMorgan Chase & Co.		21,120		1,930,368
Signature Bank (New York)1		5,270		756,403
Wells Fargo & Co.		27,730		1,536,520
				6,272,438
Consumer Finance—0.4%
Synchrony Financial		31,310		933,664
Insurance—0.7%
Chubb Ltd.		5,670		824,305
Marsh & McLennan Cos., Inc.		5,270		410,849
Progressive Corp. (The)		9,760		430,318
				1,665,472
Real Estate Investment Trusts (REITs)—1.2%
Brandywine Realty Trust		34,410		603,207
Crown Castle International Corp.		4,420		442,795
CubeSmart		24,890		598,356

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Mid-America Apartment Communities, Inc.		9,560	$	1,007,433
				2,651,791
Real Estate Management & Development—0.2%
Realogy Holdings Corp.		12,600		408,870
Health Care—4.7%
Biotechnology—1.0%
BioMarin Pharmaceutical, Inc.1		3,120		283,359
Celgene Corp.1		9,130		1,185,713
Incyte Corp.1		3,770		474,681
TESARO, Inc.1		1,240		173,426
				2,117,179
Health Care Equipment & Supplies—0.9%
Medtronic plc		8,409		746,299
NuVasive, Inc.1		6,390		491,519
Stryker Corp.		5,730		795,209
				2,033,027
Health Care Providers & Services—0.3%
Centene Corp.1		3,300		263,604
WellCare Health Plans, Inc.1		2,710		486,608
				750,212
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		10,800		640,548
Pharmaceuticals—2.2%
Johnson & Johnson		19,780		2,616,696
Merck & Co., Inc.		26,290		1,684,926
Mylan NV1		10,410		404,116
Valeant Pharmaceuticals International, Inc.1		12,010		207,773
				4,913,511
Industrials—3.7%
Aerospace & Defense—1.3%
Boeing Co. (The)		3,520		696,080
L3 Technologies, Inc.		3,750		626,550
Lockheed Martin Corp.		3,150		874,471
Spirit AeroSystems Holdings, Inc., Cl. A		10,370		600,838
				2,797,939
Airlines—0.2%
Spirit Airlines, Inc.1		10,370		535,611
Commercial Services & Supplies—1.2%
Johnson Controls International plc		18,993		823,536
KAR Auction Services, Inc.		25,080		1,052,608
Waste Connections, Inc.		11,070		713,129
				2,589,273
Construction & Engineering—0.4%
AECOM1		16,370		529,242
Dycom Industries, Inc.1		4,200		375,984
				905,226
Professional Services—0.3%
Korn/Ferry International		18,550		640,532
Road & Rail—0.3%
Canadian Pacific Railway Ltd.		4,920		791,185
Information Technology—7.6%
Communications Equipment—0.4%
Palo Alto Networks, Inc.1		7,000		936,670
Internet Software & Services—2.3%
Alphabet, Inc., Cl. C1		2,860		2,598,968
Facebook, Inc., Cl. A1		12,750		1,924,995
j2 Global, Inc.		6,490		552,234
				5,076,197
IT Services—0.9%
DXC Technology Co.		10,550		809,396

6        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Shares		Value
IT Services (Continued)
PayPal Holdings, Inc.1		22,250	$	1,194,158
				2,003,554
Semiconductors & Semiconductor Equipment—1.3%
Applied Materials, Inc.		23,690		978,634
Maxim Integrated Products, Inc.		14,290		641,621
Microchip Technology, Inc.		10,420		804,216
Semtech Corp.1		12,130		433,647
				2,858,118
Software—2.2%
Citrix Systems, Inc.1		7,020		558,651
Microsoft Corp.		36,150		2,491,819
Pegasystems, Inc.		10,500		612,675
Snap, Inc., Cl. A1		37,280		662,466
Zynga, Inc., Cl. A1		150,220		546,801
				4,872,412
Technology Hardware, Storage & Peripherals—0.5%
Western Digital Corp.		13,840		1,226,224
Materials—1.3%
Chemicals—1.0%
Eastman Chemical Co.		7,830		657,642
EI du Pont de Nemours & Co.		10,620		857,140
PPG Industries, Inc.		6,580		723,537
				2,238,319
Construction Materials—0.3%
Vulcan Materials Co.		5,010		634,667
Telecommunication Services—0.7%
Diversified Telecommunication Services—0.5%
ORBCOMM, Inc.1		375		4,237
Verizon Communications, Inc.		23,730		1,059,782
				1,064,019
Wireless Telecommunication Services—0.2%
T-Mobile US, Inc.1		6,150		372,813
Utilities—1.1%
Electric Utilities—0.8%
PG&E Corp.		26,310		1,746,195
Gas Utilities—0.1%
Suburban Propane Partners LP2		15,815		376,239
Water Utilities—0.2%
American States Water Co.		8,820		418,156
Total Common Stocks (Cost $62,891,830)				75,364,769
	Principal
	Amount
Asset-Backed Securities—7.2%
American Credit Acceptance Receivables Trust:
Series 2014-4, Cl. B, 2.60%, 10/12/203	$	4,596		4,597
Series 2015-1, Cl. B, 2.85%, 2/12/213		210,101		210,539
Series 2015-3, Cl. B, 3.56%, 10/12/213		195,000		196,458
Series 2015-3, Cl. C, 4.84%, 10/12/213		165,000		169,659
Series 2015-3, Cl. D, 5.86%, 7/12/223		135,000		139,159
AmeriCredit Automobile Receivables Trust:
Series 2013-2, Cl. E, 3.41%, 10/8/203		415,000		416,352
Series 2013-4, Cl. D, 3.31%, 10/8/19		35,000		35,356
Series 2017-2, Cl. D, 3.42%, 4/18/23		320,000		322,670
Cabela’s Credit Card Master Note Trust:
Series 2013-2A, Cl. A2, 1.809%, 8/16/213,4		105,000		105,564
Series 2016-1, Cl. A1, 1.78%, 6/15/22		340,000		339,608
Series 2016-1, Cl. A2, 2.009%, 6/15/224		615,000		621,533
Capital Auto Receivables Asset Trust,
Series 2014-1, Cl. D, 3.39%, 7/22/19		140,000		141,549
Capital One Multi-Asset Execution Trust:
Series 2016-A1, Cl. A1, 1.609%, 2/15/224		390,000		392,420

	Principal
	Amount		Value
Asset-Backed Securities (Continued)
Capital One Multi-Asset Execution Trust: (Continued)
Series 2016-A3, Cl. A3, 1.34%, 4/15/22	$	560,000	$	555,963
CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/213		63,405		63,405
CarMax Auto Owner Trust:
Series 2013-2, Cl. D, 2.06%, 11/15/19		30,000		30,003
Series 2015-2, Cl. D, 3.04%, 11/15/21		115,000		115,670
Series 2015-3, Cl. D, 3.27%, 3/15/22		330,000		333,095
Series 2016-1, Cl. D, 3.11%, 8/15/22		220,000		220,907
Series 2016-3, Cl. D, 2.94%, 1/17/23		125,000		124,012
Series 2016-4, Cl. D, 2.91%, 4/17/23		275,000		272,122
Series 2017-1, Cl. D, 3.43%, 7/17/23		245,000		246,570
CCG Receivables Trust, Series 2017-1,
Cl. B, 2.75%, 11/14/233		250,000		249,500
Chase Issuance Trust, Series 2014-A5,
Cl. A5, 1.529%, 4/15/214		245,000		245,997
Citibank Credit Card Issuance Trust,
Series 2014-A6, Cl. A6, 2.15%, 7/15/21		605,000		610,166
CPS Auto Receivables Trust, Series 2014-C, Cl. A, 1.31%, 2/15/193		10,456		10,455
Credit Acceptance Auto Loan Trust,
Series 2014-2A, Cl. B, 2.67%, 9/15/223		195,000		195,559
CWABS Asset-Backed Certificates Trust,
Series 2005-14, Cl. 1A1, 1.446%, 4/25/364		302,987		302,850
Discover Card Execution Note Trust:
Series 2012-A6, Cl. A6, 1.67%, 1/18/22		310,000		309,713
Series 2016-A1, Cl. A1, 1.64%, 7/15/21		615,000		615,067
Series 2016-A4, Cl. A4, 1.39%, 3/15/22		660,000		654,750
Drive Auto Receivables Trust:
Series 2016-BA, Cl. C, 3.19%, 7/15/223		170,000		171,895
Series 2016-CA, Cl. C, 3.02%, 11/15/213		150,000		150,720
Series 2016-CA, Cl. D, 4.18%, 3/15/243		170,000		173,699
Series 2017-1, Cl. B, 2.36%, 3/15/21		165,000		164,979
Series 2017-AA, Cl. C, 2.98%, 1/18/223		360,000		362,805
Series 2017-AA, Cl. D, 4.16%, 5/15/243		225,000		228,929
Series 2017-BA, Cl. D, 3.72%, 10/17/223		235,000		236,619
DT Auto Owner Trust:
Series 2014-2A, Cl. D, 3.68%, 4/15/213		540,858		545,186
Series 2016-1A, Cl. B, 2.79%, 5/15/203		289,652		290,299
Series 2016-4A, Cl. E, 6.49%, 9/15/233		75,000		77,602
Series 2017-1A, Cl. D, 3.55%, 11/15/223		150,000		150,422
Series 2017-1A, Cl. E, 5.79%, 2/15/243		160,000		162,866
Series 2017-2A, Cl. D, 3.89%, 1/15/233		155,000		156,110
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/443		222,320		218,317
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.659%, 11/16/203,4		480,000		481,860
Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. D, 6.81%, 8/17/203		365,000		374,055
Series 2014-2A, Cl. C, 3.26%, 12/16/193		135,000		135,862
First Investors Auto Owner Trust, Series 2013-3A, Cl. B, 2.32%, 10/15/193		168,130		168,216
Flagship Credit Auto Trust:
Series 2014-1, Cl. D, 4.83%, 6/15/203		20,000		20,449
Series 2014-2, Cl. A, 1.43%, 12/16/193		25,003		25,005
Series 2015-3, Cl. D, 7.12%, 11/15/223		275,000		289,559
Series 2016-1, Cl. C, 6.22%, 6/15/223		380,000		406,761

7        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Asset-Backed Securities (Continued)
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/433	$	24,291	$	24,046
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1, Cl. D, 4.516%, 9/27/213,4		80,000		80,137
Series 2017-1, Cl. C, 3.439%, 6/27/223,4		60,000		60,030
Series 2017-1, Cl. D, 4.789%, 6/27/223,4		75,000		75,037
Nissan Auto Lease Trust, Series 2017-A,
Cl. A3, 1.91%, 4/15/20		245,000		244,778
Santander Drive Auto Receivables Trust:
Series 2013-A, Cl. E, 4.71%, 1/15/213		325,000		329,026
Series 2016-2, Cl. D, 3.39%, 4/15/22		115,000		116,677
Series 2017-1, Cl. D, 3.17%, 4/17/23		175,000		174,841
Series 2017-1, Cl. E, 5.05%, 7/15/243		190,000		192,724
SNAAC Auto Receivables Trust, Series 2014-1A, Cl. D, 2.88%, 1/15/203		115,834		115,896
TCF Auto Receivables Owner Trust,
Series 2015-1A, Cl. D, 3.53%, 3/15/223		190,000		190,242
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/443		119,305		117,374
United Auto Credit Securitization Trust,
Series 2015-1, Cl. D, 2.92%, 6/17/193		116,940		117,140
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		150,000		150,836
Series 2016-B, Cl. A, 1.44%, 6/15/22		380,000		378,957
Series 2017-A, Cl. A, 2.12%, 3/15/24		430,000		429,655
Total Asset-Backed Securities (Cost
$16,013,272)				16,040,879
Mortgage-Backed Obligations—34.9%
Government Agency—25.1%
FHLMC/FNMA/FHLB/Sponsored—24.1%
Federal Home Loan Mortgage Corp. Gold Pool:
4.50%, 10/1/18		8,442		8,633
5.00%, 12/1/34		2,445		2,680
5.50%, 9/1/39		322,342		356,424
6.50%, 4/1/18-4/1/34		23,401		25,911
7.00%, 10/1/31-10/1/37		94,025		104,808
9.00%, 8/1/22-5/1/25		1,778		1,915
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183,Cl. IO, 51.971%, 4/1/275		57,645		11,857
Series 192,Cl. IO, 99.999%, 2/1/285		16,910		3,215
Series 243,Cl. 6, 4.138%, 12/15/325		46,769		8,398
Federal Home Loan Mortgage Corp.,
Mtg.-Linked Amortizing Global Debt
Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		168,679		169,629
Federal Home Loan Mortgage Corp.,
Principal-Only Stripped Mtg.-Backed
Security, Series 176, Cl. PO, 4.198%, 6/1/266		18,454		17,183
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2427,Cl. ZM, 6.50%, 3/15/32		101,779		112,473
Series 2461,Cl. PZ, 6.50%, 6/15/32		41,888		48,988
Series 2564,Cl. MP, 5.00%, 2/15/18		20,091		20,219
Series 2585,Cl. HJ, 4.50%, 3/15/18		10,039		10,268
Series 2626,Cl. TB, 5.00%, 6/15/33		78,201		83,058
Series 2635,Cl. AG, 3.50%, 5/15/32		34,441		35,502
Series 2707,Cl. QE, 4.50%, 11/15/18		97,098		98,314
Series 2770,Cl. TW, 4.50%, 3/15/19		4,572		4,693
Series 3010,Cl. WB, 4.50%, 7/15/20		16,519		16,920
Series 3025,Cl. SJ, 20.501%, 8/15/354		14,837		21,945
Series 3030,Cl. FL, 1.559%, 9/15/354		81,938		82,230
Series 3741,Cl. PA, 2.15%, 2/15/35		129,407		129,636

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 3815,Cl. BD, 3.00%, 10/15/20	$	2,998	$	3,014
Series 3822,Cl. JA, 5.00%, 6/15/40		39,970		41,502
Series 3840,Cl. CA, 2.00%, 9/15/18		2,252		2,252
Series 3848,Cl. WL, 4.00%, 4/15/40		88,245		91,087
Series 3857,Cl. GL, 3.00%, 5/15/40		5,403		5,523
Series 4221,Cl. HJ, 1.50%, 7/15/23		555,036		552,363
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130,Cl. SC, 69.841%, 3/15/295		49,198		8,518
Series 2796,Cl. SD, 56.413%, 7/15/265		80,846		11,363
Series 2920,Cl. S, 15.666%, 1/15/355		413,705		71,052
Series 2922,Cl. SE, 20.869%, 2/15/355		25,306		4,895
Series 2981,Cl. AS, 8.685%, 5/15/355		226,863		34,849
Series 3397,Cl. GS, 0.00%, 12/15/375,7		25,951		4,667
Series 3424,Cl. EI, 0.00%, 4/15/385,7		11,616		1,209
Series 3450,Cl. BI, 15.747%, 5/15/385		73,892		11,889
Series 3606,Cl. SN, 22.015%, 12/15/395		40,992		6,728
Federal National Mortgage Assn.:
3.00%, 7/1/328		5,290,000		5,428,863
3.50%, 8/1/478		11,825,000		12,121,193
3.50%, 7/1/328		2,325,000		2,418,998
4.00%, 8/1/478		15,620,000		16,389,712
4.50%, 8/1/478		8,745,000		9,368,758
5.00%, 8/1/478		2,685,000		2,930,419
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21		4,364		4,470
5.50%, 9/1/20		1,753		1,814
6.00%, 11/1/17-3/1/37		148,281		169,237
6.50%, 8/1/17-10/1/19		103		103
7.00%, 11/1/17-10/1/35		8,496		8,856
7.50%, 1/1/33		59,464		70,426
8.50%, 7/1/32		4,106		4,438
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222,Cl. 2, 99.999%, 6/25/235		117,903		16,397
Series 233,Cl. 2, 61.641%, 8/25/235		80,716		13,532
Series 252,Cl. 2, 99.999%, 11/25/235		107,665		17,122
Series 319,Cl. 2, 4.044%, 2/25/325		25,977		6,213
Series 320,Cl. 2, 33.848%, 4/25/325		9,355		2,597
Series 321,Cl. 2, 0.00%, 4/25/325,7		91,900		20,462
Series 331,Cl. 9, 21.414%, 2/25/335		110,451		23,160
Series 334,Cl. 17, 14.202%, 2/25/335		60,337		12,140
Series 339,Cl. 12, 0.00%, 6/25/335,7		81,088		20,441
Series 339,Cl. 7, 0.00%, 11/25/335,7		232,333		45,973
Series 343,Cl. 13, 0.00%, 9/25/335,7		87,165		19,850
Series 345,Cl. 9, 0.00%, 1/25/345,7		77,479		15,581
Series 351,Cl. 10, 0.00%, 4/25/345,7		10,437		2,106
Series 351,Cl. 8, 0.00%, 4/25/345,7		36,719		7,416
Series 356,Cl. 10, 0.00%, 6/25/355,7		25,659		5,123
Series 356,Cl. 12, 0.00%, 2/25/355,7		13,705		3,038
Series 362,Cl. 13, 0.00%, 8/25/355,7		98,456		20,070
Series 364,Cl. 16, 0.00%, 9/25/355,7		70,889		13,487
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61,Cl. PL, 6.00%, 11/25/28		43,618		48,752
Series 2003-100,Cl. PA, 5.00%, 10/25/18		57,317		58,000
Series 2003-130,Cl. CS, 11.668%,
12/25/334		6,961		7,609
Series 2003-84,Cl. GE, 4.50%, 9/25/18		4,392		4,441
Series 2004-25,Cl. PC, 5.50%, 1/25/34		61,925		63,311
Series 2005-104,Cl. MC, 5.50%,
12/25/25		178,666		193,448
Series 2005-31,Cl. PB, 5.50%, 4/25/35		250,000		283,042

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, 1.466%, 8/25/354	$	133,112	$	133,670
Series 2006-11,Cl. PS, 20.108%, 3/25/364		57,780		83,708
Series 2006-46,Cl. SW, 19.74%, 6/25/364		40,297		58,293
Series 2006-50,Cl. KS, 19.741%, 6/25/364		8,402		12,032
Series 2008-75,Cl. DB, 4.50%, 9/25/23		19,762		19,990
Series 2009-113,Cl. DB, 3.00%, 12/25/20		68,669		69,148
Series 2009-36,Cl. FA, 2.156%, 6/25/374		44,655		45,615
Series 2009-37,Cl. HA, 4.00%, 4/25/19		13,692		13,772
Series 2009-70,Cl. TL, 4.00%, 8/25/19		167,798		168,854
Series 2010-43,Cl. KG, 3.00%, 1/25/21		41,986		42,383
Series 2011-15,Cl. DA, 4.00%, 3/25/41		24,712		25,492
Series 2011-3,Cl. EL, 3.00%, 5/25/20		114,449		115,180
Series 2011-3,Cl. KA, 5.00%, 4/25/40		131,387		140,588
Series 2011-38,Cl. AH, 2.75%, 5/25/20		2,334		2,342
Series 2011-82,Cl. AD, 4.00%, 8/25/26		93,037		94,312
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65,Cl. S, 8.503%, 11/25/315		103,065		20,357
Series 2001-81,Cl. S, 9.547%, 1/25/325		25,701		4,965
Series 2002-47,Cl. NS, 6.405%, 4/25/325		69,809		16,231
Series 2002-51,Cl. S, 6.497%, 8/25/325		64,102		12,513
Series 2002-52,Cl. SD, 32.041%, 9/25/325		100,482		19,278
Series 2002-77,Cl. SH, 23.952%, 12/18/325		38,332		7,595
Series 2002-84,Cl. SA, 7.007%, 12/25/325		98,581		20,324
Series 2002-9,Cl. MS, 8.275%, 3/25/325		27,211		5,457
Series 2003-33,Cl. SP, 12.041%, 5/25/335		107,603		25,052
Series 2003-4,Cl. S, 3.158%, 2/25/335		57,854		12,552
Series 2003-46,Cl. IH, 0.00%, 6/25/235,7		184,977		18,715
Series 2004-54,Cl. DS, 59.633%, 11/25/305		81,139		13,239
Series 2004-56,Cl. SE, 7.977%, 10/25/335		20,043		3,964
Series 2005-12,Cl. SC, 27.939%, 3/25/355		11,670		1,877
Series 2005-14,Cl. SE, 19.448%, 3/25/355		37,525		5,849
Series 2005-40,Cl. SA, 32.167%, 5/25/355		211,162		32,552
Series 2005-52,Cl. JH, 33.978%, 5/25/355		545,067		81,582
Series 2005-93,Cl. SI, 5.842%, 10/25/355		46,898		7,164
Series 2007-88,Cl. XI, 0.00%, 6/25/375,7		112,644		19,626
Series 2008-55,Cl. SA, 0.00%, 7/25/385,7		44,554		5,270
Series 2009-8,Cl. BS, 0.00%, 2/25/245,7		1,497		65
Series 2011-96,Cl. SA, 12.076%, 10/25/415		136,332		24,134
Series 2012-134,Cl. SA, 7.116%, 12/25/425		475,606		98,863
Series 2012-40,Cl. PI, 2.32%, 4/25/415		256,140		38,694

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn.,
Real Estate Mtg. Investment Conduit
Multiclass Pass-Through Certificates,
Principal-Only Stripped Mtg.-Backed
Security, Series 1993-184, Cl. M, 5.343%, 9/25/236	$	43,319	$	40,441
				53,628,146
GNMA/Guaranteed—1.0%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		14,022		14,163
7.50%, 1/15/23-6/15/24		21,061		22,097
8.00%, 4/15/23		10,134		10,903
8.50%, 8/15/17-12/15/17		1		1
Government National Mortgage Assn. II
Pool, 4%, 8/1/478		1,965,000		2,064,785
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 99.999%, 2/16/325		125,010		17,136
Series 2002-76,Cl. SY, 6.679%, 12/16/265		224,829		32,149
Series 2007-17,Cl. AI, 49.494%, 4/16/375		322,509		59,714
Series 2011-52,Cl. HS, 28.433%, 4/16/415		156,974		24,370
				2,245,318
Non-Agency—9.8%
Commercial—5.0%
Banc of America Funding Trust, Series 2014-R7, Cl. 3A1, 3.107%, 3/26/363,4		169,407		169,519
BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 2.69%, 9/26/353,4		112,438		112,921
CD Commercial Mortgage Trust:
Series 2016-CD2,Cl. AM, 3.668%, 11/10/494		155,000		159,657
Series 2017-CD3,Cl. AS, 3.833%, 2/10/50		210,000		219,095
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 3.257%, 1/25/364		142,182		136,601
COMM Mortgage Trust:
Series 2013-CR6,Cl. AM, 3.147%, 3/10/463		255,000		257,399
Series 2013-CR7,Cl. D, 4.471%, 3/10/463,4		445,000		350,346
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		865,000		907,764
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		140,000		148,547
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		495,000		518,080
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		280,000		289,878
COMM Mortgage Trust, Interest-
Only Stripped Mtg.-Backed Security,
Series 2012-CR5, Cl. XA, 27.718%, 12/10/455		388,821		23,645
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6%, 7/25/36		149,147		121,379
Deutsche Bank Commercial Mortgage
Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		155,000		157,909
First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,Cl. 3A1, 6.00%, 1/25/35		73,950		72,877
Series 2005-FA8,Cl. 1A6, 1.866%, 11/25/354		94,119		68,516
FREMF Mortgage Trust:
Series 2011-K702,Cl. B, 4.93%, 4/25/443,4		55,000		55,894

9        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2013-K25,Cl. C, 3.744%, 11/25/453,4	$	60,000	$	60,390
Series 2013-K26,Cl. C, 3.722%, 12/25/453,4		40,000		39,937
Series 2013-K27,Cl. C, 3.617%, 1/25/463,4		110,000		109,200
Series 2013-K28,Cl. C, 3.609%, 6/25/463,4		450,000		446,303
Series 2013-K502,Cl. C, 2.967%, 3/25/453,4		220,000		219,750
Series 2013-K712,Cl. C, 3.48%, 5/25/453,4		70,000		70,360
Series 2013-K713,Cl. C, 3.274%, 4/25/463,4		145,000		146,009
Series 2014-K715,Cl. C, 4.267%, 2/25/463,4		35,000		35,806
GS Mortgage Securities Trust, Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		65,000		70,781
GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6%, 4/25/373,4		321,165		306,804
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		325,000		331,652
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		330,000		356,049
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		40,000		40,507
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		245,000		256,614
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.406%, 7/25/354		123,556		124,178
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.324%, 7/26/363,4		176,126		167,342
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24,Cl. B, 4.116%, 11/15/474		270,000		278,849
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		385,000		403,611
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		250,000		257,489
JPMDB Commercial Mortgage
Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		240,000		240,743
MASTR Adjustable Rate Mortgages
Trust, Series 2004-13, Cl. 2A2, 3.081%, 4/21/344		43,112		43,972
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		240,000		245,317
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		720,000		745,465
Series 2016-C30,Cl. AS, 3.175%, 9/15/49		405,000		396,917
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 2.708%, 11/26/363,4		245,824		221,608
Morgan Stanley Resecuritization
Trust, Series 2013-R9, Cl. 3A, 2.50%, 6/26/463,4		297,041		297,277
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 2.993%, 7/26/453,4		22,487		23,006
Structured Adjustable Rate Mortgage
Loan Trust, Series 2004-10, Cl. 2A, 3.284%, 8/25/344		205,421		205,993
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29,Cl. AS, 4.013%, 6/15/484		165,000		172,931
Series 2016-C37,Cl. AS, 4.018%, 12/15/49		390,000		410,204

	Principal Amount		Value
Commercial (Continued)
WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.985%, 6/15/453,4	$	80,000	$	66,649
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		155,000		159,526
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		150,000		159,394
Series 2014-LC14,Cl. AS, 4.351%, 3/15/474		160,000		170,913
WF-RBS Commercial Mortgage Trust,
Interest-Only Commercial Mtg. Pass-
Through Certificates, Series 2011-C3,
Cl. XA, 34.875%, 3/15/443,5		2,620,383		97,163
				11,148,736
Residential—4.8%
Alternative Loan Trust, Series 2005-29CB, Cl. A4, 5%, 7/25/35		268,608		238,578
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		55,206		51,284
Series 2007-C,Cl. 1A4, 3.171%, 5/20/364		25,069		22,930
Banc of America Mortgage Trust, Series 2004-E, Cl. 2A6, 3.828%, 6/25/344		69,920		69,589
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.26%, 3/25/354		204,722		207,102
Series 2005-9,Cl. A1, 2.83%, 10/25/354		558,319		549,552
Series 2006-1,Cl. A1, 2.91%, 2/25/364		216,350		216,254
CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		76,237		70,309
Series 2006-6,Cl. A3, 6.00%, 4/25/36		43,163		38,685
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1, Cl. 1A1, 3.21%, 10/25/354		500,923		501,633
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M1, 2.166%, 5/25/244		180,808		181,600
Series 2014-C02,Cl. 2M1, 2.166%, 5/25/244		46,404		46,491
Series 2014-C03,Cl. 1M1, 2.416%, 7/25/244		163,251		163,524
Series 2014-C03,Cl. 2M1, 2.416%, 7/25/244		66,360		66,485
Series 2015-C03,Cl. 2M1, 2.716%, 7/25/254		5,478		5,484
Series 2016-C03,Cl. 1M1, 3.216%, 10/25/284		20,615		20,999
Series 2016-C05,Cl. 2M1, 2.566%, 1/25/294		75,072		75,697
Series 2016-C07,Cl. 2M1, 2.516%, 4/25/294		233,764		235,463
Series 2016-C07,Cl. 2M2, 5.566%, 4/25/294		140,000		153,824
Series 2017-C01,Cl. 1M2, 4.766%, 7/25/294		380,000		401,776
Series 2017-C02,Cl. 2M1, 2.366%, 9/25/294		343,645		346,786
Series 2017-C02,Cl. 2M2, 4.866%, 9/25/294		360,000		382,427
Series 2017-C03,Cl. 1M1, 2.166%, 10/25/294		82,199		82,622
GSR Mortgage Loan Trust, Series 2005- AR4, Cl. 6A1, 3.525%, 7/25/354		29,534		29,706
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 1.526%, 7/25/354		37,375		37,087
RALI Trust, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		9,865		8,714

10        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Residential (Continued)
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1,Cl. M1, 4.616%, 7/25/234	$	159,239	$	161,199
Series 2014-HQ2,Cl. M2, 3.416%, 9/25/244		335,000		344,254
Series 2015-HQA2,Cl. M2, 4.016%, 5/25/284		8,699		9,009
Series 2016-DNA1,Cl. M2, 4.116%, 7/25/284		45,000		46,859
Series 2016-DNA2,Cl. M1, 2.466%, 10/25/284		382,406		383,460
Series 2016-DNA3,Cl. M1, 2.316%, 12/25/284		233,082		233,887
Series 2016-DNA4,Cl. M1, 2.016%, 3/25/294		178,440		178,825
Series 2016-DNA4,Cl. M3, 5.016%, 3/25/294		355,000		384,923
Series 2016-HQA2,Cl. M1, 2.416%, 11/25/284		151,644		152,099
Series 2016-HQA3,Cl. M1, 2.016%, 3/25/294		681,296		682,917
Series 2016-HQA3,Cl. M3, 5.066%, 3/25/294		340,000		368,501
Series 2016-HQA4,Cl. M1, 2.016%, 4/25/294		365,201		365,820
Series 2016-HQA4,Cl. M3, 5.116%, 4/25/294		350,000		381,340
Series 2017-DNA1,Cl. M2, 4.466%, 7/25/294		355,000		370,805
Series 2017-HQA1,Cl. M1, 2.416%, 8/25/294		233,929		236,604
Series 2017-HQA1,Cl. M2, 4.766%, 8/25/294		375,000		396,895
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 2.838%, 10/25/334		109,585		112,290
Series 2005-AR14,Cl. 1A4, 2.835%, 12/25/354		110,557		107,679
Series 2005-AR16,Cl. 1A1, 2.88%, 12/25/354		100,618		97,866
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 3.116%, 2/25/354		21,336		21,695
Series 2005-AR13,Cl. 1A5, 3.377%, 5/25/354		29,791		29,903
Series 2005-AR15,Cl. 1A2, 2.98%, 9/25/354		141,342		137,652
Series 2005-AR15,Cl. 1A6, 2.98%, 9/25/354		273,638		262,281
Series 2005-AR4,Cl. 2A2, 3.315%, 4/25/354		267,372		268,852
Series 2006-AR10,Cl. 1A1, 3.246%, 7/25/364		51,819		50,295
Series 2006-AR10,Cl. 5A5, 3.324%, 7/25/364		199,280		199,961
Series 2006-AR2,Cl. 2A3, 3.107%, 3/25/364		25,051		25,176
Series 2006-AR7,Cl. 2A4, 3.329%, 5/25/364		143,619		138,080
Series 2006-AR8,Cl. 2A1, 3.194%, 4/25/364		162,205		163,302
Series 2006-AR8,Cl. 2A4, 3.194%, 4/25/364		96,800		97,454
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		51,483		53,940
				10,668,424
Total Mortgage-Backed Obligations (Cost $77,714,877)				77,690,624

	Principal Amount		Value
U.S. Government Obligation—0.3%
United States Treasury Nts., 1.50%, 5/31/199,10 (Cost $553,404)	$	552,000	$	553,294
Non-Convertible Corporate Bonds and Notes—29.6%
Consumer Discretionary—5.1%
Automobiles—1.4%
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/203		304,000		304,100
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		185,000		278,405
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20		236,000		235,949
3.664% Sr. Unsec. Nts., 9/8/24		458,000		457,638
General Motors Co., 6.25% Sr. Unsec.
Nts., 10/2/43		162,000		180,766
General Motors Financial Co., Inc.:
3.00% Sr. Unsec. Nts., 9/25/17		401,000		402,164
3.15% Sr. Unsec. Nts., 6/30/22		321,000		320,001
Harley-Davidson, Inc., 4.625% Sr.
Unsec. Nts., 7/28/45		107,000		113,157
Hyundai Capital America, 1.75% Sr.
Unsec. Nts., 9/27/193		371,000		365,567
Nissan Motor Acceptance Corp., 1.55%
Sr. Unsec. Nts., 9/13/193		91,000		90,009
ZF North America Capital, Inc., 4.75%
Sr. Unsec. Nts., 4/29/253		344,000		364,210
				3,111,966
Diversified Consumer Services—0.2%
Service Corp. International, 5.375% Sr.
Unsec. Nts., 5/15/24		350,000		370,965
Hotels, Restaurants & Leisure—0.3%
Aramark Services, Inc., 5% Sr. Unsec.
Nts., 4/1/253		179,000		189,516
Marriott International, Inc., 3.25% Sr.
Unsec. Nts., 9/15/22		158,000		161,731
Wyndham Worldwide Corp., 4.15% Sr.
Unsec. Nts., 4/1/24		247,000		254,004
				605,251
Household Durables—0.8%
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		373,000		391,184
Newell Brands, Inc.:
5.00% Sr. Unsec. Nts., 11/15/23		391,000		418,524
5.50% Sr. Unsec. Nts., 4/1/46		105,000		126,892
PulteGroup, Inc., 5% Sr. Unsec. Nts., 1/15/27		291,000		299,730
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		298,000		309,398
4.875% Sr. Unsec. Nts., 11/15/25		57,000		59,280
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17		105,000		104,994
				1,710,002
Internet & Catalog Retail—0.3%
Amazon.com, Inc., 4.95% Sr. Unsec.
Nts., 12/5/44		106,000		125,589
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		595,000		588,081
				713,670
Leisure Equipment & Products—0.2%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		433,000		432,683
Media—1.1%
21st Century Fox America, Inc., 4.75%
Sr. Unsec. Nts., 11/15/46		148,000		158,810
Charter Communications Operating
LLC/Charter Communications Operating
Capital, 5.375% Sr. Sec. Nts., 5/1/473,8		247,000		262,650

11        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Media (Continued)
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22	$	211,000	$	282,736
Historic TW, Inc., 9.15% Debs., 2/1/23		118,000		151,516
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		123,000		129,723
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/243		167,000		171,825
6.10% Sr. Unsec. Nts., 2/15/183		125,000		128,256
Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		416,000		416,121
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		185,000		176,904
Viacom, Inc.:
2.25% Sr. Unsec. Nts., 2/4/22		75,000		72,899
3.45% Sr. Unsec. Nts., 10/4/26		90,000		87,073
4.375% Sr. Unsec. Nts., 3/15/43		231,000		206,357
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/263		246,000		256,962
				2,501,832
Multiline Retail—0.1%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		334,000		353,623
Specialty Retail—0.4%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		68,000		67,613
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		223,000		242,868
L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		128,000		137,600
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		225,000		229,065
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		185,000		190,319
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		119,000		116,001
				983,466
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/263		256,000		261,120
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25		155,000		162,750
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		163,000		169,113
				592,983
Consumer Staples—2.6%
Beverages—0.8%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		448,000		449,190
3.65% Sr. Unsec. Nts., 2/1/26		57,000		58,836
4.90% Sr. Unsec. Nts., 2/1/46		72,000		81,702
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		262,000		407,629
Molson Coors Brewing Co.:
2.10% Sr. Unsec. Nts., 7/15/21		329,000		323,808
4.20% Sr. Unsec. Nts., 7/15/46		87,000		85,737
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/223		270,000		288,260
				1,695,162
Food & Staples Retailing—0.2%
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		9,000		8,996
6.40% Sr. Unsec. Nts., 8/15/17		386,000		387,954
6.90% Sr. Unsec. Nts., 4/15/38		86,000		108,996
				505,946

	Principal Amount		Value
Food Products—1.2%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26	$	232,000	$	222,127
8.50% Sr. Unsec. Nts., 6/15/19		320,000		358,072
Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		424,000		424,278
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/25		209,000		215,908
4.375% Sr. Unsec. Nts., 6/1/46		223,000		218,212
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/263		193,000		200,961
Mondelez International Holdings
Netherlands BV, 1.625% Sr. Unsec.
Nts., 10/28/193		374,000		370,712
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/203		365,000		367,353
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/243		180,000		192,600
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		178,000		179,391
				2,749,614
Tobacco—0.4%
Altria Group, Inc., 3.875% Sr. Unsec. Nts., 9/16/46		215,000		209,699
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/183		411,000		411,263
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		122,000		150,146
				771,108
Energy—2.5%
Energy Equipment & Services—0.4%
Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		78,000		83,423
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		165,000		173,312
Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/173		368,000		368,382
4.00% Sr. Unsec. Nts., 12/21/253		206,000		216,346
				841,463
Oil, Gas & Consumable Fuels—2.1%
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		72,000		67,381
6.20% Sr. Unsec. Nts., 3/15/40		68,000		77,987
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		101,000		101,798
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		188,000		199,481
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		353,000		351,920
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		89,000		88,275
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		379,000		378,014
Cimarex Energy Co., 3.90% Sr. Unsec. Nts., 5/15/27		209,000		210,585
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		324,000		332,174
4.50% Sr. Unsec. Nts., 6/1/25		179,000		190,869
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		47,000		52,441
5.95% Sr. Unsec. Nts., 3/15/46		81,000		101,824
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		100,000		97,424
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		100,000		99,432
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		92,000		95,899

12        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42	$	80,000	$	85,090
4.90% Sr. Unsec. Nts., 5/15/46		42,000		45,405
EQT Corp., 6.50% Sr. Unsec. Nts., 4/1/18		172,000		177,652
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		280,000		298,172
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		104,000		107,346
ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25		166,000		178,027
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		161,000		159,708
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/283		180,000		182,251
Shell International Finance BV, 4% Sr. Unsec. Nts., 5/10/46		125,000		123,993
Tesoro Corp., 5.125% Sr. Unsec. Nts., 12/15/263		359,000		392,243
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.25% Sr. Unsec. Nts., 1/15/25		260,000		273,975
Williams Partners LP, 3.75% Sr. Unsec. Nts., 6/15/27		148,000		146,811
				4,616,177
Financials—8.8%
Capital Markets—2.1%
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/243		290,000		295,033
Bank of New York Mellon Corp. (The), 3% Sub. Nts., 10/30/28		155,000		150,241
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		373,000		381,610
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		221,000		228,528
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		140,000		149,006
E*TRADE Financial Corp., 5.875% Jr. Sub. Perpetual Bonds4,11		384,000		408,960
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		218,000		217,124
3.75% Sr. Unsec. Nts., 2/25/26		215,000		219,337
3.85% Sr. Unsec. Nts., 1/26/27		406,000		413,516
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		297,000		311,074
5.00% Sub. Nts., 11/24/25		335,000		364,960
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/263		358,000		368,847
Northern Trust Corp., 3.375% Sub. Nts., 5/8/324		155,000		155,144
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		215,000		215,636
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		256,000		257,862
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		216,000		215,733
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/263		216,000		225,701
4.253% Sr. Unsec. Nts., 3/23/283		147,000		153,897
				4,732,209
Commercial Banks—4.4%
Australia & New Zealand Banking Group Ltd. (New York), 2.625% Unsec. Nts., 5/19/22		358,000		358,660
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		296,000		286,686
3.824% Sr. Unsec. Nts., 1/20/284		221,000		225,130

	Principal Amount		Value
Commercial Banks (Continued)
Bank of America Corp.: (Continued) 7.75% Jr. Sub. Nts., 5/14/38	$	253,000	$	365,327
Barclays plc, 4.375% Sr. Unsec. Nts., 1/12/26		448,000		466,397
BPCE SA, 3% Sr. Unsec. Nts., 5/22/223		362,000		365,527
Citigroup, Inc., 4.281% Sr. Unsec. Nts., 4/24/484		356,000		366,324
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		205,000		205,335
2.65% Sr. Unsec. Nts., 5/26/22		87,000		86,855
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		369,000		367,974
Credit Agricole SA (London), 4.125% Sr. Unsec. Nts., 1/10/273		380,000		397,938
Danske Bank AS, 2.80% Sr. Unsec. Nts., 3/10/213		227,000		230,416
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		228,000		232,581
First Republic Bank, 4.375% Sub. Nts., 8/1/46		146,000		143,939
Glencore Funding LLC, 4% Sr. Unsec. Nts., 4/16/253		211,000		211,432
HSBC Holdings plc, 4.041% Sr. Unsec. Nts., 3/13/284		170,000		176,313
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		245,000		250,023
ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/213		259,000		262,204
ING Groep NV, 3.95% Sr. Unsec. Nts., 3/29/27		156,000		162,560
JPMorgan Chase & Co.:
3.54% Sr. Unsec. Nts., 5/1/284		309,000		311,088
3.782% Sr. Unsec. Nts., 2/1/284		634,000		649,186
4.26% Sr. Unsec. Nts., 2/22/484		147,000		154,903
KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		292,000		290,534
Lloyds Banking Group plc, 6.657% Jr. Sub. Perpetual Bonds3,4,11		400,000		454,500
Manufacturers & Traders Trust Co., 2.50% Sr. Unsec. Nts., 5/18/22		309,000		308,530
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		323,000		321,830
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		328,000		329,429
Royal Bank of Scotland Group plc, 3.498% Sr. Unsec. Nts., 5/15/234		255,000		256,795
Skandinaviska Enskilda Banken AB, 2.80% Sr. Unsec. Nts., 3/11/22		364,000		368,308
Standard Chartered plc, 2.68% Jr. Sub. Perpetual Bonds3,4,11		100,000		85,250
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		163,000		159,630
US Bancorp:
3.10% Sub. Nts., 4/27/26		230,000		227,613
3.15% Sr. Unsec. Nts., 4/27/27		87,000		87,264
Wells Fargo & Co.:
3.584% Sr. Unsec. Nts., 5/22/284		291,000		294,406
4.75% Sub. Nts., 12/7/46		207,000		221,865
				9,682,752
Consumer Finance—0.5%
American Express Credit Corp.:
2.70% Sr. Unsec. Nts., 3/3/22		218,000		219,954
3.30% Sr. Unsec. Nts., 5/3/27		217,000		216,619
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27		143,000		142,783
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		209,000		206,866
4.10% Sr. Unsec. Nts., 2/9/27		146,000		146,549

13        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Consumer Finance (Continued)
Electricite de France SA, 6.50% Sr.
Unsec. Nts., 1/26/193	$	220,000	$	235,115
				1,167,886
Diversified Financial Services—0.3%
Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		115,000		115,295
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/253		221,000		224,655
Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/534		380,000		404,700
				744,650
Insurance—1.1%
Arch Capital Finance LLC, 4.011% Sr. Unsec. Nts., 12/15/26		220,000		227,401
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		219,000		233,838
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/273		93,000		91,762
Manulife Financial Corp., 4.061% Sub. Nts., 2/24/324		219,000		221,414
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		146,000		156,923
MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds4,11		296,000		308,053
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/243		362,000		375,146
Progressive Corp. (The), 4.125% Sr. Unsec. Nts., 4/15/47		279,000		290,998
Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/444		276,000		292,905
RenaissanceRe Finance, Inc., 3.45% Sr.
Unsec. Nts., 7/1/27		154,000		151,641
				2,350,081
Real Estate Investment Trusts (REITs)—0.4%
American Tower Corp., 5.90% Sr. Unsec. Nts., 11/1/21		233,000		262,738
Vereit Operating Partner, 3% Sr. Unsec. Nts., 2/6/19		134,000		135,399
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/173		369,000		369,017
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		88,000		88,248
				855,402
Health Care—1.9%
Biotechnology—0.6%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		172,000		175,757
4.70% Sr. Unsec. Nts., 5/14/45		58,000		61,962
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		82,000		94,036
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		167,000		174,718
5.00% Sr. Unsec. Nts., 8/15/45		41,000		46,411
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		376,000		374,473
3.20% Sr. Unsec. Nts., 9/23/26		288,000		282,208
				1,209,565
Health Care Equipment & Supplies—0.7%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		366,000		368,982
3.75% Sr. Unsec. Nts., 11/30/26		293,000		299,706
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		226,000		226,638
3.70% Sr. Unsec. Nts., 6/6/27		268,000		268,962

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25	$	277,000	$	286,552
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		164,000		185,289
				1,636,129
Health Care Providers & Services—0.3%
Cardinal Health, Inc., 3.41% Sr. Unsec. Nts., 6/15/27		180,000		179,606
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/223		320,000		356,000
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		218,000		221,643
				757,249
Life Sciences Tools & Services—0.2%
Quintiles IMS, Inc., 5% Sr. Unsec. Nts., 10/15/263		136,000		140,590
Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24		125,000		133,504
5.30% Sr. Unsec. Nts., 2/1/44		111,000		130,184
				404,278
Pharmaceuticals—0.1%
Allergan Funding SCS, 3.80% Sr. Unsec. Nts., 3/15/25		227,000		235,197
Industrials—2.0%
Aerospace & Defense—0.4%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/253		292,000		304,378
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		135,000		138,527
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		200,000		226,519
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		90,000		90,540
3.875% Sr. Unsec. Nts., 3/1/25		129,000		132,736
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/184		67,000		67,101
				959,801
Air Freight & Couriers—0.0%
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		69,000		71,368
Building Products—0.2%
Johnson Controls International plc, 1.40% Sr. Unsec. Nts., 11/2/17		77,000		76,957
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		259,000		255,664
				332,621
Commercial Services & Supplies—0.3%
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		288,000		295,695
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18		311,000		316,566
Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		77,000		81,149
				693,410
Electrical Equipment—0.2%
Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/233		369,000		377,764
Industrial Conglomerates—0.1%
Roper Technologies, Inc.:
3.80% Sr. Unsec. Nts., 12/15/26		43,000		44,271
3.85% Sr. Unsec. Nts., 12/15/25		192,000		198,045
				242,316

14        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Machinery—0.3%
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19	$	385,000	$	382,436
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/263		149,000		147,219
				529,655
Road & Rail—0.2%
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		76,000		85,078
Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		124,000		138,055
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/263		305,000		300,341
				523,474
Trading Companies & Distributors—0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.95% Sr. Unsec. Nts., 2/1/22		379,000		394,971
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		160,000		159,280
3.625% Sr. Unsec. Nts., 4/1/27		156,000		156,350
				710,601
Information Technology—1.5%
Electronic Equipment, Instruments, & Components—0.3%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		265,000		264,382
CDW LLC/CDW Finance Corp., 5.50% Sr. Unsec. Nts., 12/1/24		58,000		63,020
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		282,000		299,534
				626,936
Internet Software & Services—0.1%
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/273		66,000		66,805
5.25% Sr. Unsec. Nts., 4/1/25		105,000		112,613
				179,418
IT Services—0.3%
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		185,000		182,511
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/203		261,000		264,435
4.75% Sr. Unsec. Nts., 4/15/273		279,000		291,496
				738,442
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		107,000		124,795
QUALCOMM, Inc., 3.25% Sr. Unsec. Nts., 5/20/27		178,000		178,647
				303,442
Software—0.5%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		125,000		132,093
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/193		376,000		384,981
6.02% Sr. Sec. Nts., 6/15/263		225,000		248,286
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/233		174,000		182,265
Oracle Corp., 2.40% Sr. Unsec. Nts., 9/15/23		225,000		222,239
				1,169,864
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		227,000		246,391

	Principal Amount		Value
Technology Hardware, Storage & Peripherals (Continued)
Hewlett Packard Enterprise Co., 2.45% Sr. Unsec. Nts., 10/5/17	$	89,000	$	89,240
				335,631
Materials—1.8%
Chemicals—0.9%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		174,000		174,327
4.125% Sr. Unsec. Nts., 3/15/35		87,000		86,943
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/263		170,000		175,138
Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19		370,000		371,762
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		365,000		385,075
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22		304,000		312,549
3.75% Sr. Unsec. Nts., 3/15/27		91,000		92,667
Sherwin-Williams Co. (The):
3.30% Sr. Unsec. Nts., 2/1/253		122,000		121,616
3.95% Sr. Unsec. Nts., 1/15/263		174,000		179,885
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/263		230,000		228,679
				2,128,641
Construction Materials—0.3%
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/453		130,000		147,271
James Hardie International Finance DAC, 5.875% Sr. Unsec. Nts., 2/15/233		171,000		179,978
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/263		90,000		89,162
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27		193,000		198,736
				615,147
Containers & Packaging—0.5%
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		170,000		163,964
4.80% Sr. Unsec. Nts., 6/15/44		142,000		152,360
Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		113,000		115,411
4.50% Sr. Unsec. Nts., 11/1/23		270,000		290,050
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/253		290,000		298,700
				1,020,485
Metals & Mining—0.0%
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		116,000		129,696
Paper & Forest Products—0.1%
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		199,000		203,726
Telecommunication Services—1.2%
Diversified Telecommunication Services—1.2%
AT&T, Inc.:
3.80% Sr. Unsec. Nts., 3/15/22		314,000		325,314
4.35% Sr. Unsec. Nts., 6/15/45		299,000		278,976
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30		299,000		455,690
Deutsche Telekom International Finance BV, 3.60% Sr. Unsec. Nts., 1/19/273		177,000		180,458
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		397,000		401,283
4.103% Sr. Unsec. Nts., 3/8/27		98,000		101,461
5.213% Sr. Unsec. Nts., 3/8/47		163,000		176,949
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		125,000		164,851
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		263,000		254,611

15        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Verizon Communications, Inc.: (Continued)
4.125% Sr. Unsec. Nts., 8/15/46	$	152,000	$	136,018
4.522% Sr. Unsec. Nts., 9/15/48		191,000		181,828
				2,657,439
Utilities—2.2%
Electric Utilities—1.8%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/253		198,000		205,934
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		188,000		188,911
Duke Energy Corp., 3.75% Sr. Unsec. Nts., 9/1/46		175,000		167,223
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		233,000		235,582
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/243		238,000		236,236
Enel Finance International NV:
3.625% Sr. Unsec. Nts., 5/25/273		178,000		176,664
6.25% Sr. Unsec. Nts., 9/15/173		389,000		392,446
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		87,000		90,412
Great Plains Energy, Inc.:
2.50% Sr. Unsec. Nts., 3/9/20		163,000		164,615
4.85% Sr. Unsec. Nts., 4/1/47		142,000		146,898
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		65,000		71,499
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		93,000		108,787
Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		88,000		93,021

	Principal Amount		Value
Electric Utilities (Continued)
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/213	$	600,000	$	647,912
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		347,000		365,217
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		128,000		132,154
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		324,000		322,999
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/253		223,000		231,658
				3,978,168
Multi-Utilities—0.4%
Dominion Energy, Inc.:
1.875% Sr. Unsec. Nts., 1/15/19		165,000		164,706
4.90% Sr. Unsec. Nts., 8/1/41		145,000		159,222
NiSource Finance Corp., 3.49% Sr. Unsec. Nts., 5/15/27		258,000		260,331
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		303,000		299,858
				884,117
Total Non-Convertible Corporate Bonds and Notes (Cost $63,915,864)				65,743,471
	Shares
Investment Company—2.4%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%12,13 (Cost $5,367,607)		5,367,607		5,367,607
Total Investments, at Value (Cost $226,456,854)		108.3%		240,760,644
Net Other Assets (Liabilities)		(8.3)		(18,436,148)
Net Assets		100.0%	$	222,324,496

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

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 $27,431,141 or 12.34% 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 $1,193,443 or 0.54% 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 $57,624 or 0.03% of the Fund’s net assets at period end.

7. Interest rate is less than 0.0005%.

8. 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.

9. All or a portion of the security position has been pledged for collateral in association with forward roll transactions. See Note 4 of the accompanying Notes.

10. 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 $142,333. See Note 6 of the accompanying Notes.

11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

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

13. 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		Gross		Shares
	December 31, 2016		Additions		Reductions		June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		5,367,607		—		—		5,367,607
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	5,367,607	$	16,330

16        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Futures Contracts as of June 30, 2017
Description	Exchange	Buy/Sell	Expiration Date	Number of Contracts				Unrealized Appreciation (Depreciation)
United States Treasury Long Bonds	CBT	Buy	9/20/17		1	$	153,688	$                          (220)
United States Treasury Nts., 10 yr.	CBT	Sell	9/20/17		80		10,042,500	52,141
United States Treasury Nts., 2 yr.	CBT	Buy	9/29/17		51		11,021,578	(8,168)
United States Ultra Bonds	CBT	Buy	9/20/17		50		8,293,750	132,906
								$                    176,659
Centrally Cleared Credit Default Swaps at June 30, 2017
Reference Asset	Buy/Sell Protection	Fixed Rate	Maturity Date	Notional Amount (000’s)		Premiums Received/(Paid)		Value
CDX.HY.28	Sell	5.000%	6/20/22		USD                        3,395	$	(214,894)	$                            230,728
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**
Non-Investment Grade Corporate Debt Indexes	$	3,395,000	$		—		BB

*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.

Glossary:
Definitions
CDX.HY.28	Markit CDX High Yield Index
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, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $221,089,247)	$	235,393,037
Affiliated companies (cost $5,367,607)		5,367,607
		240,760,644
Cash		30,521,705
Cash used for collateral on futures		277,000
Centrally cleared swaps, at value (premiums paid $214,894)		230,728
Receivables and other assets:
Investments sold (including $62,361,133 sold on a when-issued or delayed delivery basis)		63,593,614
Interest, dividends and principal paydowns		838,027
Variation margin receivable		22,544
Shares of beneficial interest sold		3,135
Other		47,597
Total assets		336,294,994
Liabilities
Centrally cleared swap collateral due		55,829
Payables and other liabilities:
Investments purchased (including $113,307,103 purchased on a when-issued or delayed delivery basis)		113,690,808
Shares of beneficial interest redeemed		48,737
Trustees’ compensation		42,934
Variation margin payable		39,719
Distribution and service plan fees		10,750
Other		81,721
Total liabilities		113,970,498
Net Assets	$	222,324,496
Composition of Net Assets
Par value of shares of beneficial interest	$	14,515
Additional paid-in capital		206,588,694
Accumulated net investment income		1,734,365
Accumulated net realized loss on investments		(507,631	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		14,494,553
Net Assets	$	222,324,496
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 $170,630,396 and 11,109,258 shares of beneficial interest outstanding)		$15.36
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $51,694,100 and 3,405,248 shares of beneficial interest outstanding)		$15.18

See accompanying Notes to Financial Statements.

18        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Interest	$	2,007,499
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,665)		626,944
Affiliated companies		16,330
Total investment income		2,650,773
Expenses
Management fees		829,488
Distribution and service plan fees - Service shares		64,058
Transfer and shareholder servicing agent fees:
Non-Service shares		85,449
Service shares		25,625
Shareholder communications:
Non-Service shares		17,249
Service shares		5,165
Borrowing fees		2,076
Custodian fees and expenses		26,734
Trustees’ compensation		6,673
Other		49,016
Total expenses		1,111,533
Less reduction to custodian expenses		(506	)
Less waivers and reimbursements of expenses		(300,702	)
Net expenses		810,325
Net Investment Income		1,840,448
Realized and Unrealized Gain
Net realized gain on:
Investment transactions in unaffiliated companies		5,958,277
Closing and expiration of futures contracts		123,627
Swap contracts		76,599
Net realized gain		6,158,503
Net change in unrealized appreciation/depreciation on:
Investment transactions		3,531,227
Translation of assets and liabilities denominated in foreign currencies		1,734
Futures contracts		212,426
Swap contracts		16,677
Net change in unrealized appreciation/depreciation		3,762,064
Net Increase in Net Assets Resulting from Operations	$	11,761,015

See accompanying Notes to Financial Statements.

19        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	1,840,448		$	3,974,985
Net realized gain		6,158,503			6,003,120
Net change in unrealized appreciation/depreciation		3,762,064			1,806,844
Net increase in net assets resulting from operations		11,761,015			11,784,949
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,346,883	)		(4,214,715	)
Service shares		(889,490	)		(1,155,621	)
		(4,236,373	)		(5,370,336	)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(7,690,233	)		(14,689,603	)
Service shares		(1,825,447	)		(2,041,174	)
		(9,515,680	)		(16,730,777	)
Net Assets
Total decrease		(1,991,038	)		(10,316,164	)
Beginning of period		224,315,534			234,631,698
End of period (including accumulated net investment income of $1,734,365 and $4,130,290, respectively)	$	222,324,496		$	224,315,534

See accompanying Notes to Financial Statements.

20        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$14.86		$14.46		$14.67		$13.84		$12.52	$11.30
Income (loss) from investment operations:
Net investment income1		0.13		0.26		0.31		0.29		0.25	0.29
Net realized and unrealized gain (loss)		0.67		0.49		(0.18)		0.83		1.38	1.09
Total from investment operations		0.80		0.75		0.13		1.12		1.63	1.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.35)		(0.34)		(0.29)		(0.31)	(0.16)
Net asset value, end of period		$15.36		$14.86		$14.46		$14.67		$13.84	$12.52
Total Return, at Net Asset Value2		5.41%		5.26%		0.83%		8.20%		13.17%	12.34%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$170,630		$172,573		$182,406		$203,684		$213,697	$218,032
Average net assets (in thousands)		$172,335		$177,368		$194,208		$208,556		$218,090	$191,416
Ratios to average net assets:3
Net investment income		1.71%		1.78%		2.09%		2.03%		1.87%	2.46%
Expenses excluding specific expenses listed below		0.94%		0.94%		0.91%		0.90%		0.89%	0.90%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%	0.00%
Total expenses5		0.94%		0.94%		0.91%		0.90%		0.89%	0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.67%		0.67%		0.67%		0.66%	0.66%
Portfolio turnover rate6		38%		68%		68%		98%		187%	110%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	0.94	%
Year Ended December 31, 2016	0.94	%
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	%

6. 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, 2017		$350,839,414		$337,958,352
Year Ended December 31, 2016		$737,550,642		$742,753,245
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

See accompanying Notes to Financial Statements.

21        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$14.67		$14.28		$14.49		$13.66		$12.37	$11.17
Income (loss) from investment operations:
Net investment income1		0.11		0.22		0.27		0.25		0.21	0.26
Net realized and unrealized gain (loss)		0.66		0.48		(0.18)		0.84		1.36	1.08
Total from investment operations		0.77		0.70		0.09		1.09		1.57	1.34
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.31)		(0.30)		(0.26)		(0.28)	(0.14)
Net asset value, end of period		$15.18		$14.67		$14.28		$14.49		$13.66	$12.37
Total Return, at Net Asset Value2		5.27%		4.96%		0.57%		8.02%		12.83%	12.11%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$51,694		$51,743		$52,226		$63,880		$69,601	$72,872
Average net assets (in thousands)		$51,682		$53,914		$59,085		$65,450		$72,332	$76,257
Ratios to average net assets:3
Net investment income		1.46%		1.53%		1.84%		1.78%		1.62%	2.18%
Expenses excluding specific expenses listed below		1.19%		1.19%		1.16%		1.15%		1.15%	1.16%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%	0.00%
Total expenses5		1.19%		1.19%		1.16%		1.15%		1.15%	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 rate6		38%		68%		68%		98%		187%	110%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.19	%
Year Ended December 31, 2016	1.19	%
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	%

6. 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, 2017		$350,839,414		$337,958,352
Year Ended December 31, 2016		$737,550,642		$742,753,245
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

See accompanying Notes to Financial Statements.

22        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 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 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.

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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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 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.

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 2.00%. The “Reduction to custodian

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.

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 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, 2016, 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, 2016, the Fund utilized $6,632,281 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $1,184,042 and straddle losses of $682 which were deferred. Details of the fiscal year ended December 31, 2016 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
2017	$	5,261,675

At period end, it is estimated that the capital loss carryforwards would be $287,896 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 $6,158,503 of 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	$	226,603,169
Federal tax cost of other investments		9,464,751
Total federal tax cost	$	236,067,920
Gross unrealized appreciation	$	16,511,548
Gross unrealized depreciation		(2,163,310)
Net unrealized appreciation	$	14,348,238

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

24    OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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.

25        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 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	$	7,662,885		$	—	$	—	$	7,662,885
Consumer Staples		6,765,957			—		—		6,765,957
Energy		4,768,100			—		—		4,768,100
Financials		13,630,001			—		—		13,630,001
Health Care		10,454,477			—		—		10,454,477
Industrials		8,259,766			—		—		8,259,766
Information Technology		16,973,175			—		—		16,973,175
Materials		2,872,986			—		—		2,872,986
Telecommunication Services		1,436,832			—		—		1,436,832
Utilities		2,540,590			—		—		2,540,590
Asset-Backed Securities		—			16,040,879		—		16,040,879
Mortgage-Backed Obligations		—			77,690,624		—		77,690,624
U.S. Government Obligation		—			553,294		—		553,294
Non-Convertible Corporate Bonds and Notes		—			65,743,471		—		65,743,471
Investment Company		5,367,607			—		—		5,367,607
Total Investments, at Value		80,732,376			160,028,268		—		240,760,644
Other Financial Instruments:
Centrally cleared swaps, at value		—			230,728		—		230,728
Futures contracts		185,047			—		—		185,047
Total Assets	$	80,917,423		$	160,258,996	$	—	$	241,176,419
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(8,388	)	$	—	$	—	$	(8,388)
Total Liabilities	$	(8,388	)	$	—	$	—	$	(8,388)

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.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	219,117	$	(219,117)
Total Assets	$	219,117	$	(219,117)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government

26    OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

4. Investments and Risks (Continued)

Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market 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	$113,307,103
Sold securities	62,361,133

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.

At period end, the Fund pledged $33,077 of collateral to the counterparty for forward roll transactions.

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.

Shareholder Concentration. At period end, a shareholder owned 20% or more of the Fund’s total outstanding shares.

The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 44% of the Fund’s total outstanding shares at period end.

27    OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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.

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.

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

The Fund may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

28        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

6. Use of Derivatives (Continued)

During the reporting period, the Fund had an ending monthly average market value of $28,979,393 and $14,307,874 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.

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.

Swap contracts are reported on a schedule following the 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 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 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 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 Statement of Operations.

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease 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.

For the reporting period, the Fund had ending monthly average notional amounts of $3,209,386 on credit default swaps to sell protection.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

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.

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

29    OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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.

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 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
Credit contracts	Centrally cleared swaps, at value	$	230,728
Interest rate contracts	Variation margin receivable		22,544	*	Variation margin payable	$	39,719	*
Total		$	253,272			$	39,719

*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.

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	Closing and expiration of futures contracts		Swap contracts		Total
Credit contracts	$	—	$	76,599	$	76,599
Interest rate contracts		123,627		—		123,627
Total	$	123,627	$	76,599	$	200,226
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts		Swap contracts		Total
Credit contracts	$	—	$	16,677	$	16,677
Interest rate contracts		212,426		—		212,426
Total	$	212,426	$	16,677	$	229,103

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, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		92,173		$	1,409,292			180,594		$	2,654,702
Dividends and/or distributions reinvested		217,048			3,346,883			289,075			4,214,715
Redeemed		(814,349	)		(12,446,408	)		(1,468,409	)		(21,559,020	)
Net decrease		(505,128	)	$	(7,690,233	)		(998,740	)	$	(14,689,603	)

30    OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

7. Shares of Beneficial Interest (Continued)

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Service Shares
Sold		113,075		$	1,709,872			707,970		$	10,153,873
Dividends and/or distributions reinvested		58,365			889,490			80,196			1,155,621
Redeemed		(293,534	)		(4,424,809	)		(918,852	)		(13,350,668)
Net decrease		(122,094	)	$	(1,825,447	)		(130,686	)	$	(2,041,174)

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities		$72,283,760		$85,927,893
U.S. government and government agency obligations		191,875		1,065,337
To Be Announced (TBA) mortgage-related securities		350,839,414		337,958,352

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.

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.

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.

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.

31    OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; 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 as calculated on the daily net assets of the Fund.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-Service shares	$	229,275
Service shares		68,764

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $2,663 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

32    OPPENHEIMER CONSERVATIVE BALANCED 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

33        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

DISTRIBUTION SOURCES

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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 Conservative Balanced Fund/VA	6/20/17	94.3%	5.7%	0.0%

34        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

35        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, 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 Foxson, 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, visiting oppenheimerfunds.com 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

OppenheimerFunds^®

The Right Way

to Invest

June 30, 2017
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: Paul Larson

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		15.22%		20.25%		12.99%		5.89%
Service Shares		9/18/01		15.07		19.95		12.71		5.62
S&P 500 Index				9.34		17.90		14.63		7.18
Russell 1000 Growth Index				13.99		20.42		15.30		8.91

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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

Apple, Inc.	6.8%
Alphabet, Inc., Cl. C	6.5
Microsoft Corp.	5.6
Facebook, Inc., Cl. A	4.9
Amazon.com, Inc.	4.3
Mastercard, Inc., Cl. A	4.1
Comcast Corp., Cl. A	2.7
Celgene Corp.	2.2
Lowe’s Cos., Inc.	2.2
PayPal Holdings, Inc.	2.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on the total market value of common stocks.

2        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Performance Discussion

During the reporting period, the Fund’s Non-Service shares generated a total return of 15.22%. In comparison, the Fund outperformed the Russell 1000 Growth Index (the “Index”), which returned 13.99% for the same period. The Fund’s outperformance stemmed largely from stronger relative stock selection in the information technology sector. Stock selection in the health care sector and the Fund’s lack of exposure to the telecommunication services sector also resulted in outperformance for the Fund versus the Index. Drags on performance included stock selection in the industrials sector, an overweight position in the energy sector, and an overweight position and stock selection in the utilities sector.

As a reminder, changes were made within the past year to the Fund’s portfolio management team. Effective October 5, 2016, Paul Larson became the Portfolio Manager of the Fund. Mr. Larson joined OppenheimerFunds in 2013 and has 20 years of investment experience. The Fund’s focus on domestic large-cap growth has not changed, but Mr. Larson and team have been implementing the same investment process employed by the Main Street strategies. The Main Street team employs a process that seeks to identify competitively advantaged companies with strong value creation potential and a compelling risk/reward profile. The deep and experienced investment team has a history of guiding portfolios through distinct market cycles using this disciplined approach.

MARKET OVERVIEW

Domestic equities posted solid gains over the six-month reporting period, continuing the strong upward move following the November 2016 election. While the gains were across market capitalizations, larger-cap companies generally saw better returns than smaller-cap companies, and growth-oriented companies generally outperformed value stocks.

The top performing sector of the Russell 1000 Growth Index during the reporting period was information technology, reflecting the preference for growth this period. Other strongly performing sectors included consumer discretionary (reflecting continued consumer confidence), health care (reversing weakness observed in late 2016), and materials (perhaps reflecting optimism about increasing industrial demand and infrastructure spending). On the other side of the coin, the weakest sector by far was energy, thanks to falling commodity prices. The telecommunication services sector also experienced weakness.

Revenues, earnings and cash flows for U.S. corporations continued to grow in the second quarter. However, on the political front, the Trump administration has had a slower than expected start. As a result, we have dialed back our probabilities for outcomes favorable to future corporate earnings such as lower tax rates and regulatory barriers.

As investors, it is important to know what is and what is not within one’s circle of competence. 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 has the potential to outperform 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 what expectations the market is pricing in 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 (positive expected returns). To offset our agnostic position on the conditions, we make sure to have some horses in the stable that we believe 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 information technology stocks Apple, Alphabet and Microsoft.

3        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Amid its iPhone 7 product cycle, Apple reported a solid quarter and offered comforting guidance that suggests fears of mediocre product acceptance were unfounded. Despite three years of only modest iPhone feature upgrades, the market’s attention has rapidly shifted to the potential for a significant iPhone 8 cycle this Fall, with new screens, wireless charging, and so on. These more compelling features would come at the same time the growing installed base of iPhone users have held on to their existing phones for longer and longer, setting the stage for an acceleration in Apple’s business.

Alphabet (the holding company of Google) reported a solid set of results that fueled a rerating of the company. Alphabet continued to monetize its rich asset base steadily and thoughtfully. The company is a leader in online advertising, online video, location based services, cloud services, and has the largest mobile operating system in the world.

Microsoft is a uniquely positioned cloud provider with a large and loyal customer base, due to its ability to offer both on premise and cloud-based services with a common code base and higher value services including applications, security and management. The company has been delivering strong total returns with mid-single digit top line growth, improving gross margins and a disciplined approach to operating expenses, while maintaining its position as a strong steward of capital.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included AutoZone, Bristol-Myers Squibb and Nielsen Holdings.

During AutoZone’s fiscal third quarter, there was further deceleration of comparable store sales which came in below expectations. This further highlighted that the company may be running at a lower earnings per share growth rate in the near term (mid-single-digit to high-single-digit) versus double digit growth previously as comparisons are slower and some margin headwinds (some temporary, some not) weigh on earnings. The slowdown appears to be industry-wide as their key competitors have also experienced decelerations. Given the shadow that Amazon is casting in U.S. retail, multiples for AutoZone and its peers have compressed as fears of share losses and price compression at the hands of Amazon have gotten extreme.

Regarding Bristol-Myers Squibb, early in the reporting period, the company reported it would not seek a fast track to FDA approval of a new lung cancer treatment. This came after the company reported in 2016 that first line lung cancer data for its cancer drug, Opdivo, failed to show a benefit over chemotherapy. Due to our reduced earnings expectations and price target we exited this position.

Nielsen reduced its 2016 outlook as its developed market business faces challenges, particularly in consulting services. Management stated that their consumer packaged goods (CPG) customers were cutting expenses and these services were unlikely to be renewed representing ~$150 million of lower margin revenue relative to the total company’s $6 billion. It is worth noting that over two-thirds of the company’s profitability comes from its Watch segment which remains a de facto monopoly; and while growth rates and restructuring will impact 2017 results, we believe the core business of data delivery to CPG and media companies may remain robust and that normalized growth could return in 2018.

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. Although the exact forms and timing of changes that may take place as a result of the U.S. elections are still unclear, here are our base case expectations for what will happen in the year ahead:

● Lower regulatory burdens, over and above the change already seen

● Modestly lower U.S. corporate tax rates (resulting in fewer companies re-domiciling outside the U.S., and maybe some companies coming back)

● Offsetting the lower tax rates, fewer specialized deductions

● Greater fiscal stimulus, most notably defense and infrastructure spending

● Rhetoric around protectionism in many forms, including higher import tariffs

● Higher wages

4        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

While some of these changes—most notably tax rates—would directly lead to earnings growth in the near term, these changes do present some material risks that need to be considered. Supply chains today are highly globalized, and higher friction within global trade could lead to disruptions and higher costs for our companies. Moreover, other countries could easily create retaliatory protectionist policies of their own, reducing demand for U.S. exports and/or making life more difficult for overseas operations of our companies. Finally, deflation has been the bigger concern in recent years, but these policies are clearly swinging the pendulum toward higher inflation. In moderation, inflation is helpful, but we are mindful that sometimes the pendulum can swing too far.

At the moment, the U.S. economy continues its “slow and steady” growth. This is being driven by favorable employment, wage and inflation data while home prices and innovation also continue to help drive the economy higher.

U.S. corporate revenues, earnings, and free cash flow have resumed their moderate growth. The post-election strength in U.S. equity markets and the return of the “risk on trade” indicates that consensus expects earnings growth to accelerate further in the quarters ahead.

We remain laser-focused on the rise in “accounting shenanigans” and the expanding spread between GAAP earnings and pro-forma adjusted earnings. 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.

While interest rates have increased in recent months, they are still very low relative to historical standards. Current capital allocation is fueled by this environment of ongoing relatively low interest rates. We believe the risks inherent to this market include the misallocation of capital if interest rates were to rise materially. 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.

We expect heightened uncertainty to return in the equity markets. 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 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 is essential to generating 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.

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.

5        OPPENHEIMER CAPITAL APPRECIATION 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended                     June 30, 2017
Non-Service shares	$	1,000.00	$	1,152.20	$	4.28
Service shares		1,000.00		1,150.70		5.61
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

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.

6        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—99.2%
Consumer Discretionary—19.4%
Hotels, Restaurants & Leisure—2.6%
Cedar Fair LP1		162,797	$	11,737,664
Starbucks Corp.		178,260		10,394,340
				22,132,004
Household Durables—2.2%
Newell Brands, Inc.		123,220		6,607,057
Whirlpool Corp.		64,820		12,420,808
				19,027,865
Internet & Catalog Retail—6.2%
Amazon.com, Inc.2		37,404		36,207,072
Priceline Group, Inc. (The)2		8,570		16,030,356
				52,237,428
Media—2.7%
Comcast Corp., Cl. A		594,802		23,149,694
Specialty Retail—5.7%
AutoNation, Inc.2		326,230		13,753,857
AutoZone, Inc.2		28,420		16,212,473
Lowe’s Cos., Inc.		235,950		18,293,204
				48,259,534
Consumer Staples—7.0%
Beverages—3.9%
Constellation Brands, Inc., Cl. A		63,410		12,284,419
Dr Pepper Snapple Group, Inc.		106,050		9,662,215
Molson Coors Brewing Co., Cl. B		128,220		11,070,515
				33,017,149
Food Products—1.7%
Kraft Heinz Co. (The)		100,130		8,575,133
Mondelez International, Inc., Cl. A		139,820		6,038,826
				14,613,959
Household Products—1.4%
HRG Group, Inc.2		133,900		2,371,369
Spectrum Brands Holdings, Inc.		76,590		9,576,814
				11,948,183
Energy—2.3%
Oil, Gas & Consumable Fuels—2.3%
Husky Energy, Inc.2		461,762		5,241,468
Magellan Midstream Partners LP1		200,540		14,292,486
				19,533,954
Financials—7.1%
Capital Markets—4.4%
BlackRock, Inc., Cl. A		10,770		4,549,356
Charles Schwab Corp. (The)		254,030		10,913,129
CME Group, Inc., Cl. A		71,750		8,985,970
Intercontinental Exchange, Inc.		195,630		12,895,929
				37,344,384
Diversified Financial Services—1.1%
Berkshire Hathaway, Inc., Cl. B2		52,470		8,886,844
Real Estate Investment Trusts (REITs)—1.6%
Crown Castle International Corp.		95,060		9,523,111
Mid-America Apartment Communities, Inc.		41,400		4,362,732
				13,885,843
Health Care—14.5%
Biotechnology—4.8%
Biogen, Inc.2		46,960		12,743,065
Celgene Corp.2		145,824		18,938,163
Gilead Sciences, Inc.		130,700		9,250,946
				40,932,174
Health Care Equipment & Supplies—3.8%
Danaher Corp.		100,400		8,472,756
Intuitive Surgical, Inc.2		11,330		10,597,742
Medtronic plc		94,470		8,384,213

	Shares		Value
Health Care Equipment & Supplies (Continued)
Stryker Corp.		35,930	$	4,986,365
				32,441,076
Health Care Providers & Services—2.4%
Humana, Inc.		29,760		7,160,851
Laboratory Corp. of America Holdings2		82,600		12,731,964
				19,892,815
Health Care Technology—0.8%
Cerner Corp.2		101,610		6,754,017
Pharmaceuticals—2.7%
Allergan plc		59,790		14,534,351
Merck & Co., Inc.		91,340		5,853,981
Valeant Pharmaceuticals International, Inc.2		156,690		2,710,737
				23,099,069
Industrials—10.1%
Aerospace & Defense—1.1%
Spirit AeroSystems Holdings, Inc., Cl. A		156,980		9,095,421
Airlines—0.9%
Spirit Airlines, Inc.2		149,250		7,708,762
Commercial Services & Supplies—2.3%
Johnson Controls International plc		129,220		5,602,979
KAR Auction Services, Inc.		328,850		13,801,835
				19,404,814
Machinery—2.5%
Deere & Co.		43,340		5,356,391
Stanley Black & Decker, Inc.		33,910		4,772,154
Wabtec Corp.		121,350		11,103,525
				21,232,070
Professional Services—1.0%
Nielsen Holdings plc		215,350		8,325,431
Road & Rail—2.3%
Canadian National Railway Co.		94,830		7,685,972
Canadian Pacific Railway Ltd.		73,140		11,761,643
				19,447,615
Information Technology—36.1%
Internet Software & Services—11.4%
Alphabet, Inc., Cl. C2		60,430		54,914,554
Facebook, Inc., Cl. A2		276,850		41,798,813
				96,713,367
IT Services—6.1%
Mastercard, Inc., Cl. A		285,220		34,639,969
PayPal Holdings, Inc.2		309,050		16,586,713
				51,226,682
Semiconductors & Semiconductor Equipment—3.1%
Broadcom Ltd.		69,140		16,113,077
Texas Instruments, Inc.		128,700		9,900,891
				26,013,968
Software—8.7%
Activision Blizzard, Inc.		166,810		9,603,252
Microsoft Corp.		683,170		47,090,908
Oracle Corp.		287,620		14,421,267
Snap, Inc., Cl. A2		163,680		2,908,593
				74,024,020
Technology Hardware, Storage & Peripherals—6.8%
Apple, Inc.		399,990		57,606,560
Materials—1.3%
Chemicals—1.1%
Albemarle Corp.		39,920		4,213,157
Sherwin-Williams Co. (The)		13,780		4,836,229
				9,049,386

7        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Construction Materials—0.2%
Vulcan Materials Co.		15,150	$	1,919,202

	Shares		Value
Utilities—1.4%
Gas Utilities—1.4%
AmeriGas Partners LP1		268,305	$	12,119,337
Total Common Stocks (Cost $666,016,809)				841,042,627
Total Investments, at Value (Cost
$666,016,809)		99.2%		841,042,627
Net Other Assets (Liabilities)		0.8		6,969,916
Net Assets		100.0%	$	848,012,543

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

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, 2016		Gross Additions		Gross Reductions		Shares         June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		31,306,028		80,040,882		111,346,910		—
							Income
Oppenheimer Institutional Government Money Market Fund, Cl. E							$	33,136

See accompanying Notes to Financial Statements.

8        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value-unaffiliated companies—see accompanying statement of investments (cost $666,016,809)	$	841,042,627
Cash		345,601
Receivables and other assets:
Investments sold		8,431,949
Dividends		725,927
Shares of beneficial interest sold		17,596
Other		89,156
Total assets		850,652,856
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		2,436,719
Trustees’ compensation		81,885
Distribution and service plan fees		65,053
Shareholder communications		34,414
Other		22,242
Total liabilities		2,640,313
Net Assets	$	848,012,543
Composition of Net Assets
Par value of shares of beneficial interest	$	16,843
Additional paid-in capital		635,106,796
Accumulated net investment loss		(525,040)
Accumulated net realized gain on investments and foreign currency transactions		38,397,325
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		175,016,619
Net Assets	$	848,012,543
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 $535,182,062 and 10,577,323 shares of beneficial interest outstanding)		$50.60
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $312,830,481 and 6,265,861 shares of beneficial interest outstanding)		$49.93

See accompanying Notes to Financial Statements.

9        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $17,895)	$	4,603,212
Affiliated companies		33,136
Total investment income		4,636,348
Expenses
Management fees		2,938,490
Distribution and service plan fees – Service shares		389,384
Transfer and shareholder servicing agent fees:
Non-Service shares		264,578
Service shares		155,754
Shareholder communications:
Non-Service shares		26,415
Service shares		15,551
Trustees’ compensation		14,805
Borrowing Fees		7,537
Custodian fees and expenses		3,897
Other		41,742
Total expenses		3,858,153
Less reduction to custodian expenses		(828)
Less waivers and reimbursements of expenses		(97,747)
Net expenses		3,759,578
Net Investment Income		876,770
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		38,826,537
Foreign currency transactions		(5,220)
Net realized gain		38,821,317
Net change in unrealized appreciation/depreciation on:
Investment transactions		78,928,570
Translation of assets and liabilities denominated in foreign currencies		14,004
Net change in unrealized appreciation/depreciation		78,942,574
Net Increase in Net Assets Resulting from Operations	$	118,640,661

See accompanying Notes to Financial Statements.

10        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016
Operations
Net investment income	$	876,770	$	1,293,960
Net realized gain		38,821,317		85,112,682
Net change in unrealized appreciation/depreciation		78,942,574		(108,416,699)
Net increase (decrease) in net assets resulting from operations		118,640,661		(22,010,057)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(1,271,514)		(2,123,971)
Service shares		(28,819)		(318,481)
		(1,300,333)		(2,442,452)
Distributions from net realized gain:
Non-Service shares		(48,408,998)		(53,815,550)
Service shares		(28,679,944)		(29,108,236)
		(77,088,942)		(82,923,786)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		8,240,702		6,630,751
Service shares		2,538,675		15,475,883
		10,779,377		22,106,634
Net Assets
Total increase (decrease)		51,030,763		(85,269,661)
Beginning of period		796,981,780		882,251,441
End of period (including accumulated net investment loss of $525,040 and $101,477, respectively)	$	848,012,543	$	796,981,780

See accompanying Notes to Financial Statements.

11        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period	$	48.36	$	55.49	$	64.87	$	57.88	$	45.06	$	39.75
Income (loss) from investment operations:
Net investment income1		0.08		0.12		0.22		0.09		0.23		0.42
Net realized and unrealized gain (loss)		7.30		(1.57)		2.25		8.64		13.09		5.18
Total from investment operations		7.38		(1.45)		2.47		8.73		13.32		5.60
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.22)		(0.06)		(0.27)		(0.50)		(0.29)
Distributions from net realized gain		(5.01)		(5.46)		(11.79)		(1.47)		0.00		0.00
Total dividends and/or distributions to shareholders		(5.14)		(5.68)		(11.85)		(1.74)		(0.50)		(0.29)
Net asset value, end of period	$	50.60	$	48.36	$	55.49	$	64.87	$	57.88	$	45.06
Total Return, at Net Asset Value2		15.22%		(2.20)%		3.54%		15.41%		29.74%		14.12%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	535,182	$	501,756	$	564,514	$	616,862	$	626,907	$	573,684
Average net assets (in thousands)	$	533,860	$	514,525	$	601,110	$	614,272	$	595,912	$	600,121
Ratios to average net assets3
Net investment income		0.30%		0.25%		0.36%		0.15%		0.44%		0.95%
Expenses excluding specific expenses listed below		0.82%		0.83%		0.81%		0.80%		0.81%		0.81%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		0.82%		0.83%		0.81%		0.80%		0.81%		0.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%6		0.80%		0.80%
Portfolio turnover rate		15%		114%		60%		61%		77%		28%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	0.82%
Year Ended December 31, 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%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period	$	47.73	$	54.80	$	64.30	$	57.37	$	44.66	$	39.40
Income (loss) from investment operations:
Net investment income (loss)1		0.01		0.002		0.07		(0.06)		0.10		0.31
Net realized and unrealized gain (loss)		7.21		(1.55)		2.22		8.57		12.98		5.12
Total from investment operations		7.22		(1.55)		2.29		8.51		13.08		5.43
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(0.06)		0.00		(0.11)		(0.37)		(0.17)
Distributions from net realized gain		(5.01)		(5.46)		(11.79)		(1.47)		0.00		0.00
Total dividends and/or distributions to shareholders		(5.02)		(5.52)		(11.79)		(1.58)		(0.37)		(0.17)
Net asset value, end of period	$	49.93	$	47.73	$	54.80	$	64.30	$	57.37	$	44.66
Total Return, at Net Asset Value3		15.07%		(2.43)%		3.27%		15.13%		29.43%		13.81%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	312,831	$	295,226	$	317,737	$	337,318	$	364,214	$	366,664
Average net assets (in thousands)	$	314,276	$	287,933	$	332,468	$	343,254	$	367,615	$	382,196
Ratios to average net assets:4
Net investment income (loss)		0.05%		0.00%5		0.12%		(0.10)%		0.20%		0.71%
Expenses excluding specific expenses listed below		1.07%		1.08%		1.06%		1.05%		1.06%		1.06%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%		0.00%
Total expenses6		1.07%		1.08%		1.06%		1.05%		1.06%		1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%7		1.05%		1.05%
Portfolio turnover rate		15%		114%		60%		61%		77%		28%

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

2.  Less than $0.005 per share.

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, 2017	1.07	%
Year Ended December 31, 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	%

7.  Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 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.

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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.                

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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 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.

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 2.00%. The “Reduction to custodian

14        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.

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 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, 2016, 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, 2016, 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 there would be no capital loss carryforward. 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	$	666,206,708
Gross unrealized appreciation	$	186,990,108
Gross unrealized depreciation		(12,163,388)
Net unrealized appreciation	$	174,826,720

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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

15        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

was determined.

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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 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	$	164,806,525	$	—	$	—	$	164,806,525
Consumer Staples		59,579,291		—		—		59,579,291
Energy		19,533,954		—		—		19,533,954
Financials		60,117,071		—		—		60,117,071
Health Care		123,119,151		—		—		123,119,151
Industrials		85,214,113		—		—		85,214,113
Information Technology		305,584,597		—		—		305,584,597
Materials		10,968,588		—		—		10,968,588
Utilities		12,119,337		—		—		12,119,337
Total Assets	$	841,042,627	$	—	$	—	$	841,042,627

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

16        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

4. Investments and Risks (Continued)

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds. At period end, the Fund had no holdings in IGMMF.

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.

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.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 51% of the Fund’s total outstanding shares at period end.

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.

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.

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.

17        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		257,402	$	13,290,824		575,681	$	28,663,769
Dividends and/or distributions reinvested		978,541		49,680,512		1,203,259		55,939,521
Redeemed		(1,034,090)		(54,730,634)		(1,577,136)		(77,972,539)
Net increase		201,853	$	8,240,702		201,804	$	6,630,751
Service Shares
Sold		98,089	$	4,901,413		1,273,302	$	61,113,815
Dividends and/or distributions reinvested		573,029		28,708,763		640,546		29,426,717
Redeemed		(591,000)		(31,071,501)		(1,525,798)		(75,064,649)
Net increase		80,118	$	2,538,675		388,050	$	15,475,883

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	127,189,124	$	173,991,275

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 0.70% 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.

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.

18        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

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 any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; 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.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-Service shares	$	57,591
Service shares		33,915

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $6,241 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

19        OPPENHEIMER CAPITAL APPRECIATION 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

20        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 (net income, net profit from sale and other capital sources) 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 communication 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 Capital Appreciation Fund/VA		6/20/17		4.1%		25.8%		70.1%

21        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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22        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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23        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

OPPENHEIMER CAPITAL APPRECIATION FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Paul Larson, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
Oppenheimer
Total Return Bond Fund/VA*	Semiannual Report
A Series of Oppenheimer Variable Account Funds
SEMIANNUAL REPORT
Listing of Top Holdings
Fund Performance Discussion
Financial Statements
*Prior to 4/28/17, the Fund’s name was Oppenheimer Core Bond Fund/VA.

PORTFOLIO MANAGERS: Krishna Memani and Peter A. Strzalkowski, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 06/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		2.98%		1.27%		3.87%		0.55%
Service Shares		5/1/02		2.76		1.02		3.62		0.30
Bloomberg Barclays Credit Index				3.68		1.84		3.68		5.61
Bloomberg Barclays U.S. Aggregate Bond Index				2.27		-0.31		2.21		4.48
Citigroup Broad Investment Grade Bond Index				2.34		-0.28		2.22		4.58

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Credit Index, an index of non-convertible U.S. investment grade corporate bonds; the Bloomberg 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	28.8%
Non-Agency	10.9
Non-Convertible Corporate Bonds and Notes	33.4
Short-Term Notes	15.8
Asset-Backed Securities	8.8
U.S. Government Obligations	0.8
Investment Company
Oppenheimer Institutional Government Money Market Fund	0.8
Certificates of Deposit	0.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017 and are based on the total market value of investments.

CORPORATE BONDS & NOTES - TOP��TEN INDUSTRIES
Commercial Banks	6.6%
Capital Markets	3.2
Oil, Gas & Consumable Fuels	3.2
Electric Utilities	2.6
Automobiles	2.1
Food Products	1.9
Diversified Telecommunication Services	1.8
Media	1.7
Insurance	1.6
Chemicals	1.4

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets.

2        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Fund Performance Discussion

MARKET OVERVIEW

During the reporting period, markets continued their general risk-on mode started by the surprise election of Donald Trump in November 2016, as equities climbed and credit spreads narrowed to tight levels not seen since 2015. U.S. GDP growth continued to progress as employment and wage gains suggested the U.S. may be approaching full employment. Business and consumer confidence indicators were among its highest levels in the current expansion. While consumption growth has slowed modestly from a strong pace, the recovery in investment expenditures, a weaker dollar, and a stronger housing sector added to growth.

As its dual mandates of full employment and price stability were approached, the Federal Reserve Bank (the “Fed”) continued to reduce monetary accommodation and normalized rates. The Fed hiked interest rates 0.25% in March and June, and also signaled the potential for balance sheet normalization later this year, possibly in September, along with another hike in December. This was largely in line with market expectations and the reaction has been orderly to date.

As mentioned above, market performance continued to be positive for most risk assets during the six-month reporting period, with equities performing positively. Early in the reporting period, U.S. Treasury rates marched higher as the 10-year Treasury rate increased 19 basis points (bps) to 2.63% before falling quickly through the end of the period to 2.31%. This ultimately contributed to U.S. Treasuries generating a positive total return. For the reporting period, credit sectors of the investment-grade fixed-income market posted positive absolute performance and also outperformed U.S. Treasuries.

FUND REVIEW

Against this backdrop, the Fund’s Non-Service shares produced a return of 2.98% during the reporting period. In comparison, the Fund’s benchmarks, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), the Bloomberg Barclays Credit Index and the Citigroup Broad Investment Grade Bond Index, returned 2.27%, 3.68%, and 2.34%, respectively. The Fund’s outperformance versus the Index this reporting period stemmed from its exposure to investment grade corporate bonds, where security selection and an overweight position benefited.

In addition, the Fund’s exposure to mortgage-backed securities (“MBS”) contributed positively to performance. The Fund had its largest exposure to government agency MBS and a smaller allocation to non-agency MBS. Non-agency MBS, which is an out-of-benchmark position, was the stronger relative performer versus the Index this period. Non-agency MBS benefited from solid fundamentals and a strong environment this reporting period. Agency MBS also contributed positively to performance, due to security selection. An overweight position relative to the Index detracted slightly from performance, but not enough to offset the outperformance.

The Fund’s exposure to high yield credit also benefited the Fund during the reporting period.

STRATEGY & OUTLOOK

As a reminder, effective April 28, 2017, the Fund was renamed Oppenheimer Total Return Bond Fund/VA. The new name better aligns with the team’s underlying investment strategy. Over its tenure of managing the Fund, the Investment Grade Debt Team has generally maintained a portfolio posture deviating to a non-trivial extent from that of typical core bond funds as well as the Bloomberg Barclays U.S. Aggregate Bond Index – namely by: strategically underweighting U.S Treasuries, favoring diversified sources of corporate and structured credit, and allocating to out-of-benchmark sectors like BB-rated corporate bonds and non-agency MBS.

At period end, we believe that macroeconomic fundamentals should continue to remain solid, with continued gains in wages and employment. Inflation may creep higher and potential fiscal stimulus could boost consumption later in the year. Likewise, we think the Fed may hike one more time and could begin a well-telegraphed tapering of its pay down and maturity reinvestment program later in 2017.

We remain neutral duration as near term inflation risks appear to be fully priced into yields and the rise in risk premium consistent with a relatively sanguine economic outlook. Given the spread-widening that took place earlier in the quarter and the slowdown in interest rate volatility, we have increased the Fund’s exposure to agency MBS, targeting less rate-sensitive areas of the market, and are currently overweight relative to the Index.

3        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Demand for credit-related securities continues to be very strong. While corporate fundamentals appear stable, we do believe we currently reside in the fourth quarter of the credit cycle and that credit spreads do appear tight. As a result, we remain cautiously engaged in investment-grade corporate credit, with the Fund also including a modest exposure to typically high Sharpe Ratio BB-rated corporates.

Within structured products, we continue to avoid student loan and more esoteric asset-backed securities (“ABS”). We continue to favor auto and to some extent credit card ABS given their attractive fundamentals, carry and solid structures. We continue to have a smaller overweight to CMBS and remain up-in-structure as the issues within the retail sector give us pause.

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.

4        OPPENHEIMER TOTAL RETURN BOND 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, 2017.

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, 2017” 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, 2017			Ending Account Value June 30, 2017			Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares		$	1,000.00		$	1,029.80		$	3.78
Service shares			1,000.00			1,027.60			5.04
Hypothetical
(5% return before expenses)
Non-Service shares			1,000.00			1,021.08			3.77
Service shares			1,000.00			1,019.84			5.02

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares	0.75%
Service shares	1.00

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 TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTSJune 30, 2017 Unaudited

	Principal Amount		Value
Asset-Backed Securities—11.9%
Auto Loan—7.1%
American Credit Acceptance Receivables Trust:
Series 2014-4,Cl. B, 2.60%, 10/12/201	$	3,808	$	3,809
Series 2015-1,Cl. B, 2.85%, 2/12/211		181,773		182,152
Series 2015-3,Cl. B, 3.56%, 10/12/211		180,000		181,346
Series 2015-3,Cl. C, 4.84%, 10/12/211		145,000		149,094
Series 2015-3,Cl. D, 5.86%, 7/12/221		125,000		128,851
Series 2016-4,Cl. B, 2.11%, 2/12/211		65,000		64,963
AmeriCredit Automobile Receivables Trust:
Series 2013-2,Cl. E, 3.41%, 10/8/201		345,000		346,124
Series 2013-4,Cl. D, 3.31%, 10/8/19		50,000		50,508
Series 2017-2,Cl. A1, 1.20%, 5/18/18		188,214		188,212
Series 2017-2,Cl. D, 3.42%, 4/18/23		300,000		302,503
Capital Auto Receivables Asset Trust, Series 2014-1, Cl. D, 3.39%, 7/22/19		115,000		116,273
CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/211		54,347		54,347
CarMax Auto Owner Trust:
Series 2013-2,Cl. D, 2.06%, 11/15/19		45,000		45,005
Series 2015-2,Cl. D, 3.04%, 11/15/21		100,000		100,582
Series 2015-3,Cl. D, 3.27%, 3/15/22		295,000		297,767
Series 2016-1,Cl. D, 3.11%, 8/15/22		185,000		185,763
Series 2016-3,Cl. D, 2.94%, 1/17/23		115,000		114,091
Series 2016-4,Cl. D, 2.91%, 4/17/23		260,000		257,279
Series 2017-1,Cl. D, 3.43%, 7/17/23		230,000		231,474
CPS Auto Receivables Trust, Series 2014-C, Cl. A, 1.31%, 2/15/191		8,761		8,759
Credit Acceptance Auto Loan Trust, Series 2014-2A, Cl. B, 2.67%, 9/15/221		160,000		160,459
Drive Auto Receivables Trust:
Series 2016-BA,Cl. C, 3.19%, 7/15/221		160,000		161,783
Series 2016-CA,Cl. C, 3.02%, 11/15/211		140,000		140,672
Series 2016-CA,Cl. D, 4.18%, 3/15/241		160,000		163,482
Series 2017-1,Cl. A1, 1.35%, 7/16/18		170,000		170,003
Series 2017-1,Cl. B, 2.36%, 3/15/21		155,000		154,980
Series 2017-AA,Cl. C, 2.98%, 1/18/221		75,000		75,584
Series 2017-AA,Cl. D, 4.16%, 5/15/241		210,000		213,667
Series 2017-BA,Cl. A1, 1.20%, 4/16/181		108,449		108,449
Series 2017-BA,Cl. D, 3.72%, 10/17/221		215,000		216,481
DT Auto Owner Trust:
Series 2014-2A,Cl. D, 3.68%, 4/15/211		461,708		465,402
Series 2015-2A,Cl. D, 4.25%, 2/15/221		40,000		40,856
Series 2016-1A,Cl. B, 2.79%, 5/15/201		264,682		265,273
Series 2016-4A,Cl. E, 6.49%, 9/15/231		75,000		77,602
Series 2017-1A,Cl. D, 3.55%, 11/15/221		125,000		125,351
Series 2017-1A,Cl. E, 5.79%, 2/15/241		150,000		152,687
Series 2017-2A,Cl. D, 3.89%, 1/15/231		145,000		146,038
Exeter Automobile Receivables Trust:
Series 2013-2A,Cl. D, 6.81%, 8/17/201		340,000		348,435
Series 2014-2A,Cl. C, 3.26%, 12/16/191		155,000		155,989
First Investors Auto Owner Trust, Series 2013-3A, Cl. B, 2.32%, 10/15/191		139,205		139,275
Flagship Credit Auto Trust:
Series 2014-1,Cl. D, 4.83%, 6/15/201		20,000		20,449
Series 2014-2,Cl. A, 1.43%, 12/16/191		21,669		21,671
Series 2015-3,Cl. D, 7.12%, 11/15/221		245,000		257,971
Series 2016-1,Cl. C, 6.22%, 6/15/221		345,000		369,297
GM Financial Automobile Leasing Trust, Series 2017-1, Cl. A1, 1%, 3/20/18		276,427		276,431
GM Financial Consumer Automobile, Series 2017-1A, Cl. A1, 1.10%, 4/16/181		154,009		154,011
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1,Cl. D, 4.516%, 9/27/211,2		75,000		75,129
Series 2017-1,Cl. C, 3.439%, 6/27/221,2		60,000		60,030
Series 2017-1,Cl. D, 4.789%, 6/27/221,2		70,000		70,035
Nissan Auto Lease Trust, Series 2017-A, Cl. A3, 1.91%, 4/15/20		230,000		229,791

	Principal Amount		Value
Auto Loan (Continued)
Santander Drive Auto Receivables Trust:
Series 2013-4,Cl. E, 4.67%, 1/15/201	$	360,000	$  362,661
Series 2013-A,Cl. E, 4.71%, 1/15/211		270,000	273,345
Series 2016-2,Cl. D, 3.39%, 4/15/22		120,000	121,750
Series 2017-1,Cl. A1, 0.95%, 3/15/18		52,962	52,952
Series 2017-1,Cl. D, 3.17%, 4/17/23		160,000	159,855
Series 2017-1,Cl. E, 5.05%, 7/15/241		180,000	182,580
Series 2017-2,Cl. D, 3.49%, 7/17/23		70,000	70,079
SNAAC Auto Receivables Trust, Series 2014-1A, Cl. D, 2.88%, 1/15/201		98,284	98,336
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221		160,000	160,204
United Auto Credit Securitization Trust, Series 2015-1, Cl. D, 2.92%, 6/17/191		101,198	101,371
			9,609,318
Credit Card—4.0%
Cabela’s Credit Card Master Note Trust:
Series 2013-2A,Cl. A2, 1.809%, 8/16/211,2		100,000	100,537
Series 2016-1,Cl. A1, 1.78%, 6/15/22		320,000	319,631
Series 2016-1,Cl. A2, 2.009%, 6/15/222		560,000	565,949
Capital One Multi-Asset Execution Trust:
Series 2016-A1,Cl. A1, 1.609%, 2/15/222		385,000	387,389
Series 2016-A3,Cl. A3, 1.34%, 4/15/22		485,000	481,504
Chase Issuance Trust, Series 2014-A5, Cl. A5, 1.529%, 4/15/212		240,000	240,977
Citibank Credit Card Issuance Trust, Series 2014-A6, Cl. A6, 2.15%, 7/15/21		545,000	549,654
Discover Card Execution Note Trust:
Series 2012-A6,Cl. A6, 1.67%, 1/18/22		275,000	274,745
Series 2016-A1,Cl. A1, 1.64%, 7/15/21		615,000	615,067
Series 2016-A4,Cl. A4, 1.39%, 3/15/22		620,000	615,068
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.659%, 11/16/201,2		455,000	456,763
World Financial Network Credit Card Master Trust:
Series 2012-D,Cl. A, 2.15%, 4/17/23		145,000	145,809
Series 2016-B,Cl. A, 1.44%, 6/15/22		360,000	359,012
Series 2017-A,Cl. A, 2.12%, 3/15/24		405,000	404,675
			5,516,780
Equipment—0.4%
CCG Receivables Trust, Series 2017-1, Cl. B, 2.75%, 11/14/231		230,000	229,540
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/431		34,918	34,566
John Deere Owner Trust, Series 2017-A, Cl. A1, 0.88%, 3/15/18		181,941	181,796
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/441		74,566	73,359
			519,261
Home Equity Loan—0.2%
CWABS Asset-Backed Certificates Trust, Series 2005-14, Cl. 1A1, 1.446%, 4/25/362		280,157	280,029
Loans: Other—0.2%
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		243,749	239,360
Total Asset-Backed Securities (Cost $16,143,398)			16,164,748
Mortgage-Backed Obligations—53.5%
Government Agency—38.8%
FHLMC/FNMA/FHLB/Sponsored—37.2%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		4,157	4,556
5.50%, 9/1/39		314,161	347,378
6.00%, 5/1/18-10/1/29		436,104	492,943
6.50%, 4/1/18-4/1/34		124,818	138,569

6        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp. Gold Pool: (Continued)
7.00%, 10/1/31-10/1/37	$	118,886	$	132,774
9.00%, 8/1/22-5/1/25		7,862		8,465
Federal Home Loan Mortgage Corp. Non Gold
Pool, 10.50%, 10/1/20		649		658
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205,Cl. IO, 51.046%, 9/1/293		5,378		1,184
Series 206,Cl. IO, 0.00%, 12/15/293,4		93,226		25,836
Series 243,Cl. 6, 0.00%, 12/15/323,4		63,365		11,378
Federal Home Loan Mortgage Corp., Mtg.- Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		317,018		318,803
Federal Home Loan Mortgage Corp., Principal- Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.108%, 6/1/265		30,757		28,639
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151,Cl. F, 9.00%, 5/15/21		2,061		2,211
Series 1674,Cl. Z, 6.75%, 2/15/24		8,845		9,672
Series 2034,Cl. Z, 6.50%, 2/15/28		1,651		1,831
Series 2042,Cl. N, 6.50%, 3/15/28		3,613		4,007
Series 2043,Cl. ZP, 6.50%, 4/15/28		202,170		224,312
Series 2046,Cl. G, 6.50%, 4/15/28		8,613		9,653
Series 2053,Cl. Z, 6.50%, 4/15/28		1,834		2,042
Series 2066,Cl. Z, 6.50%, 6/15/28		189,470		210,026
Series 2195,Cl. LH, 6.50%, 10/15/29		154,640		174,328
Series 2220,Cl. PD, 8.00%, 3/15/30		1,053		1,246
Series 2326,Cl. ZP, 6.50%, 6/15/31		47,038		52,325
Series 2461,Cl. PZ, 6.50%, 6/15/32		176,922		206,911
Series 2470,Cl. LF, 2.159%, 2/15/322		1,415		1,449
Series 2564,Cl. MP, 5.00%, 2/15/18		14,337		14,428
Series 2585,Cl. HJ, 4.50%, 3/15/18		7,171		7,335
Series 2635,Cl. AG, 3.50%, 5/15/32		27,305		28,146
Series 2707,Cl. QE, 4.50%, 11/15/18		5,580		5,650
Series 2770,Cl. TW, 4.50%, 3/15/19		3,657		3,754
Series 3010,Cl. WB, 4.50%, 7/15/20		11,013		11,280
Series 3025,Cl. SJ, 20.501%, 8/15/352		14,837		21,945
Series 3030,Cl. FL, 1.559%, 9/15/352		2,364		2,372
Series 3645,Cl. EH, 3.00%, 12/15/20		33,594		33,916
Series 3741,Cl. PA, 2.15%, 2/15/35		104,924		105,110
Series 3815,Cl. BD, 3.00%, 10/15/20		1,499		1,507
Series 3822,Cl. JA, 5.00%, 6/15/40		3,936		4,087
Series 3840,Cl. CA, 2.00%, 9/15/18		1,126		1,126
Series 3848,Cl. WL, 4.00%, 4/15/40		21,244		21,928
Series 3857,Cl. GL, 3.00%, 5/15/40		4,632		4,734
Series 4221,Cl. HJ, 1.50%, 7/15/23		83,742		83,339
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074,Cl. S, 99.999%, 7/17/283		1,210		185
Series 2079,Cl. S, 99.999%, 7/17/283		2,150		329
Series 2130,Cl. SC, 99.999%, 3/15/293		75,938		13,148
Series 2526,Cl. SE, 66.562%, 6/15/293		2,588		492
Series 2796,Cl. SD, 99.999%, 7/15/263		137,325		19,301
Series 2920,Cl. S, 38.016%, 1/15/353		525,223		90,205
Series 2922,Cl. SE, 23.066%, 2/15/353		64,509		12,477
Series 2981,Cl. AS, 8.083%, 5/15/353		84,452		12,973
Series 3004,Cl. SB, 0.00%, 7/15/353,4		24,311		2,886
Series 3397,Cl. GS, 0.00%, 12/15/373,4		12,081		2,173
Series 3424,Cl. EI, 0.00%, 4/15/383,4		10,425		1,085
Series 3450,Cl. BI, 17.789%, 5/15/383		322,603		51,905
Series 3606,Cl. SN, 21.03%, 12/15/393		88,817		14,577
Federal National Mortgage Assn.:
3.00%, 7/1/326		4,985,000		5,115,856
3.50%, 8/1/476		11,080,000		11,357,532
3.50%, 7/1/326		2,185,000		2,273,338
4.00%, 8/1/476		14,545,000		15,261,739
4.50%, 8/1/476		8,190,000		8,774,171
5.00%, 8/1/476		1,830,000		1,997,269

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21-7/1/22	$	4,617	$	4,745
5.50%, 2/1/35-5/1/36		131,107		146,931
6.50%, 8/1/17-1/1/34		8,743		9,986
7.00%, 11/1/17-12/1/32		18,134		21,173
7.50%, 1/1/33		3,800		4,500
8.50%, 7/1/32		9,678		10,461
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221,Cl. 2, 99.999%, 5/25/233		1,777		278
Series 222,Cl. 2, 99.999%, 6/25/233		195,821		27,233
Series 252,Cl. 2, 0.00%, 11/25/233,4		183,590		29,196
Series 294,Cl. 2, 99.999%, 2/25/283		23,954		5,709
Series 301,Cl. 2, 9.632%, 4/25/293		1,949		462
Series 303,Cl. IO, 41.226%, 11/25/293		41,994		10,548
Series 320,Cl. 2, 41.201%, 4/25/323		164,776		45,738
Series 321,Cl. 2, 0.00%, 4/25/323,4		409,466		91,169
Series 324,Cl. 2, 0.00%, 7/25/323,4		4,293		979
Series 331,Cl. 5, 0.00%, 2/25/333,4		5,992		1,137
Series 331,Cl. 9, 26.865%, 2/25/333		136,935		28,713
Series 334,Cl. 12, 0.00%, 3/25/333,4		9,896		2,199
Series 334,Cl. 17, 24.704%, 2/25/333		86,134		17,330
Series 339,Cl. 12, 0.00%, 6/25/333,4		136,959		34,525
Series 339,Cl. 7, 0.00%, 11/25/333,4		290,593		57,501
Series 343,Cl. 13, 0.00%, 9/25/333,4		146,351		33,328
Series 343,Cl. 18, 0.00%, 5/25/343,4		35,748		7,328
Series 345,Cl. 9, 0.00%, 1/25/343,4		102,937		20,701
Series 351,Cl. 10, 0.00%, 4/25/343,4		45,503		9,181
Series 351,Cl. 8, 0.00%, 4/25/343,4		78,456		15,846
Series 356,Cl. 10, 0.00%, 6/25/353,4		56,145		11,209
Series 356,Cl. 12, 0.00%, 2/25/353,4		27,410		6,076
Series 362,Cl. 13, 0.00%, 8/25/353,4		108,740		22,167
Series 364,Cl. 15, 0.00%, 9/25/353,4		5,691		1,188
Series 364,Cl. 16, 0.00%, 9/25/353,4		119,989		22,829
Series 365,Cl. 16, 0.00%, 3/25/363,4		154,877		31,525
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-
Through Certificates:
Series 1993-87,Cl. Z, 6.50%, 6/25/23		136,962		147,975
Series 1998-58,Cl. PC, 6.50%, 10/25/28		111,827		125,476
Series 1998-61,Cl. PL, 6.00%, 11/25/28		56,585		63,246
Series 1999-54,Cl. LH, 6.50%, 11/25/29		89,893		100,852
Series 2001-51,Cl. OD, 6.50%, 10/25/31		6,360		6,949
Series 2001-74,Cl. QE, 6.00%, 12/25/31		134,694		152,046
Series 2003-100,Cl. PA, 5.00%, 10/25/18		42,555		43,062
Series 2003-28,Cl. KG, 5.50%, 4/25/23		408,889		441,328
Series 2003-84,Cl. GE, 4.50%, 9/25/18		2,027		2,050
Series 2004-25,Cl. PC, 5.50%, 1/25/34		2,477		2,532
Series 2005-73,Cl. DF, 1.466%, 8/25/352		5,466		5,489
Series 2006-11,Cl. PS, 20.108%, 3/25/362		77,222		111,876
Series 2006-46,Cl. SW, 19.74%, 6/25/362		53,906		77,980
Series 2006-50,Cl. KS, 19.741%, 6/25/362		73,147		104,751
Series 2008-75,Cl. DB, 4.50%, 9/25/23		15,466		15,644
Series 2009-113,Cl. DB, 3.00%, 12/25/20		50,537		50,889
Series 2009-36,Cl. FA, 2.156%, 6/25/372		47,262		48,278
Series 2009-70,Cl. TL, 4.00%, 8/25/19		18,101		18,215
Series 2010-43,Cl. KG, 3.00%, 1/25/21		17,934		18,103
Series 2011-3,Cl. EL, 3.00%, 5/25/20		84,228		84,766
Series 2011-38,Cl. AH, 2.75%, 5/25/20		1,257		1,261
Series 2011-82,Cl. AD, 4.00%, 8/25/26		35,938		36,431
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 18.073%, 11/18/313		5,474		1,076

7                OPPENHEIMER TOTAL RETURN 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, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2001-63,Cl. SD, 50.067%, 12/18/313	$	1,835	$	358
Series 2001-65,Cl. S, 30.007%, 11/25/313		137,332		27,125
Series 2001-68,Cl. SC, 42.281%, 11/25/313		1,274		251
Series 2001-81,Cl. S, 25.878%, 1/25/323		38,986		7,531
Series 2002-28,Cl. SA, 28.437%, 4/25/323		1,192		225
Series 2002-38,Cl. SO, 65.916%, 4/25/323		3,658		655
Series 2002-39,Cl. SD, 52.006%, 3/18/323		2,419		500
Series 2002-47,Cl. NS, 30.474%, 4/25/323		118,633		27,583
Series 2002-48,Cl. S, 35.906%, 7/25/323		1,969		395
Series 2002-51,Cl. S, 28.957%, 8/25/323		108,905		21,259
Series 2002-52,Cl. SD, 74.696%, 9/25/323		170,238		32,661
Series 2002-52,Cl. SL, 29.349%, 9/25/323		1,232		241
Series 2002-53,Cl. SK, 73.497%, 4/25/323		8,428		1,782
Series 2002-56,Cl. SN, 34.105%, 7/25/323		2,685		538
Series 2002-60,Cl. SM, 18.508%, 8/25/323		17,138		2,881
Series 2002-7,Cl. SK, 21.485%, 1/25/323		7,813		1,497
Series 2002-77,Cl. BS, 21.175%, 12/18/323		11,156		2,469
Series 2002-77,Cl. IS, 49.61%, 12/18/323		6,232		1,310
Series 2002-77,Cl. SH, 32.864%, 12/18/323		54,885		10,875
Series 2002-84,Cl. SA, 28.333%, 12/25/323		131,460		27,103
Series 2002-9,Cl. MS, 25.80%, 3/25/323		2,022		405
Series 2002-90,Cl. SN, 18.865%, 8/25/323		8,817		1,482
Series 2002-90,Cl. SY, 25.236%, 9/25/323		6,579		1,202
Series 2003-26,Cl. DI, 51.435%, 4/25/333		6,125		1,441
Series 2003-33,Cl. SP, 31.972%, 5/25/333		135,857		31,631
Series 2003-4,Cl. S, 21.581%, 2/25/333		82,847		17,974
Series 2004-54,Cl. DS, 99.999%, 11/25/303		119,335		19,471
Series 2005-12,Cl. SC, 38.287%, 3/25/353		29,814		4,795
Series 2005-14,Cl. SE, 45.101%, 3/25/353		89,505		13,951
Series 2005-40,Cl. SA, 99.999%, 5/25/353		269,340		41,520
Series 2005-40,Cl. SB, 78.194%, 5/25/353		12,036		1,706
Series 2005-52,Cl. JH, 41.909%, 5/25/353		70,755		10,590
Series 2005-93,Cl. SI, 9.883%, 10/25/353		192,912		29,468
Series 2008-55,Cl. SA, 0.00%, 7/25/383,4		11,829		1,399
Series 2009-8,Cl. BS, 99.999%, 2/25/243		4,837		210
Series 2011-96,Cl. SA, 12.076%, 10/25/413		68,869		12,191

	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, 7.528%, 12/25/423	$	170,318	$	35,404
Series 2012-40,Cl. PI, 5.975%, 4/25/413		128,070		19,347
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 5.195%, 9/25/235		62,075		57,952
				50,625,038
GNMA/Guaranteed—1.6%
Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26		5,787		6,133
8.50%, 8/15/17-12/15/17		5		5
Government National Mortgage Assn. II Pool, 4%, 8/1/476		1,940,000		2,038,515
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 99.999%, 2/16/323		192,149		26,339
Series 2007-17,Cl. AI, 59.382%, 4/16/373		67,502		12,498
Series 2011-52,Cl. HS, 29.762%, 4/16/413		447,192		69,427
				2,152,917
Non-Agency—14.7%
Commercial—7.6%
Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 99.999%, 4/14/293		1,179,027		619
BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 2.69%, 9/26/351,2		85,109		85,475
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0%, 6/22/243,4,7		270,654		7,591
CD Commercial Mortgage Trust:
Series 2016-CD2,Cl. AM, 3.668%, 11/10/492		150,000		154,507
Series 2017-CD3,Cl. AS, 3.833%, 2/10/50		140,000		146,063
Chase Mortgage Finance Trust, Series 2005- A2, Cl. 1A3, 3.257%, 1/25/362		111,865		107,475
Citigroup Global Markets Mortgage Securities VII, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1999-C1, Cl. X, 0%, 5/18/323,4		653,277		25
COMM Mortgage Trust:
Series 2013-CR6,Cl. AM, 3.147%, 3/10/461		245,000		247,305
Series 2013-CR7,Cl. D, 4.471%, 3/10/461,2		390,000		307,045
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		715,000		750,348
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		170,000		180,379
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		475,000		497,148
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		280,000		289,878
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 27.861%, 12/10/453		2,453,894		149,226
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6%, 7/25/36		175,161		142,549
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		140,000		142,627

8        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Commercial (Continued)
First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,Cl. 3A1, 6.00%, 1/25/35	$	107,124	$	105,570
Series 2005-FA8,Cl. 1A6, 1.866%, 11/25/352		142,604		103,813
FREMF Mortgage Trust:
Series 2011-K702,Cl. B, 4.93%, 4/25/441,2		55,000		55,894
Series 2013-K25,Cl. C, 3.744%, 11/25/451,2		90,000		90,585
Series 2013-K26,Cl. C, 3.722%, 12/25/451,2		60,000		59,905
Series 2013-K27,Cl. C, 3.617%, 1/25/461,2		95,000		94,309
Series 2013-K28,Cl. C, 3.609%, 6/25/461,2		285,000		282,659
Series 2013-K502,Cl. C, 2.967%, 3/25/451,2		175,000		174,801
Series 2013-K712,Cl. C, 3.48%, 5/25/451,2		75,000		75,385
Series 2013-K713,Cl. C, 3.274%, 4/25/461,2		115,000		115,801
Series 2014-K715,Cl. C, 4.267%, 2/25/461,2		50,000		51,152
GS Mortgage Securities Trust, Series 2013- GC16, Cl. AS, 4.649%, 11/10/46		45,000		49,002
GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6%, 4/25/371,2		298,823		285,461
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		315,000		321,447
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		300,000		323,681
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		40,000		40,507
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		220,000		230,429
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.406%, 7/25/352		87,569		88,009
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.324%, 7/26/361,2		281,802		267,747
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24,Cl. B, 4.116%, 11/15/472		245,000		253,030
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		490,000		513,687
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		255,000		262,639
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		230,000		230,712
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0%, 2/18/303,4		106,280		3
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,2		39,564		30,802
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		225,000		229,984
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		595,000		616,044
Series 2016-C30,Cl. AS, 3.175%, 9/15/49		375,000		367,516
Morgan Stanley Re-Remic Trust, Series 2012- R3, Cl. 1B, 2.708%, 11/26/361,2		444,208		400,450
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.50%, 6/26/461,2		164,433		164,564
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 2.993%, 7/26/451,2		17,753		18,162
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29,Cl. AS, 4.013%, 6/15/482		240,000		251,536

	Principal Amount		Value
Commercial (Continued)
Wells Fargo Commercial Mortgage Trust: (Continued)
Series 2016-C37,Cl. AS, 4.018%, 12/15/49	$	355,000	$	373,390
WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.985%, 6/15/451,2		120,000		99,974
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		150,000		154,380
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		130,000		138,141
Series 2014-LC14,Cl. AS, 4.351%, 3/15/472		145,000		154,890
				10,284,321
Residential—7.1%
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		103,052		95,730
Series 2007-C,Cl. 1A4, 3.171%, 5/20/362		48,571		44,428
Series 2014-R7,Cl. 3A1, 3.107%, 3/26/361,2		165,724		165,834
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6%, 3/25/37		71,962		66,109
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.26%, 3/25/352		145,616		147,310
Series 2005-9,Cl. A1, 2.83%, 10/25/352		150,523		148,160
Series 2006-1,Cl. A1, 2.91%, 2/25/362		195,969		195,883
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		15,184		15,160
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		90,281		83,261
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		12,143		12,200
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 3.21%, 10/25/352		449,078		449,714
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M1, 2.166%, 5/25/242		167,777		168,512
Series 2014-C02,Cl. 2M1, 2.166%, 5/25/242		44,891		44,975
Series 2014-C03,Cl. 1M1, 2.416%, 7/25/242		156,996		157,258
Series 2014-C03,Cl. 2M1, 2.416%, 7/25/242		57,571		57,679
Series 2015-C03,Cl. 2M1, 2.716%, 7/25/252		5,135		5,141
Series 2016-C03,Cl. 1M1, 3.216%, 10/25/282		28,861		29,399
Series 2016-C05,Cl. 2M1, 2.566%, 1/25/292		75,072		75,697
Series 2016-C07,Cl. 2M1, 2.516%, 4/25/292		224,223		225,853
Series 2016-C07,Cl. 2M2, 5.566%, 4/25/292		130,000		142,837
Series 2017-C01,Cl. 1M2, 4.766%, 7/25/292		350,000		370,057
Series 2017-C02,Cl. 2M1, 2.366%, 9/25/292		314,190		317,062
Series 2017-C02,Cl. 2M2, 4.866%, 9/25/292		330,000		350,558
Series 2017-C03,Cl. 1M1, 2.166%, 10/25/292		145,058		145,803
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.525%, 7/25/352		83,450		83,937
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 1.526%, 7/25/352		39,413		39,110
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.316%, 8/25/362		48,695		24,431
RALI Trust:
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		781		690

9        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTSUnaudited / Continued

	Principal Amount		Value
Residential (Continued)
RALI Trust: (Continued)
Series 2007-QS6,Cl. A28, 5.75%, 4/25/37	$	9,801	$	8,810
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1,Cl. M1, 4.616%, 7/25/232		146,990		148,799
Series 2014-HQ2,Cl. M2, 3.416%, 9/25/242		335,000		344,254
Series 2015-HQA2,Cl. M2, 4.016%, 5/25/282		82,642		85,585
Series 2016-DNA1,Cl. M2, 4.116%, 7/25/282		100,000		104,132
Series 2016-DNA2,Cl. M1, 2.466%, 10/25/282		340,919		341,858
Series 2016-DNA3,Cl. M1, 2.316%, 12/25/282		215,816		216,562
Series 2016-DNA4,Cl. M1, 2.016%, 3/25/292		156,135		156,472
Series 2016-DNA4,Cl. M3, 5.016%, 3/25/292		325,000		352,394
Series 2016-HQA2,Cl. M1, 2.416%, 11/25/282		143,372		143,803
Series 2016-HQA3,Cl. M1, 2.016%, 3/25/292		615,364		616,828
Series 2016-HQA3,Cl. M3, 5.066%, 3/25/292		310,000		335,986
Series 2016-HQA4,Cl. M1, 2.016%, 4/25/292		365,201		365,820
Series 2016-HQA4,Cl. M3, 5.116%, 4/25/292		320,000		348,654
Series 2017-DNA1,Cl. M2, 4.466%, 7/25/292		330,000		344,692
Series 2017-HQA1,Cl. M1, 2.416%, 8/25/292		253,423		256,321
Series 2017-HQA1,Cl. M2, 4.766%, 8/25/292		350,000		370,435
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 2.838%, 10/25/332		96,743		99,131
Series 2005-AR14,Cl. 1A4, 2.835%, 12/25/352		190,800		185,833
Series 2005-AR16,Cl. 1A1, 2.88%, 12/25/352		82,621		80,361
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR13,Cl. 1A5, 3.377%, 5/25/352		30,199		30,312
Series 2005-AR15,Cl. 1A2, 2.98%, 9/25/352		98,403		95,834
Series 2005-AR15,Cl. 1A6, 2.98%, 9/25/352		38,541		36,941
Series 2005-AR4,Cl. 2A2, 3.315%, 4/25/352		227,342		228,600
Series 2006-AR10,Cl. 1A1, 3.246%, 7/25/362		65,010		63,097
Series 2006-AR10,Cl. 5A5, 3.324%, 7/25/362		180,681		181,298
Series 2006-AR2,Cl. 2A3, 3.107%, 3/25/362		80,025		80,424
Series 2006-AR7,Cl. 2A4, 3.329%, 5/25/362		5,966		5,736
Series 2006-AR8,Cl. 2A1, 3.194%, 4/25/362		206,136		207,530
Series 2006-AR8,Cl. 2A4, 3.194%, 4/25/362		90,230		90,841
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		78,762		82,521
				9,672,652
Total Mortgage-Backed Obligations (Cost $74,348,652)				72,734,928

	Principal Amount		Value
U.S. Government Obligation—1.0%
United States Treasury Nts., 1.50%, 5/31/198,9 (Cost $1,441,656)		1,438,000	$	1,441,370
Corporate Bonds and Notes—44.9%
Consumer Discretionary—7.8%
Automobiles—2.1%
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/201		285,000		285,093
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		172,000		258,842
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20		221,000		220,952
3.664% Sr. Unsec. Nts., 9/8/24		420,000		419,668
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		148,000		165,144
General Motors Financial Co., Inc.:
3.00% Sr. Unsec. Nts., 9/25/17		344,000		344,998
3.15% Sr. Unsec. Nts., 6/30/22		301,000		300,064
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		93,000		98,352
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191		347,000		341,919
Nissan Motor Acceptance Corp., 1.55% Sr. Unsec. Nts., 9/13/191		86,000		85,063
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/251		315,000		333,506
				2,853,601
Diversified Consumer Services—0.3%
Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		311,000		329,629
Hotels, Restaurants & Leisure—0.4%
Aramark Services, Inc., 5% Sr. Unsec. Nts., 4/1/251		163,000		172,576
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		148,000		151,495
Wyndham Worldwide Corp., 4.15% Sr. Unsec. Nts., 4/1/24		227,000		233,437
				557,508
Household Durables—1.1%
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		344,000		360,770
Newell Brands, Inc.:
5.00% Sr. Unsec. Nts., 11/15/23		346,000		370,356
5.50% Sr. Unsec. Nts., 4/1/46		98,000		118,433
PulteGroup, Inc., 5% Sr. Unsec. Nts., 1/15/27		269,000		277,070
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		257,000		266,830
4.875% Sr. Unsec. Nts., 11/15/25		53,000		55,120
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17		85,000		84,995
				1,533,574
Internet & Catalog Retail—0.5%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		100,000		118,481
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		565,000		558,430
				676,911
Leisure Equipment & Products—0.3%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		371,000		370,729
Media—1.7%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		142,000		152,372
Charter Communications Operating LLC/ Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/471,6		232,000		246,700

10        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Media (Continued)
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22	$	242,000	$	324,276
Historic TW, Inc., 9.15% Debs., 2/1/23		96,000		123,267
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		113,000		119,177
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/241		162,000		166,680
6.10% Sr. Unsec. Nts., 2/15/181		116,000		119,021
Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		366,000		366,107
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		176,000		168,298
Viacom, Inc.:
2.25% Sr. Unsec. Nts., 2/4/22		70,000		68,039
3.45% Sr. Unsec. Nts., 10/4/26		84,000		81,268
4.375% Sr. Unsec. Nts., 3/15/43		214,000		191,170
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/261		227,000		237,115
				2,363,490
Multiline Retail—0.2%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		307,000		325,036
Specialty Retail—0.8%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		64,000		63,636
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		212,000		230,888
L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		120,000		129,000
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		355,000		361,413
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		170,000		174,887
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		101,000		98,455
				1,058,279
Textiles, Apparel & Luxury Goods—0.4%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/261		239,000		243,780
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25		142,000		149,100
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		154,000		159,775
				552,655
Consumer Staples—3.9%
Beverages—1.2%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		408,000		409,083
3.65% Sr. Unsec. Nts., 2/1/26		85,000		87,738
4.90% Sr. Unsec. Nts., 2/1/46		74,000		83,972
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		230,000		357,843
Molson Coors Brewing Co.:
2.10% Sr. Unsec. Nts., 7/15/21		309,000		304,124
4.20% Sr. Unsec. Nts., 7/15/46		82,000		80,810
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		252,000		269,042
				1,592,612
Food & Staples Retailing—0.3%
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		15,000		14,992
6.40% Sr. Unsec. Nts., 8/15/17		330,000		331,671
6.90% Sr. Unsec. Nts., 4/15/38		79,000		100,124
				446,787

	Principal Amount		Value
Food Products—1.9%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26	$	216,000	$	206,808
8.50% Sr. Unsec. Nts., 6/15/19		289,000		323,384
Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		374,000		374,245
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/25		198,000		204,544
4.375% Sr. Unsec. Nts., 6/1/46		214,000		209,405
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261		184,000		191,590
Mondelez International Holdings
Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191		353,000		349,897
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/201		338,000		340,179
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/241		170,000		181,900
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		167,000		168,305
				2,550,257
Tobacco—0.5%
Altria Group, Inc., 3.875% Sr. Unsec. Nts., 9/16/46		202,000		197,020
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181		357,000		357,229
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		115,000		141,530
				695,779
Energy—3.7%
Energy Equipment & Services—0.5%
Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		74,000		79,145
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		146,000		153,354
Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/171		334,000		334,347
4.00% Sr. Unsec. Nts., 12/21/251		194,000		203,744
				770,590
Oil, Gas & Consumable Fuels—3.2%
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		64,000		59,894
6.20% Sr. Unsec. Nts., 3/15/40		64,000		73,399
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		96,000		96,759
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		176,000		186,748
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		328,000		326,996
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		85,000		84,308
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		352,000		351,084
Cimarex Energy Co., 3.90% Sr. Unsec. Nts., 5/15/27		194,000		195,471
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		302,000		309,619
4.50% Sr. Unsec. Nts., 6/1/25		168,000		179,140
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		42,000		46,862
5.95% Sr. Unsec. Nts., 3/15/46		78,000		98,053
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		95,000		92,553
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		94,000		93,466
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		87,000		90,686
Enterprise Products Operating LLC: 4.85% Sr. Unsec. Nts., 8/15/42		79,000		84,026

11        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTSUnaudited / Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Enterprise Products Operating LLC:
(Continued)
4.90% Sr. Unsec. Nts., 5/15/46	$	37,000	$	40,000
EQT Corp., 6.50% Sr. Unsec. Nts., 4/1/18		162,000		167,323
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		266,000		283,264
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		92,000		94,960
ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25		156,000		167,302
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		151,000		149,788
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/281		166,000		168,076
Shell International Finance BV, 4% Sr. Unsec. Nts., 5/10/46		115,000		114,074
Tesoro Corp., 5.125% Sr. Unsec. Nts., 12/15/261		335,000		366,021
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.25% Sr. Unsec. Nts., 1/15/25		242,000		255,007
Williams Partners LP, 3.75% Sr. Unsec. Nts., 6/15/27		139,000		137,884
				4,312,763
Financials—13.4%
Capital Markets—3.2%
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/241		258,000		262,478
Bank of New York Mellon Corp. (The), 3% Sub. Nts., 10/30/28		146,000		141,517
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		332,000		339,663
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		199,000		205,779
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		130,000		138,363
E*TRADE Financial Corp., 5.875% Jr. Sub. Perpetual Bonds2,10		358,000		381,270
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		208,000		207,164
3.75% Sr. Unsec. Nts., 2/25/26		202,000		206,075
3.85% Sr. Unsec. Nts., 1/26/27		385,000		392,128
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		278,000		291,174
5.00% Sub. Nts., 11/24/25		305,000		332,277
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261		334,000		344,120
Northern Trust Corp., 3.375% Sub. Nts., 5/8/322		145,000		145,134
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		202,000		202,597
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		226,000		227,644
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		206,000		205,745
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/261		205,000		214,207
4.253% Sr. Unsec. Nts., 3/23/281		135,000		141,334
				4,378,669
Commercial Banks—6.6%
Australia & New Zealand Banking Group
Ltd. (New York), 2.625% Unsec. Nts., 5/19/22		335,000		335,617
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		282,000		273,127
3.824% Sr. Unsec. Nts., 1/20/282		207,000		210,868
7.75% Jr. Sub. Nts., 5/14/38		236,000		340,780

	Principal Amount		Value
Commercial Banks (Continued)
Barclays plc, 4.375% Sr. Unsec. Nts., 1/12/26	$	418,000	$	435,166
BPCE SA, 3% Sr. Unsec. Nts., 5/22/221		344,000		347,351
Citigroup, Inc., 4.281% Sr. Unsec. Nts., 4/24/482		334,000		343,686
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		192,000		192,314
2.65% Sr. Unsec. Nts., 5/26/22		81,000		80,865
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		345,000		344,041
Credit Agricole SA (London), 4.125% Sr. Unsec. Nts., 1/10/271		356,000		372,805
Danske Bank AS, 2.80% Sr. Unsec. Nts., 3/10/211		202,000		205,040
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		206,000		210,139
First Republic Bank, 4.375% Sub. Nts., 8/1/46		139,000		137,037
Glencore Funding LLC, 4% Sr. Unsec. Nts., 4/16/251		193,000		193,396
HSBC Holdings plc, 4.041% Sr. Unsec. Nts., 3/13/282		156,000		161,793
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		218,000		222,469
ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/211		246,000		249,043
ING Groep NV, 3.95% Sr. Unsec. Nts., 3/29/27		143,000		149,014
JPMorgan Chase & Co.:
3.54% Sr. Unsec. Nts., 5/1/282		293,000		294,980
3.782% Sr. Unsec. Nts., 2/1/282		593,000		607,204
4.26% Sr. Unsec. Nts., 2/22/482		135,000		142,258
KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		276,000		274,614
Lloyds Banking Group plc, 6.657% Jr. Sub. Perpetual Bonds1,2,10		334,000		379,508
Manufacturers & Traders Trust Co., 2.50% Sr. Unsec. Nts., 5/18/22		291,000		290,557
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		301,000		299,909
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		287,000		288,250
Royal Bank of Scotland Group plc, 3.498% Sr. Unsec. Nts., 5/15/232		238,000		239,675
Skandinaviska Enskilda Banken AB, 2.80% Sr. Unsec. Nts., 3/11/22		334,000		337,953
Standard Chartered plc, 2.68% Jr. Sub. Perpetual Bonds1,2,10		100,000		85,250
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		151,000		147,878
US Bancorp:
3.10% Sub. Nts., 4/27/26		214,000		211,779
3.15% Sr. Unsec. Nts., 4/27/27		82,000		82,249
Wells Fargo & Co.:
3.584% Sr. Unsec. Nts., 5/22/282		272,000		275,184
4.75% Sub. Nts., 12/7/46		194,000		207,931
				8,969,730
Consumer Finance—0.8%
American Express Credit Corp.:
2.70% Sr. Unsec. Nts., 3/3/22		206,000		207,846
3.30% Sr. Unsec. Nts., 5/3/27		205,000		204,640
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27		135,000		134,795
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		186,000		184,101
4.10% Sr. Unsec. Nts., 2/9/27		134,000		134,504

12        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Consumer Finance (Continued)
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/191	$	206,000	$	220,153
				1,086,039
Diversified Financial Services—0.5%
Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		102,000		102,262
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251		189,000		192,126
Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/532		345,000		367,425
				661,813
Insurance—1.6%
Arch Capital Finance LLC, 4.011% Sr. Unsec. Nts., 12/15/26		208,000		214,998
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		206,000		219,957
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/271		87,000		85,842
Manulife Financial Corp., 4.061% Sub. Nts., 2/24/322		202,000		204,226
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		137,000		147,250
MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds2,10		258,000		268,506
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/241		326,000		337,839
Progressive Corp. (The), 4.125% Sr. Unsec. Nts., 4/15/47		261,000		272,224
Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/442		253,000		268,496
RenaissanceRe Finance, Inc., 3.45% Sr. Unsec. Nts., 7/1/27		145,000		142,778
				2,162,116
Real Estate Investment Trusts (REITs)—0.7%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		149,000		160,602
5.90% Sr. Unsec. Nts., 11/1/21		200,000		225,527
Vereit Operating Partner, 3% Sr. Unsec. Nts., 2/6/19		126,000		127,315
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/171		318,000		318,014
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		75,000		75,211
				906,669
Health Care—3.0%
Biotechnology—0.9%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		167,000		170,648
4.70% Sr. Unsec. Nts., 5/14/45		54,000		57,688
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		77,000		88,302
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		162,000		169,487
5.00% Sr. Unsec. Nts., 8/15/45		39,000		44,147
Shire Acquisitions Investments Ireland
DAC:
1.90% Sr. Unsec. Nts., 9/23/19		354,000		352,562
3.20% Sr. Unsec. Nts., 9/23/26		272,000		266,530
				1,149,364
Health Care Equipment & Supplies—1.1%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		349,000		351,843
3.75% Sr. Unsec. Nts., 11/30/26		274,000		280,271
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		213,000		213,602
3.70% Sr. Unsec. Nts., 6/6/27		252,000		252,905

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25	$	260,000	$	268,965
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		154,000		173,991
				1,541,577
Health Care Providers & Services—0.5%
Cardinal Health, Inc., 3.41% Sr. Unsec. Nts., 6/15/27		165,000		164,639
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/221		300,000		333,750
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		204,000		207,409
				705,798
Life Sciences Tools & Services—0.3%
Quintiles IMS, Inc., 5% Sr. Unsec. Nts., 10/15/261		127,000		131,286
Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24		121,000		129,232
5.30% Sr. Unsec. Nts., 2/1/44		105,000		123,147
				383,665
Pharmaceuticals—0.2%
Allergan Funding SCS, 3.80% Sr. Unsec. Nts., 3/15/25		220,000		227,945
Industrials—3.0%
Aerospace & Defense—0.6%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		258,000		268,937
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		124,000		127,239
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		185,000		209,530
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		83,000		83,498
3.875% Sr. Unsec. Nts., 3/1/25		111,000		114,215
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/182		60,000		60,091
				863,510
Air Freight & Couriers—0.0%
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		65,000		67,230
Building Products—0.2%
Johnson Controls International plc, 1.40% Sr. Unsec. Nts., 11/2/17		66,000		65,963
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		243,000		239,870
				305,833
Commercial Services & Supplies—0.5%
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		277,000		284,402
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18		294,000		299,261
Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		72,000		75,879
				659,542
Electrical Equipment—0.3%
Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/231		347,000		355,241
Industrial Conglomerates—0.2%
Roper Technologies, Inc.:
3.80% Sr. Unsec. Nts., 12/15/26		43,000		44,270
3.85% Sr. Unsec. Nts., 12/15/25		170,000		175,353
				219,623
Machinery—0.4%
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		360,000		357,603

13        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTSUnaudited / Continued

	Principal Amount		Value
Machinery (Continued)
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/261	$	144,000	$	142,279
				499,882
Road & Rail—0.3%
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		68,000		76,122
Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		110,000		122,468
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/261		285,000		280,647
				479,237
Trading Companies & Distributors—0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.95% Sr. Unsec. Nts., 2/1/22		354,000		368,918
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		148,000		147,334
3.625% Sr. Unsec. Nts., 4/1/27		143,000		143,321
				659,573
Information Technology—2.3%
Electronic Equipment, Instruments, & Components—0.4%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		250,000		249,417
CDW LLC/CDW Finance Corp., 5.50% Sr. Unsec. Nts., 12/1/24		54,000		58,674
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		264,000		280,415
				588,506
Internet Software & Services—0.1%
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/271		63,000		63,769
5.25% Sr. Unsec. Nts., 4/1/25		99,000		106,177
				169,946
IT Services—0.5%
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		174,000		171,659
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/201		238,000		241,133
4.75% Sr. Unsec. Nts., 4/15/271		255,000		266,421
				679,213
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		93,000		108,467
QUALCOMM, Inc., 3.25% Sr. Unsec. Nts., 5/20/27		168,000		168,610
				277,077
Software—0.9%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		110,000		116,242
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/191		355,000		363,479
6.02% Sr. Sec. Nts., 6/15/261		218,000		240,561
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231		236,000		247,210
Oracle Corp., 2.40% Sr. Unsec. Nts., 9/15/23		211,000		208,411
				1,175,903
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		198,000		214,914
Hewlett Packard Enterprise Co., 2.45% Sr. Unsec. Nts., 10/5/17		79,000		79,213
				294,127

	Principal Amount		Value
Materials—2.8%
Chemicals—1.4%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25	$	151,000	$	151,284
4.125% Sr. Unsec. Nts., 3/15/35		75,000		74,951
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/261		162,000		166,897
Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19		338,000		339,610
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		344,000		362,920
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22		285,000		293,014
3.75% Sr. Unsec. Nts., 3/15/27		84,000		85,538
Sherwin-Williams Co. (The):
3.30% Sr. Unsec. Nts., 2/1/251		103,000		102,676
3.95% Sr. Unsec. Nts., 1/15/261		152,000		157,141
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261		215,000		213,765
				1,947,796
Construction Materials—0.4%
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/451		121,000		137,075
James Hardie International Finance DAC, 5.875% Sr. Unsec. Nts., 2/15/231		161,000		169,453
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261		85,000		84,209
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27		181,000		186,379
				577,116
Containers & Packaging—0.7%
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		157,000		151,426
4.80% Sr. Unsec. Nts., 6/15/44		131,000		140,558
Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		94,000		96,005
4.50% Sr. Unsec. Nts., 11/1/23		253,000		271,787
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251		270,000		278,100
				937,876
Metals & Mining—0.1%
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		101,000		112,925
Paper & Forest Products—0.2%
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		186,000		190,417
Telecommunication Services—1.8%
Diversified Telecommunication Services—1.8%
AT&T, Inc.:
3.80% Sr. Unsec. Nts., 3/15/22		287,000		297,341
4.35% Sr. Unsec. Nts., 6/15/45		281,000		262,181
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30		276,000		420,638
Deutsche Telekom International Finance BV, 3.60% Sr. Unsec. Nts., 1/19/271		166,000		169,243
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		347,000		350,744
4.103% Sr. Unsec. Nts., 3/8/27		90,000		93,178
5.213% Sr. Unsec. Nts., 3/8/47		150,000		162,837
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		115,000		151,663
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		247,000		239,121
4.125% Sr. Unsec. Nts., 8/15/46		148,000		132,438
4.522% Sr. Unsec. Nts., 9/15/48		186,000		177,069
				2,456,453

14        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Utilities—3.2%
Electric Utilities—2.6%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251	$	177,000	$	184,092
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		176,000		176,853
Duke Energy Corp., 3.75% Sr. Unsec. Nts., 9/1/46		165,000		157,667
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		208,000		210,305
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		223,000		221,347
Enel Finance International NV:
3.625% Sr. Unsec. Nts., 5/25/271		168,000		166,739
6.25% Sr. Unsec. Nts., 9/15/171		333,000		335,950
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		79,000		82,098
Great Plains Energy, Inc.:
2.50% Sr. Unsec. Nts., 3/9/20		149,000		150,477
4.85% Sr. Unsec. Nts., 4/1/47		130,000		134,484
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		57,000		62,699
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		90,000		105,278
Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		73,000		77,166
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		444,000		479,455
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		307,000		323,117
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		120,000		123,894
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		311,000		310,039
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251		213,000		221,270
				3,522,930
Multi-Utilities—0.6%
Dominion Energy, Inc.:
1.875% Sr. Unsec. Nts., 1/15/19		154,000		153,725
4.90% Sr. Unsec. Nts., 8/1/41		133,000		146,045
NiSource Finance Corp., 3.49% Sr.
Unsec. Nts., 5/15/27		241,000		243,177
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		295,000		291,942
				834,889
Total Corporate Bonds and Notes (Cost $59,301,027)				61,038,430
Short-Term Notes—21.3%
Leasing & Factoring—2.5%
American Honda Finance Corp., 0%, 7/24/1711		610,000		609,548
Harley-Davidson Financial Services, Inc., 0%, 7/19/1711,12		410,000		409,686
Hitachi Capital America Corp., 0%, 7/19/1711		610,000		609,533
Hyundai Capital America, 0%, 7/12/1711,12		610,000		609,708
Nissan Motor Acceptance Corp., 0%, 7/7/1711,12		610,000		609,832
Toyota Motor Credit Corp., 0%, 7/12/1711		610,000		609,788
				3,458,095
Telephone Utilities—0.9%
Bell Canada, 0%, 8/14/1711,12		610,000		608,906
Telus Corp., 0%, 7/25/1711		610,000		609,378
				1,218,284
Computers & Peripherals—0.9%
Apple, Inc., 0%, 7/11/1711,12		340,000		339,889

	Principal Amount		Value
Computers & Peripherals (Continued)
HP, Inc., 2.45%, 7/24/1711	$	270,000	$	269,800
NetApp, Inc., 0%, 7/18/1711,12		540,000		539,609
				1,149,298
Electric Utilities—2.9%
Alliant Energy Corp., 0%, 7/6/1711		610,000		609,857
Ameren Illinois Co., 0%, 7/14/1711		610,000		609,658
Arizona Public Service Co., 0%, 7/3/1711		610,000		609,929
Commonwealth Edison Co., 0%, 7/26/1711,12		270,000		269,713
Duke Energy Corp., 0%, 8/16/171,11,12		270,000		269,473
Eversource Energy, 0%, 7/6/1711,12		610,000		609,858
NextEra Energy Capital Holdings, Inc., 0%, 7/5/1711,12		270,000		269,947
Sempra Energy Holdings, 0%, 7/31/1711,12		610,000		609,220
				3,857,655
Food Products—0.9%
General Mills, Inc., 0%, 7/17/1711,12		610,000		609,583
Tyson Food, Inc., 0%, 7/7/1711,12		610,000		609,832
				1,219,415
Personal Products—0.4%
Reckitt Benckiser Treasury Services plc, 0%, 9/19/1711,12		610,000		608,331
Tobacco—0.4%
Philip Morris International, Inc., 0%, 7/24/171,11,12		610,000		609,525
Receivables Finance—0.4%
Old Line Funding LLC, 0%, 7/25/1711,12		610,000		609,482
Banks—1.3%
Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 0%, 7/11/1711		610,000		609,780
Sumitomo Mitsui Banking Corp., 0%, 7/17/1711		610,000		609,658
Toronto Dominion Holding (U.S.A.), Inc., 0%, 7/10/1711,12		460,000		459,847
				1,679,285
Commercial Finance—0.5%
Caterpillar Financial Services Corp., 0%, 7/3/1711		610,000		609,934
Special Purpose Financial—0.4%
ABN AMRO Funding USA LLC, 0%, 8/3/1711,12		540,000		539,297
Oil, Gas & Consumable Fuels—0.3%
Exxon Mobil Corp., 0%, 7/6/1711		470,000		469,917
Multi-Utilities—0.8%
CenterPoint Energy Resources Corp., 0%, 8/23/1711,12		270,000		269,392
Virginia Electric & Power Co., 0%, 7/27/1711,12		270,000		269,712
Xcel Energy, Inc., 0%, 7/11/1711,12		610,000		609,734
				1,148,838
Aerospace & Defense—0.3%
Rockwell Collins, Inc., 0%, 7/10/1711,12		340,000		339,865
Health Care Equipment & Supplies—0.4%
Medtronic Global Holdings SCA, 0%, 7/17/1711,12		610,000		609,594
Chemicals—0.4%
Air Liquide US LLC, 0%, 9/7/1711,12		610,000		608,663
Household Durables—1.1%
Leggett & Platt, Inc., 0%, 7/25/171,11,12		610,000		609,379
Mohawk Industries, Inc., 0%, 7/3/171,11,12		610,000		609,929
Whirlpool Corp., 0%, 9/6/1711		270,000		269,228
				1,488,536
Multiline Retail—0.5%
Dollar General Corp., 0%, 7/7/1711,12		610,000		609,818
Household Products—0.9%
Church & Dwight Co., Inc., 0%, 7/10/1711,12		610,000		609,758

15        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTSUnaudited / Continued

	Principal Amount		Value
Household Products (Continued)
Clorox Co. (The), 0%, 8/7/171,11,12	$	610,000	$	609,041
				1,218,799
Machinery—0.6%
John Deere Financial, Inc., 0%, 7/17/1711,12		610,000		609,681
Xylem, Inc., 0%, 7/6/1711,12		270,000		269,937
				879,618
Water Utilities—0.4%
American Water Capital Corp., 0%, 7/12/1711,12		600,000		599,720
Commercial Services & Supplies—0.2%
Equifax, Inc., 0%, 8/15/171,11		270,000		269,484
Electronic Equipment & Instruments—1.0%
Amphenol Corp., 0%, 7/5/1711		610,000		609,881
Tyco Electronics, 0%, 7/5/171,11,12		610,000		609,881
				1,219,762
Media—0.7%
CBS Corp., 0%, 8/1/1711,12		270,000		269,643
Omnicom Capital, Inc., 0%, 8/7/1711,12		400,000		399,371
WPP CP LLC, 0%, 7/12/1711		270,000		269,871
				938,885
Paper, Containers & Packaging—0.5%
Avery Dennison Co., 0%, 7/5/1711,12		610,000		609,881

	Principal Amount		Value
Specialty Retail—0.5%
Hasbro, Inc., 0%, 7/5/1711,12	$	610,000	$	609,881
Building Products—0.4%
Assa Abloy Financial Services AB, 0%, 10/3/171,11,12		610,000		607,566
IT Services—0.4%
Western Union Co., 0%, 7/5/171,11,12		540,000		539,895
Food & Staples Retailing—0.4%
CVS Health Corp., 0%, 7/10/171,11,12		610,000		609,758
Total Short-Term Notes (Cost $28,938,541)				28,937,081
Certificates of Deposit—0.9%
Australia & New Zealand Banking Corp., 0%, 7/11/1712		610,000		609,785
DBS Bank Ltd., 0%, 8/21/17		610,000		608,952
Total Certificates of Deposit (Cost $1,218,834)				1,218,737
	Shares
Investment Company—1.1%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%13,14 (Cost $1,475,279)		1,475,279		1,475,279
Total Investments, at Value (Cost $182,867,387)		134.6%		183,010,573
Net Other Assets (Liabilities)		(34.6)		(47,025,794)
Net Assets		100.0%	$	135,984,779

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 $30,999,495 or 22.80% 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 $1,472,459 or 1.08% 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 $86,591 or 0.06% 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. Restricted security. The aggregate value of restricted securities at period end was $7,591, which represents 0.01% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Depreciation
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0%, 6/22/24		4/21/97	$	326,836	$	7,591	$	319,245

8. 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 $170,398. See Note 6 of the accompanying Notes.

9. All or a portion of the security position has been pledged for collateral in association with forward roll transactions. See Note 4 of the accompanying Notes.

10. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

11. Current yield as of period end.

12. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $21,291,622 or 15.66% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

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

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, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		2,688,938		127,992,287		129,205,946		1,475,279
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	1,475,279	$	8,518

Futures Contracts as of June 30, 2017

Description

Exchange

Buy/Sell

Expiration Date

Number of Contracts

Value

Unrealized Appreciation (Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/20/17

30

$

4,610,625

$

(1,370

)

16        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Futures Contracts (Continued)
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
United States Treasury Nts., 10 yr.		CBT		Sell		9/20/17		60	$	7,531,875	$	43,107
United States Treasury Nts., 2 yr.		CBT		Buy		9/29/17		25		5,402,734		(2,569	)
United States Treasury Nts., 5 yr.		CBT		Buy		9/29/17		5		589,180		(1,140	)
United States Ultra Bonds		CBT		Buy		9/20/17		67		11,113,625		178,258
											$	216,286

Centrally Cleared Credit Default Swaps at June 30, 2017

Reference Asset

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/(Paid)

Value

CDX.HY.28

Sell

5.000%

6/20/22

USD

3,145

$

(199,070

)

$

213,738

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**
Non-Investment Grade Corporate Debt Indexes		$3,145,000		$—		BB

* 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.

Glossary:
Counterparty Abbreviations
FIB	Credit Suisse International
Definitions
CDX.HY.28	Markit CDX High Yield Index
MLHKOPCB	Custom Basket of Securities
Exchange Abbreviations
CBT	Chicago Board of Trade

See accompanying Notes to Financial Statements.

17        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $181,392,108)	$	181,535,294
Affiliated companies (cost $1,475,279)		1,475,279
		183,010,573
Cash		499,046
Cash used for collateral on futures		168,282
Centrally cleared swaps, at value (premiums paid $199,070)		213,738
Receivables and other assets:
Investments sold (including $57,582,823 sold on a when-issued or delayed delivery basis)		58,723,815
Interest, dividends and principal paydowns		685,200
Shares of beneficial interest sold		91,146
Variation margin receivable		33,750
Other		41,096
Total assets		243,466,646
Liabilities
Payables and other liabilities:
Investments purchased (including $104,661,672 purchased on a when-issued or delayed delivery basis)		107,249,953
Shares of beneficial interest redeemed		97,492
Variation margin payable		49,222
Trustees’ compensation		34,684
Distribution and service plan fees		10,736
Shareholder communications		5,419
Other		34,361
Total liabilities		107,481,867
Net Assets	$	135,984,779
Composition of Net Assets
Par value of shares of beneficial interest	$	17,725
Additional paid-in capital		212,112,544
Accumulated net investment income		1,951,533
Accumulated net realized loss on investments		(78,471,163	)
Net unrealized appreciation on investments		374,140
Net Assets	$	135,984,779
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 $84,065,114 and 10,906,203 shares of beneficial interest outstanding)		$7.71
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $51,919,665 and 6,818,916 shares of beneficial interest outstanding)		$7.61

See accompanying Notes to Financial Statements.

18        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Interest - Unaffiliated companies	$	2,176,537
Fee income on when-issued securities		382,648
Dividends - Affiliated companies		8,518
Total investment income		2,567,703
Expenses
Management fees		403,851
Distribution and service plan fees - Service shares		64,294
Transfer and shareholder servicing agent fees:
Non-Service shares		41,589
Service shares		25,720
Shareholder communications:
Non-Service shares		11,839
Service shares		7,322
Borrowing fees		1,259
Custodian fees and expenses		23,905
Trustees’ compensation		7,025
Legal, auditing and other professional fees		42,552
Other		8,340
Total expenses		637,696
Less reduction to custodian expenses		(122)
Less waivers and reimbursements of expenses		(67,210)
Net expenses		570,364
Net Investment Income		1,997,339
Realized and Unrealized Gain
Net realized gain on:
Investment transactions in unaffiliated companies		231,657
Closing and expiration of futures contracts		48,064
Swap contracts		71,267
Net realized gain		350,988
Net change in unrealized appreciation/depreciation on:
Investment transactions		1,228,272
Futures contracts		256,277
Swap contracts		15,444
Net change in unrealized appreciation/depreciation		1,499,993
Net Increase in Net Assets Resulting from Operations	$	3,848,320

See accompanying Notes to Financial Statements.

19        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	1,997,339		$	3,997,167
Net realized gain (loss)		350,988			(2,634,196	)
Net change in unrealized appreciation/depreciation		1,499,993			3,000,273
Net increase in net assets resulting from operations		3,848,320			4,363,244
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(2,024,42 0	)		(3,248,135	)
Service shares		(1,136,931	)		(1,867,358	)
		(3,161,351	)		(5,115,493	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		259,012			(1,355,182	)
Service shares		(1,716,085	)		1,183,323
		(1,457,073	)		(171,859	)
Net Assets
Total decrease		(770,104	)		(924,108	)
Beginning of period		136,754,883			137,678,991
End of period (including accumulated net investment income of $1,951,533 and $3,115,545, respectively)	$	135,984,779		$	136,754,883

See accompanying Notes to Financial Statements.

20        OPPENHEIMER TOTAL RETURN BOND FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended  December 31, 2016		Year Ended  December 31, 2015		Year Ended December 31, 2014		Year Ended  December 31, 2013		Year Ended  December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$7.67		$7.71		$7.96		$7.83		$8.26		$7.88
Income (loss) from investment operations:
Net investment income1		0.12		0.23		0.27		0.30		0.36		0.35
Net realized and unrealized gain (loss)		0.11		0.02		(0.19)		0.26		(0.37)		0.44
Total from investment operations		0.23		0.25		0.08		0.56		(0.01)		0.79
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.29)		(0.33)		(0.43)		(0.42)		(0.41)
Net asset value, end of period		$7.71		$7.67		$7.71		$7.96		$7.83		$8.26
Total Return, at Net Asset Value2		2.98%		3.27%		0.96%		7.27%		(0.10)%		10.29%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$84,065		$83,405		$85,160		$90,757		$96,785		$116,989
Average net assets (in thousands)		$83,883		$87,039		$89,919		$94,336		$105,012		$119,547
Ratios to average net assets:3
Net investment income		3.04%		2.96%		3.46%		3.72%		4.51%		4.34%
Expenses excluding specific expenses listed below		0.85%		0.84%		0.82%		0.80%		0.80%		0.77%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		0.85%		0.84%		0.82%		0.80%		0.80%		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 rate6		47%		79%		73%		127%		115%		140%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	0.85	%
Year Ended December 31, 2016	0.85	%
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	%

6. 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, 2017		$322,183,879		$309,612,954
Year Ended December 31, 2016		$672,031,328		$673,808,454
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

See accompanying Notes to Financial Statements.

21        OPPENHEIMER TOTAL RETURN BOND FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$7.57		$7.61		$7.86		$7.74		$8.17		$7.79
Income (loss) from investment operations:
Net investment income1		0.11		0.21		0.25		0.27		0.34		0.33
Net realized and unrealized gain (loss)		0.10		0.02		(0.19)		0.26		(0.37)		0.44
Total from investment operations		0.21		0.23		0.06		0.53		(0.03)		0.77
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.27)		(0.31)		(0.41)		(0.40)		(0.39)
Net asset value, end of period		$7.61		$7.57		$7.61		$7.86		$7.74		$8.17
Total Return, at Net Asset Value2		2.76%		3.05%		0.70%		6.93%		(0.38)%		10.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$51,920		$53,350		$52,519		$52,675		$54,946		$64,694
Average net assets (in thousands)		$51,874		$52,738		$54,016		$55,215		$59,523		$67,116
Ratios to average net assets:3
Net investment income		2.84%		2.70%		3.21%		3.47%		4.26%		4.07%
Expenses excluding specific expenses listed below		1.10%		1.09%		1.07%		1.04%		1.05%		1.02%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		1.10%		1.09%		1.07%		1.04%		1.05%		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 rate6		47%		79%		73%		127%		115%		140%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.10	%
Year Ended December 31, 2016	1.10	%
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	%

6. 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, 2017		$322,183,879		$309,612,954
Year Ended December 31, 2016		$672,031,328		$673,808,454
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

See accompanying Notes to Financial Statements.

22        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 Unaudited

1. Organization

Oppenheimer Total Return Bond Fund/VA (the “Fund”), formerly Oppenheimer Core Bond Fund/VA, 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.

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.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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.

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 2.00%. 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 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, 2016, 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, 2016, 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, 2016 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.

23        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Expiring
2017	$	75,069,850
No expiration		3,740,009
Total	$	78,809,859

At period end, it is estimated that the capital loss carryforwards would be $75,069,850 expiring by 2017 and $3,389,011, 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 utilize $350,988 of 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	$	182,868,527
Federal tax cost of other investments		29,230,823
Total federal tax cost	$	212,099,350
Gross unrealized appreciation	$	3,484,209
Gross unrealized depreciation		(3,111,209	)
Net unrealized appreciation	$	373,000

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s

24        OPPENHEIMER TOTAL RETURN BOND FUND/VA

3. Securities Valuation (Continued)

assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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 regularly compares prior day prices 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 may be 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, if any, are classified as Level 2 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:
Asset-Backed Securities	$	—	$	16,164,748	$	—	$	16,164,748
Mortgage-Backed Obligations		—		72,696,535		38,393		72,734,928
U.S. Government Obligation		—		1,441,370		—		1,441,370
Corporate Bonds and Notes		—		61,038,430		—		61,038,430
Short-Term Notes		—		28,937,081		—		28,937,081

25        OPPENHEIMER TOTAL RETURN BOND 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
Investments, at Value: (Continued)
Investment Company	$	1,475,279		$	—	$	—	$	1,475,279
Certificates of Deposit		—			1,218,737		—		1,218,737
Total Investments, at Value		1,475,279			181,496,901		38,393		183,010,573
Other Financial Instruments:
Futures contracts		221,365			—		—		221,365
Centrally cleared swaps, at value		—			213,738		—		213,738
Total Assets	$	1,696,644		$	181,710,639	$	38,393	$	183,445,676
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(5,079	)	$	—	$	—	$	(5,079	)
Total Liabilities	$	(5,079	)	$	—	$	—	$	(5,079	)

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.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Mortgage-Backed
Obligations	$	214,354	$	(214,354	)
Total Assets	$	214,354	$	(214,354	)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), formerly known as Oppenheimer Institutional Money Market Fund, which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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

26        OPPENHEIMER TOTAL RETURN BOND FUND/VA

4. Investments and Risks (Continued)

as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$104,661,672
Sold securities		57,582,823

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.

At period end, the Fund pledged $23,054 of collateral to the counterparty for forward roll transactions.

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 Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Shareholder Concentration. At period end, two shareholders each owned 20% or more of the Fund’s total outstanding shares.

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.

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.

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. 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

27        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

The Fund may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $24,294,787 and $15,275,782 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.

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.

Swap contracts are reported on a schedule following the 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 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 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 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

28        OPPENHEIMER TOTAL RETURN BOND FUND/VA

6. Use of Derivatives (Continued)

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 Statement of Operations.

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease 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.

For the reporting period, the Fund had ending monthly average notional amounts of $2,983,986 on credit default swaps to sell protection.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

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.

    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.

    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 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
Credit contracts	Centrally cleared swaps, at value	$	213,738
Interest rate contracts Variation margin receivable			33,750	*	Variation margin payable	$	49,222	*
Total		$	247,488			$	49,222

*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.

The effect of derivative instruments on the Statement of Operations is as follows:

29        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Closing and expiration of futures contracts		Swap contracts		Total
Credit contracts	$	—	$	71,267	$	71,267
Interest rate contracts		48,064		—		48,064
Total	$	48,064	$	71,267	$	119,331

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts		Swap contracts		Total
Credit contracts	$	—	$	15,444	$	15,444
Interest rate contracts		256,277		—		256,277
Total	$	256,277	$	15,444	$	271,721

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, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		751,491	$	5,823,979		1,355,120	$	10,666,396
Dividends and/or distributions reinvested		261,553		2,024,420		420,198		3,248,135
Redeemed		(976,479)		(7,589,387)		(1,952,587)		(15,269,713)
Net increase (decrease)		36,565	$	259,012		(177,269)	$	(1,355,182)
Service Shares
Sold		632,617	$	4,857,245		3,050,438	$	23,656,300
Dividends and/or distributions reinvested		148,619		1,136,931		244,739		1,867,358
Redeemed		(1,008,161)		(7,710,261)		(3,149,918)		(24,340,335)
Net increase (decrease)		(226,925)	$	(1,716,085)		145,259	$	1,183,323

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities		$52,016,901		$56,599,977
U.S. government and government agency obligations		253,835		1,229,065
To Be Announced (TBA) mortgage-related securities		322,183,879		309,612,954

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 $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.

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.

30        OPPENHEIMER TOTAL RETURN BOND FUND/VA

9. Fees and Other Transactions with Affiliates (Continued)

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.

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.

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 any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; 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.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-Service shares	$	40,679
Service shares		25,204

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

    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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,327 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

31        OPPENHEIMER TOTAL RETURN BOND 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

32        OPPENHEIMER TOTAL RETURN BOND FUND/VA

DISTRIBUTION SOURCESUnaudited

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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 Total Return Bond Fund/VA		6/21/16		87.9%		0.0%	12.1%
Oppenheimer Total Return Bond Fund/VA		6/20/17		100.0%		0.0%	0.0%

33        OPPENHEIMER TOTAL RETURN BOND FUND/VA

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34        OPPENHEIMER TOTAL RETURN BOND FUND/VA

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35        OPPENHEIMER TOTAL RETURN BOND FUND/VA

OPPENHEIMER TOTAL RETURN BOND FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, 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 Foxson, 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 auditors.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
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 MANAGERS: Rajeev Bhaman, CFA and John Delano, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		11/12/90		19.95%		30.74%		13.45%		5.55%
Service Shares		7/13/00		19.80		30.42		13.16		5.29
MSCI All Country World Index				11.48		18.78		10.54		3.71

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the MSCI All Country 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

Citigroup, Inc.	3.0%
Airbus SE	3.0
Alphabet, Inc., Cl. C	2.8
LVMH Moet Hennessy Louis Vuitton SE	2.8
Alphabet, Inc., Cl. A	2.7
Aetna, Inc.	2.5
Murata Manufacturing Co. Ltd.	2.4
Colgate-Palmolive Co.	2.4
S&P Global, Inc.	2.3
Facebook, Inc., Cl. A	2.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on the total market value of investments.

2        OPPENHEIMER GLOBAL FUND/VA

Fund Performance Discussion

For the six-month reporting period ended June 30, 2017, the Fund’s Non-Service shares returned 19.95% versus the MSCI All Country World Index (“the Index”), its benchmark, which returned 11.48%. The Fund outperformed the Index in all eleven sectors of the Index, led by stock selection in the consumer discretionary and financials sectors. In addition, the Fund’s underweight position to the energy sector resulted in outperformance versus the Index. We are perennially underweight energy, and the same is true for materials. We like certain companies for the technology or their access to a very scarce resource. However, we don’t believe that we can predict either energy or materials prices consistently, and so will continue to invest relatively little in those sectors. The energy sector was the only negative performing sector of the Index this reporting period, causing our underweight position to benefit.

MARKET REVIEW

The market strength that began post the U.S. election continued over the six-month reporting period ended June 30, 2017. Dissipating global political uncertainty and improving economic growth around the world encouraged stocks around the world to continue rising, supported by encouraging economic updates and healthy corporate earnings. As of the reporting period’s end, we have a more hawkish tone emerging from the U.S. Federal Reserve, but interest rates remain at levels, rarely if ever, observed. As such, we believe there remains ample opportunity for the economy to expand without interest rates interfering.

FUND REVIEW

Top performing holdings this reporting period included DLF Ltd., S&P Global, Inc. and Alphabet, Inc.

DLF is an Indian real estate owner/operator in the midst of a restructuring. In the first quarter of 2017, they took several steps to strengthen their financial condition. In addition, among the reforms introduced by the Modi government has been the approval of real estate investment trusts (REITs). We believe this will allow for the still fragmented Indian real estate market to consolidate and DLF is positioned to be a beneficiary.

S&P Global continued to have strong business momentum. The core ratings business has been thriving due to an upswing in syndicated bank loan issuance, in particular. Also, the S&P indices have been beneficiaries of strong ETF demand, where they earn royalty streams.

Alphabet continued to monetize its rich asset base steadily and thoughtfully. The company is a leader in online ad spending, online video, location based services, cloud services, and has the largest mobile operating system in the world. We believe these assets all still have significant capacity to grow their monetization rates and its end markets.

Top detractors from performance included TechnipFMC plc, International Game Technology plc and Goldman Sachs Group, Inc.

TechnipFMC plc is the global leader in offshore oil infrastructure equipment and services. Shares of the company declined with the rest of the energy group during the reporting period. We believe the competitive position of the company has strengthened with the FMC combination.

International Game Technology is engaged in operating and providing an integrated portfolio of technology products and services across various gaming markets, including lottery management services, sports betting, online and instant lotteries, electronic gaming machines, interactive gaming and commercial services. The company reported results in May for the first quarter ended March 31, 2017, which were lower than expected. We believe this weakness is temporary and should reverse as new products come to market.

Goldman Sachs Group corrected in March after its share price rose by 80% in the prior eight months. After a big run up in late 2016 and early this year the stock has drifted sideways to down in an up environment for most equities. Concerns over the lack of volatility in markets and its impact on fixed income trading have led to weakness.

OUTLOOK AND POSITIONING

Using our thematic, long-term, investment style, we seek quality businesses with sustainability of both enterprise and advantage. 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 invest with deep conviction in our views.

3        OPPENHEIMER GLOBAL 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.

4        OPPENHEIMER GLOBAL 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended                 June 30, 2017
Non-Service shares	$	1,000.00	$	1,199.50	$	4.15
Service shares		1,000.00		1,198.00		5.52
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.03		3.82
Service shares		1,000.00		1,019.79		5.07

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		0.76%
Service shares		1.01

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 GLOBAL FUND/VA

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—96.9%
Consumer Discretionary—15.4%
Automobiles—1.0%
Suzuki Motor Corp.		511,000	$	24,285,650
Hotels, Restaurants & Leisure—0.6%
International Game Technology plc		826,221		15,119,844
Internet & Catalog Retail—1.7%
JD.com, Inc., ADR1		1,142,473		44,807,791
Leisure Products—1.0%
Nintendo Co. Ltd.		75,000		25,101,764
Media—2.1%
Walt Disney Co. (The)		379,530		40,325,063
Zee Entertainment Enterprises Ltd.		1,953,302		14,856,761
			55,181,824
Specialty Retail—3.5%
Industria de Diseno Textil SA		1,419,275		54,655,358
Tiffany & Co.		376,080		35,302,630
			89,957,988
Textiles, Apparel & Luxury Goods—5.5%
Brunello Cucinelli SpA		353,339		9,288,392
Kering		159,100		54,474,220
LVMH Moet Hennessy Louis Vuitton SE		285,420		71,601,028
Tod’s SpA		117,609		7,334,430
			142,698,070
Consumer Staples—5.2%
Food & Staples Retailing—0.8%
Whole Foods Market, Inc.		505,870		21,302,186
Food Products—2.0%
Unilever plc		959,013		51,946,561
Household Products—2.4%
Colgate-Palmolive Co.		838,110		62,129,094
Energy—0.9%
Energy Equipment & Services—0.9%
TechnipFMC plc1		868,910		23,623,633
Financials—20.5%
Capital Markets—6.3%
Credit Suisse Group AG1		1,158,077		16,779,727
Goldman Sachs Group, Inc. (The)		184,750		40,996,025
S&P Global, Inc.		413,880		60,422,341
UBS Group AG1		2,549,695		43,282,736
			161,480,829
Commercial Banks—6.2%
Banco Bilbao Vizcaya Argentaria SA		1,994,385		16,668,728
Citigroup, Inc.		1,152,770		77,097,258
ICICI Bank Ltd., Sponsored ADR		2,529,054		22,685,614
Societe Generale SA		664,039		36,104,293
Sumitomo Mitsui Financial Group, Inc.		195,500		7,648,107
			160,204,000
Insurance—6.0%
Allianz SE		238,385		46,978,272
Dai-ichi Life Holdings, Inc.		1,894,700		34,402,799
FNF Group		578,080		25,915,326
Prudential plc		2,118,537		48,670,029
			155,966,426
Real Estate Management & Development—2.0%
DLF Ltd.1		17,507,356		51,618,322
Health Care—15.2%
Biotechnology—6.2%
ACADIA Pharmaceuticals, Inc.1		601,070		16,763,842
Biogen, Inc.1		91,670		24,875,571
BioMarin Pharmaceutical, Inc.1		135,540		12,309,743
Bluebird Bio, Inc.1		131,190		13,781,510
Blueprint Medicines Corp.1		205,230		10,399,004

	Shares		Value
Biotechnology (Continued)
Circassia Pharmaceuticals plc1		4,471,614	$	5,298,072
Gilead Sciences, Inc.		332,800		23,555,584
Ionis Pharmaceuticals, Inc.1		367,380		18,688,621
Loxo Oncology, Inc.1		88,610		7,105,636
MacroGenics, Inc.1		480,620		8,415,656
Sage Therapeutics, Inc.1		222,410		17,712,732
			158,905,971
Health Care Equipment & Supplies—1.4%
Zimmer Biomet Holdings, Inc.		274,840		35,289,456
Health Care Providers & Services—5.1%
Aetna, Inc.		431,730		65,549,566
Anthem, Inc.		272,205		51,209,926
Centene Corp.1		204,460		16,332,265
			133,091,757
Pharmaceuticals—2.5%
Bayer AG		273,226		35,351,094
Roche Holding AG		59,603		15,218,796
Shire plc		244,580		13,475,026
			64,044,916
Industrials—12.4%
Aerospace & Defense—3.0%
Airbus SE		932,270		76,815,912
Air Freight & Couriers—1.1%
United Parcel Service, Inc., Cl. B		248,820		27,517,004
Airlines—0.7%
International Consolidated Airlines Group SA		2,138,550		17,030,370
Building Products—1.4%
Assa Abloy AB, Cl. B		1,675,513		36,830,843
Construction & Engineering—0.4%
FLSmidth & Co. AS		184,750		11,680,642
Electrical Equipment—2.5%
Emerson Electric Co.		202,750		12,087,955
Nidec Corp.		519,000		53,294,981
			65,382,936
Industrial Conglomerates—2.5%
3M Co.		192,070		39,987,053
Siemens AG		186,173		25,598,266
			65,585,319
Machinery—0.8%
FANUC Corp.		104,600		20,198,666
Information Technology—25.0%
Electronic Equipment, Instruments, & Components—6.5%
Keyence Corp.		123,522		54,370,495
Kyocera Corp.		531,600		30,820,207
Murata Manufacturing Co. Ltd.		413,700		63,034,791
TDK Corp.		296,500		19,563,821
			167,789,314
Internet Software & Services—8.9%
Alphabet, Inc., Cl. A1		76,110		70,757,945
Alphabet, Inc., Cl. C1		78,942		71,736,964
Baidu, Inc., Sponsored ADR1		66,610		11,913,865
Facebook, Inc., Cl. A1		392,280		59,226,434
Twitter, Inc.1		957,800		17,115,886
			230,751,094
IT Services—1.2%
Earthport plc1		11,701,573		3,162,417
PayPal Holdings, Inc.1		503,070		26,999,767
			30,162,184
Semiconductors & Semiconductor Equipment—2.2%
Maxim Integrated Products, Inc.		1,074,695		48,253,805

6        OPPENHEIMER GLOBAL FUND/VA

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Renesas Electronics Corp.1		807,100	$	7,061,480
			55,315,285
Software—6.2%
Adobe Systems, Inc.1		379,083		53,617,500
Intuit, Inc.		370,110		49,154,309
SAP SE		552,137		57,708,906
			160,480,715
Materials—1.0%
Chemicals—1.0%
Linde AG		129,827		24,660,149
Telecommunication Services—1.3%
Wireless Telecommunication Services—1.3%
KDDI Corp.		1,304,300		34,553,630
Total Common Stocks (Cost $1,165,830,502)				2,501,510,145

	Shares			Value
Preferred Stocks—1.8%
Bayerische Motoren Werke (BMW) AG, Preference		560,151		$	46,219,010
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.		7,925,360			1,186,888
Total Preferred Stocks (Cost $17,402,357)					47,405,898
Investment Company—1.0%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%2,3 (Cost $25,131,694)		25,131,694			25,131,694
Total Investments, at Value (Cost $1,208,364,553)		99.7	%		2,574,047,737
Net Other Assets (Liabilities)		0.3			7,325,245
Net Assets		100.0	%	$	2,581,372,982

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, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		32,806,872		168,020,479		175,695,657		25,131,694
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	25,131,694	$	86,829

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	1,187,065,352		46.2	%
Japan		374,336,391		14.5
France		238,995,453		9.2
Germany		236,515,697		9.2
United Kingdom		164,850,926		6.4
India		90,347,586		3.5
Switzerland		75,281,258		2.9
Spain		71,324,086		2.8
China		56,721,656		2.2
Sweden		36,830,843		1.4
Italy		16,622,821		0.7
Ireland		13,475,026		0.5
Denmark		11,680,642		0.5
Total	$	2,574,047,737		100.0	%

See accompanying Notes to Financial Statements.

7        OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,183,232,859)	$	2,548,916,043
Affiliated companies (cost $25,131,694)		25,131,694
	2,574,047,737
Cash		132,599
Receivables and other assets:
Investments sold		7,815,782
Dividends		7,319,775
Shares of beneficial interest sold		637,919
Other		135,902
Total assets		2,590,089,714
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		7,972,726
Distribution and service plan fees		250,628
Foreign capital gains tax		221,755
Trustees’ compensation		119,865
Shareholder communications		68,586
Other		83,172
Total liabilities		8,716,732
Net Assets	$	2,581,372,982
Composition of Net Assets
Par value of shares of beneficial interest	$	62,317
Additional paid-in capital		1,131,634,808
Accumulated net investment income		11,017,447
Accumulated net realized gain on investments and foreign currency transactions		73,344,964
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		1,365,313,446
Net Assets	$	2,581,372,982
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 $1,372,923,183 and 32,985,588 shares of beneficial interest outstanding)		$41.62
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,208,449,799 and 29,331,582 shares of beneficial interest outstanding)		$41.20

See accompanying Notes to Financial Statements.

8        OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $2,434,878)	$          25,724,453
Affiliated companies	86,829
Total investment income	25,811,282
Expenses
Management fees	7,803,635
Distribution and service plan fees - Service shares	1,428,485
Transfer and shareholder servicing agent fees:
Non-Service shares	659,725
Service shares	571,456
Shareholder communications:
Non-Service shares	41,192
Service shares	35,639
Borrowing fees	21,536
Custodian fees and expenses	76,289
Trustees’ compensation	33,954
Other	118,540
Total expenses	10,790,451
Less reduction to custodian expenses	(487	)
Less waivers and reimbursements of expenses	(18,774	)
Net expenses	10,771,190
Net Investment Income	15,040,092
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies	105,825,071
Foreign currency transactions	(273,847	)
Net realized gain	105,551,224
Net change in unrealized appreciation/depreciation on:
Investment transactions (net of foreign capital gains tax of $207,582)	325,661,670
Translation of assets and liabilities denominated in foreign currencies	568,651
Net change in unrealized appreciation/depreciation	326,230,321
Net Increase in Net Assets Resulting from Operations	$          446,821,637

See accompanying Notes to Financial Statements.

9        OPPENHEIMER GLOBAL FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended         December 31, 2016
Operations
Net investment income	$	15,040,092		$	14,438,224
Net realized gain		105,551,224			3,052,676
Net change in unrealized appreciation/depreciation		326,230,321			(27,858,399	)
Net increase (decrease) in net assets resulting from operations		446,821,637			(10,367,499	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(12,766,011	)		(13,598,845	)
Service shares		(8,799,180	)		(7,587,430	)
		(21,565,191	)		(21,186,275	)
Distributions from net realized gain:
Non-Service shares		—			(86,197,755	)
Service shares		—			(67,272,765	)
		—			(153,470,520	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(99,766,449	)		(55,451,479	)
Service shares		(54,334,346	)		62,981,601
		(154,100,795	)		7,530,122
Net Assets
Total increase (decrease)		271,155,651			(177,494,172	)
Beginning of period		2,310,217,331			2,487,711,503
End of period (including accumulated net investment income of $11,017,447 and $17,542,546, respectively)	$	2,581,372,982		$	2,310,217,331

See accompanying Notes to Financial Statements.

10        OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$35.02			$38.00			$39.50			$40.86			$32.55			$27.46
Income (loss) from investment operations:
Net investment income1		0.26			0.26			0.37	2		0.52	2		0.44	2		0.44
Net realized and unrealized gain (loss)		6.73			(0.42	)		1.38	2		0.44	2		8.37	2		5.29
Total from investment operations		6.99			(0.16	)		1.75			0.96			8.81			5.73
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39	)		(0.38	)		(0.54	)		(0.46	)		(0.50	)		(0.64	)
Distributions from net realized gain		0.00			(2.44	)		(2.71	)		(1.86	)		0.00			0.00
Total dividends and/or distributions to shareholders		(0.39	)		(2.82	)		(3.25	)		(2.32	)		(0.50	)		(0.64	)
Net asset value, end of period		$41.62			$35.02			$38.00			$39.50			$40.86			$32.55
Total Return, at Net Asset Value3		19.95%			0.08%			3.94%			2.29%			27.31%			21.27%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,372,923			$1,245,070			$1,406,001			$1,468,107			$1,397,026			$1,252,127
Average net assets (in thousands)		$1,331,814			$1,270,049			$1,502,338			$1,532,383			$1,333,848			$1,206,244
Ratios to average net assets:4
Net investment income		1.33%			0.75%			0.92%	2		1.30%	2		1.20%	2		1.48%
Expenses excluding specific expenses listed below		0.76%			0.77%			0.76%			0.76%			0.77%			0.76%
Interest and fees from borrowings		0.00%	5		0.00%	5		0.00%	5		0.00%			0.00%			0.00%
Total expenses6		0.76%			0.77%			0.76%			0.76%			0.77%			0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%	7		0.77%	7		0.76%	7		0.76%	7		0.77%	7		0.76%	7
Portfolio turnover rate		4%			14%			14%			13%			11%			14%

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

2. Net investment income per share, net realized and unrealized gain (loss) per share and the net investment income ratio include an adjustment for a prior period reclassification for the years ended December 31, 2013, 2014 and 2015. Please see Note 10 of the accompanying Notes to Financial Statements.

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, 2017	0.76	%
Year Ended December 31, 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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

11        OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$34.64			$37.59			$39.10			$40.47			$32.25			$27.21
Income (loss) from investment operations:
Net investment income1		0.21			0.17			0.28	2		0.42	2		0.34	2		0.36
Net realized and unrealized gain (loss)		6.65			(0.41	)		1.36	2		0.42	2		8.30	2		5.25
Total from investment operations		6.86			(0.24	)		1.64			0.84			8.64			5.61
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30	)		(0.27	)		(0.44	)		(0.35	)		(0.42	)		(0.57	)
Distributions from net realized gain		0.00			(2.44	)		(2.71	)		(1.86	)		0.00			0.00
Total dividends and/or distributions to shareholders		(0.30	)		(2.71	)		(3.15	)		(2.21	)		(0.42	)		(0.57	)
Net asset value, end of period		$41.20			$34.64			$37.59			$39.10			$40.47			$32.25
Total Return, at Net Asset Value3		19.80%			(0.16	)%		3.67%			2.06%			26.99%			20.95%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,208,450			$1,065,147			$1,081,711			$1,204,379			$1,216,285			$1,130,388
Average net assets (in thousands)		$1,153,616			$1,016,772			$1,219,501			$1,265,528			$1,174,119			$1,069,295
Ratios to average net assets:4
Net investment income		1.09%			0.49%			0.70%	2		1.05%	2		0.95%	2		1.23%
Expenses excluding specific expenses listed below		1.01%			1.02%			1.01%			1.01%			1.02%			1.01%
Interest and fees from borrowings		0.00%	5		0.00%	5		0.00%	5		0.00%			0.00%			0.00%
Total expenses6		1.01%			1.02%			1.01%			1.01%			1.02%			1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%	7		1.02%	7		1.01%	7		1.01%	7		1.02%	7		1.01%	7
Portfolio turnover rate		4%			14%			14%			13%			11%			14%

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

2. Net investment income per share, net realized and unrealized gain (loss) per share and the net investment income ratio include an adjustment for a prior period reclassification for the years ended December 31, 2013, 2014 and 2015. Please see Note 10 of the accompanying Notes to Financial Statements.

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, 2017	1.01	%
Year Ended December 31, 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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12        OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 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.

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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.                

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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.

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 2.00%. 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.

13        OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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 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, 2016, 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, 2016, 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, 2016 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	$	17,365,953

At period end, it is estimated that there would be no 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 $17,365,953 of 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.

Total federal tax cost	$	1,222,868,662
Gross unrealized appreciation	$	1,425,996,063
Gross unrealized depreciation		(75,186,726	)
Net unrealized appreciation	$	1,350,809,337

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.

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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

14        OPPENHEIMER GLOBAL FUND/VA

3. Securities Valuation (Continued)

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.    

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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, if any, are classified as Level 2 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	$	135,555,328	$	261,597,603	$	—	$	397,152,931
Consumer Staples		83,431,280		51,946,561		—		135,377,841
Energy		—		23,623,633		—		23,623,633
Financials		227,116,564		302,153,013		—		529,269,577
Health Care		321,989,112		69,342,988		—		391,332,100
Industrials		79,592,012		241,449,680		—		321,041,692
Information Technology		408,776,475		235,722,117		—		644,498,592
Materials		—		24,660,149		—		24,660,149
Telecommunication Services		—		34,553,630		—		34,553,630
Preferred Stocks		1,186,888		46,219,010		—		47,405,898

15        OPPENHEIMER GLOBAL 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
Common Stocks (Continued)
Investment Company	$	25,131,694	$	—	$	—	$	25,131,694
Total Assets	$	1,282,779,353	$	1,291,268,384	$	—	$	2,574,047,737

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

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.

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”) which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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.

Shareholder Concentration. At period end, a shareholder owned 20% or more of the Fund’s total outstanding shares.

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,

16        OPPENHEIMER GLOBAL FUND/VA

5. Market Risk Factors (Continued)

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.

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.

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, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		755,453		$	29,421,090			2,580,191		$	89,371,624
Dividends and/or distributions reinvested		305,626			12,766,011			3,043,507			99,796,600
Redeemed		(3,624,999	)		(141,953,550	)		(7,075,696	)		(244,619,703	)
Net decrease		(2,563,920	)	$	(99,766,449	)		(1,451,998	)	$	(55,451,479	)
Service Shares
Sold		1,228,717		$	47,753,393			5,078,438		$	172,658,993
Dividends and/or distributions reinvested		212,798			8,799,180			2,305,519			74,860,195
Redeemed		(2,857,110	)		(110,886,919	)		(5,412,550	)		(184,537,587	)
Net increase (decrease)		(1,415,595	)	$	(54,334,346	)		1,971,407		$	62,981,601

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	96,484,961	$	249,034,557

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 $4.2 billion	0.60
Over $5 billion	0.58

The Fund’s effective management fee for the reporting period was 0.63% 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.

17        OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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.

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.

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. Prior to May 1, 2017, the Fund was subject to an expense limitation wherein 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; as percentages of daily net assets, would 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. Effective May 1, 2017, this expense limitation has been removed.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $18,774 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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. Prior Period Reclassification

An adjustment to reflect a prior period reclassification between net investment income and net change in unrealized appreciation (depreciation) on investments and/or net realized gain (loss) on investments during the years ending December 31, 2013, 2014 and 2015 has been made to properly reflect income distributions received by the Fund from two of its investments.

The following adjustments are reflected in the respective fiscal years per the Statements of Changes in Net Assets and the Financial Highlights:

	2013			2014			2015
Net investment income (loss)	$	1,678,655		$	1,668,338		$	1,749,447
Net realized gain (loss)		(163,217	)		(275,757	)		(222,558	)
Net change in unrealized appreciation/ depreciation		(1,515,438	)		(1,392,581	)		(1,526,889	)

The cumulative impact of these adjustments are also reflected in the respective component of net assets on the Statement of Assets and liabilities and had no impact on total net assets or net asset values per share of the Fund.

18        OPPENHEIMER GLOBAL 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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 GLOBAL FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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 Global Fund/VA		6/20/17		99.0%		1.0%		0.0%

20        OPPENHEIMER GLOBAL FUND/VA

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23        OPPENHEIMER GLOBAL FUND/VA

OPPENHEIMER GLOBAL FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, 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
	John Delano, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, 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 objective, risks, and 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, visiting oppenheimerfunds.com 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
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 6/30/17

	Inception     Date		6-Months			1-Year		5-Year		10-Year
Non-Service Shares		7/5/95		9.55%	��		16.87%		14.59%		6.77	%
Service Shares		7/13/00		9.43			16.57		14.30		6.50
S&P 500 Index				9.34			17.90		14.63		7.18

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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.	4.9%
Alphabet, Inc., Cl. C	4.4
Comcast Corp., Cl. A	3.0
Citigroup, Inc.	3.0
PepsiCo, Inc.	2.9
Merck & Co., Inc.	2.7
Facebook, Inc., Cl. A	2.5
UnitedHealth Group, Inc.	2.4
General Electric Co.	2.4
Phillips 66	2.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, 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 9.55% during the reporting period. In comparison, the Fund outperformed the S&P 500 Index (the “Index”), which returned 9.34%. The Fund outperformed the Index in eight out of eleven sectors, led by stock selection in the information technology, financials and energy sectors. The Fund underperformed the Index in the industrials, health care and consumer discretionary sectors, as a result of weaker relative stock selection.

MARKET OVERVIEW

Domestic equities posted solid gains over the six-month reporting period, continuing the strong upward move following the November 2016 election. While the gains were across market capitalizations, larger-cap companies generally saw better returns than smaller-cap companies, and growth-oriented companies generally outperformed value stocks.

The top performing sector of the S&P 500 Index during the reporting period was information technology, reflecting the preference for growth this period. Other strongly performing sectors included consumer discretionary (reflecting continued consumer confidence) and health care (reversing weakness observed in late 2016). On the other side of the coin, the weakest sector by far was energy, thanks to falling commodity prices. The telecommunication services sector also experienced weakness.

Revenues, earnings and cash flows for U.S. corporations continued to grow in the second quarter. However, on the political front, the Trump administration has had a slower than expected start. As a result, we have dialed back our probabilities for outcomes favorable to future corporate earnings such as lower tax rates and regulatory barriers.

As investors, it is important to know what is and what is not within one’s circle of competence. 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 has the potential to outperform 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 what expectations the market is pricing in 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 (positive expected returns). To offset our agnostic position on the conditions, we make sure to have some horses in the stable that we believe 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 Apple, Alphabet and Facebook.

Amid its iPhone 7 product cycle, Apple reported a solid quarter and offered comforting guidance that suggests fears of mediocre product acceptance were unfounded. Despite three years of only modest iPhone feature upgrades, the market’s attention has rapidly shifted to the potential for a significant iPhone 8 cycle this Fall, with new screens, wireless charging, etc. These more compelling features would come at the same time the growing installed base of iPhone users have held on to their existing phones for longer and longer, setting the stage for an acceleration in Apple’s business.

Alphabet (the holding company of Google) reported a solid set of results that fueled a rerating of the company. Alphabet continued to monetize its rich asset base steadily and thoughtfully. The company is a leader in online ad spending, online video, location based services, cloud services, and has the largest mobile operating system in the world.

3      OPPENHEIMER MAIN STREET FUND/VA

Facebook continued to perform well this reporting period. The company reported strong first quarter results, with revenue beating analysts’ estimates due to strong growth across its applications and solid demand for its mobile ads. Additionally the company continues to increase its moat versus competitors.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included AutoZone, General Electric and Verizon Communications.

During AutoZone’s fiscal third quarter, there was further deceleration of comparable store sales which came in below expectations. This further highlighted that the company may be running at a lower EPS (earnings per share) growth rate in the near term (mid-single-digit to high-single-digit) versus double digit growth previously as comparisons are slower and some margin headwinds (some temporary, some not) weigh on earnings. The slowdown appears to be industry-wide as their key competitors have experienced decelerations also. Given the shadow that Amazon is casting in U.S. retail, multiples for AutoZone and its peers have compressed as fears of share gains and price compression at the hands of Amazon have gotten extreme.

General Electric declined in the second quarter after the company delivered yet another uninspiring earnings report in April. We and the markets continue to have concerns that management’s 2017-18 financial targets are overly optimistic. Our investment thesis is that GE will slim down to focus on areas where it has a competitive advantage and good business economics. The company announced that a new CEO will take over. We believe this earlier-than-expected CEO transition is at least a partial acknowledgement that a new direction and fresh approach will be needed to drive shareholder value creation going forward.

Verizon Communications faced increased competition and reported earnings and sales over the quarter that missed estimates.

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. Although the exact forms and timing of changes that may take place as a result of the U.S. elections are still unclear, here are our base case expectations for what will happen in the year ahead:

• Lower regulatory burdens, over and above the change already seen

• Modestly lower U.S. corporate tax rates (fewer companies re-domiciling outside the U.S., and maybe some companies coming back)

• Offsetting the lower tax rates, fewer specialized deductions

• Greater fiscal stimulus, most notably defense and infrastructure spending

• Rhetoric around protectionism in many forms, including higher import tariffs

• Higher wages

While some of these changes—most notably tax rates—would directly lead to earnings growth in the near term, these changes do present some material risks that need to be considered. Supply chains today are highly globalized, and higher friction within global trade could lead to disruptions and higher costs for our companies. Moreover, other countries could easily create retaliatory protectionist policies of their own, reducing demand for U.S. exports and/or making life more difficult for overseas operations of our companies. Finally, deflation has been the bigger concern in recent years, but these policies are clearly swinging the pendulum toward higher inflation. In moderation, inflation is helpful, but we are mindful that sometimes the pendulum can swing too far.

At the moment, the U.S. economy continues its “slow and steady” growth. This is being driven by favorable employment, wage and inflation data while home prices and innovation also continue to help drive the economy higher.

U.S. corporate revenues, earnings, and free cash flow have resumed their moderate growth. The post-election strength in U.S. equity markets and the return of the “risk on trade” indicates that consensus expects earnings growth to accelerate further in the quarters ahead.

We remain laser-focused on the rise in “accounting shenanigans” and the expanding spread between GAAP earnings and pro-forma adjusted earnings. 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.

4      OPPENHEIMER MAIN STREET FUND/VA

While interest rates have increased in recent months, they are still very low relative to historical standards. Current capital allocation is fueled by this environment of ongoing relatively low interest rates. We believe the risks inherent to this market include the misallocation of capital if interest rates were to rise materially. 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.

We expect heightened uncertainty to return in the equity markets. 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 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 is essential to generating 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.

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.

5      OPPENHEIMER MAIN STREET 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,095.50		$             4.06
Service shares		1,000.00		1,094.30		5.36
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.93		3.92
Service shares		1,000.00		1,019.69		5.17

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		0.78%
Service shares		1.03

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.

6      OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—97.6%
Consumer Discretionary—10.7%
Auto Components—1.2%
Delphi Automotive plc		179,170	$	15,704,250
Hotels, Restaurants & Leisure—1.9%
McDonald’s Corp.		163,600		25,056,976
Household Durables—1.2%
Whirlpool Corp.		84,340		16,161,231
Media—3.0%
Comcast Corp., Cl. A		1,047,480		40,767,922
Specialty Retail—3.4%
AutoZone, Inc.1		38,930		22,208,008
Lowe’s Cos., Inc.		293,690		22,769,785
				44,977,793
Consumer Staples—8.2%
Beverages—2.9%
PepsiCo, Inc.		329,730		38,080,518
Food Products—3.3%
Kraft Heinz Co. (The)		259,735		22,243,705
Mondelez International, Inc., Cl. A		513,710		22,187,135
				44,430,840
Tobacco—2.0%
Philip Morris International, Inc.		232,669		27,326,974
Energy—6.1%
Oil, Gas & Consumable Fuels—6.1%
Magellan Midstream Partners LP2		366,575		26,125,800
Phillips 66		367,750		30,409,248
Suncor Energy, Inc.		855,680		24,985,856
				81,520,904
Financials—21.1%
Capital Markets—5.6%
Bank of New York Mellon Corp. (The)		399,850		20,400,347
CME Group, Inc., Cl. A		139,470		17,467,223
Intercontinental Exchange, Inc.		297,220		19,592,742
S&P Global, Inc.		117,901		17,212,367
				74,672,679
Commercial Banks—5.4%
Citigroup, Inc.		605,758		40,513,095
SunTrust Banks, Inc.		235,620		13,364,367
US Bancorp		345,450		17,935,764
				71,813,226
Consumer Finance—3.0%
American Express Co.		316,520		26,663,645
Discover Financial Services		207,773		12,921,403
				39,585,048
Diversified Financial Services—2.3%
Berkshire Hathaway, Inc., Cl. B1		178,420		30,218,995
Insurance—3.5%
Marsh & McLennan Cos., Inc.		183,510		14,306,439
MetLife, Inc.		305,540		16,786,368
Progressive Corp. (The)		363,800		16,039,942
				47,132,749
Real Estate Investment Trusts (REITs)—1.3%
Mid-America Apartment Communities, Inc.		96,700		10,190,246
Ventas, Inc.		113,110		7,858,883
				18,049,129
Health Care—14.3%
Biotechnology—3.4%
Celgene Corp.1		225,180		29,244,126
Gilead Sciences, Inc.		227,010		16,067,768
				45,311,894

	Shares		Value
Health Care Equipment & Supplies—2.0%
Boston Scientific Corp.1		464,640	$	12,879,821
Stryker Corp.		99,150		13,760,037
				26,639,858
Health Care Providers & Services—3.5%
Express Scripts Holding Co.1		244,987		15,639,970
UnitedHealth Group, Inc.		171,110		31,727,216
				47,367,186
Health Care Technology—0.9%
Cerner Corp.1		185,640		12,339,491
Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.		132,680		7,869,251
Pharmaceuticals—3.9%
Merck & Co., Inc.		571,000		36,595,390
Mylan NV1		279,760		10,860,283
Valeant Pharmaceuticals International, Inc.1		263,510		4,558,723
				52,014,396
Industrials—10.2%
Aerospace & Defense—2.0%
Lockheed Martin Corp.		96,370		26,753,276
Commercial Services & Supplies—1.9%
Johnson Controls International plc		311,635		13,512,494
Republic Services, Inc., Cl. A		56,090		3,574,616
Waste Connections, Inc.		135,737		8,744,177
				25,831,287
Industrial Conglomerates—2.4%
General Electric Co.		1,172,245		31,662,337
Professional Services—1.1%
Nielsen Holdings plc		362,520		14,015,023
Road & Rail—2.8%
Canadian National Railway Co.		201,620		16,341,301
Canadian Pacific Railway Ltd.		134,650		21,653,067
				37,994,368
Information Technology—18.9%
Communications Equipment—1.5%
Cisco Systems, Inc.		653,060		20,440,778
Internet Software & Services—6.9%
Alphabet, Inc., Cl. C1		65,126		59,181,950
Facebook, Inc., Cl. A1		221,580		33,454,148
				92,636,098
IT Services—3.0%
Amdocs Ltd.		341,880		22,037,585
PayPal Holdings, Inc.1		337,340		18,105,038
				40,142,623
Semiconductors & Semiconductor Equipment—1.7%
Applied Materials, Inc.		373,340		15,422,676
Maxim Integrated Products, Inc.		144,800		6,501,520
				21,924,196
Technology Hardware, Storage & Peripherals—5.8%
Apple, Inc.		453,066		65,250,565
Western Digital Corp.		139,215		12,334,449
				77,585,014
Materials—3.3%
Chemicals—2.5%
EI du Pont de Nemours & Co.		153,750		12,409,163
PPG Industries, Inc.		194,290		21,364,128
				33,773,291
Construction Materials—0.8%
Vulcan Materials Co.		77,140		9,772,095

7      OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Telecommunication Services—1.6%
Diversified Telecommunication Services—1.6%
Verizon Communications, Inc.		471,935	$	21,076,617
Utilities—3.2%
Electric Utilities—2.1%
PG&E Corp.		428,550		28,442,864

	Shares		Value
Multi-Utilities—1.1%
National Grid plc		1,136,010	$       14,099,878
Total Common Stocks (Cost $929,135,431)			1,303,191,055
Investment Company—2.3%
Oppenheimer Institutional Government
Money Market Fund, Cl. E, 0.86%3,4 (Cost $31,039,559)		31,039,559	31,039,559
Total Investments, at Value (Cost $960,174,990)		99.9%	1,334,230,614
Net Other Assets (Liabilities)		0.1	1,853,563
Net Assets		100.0%	$  1,336,084,177

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, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		11,146,627		159,672,761		139,779,829		31,039,559
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	31,039,559	$	53,049

See accompanying Notes to Financial Statements.

8      OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $929,135,431)	$	1,303,191,055
Affiliated companies (cost $31,039,559)		31,039,559
		1,334,230,614
Cash		752,187
Receivables and other assets:
Dividends		2,285,889
Shares of beneficial interest sold		117,137
Other		125,451
Total assets		1,337,511,278
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		935,968
Distribution and service plan fees		163,415
Investments purchased		144,817
Trustees’ compensation		116,156
Shareholder communications		32,312
Other		34,433
Total liabilities		1,427,101
Net Assets	$	1,336,084,177
Composition of Net Assets
Par value of shares of beneficial interest	$	44,452
Additional paid-in capital		870,309,315
Accumulated net investment income		4,603,132
Accumulated net realized gain on investments and foreign currency transactions		88,258,471
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		372,868,807
Net Assets	$	1,336,084,177
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 $549,585,886 and 18,185,695 shares of beneficial interest outstanding)		$30.22
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $786,498,291 and 26,265,943 shares of beneficial interest outstanding)		$29.94

See accompanying Notes to Financial Statements.

9      OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $89,651)	$	13,171,153
Affiliated companies		53,049
Total investment income		13,224,202
Expenses
Management fees		4,253,285
Distribution and service plan fees - Service shares		973,927
Transfer and shareholder servicing agent fees:
Non-Service shares		255,004
Service shares		389,403
Shareholder communications:
Non-Service shares		26,529
Service shares		40,554
Trustees’ compensation		20,944
Borrowing fees		11,724
Custodian fees and expenses		4,022
Other		49,557
Total expenses		6,024,949
Less reduction to custodian expenses		(152)
Less waivers and reimbursements of expenses		(7,781)
Net expenses		6,017,016
Net Investment Income		7,207,186
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		87,984,474
Foreign currency transactions		(14,148)
Net realized gain		87,970,326
Net change in unrealized appreciation/depreciation on:
Investment transactions		21,849,030
Translation of assets and liabilities denominated in foreign currencies		13,646
Net change in unrealized appreciation/depreciation		21,862,676
Net Increase in Net Assets Resulting from Operations	$	117,040,188

See accompanying Notes to Financial Statements.

10      OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	7,207,186		$	12,636,575
Net realized gain		87,970,326			29,438,205
Net change in unrealized appreciation/depreciation		21,862,676			88,749,651
Net increase in net assets resulting from operations		117,040,188			130,824,431
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(6,687,663	)		(5,704,267)
Service shares		(8,150,647	)		(6,065,396)
		(14,838,310	)		(11,769,663)
Distributions from net realized gain:
Non-Service shares		(8,972,517	)		(60,632,295)
Service shares		(13,368,399	)		(84,601,632)
		(22,340,916	)		(145,233,927)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		33,726,646			(20,488,952)
Service shares		(35,293,853	)		70,674,306
		(1,567,207	)		50,185,354
Net Assets
Total increase		78,293,755			24,006,195
Beginning of period		1,257,790,422			1,233,784,227
End of period (including accumulated net investment income of $4,603,132 and $12,234,256, respectively)	$	1,336,084,177		$	1,257,790,422

See accompanying Notes to Financial Statements.

11      OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$28.41		$29.24		$33.61		$31.24		$23.97		$20.71
Income (loss) from investment operations:
Net investment income1		0.19		0.33		0.33		0.28		0.24		0.26
Net realized and unrealized gain		2.53		2.76		0.80		3.01		7.33		3.22
Total from investment operations		2.72		3.09		1.13		3.29		7.57		3.48
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39)		(0.34)		(0.32)		(0.27)		(0.30)		(0.22)
Distributions from net realized gain		(0.52)		(3.58)		(5.18)		(0.65)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.91)		(3.92)		(5.50)		(0.92)		(0.30)		(0.22)
Net asset value, end of period		$30.22		$28.41		$29.24		$33.61		$31.24		$23.97
Total Return, at Net Asset Value2		9.55%		11.62%		3.33%		10.70%		31.77%		16.87%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$549,586		$485,196		$518,456		$559,933		$561,016		$481,089
Average net assets (in thousands)		$514,599		$502,522		$541,020		$554,449		$517,750		$466,231
Ratios to average net assets:3
Net investment income		1.28%		1.16%		1.05%		0.86%		0.87%		1.12%
Expenses excluding specific expenses listed below		0.78%		0.79%		0.78%		0.77%		0.78%		0.78%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		0.78%		0.79%		0.78%		0.77%		0.78%		0.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78%6		0.79%6		0.78%6		0.77%6		0.78%6		0.78%6
Portfolio turnover rate		23%		33%		44%		43%		49%		37%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	0.78%
Year Ended December 31, 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%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12      OPPENHEIMER MAIN STREET FUND/VA

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$28.12		$28.98		$33.33		$30.99		$23.78		$20.53
Income (loss) from investment operations:
Net investment income1		0.15		0.26		0.25		0.19		0.17		0.20
Net realized and unrealized gain		2.51		2.72		0.80		2.99		7.27		3.20
Total from investment operations		2.66		2.98		1.05		3.18		7.44		3.40
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.32)		(0.26)		(0.22)		(0.19)		(0.23)		(0.15)
Distributions from net realized gain		(0.52)		(3.58)		(5.18)		(0.65)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.84)		(3.84)		(5.40)		(0.84)		(0.23)		(0.15)
Net asset value, end of period		$29.94		$28.12		$28.98		$33.33		$30.99		$23.78
Total Return, at Net Asset Value2		9.43%		11.30%		3.11%		10.40%		31.44%		16.61%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$786,498		$772,594		$715,328		$806,023		$915,027		$869,372
Average net assets (in thousands)		$785,819		$725,836		$757,218		$856,467		$895,073		$913,871
Ratios to average net assets:3
Net investment income		1.01%		0.94%		0.80%		0.61%		0.62%		0.85%
Expenses excluding specific expenses listed below		1.03%		1.04%		1.03%		1.02%		1.04%		1.03%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		1.03%		1.04%		1.03%		1.02%		1.04%		1.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.03%6		1.04%6		1.03%6		1.02%6		1.04%6		1.03%6
Portfolio turnover rate		23%		33%		44%		43%		49%		37%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.03%
Year Ended December 31, 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%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 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.

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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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 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.

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 2.00%. The “Reduction to custodian

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.

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 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, 2016, 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, 2016, the Fund utilized $2,513,988 of 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 there would be no 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	$	961,659,891
Gross unrealized appreciation	$	380,050,060
Gross unrealized depreciation		(8,666,154)
Net unrealized appreciation	$	371,383,906

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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

15      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

was determined.

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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, if any, are classified as Level 2 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	$	142,668,172	$	—	$	—	$	142,668,172
Consumer Staples		109,838,332		—		—		109,838,332
Energy		81,520,904		—		—		81,520,904
Financials		281,471,826		—		—		281,471,826
Health Care		191,542,076		—		—		191,542,076
Industrials		136,256,291		—		—		136,256,291
Information Technology		252,728,709		—		—		252,728,709
Materials		43,545,386		—		—		43,545,386
Telecommunication Services		21,076,617		—		—		21,076,617
Utilities		28,442,864		14,099,878		—		42,542,742
Investment Company		31,039,559		—		—		31,039,559
Total Assets	$	1,320,130,736	$	14,099,878	$	—	$	1,334,230,614

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

16      OPPENHEIMER MAIN STREET FUND/VA

3. Securities Valuation (Continued)

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market 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.

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.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

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.

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.

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.

17      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,853,650		$	56,107,667			1,123,635		$	31,497,254
Dividends and/or distributions reinvested		515,816			15,660,180			2,522,303			66,336,562
Acquisition—Note 10		14,913			454,099			—			—
Redeemed		(1,278,984	)		(38,495,300	)		(4,296,043	)		(118,322,768	)
Net increase (decrease)		1,105,395		$	33,726,646			(650,105	)	$	(20,488,952	)
Service Shares
Sold		779,092		$	23,118,418			4,774,619		$	132,212,797
Dividends and/or distributions reinvested		715,394			21,519,046			3,477,830			90,667,028
Acquisition—Note 10		244,900			7,376,390			—			—
Redeemed		(2,943,594	)		(87,307,707	)		(5,466,756	)		(152,205,519	)
Net increase (decrease)		(1,204,208	)	$	(35,293,853	)		2,785,693		$	70,674,306

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 IGMMF, for the reporting period were as follows:

	Purchases	Sales
Investment securities	$299,832,608	$359,270,222

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 0.66% 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.

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

18      OPPENHEIMER MAIN STREET FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

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. Prior to May 1, 2017, the Fund was subject to an expense limitation wherein the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses, as percentages of daily net assets, would not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. Effective May 1, 2017, this expense limitation has been removed.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $7,781 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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. Acquisition of Oppenheimer Equity Income Fund/VA

On May 1, 2017, the Fund acquired all of the net assets of Oppenheimer Equity Income Fund/VA, pursuant to an Agreement and Plan of Reorganization approved by the Oppenheimer Equity Income Fund/VA shareholders on February 10, 2017. The exchange qualified as a tax-free reorganization for federal income tax purposes. The purpose of this acquisition is to combine two funds with similar investment objectives, strategies and risks to allow shareholders to benefit from greater asset growth potential, as well as lowered total expenses.

Details of the merger are shown in the following table:

	Exchange Ratio to One Share of the Oppenheimer Equity Income Fund/VA		Shares of Beneficial Interest Issued by the Fund		Value of Issued Shares of Beneficial Interest		Combined Net Assets on May 1, 20171
Non-Service shares		0.347188309		14,913	$	454,099	$	522,307,311
Service shares		0.430279316		244,900		7,376,390		789,160,812
1. The net assets acquired included net unrealized appreciation of $1,182,786 and an unused capital loss carryforward of $126,540, potential utilization subject to tax limitations. Had the merger occurred at the beginning of the reporting period, the Fund’s Statement of Operations would have been adjusted to the following amounts:
Net investment income			$	7,246,846
Net gain on investments				110,019,342
Net increase in net assets resulting from operations				117,266,188

19      OPPENHEIMER MAIN STREET 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

20      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 (net income, net profit from sale and other capital sources) 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 communication 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 Main Street Fund/VA		6/20/17		39.9%		51.8%		8.3%

21      OPPENHEIMER MAIN STREET FUND/VA

SPECIAL SHAREHOLDER MEETING Unaudited

On February 10, 2017, a shareholder meeting of Oppenheimer Equity Income Fund/VA, a series of Oppenheimer Variable Account Funds (the “Fund”) was held at which the proposal below was approved as described in the combined prospectus/proxy statement for Oppenheimer Main Street Fund/VA dated January 5, 2017 (the “Proxy Statement”). The following is a report of the votes cast:

Proposal: To approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) between Oppenheimer Equity Income Fund/ VA, a series of Oppenheimer Variable Account Funds (the “Target Fund”) and Oppenheimer Main Street Fund^®/VA, a series of Oppenheimer Variable Account Funds (the “Acquiring Fund”), and the transactions contemplated thereby, including: (i) the transfer of all of the assets of the Target Fund to the Acquiring Fund solely in exchange for Non-Service and Service shares of the Acquiring Fund and the assumption by the Acquiring Fund of all the liabilities of the Target Fund, (ii) the distribution of shares of the Acquiring Fund to the corresponding Non-Service and Service shares shareholders of the Target Fund in complete liquidation of the Target Fund; and (c) the cancellation of the outstanding shares of the Target Fund.

For		Against		Abstain
	602,449		29,854		19,523

22      OPPENHEIMER MAIN STREET FUND/VA

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23      OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J, Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, 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 Foxson, 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
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 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/1/98		6.98%		22.74%		15.07%		7.43%
Service Shares		7/16/01		6.92		22.44		14.79		7.17
Russell 2000 Index				4.99		24.60		13.70		6.92

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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. 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

Korn/Ferry International	2.4%
Prestige Brands Holdings, Inc.	2.3
MB Financial, Inc.	2.0
Portland General Electric Co.	1.8
On Assignment, Inc.	1.8
CACI International, Inc., Cl. A	1.7
Brandywine Realty Trust	1.7
j2 Global, Inc.	1.7
NuVasive, Inc.	1.7
Four Corners Property Trust, Inc.	1.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, 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 6.98% during the reporting period. In comparison, the Fund outperformed the Russell 2000 Index (the “Index”), which returned 4.99%. The Fund’s outperformance relative to the Index stemmed largely from stronger relative stock selection in the information technology, real estate and energy sectors. Underperformers included stock selection and an underweight position in health care, and stock selection in financials and utilities.

MARKET OVERVIEW

Domestic equities posted solid gains over the six-month reporting period, continuing the strong upward move following the November 2016 election. While the gains were across market capitalizations, larger-cap companies generally saw better returns than smaller-cap companies, and growth-oriented companies generally outperformed value stocks.

Top performing sectors of the Russell 2000 Index during the reporting period were health care, information technology, telecommunication services and utilities. On the other side of the coin, the weakest sector by far was energy, thanks to falling commodity prices. Consumer staples also experienced losses and financials fell modestly for the Index.

Revenues, earnings and cash flows for U.S. corporations continued to grow during the reporting period. However, on the political front, the Trump administration has had a slower than expected start. As a result, we have dialed back our probabilities for outcomes favorable to future corporate earnings such as lower tax rates and regulatory barriers.

As investors, it is important to know what is and what is not within one’s circle of competence. 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 has the potential to outperform no matter the environment.

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 what expectations the market is pricing in 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. We believe companies with these qualities generally have more stable earnings.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included Pegasystems, DuPont Fabros Technology and Spectranetics. Pegasystems has been benefitting from its real time decision technology for recommending marketing and sales actions. In addition, the company’s increased focus on developing its system integrator ecosystem has been helping to drive volumes while also lowering the mix of services revenue. We continue to like the company’s positioning for predictive analytics and real-time decision technology. During the reporting period, Digital Realty Trust announced plans to acquire data center REIT DuPont Fabros Technology, which benefited our investment in DuPont Fabros. In addition, Philips announced the acquisition of medical device maker Spectranetics for $38.50 a share in cash, a 27% premium.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Sally Beauty Holdings, Group 1 Automotive and Matthews International.

Sally Beauty is the largest retailer of professional beauty supplies in the world. Concerns about the sustainability of many U.S. retail models due to Amazon, combined with uneven execution at beauty products retailer Sally Beauty, have pressured the stock, resulting in a valuation suggesting a truly broken retail story. Though we did reduce our position, we continue to believe that the company’s model (two thirds of its sales flow through a loyalty program, one third of sales are to a professional customer) is viable and that self-inflicted execution issues can be resolved.

Auto dealer Group 1 Automotive declined after reporting a weaker than expected first quarter and forward guidance, due primarily to softness in their largest markets of Texas and Oklahoma. The energy bust of the past few years has taken a toll on auto demand, most notably in the Houston market. In addition, investor pessimism about the future national rate of vehicle sales (“SAAR”) weighed on the entire dealer peer group, including Group 1. We believe the stock is oversold and the valuation is compelling, so we are maintaining our position in the shares.

3      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Matthews International is a provider of graphics and imaging solutions, memorialization products and industrial technologies. It experienced declines this quarter due to a slowdown in demand for graphics services, as regulatory changes in food labeling on packages have been delayed. We expect this area to recover and are maintaining our position in the shares.

STRATEGY & OUTLOOK

At the moment, the U.S. economy continues its “slow and steady” growth. This is being driven by favorable employment, wage and inflation data while home prices and innovation also continue to help drive the economy higher.

U.S. corporate revenues, earnings, and free cash flow have continued their moderate growth. The post-election strength in U.S. equity markets and the return of the “risk on trade” indicates that consensus expects earnings growth to accelerate further in the quarters ahead.

We remain laser-focused on the rise in “accounting shenanigans” and the expanding spread between GAAP earnings and pro-forma adjusted earnings. 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.

While interest rates have increased in recent months, they are still very low relative to historical standards. Current capital allocation is fueled by this environment of ongoing relatively low interest rates. We believe the risks inherent to this market include the misallocation of capital if interest rates were to rise materially. 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.

We expect heightened uncertainty to return in the equity markets. 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 seeking companies with 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 is essential to generating 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.

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.

4      OPPENHEIMER MAIN STREET SMALL CAP 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,069.80	$	4.11
Service shares		1,000.00		1,069.20		5.40
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

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 MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—98.6%
Consumer Discretionary—11.1%
Auto Components—1.6%
Visteon Corp.1		167,400	$	17,084,844
Diversified Consumer Services—0.9%
Houghton Mifflin Harcourt Co.1		804,570		9,896,211
Hotels, Restaurants & Leisure—1.9%
Sonic Corp.		485,990		12,873,875
Texas Roadhouse, Inc., Cl. A		143,520		7,312,344
				20,186,219
Media—1.2%
Madison Square Garden Co. (The),
Cl. A1		33,850		6,665,065
WideOpenWest, Inc.1		342,955		5,967,417
				12,632,482
Multiline Retail—0.5%
Fred’s, Inc., Cl. A		543,700		5,018,351
Specialty Retail—4.4%
Burlington Stores, Inc.1		102,110		9,393,099
Carvana Co., Cl. A1		224,207		4,589,517
DSW, Inc., Cl. A		555,910		9,839,607
Group 1 Automotive, Inc.		234,600		14,854,872
Sally Beauty Holdings, Inc.1		415,610		8,416,103
				47,093,198
Textiles, Apparel & Luxury Goods—0.6%
Canada Goose Holdings, Inc.1		324,970		6,418,157
Consumer Staples—2.2%
Beverages—0.6%
Boston Beer Co., Inc. (The), Cl. A1		50,380		6,657,717
Food Products—1.6%
Hostess Brands, Inc., Cl. A1		1,053,850		16,966,985
Energy—3.9%
Energy Equipment & Services—0.3%
RigNet, Inc.1		185,210		2,972,621
Oil, Gas & Consumable Fuels—3.6%
Cone Midstream Partners LP2		368,178		6,976,973
HollyFrontier Corp.		296,729		8,151,146
Matador Resources Co.1		268,573		5,739,405
Noble Midstream Partners LP2		170,166		7,725,536
Renewable Energy Group, Inc.1		735,643		9,526,577
				38,119,637
Financials—24.0%
Capital Markets—1.0%
Stifel Financial Corp.1		222,210		10,217,216
Commercial Banks—11.4%
Bank of NT Butterfield & Son Ltd. (The)		217,680		7,422,888
BankUnited, Inc.		453,315		15,281,249
Berkshire Hills Bancorp, Inc.		230,240		8,092,936
Chemical Financial Corp.		205,706		9,958,227
Customers Bancorp, Inc.1		225,610		6,380,251
FCB Financial Holdings, Inc., Cl. A1		172,170		8,221,117
IBERIABANK Corp.		211,670		17,251,105
MB Financial, Inc.		486,730		21,435,589
Sterling Bancorp		500,050		11,626,163
Webster Financial Corp.		304,480		15,899,946
				121,569,471
Insurance—0.9%
James River Group Holdings Ltd.		242,960		9,652,801
Real Estate Investment Trusts (REITs)—7.3%
Brandywine Realty Trust		1,035,360		18,149,861
CYS Investments, Inc.		1,921,060		16,156,115
DiamondRock Hospitality Co.		1,131,390		12,388,720
Four Corners Property Trust, Inc.		706,500		17,740,215

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
National Storage Affiliates Trust	611,156	$	14,123,815
			78,558,726
Real Estate Management & Development—1.0%
Realogy Holdings Corp.	343,490		11,146,251
Thrifts & Mortgage Finance—2.4%
Beneficial Bancorp, Inc.	432,990		6,494,850
OceanFirst Financial Corp.	245,600		6,660,672
Oritani Financial Corp.	433,260		7,387,083
WSFS Financial Corp.	105,380		4,778,983
			25,321,588
Health Care—10.9%
Biotechnology—2.5%
ACADIA Pharmaceuticals, Inc.1	163,800		4,568,382
Clovis Oncology, Inc.1	61,200		5,730,156
Exact Sciences Corp.1	158,010		5,588,814
Sage Therapeutics, Inc.1	64,760		5,157,486
Ultragenyx Pharmaceutical, Inc.1	85,640		5,319,100
			26,363,938
Health Care Equipment & Supplies—4.0%
NuVasive, Inc.1	234,060		18,003,895
NxStage Medical, Inc.1	442,120		11,083,949
Spectranetics Corp. (The)1	349,650		13,426,560
			42,514,404
Health Care Providers & Services—1.7%
Addus HomeCare Corp.1	112,440		4,182,768
Amedisys, Inc.1	229,250		14,399,192
			18,581,960
Pharmaceuticals—2.7%
Prestige Brands Holdings, Inc.1	475,636		25,118,337
TherapeuticsMD, Inc.1	773,650		4,077,136
			29,195,473
Industrials—19.8%
Aerospace & Defense—0.8%
Wesco Aircraft Holdings, Inc.1	821,220		8,910,237
Airlines—1.3%
Spirit Airlines, Inc.1	269,400		13,914,510
Building Products—1.2%
Masonite International Corp.1	176,180		13,301,590
Commercial Services & Supplies—3.3%
ACCO Brands Corp.1	1,255,437		14,625,841
Advanced Disposal Services, Inc.1	379,280		8,621,034
Matthews International Corp., Cl. A	198,230		12,141,588
			35,388,463
Construction & Engineering—2.3%
Dycom Industries, Inc.1	161,380		14,446,737
KBR, Inc.	637,040		9,695,749
			24,142,486
Electrical Equipment—1.2%
Generac Holdings, Inc.1	368,850		13,326,551
Machinery—3.1%
Greenbrier Cos., Inc. (The)	214,820		9,935,425
Manitowoc Co., Inc. (The)1	979,760		5,888,358
Navistar International Corp.1	282,010		7,397,122
Rexnord Corp.1	436,110		10,139,557
			33,360,462
Professional Services—4.2%
Korn/Ferry International	728,661		25,160,663
On Assignment, Inc.1	362,350		19,621,253
			44,781,916
Road & Rail—1.2%
Genesee & Wyoming, Inc., Cl. A1	184,350		12,607,697

6      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

	Shares		Value
Trading Companies & Distributors—1.2%
SiteOne Landscape Supply, Inc.1		240,490	$	12,519,909
Information Technology—17.2%
Electronic Equipment, Instruments, & Components—0.4%
Vishay Intertechnology, Inc.		284,510		4,722,866
Internet Software & Services—3.3%
Envestnet, Inc.1		260,490		10,315,404
j2 Global, Inc.		212,383		18,071,670
Yelp, Inc., Cl. A1		237,470		7,128,849
				35,515,923
IT Services—2.5%
Booz Allen Hamilton Holding Corp., Cl. A		263,510		8,574,615
CACI International, Inc., Cl. A1		149,640		18,712,482
				27,287,097
Semiconductors & Semiconductor Equipment—4.9%
Brooks Automation, Inc.		448,520		9,728,399
Cypress Semiconductor Corp.		554,781		7,572,761
MaxLinear, Inc., Cl. A1		398,560		11,115,838
MKS Instruments, Inc.		171,860		11,566,178
Semtech Corp.1		346,090		12,372,717
				52,355,893
Software—6.1%
CommVault Systems, Inc.1		148,630		8,390,163
Guidewire Software, Inc.1		164,560		11,306,918
Paylocity Holding Corp.1		159,690		7,214,794
Pegasystems, Inc.		242,030		14,122,451
Proofpoint, Inc.1		135,880		11,798,460
Zynga, Inc., Cl. A1		3,526,100		12,835,004
				65,667,790

	Shares		Value
Materials—5.8%
Construction Materials—1.4%
Summit Materials, Inc., Cl. A1		508,934	$	14,692,925
Metals & Mining—2.7%
Century Aluminum Co.1		287,410		4,477,848
Compass Minerals International, Inc.		138,800		9,063,640
Kaiser Aluminum Corp.		169,830		15,033,351
				28,574,839
Paper & Forest Products—1.7%
Boise Cascade Co.1		354,170		10,766,768
PH Glatfelter Co.		358,050		6,996,297
				17,763,065
Utilities—3.7%
Electric Utilities—1.8%
Portland General Electric Co.		431,880		19,732,597
Gas Utilities—1.0%
Suburban Propane Partners LP2		442,250		10,521,128
Water Utilities—0.9%
American States Water Co.		197,310		9,354,467
Total Common Stocks (Cost $831,486,192)				1,054,610,661
Investment Company—1.2%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%3,4 (Cost $13,325,419)		13,325,419		13,325,419
Total Investments, at Value (Cost $844,811,611)		99.8%		1,067,936,080
Net Other Assets (Liabilities)		0.2		2,348,694
Net Assets		100.0%	$	1,070,284,774

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, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		30,101,780		171,625,311		188,401,672		13,325,419
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	13,325,419	$	59,480

See accompanying Notes to Financial Statements.

7      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $831,486,192)	$	1,054,610,661
Affiliated companies (cost $13,325,419)		13,325,419
		1,067,936,080
Cash		2,069,359
Receivables and other assets:
Investments sold		5,602,194
Dividends		1,248,532
Shares of beneficial interest sold		86,926
Other		60,605
Total assets		1,077,003,696
Liabilities
Payables and other liabilities:
Investments purchased		5,863,223
Shares of beneficial interest redeemed		568,314
Distribution and service plan fees		188,430
Trustees’ compensation		52,876
Shareholder communications		26,148
Other		19,931
Total liabilities		6,718,922
Net Assets	$	1,070,284,774
Composition of Net Assets
Par value of shares of beneficial interest	$	44,780
Additional paid-in capital		772,557,451
Accumulated net investment loss		(1,940,971)
Accumulated net realized gain on investments		76,499,045
Net unrealized appreciation on investments		223,124,469
Net Assets	$	1,070,284,774
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 $149,502,515 and 6,184,402 shares of beneficial interest outstanding)		$24.17
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $920,782,259 and 38,595,410 shares of beneficial interest outstanding)		$23.86

See accompanying Notes to Financial Statements.

8      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Dividends:
Unaffiliated companies	$	5,485,566
Affiliated companies		59,480
Total investment income		5,545,046
Expenses
Management fees		3,585,079
Distribution and service plan fees - Service shares		1,135,864
Transfer and shareholder servicing agent fees:
Non-Service shares		74,863
Service shares		454,336
Shareholder communications:
Non-Service shares		10,740
Service shares		65,192
Trustees’ compensation		18,041
Borrowing fees		9,665
Custodian fees and expenses		2,744
Other		45,118
Total expenses		5,401,642
Less reduction to custodian expenses		(215)
Less waivers and reimbursements of expenses		(22,310)
Net expenses		5,379,117
Net Investment Income		165,929
Realized and Unrealized Gain (Loss)
Net realized gain on investment transactions in unaffiliated companies		77,255,186
Net change in unrealized appreciation/depreciation on investment transactions		(5,967,355)
Net Increase in Net Assets Resulting from Operations	$	71,453,760

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, 2017 (Unaudited)		Year Ended December 31, 2016
Operations
Net investment income	$	165,929	$	5,176,771
Net realized gain		77,255,186		64,008,292
Net change in unrealized appreciation/depreciation		(5,967,355)		97,917,019
Net increase in net assets resulting from operations		71,453,760		167,102,082
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(1,318,291)		(682,044)
Service shares		(5,916,141)		(2,155,681)
		(7,234,432)		(2,837,725)
Distributions from net realized gain:
Non-Service shares		(8,092,449)		(5,056,400)
Service shares		(49,338,866)		(33,184,812)
		(57,431,315)		(38,241,212)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		3,297,212		(467,642)
Service shares		(7,265,103)		(43,913,591)
		(3,967,891)		(44,381,233)
Net Assets
Total increase		2,820,122		81,641,912
Beginning of period		1,067,464,652		985,822,740
End of period (including accumulated net investment income (loss) of $(1,940,971) and $5,127,532, respectively)	$	1,070,284,774	$	1,067,464,652

See accompanying Notes to Financial Statements.

10      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$24.08		$21.32		$26.56		$27.80		$20.14		$17.17
Income (loss) from investment operations:
Net investment income1		0.03		0.16		0.12		0.26		0.16		0.21
Net realized and unrealized gain (loss)		1.64		3.55		(1.28)		2.74		8.01		2.87
Total from investment operations		1.67		3.71		(1.16)		3.00		8.17		3.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.11)		(0.23)		(0.25)		(0.22)		(0.11)
Distributions from net realized gain		(1.36)		(0.84)		(3.85)		(3.99)		(0.29)		0.00
Total dividends and/or distributions to shareholders		(1.58)		(0.95)		(4.08)		(4.24)		(0.51)		(0.11)
Net asset value, end of period		$24.17		$24.08		$21.32		$26.56		$27.80		$20.14
Total Return, at Net Asset Value2		6.98%		18.05%		(5.90)%		11.93%		41.01%		17.99%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$149,503		$145,428		$129,104		$136,402		$134,692		$87,267
Average net assets (in thousands)		$150,972		$130,889		$134,932		$133,864		$113,522		$83,790
Ratios to average net assets:3
Net investment income		0.24%		0.74%		0.49%		0.99%		0.67%		1.09%
Expenses excluding specific expenses listed below		0.81%		0.81%		0.80%		0.80%		0.81%		0.83%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		0.81%		0.81%		0.80%		0.80%		0.81%		0.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%6		0.79%		0.80%		0.80%
Portfolio turnover rate		20%		65%		43%		65%		60%		92%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	0.81	%
Year Ended December 31, 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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

11      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$23.75		$21.05		$26.26		$27.53		$19.96		$17.02
Income (loss) from investment operations:
Net investment income (loss)1		(0.00)2		0.10		0.06		0.19		0.10		0.15
Net realized and unrealized gain (loss)		1.63		3.49		(1.25)		2.71		7.93		2.85
Total from investment operations		1.63		3.59		(1.19)		2.90		8.03		3.00
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.16)		(0.05)		(0.17)		(0.18)		(0.17)		(0.06)
Distributions from net realized gain		(1.36)		(0.84)		(3.85)		(3.99)		(0.29)		0.00
Total dividends and/or distributions to shareholders		(1.52)		(0.89)		(4.02)		(4.17)		(0.46)		(0.06)
Net asset value, end of period		$23.86		$23.75		$21.05		$26.26		$27.53		$19.96
Total Return, at Net Asset Value3		6.92%		17.67%		(6.09)%		11.66%		40.62%		17.67%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$920,782		$922,037		$856,719		$968,637		$990,168		$849,920
Average net assets (in thousands)		$916,251		$850,883		$927,514		$957,874		$935,083		$836,487
Ratios to average net assets:4
Net investment income (loss)		(0.00)%5		0.49%		0.24%		0.75%		0.43%		0.82%
Expenses excluding specific expenses listed below		1.06%		1.06%		1.05%		1.05%		1.06%		1.08%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%		0.00%
Total expenses6		1.06%		1.06%		1.05%		1.05%		1.06%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%7		1.04%		1.05%		1.05%
Portfolio turnover rate		20%		65%		43%		65%		60%		92%

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

2. Less than $0.005 per share

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, 2017	1.06	%
Year Ended December 31, 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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 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.

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.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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 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.

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 2.00%. 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 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, 2016, including

13      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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, 2016, 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 there would be no capital loss carryforward. 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 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	$	847,047,715
Gross unrealized appreciation	$	246,053,077
Gross unrealized depreciation		(25,164,712)
Net unrealized appreciation	$	220,888,365

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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 MAIN STREET SMALL CAP FUND/VA

3. Securities Valuation (Continued)

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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, if any, are classified as Level 2 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	$	118,329,462	$	—	$	—	$	118,329,462
Consumer Staples		23,624,702		—		—		23,624,702
Energy		41,092,258		—		—		41,092,258
Financials		256,466,053		—		—		256,466,053
Health Care		116,655,775		—		—		116,655,775
Industrials		212,253,821		—		—		212,253,821
Information Technology		185,549,569		—		—		185,549,569
Materials		61,030,829		—		—		61,030,829
Utilities		39,608,192		—		—		39,608,192
Investment Company		13,325,419		—		—		13,325,419
Total Assets	$	1,067,936,080	$	—	$	—	$	1,067,936,080

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity

15      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market 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.

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.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

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.

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.

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, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		439,047	$	10,862,399		1,207,275	$	26,014,115
Dividends and/or distributions reinvested		392,769		9,410,740		272,999		5,738,444
Redeemed		(687,953)		(16,975,927)		(1,493,942)		(32,220,201)
Net increase (decrease)		143,863	$	3,297,212		(13,668)	$	(467,642)

16      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

6. Shares of Beneficial Interest (Continued)

	Six Months Ended June 30, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Service Shares
Sold		1,200,742	$	29,381,276		3,595,856	$	73,971,132
Dividends and/or distributions reinvested		2,336,364		55,255,007		1,701,517		35,340,493
Redeemed		(3,758,604)		(91,901,386)		(7,186,807)		(153,225,216)
Net decrease		(221,498)	$	(7,265,103)		(1,889,434)	$	(43,913,591)

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities		$211,407,100		$272,854,472

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 0.68% 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.

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.

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.

17      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; 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.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-Service shares	$	1,954
Service shares		11,429

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $ 8,927 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

18      OPPENHEIMER MAIN STREET SMALL CAP 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 (net income, net profit from sale and other capital sources) 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 communication 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 Main Street Small Cap Fund®/VA		6/20/17		7.4%		44.0%	48.6%

20      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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21      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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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	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, 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 Foxson, 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
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

PORTFOLIO MANAGERS: Christopher Proctor, CFA and Adam S. Wilde, CFA

Current Yield
For the 7-Day Period Ended 6/30/17
With Compounding	0.48	%
Without Compounding	0.47	%
For the 6-Month Period Ended 6/30/17
With Compounding	0.19	%
Without Compounding	0.19	%

Performance data quoted represents past performance, which does not guarantee future results. Yields are annualized and include dividends in a hypothetical investment for the periods shown. 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 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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

PORTFOLIO ALLOCATION
U.S. Government Agencies	53.1%
Repurchase Agreements	36.2
Short-Term Notes/Commercial Paper	7.1
Investment Companies	3.2
U.S. Government Obligations	0.4

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on the total market value of investments.

2      OPPENHEIMER GOVERNMENT MONEY FUND/VA

Fund Update

On April 29, 2016, the Fund converted from Oppenheimer Money Fund/VA to Oppenheimer Government Money Fund/VA.¹ As such, the Fund now operates as a government money market fund, which requires that it invest 99.5% or more of its total assets in cash, government securities and/or repurchase agreements that are collateralized solely by government securities or cash. As a government money market fund, the Fund invests primarily in government agency securities, such as Federal Home Loan Bank System obligations, and short-term repurchase agreements collateralized by agency and treasury securities. Under the new rules adopted by the Securities and Exchange Commission (“SEC”) effective in October 14, 2016, the Fund posts current and historical Fund metrics on the oppenheimerfunds.com website. Among these are the market based NAV, Daily Liquid Assets, Weekly Liquid Assets and Fund Net Inflows or Outflows.

FUND PERFORMANCE DISCUSSION

Throughout the reporting period, the Fund continued to offer very strong liquidity and a stable $1.00 net asset value (NAV), while providing competitive income. Short-term government market rates have risen in conjunction with the Federal Reserve (the “Fed”) raising its overnight benchmark Federal Funds rate in December 2016, March 2017, and June 2017. The Fund has benefited from its low weighted average maturity (WAM), as positions have matured and we have reinvested at higher rates. We would expect that should the Fed raise its overnight rate in either September or December that the Fund’s yield would increase as well.

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.

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.

1. In connection with new rules governing money market funds fully implemented in October 2016, effective April 29, 2016, Oppenheimer Monet Fund/VA changed its name to Oppenheimer Government Money Fund/VA, and made changes to its investment strategies that will enable it to operate as a government money market 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, 2017.

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, 2017” 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.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
	$	1,000.00	$	1,001.00	$	2.48
Hypothetical
(5% return before expenses)
		1,000.00		1,022.32		2.51

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 is as follows:

Expense Ratio            

0.50%            

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, 2017 Unaudited

	Maturity Date*		Final Legal Maturity Date**		Principal Amount		Value
Short-Term Notes/Commercial Paper—7.3%
CA ABAG Finance Authority for Nonprofit Corp., 0.97%1		7/7/17		7/7/17	$	4,500,000	$	4,500,000
New York City Housing Development Corp.:
1.03%1		7/7/17		7/7/17		3,750,000		3,750,000
1.10%1		7/7/17		7/7/17		6,000,000		6,000,000
New York State Housing Finance Agency, 0.98%1		7/7/17		7/7/17		9,200,000		9,200,000
Pima County, AZ Industrial Development Authority, 0.91%1		7/7/17		7/7/17		745,000		745,000
Southeast Texas Housing Finance Corp., 1.01%1		7/7/17		7/7/17		5,000,000		5,000,000
WA State Housing Finance Commission, 0.94%1		7/7/17		7/7/17		5,000,000		5,000,000
Total Short-Term Notes/Commercial Paper (Cost $34,195,000)								34,195,000
U.S. Government Agencies—54.2%
Federal Agricultural Mortgage Corp., 1.15%1,2		7/1/17		7/3/18		3,000,000		3,000,000
Federal Farm Credit Bank:
1.15%		5/30/18		5/30/18		3,000,000		2,996,702
1.23%1		7/27/17		11/27/17		2,000,000		2,000,380
Federal Home Loan Bank:
0.625%		10/26/17		10/26/17		2,000,000		1,999,084
0.653%		7/19/17		7/19/17		31,170,000		31,159,854
0.74%		9/22/17		9/22/17		1,000,000		999,503
0.745%1		7/27/17		7/27/17		2,000,000		1,999,957
0.75%1		7/10/17		7/10/17		2,000,000		2,000,000
0.815%		7/21/17		7/21/17		11,000,000		10,995,029
0.831%		7/10/17		7/10/17		3,000,000		2,999,378
0.862%		7/5/17		7/5/17		18,840,000		18,838,198
0.875%		3/19/18		3/19/18		1,000,000		998,029
0.876%		7/14/17		7/14/17		10,200,000		10,196,777
0.92%		7/12/17		7/12/17		17,300,000		17,295,144
0.921%		7/7/17		7/7/17		12,000,000		11,998,160
0.921%		7/13/17		7/13/17		10,000,000		9,996,933
0.945%		8/18/17		8/18/17		1,000,000		998,743
0.955%		10/20/17		10/20/17		5,000,000		4,985,354
0.966%		7/26/17		7/26/17		15,900,000		15,889,340
0.973%		9/5/17		9/5/17		4,000,000		3,992,887
0.98%		7/11/17		7/11/17		15,000,000		14,995,917
0.984%		9/26/17		9/26/17		5,000,000		4,988,158
1.001%		8/2/17		8/2/17		15,000,000		14,986,667
1.001%		7/25/17		7/25/17		25,000,000		24,983,333
1.011%		8/4/17		8/4/17		4,000,000		3,996,188
1.039%1		9/1/17		3/1/18		1,000,000		1,000,344
1.041%1		7/25/17		1/25/18		1,000,000		1,000,000
1.051%		9/15/17		9/15/17		2,000,000		1,995,575
1.051%1		7/25/17		1/25/18		2,000,000		1,999,881
1.073%1		7/22/17		5/22/18		1,500,000		1,499,958
1.091%1		7/26/17		12/26/17		2,000,000		2,000,000
1.102%1		7/26/17		1/26/18		2,000,000		2,002,988
1.116%1		7/5/17		9/5/17		1,135,000		1,135,187
1.132%		12/27/17		12/27/17		7,000,000		6,960,809
1.14%1		8/9/17		8/9/17		7,000,000		7,002,044
1.154%1		7/7/17		12/7/17		3,000,000		3,001,529
1.169%1		8/25/17		8/25/17		2,000,000		2,000,960
Federal Home Loan Mortgage Corp.:
0.75%		7/14/17		7/14/17		1,000,000		1,000,007
1.00%		12/15/17		12/15/17		2,000,000		2,000,921
Total U.S. Government Agencies (Cost $253,889,918)								253,889,918
U.S. Government Obligations—0.4%
United States Treasury Nts.:
0.625%		8/31/17		8/31/17		1,000,000		999,772
1.875%		9/30/17		9/30/17		1,000,000		1,002,287
Total U.S. Government Obligations (Cost $2,002,059)								2,002,059

5      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Repurchase Agreements—37.1%
Repurchase Agreements3 (Cost $173,400,000)	$	173,400,000	$	173,400,000
	Shares
Investment Company—3.3%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%4,5 (Cost $15,223,816)		15,223,816		15,223,816
Total Investments, at Value (Cost $478,710,793)		102.3%		478,710,793
Net Other Assets (Liabilities)		(2.3)		(10,541,006)
Net Assets		100.0%	$	468,169,787

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. 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.

3. Repurchase agreements:

Counterparty	Lending Rate		Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral Received, at Valuea		Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Receiveda
Credit Agricole Corp. & Investment Bank		1.08%		6/30/17		7/3/17	$	4,000,000	U.S. Treasury Nts., 1.875%, 2/28/22	$	(4,080,400)		$4,000,000		$4,000,393
Deutsche Bank Securities, Inc.		1.16		6/30/17		7/3/17		6,500,000	U.S. Treasury Nts., 1.25%, 7/15/20		(6,630,714)		6,500,000		6,500,700
Deutsche Bank Securities, Inc.		0.96		6/2/17		7/6/17		5,000,000	U.S. Treasury Nts., 1.25%, 7/15/20		(5,104,248)		5,000,000		5,004,164
Deutsche Bank Securities, Inc.		1.11		6/22/17		7/24/17		5,000,000	U.S. Treasury Nts., 1.25%, 7/15/20		(5,101,779)		5,000,000		5,001,744
INTL FCStone Financial, Inc.		1.10		6/27/17		7/3/17		5,000,000	U.S. Treasury Nts., 2.00%, 7/31/20 and U.S. Treasury Bills, 0.00%, 7/6/17-6/21/18		(5,102,638)		5,000,000		5,000,917
RBC Dominion Securities, Inc.		1.05		6/30/17		7/3/17		60,900,000	U.S. Treasury Nts., 1.25%-1.625%, 8/31/18-2/15/26 and U.S. Government Agency Mortgages, 3.50%-5.00%, 7/15/40-5/20/47		(62,123,530)		60,900,000		60,905,422
RBC Dominion Securities, Inc.		1.03		6/28/17		7/5/17		12,000,000	U.S. Treasury Nts., 1.50%-2.375%, 8/31/18-8/15/24 and U.S. Government Agency Mortgages, 3.50%, 5/20/47		(12,241,802)		12,000,000		12,001,767
RBC Dominion Securities, Inc.		1.04		6/27/17		7/3/17		4,000,000	U.S. Treasury Nts., 1.50%-2.375%, 8/31/18-8/15/24 and U.S. Government Agency Mortgages, 3.50%, 5/20/47		(4,080,788)		4,000,000		4,000,773
RBC Dominion Securities, Inc.		1.04		6/29/17		7/6/17		2,000,000	U.S. Treasury Nts., 1.00%-1.50%, 8/31/18-11/30/18 and U.S. Government Agency Mortgages, 3.50%, 5/20/47		(2,040,293)		2,000,000		2,000,287
RBC Dominion Securities, Inc.		1.05		6/15/17		7/13/17		1,000,000	U.S. Treasury Nts., 1.375%-1.50%, 8/31/18-4/30/20 and U.S. Government Agency Mortgages, 3.50%, 5/20/47		(1,020,600)		1,000,000		1,000,588
South Street Securities LLC		1.20		6/30/17		7/3/17		50,000,000	U.S. Government Agency Mortgages, 1.875%-5.05%, 11/1/17-8/1/44		(51,005,100)		50,000,000		50,005,000
TD Securities (USA) LLC		1.05		6/27/17		7/3/17		12,000,000	U.S. Treasury Nts., 2.25%-2.50%, 7/31/21-8/15/23 and U.S. Treasury Bills, 0.00%, 7/20/17 and U.S. Government Agency Mortgages, 2.50%-6.00%, 2/1/30-3/1/46		(12,242,143)		12,000,000		12,002,101
TD Securities (USA) LLC		1.11		6/30/17		7/3/17		6,000,000	U.S. Treasury Nts., 2.50%, 8/15/23 and U.S. Treasury Bills, 0.00%, 7/20/17		(6,120,655)		6,000,000		6,000,643
										$	(176,894,690)		$173,400,000		$173,424,499

a. Includes accrued interest.

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

6      OPPENHEIMER GOVERNMENT MONEY FUND/VA

Footnotes to Statement of Investments (Continued)

5. 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, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		—		15,223,816		—		15,223,816
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	15,223,816	$	33,940

See accompanying Notes to Financial Statements.

7      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $290,086,977)	$	290,086,977
Affiliated companies (cost $15,223,816)		15,223,816
Repurchase agreements (cost $173,400,000)		173,400,000
		478,710,793
Cash		167,456
Receivables and other assets:
Interest		91,245
Shares of beneficial interest sold		82,329
Other		48,011
Total assets		479,099,834
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		5,781,479
Investments purchased (including $3,000,000 purchased on a when-issued or delayed delivery basis)		5,000,000
Dividends		74,787
Trustees’ compensation		41,654
Shareholder communications		5,822
Other		26,305
Total liabilities		10,930,047
Net Assets	$	468,169,787
Composition of Net Assets
Par value of shares of beneficial interest	$	468,144
Additional paid-in capital		467,682,786
Accumulated net investment income		19,987
Accumulated net realized loss on investments		(1,130)
Net Assets— applicable to 468,144,230 shares of beneficial interest outstanding	$	468,169,787
Net Asset Value, Redemption Price Per Share and Offering Price Per Share		$1.00

See accompanying Notes to Financial Statements.

8      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Interest	$	1,620,113
Dividends from affiliated companies		33,940
Total investment income		1,654,053
Expenses
Management fees		1,073,903
Transfer and shareholder servicing agent fees		238,773
Shareholder communications		14,741
Custodian fees and expenses		597
Trustees’ compensation		24,878
Other		49,544
Total expenses		1,402,436
Less reduction to custodian expenses		(102)
Less waivers and reimbursements of expenses		(208,468)
Net expenses		1,193,866
Net Investment Income		460,187
Realized Loss		(915)
Net Increase in Net Assets Resulting from Operations	$	459,272

See accompanying Notes to Financial Statements.

9      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016
Operations
Net investment income	$	460,187	$	147,995
Net realized loss		(915)		(215)
Net increase in net assets resulting from operations		459,272		147,780
Dividends and/or Distributions to Shareholders
Dividends from net investment income		(460,333)		(153,515)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions		(73,799,077)		(2,106,660,389)
Net Assets
Total decrease		(73,800,138)		(2,106,666,124)
Beginning of period		541,969,925		2,648,636,049
End of period (including accumulated net investment income of $19,987 and $ 20,133, respectively)	$	468,169,787	$	541,969,925

See accompanying Notes to Financial Statements.

10      OPPENHEIMER GOVERNMENT MONEY FUND/VA

FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
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 income1		0.002		0.002		0.002		0.002		0.002		0.002
Net realized gain (loss)		(0.00)2		(0.00)2		0.002		0.002		0.002		0.002
Total from investment operations		0.002		0.002		0.002		0.002		0.002		0.002
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)2		(0.00)2		(0.00)2		(0.00)2		(0.00)2		(0.00)2
Net asset value, end of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Total Return, at Net Asset Value3		0.10%		0.01%		0.01%		0.01%		0.01%		0.01%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	468,170	$	541,970	$	2,648,636	$	515,297	$	177,026	$	174,428
Average net assets (in thousands)	$	481,045	$	1,470,447	$	1,144,581	$	329,045	$	178,263	$	164,276
Ratios to average net assets:4
Net investment income		0.19%		0.01%		0.01%		0.01%		0.01%		0.01%
Total expenses5		0.59%		0.55%		0.53%		0.57%		0.61%		0.62%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50%		0.35%		0.19%		0.15%		0.22%		0.30%

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

2. Less than $0.005 per share.

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

Six Months Ended June 30, 2017	0.59	%
Year Ended December 31, 2016	0.55	%
Year Ended December 31, 2015	0.53	%
Year Ended December 31, 2014	0.57	%

See accompanying Notes to Financial Statements.

11      OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2017 Unaudited

1. Organization

Oppenheimer Government 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.

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.

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.

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. 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.

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 2.00%. 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 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, 2016, 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, 2016, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the 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.

Expiring
No expiration	$	215

Capital losses with no expiration will be carried forward to future years if not offset by gains in the remaining six months of the Fund’s fiscal year. When increased by capital loss carryforwards in existence at June 30, 2017, the Fund had estimated capital loss carryforwards of $1,130 which will not expire. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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.

12      OPPENHEIMER GOVERNMENT MONEY FUND/VA

2. Significant Accounting Policies (Continued)

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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 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.

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, are 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. Those standardized fair valuation 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.

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 may be 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, if any, are measured using net asset value and are classified as Level 2 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:

13      OPPENHEIMER GOVERNMENT MONEY 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:
Short-Term Notes/Commercial
Paper	$	—	$	34,195,000	$	—	$	34,195,000
U.S. Government Agencies		—		253,889,918		—		253,889,918
U.S. Government Obligations		—		2,002,059		—		2,002,059
Repurchase Agreement		—		173,400,000		—		173,400,000
Investment Company		15,223,816		—		—		15,223,816
Total Assets	$	15,223,816	$	463,486,977	$	—	$	478,710,793

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”) which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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 as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$3,000,000

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

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.

14      OPPENHEIMER GOVERNMENT MONEY FUND/VA

5. Market Risk Factors (Continued)

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.

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. Transactions in shares of beneficial interest were as follows:

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Sold		78,557,169		$	78,557,169			1,180,358,383		$	1,180,358,383
Dividends and/or distributions reinvested		387,582			387,582			159,576			159,576
Redeemed		(152,743,828	)		(152,743,828	)		(3,287,178,348	)		(3,287,178,348	)
Net decrease		(73,799,077	)	$	(73,799,077	)		(2,106,660,389	)	$	(2,106,660,389	)

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 0.45% 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 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.

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 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. 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

15      OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates (Continued)

limitation, the Manager waived $203,744 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, 2017	$	1,378,598
December 31, 2018		3,773,037
December 31, 2019		2,982,813
December 31, 2020		203,744

The Manager has not recaptured any previously waived and/or reimbursed amounts during the reporting period.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $4,724 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

8. Repurchase Agreements

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:

	Repurchase Agreement
Counterparty	Proceeds to be Received 1		Collateral Received 1		Net Exposure2
Repurchase Agreements
Credit Agricole Corp. & Investment Bank		$4,000,393		$(4,080,400)		$(80,007)
Deutsche Bank Securities, Inc.		6,500,700		(6,630,714)		(130,014)
Deutsche Bank Securities, Inc.		5,004,164		(5,104,248)		(100,084)
Deutsche Bank Securities, Inc.		5,001,744		(5,101,779)		(100,035)
INTL FCStone Financial, Inc.		5,000,917		(5,102,638)		(101,721)
RBC Dominion Securities, Inc.		60,905,422		(62,123,530)		(1,218,108)
RBC Dominion Securities, Inc.		12,001,767		(12,241,802)		(240,035)
RBC Dominion Securities, Inc.		4,000,773		(4,080,788)		(80,015)
RBC Dominion Securities, Inc.		2,000,287		(2,040,293)		(40,006)
RBC Dominion Securities, Inc.		1,000,588		(1,020,600)		(20,012)
South Street Securities LLC		50,005,000		(51,005,100)		(1,000,100)
TD Securities (USA) LLC		12,002,101		(12,242,143)		(240,042)
TD Securities (USA) LLC		6,000,643		(6,120,655)		(120,012)
		$173,424,499

1. Includes accrued interest.

2. Net exposure represents the net receivable/payable that would be due from the counterparty in the event of default.

16      OPPENHEIMER GOVERNMENT MONEY 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

17      OPPENHEIMER GOVERNMENT MONEY FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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 Government Money Fund/VA		1/20/17		96.9%		0.0%		3.1%
Oppenheimer Government Money Fund/VA		5/19/17		99.8%		0.0%		0.2%

18      OPPENHEIMER GOVERNMENT MONEY FUND/VA

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19      OPPENHEIMER GOVERNMENT MONEY FUND/VA

OPPENHEIMER GOVERNMENT MONEY FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Christopher Proctor, Vice President
	Adam S. Wilde, Vice President
	Cynthia Lo Bessette Secretary and Chief Legal Officer
	Jennifer Foxson, 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, visiting oppenheimerfunds.com 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
Oppenheimer
Global Strategic Income Fund/VA	Semiannual Report
A Series of Oppenheimer Variable Account Funds
SEMIANNUAL REPORT       Listing of Top Holdings       Fund Performance Discussion       Financial Statements

PORTFOLIO MANAGERS: Michael Mata, Krishna Memani, Ruta Ziverte, and Chris Kelly, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/3/93		3.79%		5.93%		3.49%		4.62%
Service Shares		3/19/01		3.82		5.91		3.25		4.36
Bloomberg Barclays U.S. Aggregate Bond Index				2.27		-0.31		2.21		4.48

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. Returns for periods of less than one year are cumulative and not annualized. Such performance would have been lower if such charges were taken into account.

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S. Government and corporate bonds. 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

PORTFOLIO ALLOCATION
Non-Convertible Corporate Bonds and Notes	41.4	%
Investment Companies
Oppenheimer Institutional Government Money Market Fund	5.6
Oppenheimer Master Event-Linked Bond Fund, LLC	2.3
Oppenheimer Master Loan Fund, LLC	13.2
Oppenheimer Ultra-Short Duration Fund	3.4
Mortgage-Backed Obligations
Government Agency	8.0
Non-Agency	9.5
Foreign Government Obligations	9.9
Asset-Backed Securities	4.3
Preferred Stocks	0.7
Short-Term Notes	0.5
Common Stocks	0.4
Structured Securities	0.4
Over-the-Counter Interest Rate Swaptions Purchased	0.2
Over-the-Counter Options Purchased	0.1
Corporate Loans	0.1
Rights, Warrants and Certificates	—*
Exchange-Traded Options Purchased	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on total market value of investments. For more current Fund holdings, please visit oppenheimerfunds.com.

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA	15.5%
AA	1.6
A	5.1
BBB	14.0
BB	17.0
B	17.4
CCC	3.7
CC	0.0
C	0.0
D	0.2
Unrated	25.5
Total	100.0%

If included in the credit rating breakdown table above, all securities except for those labeled “Unrated,” 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 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 do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. “Investment-grade” securities are securities rated within the NRSRO’s four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund’s Prospectus and Statement of Additional Information for further information.

2      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 3.79% during the reporting period, versus the 2.27% return provided by the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

MARKET OVERVIEW

During the reporting period, markets continued their general risk-on mode started by the surprise election of Donald Trump in November 2016, as equities climbed and credit spreads narrowed to tight levels not seen since 2015. U.S. GDP growth continued to progress as employment and wage gains suggested the U.S. may be approaching full employment. Business and consumer confidence indicators were among its highest levels in the current expansion. While consumption growth has slowed modestly from a strong pace, the recovery in investment expenditures, a weaker dollar, and a stronger housing sector added to growth. The financial markets have grown quite comfortable with a continuation of U.S. economic growth of around 2.0% and inflation somewhat below that level. Outside of the U.S., growth has tended to surprise to the upside. Europe, Canada, and Australia are a few examples, prompting their central banks to prepare the markets for future policy tightening. Emerging markets performed well during the reporting period. Global growth remained firm which helped the asset class to perform well. However, political developments, coordinated central bank hawkishness, and commodity performance led to notable divergence.

As its dual mandates of full employment and price stability were approached, the Federal Reserve Bank (the “Fed”) continued to reduce monetary accommodation and normalized rates. The Fed hiked interest rates 0.25% in March and June, and also signaled the potential for balance sheet normalization later this year, possibly in September, along with another hike in December. The unemployment rate fell slightly to 4.4%, which is within the range of the Fed’s latest estimates of non-accelerating inflation rate of unemployment. The Fed has been less successful on their inflation mandate. Headline and core inflation fell over the second quarter of 2017 and continue to be at levels below the Fed’s stated target. The markets have continued to behave well throughout the tightening cycle, so well that board members now seem concerned that financial conditions are too loose. We believe the appropriate response for this would be some action on balance sheet normalization, sooner rather than later.

As mentioned above, market performance continued to be positive for most risk assets during the six-month reporting period, with equities performing positively. Early in the reporting period, U.S. Treasury rates marched higher as the 10-year Treasury rate increased 19 basis points (bps) to 2.63% before falling quickly through the end of the period to 2.31%. This ultimately contributed to U.S. Treasuries generating a positive total return. For the reporting period, credit sectors of the investment-grade fixed-income market posted positive absolute performance and also outperformed U.S. Treasuries.

FUND REVIEW

During the reporting period, the Fund’s outperformance versus the Index stemmed largely from its exposure to emerging market credit and emerging market local bonds. Emerging market credit outperformed U.S. and European credit markets during the reporting period. Concerns that President Trump’s policies would lead to a new round of dollar strength and potential trade protectionism weighed on the emerging market outlook going into 2017, but the U.S. dollar weakened and protectionism fears eased over the first half of 2017. The Fund maintained an overall neutral position but with a greater tilt toward higher-yielding credits, in particular state-owned oil & gas companies, which have been repairing their credit profiles but offered a significant yield advantage over their government bonds. Emerging market local bonds benefited as global growth remained firm. Top performers for the Fund included Mexico and Indonesia. An Institutional Revolutionary Party (PRI) win in Mexico City removed key political risk and Mexico and helped drive performance in that country. Our structural long position in Indonesia benefited performance as the country continued to advance strong reform programs.

Outside of emerging markets, the Fund also experienced positive results from high yield and mortgages. On the other hand, the most significant detractors from performance versus the Index were the Fund’s overweight position to U.S. investment grade credit and underweight to U.S. Treasuries.

STRATEGY & OUTLOOK

The Fund continues to be positioned to seek to take advantage of the current environment of low but reasonably stable growth and inflation and historically low levels of interest rates in developed markets. Though we expect the Fed will start to taper their reinvestment program before the end of this year, we are less certain about the likelihood of another interest rate hike in 2017.

Solid economic fundamentals and positive earnings growth lead us to continue to like high yield corporate bonds, though we have reduced our exposure recently based on valuation. We like senior floating rate loans for similar reasons. In addition we believe loans should outperform other credit sectors should the Fed hike rates at a more aggressive pace than the market expects. In addition, we continue to look for opportunities to add to our mortgage-backed securities &

3      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

commercial mortgage-backed securities position on any back up in spreads. Outside of the U.S., we like EM local and credit bonds based on robust growth combined with stable to falling inflation.

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.

4      OPPENHEIMER GLOBAL STRATEGIC INCOME 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,037.90	$	3.80
Service shares		1,000.00		1,038.20		5.07
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.08		3.77
Service shares		1,000.00		1,019.84		5.02

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		0.75%
Service shares		1.00

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. 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 GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Principal Amount		Value
Asset-Backed Securities—4.5%
American Credit Acceptance Receivables Trust:
Series 2013-2, Cl. D, 5.92%, 8/17/201	$	1,375,000	$	1,381,498
Series 2014-2, Cl. D, 4.96%, 5/10/211		720,000		722,146
Series 2014-4, Cl. B, 2.60%, 10/12/201		5,384		5,385
Series 2015-1, Cl. B, 2.85%, 2/12/211		313,971		314,626
Series 2015-3, Cl. B, 3.56%, 10/12/211		285,000		287,131
Series 2015-3, Cl. C, 4.84%, 10/12/211		240,000		246,777
Series 2015-3, Cl. D, 5.86%, 7/12/221		275,000		283,472
Series 2016-4, Cl. B, 2.11%, 2/12/211		510,000		509,709
AmeriCredit Automobile Receivables Trust:
Series 2013-2, Cl. E, 3.41%, 10/8/201		1,290,000		1,294,204
Series 2013-3, Cl. D, 3.00%, 7/8/19		440,000		442,844
Series 2013-4, Cl. D, 3.31%, 10/8/19		520,000		525,283
Series 2017-2, Cl. D, 3.42%, 4/18/23		830,000		836,926
Cabela’s Credit Card Master Note Trust:
Series 2013-2A, Cl. A2, 1.809%,
8/16/211,2		280,000		281,505
Series 2016-1, Cl. A1, 1.78%, 6/15/22		870,000		868,997
Series 2016-1, Cl. A2, 2.009%, 6/15/222		1,690,000		1,707,952
Capital Auto Receivables Asset Trust, Series 2014-1, Cl. D, 3.39%, 7/22/19		185,000		187,047
Capital One Multi-Asset Execution Trust:
Series 2016-A1, Cl. A1, 1.609%,
2/15/222		1,075,000		1,081,672
Series 2016-A3, Cl. A3, 1.34%, 4/15/22		805,000		799,197
CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/211		93,975		93,975
CarMax Auto Owner Trust:
Series 2013-2, Cl. D, 2.06%, 11/15/19		10,000		10,001
Series 2014-2, Cl. D, 2.58%, 11/16/20		450,000		451,286
Series 2015-2, Cl. D, 3.04%, 11/15/21		175,000		176,019
Series 2015-3, Cl. D, 3.27%, 3/15/22		610,000		615,721
Series 2016-1, Cl. D, 3.11%, 8/15/22		465,000		466,917
Series 2016-3, Cl. D, 2.94%, 1/17/23		315,000		312,510
Series 2016-4, Cl. D, 2.91%, 4/17/23		710,000		702,569
Series 2017-1, Cl. D, 3.43%, 7/17/23		630,000		634,037
CCG Receivables Trust, Series 2017-1, Cl. B, 2.75%, 11/14/231		635,000		633,731
Chase Issuance Trust, Series 2014-A5, Cl. A5, 1.529%, 4/15/212		675,000		677,747
Citibank Credit Card Issuance Trust, Series 2014-A6, Cl. A6, 2.15%, 7/15/21		1,680,000		1,694,346
CPS Auto Receivables Trust, Series 2014-C, Cl. A, 1.31%, 2/15/191		13,847		13,845
CWABS Asset-Backed Certificates Trust, Series 2005-14, Cl. 1A1, 1.446%, 4/25/362		785,207		784,849
Discover Card Execution Note Trust:
Series 2012-A6, Cl. A6, 1.67%, 1/18/22		805,000		804,254
Series 2016-A1, Cl. A1, 1.64%, 7/15/21		1,860,000		1,860,202
Series 2016-A4, Cl. A4, 1.39%, 3/15/22		1,675,000		1,661,675
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/211		985,000		1,000,196
Series 2015-CA, Cl. D, 4.20%, 9/15/211		1,715,000		1,743,292
Series 2015-DA, Cl. C, 3.38%, 11/15/211		1,445,000		1,459,156
Series 2016-BA, Cl. C, 3.19%, 7/15/221		770,000		778,582
Series 2016-CA, Cl. C, 3.02%, 11/15/211		395,000		396,895
Series 2016-CA, Cl. D, 4.18%, 3/15/241		430,000		439,357
Series 2017-1, Cl. B, 2.36%, 3/15/21		425,000		424,945
Series 2017-AA, Cl. C, 2.98%, 1/18/221		950,000		957,401
Series 2017-AA, Cl. D, 4.16%, 5/15/241		565,000		574,867
Series 2017-BA, Cl. D, 3.72%, 10/17/221		610,000		614,202
DT Auto Owner Trust:
Series 2014-1A, Cl. D, 3.98%, 1/15/211		721,808		726,603
Series 2014-2A, Cl. D, 3.68%, 4/15/211		2,203,007		2,220,634
Series 2014-3A, Cl. D, 4.47%, 11/15/211		2,135,000		2,183,219
Series 2015-1A, Cl. D, 4.26%, 2/15/221		3,020,000		3,071,352
Series 2015-2A, Cl. D, 4.25%, 2/15/221		915,000		934,585

	Principal Amount		Value
Asset-Backed Securities (Continued)
DT Auto Owner Trust: (Continued)
Series 2015-3A, Cl. D, 4.53%, 10/17/221	$	2,530,000	$	2,582,269
Series 2016-1A, Cl. B, 2.79%, 5/15/201		624,251		625,644
Series 2016-4A, Cl. E, 6.49%, 9/15/231		200,000		206,940
Series 2017-1A, Cl. D, 3.55%, 11/15/221		440,000		441,237
Series 2017-1A, Cl. E, 5.79%, 2/15/241		415,000		422,434
Series 2017-2A, Cl. D, 3.89%, 1/15/231		400,000		402,865
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		222,320		218,317
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.659%, 11/16/201,2		1,210,000		1,214,689
Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. C, 4.35%, 1/15/191		80,144		80,292
Series 2013-2A, Cl. D, 6.81%, 8/17/201		925,000		947,947
Series 2014-2A, Cl. C, 3.26%, 12/16/191		180,000		181,149
First Investors Auto Owner Trust, Series 2013-3A, Cl. D, 3.67%, 5/15/201		890,000		897,135
Flagship Credit Auto Trust:
Series 2014-1, Cl. D, 4.83%, 6/15/201		70,000		71,572
Series 2014-2, Cl. A, 1.43%, 12/16/191		31,337		31,339
Series 2015-3, Cl. D, 7.12%, 11/15/221		695,000		731,795
Series 2016-1, Cl. C, 6.22%, 6/15/221		980,000		1,049,016
ICE EM CLO:
Series 2007-1A, Cl. B, 3.038%,
8/15/221,2		7,870,000		7,857,620
Series 2007-1A, Cl. C, 4.338%,
8/15/221,2		5,270,000		5,204,499
Series 2007-1A, Cl. D, 6.338%,
8/15/221,2		4,517,946		4,267,354
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1, Cl. D, 4.516%, 9/27/211,2		205,000		205,352
Series 2017-1, Cl. C, 3.439%, 6/27/221,2		160,000		160,080
Series 2017-1, Cl. D, 4.789%, 6/27/221,2		185,000		185,092
Nissan Auto Lease Trust, Series 2017-A, Cl. A3, 1.91%, 4/15/20		630,000		629,429
Santander Drive Auto Receivables Trust:
Series 2013-4, Cl. E, 4.67%, 1/15/201		520,000		523,843
Series 2013-A, Cl. E, 4.71%, 1/15/211		405,000		410,017
Series 2014-1, Cl. E, 3.92%, 5/17/21		285,000		289,558
Series 2015-5, Cl. D, 3.65%, 12/15/21		915,000		935,715
Series 2016-2, Cl. D, 3.39%, 4/15/22		300,000		304,375
Series 2017-1, Cl. D, 3.17%, 4/17/23		440,000		439,600
Series 2017-1, Cl. E, 5.05%, 7/15/241		500,000		507,167
Series 2017-2, Cl. D, 3.49%, 7/17/23		190,000		190,214
SNAAC Auto Receivables Trust, Series 2014-1A, Cl. D, 2.88%, 1/15/201		635,334		635,674
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221		285,000		285,364
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/441		115,577		113,706
United Auto Credit Securitization Trust, Series 2015-1, Cl. D, 2.92%, 6/17/191		173,162		173,457
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		420,000		422,342
Series 2016-B, Cl. A, 1.44%, 6/15/22		1,010,000		1,007,228
Series 2017-A, Cl. A, 2.12%, 3/15/24		1,125,000		1,124,097
Total Asset-Backed Securities (Cost $76,546,388)				76,871,764
Mortgage-Backed Obligations—18.4%
Government Agency—8.4%
FHLMC/FNMA/FHLB/Sponsored—8.1%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 9/1/33		277,479		303,750
5.50%, 9/1/39		341,977		378,136
6.00%, 5/1/18-11/1/21		51,535		57,921
6.50%, 3/1/18-8/1/32		268,962		294,263
7.00%, 10/1/31-10/1/37		59,617		66,512
7.50%, 1/1/32		258,793		310,761

6      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192, Cl. IO, 87.72%, 2/1/283	$	6,053	$	1,151
Series 205, Cl. IO, 37.522%, 9/1/293		33,225		7,315
Series 243, Cl. 6, 1.209%, 12/15/323		76,943		13,816
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		250,158		274,328
Series 151, Cl. F, 9.00%, 5/15/21		3,092		3,316
Series 1674, Cl. Z, 6.75%, 2/15/24		119,405		130,575
Series 1897, Cl. K, 7.00%, 9/15/26		473,391		532,150
Series 2043, Cl. ZP, 6.50%, 4/15/28		179,706		199,388
Series 2106, Cl. FG, 1.609%, 12/15/282		312,863		313,734
Series 2122, Cl. F, 1.609%, 2/15/292		8,136		8,159
Series 2148, Cl. ZA, 6.00%, 4/15/29		174,748		195,047
Series 2195, Cl. LH, 6.50%, 10/15/29		123,630		139,369
Series 2326, Cl. ZP, 6.50%, 6/15/31		18,092		20,125
Series 2344, Cl. FP, 2.109%, 8/15/312		79,322		81,502
Series 2368, Cl. PR, 6.50%, 10/15/31		57,826		65,873
Series 2412, Cl. GF, 2.109%, 2/15/322		113,071		116,179
Series 2449, Cl. FL, 1.709%, 1/15/322		87,270		88,525
Series 2451, Cl. FD, 2.159%, 3/15/322		44,285		45,585
Series 2461, Cl. PZ, 6.50%, 6/15/32		213,115		249,239
Series 2464, Cl. FI, 2.159%, 2/15/322		39,150		40,084
Series 2470, Cl. AF, 2.159%, 3/15/322		75,981		78,212
Series 2470, Cl. LF, 2.159%, 2/15/322		40,065		41,020
Series 2477, Cl. FZ, 1.709%, 6/15/312		170,999		172,072
Series 2517, Cl. GF, 2.159%, 2/15/322		34,834		35,665
Series 2635, Cl. AG, 3.50%, 5/15/32		52,851		54,479
Series 2668, Cl. AZ, 4.00%, 9/15/18		7,797		8,005
Series 2676, Cl. KY, 5.00%, 9/15/23		586,222		624,328
Series 2707, Cl. QE, 4.50%, 11/15/18		36,272		36,727
Series 2770, Cl. TW, 4.50%, 3/15/19		5,486		5,631
Series 3025, Cl. SJ, 20.501%, 8/15/352		99,171		146,683
Series 3741, Cl. PA, 2.15%, 2/15/35		258,813		259,272
Series 3815, Cl. BD, 3.00%, 10/15/20		4,684		4,710
Series 3840, Cl. CA, 2.00%, 9/15/18		3,566		3,565
Series 3848, Cl. WL, 4.00%, 4/15/40		156,064		161,090
Series 3857, Cl. GL, 3.00%, 5/15/40		6,947		7,101
Series 3917, Cl. BA, 4.00%, 6/15/38		88,263		90,882
Series 4221, Cl. HJ, 1.50%, 7/15/23		216,172		215,131
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074, Cl. S, 99.999%, 7/17/283		9,278		1,416
Series 2079, Cl. S, 99.999%, 7/17/283		16,166		2,474
Series 2136, Cl. SG, 35.139%, 3/15/293		450,336		77,612
Series 2399, Cl. SG, 99.999%, 12/15/263		249,969		40,565
Series 2437, Cl. SB, 43.612%, 4/15/323		770,696		140,739
Series 2526, Cl. SE, 51.29%, 6/15/293		15,896		3,025
Series 2682, Cl. TQ, 99.999%, 10/15/333		164,099		34,349
Series 2795, Cl. SH, 96.904%, 3/15/243		325,579		33,456
Series 2920, Cl. S, 50.283%, 1/15/353		171,166		29,397
Series 2922, Cl. SE, 22.848%, 2/15/353		29,882		5,780
Series 2981, Cl. AS, 8.685%, 5/15/353		280,515		43,090
Series 2981, Cl. BS, 99.999%, 5/15/353		337,622		56,896
Series 3397, Cl. GS, 0.00%, 12/15/373,4		112,304		20,199
Series 3424, Cl. EI, 0.00%, 4/15/383,4		40,358		4,200
Series 3450, Cl. BI, 19.194%, 5/15/383		191,940		30,882
Series 3606, Cl. SN, 21.592%, 12/15/393		60,513		9,932
Series 3659, Cl. IE, 5.821%, 3/15/193		93,988		2,580
Series 3685, Cl. EI, 0.00%, 3/15/193,4		33,128		491
Federal National Mortgage Assn.:
3.00%, 7/1/325		13,675,000		14,033,969
3.50%, 8/1/475		30,285,000		31,043,580
3.50%, 7/1/325		6,020,000		6,263,385
4.00%, 8/1/475		40,110,000		42,086,513
4.50%, 8/1/475		22,365,000		23,960,236
5.00%, 8/1/475		4,380,000		4,780,348

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn. Pool:
5.00%, 2/1/18-7/1/33	$	441,022	$	473,308
5.50%, 4/1/21-5/1/36		189,421		209,178
6.00%, 1/1/19		300		301
6.50%, 8/1/17-1/1/34		516,249		589,944
7.00%, 11/1/17-6/1/34		651,786		758,655
7.50%, 2/1/27-3/1/33		850,405		1,006,524
8.50%, 7/1/32		1,418		1,532
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214, Cl. 2, 99.999%, 3/25/233		89,270		12,613
Series 221, Cl. 2, 99.999%, 5/25/233		10,646		1,668
Series 254, Cl. 2, 99.999%, 1/25/243		185,172		32,211
Series 301, Cl. 2, 8.592%, 4/25/293		35,707		8,468
Series 313, Cl. 2, 99.999%, 6/25/313		357,039		95,455
Series 319, Cl. 2, 0.287%, 2/25/323		169,977		40,652
Series 321, Cl. 2, 10.705%, 4/25/323		49,812		11,091
Series 324, Cl. 2, 0.00%, 7/25/323,4		52,408		11,955
Series 328, Cl. 2, 0.00%, 12/25/323,4		103,043		23,607
Series 331, Cl. 5, 0.00%, 2/25/333,4		195,988		37,189
Series 332, Cl. 2, 0.00%, 3/25/333,4		804,172		185,066
Series 334, Cl. 12, 0.00%, 3/25/333,4		158,977		35,322
Series 339, Cl. 15, 1.133%, 10/25/333		470,058		100,831
Series 345, Cl. 9, 0.00%, 1/25/343,4		144,123		28,984
Series 351, Cl. 10, 0.00%, 4/25/343,4		89,337		18,024
Series 351, Cl. 8, 0.00%, 4/25/343,4		159,876		32,291
Series 356, Cl. 10, 0.00%, 6/25/353,4		114,831		22,925
Series 356, Cl. 12, 0.00%, 2/25/353,4		56,191		12,456
Series 362, Cl. 13, 0.00%, 8/25/353,4		75,155		15,320
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates:
Series 1999-54, Cl. LH, 6.50%, 11/25/29		108,238		121,435
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		93,413		104,867
Series 2002-29, Cl. F, 2.216%, 4/25/322		43,825		44,900
Series 2002-64, Cl. FJ, 2.216%, 4/25/322		13,495		13,826
Series 2002-68, Cl. FH, 1.709%, 10/18/322		30,844		30,990
Series 2002-84, Cl. FB, 2.216%, 12/25/322		195,988		200,578
Series 2002-90, Cl. FH, 1.716%, 9/25/322		109,655		110,113
Series 2003-100, Cl. PA, 5.00%, 10/25/18		47,311		47,875
Series 2003-11, Cl. FA, 2.216%, 9/25/322		195,993		200,582
Series 2003-112, Cl. AN, 4.00%, 11/25/18		16,799		16,936
Series 2003-116, Cl. FA, 1.616%, 11/25/332		20,193		20,218
Series 2003-84, Cl. GE, 4.50%, 9/25/18		6,757		6,832
Series 2004-25, Cl. PC, 5.50%, 1/25/34		23,532		24,058
Series 2005-109, Cl. AH, 5.50%, 12/25/25		790,007		838,051
Series 2005-31, Cl. PB, 5.50%, 4/25/35		560,000		634,014
Series 2005-71, Cl. DB, 4.50%, 8/25/25		114,499		119,123
Series 2006-11, Cl. PS, 20.108%, 3/25/362		89,454		129,596
Series 2006-46, Cl. SW, 19.74%, 6/25/362		142,101		205,559
Series 2008-75, Cl. DB, 4.50%, 9/25/23		25,777		26,074
Series 2009-113, Cl. DB, 3.00%, 12/25/20		75,627		76,155
Series 2009-36, Cl. FA, 2.156%, 6/25/372		32,301		32,996
Series 2009-70, Cl. TL, 4.00%, 8/25/19		73,943		74,409
Series 2010-43, Cl. KG, 3.00%, 1/25/21		46,838		47,281
Series 2011-122, Cl. EC, 1.50%, 1/25/20		49,244		49,096
Series 2011-15, Cl. DA, 4.00%, 3/25/41		82,029		84,620
Series 2011-3, Cl. EL, 3.00%, 5/25/20		126,046		126,851

7      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED 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 2011-3,Cl. KA, 5.00%, 4/25/40	$	181,920	$	194,661
Series 2011-38,Cl. AH, 2.75%, 5/25/20		3,590		3,604
Series 2011-6,Cl. BA, 2.75%, 6/25/20		56,374		56,816
Series 2011-69,Cl. EA, 3.00%, 11/25/29		11,102		11,103
Series 2011-82,Cl. AD, 4.00%, 8/25/26		96,395		97,717
Series 2012-20,Cl. FD, 1.616%, 3/25/422		231,345		231,551
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 31.992%, 11/18/313		50,289		9,889
Series 2001-63,Cl. SD, 53.88%, 12/18/313		13,180		2,570
Series 2001-68,Cl. SC, 36.265%, 11/25/313		9,129		1,797
Series 2001-81,Cl. S, 34.436%, 1/25/323		10,606		2,049
Series 2002-28,Cl. SA, 24.41%, 4/25/323		7,574		1,430
Series 2002-38,Cl. SO, 51.00%, 4/25/323		51,494		9,215
Series 2002-48,Cl. S, 34.44%, 7/25/323		11,892		2,383
Series 2002-52,Cl. SL, 24.137%, 9/25/323		7,611		1,486
Series 2002-56,Cl. SN, 36.027%,
7/25/323		16,340		3,274
Series 2002-77,Cl. IS, 46.083%,
12/18/323		87,730		18,445
Series 2002-77,Cl. SH, 39.914%,
12/18/323		15,761		3,123
Series 2002-9,Cl. MS, 23.90%, 3/25/323		14,207		2,849
Series 2003-13,Cl. IO, 34.841%,
3/25/333		154,514		37,582
Series 2003-26,Cl. DI, 33.599%,
4/25/333		124,225		29,222
Series 2003-33,Cl. SP, 33.186%,
5/25/333		88,531		20,612
Series 2003-4,Cl. S, 18.937%, 2/25/333		24,762		5,372
Series 2004-56,Cl. SE, 5.331%,
10/25/333		408,452		80,789
Series 2005-12,Cl. SC, 34.812%,
3/25/353		13,813		2,222
Series 2005-14,Cl. SE, 52.406%,
3/25/353		484,493		75,515
Series 2005-40,Cl. SA, 56.762%,
5/25/353		438,664		67,622
Series 2005-40,Cl. SB, 99.999%,
5/25/353		687,679		97,492
Series 2005-52,Cl. JH, 38.385%,
5/25/353		262,954		39,357
Series 2005-63,Cl. SA, 39.002%,
10/25/313		24,100		4,215
Series 2006-90,Cl. SX, 99.999%,
9/25/363		472,085		70,723
Series 2007-88,Cl. XI, 1.296%, 6/25/373		512,180		89,237
Series 2008-55,Cl. SA, 0.00%,
7/25/383,4		36,176		4,279
Series 2009-8,Cl. BS, 17.214%,
2/25/243		4,785		208
Series 2010-95,Cl. DI, 46.942%,
11/25/203		153,352		4,684
Series 2011-96,Cl. SA, 11.623%,
10/25/413		202,390		35,827
Series 2012-134,Cl. SA, 7.266%,
12/25/423		610,575		126,918
Series 2012-40,Cl. PI, 4.454%, 4/25/413		1,024,559		154,776

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29	$	3	$	—
				137,339,709
GNMA/Guaranteed—0.3%
Government National Mortgage Assn. I Pool:
7.00%, 4/15/28-7/15/28		55,733		61,610
7.50%, 2/15/27		4,347		4,457
8.00%, 5/15/26		8,940		9,015
Government National Mortgage Assn. II Pool:
2.25%, 11/20/252		2,512		2,585
4.00%, 8/1/475		4,910,000		5,159,335
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17,Cl. AI, 47.459%,
4/16/373		240,840		44,592
Series 2011-52,Cl. HS, 26.443%,
4/16/413		407,036		63,193
				5,344,787
Non-Agency—10.0%
Commercial—3.6%
BCAP LLC Trust:
Series 2011-R11,Cl. 18A5, 2.69%, 9/26/351,2		92,917		93,316
Series 2012-RR2,Cl. 6A3, 3.209%, 9/26/351,2		26,471		26,509
Series 2012-RR6,Cl. RR6, 2.054%, 11/26/361		145,010		137,852
CD Commercial Mortgage Trust:
Series 2016-CD2,Cl. AM, 3.668%, 11/10/492		365,000		375,966
Series 2017-CD3,Cl. AS, 3.833%, 2/10/50		530,000		552,953
Chase Mortgage Finance Trust, Series 2005- A2, Cl. 1A3, 3.257%, 1/25/362		15,511		14,902
COMM Mortgage Trust:
Series 2013-CR6,Cl. AM, 3.147%, 3/10/461		960,000		969,030
Series 2013-CR7,Cl. D, 4.471%, 3/10/461,2		3,270,000		2,574,452
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		25,000		26,236
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		455,000		482,779
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		1,600,000		1,674,603
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		1,100,000		1,138,808
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 26.892%, 12/10/452,3		3,093,290		188,109
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Cl. A1, 5.61%, 6/25/362		58,386		49,701
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		600,000		611,260
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 1.432%, 7/22/361,2		5,060,144		4,621,320
FREMF Mortgage Trust:
Series 2011-K702,Cl. B, 4.93%,
4/25/441,2		145,000		147,356
Series 2012-K20,Cl. C, 4.005%,
5/25/451,2		4,165,000		4,225,696
Series 2013-K25,Cl. C, 3.744%,
11/25/451,2		135,000		135,877
Series 2013-K26,Cl. C, 3.722%,
12/25/451,2		95,000		94,849
Series 2013-K27,Cl. C, 3.617%,
1/25/461,2		1,460,000		1,449,376

8      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2013-K28,Cl. C, 3.609%, 6/25/461,2	$	2,330,000	$	2,310,859
Series 2013-K29,Cl. C, 3.601%, 5/25/461,2		2,300,000		2,267,848
Series 2013-K502,Cl. C, 2.967%, 3/25/451,2		220,000		219,750
Series 2013-K712,Cl. C, 3.48%, 5/25/451,2		265,000		266,361
Series 2013-K713,Cl. C, 3.274%, 4/25/461,2		535,000		538,725
Series 2014-K41,Cl. B, 3.962%, 11/25/471,2		2,365,000		2,415,280
Series 2014-K714,Cl. C, 3.98%, 1/25/471,2		400,000		406,070
Series 2015-K44,Cl. B, 3.81%, 1/25/481,2		2,310,000		2,336,194
Series 2015-K45,Cl. B, 3.714%, 4/25/481,2		4,646,000		4,636,469
Series 2015-K721,Cl. B, 3.681%, 11/25/471,2		1,380,000		1,389,377
Series 2017-K62,Cl. B, 4.004%, 1/25/501,2		2,050,000		2,028,761
Series 2017-K724,Cl. B, 3.601%, 11/25/231,2		1,535,000		1,508,783
GS Mortgage Securities Trust, Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		160,000		174,230
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		855,000		872,499
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		820,000		884,729
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		110,000		111,394
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		630,000		659,864
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.406%, 7/25/352		71,375		71,734
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.324%, 7/26/361,2		3,567,357		3,389,430
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24,Cl. B, 4.116%, 11/15/472		680,000		702,288
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		2,245,000		2,353,525
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		1,515,000		1,560,383
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		610,000		611,888
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		570,000		582,627
Series 2014-C14,Cl. B, 4.80%, 2/15/472		240,000		257,357
Series 2016-C30,Cl. AS, 3.175%, 9/15/49		1,020,000		999,643
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1A, 2.708%, 11/26/361,2		14,298		14,164
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.50%, 6/26/461,2		144,984		145,099
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 3.284%, 8/25/342		2,978,606		2,986,899
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 5.055%, 5/10/631,2		930,000		774,693
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29,Cl. AS, 4.013%, 6/15/482		780,000		817,492
Series 2016-C37,Cl. AS, 4.018%, 12/15/49		910,000		957,142

	Principal Amount		Value
Commercial (Continued)
WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.985%, 6/15/451,2	$	180,000	$	149,961
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		640,000		658,687
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		490,000		520,687
Series 2014-LC14,Cl. AS, 4.351%, 3/15/472		395,000		421,942
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 32.771%, 3/15/441,2,3		3,863,104		143,243
				60,737,027
Residential—6.4%
Banc of America Funding Trust, Series 2014-R7, Cl. 3A1, 3.107%, 3/26/361,2		68,131		68,176
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.26%, 3/25/352		106,323		107,559
Series 2006-1,Cl. A1, 2.91%, 2/25/362		61,142		61,115
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		709,834		708,749
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		640,525		643,574
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2,Cl. 1A3, 3.223%, 5/25/352		857,251		853,627
Series 2006-AR1,Cl. 1A1, 3.21%, 10/25/352		242,429		242,773
Series 2009-8,Cl. 7A2, 3.107%, 3/25/361,2		10,313,006		9,858,858
Series 2012-8,Cl. 1A1, 3.191%, 10/25/351,2		197,157		198,097
Series 2014-8,Cl. 1A2, 1.502%, 7/20/361,2		3,400,000		3,067,496
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M1, 2.166%, 5/25/242		454,464		456,454
Series 2014-C02,Cl. 2M1, 2.166%, 5/25/242		122,064		122,291
Series 2014-C03,Cl. 1M1, 2.416%, 7/25/242		397,181		397,845
Series 2014-C03,Cl. 2M1, 2.416%, 7/25/242		149,860		150,142
Series 2015-C03,Cl. 1M2, 6.216%, 7/25/252		1,405,650		1,568,445
Series 2015-C03,Cl. 2M1, 2.716%, 7/25/252		13,694		13,710
Series 2016-C03,Cl. 1M1, 3.216%, 10/25/282		90,707		92,395
Series 2016-C05,Cl. 2M1, 2.566%, 1/25/292		216,385		218,187
Series 2016-C06,Cl. 1M2, 5.466%, 4/25/292		4,295,000		4,742,847
Series 2016-C07,Cl. 2M1, 2.516%, 4/25/292		601,108		605,477
Series 2016-C07,Cl. 2M2, 5.566%, 4/25/292		4,705,000		5,169,599
Series 2017-C01,Cl. 1M2, 4.766%, 7/25/292		5,125,000		5,418,687
Series 2017-C02,Cl. 2M1, 2.366%, 9/25/292		908,205		916,506
Series 2017-C02,Cl. 2M2, 4.866%, 9/25/292		2,415,000		2,565,446
Series 2017-C03,Cl. 1M1, 2.166%, 10/25/292		604,407		607,512
Series 2017-C04,Cl. 2M2, 4.066%, 11/25/292		3,675,000		3,731,064

9      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Residential (Continued)
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G,Cl. 2A, 1.389%, 12/15/352	$	37,397	$	33,509
Series 2006-H,Cl. 2A1A, 1.309%, 11/15/362		25,468		18,937
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.525%, 7/25/352		17,514		17,617
Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/352		205,845		210,468
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 1.526%, 7/25/352		27,182		26,972
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.316%, 8/25/362		911,284		457,213
RALI Trust:
Series 2005-QA4,Cl. A32, 3.822%,
4/25/352		3,647		84
Series 2006-QS13,Cl. 1A8, 6.00%,
9/25/36		15,614		13,792
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		2,107,021		2,024,630
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1,Cl. M1, 4.616%,
7/25/232		404,222		409,198
Series 2014-DN4,Cl. M3, 5.766%,
10/25/242		4,933,477		5,441,662
Series 2014-HQ2,Cl. M2, 3.416%,
9/25/242		910,000		935,137
Series 2014-HQ2,Cl. M3, 4.966%,
9/25/242		5,430,000		6,092,792
Series 2015-HQA2,Cl. M2, 4.016%,
5/25/282		521,951		540,537
Series 2016-DNA1,Cl. M2, 4.116%,
7/25/282		405,000		421,735
Series 2016-DNA2,Cl. M1, 2.466%,
10/25/282		1,002,914		1,005,678
Series 2016-DNA2,Cl. M3, 5.866%,
10/25/282		3,674,000		4,150,627
Series 2016-DNA3,Cl. M1, 2.316%,
12/25/282		595,653		597,711
Series 2016-DNA3,Cl. M3, 6.216%,
12/25/282		3,845,000		4,417,248
Series 2016-DNA4,Cl. M1, 2.016%,
3/25/292		419,334		420,238
Series 2016-DNA4,Cl. M3, 5.016%,
3/25/292		5,570,000		6,039,493
Series 2016-HQA2,Cl. M1, 2.416%,
11/25/282		394,274		395,458
Series 2016-HQA3,Cl. M1, 2.016%,
3/25/292		1,661,484		1,665,436
Series 2016-HQA3,Cl. M3, 5.066%,
3/25/292		5,500,000		5,961,043
Series 2016-HQA4,Cl. M1, 2.016%,
4/25/292		986,517		988,189
Series 2016-HQA4,Cl. M3, 5.116%,
4/25/292		4,580,000		4,990,106
Series 2017-DNA1,Cl. M2, 4.466%,
7/25/292		5,325,000		5,562,068
Series 2017-HQA1,Cl. M1, 2.416%,
8/25/292		935,716		946,414
Series 2017-HQA1,Cl. M2, 4.766%,
8/25/292		4,980,000		5,270,766
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 2.838%,
10/25/332		79,620		81,586
Series 2005-AR16,Cl. 1A1, 2.88%,
12/25/352		10,725		10,432
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 3.116%,
2/25/352		1,214,601		1,235,020

		Principal Amount		Value
Residential (Continued)
Wells Fargo Mortgage-Backed Securities Trust: (Continued)
Series 2005-AR13,Cl. 1A5, 3.377%, 5/25/352		$	48,155	$	48,336
Series 2005-AR15,Cl. 1A2, 2.98%, 9/25/352			190,245		185,278
Series 2005-AR15,Cl. 1A6, 2.98%, 9/25/352			2,326,569		2,230,000
Series 2005-AR4,Cl. 2A2, 3.315%, 4/25/352			10,952		11,012
Series 2006-AR10,Cl. 1A1, 3.246%, 7/25/362			210,104		203,923
Series 2006-AR10,Cl. 5A5, 3.324%, 7/25/362			403,874		405,254
Series 2006-AR2,Cl. 2A3, 3.107%, 3/25/362			1,898,328		1,907,801
Series 2006-AR7,Cl. 2A4, 3.329%, 5/25/362			1,015,137		975,987
Series 2006-AR8,Cl. 2A1, 3.194%, 4/25/362			813,730		819,232
					109,755,250
Total Mortgage-Backed Obligations (Cost $304,973,663)					313,176,773
Foreign Government Obligations—10.5%
Angola—0.1%
Republic of Angola, 9.50% Sr. Unsec. Nts., 11/12/251			755,000		796,902
Argentina—0.8%
Argentine Republic:
6.875% Sr. Unsec. Nts., 1/26/27			1,595,000		1,653,217
7.125% Sr. Unsec. Nts., 6/28/171			540,000		490,860
7.50% Sr. Unsec. Nts., 4/22/26			2,045,000		2,203,487
16.00% Bonds, 10/17/23	ARS		9,285,000		597,885
18.20% Unsec. Nts., 10/3/21	ARS		9,285,000		592,386
21.20% Bonds, 9/19/18	ARS		53,500,000		3,243,821
Province of Buenos Aires:
6.50% Sr. Unsec. Nts., 2/15/231			1,185,000		1,212,848
7.875% Sr. Unsec. Nts., 6/15/271			1,675,000		1,738,315
9.125% Sr. Unsec. Nts., 3/16/241			1,130,000		1,271,250
					13,004,069
Belarus—0.0%
Republic of Belarus, 6.875% Sr. Unsec. Nts., 2/28/231			540,000		552,757
Brazil—0.6%
Federative Republic of Brazil:
4.75% Sr. Unsec. Nts., 5/9/241			715,000		700,700
6.00% Sr. Unsec. Nts., 4/7/26			1,345,000		1,454,617
10.00% Unsec. Nts., 1/1/19	BRL		26,900,000		8,248,778
					10,404,095
Chile—0.2%
Republic of Chile, 4.50% Bonds, 3/1/21	CLP		2,568,500,000		3,987,941
Colombia—0.3%
Republic of Colombia:
4.00% Sr. Unsec. Nts., 2/26/24			385,000		400,592
6.125% Sr. Unsec. Nts., 1/18/41			2,725,000		3,155,550
Series B, 10.00% Bonds, 7/24/24	COP		5,146,000,000		2,062,326
					5,618,468
Croatia—0.2%
Republic of Croatia:
3.875% Sr. Unsec. Nts., 5/30/22	EUR		1,430,000		1,807,303
6.75% Sr. Unsec. Nts., 11/5/191			1,230,000		1,340,430
					3,147,733
Dominican Republic—0.3%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/271			3,210,000		3,362,475

10      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

		Principal Amount		Value
Dominican Republic (Continued)
Dominican Republic: (Continued)
6.85% Sr. Unsec. Nts., 1/27/451		$	1,055,000	$	1,128,850
					4,491,325
Ecuador—0.2%
Republic of Ecuador:
8.75% Sr. Unsec. Nts., 6/2/231			805,000		794,937
9.65% Sr. Unsec. Nts., 12/13/261			1,180,000		1,184,366
10.75% Sr. Unsec. Nts., 3/28/221			1,615,000		1,728,050
					3,707,353
Egypt—0.2%
Arab Republic of Egypt:
6.125% Sr. Unsec. Nts., 1/31/221			1,065,000		1,089,719
8.50% Sr. Unsec. Nts., 1/31/471			1,600,000		1,728,864
					2,818,583
Gabon—0.0%
Gabonese Republic:
6.375% Bonds, 12/12/241			470,000		458,828
6.95% Sr. Unsec. Nts., 6/16/251			215,000		214,827
					673,655
Honduras—0.1%
Republic of Honduras:
6.25% Sr. Unsec. Nts., 1/19/271			320,000		332,000
8.75% Sr. Unsec. Nts., 12/16/201			1,155,000		1,316,261
					1,648,261
Hungary—0.3%
Hungary:
5.75% Sr. Unsec. Nts., 11/22/23			2,245,000		2,571,091
Series 25/B, 5.50% Bonds, 6/24/25	HUF		439,000,000		1,952,122
					4,523,213
India—0.3%
Republic of India, 8.20% Sr. Unsec. Nts., 9/24/25	INR		270,600,000		4,506,661
Indonesia—1.0%
Perusahaan Penerbit SBSN Indonesia II, 4% Sr. Unsec. Nts., 11/21/181			860,000		885,800
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/241			575,000		601,594
4.55% Sr. Unsec. Nts., 3/29/261			965,000		1,007,267
6.125% Sr. Unsec. Nts., 3/15/191			1,970,000		2,102,975
Republic of Indonesia:
3.375% Sr. Unsec. Nts., 7/30/251	EUR		290,000		361,903
3.70% Sr. Unsec. Nts., 1/8/221			720,000		741,741
3.75% Sr. Unsec. Nts., 6/14/281	EUR		485,000		607,291
4.125% Sr. Unsec. Nts., 1/15/251			340,000		351,418
6.75% Sr. Unsec. Nts., 1/15/441			1,935,000		2,494,776
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		33,505,000,000		2,651,172
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		69,095,000,000		5,728,106
					17,534,043
Iraq—0.0%
Republic of Iraq, 5.80% Unsec. Nts., 1/15/281			540,000		481,129
Ivory Coast—0.2%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/251	EUR		1,295,000		1,500,092
5.75% Sr. Unsec. Nts., 12/31/322			727,610		710,874
6.125% Sr. Unsec. Nts., 6/15/331			1,290,000		1,242,039
					3,453,005
Jamaica—0.2%
Commonwealth of Jamaica:
7.625% Sr. Unsec. Nts., 7/9/25			2,375,000		2,780,246
8.00% Sr. Unsec. Nts., 3/15/39			480,000		568,800
					3,349,046

		Principal Amount		Value
Kazakhstan—0.1%
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/441		$	1,035,000	$	1,024,437
Malaysia—0.4%
Malaysia, 3.759% Sr. Unsec. Nts., 3/15/19	MYR		27,000,000		6,328,170
Mexico—0.3%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		54,445,000		2,803,555
Series M20, 10.00% Bonds, 12/5/24	MXN		36,550,000		2,401,410
					5,204,965
Nigeria—0.0%
Federal Republic of Nigeria, 7.875% Sr. Unsec. Nts., 2/16/321			650,000		706,901
Peru—0.3%
Republic of Peru:
4.125% Sr. Unsec. Nts., 8/25/27			885,000		966,863
5.625% Sr. Unsec. Nts., 11/18/50			635,000		770,890
5.70% Unsec. Nts., 8/12/241	PEN		5,345,000		1,714,842
8.20% Sr. Unsec. Nts., 8/12/261	PEN		3,335,000		1,231,995
					4,684,590
Poland—0.3%
Republic of Poland:
2.25% Bonds, 4/25/22	PLN		13,800,000		3,661,189
2.50% Bonds, 7/25/27	PLN		6,650,000		1,670,341
					5,331,530
Romania—0.3%
Romania:
2.375% Sr. Unsec. Nts., 4/19/271	EUR		1,075,000		1,229,935
3.875% Sr. Unsec. Nts., 10/29/351	EUR		345,000		413,443
4.875% Sr. Unsec. Nts., 1/22/241			1,236,000		1,349,106
5.95% Bonds, 6/11/21	RON		9,460,000		2,684,721
					5,677,205
Russia—1.4%
Russian Federation:
Series 6208, 7.50% Bonds, 2/27/19	RUB		939,270,000		15,871,155
Series 6209, 7.60% Bonds, 7/20/22	RUB		169,585,000		2,860,731
Series 6211, 7.00% Bonds, 1/25/23	RUB		96,250,000		1,575,048
Series 6217, 7.50% Bonds, 8/18/21	RUB		225,230,000		3,778,976
					24,085,910
Senegal—0.1%
Republic of Senegal:
6.25% Bonds, 7/30/241			540,000		570,664
6.25% Unsec. Nts., 5/23/331			535,000		544,369
					1,115,033
Serbia—0.2%
Republic of Serbia:
5.25% Sr. Unsec. Nts., 11/21/171			1,005,000		1,017,736
5.875% Unsec. Nts., 12/3/181			2,115,000		2,215,145
					3,232,881
South Africa—0.6%
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		22,500,000		1,686,024
Series 2037, 8.50% Bonds, 1/31/37	ZAR		32,985,000		2,243,613
Series 2048, 8.75% Bonds, 2/28/48	ZAR		9,300,000		634,688
Series R186, 10.50% Bonds, 12/21/26	ZAR		65,975,000		5,599,874
					10,164,199
Sri Lanka—0.2%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/221			1,105,000		1,146,939
6.00% Sr. Unsec. Nts., 1/14/191			1,515,000		1,572,005
6.20% Sr. Unsec. Nts., 5/11/271			430,000		430,390
6.25% Sr. Unsec. Nts., 10/4/201			495,000		523,614

11      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Sri Lanka (Continued)
Democratic Socialist Republic of Sri Lanka: (Continued)
6.85% Sr. Unsec. Nts., 11/3/251		$	455,000	$	480,574
					4,153,522
Thailand—0.1%
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22	THB		65,400,000		1,912,499
Turkey—0.4%
Republic of Turkey:
6.00% Sr. Unsec. Nts., 3/25/27			1,080,000		1,151,446
8.80% Bonds, 11/14/18	TRY		10,570,000		2,929,060
9.00% Bonds, 7/24/24	TRY		2,000,000		535,463
10.60% Bonds, 2/11/26	TRY		5,000,000		1,450,225
11.00% Bonds, 2/24/27	TRY		4,000,000		1,188,948
					7,255,142
Ukraine—0.5%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/19			4,560,000		4,717,867
7.75% Sr. Unsec. Nts., 9/1/22			1,070,000		1,077,854
7.75% Sr. Unsec. Nts., 9/1/23			2,525,000		2,505,961
					8,301,682
Uruguay—0.2%
Oriental Republic of Uruguay, 5.10% Sr. Unsec. Nts., 6/18/50			3,135,000		3,201,619
Vietnam—0.1%
Socialist Republic of Vietnam, 4.80% Sr. Unsec. Nts., 11/19/241			1,065,000		1,121,903
Total Foreign Government Obligations (Cost $175,218,929)					178,200,427
Corporate Loans—0.1%
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.726%, 10/11/202			936,159		940,840
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 10/25/202			1,296,649		981,402
Total Corporate Loans (Cost $2,004,029)					1,922,242
Corporate Bonds and Notes—43.7%
Consumer Discretionary—8.0%
Auto Components—0.3%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/251			1,325,000		1,295,187
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/261			250,000		251,563
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261			1,245,000		1,328,259
Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/221			1,075,000		1,083,063
Goodyear Tire & Rubber Co. (The), 5% Sr. Unsec. Nts., 5/31/26			665,000		689,938
Grinding Media, Inc./MC Grinding Media Canada, Inc., 7.375% Sr. Sec. Nts., 12/15/231			505,000		550,450
Tenneco, Inc., 5% Sr. Unsec. Nts., 7/15/26			495,000		501,806
					5,700,266
Automobiles—0.6%
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/221			780,000		814,125
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/201			785,000		785,258
8.50% Sr. Unsec. Unsub. Nts., 1/18/31			485,000		729,874
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20			608,000		607,868

	Principal Amount		Value
Automobiles (Continued)
Ford Motor Credit Co. LLC: (Continued) 3.664% Sr. Unsec. Nts., 9/8/24	$	1,184,000	$	1,183,063
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		410,000		457,494
General Motors Financial Co., Inc.:
3.00% Sr. Unsec. Nts., 9/25/17		616,000		617,788
3.15% Sr. Unsec. Nts., 6/30/22		823,000		820,441
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		258,000		272,846
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191		944,000		930,177
Nissan Motor Acceptance Corp., 1.55% Sr. Unsec. Nts., 9/13/191		234,000		231,451
Volkswagen Group of America Finance LLC, 1.60% Sr. Unsec. Nts., 11/20/171		976,000		975,388
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/251		891,000		943,346
				9,369,119
Distributors—0.1%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		2,172,000		2,226,300
Diversified Consumer Services—0.1%
Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		813,000		861,699
Hotels, Restaurants & Leisure—2.0%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/241		785,000		782,009
6.00% Sec. Nts., 4/1/221		1,325,000		1,376,344
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		745,000		774,800
5.00% Sr. Unsec. Nts., 4/1/251		463,000		490,201
Boyd Gaming Corp.:
6.375% Sr. Unsec. Nts., 4/1/26		235,000		254,681
6.875% Sr. Unsec. Nts., 5/15/23		675,000		724,781
Caesars Entertainment Resort Properties LLC, 11% Sec. Nts., 10/1/21		835,000		895,538
CEC Entertainment, Inc., 8% Sr. Unsec. Nts., 2/15/22		945,000		989,887
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21		460,000		479,550
Eldorado Resorts, Inc., 6% Sr. Unsec. Nts., 4/1/251		650,000		691,438
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/241		390,000		406,575
Hilton Domestic Operating Co., Inc., 4.25% Sr. Unsec. Nts., 9/1/241		500,000		508,125
Hilton Grand Vacations Borrower LLC/ Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/241		1,260,000		1,378,125
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		2,100,000		2,304,750
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC: 4.75% Sr. Unsec. Nts., 6/1/271		1,315,000		1,346,231
5.25% Sr. Unsec. Nts., 6/1/261		995,000		1,049,725
Landry’s, Inc., 6.75% Sr. Unsec. Nts., 10/15/241		2,045,000		2,098,681
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		388,000		397,163
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251		1,380,000		1,384,527
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24		1,380,000		1,511,100
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		1,370,000		1,513,850
6.625% Sr. Unsec. Nts., 12/15/21		1,155,000		1,299,375

12      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Mohegan Tribal Gaming Authority, 7.875% Sr. Unsec. Nts., 10/15/241	$	780,000	$	814,125
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		1,295,000		1,322,519
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201		550,000		562,375
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/081,6		250,000		—
Raizen Fuels Finance SA, 5.30% Sr. Unsec. Nts., 1/20/271		530,000		538,613
Scientific Games International, Inc., 10% Sr. Unsec. Nts., 12/1/22		1,727,000		1,899,700
Silversea Cruise Finance Ltd., 7.25% Sr. Sec. Nts., 2/1/251		510,000		546,338
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/241		500,000		504,310
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp., 5.875% Sr. Sec. Nts., 5/15/251		1,310,000		1,280,525
Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/221		2,435,000		2,565,881
Wyndham Worldwide Corp., 4.15% Sr. Unsec. Nts., 4/1/24		635,000		653,005
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25% Sr. Unsec. Nts., 5/15/271		390,000		399,994
				33,744,841
Household Durables—1.1%
American Greetings Corp., 7.875% Sr. Unsec. Nts., 2/15/251,7		1,020,000		1,107,975
AV Homes, Inc., 6.625% Sr. Unsec. Nts., 5/15/221		1,310,000		1,352,575
Beazer Homes USA, Inc.:
6.75% Sr. Unsec. Nts., 3/15/25		1,335,000		1,395,075
7.25% Sr. Unsec. Nts., 2/1/23		870,000		915,675
8.75% Sr. Unsec. Nts., 3/15/22		785,000		877,237
Century Communities, Inc., 5.875% Sr. Unsec. Nts., 7/15/251		655,000		653,362
KB Home, 7.625% Sr. Unsec. Nts., 5/15/23		1,075,000		1,212,062
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		95,000		98,430
4.75% Sr. Unsec. Nts., 5/30/25		2,698,000		2,829,527
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20		445,000		493,950
Newell Brands, Inc.:
2.15% Sr. Unsec. Nts., 10/15/18		386,000		387,108
5.00% Sr. Unsec. Nts., 11/15/23		628,000		672,207
5.50% Sr. Unsec. Nts., 4/1/46		269,000		325,086
PulteGroup, Inc.:
5.00% Sr. Unsec. Nts., 1/15/27		1,434,000		1,477,020
5.50% Sr. Unsec. Nts., 3/1/26		740,000		790,875
6.00% Sr. Unsec. Nts., 2/15/35		80,000		80,600
Standard Industries, Inc., 5.50% Sr. Unsec. Nts., 2/15/231		245,000		259,088
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/231		1,160,000		1,244,100
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		1,574,000		1,634,206
4.875% Sr. Unsec. Nts., 11/15/25		145,000		150,800
4.875% Sr. Unsec. Nts., 3/15/27		130,000		134,225
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17		280,000		279,983
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25		1,020,000		1,053,150
				19,424,316

	Principal Amount		Value
Internet & Catalog Retail—0.1%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44	$	271,000	$	321,083
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		1,545,000		1,527,033
				1,848,116
Leisure Equipment & Products—0.1%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		647,000		646,527
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26		900,000		918,302
				1,564,829
Media—2.6%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		377,000		404,537
Altice Financing SA, 6.50% Sec. Nts., 1/15/221		1,370,000		1,435,075
Altice Finco SA, 8.125% Sec. Nts., 1/15/241		695,000		759,287
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		745,000		776,662
5.875% Sr. Sub. Nts., 11/15/261		760,000		795,150
6.125% Sr. Sub. Nts., 5/15/271		520,000		550,061
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		1,362,000		1,518,630
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/251		255,000		274,125
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% Sr. Unsec. Nts., 5/1/271		1,040,000		1,066,000
5.75% Sr. Unsec. Nts., 2/15/261		1,315,000		1,410,337
Cequel Communications Holdings I LLC/ Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/201		532,000		543,970
Charter Communications Operating LLC/ Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/471,5		635,000		675,235
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23		495,000		508,147
Clear Channel Worldwide Holdings, Inc.:
6.50% Sr. Unsec. Nts., Series B, 11/15/22		1,465,000		1,512,905
7.625% Sr. Sub. Nts., Series B, 3/15/20		1,695,000		1,692,881
Comcast Corp., 2.35% Sr. Unsec. Nts., 1/15/27		280,000		263,164
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		715,000		731,159
5.50% Sr. Unsec. Nts., 4/15/271		750,000		795,000
10.875% Sr. Unsec. Nts., 10/15/251		860,000		1,037,375
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/247		3,270,000		3,501,254
7.75% Sr. Unsec. Nts., 7/1/26		250,000		296,875
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		760,000		769,500
5.875% Sr. Unsec. Nts., 7/15/261		1,770,000		1,809,825
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19		1,455,000		1,147,631
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		283,000		298,469
Lions Gate Entertainment Corp., 5.875%
Sr. Unsec. Nts., 11/1/241		1,355,000		1,432,913
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241		255,000		255,638
Myriad International Holdings BV, 4.85% Sr. Unsec. Nts., 7/6/271,5		535,000		537,562
Nexstar Broadcasting, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		1,365,000		1,385,475
Salem Media Group, Inc., 6.75% Sr. Sec. Nts., 6/1/241		775,000		796,313
SFR Group SA, 6% Sr. Sec. Nts., 5/15/221		895,000		937,513

13      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Media (Continued)
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241	$	995,000	$	1,023,606
Sirius XM Radio, Inc.:
3.875% Sr. Unsec. Nts., 8/1/221,5		780,000		790,000
5.375% Sr. Unsec. Nts., 7/15/261		995,000		1,032,313
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/241		433,000		445,510
6.10% Sr. Unsec. Nts., 2/15/181		317,000		325,256
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241		1,015,000		1,049,256
Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		628,000		628,183
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		493,000		471,424
Time Warner, Inc., 3.875% Sr. Unsec. Nts., 1/15/26		200,000		203,766
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22		725,000		763,063
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/231		245,000		247,984
5.125% Sr. Sec. Nts., 2/15/251		2,175,000		2,161,406
Viacom, Inc.:
2.25% Sr. Unsec. Nts., 2/4/22		191,000		185,649
3.45% Sr. Unsec. Nts., 10/4/26		231,000		223,488
4.375% Sr. Unsec. Nts., 3/15/43		597,000		533,312
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/261		577,000		602,711
5.50% Sr. Sec. Nts., 8/15/261		705,000		740,250
Ziggo Secured Finance BV, 5.50% Sr. Sec. Nts., 1/15/271		1,930,000		1,975,838
				43,321,683
Multiline Retail—0.1%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		2,106,000		2,229,728
Specialty Retail—0.6%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		174,000		173,009
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		574,000		625,139
GameStop Corp.:
5.50% Sr. Unsec. Nts., 10/1/191		1,330,000		1,373,225
6.75% Sr. Unsec. Nts., 3/15/211		1,425,000		1,487,700
Guitar Center, Inc., 6.50% Sr. Sec. Nts., 4/15/191		365,000		318,919
L Brands, Inc.:
5.625% Sr. Unsec. Nts., 2/15/22		324,000		348,300
6.875% Sr. Unsec. Nts., 11/1/35		1,795,000		1,741,150
Murphy Oil USA, Inc., 5.625% Sr. Unsec. Nts., 5/1/27		260,000		271,375
PetSmart, Inc.:
5.875% Sr. Sec. Nts., 6/1/251		525,000		508,594
7.125% Sr. Unsec. Nts., 3/15/231		1,395,000		1,245,038
8.875% Sr. Unsec. Nts., 6/1/251		260,000		240,786
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		555,000		565,027
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		475,000		488,656
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		480,000		467,904
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/271		650,000		648,375
				10,503,197
Textiles, Apparel & Luxury Goods—0.3%
Grupo Kaltex SA de CV, 8.875% Sr. Sec. Nts., 4/11/221		490,000		441,000
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		425,000		433,500

	Principal Amount		Value
Textiles, Apparel & Luxury Goods (Continued)
Hanesbrands, Inc.: (Continued)
4.875% Sr. Unsec. Nts., 5/15/261	$	1,143,000	$	1,165,860
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25		400,000		420,000
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		412,000		427,450
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		1,460,000		1,509,275
				4,397,085
Consumer Staples—2.5%
Beverages—0.3%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		970,000		972,576
3.65% Sr. Unsec. Nts., 2/1/26		508,000		524,364
4.90% Sr. Unsec. Nts., 2/1/46		343,000		389,221
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		390,000		606,776
Molson Coors Brewing Co.:
1.45% Sr. Unsec. Nts., 7/15/19		348,000		343,945
2.10% Sr. Unsec. Nts., 7/15/21		833,000		819,855
4.20% Sr. Unsec. Nts., 7/15/46		241,000		237,501
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		704,000		751,610
				4,645,848
Food & Staples Retailing—0.7%
Albertsons Cos. LLC/Safeway, Inc./ New Albertson’s, Inc./Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/241		745,000		741,275
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23		1,255,000		1,324,276
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/231		705,000		593,081
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		1,610,000		1,591,887
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		40,000		39,980
6.40% Sr. Unsec. Nts., 8/15/17		559,000		561,830
6.80% Sr. Unsec. Nts., 12/15/18		287,000		306,281
6.90% Sr. Unsec. Nts., 4/15/38		221,000		280,095
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		1,899,165
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/241		495,000		512,325
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/231		1,250,000		1,234,375
Simmons Foods, Inc., 7.875% Sec. Nts., 10/1/211		890,000		947,850
SUPERVALU, Inc.:
6.75% Sr. Unsec. Nts., 6/1/21		740,000		728,900
7.75% Sr. Unsec. Nts., 11/15/22		630,000		615,825
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/241		125,000		130,312
				12,228,957
Food Products—0.8%
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		260,000		265,850
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		590,000		564,893
8.50% Sr. Unsec. Nts., 6/15/19		400,000		447,590
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231		1,780,000		1,882,350
Dole Food Co., Inc., 7.25% Sr. Sec. Nts., 6/15/251		780,000		815,100
Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		635,000		635,416

14      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Food Products (Continued)
JBS USA LUX SA/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/251	$	1,315,000	$	1,242,675
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/25		542,000		559,914
4.375% Sr. Unsec. Nts., 6/1/46		579,000		566,569
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261		498,000		518,542
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/261		1,185,000		1,158,337
Mondelez International Holdings
Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191		966,000		957,509
Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/251		910,000		916,825
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/201		932,000		938,008
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/241		1,445,000		1,546,150
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		460,000		463,594
WhiteWave Foods Co. (The), 5.375% Sr. Unsec. Nts., 10/1/22		670,000		756,534
				14,235,856
Household Products—0.1%
Kronos Acquisition Holdings, Inc., 9% Sr. Unsec. Nts., 8/15/231		645,000		645,000
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		360,000		387,450
				1,032,450
Personal Products—0.4%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221		3,225,000		3,362,062
Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/24/22		85,000		91,163
Revlon Consumer Products Corp.:
5.75% Sr. Unsec. Nts., 2/15/21		2,495,000		2,307,875
6.25% Sr. Unsec. Nts., 8/1/24		500,000		437,500
				6,198,600
Tobacco—0.2%
Altria Group, Inc., 3.875% Sr. Unsec. Nts., 9/16/46		553,000		539,366
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181		947,000		947,607
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		312,000		383,979
Vector Group Ltd., 6.125% Sr. Sec. Nts., 2/1/251		1,810,000		1,884,662
				3,755,614
Energy—8.1%
Energy Equipment & Services—1.0%
Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		685,000		559,987
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/251		260,000		265,850
Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		203,000		217,114
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		247,000		259,442
McDermott International, Inc., 8% Sec. Nts., 5/1/211		1,350,000		1,366,875
Noble Holding International Ltd., 7.75% Sr. Unsec. Nts., 1/15/24		760,000		603,676
Parker Drilling Co., 6.75% Sr. Unsec. Nts., 7/15/22		1,665,000		1,286,212
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/431		962,000		997,673

	Principal Amount		Value
Energy Equipment & Services (Continued)
Pertamina Persero PT: (Continued)
6.45% Sr. Unsec. Nts., 5/30/441	$	2,910,000	$	3,311,903
Pioneer Energy Services Corp., 6.125% Sr. Unsec. Nts., 3/15/22		1,515,000		1,204,425
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25		1,775,000		1,664,062
Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/171		789,000		789,819
4.00% Sr. Unsec. Nts., 12/21/251		528,000		554,519
Transocean, Inc., 9% Sr. Unsec. Nts., 7/15/231		1,105,000		1,151,963
Trinidad Drilling Ltd., 6.625% Sr. Unsec. Nts., 2/15/251		385,000		366,713
Unit Corp., 6.625% Sr. Sub. Nts., 5/15/21		1,555,000		1,496,688
Weatherford International Ltd., 9.875% Sr. Unsec. Nts., 2/15/241		1,327,000		1,393,350
				17,490,271
Oil, Gas & Consumable Fuels—7.1%
Alta Mesa Holdings LP/Alta Mesa
Finance Services Corp., 7.875% Sr. Unsec. Nts., 12/15/241		1,010,000		1,022,625
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		168,000		157,222
6.20% Sr. Unsec. Nts., 3/15/40		175,000		200,700
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		263,000		265,078
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6% Sr. Unsec. Nts., 2/15/251		2,195,000		2,310,237
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/241		885,000		761,100
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25		2,105,000		2,150,923
Bill Barrett Corp.:
7.00% Sr. Unsec. Nts., 10/15/22		1,370,000		1,164,500
8.75% Sr. Unsec. Nts., 6/15/251		525,000		442,312
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/221		570,000		577,125
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		480,000		509,314
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		967,000		964,041
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		230,000		228,127
California Resources Corp., 8% Sec. Nts., 12/15/221		1,713,000		1,089,896
Calumet Specialty Products Partners LP/ Calumet Finance Corp., 6.50% Sr. Unsec. Nts., 4/15/21		1,940,000		1,687,800
Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23		2,525,000		2,442,937
Cenovus Energy, Inc., 5.40% Sr. Unsec. Nts., 6/15/471		90,000		84,412
Cheniere Corpus Christi Holdings LLC:
5.125% Sr. Sec. Nts., 6/30/271		525,000		538,781
7.00% Sr. Sec. Nts., 6/30/24		2,065,000		2,312,800
Chesapeake Energy Corp.:
6.125% Sr. Unsec. Nts., 2/15/21		520,000		512,200
8.00% Sec. Nts., 12/15/221		666,000		706,792
8.00% Sr. Unsec. Nts., 1/15/251		265,000		263,344
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		972,000		969,471
Cimarex Energy Co., 3.90% Sr. Unsec. Nts., 5/15/27		542,000		546,110
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		70,000		71,400

15      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12% Sec. Nts., 11/1/21	$	1,440,000	$	1,490,400
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		833,000		854,016
4.50% Sr. Unsec. Nts., 6/1/25		458,000		488,369
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		108,000		120,503
5.95% Sr. Unsec. Nts., 3/15/46		212,000		266,502
CONSOL Energy, Inc.:
5.875% Sr. Unsec. Nts., 4/15/22		1,155,000		1,140,562
8.00% Sr. Unsec. Nts., 4/1/23		625,000		659,375
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		520,000		512,200
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		1,400,000		1,417,500
Denbury Resources, Inc.:
5.50% Sr. Sub. Nts., 5/1/22		662,000		374,030
6.375% Sr. Sub. Nts., 8/15/21		1,575,000		952,875
9.00% Sec. Nts., 5/15/211		1,140,000		1,091,550
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		260,000		253,303
Energy Transfer Equity LP, 7.50% Sr. Sec. Nts., 10/15/20		900,000		1,010,250
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		255,000		253,552
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		233,000		242,873
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		144,000		153,161
4.90% Sr. Unsec. Nts., 5/15/46		171,000		184,863
Enviva Partners LP/Enviva Partners
Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/218		1,235,000		1,322,994
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Unsec. Nts., 9/1/22		645,000		383,775
8.00% Sr. Sec. Nts., 11/29/241		1,260,000		1,263,150
8.00% Sec. Nts., 2/15/251		1,022,000		766,500
9.375% Sr. Unsec. Nts., 5/1/20		635,000		504,031
EQT Corp., 6.50% Sr. Unsec. Nts., 4/1/18		443,000		457,557
Foresight Energy LLC/Foresight Energy Finance Corp., 11.50% Sec. Nts., 4/1/231		1,300,000		1,222,000
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/221		2,755,000		2,857,447
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75% Sr. Unsec. Nts., 2/15/21		515,000		516,287
6.00% Sr. Unsec. Nts., 5/15/23		885,000		871,725
Gulfport Energy Corp., 6% Sr. Unsec. Nts., 10/15/241		1,765,000		1,725,287
Halcon Resources Corp.:
6.75% Sr. Unsec. Nts., 2/15/251		1,035,000		936,675
12.00% Sec. Nts., 2/15/221		274,000		310,990
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23		1,305,000		1,470,066
Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.75% Sr. Unsec. Nts., 4/1/22		1,888,000		1,340,480
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/231		280,000		283,238
4.75% Sr. Unsec. Nts., 4/19/271		1,075,000		1,056,698
5.75% Sr. Unsec. Nts., 4/19/471		2,700,000		2,559,235
6.375% Sr. Unsec. Nts., 4/9/211		1,785,000		1,943,285
7.00% Sr. Unsec. Nts., 5/5/201		1,880,000		2,047,301
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		728,000		775,248
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/231		475,000		495,187

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/251		$	520,000	$	475,150
7.00% Sr. Unsec. Nts., 3/31/241			1,355,000		1,060,288
Murphy Oil Corp.:
4.70% Sr. Unsec. Nts., 12/1/22			785,000		759,880
6.875% Sr. Unsec. Nts., 8/15/24			720,000		754,200
Murray Energy Corp., 11.25% Sec. Nts., 4/15/211			2,495,000		1,896,200
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24			515,000		539,463
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/251			1,295,000		1,191,400
6.875% Sr. Unsec. Nts., 10/15/21			630,000		628,425
7.50% Sr. Unsec. Nts., 11/1/231			885,000		877,256
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44			240,000		247,722
Novatek OAO via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/221			705,000		720,690
NuStar Logistics LP, 5.625% Sr. Unsec. Nts., 4/28/27			785,000		826,213
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23			1,545,000		1,502,513
ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25			421,000		451,501
ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23			1,460,000		1,744,700
PBF Holding Co. LLC/PBF Finance Corp., 7% Sr. Sec. Nts., 11/15/237			2,815,000		2,786,850
Peabody Energy Corp.:
6.00% Sr. Sec. Nts., 11/15/186,9			1,110,000		1
6.00% Sr. Sec. Nts., 3/31/221			510,000		508,088
6.375% Sr. Sec. Nts., 3/31/251			515,000		509,206
10.00% Sr. Sec. Nts., 3/15/226,9			2,075,000		2
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			1,730,000		1,635,715
6.125% Sr. Unsec. Nts., 1/17/22			1,455,000		1,505,925
7.25% Sr. Unsec. Nts., 3/17/44			1,020,000		1,006,740
7.375% Sr. Unsec. Nts., 1/17/27			3,492,000		3,703,266
8.375% Sr. Unsec. Nts., 5/23/217			3,690,000		4,139,737
8.75% Sr. Unsec. Nts., 5/23/26			2,440,000		2,812,100
Petroleos del Peru SA:
4.75% Sr. Unsec. Nts., 6/19/321			2,690,000		2,676,550
5.625% Sr. Unsec. Nts., 6/19/471			1,075,000		1,091,125
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/2410	EUR		205,000		242,556
3.75% Sr. Unsec. Nts., 4/16/26	EUR		1,045,000		1,198,119
4.625% Sr. Unsec. Nts., 9/21/23			2,580,000		2,617,410
5.375% Sr. Unsec. Nts., 3/13/221			510,000		537,540
6.375% Sr. Unsec. Nts., 2/4/21			855,000		927,504
6.875% Sr. Unsec. Nts., 8/4/26			1,145,000		1,271,523
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25			408,000		404,726
Proven Glory Capital Ltd., 4% Sr. Unsec. Nts., 2/21/2710			290,000		291,390
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251			1,820,000		1,883,700
Resolute Energy Corp.:
8.50% Sr. Unsec. Nts., 5/1/20			1,385,000		1,381,538
8.50% Sr. Unsec. Nts., 5/1/201			1,050,000		1,047,375
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/281			465,000		470,816
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/241			710,000		714,558
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23			1,355,000		1,090,775
7.75% Sr. Unsec. Nts., 6/15/21			405,000		368,550
SemGroup Corp./Rose Rock Finance Corp., 5.625% Sr. Unsec. Nts., 11/15/23			545,000		520,475

16      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Shell International Finance BV, 4% Sr. Unsec. Nts., 5/10/46	$	320,000	$	317,422
Southwestern Energy Co., 5.80% Sr. Unsec. Nts., 1/23/20		780,000		801,060
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25		515,000		520,150
Sunoco LP/Sunoco Finance Corp., 6.375% Sr. Unsec. Nts., 4/1/23		755,000		801,508
SURA Asset Management SA, 4.375% Sr. Unsec. Nts., 4/11/271		735,000		744,188
Tallgrass Energy Partners LP/Tallgrass
Energy Finance Corp., 5.50% Sr. Unsec. Nts., 9/15/241		1,325,000		1,348,188
Tesoro Corp., 5.125% Sr. Unsec. Nts., 12/15/261		910,000		994,266
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.25% Sr. Unsec. Nts., 1/15/25		664,000		699,690
Ultra Resources, Inc.:
6.875% Sr. Unsec. Nts., 4/15/221		390,000		387,563
7.125% Sr. Unsec. Nts., 4/15/251		260,000		256,750
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/261		495,000		496,733
WildHorse Resource Development Corp., 6.875% Sr. Unsec. Nts., 2/1/251		1,280,000		1,206,400
Williams Partners LP, 3.75% Sr. Unsec. Nts., 6/15/27		383,000		379,924
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23		1,140,000		1,242,600
				119,770,190
Financials—7.6%
Capital Markets—1.7%
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/241		765,000		778,277
Bank of New York Mellon Corp. (The), 3% Sub. Nts., 10/30/28		401,000		388,687
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		923,000		944,305
Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/201		710,000		734,850
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		512,000		529,441
Credit Suisse Group AG, 7.125% Jr. Sub. Perpetual Bonds2,11		895,000		963,691
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		360,000		383,158
Diamond Resorts International, Inc.:
7.75% Sr. Sec. Nts., 9/1/231		1,385,000		1,471,562
10.75% Sr. Unsec. Nts., 9/1/241		850,000		905,250
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/211		1,595,000		1,609,709
E*TRADE Financial Corp., 5.875% Jr. Sub. Perpetual Bonds2,11		1,718,000		1,829,670
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/261		1,010,000		1,026,160
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/251		1,530,000		1,594,069
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		556,000		553,767
3.75% Sr. Unsec. Nts., 2/25/26		548,000		559,055
3.85% Sr. Unsec. Nts., 1/26/27		1,078,000		1,097,957
5.70% Jr. Sub. Perpetual Bonds, Series L2,11		496,000		516,832
KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/201		1,275,000		1,320,422

	Principal Amount		Value
Capital Markets (Continued)
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/221	$	1,270,000	$	1,309,318
Macquarie Bank Ltd. (London), 6.125% Jr. Sub. Perpetual Bonds1,2,11		763,000		782,075
Marble II Pte Ltd., 5.30% Sr. Sec. Nts., 6/20/221		680,000		685,031
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		756,000		791,825
5.00% Sub. Nts., 11/24/25		869,000		946,717
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241		495,000		529,031
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261		910,000		937,573
Northern Trust Corp., 3.375% Sub. Nts., 5/8/322		400,000		400,370
Orchestra Borrower LLC/Orchestra Co.- Issuer, Inc., 6.75% Sec. Nts., 6/15/221		260,000		268,554
Prime Security Services Borrower LLC/ Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231		495,000		539,134
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		543,000		544,606
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/211		375,000		381,562
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		941,000		947,844
Springleaf Finance Corp.:
6.125% Sr. Unsec. Nts., 5/15/22		785,000		830,138
8.25% Sr. Unsec. Nts., 12/15/20		490,000		551,250
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		562,000		561,305
UBS Group AG, 7.125% Jr. Sub. Perpetual Bonds2,11		700,000		757,488
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/261		560,000		585,150
4.253% Sr. Unsec. Nts., 3/23/281		377,000		394,689
				29,950,522
Commercial Banks—3.3%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/126		315,159		—
Australia & New Zealand Banking Group Ltd. (New York), 2.625% Unsec. Nts., 5/19/22		929,000		930,712
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% Jr. Sub. Perpetual Bonds1,2,11		860,000		952,472
Banco Bilbao Vizcaya Argentaria SA, 9% Jr. Sub. Perpetual Bonds2,11		745,000		780,383
Banco Macro SA, 6.75% Sub. Nts., 11/4/261,2		265,000		276,925
Banco Mercantil del Norte SA (Grand Cayman):
6.875% Jr. Sub. Perpetual Bonds1,2,5,11		429,000		441,139
7.625% Jr. Sub. Perpetual Bonds1,2,5,11		395,000		409,335
Banco Santander SA, 6.375% Jr. Sub. Perpetual Bonds2,11		650,000		667,313
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		770,000		745,772
3.824% Sr. Unsec. Nts., 1/20/282		563,000		573,520
6.30% Jr. Sub. Perpetual Bonds2,11		613,000		688,859
7.75% Jr. Sub. Nts., 5/14/38		645,000		931,368
8.00% Jr. Sub. Perpetual Bonds, Series K2,11		733,000		754,074
Bank of China Ltd., 5% Sub. Nts., 11/13/241		575,000		617,432
BankAmerica Capital III, 1.728% Jr. Sub. Nts., 1/15/272		420,000		394,275

17      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Banks (Continued)
Barclays plc:
4.375% Sr. Unsec. Nts., 1/12/26	$	1,160,000	$	1,207,637
7.875% Jr. Sub. Perpetual Bonds2,11		750,000		808,987
BNP Paribas SA, 7.625% Jr. Sub. Perpetual Bonds1,2,11		755,000		832,387
BPCE SA, 3% Sr. Unsec. Nts., 5/22/221		944,000		953,196
CIT Group, Inc., 5.80% Jr. Sub. Perpetual Bonds2,11		688,000		718,960
Citigroup, Inc.:
4.281% Sr. Unsec. Nts., 4/24/482		916,000		942,565
4.75% Sub. Nts., 5/18/46		440,000		464,369
6.125% Jr. Sub. Perpetual Bonds2,11		485,000		521,981
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		529,000		529,865
2.65% Sr. Unsec. Nts., 5/26/22		224,000		223,626
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		945,000		942,373
Credit Agricole SA (London), 4.125% Sr. Unsec. Nts., 1/10/271		966,000		1,011,601
Credit Bank of Moscow Via CBOM Finance plc, 7.50% Sub. Nts., 10/5/271,2		910,000		904,129
Credit Bank of Moscow Via CBOM Finance PLC, 8.875% Jr. Sub. Perpetual Bonds1,2,11		595,000		572,901
Danske Bank AS:
2.80% Sr. Unsec. Nts., 3/10/211		525,000		532,901
6.125% Jr. Sub. Perpetual Bonds2,11		821,000		860,080
Energuate Trust, 5.875% Sr. Unsec. Nts., 5/3/271		500,000		516,875
Fifth Third Bancorp, 5.10% Jr. Sub. Perpetual Bonds2,11		250,000		255,000
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		551,000		562,071
First Republic Bank, 4.375% Sub. Nts., 8/1/46		380,000		374,635
Glencore Funding LLC, 4% Sr. Unsec. Nts., 4/16/251		544,000		545,115
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/211		605,000		620,730
Globo Comunicacao e Participacoes SA, 5.125% Sr. Sec. Nts., 3/31/271		365,000		364,087
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/221		825,000		841,500
HSBC Holdings plc, 4.041% Sr. Unsec. Nts., 3/13/282		440,000		456,339
Huntington Bancshares, Inc.:
3.15% Sr. Unsec. Nts., 3/14/21		528,000		538,825
4.35% Sub. Nts., 2/4/23		660,000		689,792
ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/211		674,000		682,337
ING Groep NV, 3.95% Sr. Unsec. Nts., 3/29/27		403,000		419,948
JPMorgan Chase & Co.:
3.54% Sr. Unsec. Nts., 5/1/282		804,000		809,433
3.782% Sr. Unsec. Nts., 2/1/282		1,649,000		1,688,498
4.26% Sr. Unsec. Nts., 2/22/482		379,000		399,376
6.125% Jr. Sub. Perpetual Bonds2,11		640,000		692,000
7.90% Jr. Sub. Perpetual Bonds, Series 12,11		720,000		749,340
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231		1,360,000		1,434,800
KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		758,000		754,193
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/242		440,000		456,601
Lloyds Banking Group plc, 6.413% Jr. Sub. Perpetual Bonds1,2,11		566,000		636,750
Manufacturers & Traders Trust Co., 2.50% Sr. Unsec. Nts., 5/18/22		803,000		801,778

	Principal Amount		Value
Commercial Banks (Continued)
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27	$	835,000	$	831,975
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		477,000		479,078
Royal Bank of Scotland Group plc, 3.498% Sr. Unsec. Nts., 5/15/232		660,000		664,646
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/241,2		1,130,000		1,152,261
Skandinaviska Enskilda Banken AB, 2.80% Sr. Unsec. Nts., 3/11/22		944,000		955,173
Societe Generale SA, 7.375% Jr. Sub. Perpetual Bonds1,2,11		795,000		856,612
Standard Chartered plc:
2.68% Jr. Sub. Perpetual Bonds1,2,11		100,000		85,250
7.50% Jr. Sub. Perpetual Bonds1,2,11		805,000		863,362
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		417,000		408,378
SunTrust Banks, Inc., 5.05% Jr. Sub. Perpetual Bonds2,11		697,000		709,197
Swedbank AB, 6% Jr. Sub. Perpetual Bonds2,11		807,000		850,286
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/211		250,000		251,302
Turkiye Garanti Bankasi AS, 6.125% Sub. Nts., 5/24/271,2		600,000		595,631
Turkiye Is Bankasi, 5.375% Sr. Unsec. Nts., 10/6/211		540,000		543,142
Turkiye Is Bankasi AS, 6% Sub. Nts., 10/24/221		540,000		542,466
Turkiye Vakiflar Bankasi TAO:
5.625% Sr. Unsec. Nts., 5/30/221		1,510,000		1,509,562
6.875% Sub. Nts., 2/3/251,2		625,000		637,170
UniCredit SpA, 8% Jr. Sub. Perpetual Bonds2,11		815,000		839,411
US Bancorp:
3.10% Sub. Nts., 4/27/26		586,000		579,918
3.15% Sr. Unsec. Nts., 4/27/27		225,000		225,682
Wachovia Capital Trust III, 5.57% Jr. Sub. Perpetual Bonds2,11		673,000		677,543
Wells Fargo & Co.:
3.584% Sr. Unsec. Nts., 5/22/282		754,000		762,826
4.75% Sub. Nts., 12/7/46		532,000		570,203
7.98% Jr. Sub. Perpetual Bonds, Series K2,11		731,000		762,798
Yapi ve Kredi Bankasi AS, 5.85% Sr. Unsec. Nts., 6/21/241		2,075,000		2,060,060
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/221		675,000		662,647
				55,557,739
Consumer Finance—0.7%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231,7		1,410,000		1,163,250
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22		1,000,000		1,042,500
5.75% Sub. Nts., 11/20/257		1,325,000		1,399,531
8.00% Sr. Unsec. Nts., 11/1/31		415,000		510,450
American Express Co., 4.90% Jr. Sub. Perpetual Bonds2,11		758,000		771,454
American Express Credit Corp.:
2.70% Sr. Unsec. Nts., 3/3/22		564,000		569,054
3.30% Sr. Unsec. Nts., 5/3/27		562,000		561,013
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27		371,000		370,438
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		606,000		599,812
4.10% Sr. Unsec. Nts., 2/9/27		374,000		375,407
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/191		561,000		599,543

18      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

		Principal Amount		Value
Consumer Finance (Continued)
Navient Corp.:
6.50% Sr. Unsec. Nts., 6/15/22		$	535,000	$	568,438
6.625% Sr. Unsec. Nts., 7/26/21			505,000		544,769
6.75% Sr. Unsec. Nts., 6/25/25			685,000		707,694
7.25% Sr. Unsec. Nts., 1/25/22			2,300,000		2,521,375
					12,304,728
Diversified Financial Services—0.2%
Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18			267,000		267,686
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/358,12	MXN		5,808,600		32,006
Park Aerospace Holdings Ltd., 5.50% Sr. Unsec. Nts., 2/15/241			1,020,000		1,067,940
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251			445,000		452,359
Suntory Holdings Ltd., 1.65% Sr. Unsec. Nts., 9/29/171			327,000		327,036
Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/532			810,000		862,650
					3,009,677
Insurance—0.4%
Arch Capital Finance LLC, 4.011% Sr. Unsec. Nts., 12/15/26			558,000		576,773
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45			564,000		602,212
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/271			239,000		235,819
Manulife Financial Corp., 4.061% Sub. Nts., 2/24/322			565,000		571,228
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47			375,000		403,056
MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds2,11			936,000		974,114
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/241			914,000		947,192
Progressive Corp. (The), 4.125% Sr. Unsec. Nts., 4/15/47			717,000		747,834
Prudential Financial, Inc.:
5.20% Jr. Sub. Nts., 3/15/442			712,000		755,610
5.375% Jr. Sub. Nts., 5/15/452			617,000		669,445
RenaissanceRe Finance, Inc., 3.45% Sr. Unsec. Nts., 7/1/27			395,000		388,948
XLIT Ltd., 3.616% Jr. Sub. Perpetual Bonds2,11			750,000		701,250
					7,573,481
Real Estate Investment Trusts (REITs)—1.0%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20			616,000		624,747
5.90% Sr. Unsec. Nts., 11/1/21			279,000		314,609
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/346,12	MXN		4,830,531		—
Boston Properties LP, 3.70% Sr. Unsec. Nts., 11/15/18			593,000		605,518
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 5/15/27			780,000		833,625
5.875% Sr. Unsec. Nts., 1/15/26			945,000		1,032,705
FelCor Lodging LP, 6% Sr. Unsec. Nts., 6/1/25			1,035,000		1,110,037
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			810,000		883,912
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			995,000		1,049,725
iStar, Inc.:
5.00% Sr. Unsec. Nts., 7/1/19			905,000		914,616
6.00% Sr. Unsec. Nts., 4/1/22			1,560,000		1,602,900
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26			620,000		670,375

	Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
MPT Operating Partnership LP/MPT Finance Corp., 6.375% Sr. Unsec. Nts., 3/1/24	$	740,000	$	808,546
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		1,090,000		1,145,862
Starwood Property Trust, Inc., 5% Sr. Unsec. Nts., 12/15/211		760,000		792,300
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/261		1,195,000		1,242,203
Uniti Group, Inc./CSL Capital LLC: 7.125% Sr. Unsec. Nts., 12/15/241		760,000		756,442
8.25% Sr. Unsec. Nts., 10/15/23		1,320,000		1,366,200
Vereit Operating Partner, 3% Sr. Unsec. Nts., 2/6/19		346,000		349,612
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/171		434,000		434,020
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		130,000		130,366
				16,668,320
Real Estate Management & Development—0.2%
Mattamy Group Corp.:
6.50% Sr. Unsec. Nts., 11/15/201		110,000		112,750
6.875% Sr. Unsec. Nts., 12/15/231		505,000		518,256
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.875% Sr. Unsec. Nts., 6/1/231		1,240,000		1,255,500
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr. Unsec. Nts., 4/1/251		1,065,000		1,104,938
				2,991,444
Thrifts & Mortgage Finance—0.1%
Provident Funding Associates LP/PFG Finance Corp., 6.375% Sr. Unsec. Nts., 6/15/251		395,000		405,862
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/251		1,420,000		1,473,250
				1,879,112
Health Care—3.6%
Biotechnology—0.3%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		440,000		449,611
4.70% Sr. Unsec. Nts., 5/14/45		150,000		160,246
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		212,000		243,118
Celgene Corp.:
2.125% Sr. Unsec. Nts., 8/15/18		946,000		949,934
3.875% Sr. Unsec. Nts., 8/15/25		428,000		447,780
5.00% Sr. Unsec. Nts., 8/15/45		104,000		117,726
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		396,000		435,275
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		964,000		960,084
3.20% Sr. Unsec. Nts., 9/23/26		744,000		729,038
				4,492,812
Health Care Equipment & Supplies—0.4%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		927,000		934,552
3.75% Sr. Unsec. Nts., 11/30/26		760,000		777,393
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		585,000		586,653
3.70% Sr. Unsec. Nts., 6/6/27		692,000		694,485
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		720,000		744,827
DJO Finco, Inc./DJO Finance LLC/ DJO Finance Corp., 8.125% Sec. Nts., 6/15/211		580,000		542,300

19      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231	$	680,000	$	719,100
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/231		510,000		538,688
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		422,000		476,780
				6,014,778
Health Care Providers & Services—1.8%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		830,000		862,681
6.50% Sr. Unsec. Nts., 3/1/24		250,000		267,500
Cardinal Health, Inc., 3.41% Sr. Unsec. Nts., 6/15/27		460,000		458,995
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		2,110,000		2,212,862
6.125% Sr. Unsec. Nts., 2/15/24		245,000		265,502
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		1,560,000		1,616,316
6.875% Sr. Unsec. Nts., 2/1/227		3,755,000		3,295,012
7.125% Sr. Unsec. Nts., 7/15/20		345,000		337,237
8.00% Sr. Unsec. Nts., 11/15/19		1,000,000		1,008,750
DaVita, Inc., 5.125% Sr. Unsec. Nts., 7/15/24		1,435,000		1,459,216
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/221		590,000		608,437
Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/241		785,000		828,175
5.875% Sr. Unsec. Nts., 1/31/221		820,000		912,250
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		700,000		740,110
5.50% Sr. Sec. Nts., 6/15/47		1,315,000		1,364,313
7.50% Sr. Unsec. Nts., 2/15/22		2,405,000		2,774,769
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		1,700,000		1,751,850
IASIS Healthcare LLC/IASIS Capital Corp., 8.375% Sr. Unsec. Nts., 5/15/19		2,720,000		2,734,960
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		540,000		533,925
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		557,000		566,307
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251		1,160,000		1,173,050
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		900,000		929,250
Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23		1,685,000		1,689,213
7.50% Sec. Nts., 1/1/221		505,000		549,087
8.125% Sr. Unsec. Nts., 4/1/22		1,040,000		1,107,600
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		755,000		771,044
				30,818,411
Life Sciences Tools & Services—0.1%
Quintiles IMS, Inc.:
4.875% Sr. Unsec. Nts., 5/15/231		732,000		753,045
5.00% Sr. Unsec. Nts., 10/15/261		346,000		357,678
Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24		136,000		145,252
5.30% Sr. Unsec. Nts., 2/1/44		281,000		329,564
				1,585,539
Pharmaceuticals—1.0%
Allergan Funding SCS:
2.35% Sr. Unsec. Nts., 3/12/18		798,000		801,478
3.80% Sr. Unsec. Nts., 3/15/25		583,000		604,053
Concordia International Corp., 7% Sr. Unsec. Nts., 4/15/231		585,000		87,750

	Principal Amount		Value
Pharmaceuticals (Continued)
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/231	$	1,255,000	$	1,061,102
6.00% Sr. Unsec. Nts., 2/1/251		210,000		172,200
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231		1,555,000		1,306,200
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/201		520,000		508,950
5.50% Sr. Unsec. Nts., 4/15/251		1,320,000		1,161,600
5.75% Sr. Unsec. Nts., 8/1/221		930,000		878,850
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241		370,000		397,287
Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/201		700,000		677,250
5.50% Sr. Unsec. Nts., 3/1/231		2,590,000		2,211,187
5.875% Sr. Unsec. Nts., 5/15/231		1,845,000		1,591,313
6.125% Sr. Unsec. Nts., 4/15/251		2,135,000		1,814,750
6.375% Sr. Unsec. Nts., 10/15/201		520,000		506,350
6.75% Sr. Unsec. Nts., 8/15/211		1,115,000		1,064,825
7.00% Sr. Sec. Nts., 3/15/241		780,000		821,925
7.25% Sr. Unsec. Nts., 7/15/221		1,150,000		1,086,750
7.50% Sr. Unsec. Nts., 7/15/211		935,000		909,288
				17,663,108
Industrials—3.5%
Aerospace & Defense—0.6%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		714,000		744,266
Bombardier, Inc., 8.75% Sr. Unsec. Nts., 12/1/211		1,750,000		1,946,875
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27		1,065,000		1,114,256
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		1,008,000		685,440
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		350,000		359,143
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		510,000		577,624
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		233,000		234,399
4.30% Sr. Unsec. Nts., 3/1/24		293,000		311,598
TransDigm, Inc., 6.375% Sr. Sub. Nts., 6/15/26		1,345,000		1,368,537
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		2,390,000		2,387,013
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/182		170,000		170,257
				9,899,408
Air Freight & Couriers—0.1%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/211		775,000		724,625
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		175,000		181,005
XPO Logistics, Inc., 6.125% Sr. Unsec. Nts., 9/1/231		370,000		386,650
				1,292,280
Airlines—0.1%
American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/201		830,000		861,557
5.50% Sr. Unsec. Nts., 10/1/191,7		1,050,000		1,105,125
Latam Finance Ltd., 6.875% Sr. Unsec. Nts., 4/11/241		370,000		377,270
				2,343,952
Building Products—0.2%
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		656,000		647,550

20      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Building Products (Continued)
Standard Industries, Inc., 5.375% Sr.
Unsec. Nts., 11/15/241	$	1,535,000	$	1,625,181
USG Corp., 4.875% Sr. Unsec. Nts.,
6/1/271		450,000		464,063
				2,736,794
Commercial Services & Supplies—0.7%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		490,000		510,212
ARD Finance SA, 7.125% Sr. Sec. Nts., 9/15/2313		920,000		984,308
Cenveo Corp., 6% Sr. Sec. Nts., 8/1/191		600,000		510,000
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		1,230,000		1,259,212
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 3/1/24		1,565,000		1,529,788
5.875% Sr. Unsec. Nts., 7/1/25		530,000		515,425
GFL Environmental, Inc., 5.625% Sr. Unsec. Nts., 5/1/221		720,000		739,800
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		735,000		703,763
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		727,000		746,426
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18		786,000		800,066
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		1,200,000		1,305,000
Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		198,000		208,668
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221		1,375,000		1,392,188
				11,204,856
Construction & Engineering—0.1%
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/351		385,000		445,638
Tutor Perini Corp., 6.875% Sr. Unsec. Nts., 5/1/251		780,000		822,900
				1,268,538
Electrical Equipment—0.1%
Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/231		934,000		956,182
5.625% Sr. Unsec. Nts., 11/1/241		1,190,000		1,280,738
				2,236,920
Industrial Conglomerates—0.1%
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/201		570,000		622,012
Grupo KUO SAB de CV, 5.75% Sr. Unsec. Nts., 7/7/271,5		465,000		465,297
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		490,000		504,087
Roper Technologies, Inc.:
3.80% Sr. Unsec. Nts., 12/15/26		185,000		190,466
3.85% Sr. Unsec. Nts., 12/15/25		305,000		314,604
				2,096,466
Machinery—0.6%
Allison Transmission, Inc., 5% Sr. Unsec. Nts., 10/1/241		500,000		513,750
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/221		1,915,000		1,986,812
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25% Sec. Nts., 3/15/241		1,305,000		1,360,462
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		1,020,000		1,068,450
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		985,000		978,442

	Principal Amount		Value
Machinery (Continued)
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24	$	1,320,000	$	1,379,532
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		1,435,000		1,503,163
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		755,000		766,325
Park-Ohio Industries, Inc., 6.625% Sr. Unsec. Nts., 4/15/271		260,000		273,488
Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18		222,000		224,243
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/251		255,000		262,650
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/261		384,000		379,409
				10,696,726
Professional Services—0.2%
Brand Energy & Infrastructure Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/251		260,000		269,750
Equifax, Inc., 6.30% Sr. Unsec. Nts., 7/1/17		796,000		796,000
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22		2,015,000		2,098,119
				3,163,869
Road & Rail—0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/251		1,020,000		963,900
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		111,000		124,258
GFL Environmental, Inc., 9.875% Sr. Unsec. Nts., 2/1/211		490,000		535,325
Hertz Corp. (The):
7.375% Sr. Unsec. Nts., 1/15/21		265,000		257,050
7.625% Sec. Nts., 6/1/221		790,000		790,079
Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		197,000		219,329
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/261		772,000		760,208
				3,650,149
Trading Companies & Distributors—0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.95% Sr. Unsec. Nts., 2/1/22		976,000		1,017,129
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		403,000		401,187
3.625% Sr. Unsec. Nts., 4/1/27		403,000		403,904
Aircastle Ltd., 5% Sr. Unsec. Nts., 4/1/23		245,000		262,150
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/231		340,000		360,400
Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21		620,000		653,325
6.75% Sr. Unsec. Nts., 12/15/20		875,000		919,844
HD Supply, Inc., 5.75% Sr. Unsec. Nts., 4/15/241		490,000		521,850
Herc Rentals, Inc.:
7.50% Sec. Nts., 6/1/221		670,000		710,200
7.75% Sec. Nts., 6/1/241		450,000		477,000
Standard Industries, Inc., 6% Sr. Unsec. Nts., 10/15/251		1,435,000		1,542,625
United Rentals North America, Inc., 5.875% Sr. Unsec. Nts., 9/15/26		1,235,000		1,319,906
				8,589,520
Transportation Infrastructure—0.0%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371		835,000		983,458

21      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Information Technology—2.5%
Communications Equipment—0.3%
CommScope Technologies LLC, 6% Sr. Unsec. Nts., 6/15/251	$	570,000	$	611,325
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		430,000		435,461
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22		1,405,000		1,461,200
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231		730,000		765,588
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231		535,000		545,700
ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20		476,000		485,665
				4,304,939
Electronic Equipment, Instruments, & Components—0.1%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		680,000		678,413
CDW LLC/CDW Finance Corp.:
5.00% Sr. Unsec. Nts., 9/1/23		485,000		506,219
5.50% Sr. Unsec. Nts., 12/1/24		147,000		159,724
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		720,000		764,767
				2,109,123
Internet Software & Services—0.3%
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/228,13		2,161,451		1,966,920
j2 Cloud Services LLC/j2 Global
Co.-Obligor, Inc., 6% Sr. Unsec. Nts., 7/15/251		790,000		817,650
Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/241		1,395,000		1,489,163
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/271		758,000		767,251
5.25% Sr. Unsec. Nts., 4/1/25		268,000		287,430
				5,328,414
IT Services—0.9%
Booz Allen Hamilton, Inc., 5.125% Sr. Unsec. Nts., 5/1/251		785,000		773,225
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		474,000		467,624
Conduent Finance, Inc./Xerox Business Services LLC, 10.50% Sr. Unsec. Nts., 12/15/241		1,800,000		2,101,500
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/201		672,000		680,845
4.75% Sr. Unsec. Nts., 4/15/271		720,000		752,247
Fidelity National Information Services, Inc., 2.85% Sr. Unsec. Nts., 10/15/18		626,000		633,600
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/241		1,350,000		1,393,443
5.75% Sec. Nts., 1/15/241		910,000		948,675
7.00% Sr. Unsec. Nts., 12/1/231		2,090,000		2,236,300
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251		780,000		821,270
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/201		2,040,000		2,111,400
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231		1,705,000		1,785,987
Total System Services, Inc., 2.375% Sr. Unsec. Nts., 6/1/18		506,000		508,217
				15,214,333
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		234,000		272,917
Micron Technology, Inc., 5.25% Sr. Unsec. Nts., 8/1/231		575,000		600,012

	Principal Amount		Value
Semiconductors & Semiconductor Equipment (Continued)
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/231	$	1,350,000	$	1,459,687
QUALCOMM, Inc., 3.25% Sr. Unsec. Nts., 5/20/27		461,000		462,674
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241		250,000		263,438
				3,058,728
Software—0.5%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		185,000		195,498
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211		1,355,000		1,409,634
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/191		971,000		994,192
5.875% Sr. Unsec. Nts., 6/15/211		490,000		514,500
6.02% Sr. Sec. Nts., 6/15/261		577,000		636,715
7.125% Sr. Unsec. Nts., 6/15/241		745,000		819,338
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231		595,000		608,578
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231		401,000		420,047
Oracle Corp., 2.40% Sr. Unsec. Nts., 9/15/23		575,000		567,944
Symantec Corp., 5% Sr. Unsec. Nts., 4/15/251		495,000		519,285
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211		900,000		994,500
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231		1,155,000		1,244,512
				8,924,743
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		490,000		531,857
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221		385,000		410,987
Hewlett Packard Enterprise Co., 2.45% Sr. Unsec. Nts., 10/5/17		231,000		231,624
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		520,000		559,000
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24		875,000		1,034,408
				2,767,876
Materials—3.5%
Chemicals—1.2%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		378,000		378,710
4.125% Sr. Unsec. Nts., 3/15/35		129,000		128,916
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/261		434,000		447,118
Chemours Co. (The):
5.375% Sr. Unsec. Nts., 5/15/27		395,000		405,862
6.625% Sr. Unsec. Nts., 5/15/23		450,000		478,125
Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19		803,000		806,825
Hexion, Inc.:
6.625% Sr. Sec. Nts., 4/15/20		1,850,000		1,697,375
10.375% Sr. Sec. Nts., 2/1/221		1,545,000		1,537,275
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/261		370,000		389,888
Koppers, Inc., 6% Sr. Unsec. Nts., 2/15/251		510,000		543,150
Kraton Polymers LLC/Kraton Polymers Capital Corp.:
7.00% Sr. Unsec. Nts., 4/15/251		260,000		274,300
10.50% Sr. Unsec. Nts., 4/15/231		1,135,000		1,316,600
NOVA Chemicals Corp.:
4.875% Sr. Unsec. Nts., 6/1/241		260,000		259,350
5.25% Sr. Unsec. Nts., 8/1/231		495,000		510,469

22      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

		Principal Amount		Value
Chemicals (Continued)
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		1,115,000	$	1,354,661
4.625% Sr. Unsec. Nts., 7/15/24			1,465,000		1,557,023
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/221			1,270,000		1,317,625
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23			923,000		973,765
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22			692,000		711,459
3.75% Sr. Unsec. Nts., 3/15/27			234,000		238,285
Sherwin-Williams Co. (The), 3.95% Sr. Unsec. Nts., 1/15/261			418,000		432,138
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/201			1,270,000		1,098,550
Tronox Finance LLC:
6.375% Sr. Unsec. Nts., 8/15/20			1,965,000		1,974,825
7.50% Sr. Unsec. Nts., 3/15/221			445,000		460,575
Venator Finance Sarl/Venator Materials Corp., 5.75% Sr. Unsec. Nts., 7/15/251,5			790,000		799,606
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261			585,000		581,640
					20,674,115
Construction Materials—0.2%
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/451			338,000		382,904
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/251			700,000		710,500
James Hardie International Finance DAC, 5.875% Sr. Unsec. Nts., 2/15/231			431,000		453,627
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261			231,000		228,850
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/271			500,000		493,125
Summit Materials LLC/Summit Materials Finance Corp., 5.125% Sr. Unsec. Nts., 6/1/251			260,000		267,150
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24			800,000		848,000
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27			500,000		514,860
					3,899,016
Containers & Packaging—0.6%
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191			1,880,000		1,861,200
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23			1,000,000		1,050,000
Graphic Packaging International, Inc., 4.125% Sr. Unsec. Nts., 8/15/24			765,000		784,125
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27			440,000		424,378
4.80% Sr. Unsec. Nts., 6/15/44			366,000		392,703
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/241			240,000		243,240
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/221			500,000		530,625
Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23			690,000		741,237
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer
Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/231			745,000		774,800
7.00% Sr. Unsec. Nts., 7/15/241			1,415,000		1,520,545
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221			585,000		625,219
5.125% Sr. Unsec. Nts., 12/1/241			785,000		845,838

	Principal Amount		Value
Containers & Packaging (Continued)
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251		$    755,000		$    777,650
				10,571,560
Metals & Mining—1.1%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24		1,070,000		1,135,538
AK Steel Corp., 7% Sr. Unsec. Nts., 3/15/277		1,160,000		1,203,500
Alcoa Nederland Holding BV:
6.75% Sr. Unsec. Nts., 9/30/241		245,000		267,050
7.00% Sr. Unsec. Nts., 9/30/261		240,000		264,600
Aleris International, Inc.:
7.875% Sr. Unsec. Nts., 11/1/207		1,402,000		1,328,395
9.50% Sr. Sec. Nts., 4/1/211		515,000		532,144
Coeur Mining, Inc., 5.875% Sr. Unsec. Nts., 6/1/241		785,000		764,394
Constellium NV:
5.75% Sr. Unsec. Nts., 5/15/241		555,000		516,150
6.625% Sr. Unsec. Nts., 3/1/251		510,000		489,600
8.00% Sr. Unsec. Nts., 1/15/231		365,000		377,775
First Quantum Minerals Ltd.:
7.25% Sr. Unsec. Nts., 5/15/221		915,000		937,875
7.25% Sr. Unsec. Nts., 4/1/231		780,000		768,300
Freeport-McMoRan, Inc.:
5.40% Sr. Unsec. Nts., 11/14/34		915,000		821,212
6.125% Sr. Unsec. Nts., 6/15/19		500,000		508,750
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		261,000		291,817
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		505,000		531,512
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19		1,075,000		1,094,339
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/271,5		790,000		789,454
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/201		255,000		270,060
Polyus Finance plc, 5.25% Sr. Unsec. Nts., 2/7/231		1,065,000		1,094,714
Southern Copper Corp., 5.875% Sr. Unsec. Nts., 4/23/45		1,395,000		1,502,443
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251		260,000		258,050
Teck Resources Ltd.:
5.20% Sr. Unsec. Nts., 3/1/42		1,225,000		1,145,375
6.125% Sr. Unsec. Nts., 10/1/35		550,000		576,125
Vedanta Resources plc, 6.375% Sr. Unsec. Nts., 7/30/221		530,000		533,021
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/238		805,000		906,631
				18,908,824
Paper & Forest Products—0.4%
Clearwater Paper Corp., 5.375% Sr. Unsec. Nts., 2/1/251		780,000		776,100
Fibria Overseas Finance Ltd., 5.50% Sr. Unsec. Nts., 1/17/27		79,000		80,849
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		788,000		806,715
Mercer International, Inc.:
6.50% Sr. Unsec. Nts., 2/1/241		510,000		533,812
7.75% Sr. Unsec. Nts., 12/1/22		500,000		538,125
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/261		1,150,000		1,193,125
Tembec Industries, Inc., 9% Sr. Sec. Nts., 12/15/191		1,680,000		1,748,460
				5,677,186

23      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Telecommunication Services—2.3%
Diversified Telecommunication Services—1.7%
AT&T, Inc.:
3.80% Sr. Unsec. Nts., 3/15/22	$	809,000	$	838,149
4.35% Sr. Unsec. Nts., 6/15/45		763,000		711,901
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30		763,000		1,162,849
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		785,000		786,633
6.45% Sr. Unsec. Nts., Series S, 6/15/21		1,200,000		1,302,000
7.50% Sr. Unsec. Nts., Series Y, 4/1/24		1,375,000		1,509,062
Deutsche Telekom International Finance BV, 3.60% Sr. Unsec. Nts., 1/19/271		450,000		458,791
FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/191,7		3,600,000		3,702,960
Frontier Communications Corp.:
8.75% Sr. Unsec. Nts., 4/15/22		590,000		532,800
10.50% Sr. Unsec. Nts., 9/15/227		3,070,000		2,935,688
11.00% Sr. Unsec. Nts., 9/15/25		1,650,000		1,538,625
Genneia SA, 8.75% Sr. Unsec. Nts., 1/20/221		360,000		383,695
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26		1,195,000		1,242,931
5.625% Sr. Unsec. Nts., 2/1/23		490,000		510,825
Qwest Capital Funding, Inc., 7.75% Sr. Unsec. Nts., 2/15/31		260,000		248,373
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		785,000		775,053
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		577,000		583,225
4.103% Sr. Unsec. Nts., 3/8/27		252,000		260,899
5.213% Sr. Unsec. Nts., 3/8/47		421,000		457,028
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		289,000		381,136
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		780,000		813,696
5.125% Sr. Unsec. Nts., 4/15/25		780,000		820,950
5.375% Sr. Unsec. Nts., 4/15/27		390,000		419,250
6.00% Sr. Unsec. Nts., 4/15/24		985,000		1,056,413
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		665,000		643,789
4.125% Sr. Unsec. Nts., 8/15/46		394,000		352,572
4.522% Sr. Unsec. Nts., 9/15/48		494,000		470,279
Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		1,330,000		1,104,731
7.75% Sr. Unsec. Nts., 10/1/21		695,000		656,775
Zayo Group LLC/Zayo Capital, Inc.:
5.75% Sr. Unsec. Nts., 1/15/271		265,000		277,919
6.00% Sr. Unsec. Nts., 4/1/23		1,345,000		1,422,338
				28,361,335
Wireless Telecommunication Services—0.6%
Bharti Airtel International Netherlands BV, 5.125% Sr. Unsec. Nts., 3/11/231		540,000		569,371
Sprint Communications, Inc.:
6.00% Sr. Unsec. Nts., 11/15/22		1,975,000		2,098,437
7.00% Sr. Unsec. Nts., 3/1/201		850,000		935,000
Sprint Corp.:
7.125% Sr. Unsec. Nts., 6/15/24		2,505,000		2,793,075
7.875% Sr. Unsec. Nts., 9/15/23		2,075,000		2,391,437
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/221		1,310,000		1,367,312
VimpelCom Holdings BV, 4.95% Sr. Unsec. Nts., 6/16/241		1,075,000		1,080,999
				11,235,631
Utilities—2.1%
Electric Utilities—0.7%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251		395,000		410,828

	Principal Amount		Value
Electric Utilities (Continued)
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/241	$	470,000	$	476,462
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		482,000		484,336
Duke Energy Corp., 3.75% Sr. Unsec. Nts., 9/1/46		451,000		430,957
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		539,000		544,972
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		608,000		603,494
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		434,000		433,819
Enel Finance International NV:
3.625% Sr. Unsec. Nts., 5/25/271		462,000		458,532
6.25% Sr. Unsec. Nts., 9/15/171		728,000		734,449
Entergy Texas, Inc., 7.125% Sec. Nts., 2/1/19		263,000		282,943
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		224,000		232,784
Great Plains Energy, Inc.:
2.50% Sr. Unsec. Nts., 3/9/20		420,000		424,163
4.85% Sr. Unsec. Nts., 4/1/47		368,000		380,693
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		202,000		222,197
Intelsat Jackson Holdings SA, 9.75% Sr. Unsec. Nts., 7/15/251,5		790,000		790,987
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		241,000		281,911
Orazul Energy Egenor S en C por A, 5.625% Sr. Unsec. Nts., 4/28/271		1,145,000		1,122,100
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		1,280,000		1,382,212
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		523,000		550,457
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		332,000		342,774
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		829,000		826,439
TECO Finance, Inc., 6.572% Sr. Unsec. Nts., 11/1/17		650,000		659,888
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251		568,000		590,052
				12,667,449
Gas Utilities—0.1%
Ferrellgas LP/Ferrellgas Finance Corp.:
6.50% Sr. Unsec. Nts., 5/1/21		660,000		627,000
6.75% Sr. Unsec. Nts., 6/15/23		930,000		869,550
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27		645,000		645,000
				2,141,550
Independent Power and Renewable Electricity Producers—1.0%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		875,000		952,420
AES Argentina Generacion SA, 7.75% Sr. Unsec. Nts., 2/2/241		455,000		478,519
AES Corp., 6% Sr. Unsec. Nts., 5/15/26		980,000		1,053,500
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261		740,000		728,900
5.75% Sr. Unsec. Nts., 1/15/25		1,145,000		1,079,162
Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23		570,000		535,800
6.75% Sr. Unsec. Nts., 11/1/19		1,150,000		1,191,688
7.375% Sr. Unsec. Nts., 11/1/22		1,735,000		1,717,650
8.00% Sr. Unsec. Nts., 1/15/251		1,465,000		1,428,375

24      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18	$	1,695,000	$	1,033,950
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/261		805,000		819,088
Miran Mid-Atlantic Trust, 10.06% Sec.
Pass-Through Certificates, Series C, 10.06%, 12/30/28		662,520		629,394
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 1/15/27		1,180,000		1,187,375
7.25% Sr. Unsec. Nts., 5/15/26		2,280,000		2,371,200
Talen Energy Supply LLC:
4.625% Sr. Unsec. Nts., 7/15/191		104,000		101,660
6.50% Sr. Unsec. Nts., 6/1/25		1,930,000		1,365,475
				16,674,156
Multi-Utilities—0.3%
Dominion Energy, Inc.:
1.875% Sr. Unsec. Nts., 1/15/19		421,000		420,249
4.90% Sr. Unsec. Nts., 8/1/41		370,000		406,290
InterGen NV, 7% Sr. Sec. Nts., 6/30/231		1,055,000		1,020,713
NGPL PipeCo LLC, 7.768% Sr. Unsec. Nts., 12/15/371		650,000		776,750
NiSource Finance Corp.:
3.49% Sr. Unsec. Nts., 5/15/27		674,000		680,089
6.80% Sr. Unsec. Nts., 1/15/19		130,000		138,923
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		784,000		775,871
				4,218,885
Total Corporate Bonds and Notes (Cost $732,468,154)				741,959,435
	Shares
Preferred Stocks—0.8%
Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.		12,600		339,822
Arch Capital Group Ltd., 5.25% Non-Cum., Non-Vtg.		14,375		350,319
BB&T Corp., 5.625% Non-Cv.		10,300		277,070
Citigroup Capital XIII, 7.542% Cum., Non- Vtg.2		19,675		511,156
Dominion Energy, Inc., 5.25 Cum.		13,900		349,863
DTE Energy Co., 5.375% Jr. Sub., Non-Vtg.		13,875		351,176
eBay, Inc., 6% Cv.		12,700		347,599
Fifth Third Bancorp, 6.625% Non-Cum., Non-Vtg.2		15,900		476,841
First Republic Bank, 7% Non-Cum.		9,200		247,020
GMAC Capital Trust I, 6.901% Jr. Sub., Non- Vtg.2		20,025		524,655
Goldman Sachs Group, Inc. (The), 6.30% Non- Cum., Series N, Non-Vtg.		31,900		874,698
Hartford Financial Services Group, Inc. (The), 7.875% Jr. Sub., Non-Vtg.2		21,750		668,812
Huntington Bancshares, Inc., 6.25% Non- Cum., Non-Vtg.		9,800		269,206
KeyCorp, 6.125% Non-Cum., Non-Vtg.2		28,100		823,330
Morgan Stanley, 5.85% Non-Cum., Non-Vtg.2		20,200		551,864
Morgan Stanley, 6.375% Non-Cum., Non-Vtg.2		19,175		547,254
NextEra Energy Capital Holding, Inc., 5.25% Jr. Sub., Non-Vtg.		13,750		348,288
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.		9,775		269,692
Peabody Energy Corp., 8.50% Cv., Series A, Vtg.14		2,151		80,913
PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg.2		17,900		529,840
Prudential Financial, Inc., 5.75% Jr. Sub.		10,125		263,149
Public Storage, 6% Cum., Non-Vtg.		14,350		383,863
Qwest Corp., 7% Sr. Unsec.		19,525		517,998

	Shares		Value
Preferred Stocks (Continued)
Regions Financial Corp., 6.375% Non-Cum., Series A		9,425	$	240,630
Senior Housing Properties Trust, 5.625% Cv.		13,925		352,720
Southern Co. (The), 5.25% Jr. Sub.		15,175		379,527
State Street Corp., 6% Non-Cum., Non-Vtg.		18,275		489,222
US Bancorp, 6.50% Non-Cum., Non-Vtg.2		19,100		567,079
Validus Holdings Ltd., 5.80% Non-Cum.14		13,450		340,823
Ventas Realty LP/Ventas Capital Corp., 5.45% Sr. Unsec.		15,300		389,232
Wells Fargo & Co., 5.625% Non-Cum., Non-Vtg.		5,000		128,551
Zions Bancorporation, 6.30% Non-Cum.2		10,800		302,400
Total Preferred Stocks (Cost $12,744,126)				13,094,612

Common Stocks—0.4%
Arco Capital Corp. Ltd.1,9,14	690,638	—
Carrizo Oil & Gas, Inc.7,14	11,001	191,637
Dynegy, Inc.7,14	90,668	749,824
EP Energy Corp., Cl. A7,14	176,339	645,401
Frontier Communications Corp.7	217,500	252,300
JSC Astana Finance, GDR8,14	446,838	—
Newfield Exploration Co.7,14	7,383	210,120
Parsley Energy, Inc., Cl. A7,14	8,264	229,326
Peabody Energy Corp.14	426	10,416
Peabody Energy Corp.7,14	39,573	967,560
Premier Holdings Ltd.14	18,514	—
Quicksilver Resources, Inc.14	4,151,000	87,586
Range Resources Corp.7	18,707	433,441
RSP Permian, Inc.7,14	6,836	220,598
Sabine Oil14	822	37,607
Schlumberger Ltd.	3,595	236,695
SM Energy Co.7	12,750	210,757
Valeant Pharmaceuticals International, Inc.14	108,823	1,882,638
Total Common Stocks (Cost $13,074,755)		6,365,906

	Units
Rights, Warrants and Certificates—0.0%
Affinion Group Wts., Strike Price $1, Exp. 11/10/2214		8,584	82,063
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/2614		2,611	20,235
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2614		465	3,139
Total Rights, Warrants and Certificates (Cost $420,784)			105,437

		Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/251,15		$	1,085,231	535,077
3.054%, 4/30/251,15			1,382,752	681,770
3.098%, 4/30/251,15			1,193,785	588,600
3.131%, 4/30/251,15			1,067,093	526,134
3.179%, 4/30/251,15			1,328,617	655,079
3.231%, 4/30/251,15			1,516,414	747,673
3.265%, 4/30/251,15			1,211,438	597,304
3.346%, 4/30/251,15			1,138,700	561,440
74.303%, 12/31/178,12	BRL		5,140,000	2,656,704
LB Peru Trust II Certificates, Series 1998- A, 3.796%, 2/28/166,15			2,994	—
Morgan Stanley, Russian Federation
Total Return Linked Bonds, Series 007,
Cl. VR, 5%, 8/22/34	RUB		30,729,654	229,910
Total Structured Securities (Cost $11,641,189)				7,779,691
Short-Term Note—0.5%
Arab Republic of Egypt Treasury Bills, 19.026%, 11/14/1715 (Cost $8,334,766)	EGP		161,025,000	8,315,777

25      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Investment Companies—25.8%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%16,17		100,703,124	$	100,703,124
Oppenheimer Master Event-Linked Bond Fund, LLC17		2,520,983		41,351,355

	Shares		Value
Investment Companies (Continued)
Oppenheimer Master Loan Fund, LLC17		14,397,097	$	236,208,983
Oppenheimer Ultra-Short Duration Fund, Cl. Y17		12,068,584		60,463,607
Total Investment Companies (Cost $437,250,628)				438,727,069

		Exercise Price		Expiration Date			Contracts
Exchange-Traded Options Purchased—0.0%
iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Put14	USD		87.000		8/18/17	USD		3,866	255,156
iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Put14	USD		86.000		8/18/17	USD		3,869	166,367
SX5E Index Put14	EUR		3,407.650		6/15/18	EUR		7,851	135,940
Total Exchange-Traded Options Purchased (Cost $842,702)									557,463

	Counterparty		Exercise Price		Expiration Date			Contracts
Over-the-Counter Options Purchased—0.1%
AUD Currency Put14	GSCOI	USD		0.746		7/25/17	AUD		20,067,720	15,532
EUR Currency Call14	BNP	USD		1.160		9/14/17	EUR		18,883,430	161,699
KRW Currency Put14	BAC	KRW		1138.000		8/30/17	KRW		36,734,285,118	514,280
MXN Currency Call14,18	GSCO-OT	MXN		19.500		7/13/17	MXN		506,475	503,953
Total Over-the-Counter Options Purchased (Cost $831,910)										1,195,464

Counterparty

Pay / Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.2%

Interest Rate Swap maturing 6/4/28 Call14

UBS

Receive

Three-Month USD LIBOR

2.800

%

5/31/18

USD

26,000

320,274

Interest Rate Swap maturing 6/4/28 Call14

UBS

Receive

Three-Month USD LIBOR

2.550

5/31/18

USD

26,000

494,081

Interest Rate Swap maturing 8/25/21 Call14

BAC

Receive

Three-Month USD LIBOR

2.065

8/23/17

USD

130,000

341,475

Interest Rate Swap maturing 8/27/19 Call14

BAC

Receive

Three-Month USD LIBOR

1.795

8/23/17

USD

130,000

51,895

Interest Rate Swap maturing 9/13/27 Call14

BAC

Receive

Six-Month EUR EURIBOR

0.822

9/11/17

EUR

23,400

407,346

Interest Rate Swap maturing 9/16/47 Call14

BAC

Receive

Three-Month USD LIBOR

2.465

9/12/17

USD

11,570

368,072

Interest Rate Swap maturing 9/20/47 Call14

UBS

Receive

Three-Month USD LIBOR

2.411

9/18/17

USD

23,660

942,415

Interest Rate Swap maturing 9/26/47 Call14

CITNA-B

Receive

Three-Month USD LIBOR

2.407

9/22/17

USD

11,544

473,474

Interest Rate Swap maturing 9/11/22 Call14

CITNA-B

Pay

Three-Month USD LIBOR

1.853

9/7/17

USD

87,360

191,199

Interest Rate Swap maturing 9/20/27 Call14

UBS

Pay

Three-Month USD LIBOR

2.148

9/18/17

USD

57,200

282,576

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $3,719,672)

3,872,807

Total Investments, at Value (Cost $1,780,071,695)

105.5

%

1,792,144,867

Net Other Assets (Liabilities)

(5.5

)

(93,290,395)

Net Assets

100.0

%

$

1,698,854,472

��

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 $502,067,058 or 29.55% 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 $2,729,792 or 0.16% 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. 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.

7. 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 $24,978,837. See Note 6 of the accompanying Consolidated Notes.

26      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Consolidated Footnotes to Statement of Investments (Continued)

8. Restricted security. The aggregate value of restricted securities at period end was $6,885,255, which represents 0.41% 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)
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/22		11/8/10 – 1/31/13	$	1,960,557	$	1,966,920	$	6,363
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 74.303%, 12/31/17		9/19/07		2,592,788		2,656,704		63,916
Enviva Partners LP/Enviva Partners Finance Corp.,
8.50% Sr. Unsec. Nts., 11/1/21		10/20/16		1,235,000		1,322,994		87,994
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts.,
8/26/35		3/21/07		528,870		32,006		(496,864)
JSC Astana Finance, GDR		6/5/15		—		—		—
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/23		12/8/16		883,516		906,631		23,115
			$	7,200,731	$	6,885,255	$	(315,476)

9. Security received as the result of issuer reorganization.

10. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

12. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

13. Interest or dividend is paid-in-kind, when applicable.

14. Non-income producing security.

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, 2016		Gross Additions		Gross Reductions			Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		38,454,698		388,205,551		325,957,125			100,703,124
Oppenheimer Master Event-Linked Bond Fund, LLC		2,520,983		—		—			2,520,983
Oppenheimer Master Loan Fund, LLC		12,870,585		1,526,512		—			14,397,097
Oppenheimer Ultra-Short Duration Fund, Cl. Y		4,042,818		8,025,766		—			12,068,584
			Value		Income			Realized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E			$	100,703,124	$	198,979		$	—
Oppenheimer Master Event-Linked Bond Fund, LLC				41,351,355		1,243,194	a		(253,620	)a
Oppenheimer Master Loan Fund, LLC				236,208,983		6,629,567	b		1,381,031	b
Oppenheimer Ultra-Short Duration Fund, Cl. Y				60,463,607		209,442			—
Total			$	438,727,069	$	8,281,182		$	1,127,411

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. One-Touch Binary option becomes eligible for exercise if at the Expiration Date at the Expiration Time spot rates are less than or equal to 19.5 MXN 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	$	1,386,407,300		77.4%
Brazil		35,499,822		2.0
Russia		33,197,338		1.9
Indonesia		23,377,265		1.3
Canada		23,351,902		1.3
Supranational		17,329,474		1.0
Peru		16,359,773		0.9
Mexico		15,534,548		0.9
India		15,056,632		0.8
Argentina		14,141,152		0.8
Turkey		13,394,474		0.8
United Kingdom		12,797,888		0.7
Netherlands		11,594,518		0.7
Egypt		11,134,360		0.6
South Africa		10,701,761		0.6
Kazakhstan		8,914,195		0.5
Ukraine		8,301,683		0.5
Ireland		7,724,622		0.4
Colombia		7,649,794		0.4
Luxembourg		6,544,820		0.4
Malaysia		6,328,170		0.4
France		5,942,463		0.3
Romania		5,677,205		0.3
Germany		5,633,082		0.3
Dominican Republic		5,443,745		0.3

27      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)	Value		Percent
Poland	$	5,331,530		0.3%
Hungary		4,523,213		0.3
Chile		4,365,212		0.2
Sri Lanka		4,153,522		0.2
Switzerland		4,004,425		0.2
Ecuador		3,707,354		0.2
Australia		3,568,439		0.2
Ivory Coast		3,453,005		0.2
Jamaica		3,349,046		0.2
Serbia		3,232,881		0.2
Uruguay		3,201,619		0.2
Croatia		3,147,733		0.2
Spain		3,129,985		0.2
Belgium		2,988,124		0.2
Thailand		2,369,100		0.1
Hong Kong		2,322,535		0.1
New Zealand		2,295,345		0.1
Italy		2,032,392		0.1
China		1,827,124		0.1
Sweden		1,805,459		0.1
Honduras		1,648,261		0.1
Denmark		1,392,980		0.1
Nigeria		1,369,548		0.1
Morocco		1,173,050		0.1
Vietnam		1,121,903		0.1
Senegal		1,115,033		0.1
Kuwait		1,026,160		0.1
United Arab Emirates		983,458		0.1
Angola		796,902		0.1
Israel		759,287		0.0
Bermuda		739,267		0.0
Eurozone		704,985		0.0
Gabon		673,655		0.0
Panama		620,730		0.0
Portugal		603,494		0.0
Norway		581,640		0.0
Japan		558,488		0.0
Belarus		552,757		0.0
Bahamas		546,337		0.0
Guatemala		516,875		0.0
South Korea		514,280		0.0
Iraq		481,129		0.0
Mauritius		435,461		0.0
Guernsey		383,158		0.0
Total	$	1,792,144,867		100.0%

Forward Currency Exchange Contracts as of June 30, 2017
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized         Appreciation		Unrealized             Depreciation
BAC		07/2017 - 08/2017	BRL	16,920	USD	5,107	$	2,283	$	29,744
BAC		09/2017	CLP	81,000	USD	122		—		176
BAC		09/2017	COP	22,934,000	USD	7,441		6,999		573
BAC		09/2017	EUR	4,120	USD	4,650		75,878		—
BAC		08/2017	IDR	232,249,000	USD	17,320		16,808		—
BAC		09/2017	MXN	47,300	USD	2,543		30,938		—
BAC		09/2017	PLN	1,090	USD	290		4,297		—
BAC		09/2017	TWD	517,000	USD	17,125		—		116,779
BAC		09/2017	USD	5,077	AUD	6,700		—		67,360
BAC		07/2017	USD	813	BRL	2,690		1,154		—
BAC		09/2017	USD	12,327	CAD	16,425		—		354,346
BAC		04/2018	USD	17,354	IDR	242,675,000		—		228,665
BAC		09/2017	USD	5,697	RUB	332,700		151,260		2,419
BAC		09/2017	USD	17,116	TWD	517,000		107,243		—
BAC		09/2017	USD	5,015	ZAR	66,460		13,210		10,788
BAC		09/2017	ZAR	119,110	USD	9,093		5,320		114,325
BNP		08/2017	ARS	67,230	USD	4,060		—		120,525
BNP		07/2017	BRL	2,980	USD	904		—		4,220
BNP		08/2017	IDR	11,414,000	USD	851		1,270		—
BNP		07/2017	USD	912	BRL	2,980		12,456		—

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
BOA		09/2017	HUF	119,000		USD	432	$	9,049	$	—
BOA		09/2017	INR	269,000		USD	4,091		34,449		—
BOA		09/2017	THB	31,000		USD	912		1,095		—
BOA		09/2017	TRY	40,150		USD	10,967		189,284		—
BOA		09/2017	USD	4,175		AUD	5,515		—		59,672
BOA		09/2017	USD	1,911		THB	65,000		—		2,964
BOA		09/2017	USD	2,638		TRY	10,050		—		154,609
BOA		09/2017	USD	4,327		ZAR	57,500		—		9,960
BOA		09/2017	ZAR	18,140		USD	1,371		—		3,280
CITNA-B		08/2017	ARS	72,730		USD	4,395		—		133,039
CITNA-B		07/2017	BRL	26,410		USD	8,291		—		318,825
CITNA-B		09/2017	CLP	5,796,000		USD	8,492		221,490		—
CITNA-B		09/2017	COP	33,315,000		USD	11,287		—		468,494
CITNA-B		09/2017	CZK	40,500		USD	1,757		23,207		—
CITNA-B		09/2017	HUF	711,000		USD	2,588		49,681		—
CITNA-B		09/2017	INR	586,000		USD	9,055		—		67,739
CITNA-B		09/2017	MXN	25,900		USD	1,406		3,607		—
CITNA-B		09/2017	PEN	9,520		USD	2,887		21,617		—
CITNA-B		09/2017	PLN	3,330		USD	862		36,726		—
CITNA-B		09/2017	RON	1,730		USD	421		12,930		—
CITNA-B		09/2017	RUB	136,100		USD	2,260		9,423		144
CITNA-B		09/2017	TRY	5,360		USD	1,482		7,390		—
CITNA-B		07/2017	USD	7,983		BRL	26,410		11,326		—
CITNA-B		11/2017	USD	5,649		EGP	105,715		8,358		—
CITNA-B		09/2017	USD	6,559		MXN	119,400		61,408		—
CITNA-B		09/2017	USD	3,641		PLN	13,630		—		36,064
CITNA-B		09/2017	USD	5,046		RUB	293,200		156,282		—
CITNA-B		09/2017	USD	623		ZAR	8,200		4,891		—
CITNA-B		09/2017	ZAR	11,450		USD	846		17,749		—
DEU		09/2017	CAD	17,810		USD	13,464		287,217		—
DEU		09/2017	EUR	745		USD	806		48,907		—
DEU		09/2017	SGD	11,770		USD	8,476		83,643		—
DEU		09/2017	TRY	1,460		USD	393		13,159		—
DEU		09/2017	USD	9,094		EUR	8,505		—		660,929
DEU		09/2017	USD	2,653		NZD	3,690		—		46,663
DEU		09/2017	USD	970		THB	33,000		—		1,254
DEU		09/2017	USD	8,319		ZAR	108,860		108,492		—
DEU		09/2017	ZAR	55,450		USD	4,192		—		9,938
GSCO-OT		09/2017	AUD	5,665		USD	4,250		99,873		—
GSCO-OT		07/2017 - 08/2017	BRL	12,430		USD	3,813		8,375		79,701
GSCO-OT		09/2017	CAD	5,640		USD	4,263		92,006		—
GSCO-OT		09/2017	CLP	484,000		USD	715		12,350		—
GSCO-OT		09/2017	COP	5,404,000		USD	1,787		—		32,640
GSCO-OT		09/2017	EUR	655		USD	728		23,436		—
GSCO-OT		09/2017	MYR	6,400		USD	1,483		1,474		1,539
GSCO-OT		07/2017	USD	2,092		BRL	6,920		2,968		—
GSCO-OT		11/2017	USD	1,408		EGP	26,310		3,961		—
GSCO-OT		09/2017	USD	1,469		EUR	1,305		—		27,833
HSBC		09/2017	SGD	11,850		USD	8,629		—		11,126
HSBC		07/2017	BRL	15,880		USD	4,794		4,757		5,301
HSBC		09/2017	IDR	22,420,000		USD	1,673		—		3,864
HSBC		09/2017	INR	374,000		USD	5,704		32,265		—
HSBC		09/2017	MXN	68,400		USD	3,574		147,828		—
HSBC		09/2017	THB	29,000		USD	843		10,790		—
HSBC		09/2017	TWD	3,278		USD	109		—		1,198
HSBC		09/2017	USD	113		AUD	150		—		2,324
HSBC		07/2017 - 08/2017	USD	5,208		BRL	17,140		40,450		3,301
HSBC		09/2017	USD	31		MXN	600		—		1,297
HSBC		09/2017	USD	2,159		PLN	8,100		—		26,317
HSBC		09/2017	USD	2,624		RON	10,745		—		73,468
HSBC		09/2017	USD	8,571		SGD	11,850		—		46,868
JPM		07/2017 - 08/2017	BRL	25,300		USD	7,671		1,365		51,038
JPM		09/2017	CZK	9,600		USD	409		12,678		—
JPM		09/2017	IDR	141,246,000		USD	10,526		—		12,838
JPM		09/2017	MXN	75,400		USD	4,060		42,697		—
JPM		07/2017	MYR	21,055		USD	4,900		—		11,475
JPM		09/2017	NZD	5,900		USD	4,260		57,506		—

29      OPPENHEIMER GLOBAL STRATEGIC INCOME 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		09/2017 - 03/2018	PHP	22,000		USD	435	$	—	$	4,967
JPM		09/2017	PLN	6,630		USD	1,745		43,719		—
JPM		09/2017	RON	7,955		USD	1,954		43,634		—
JPM		09/2017	RUB	109,000		USD	1,876		—		58,584
JPM		09/2017	THB	142,200		USD	4,171		14,908		—
JPM		09/2017	TRY	15,270		USD	4,266		—		23,283
JPM		07/2017 - 08/2017	USD	10,561		BRL	34,640		138,827		146
JPM		09/2017	USD	12,688		CLP	8,487,000		—		70,512
JPM		09/2017	USD	2,786		IDR	37,395,500		2,703		—
JPM		09/2017	USD	7,234		KRW	8,196,000		68,611		—
JPM		09/2017	USD	1,188		MYR	5,085		9,746		—
JPM		09/2017	USD	10,017		NZD	13,880		—		139,107
JPM		09/2017	USD	13,353		RUB	788,400		232,946		27,754
JPM		09/2017	USD	8,506		SGD	11,770		—		54,205
JPM		09/2017	USD	833		ZAR	10,890		11,478		—
MSCO		07/2017	BRL	2,720		USD	841		—		19,719
MSCO		07/2017	USD	822		BRL	2,720		1,166		—
TDB		07/2017 - 08/2017	BRL	72,335		USD	21,735		48,434		16,886
TDB		09/2017	EUR	380		USD	410		25,550		—
TDB		09/2017	PLN	26,270		USD	6,449		637,527		—
TDB		07/2017 - 08/2017	USD	16,929		BRL	56,290		28,705		53,417
TDB		09/2017	USD	5,304		CAD	7,025		—		119,879
TDB		09/2017	USD	2,378		MXN	43,900		—		10,812
Total Unrealized Appreciation and Depreciation								$	3,753,229	$	4,014,893

Futures Contracts as of June 30, 2017
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
United States Treasury Long Bonds		CBT		Buy		9/20/17		83	$	12,756,062	$	36,953
United States Treasury Nts., 10 yr.		CBT		Buy		9/20/17		737		92,516,531		(617,242)
United States Treasury Nts., 10 yr.		CBT		Sell		9/20/17		205		25,733,906		129,425
United States Treasury Nts., 2 yr.		CBT		Buy		9/29/17		453		97,897,547		(125,159)
United States Treasury Nts., 5 yr.		CBT		Buy		9/29/17		72		8,484,188		(21,637)
United States Ultra Bonds		CBT		Buy		9/20/17		375		62,203,125		722,199
											$	124,539

Exchange-Traded Options Written at June 30, 2017
Description				Exercise Price		Expiration Date			Number of Contracts			Premiums Received		Value
iShares iBoxx $ High Yield Corporate Bond Exchange Traded Fund Call			USD		88.000		8/18/17	USD		(7,735	)	$	491,776	$	(456,365)
Over-the-Counter Options Written at June 30, 2017
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Premiums Received		Value
AUD Currency Put		GSCO-OT	USD		0.725		7/25/17	AUD		(20,067,720	)	$	75,315	$	(662	)
CLP Currency Call		CITNA-B	CLP		658.000		8/31/17	CLP		(10,264,800,000	)		145,705		(112,913	)
CLP Currency Put		CITNA-B	CLP		685.000		8/31/17	CLP		(9,214,203,772	)		155,363		(46,071	)
COP Currency Call		CITNA-B	COP		2887.000		9/7/17	COP		(38,880,279,069	)		195,277		(38,880	)
KRW Currency Put		BAC	KRW		1180.000		8/30/17	KRW		(38,090,032,020	)		145,904		(152,360	)
KRW Currency Call		BAC	KRW		1085.000		8/30/17	KRW		(35,023,461,646	)		224,990		(35,023	)
RUB Currency Call		HSBC	RUB		57.000		9/19/17	RUB		(769,493,696	)		119,406		(88,492	)
RUB Currency Put		HSBC	RUB		61.800		9/19/17	RUB		(834,293,165	)		134,729		(224,425	)
Total Over-the-Counter Options Written												$	1,196,689	$	(698,826	)

Centrally Cleared Credit Default Swaps at June 30, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.HY.28		Sell		5.000	%		6/20/22	USD		8,800	$	(557,016	)	$	598,059
Federative Republic of Brazil		Sell		1.000			6/20/22	USD		2,500		154,768			(151,458	)
People’s Republic of China		Buy		1.000			6/20/22	USD		4,400		28,682			(64,632	)
Republic of Korea		Buy		1.000			6/20/22	USD		6,600		162,875			(148,643	)
Republic of Korea		Buy		1.000			6/20/22	USD		1,000		20,426			(22,522	)
Republic of South Africa		Buy		1.000			6/20/22	USD		2,000		(80,514	)		86,430
Republic of South Africa		Buy		1.000			6/20/22	USD		3,000		(118,668	)		129,645
Republic of Turkey		Buy		1.000			6/20/22	USD		3,000		(200,253	)		122,423
Total Cleared Credit Default Swaps											$	(589,700	)	$	549,302

30      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Over-the-Counter Credit Default Swaps at June 30, 2017
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/ (Paid)			Value
CMBX.NA.BBB-.9		FIB		Sell		3.000%		9/17/58	USD		3,615	$	548,772		$	(428,500	)
CMBX.NA.BBB-.9		FIB		Sell		3.000		9/17/58	USD		2,325		358,796			(275,591	)
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD		2,580		375,718			(305,817	)
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD		3,875		590,697			(459,319	)
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD		3,880		592,189			(459,912	)
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18	USD		1,190		94,152			4,050
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD		2,697		48,743			22,131
Republic of Turkey		BNP		Sell		1.000		7/20/17	USD		4,000		(5,439	)		9,580
State Bank of India		BNP		Sell		1.000		9/20/19	USD		1,740		71,791			23,087
Total Over-the-Counter Credit Default Swaps												$	2,675,419		$	(1,870,291	)

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	$	16,275,000	$	—		BBB-
Non-Investment Grade Corporate Debt Indexes		8,800,000		—		BB
Investment Grade Sovereign Debt		4,437,000		—		BBB to BBB-
Non-Investment Grade Sovereign Debt		7,690,000		3,000,000		BB+ to BB
Total USD	$	37,202,000	$	3,000,000

*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, 2017

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month USD

BAC

Receive

BBA LIBOR

2.675%

11/15/43

USD

8,000

$

(251,055)

Three-Month USD

BAC

Receive

BBA LIBOR

2.616

11/15/43

USD

8,125

(144,733

)

Three-Month USD

BAC

Receive

BBA LIBOR

2.688

11/15/43

USD

8,400

(284,487

)

BNP

Pay

MXN TIIEBANXICO

7.403

2/28/22

MXN

114,350

153,120

Three-Month PLN

CITNA-B

Pay

WIBOR WIBO

2.125

3/5/19

PLN

55,800

27,768

CITNA-B

Receive

BZDI

11.710

1/4/21

BRL

16,750

169,168

CITNA-B

Pay

MXN TIIE BANXICO

6.600

6/21/22

MXN

284,240

(148,919

)

Three-Month HUF

CITNA-B

Receive

BUBOR

1.025

3/5/19

HUF

3,900,750

(91,161

)

Six-Month HUF

CITNA-B

Pay

BUBOR

1.390

1/25/22

HUF

784,000

65,636

DEU

Pay

MXN TIIE BANXICO

7.430

2/28/22

MXN

59,545

83,321

Three-Month ZAR

DEU

Pay

JIBAR SAFEX

7.675

2/21/22

ZAR

26,465

18,285

DEU

Pay

BZDI

10.570

1/4/21

BRL

15,500

23,640

Three-Month ZAR

DEU

Pay

JIBAR SAFEX

8.310

6/29/26

ZAR

28,050

(51,265

)

DEU

Pay

MXN TIIE BANXICO

7.380

2/18/22

MXN

182,700

235,832

Three-Month USD

GSCOI

Pay

BBA LIBOR

1.965

2/9/22

USD

17,650

144,045

Six-Month HUF

JPM

Receive

BUBOR

0.335

6/29/19

HUF

1,863,000

7,597

Six-Month HUF

JPM

Pay

BUBOR

2.170

6/29/27

HUF

399,600

(19,944

)

Three-Month ZAR

JPM

Receive

JIBAR SAFEX

7.490

3/27/22

ZAR

39,920

(5,234

)

Three-Month ZAR

JPM

Pay

JIBAR SAFEX

7.200

3/27/19

ZAR

90,480

(7,223

)

Three-Month USD

UBS

Pay

BBA LIBOR

1.865

6/29/22

USD

16,205

64,445

Total Centrally Cleared Interest Rate Swaps

$

(11,164

)

31      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaps at June 30, 2017

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month KRW CD

BNP

Receive

KSDA

1.850%

3/6/24

KRW

6,722,000

$

(16,655)

Six-Month INR

FBIL MIBOR OIS

BOA

Pay

Compound

6.330

1/31/22

INR

210,000

17,882

BOA

Pay

Six-Month THB THBFIX

2.200

3/20/22

THB

99,500

28,039

Three-Month KRW CD

BOA

Receive

KSDA

1.860

3/6/24

KRW

4,472,500

(13,577)

1 Time COP IBR OIS

CITNA-B

Receive

Compound

5.870

3/24/18

COP

40,160,110

(42,133)

Three-Month COP IBR

CITNA-B

Pay

OIS Compound

5.700

2/7/20

COP

13,865,000

100,987

Three-Month COP IBR

CITNA-B

Pay

OIS Compound

5.370

3/24/20

COP

13,032,090

78,772

Three-Month KRW CD

DEU

Pay

KSDA

1.480

4/20/18

KRW

102,630,000

15,086

Three-Month COP IBR

GSCOI

Pay

OIS Compound

5.530

1/17/19

COP

20,871,770

64,331

JPM

Pay

Six-Month THB THBFIX

2.603

3/24/27

THB

53,200

30,361

Three-Month MYR

JPM

Receive

KLIBOR BNM

4.005

2/21/22

MYR

13,230

(37,800)

Three-Month MYR

SCB

Pay

KLIBOR BNM

3.310

8/19/21

MYR

45,000

(157,945)

Total Over-the-Counter Interest Rate Swaps

$

67,348

Over-the-Counter Total Return Swaps at June 30, 2017

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

PowerShares Senior Loan

One-Month USD BBA LIBOR

Exchange Traded Fund

CITNA-B

Receive

plus 20 basis points

7/12/17

USD

16,839

$

(47,822)

* 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 Interest Rate Swaptions Written at June 30, 2017

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional

Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing

Six-Month EUR

9/13/47 Call

BAC

Pay

EURIBOR

1.471%

9/11/17

EUR

9,100

$

234,081

$

(354,853)

Interest Rate Swap maturing

Three-Month

9/14/27 Call

BAC

Pay

USD LIBOR

2.217

9/12/17

USD

28,340

266,500

(414,841)

Interest Rate Swap maturing

Three-Month

8/27/19 Call

BAC

Pay

USD LIBOR

1.595

8/23/17

USD

130,000

231,400

(267,595)

Interest Rate Swap maturing

Three-Month

8/25/21 Call

BAC

Pay

USD LIBOR

2.265

8/23/17

USD

130,000

187,200

(134,830)

Interest Rate Swap maturing

Three-Month

9/26/22 Call

CITNA-B

Pay

USD LIBOR

1.863

9/22/17

USD

54,106

306,800

(507,426)

Interest Rate Swap maturing

Three-Month

9/11/19 Call

CITNA-B

Receive

USD LIBOR

1.720

9/7/17

USD

421,200

481,000

(143,684)

Interest Rate Swap maturing

Three-Month

6/4/28 Call

UBS

Pay

USD LIBOR

2.300

5/31/18

USD

26,000

663,000

(740,606)

Interest Rate Swap maturing

Three-Month

9/20/22 Call

UBS

Receive

USD LIBOR

1.858

9/18/17

USD

109,200

611,000

(275,429)

Interest Rate Swap maturing

Three-Month

9/20/27 Call

UBS

Pay

USD LIBOR

2.148

9/18/17

USD

57,200

643,500

(1,091,383)

Total Over-the-Counter Interest Rate Swaptions Written

$

3,624,481

$

(3,930,647)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
FIB	Credit Suisse International
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSB	Hong Kong & Shanghai Bank Corp.

32      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Counterparty Abbreviations (Continued)
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
SCB	Standard Chartered Bank
TDB	Toronto Dominion Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pounds
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
SGD	Singapore Dollar
THB	Thailand Baht
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
BNM	Bank Negra Malaysia
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.HY.28	Markit CDX High Yield Index
CMBX.NA.BBB-.9	Markit CMBX North American Index
EURIBOR	Euro Interbank Offered Rate
FBIL	Financial Benchmarks India Private Ltd.
IBR	Indicador Bancario de Referencia
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR	Kuala Lumpur Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
LIBOR	London - Interbank Offered Rate
MIBOR	Mumbai Interbank Offered Rate
OIS	Overnight Index Swap
SX5E	The EURO STOXX 50 Index
THBFIX	Thai Baht Interest Rate Fixing
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.

33      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,342,821,067)	$	1,353,417,798
Affiliated companies (cost $437,250,628)		438,727,069
		1,792,144,867
Cash		12,856,631
Cash—foreign currencies (cost $2,423,942)		2,412,047
Cash used for collateral on futures		3,344,000
Cash used for collateral on OTC derivatives		3,273,000
Cash used for collateral on centrally cleared swaps		8,022,332
Unrealized appreciation on forward currency exchange contracts		3,753,229
Swaps, at value (net premiums received $209,247)		394,306
Centrally cleared swaps, at value (premiums paid $956,451)		1,929,414
Receivables and other assets:
Investments sold (including $158,219,727 sold on a when-issued or delayed delivery basis)		172,584,106
Interest, dividends and principal paydowns		14,773,160
Shares of beneficial interest sold		2,108,046
Other		256,530
Total assets		2,017,851,668
Liabilities
Unrealized depreciation on forward currency exchange contracts		4,014,893
Options written, at value (premiums received $1,688,465)		1,155,191
Swaps, at value (premiums received $2,466,172)		2,245,071
Centrally cleared swaps, at value (premiums received $366,751)		1,391,276
Swaptions written, at value (premiums received $3,624,481)		3,930,647
Payables and other liabilities:
Investments purchased (including $291,233,610 purchased on a when-issued or delayed delivery basis)		304,333,622
Shares of beneficial interest redeemed		739,822
Variation margin payable		508,881
Distribution and service plan fees		268,107
Trustees’ compensation		113,979
Shareholder communications		92,026
Other		203,681
Total liabilities		318,997,196
Net Assets	$	1,698,854,472
Composition of Net Assets
Par value of shares of beneficial interest	$	331,771
Additional paid-in capital		1,809,816,978
Accumulated net investment income		43,248,645
Accumulated net realized loss on investments and foreign currency transactions		(167,443,001	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		12,900,079
Net Assets	$	1,698,854,472
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 $401,756,138 and 80,170,787 shares of beneficial interest outstanding)	$	5.01
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,297,098,334 and 251,599,985 shares of beneficial interest outstanding)	$	5.16

See accompanying Notes to Consolidated Financial Statements.

34      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	1,240,318
Dividends		2,876
Net expenses		(92,245	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		1,150,949
Net investment income allocated from Oppenheimer Master Loan Fund, LLC
Interest		6,629,567
Net expenses		(398,931	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		6,230,636
Total allocation of net investment income from master funds		7,381,585
Investment Income
Interest - unaffiliated companies (net of foreign withholding taxes of $126,280)		32,508,015
Fee income on when-issued securities		724,972
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $31)		312,506
Affiliated companies		408,421
Total investment income		33,953,914
Expenses
Management fees		5,157,521
Distribution and service plan fees - Service shares		1,614,162
Transfer and shareholder servicing agent fees:
Non-Service shares		200,041
Service shares		645,661
Shareholder communications:
Non-Service shares		24,850
Service shares		80,131
Borrowing fees		15,694
Custodian fees and expenses		60,535
Trustees’ compensation		31,462
Other		238,249
Total expenses		8,068,306
Less reduction to custodian expenses		(2,747	)
Less waivers and reimbursements of expenses		(509,453	)
Net expenses		7,556,106
Net Investment Income		33,779,393

35      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (including premiums on options and swaptions exercised)	$	(354,403)
Closing and expiration of option contracts written		1,728,280
Closing and expiration of futures contracts		2,784,798
Foreign currency transactions		2,600,739
Swap contracts		(1,073,755)
Swaption contracts		1,052,444
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(253,620)
Oppenheimer Master Loan Fund, LLC		1,381,031
Net realized gain		7,865,514
Net change in unrealized appreciation/depreciation on:
Investment transactions		24,262,273
Translation of assets and liabilities denominated in foreign currencies		(1,183,430)
Futures contracts		558,252
Option contracts written		(102,112)
Swap contracts		796,494
Swaption contracts		(240,364)
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(9,638)
Oppenheimer Master Loan Fund, LLC		(4,039,753)
Net change in unrealized appreciation/depreciation		20,041,722
Net Increase in Net Assets Resulting from Operations	$	61,686,629

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 4 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

36      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Unaudited

		Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016
Operations
Net investment income	$	33,779,393	$	66,559,264
Net realized gain (loss)		7,865,514		(87,282,592)
Net change in unrealized appreciation/depreciation		20,041,722		130,129,701
Net increase in net assets resulting from operations		61,686,629		109,406,373
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(9,178,475)		(20,719,866)
Service shares		(25,692,448)		(61,256,620)
		(34,870,923)		(81,976,486)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(5,375,454)		(34,595,904)
Service shares		(7,915,871)		(112,356,578)
		(13,291,325)		(146,952,482)
Net Assets
Total increase (decrease)		13,524,381		(119,522,595)
Beginning of period		1,685,330,091		1,804,852,686
End of period (including accumulated net investment income of $43,248,645 and $44,340,175, respectively)	$	1,698,854,472	$	1,685,330,091

See accompanying Notes to Consolidated Financial Statements.

37      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$4.94		$4.88		$5.30		$5.38		$5.67		$5.38
Income (loss) from investment operations:
Net investment income1		0.10		0.20		0.23		0.26		0.28		0.33
Net realized and unrealized gain (loss)		0.09		0.11		(0.34)		(0.11)		(0.29)		0.36
Total from investment operations		0.19		0.31		(0.11)		0.15		(0.01)		0.69
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		(0.25)		(0.31)		(0.23)		(0.28)		(0.34)
Distributions from net realized gain		0.00		0.00		0.00		0.00		0.00		(0.06)
Total dividends and/or distributions to shareholders		(0.12)		(0.25)		(0.31)		(0.23)		(0.28)		(0.40)
Net asset value, end of period		$5.01		$4.94		$4.88		$5.30		$5.38		$5.67
Total Return, at Net Asset Value2		3.79%		6.53%		(2.26)%		2.84%		(0.13)%		13.53%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$401,756		$401,308		$429,710		$586,951		$738,741		$741,996
Average net assets (in thousands)		$403,480		$416,054		$510,765		$707,673		$734,707		$690,351
Ratios to average net assets:3,4
Net investment income		4.18%		4.00%		4.51%		4.73%		5.12%		6.01%
Expenses excluding specific expenses listed below		0.82%		0.79%		0.76%		0.74%		0.74%		0.77%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%		0.00%
Total expenses6		0.82%		0.79%		0.76%		0.74%		0.74%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.74%		0.73%		0.71%		0.72%		0.71%
Portfolio turnover rate7		43%		80%		79%		93%		107%		78%

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

2. 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.

3. Annualized for periods less than one full year.

4. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

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, 2017	0.82	%
Year Ended December 31, 2016	0.80	%
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	%

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, 2017		$894,708,866		$859,767,203
Year Ended December 31, 2016		$1,798,210,272		$1,766,445,159
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

See accompanying Notes to Consolidated Financial Statements.

38      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$5.07		$5.00		$5.42		$5.50		$5.79		$5.49
Income (loss) from investment operations:
Net investment income1		0.10		0.19		0.23		0.25		0.27		0.33
Net realized and unrealized gain (loss)		0.09		0.12		(0.35)		(0.11)		(0.29)		0.36
Total from investment operations		0.19		0.31		(0.12)		0.14		(0.02)		0.69
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.24)		(0.30)		(0.22)		(0.27)		(0.33)
Distributions from net realized gain		0.00		0.00		0.00		0.00		0.00		(0.06)
Total dividends and/or distributions to shareholders		(0.10)		(0.24)		(0.30)		(0.22)		(0.27)		(0.39)
Net asset value, end of period		$5.16		$5.07		$5.00		$5.42		$5.50		$5.79
Total Return, at Net Asset Value2		3.82%		6.27%		(2.49)%		2.49%		(0.37)%		13.15%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,297,098		$1,284,022		$1,375,143		$1,551,247		$1,716,026		$1,840,721
Average net assets (in thousands)		$1,302,295		$1,332,343		$1,496,350		$1,646,615		$1,794,640		$1,715,995
Ratios to average net assets:3,4
Net investment income		3.93%		3.75%		4.26%		4.48%		4.88%		5.76%
Expenses excluding specific expenses listed below		1.07%		1.04%		1.01%		0.99%		0.99%		1.02%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%		0.00%
Total expenses6		1.07%		1.04%		1.01%		0.99%		0.99%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		0.99%		0.98%		0.96%		0.97%		0.96%
Portfolio turnover rate7		43%		80%		79%		93%		107%		78%

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

2. 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.

3. Annualized for periods less than one full year.

4. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

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, 2017	1.07	%
Year Ended December 31, 2016	1.05	%
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	%

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, 2017		$894,708,866		$859,767,203
Year Ended December 31, 2016		$1,798,210,272		$1,766,445,159
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

See accompanying Notes to Consolidated Financial Statements.

39      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2017 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.

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.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income 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 Regulation S securities. 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 51,485 shares with net assets of $4,456,362 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	533,946
Net assets	$	4,456,362
Net income (loss)	$	(22,204	)
Net realized gain (loss)	$	20,225
Net change in unrealized appreciation/depreciation	$	13,580

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Consolidated Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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

40      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

2. Significant Accounting Policies (Continued)

where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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), 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 and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

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 2.00%. 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 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, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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, 2016, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had straddle losses of $23,070 which were deferred. Details of the fiscal year ended December 31, 2016 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	$	164,682,432

At period end, it is estimated that the capital loss carryforwards would be $156,839,988, 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 utilize $7,865,514 of 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

41      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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	$	1,780,333,192
Federal tax cost of other investments		242,984,654
Total federal tax cost	$	2,023,317,846
Gross unrealized appreciation	$	52,405,769
Gross unrealized depreciation		(39,767,187)
Net unrealized appreciation	$	12,638,582

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price quotations.

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

42      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)

services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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 regularly compares prior day prices 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 may be 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, if any, are classified as Level 2 in the fair value hierarchy.

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	$	—	$	59,542,291	$	17,329,473	$	76,871,764
Mortgage-Backed Obligations		—		313,176,773		—		313,176,773
Foreign Government Obligations		—		178,200,427		—		178,200,427
Corporate Loans		—		1,922,242		—		1,922,242
Corporate Bonds and Notes		—		741,927,426		32,009		741,959,435
Preferred Stocks		13,013,699		80,913		—		13,094,612
Common Stocks		6,230,297		48,023		87,586		6,365,906
Rights, Warrants and Certificates		—		105,437		—		105,437
Structured Securities		—		4,893,077		2,886,614		7,779,691
Short-Term Note		—		8,315,777		—		8,315,777
Investment Companies		161,166,731		277,560,338		—		438,727,069��
Exchange-Traded Options Purchased		421,523		135,940		—		557,463

43      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)
Over-the-Counter Options Purchased	$	—		$	1,195,464		$	—	$	1,195,464
Over-the-Counter Interest Rate Swaptions Purchased		—			3,872,807			—		3,872,807
Total Investments, at Value		180,832,250			1,590,976,935			20,335,682		1,792,144,867
Other Financial Instruments:
Swaps, at value		—			394,306			—		394,306
Centrally cleared swaps, at value		—			1,929,414			—		1,929,414
Futures contracts		888,577			—			—		888,577
Forward currency exchange contracts		—			3,753,229			—		3,753,229
Total Assets	$	181,720,827		$	1,597,053,884		$	20,335,682	$	1,799,110,393
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(2,245,071	)	$	—	$	(2,245,071	)
Centrally cleared swaps, at value		—			(1,391,276	)		—		(1,391,276	)
Options written, at value		(456,365	)		(698,826	)		—		(1,155,191	)
Futures contracts		(764,038	)		—			—		(764,038	)
Forward currency exchange contracts		—			(4,014,893	)		—		(4,014,893	)
Swaptions written, at value		—			(3,930,647	)		—		(3,930,647	)
Total Liabilities	$	(1,220,403	)	$	(12,280,713	)	$	—	$	(13,501,116	)

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.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	88,123	$	(88,123)
Total Assets	$	88,123	$	(88,123)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

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, 2016		Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discount
Assets Table
Investments, at Value:
Asset-Backed Securities	$	17,151,511	$	—		$	125,650		$	52,312
Mortgage-Backed Obligations		88,123		—			—			—
Corporate Bonds and Notes		28,301		—			3,728			(20)
Common Stocks		149,036		933			(61,435	)		—
Rights, Warrants and Certificates		—		(6,331,150	)		6,331,150			—
Structured Securities		2,899,462		(31,969	)		(5,779	)		24,900
Total Assets	$	20,316,433	$	(6,362,186)		$	6,393,314		$	77,192

a. Included in net investment income.

	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Value as of June 30, 2017
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	—		$	—	$	—		$	17,329,473
Mortgage-Backed Obligations		—		—			—		(88,123	)		—
Corporate Bonds and Notes		—		—			—		—			32,009
Common Stocks		—		(948	)		—		—			87,586
Rights, Warrants and Certificates		—		—			—		—			—
Structured Securities		—		—			—		—			2,886,614
Total Assets	$	—	$	(948)		$	—	$	(88,123)		$	20,335,682

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to Level 3 investments still held at period end:

44      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value
Asset-Backed Securities	$	125,650
Corporate Bonds and Notes		3,728
Common Stocks		(61,435)
Structured Securities		(5,779)
Total	$	62,164

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 31, 2017

Valuation Technique

Unobservable Input

Range of Unobservable Inputs

Unobservable Input Used

Assets Table

Investments, at Value:

Asset-Backed Securities

$

17,329,473

Pricing service

N/A

N/A

N/A

(a

)

Corporate Bonds and Notes

32,006

Broker quotes

N/A

N/A

N/A

(a

)

Corporate Bonds and Notes

3

Estimated recovery proceeds

Nominal value

N/A

0.0001% of par

(b

)

Common Stocks

87,586

Estimated recovery proceeds

N/A

N/A

$0.0211/share

(c

)

Structured Securities

2,886,614

Broker quotes

N/A

N/A

N/A

(a

)

Total

$

20,335,682

(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 escrow positions received from a restructuring at a nominal value to reflect the low probability of receipt of future payments to be received. 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.

(c) The Fund fair values certain common stocks received from a restructuring at the estimated amount of future recovery proceeds. This estimate is based on the market value of the position prior to the cash distribution (as determined by a pricing service) less the cash distribution received as part of the restructuring. 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 will result in a significant increase (decrease) to the fair value of the investment.

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.

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.

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.

45      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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 1940 Act, as amended, 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 15.2% of Master Loan and 14.7% of Master Event-Linked Bond at period end.

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.

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.

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		$291,233,610
Sold securities		158,219,727

46      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. Investments and Risks (Continued)

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.

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.

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.

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	$2,014,088
Market Value	$3
Market Value as % of Net Assets	Less than 0.005	%

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.

Shareholder Concentration. At period end, three shareholders each owned 20% or more of the Fund’s total outstanding shares.

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.

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.

47      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

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. 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.

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 may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $307,082,189 and $293,827,790, 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

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 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 may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

48      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

During the reporting period, the Fund had an ending monthly average market value of $206,295,690 and $38,682,682 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 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.

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Interest Rate Options. The Fund may purchase or write call and put options on treasury and/or euro futures to increase or decrease exposure to interest rate risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or 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 $673,433 and $820,550 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 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.

During the reporting period, the Fund had an ending monthly average market value of $748,182 and $444,330 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, 2016		82,620,181,343		$	2,257,477
Options written		356,952,688,572			4,199,829
Options closed or expired		(256,959,626,541	)		(1,728,280	)
Options exercised		(49,516,604,551	)		(3,040,561	)
Options outstanding as of June 30, 2017		133,096,638,823		$	1,688,465

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.

49      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 may purchase or sell credit protection through credit default swaps to increase or decrease 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 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 $50,325,857 and $40,128,257 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.

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 may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.

For the reporting period, the Fund had ending monthly average notional amounts of $81,557,869 and $242,346,120 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 may enter into total return swaps to increase or 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 $14,481,353 on total return swaps which are long the reference asset.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

50      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

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 may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

During the reporting period, the Fund had an ending monthly average market value of $1,224,189 and $1,010,197 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:

	Number of Contracts			Amount of Premiums
Swaptions outstanding as of December 31, 2016		182,000,000		$	782,330
Swaptions written		1,288,435,861			5,461,098
Swaptions closed or expired		(240,459,986	)		(1,052,444)
Swaptions exercised		(264,829,875	)		(1,566,503)
Swaptions outstanding as of June 30, 2017		965,146,000		$	3,624,481

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.

At period end, the Fund has required certain counterparties to post collateral of $1,558,345.

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 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.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps

51      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 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 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	$	301,929	$	(244,062	)	$	–		$	–		$	57,867
Barclays Bank plc		2,098,458		(2,098,458	)		–			–			–
BNP Paribas		212,142		(141,400	)		–			–			70,742
Citibank NA		1,490,517		(1,490,517	)		–			–			–
Deutsche Bank AG		556,504		(556,504	)		–			–			–
Goldman Sachs Bank USA		748,396		(142,375	)		(307,084	)		(180,000	)		118,937
Goldman Sachs International		79,863		–			–			–			79,863
HSBC Bank USA NA		236,090		(236,090	)		–			–			–
JPMorgan Chase Bank NA		711,179		(491,709	)		(219,470	)		–			–
Morgan Stanley Capital Services, Inc.		1,166		(1,166	)		–			–			–
Toronto Dominion Bank		740,216		(200,994	)		(249,222	)		(290,000	)		–
UBS AG		2,039,346		(2,039,346	)		–			–			–
	$	9,215,806	$	(7,642,621	)	$	(775,776	)	$	(470,000	)	$	327,409

*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 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 by counterparty the Fund’s OTC derivative liabilities 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 Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(244,062	)	$	244,062	$	–	$	–	$	–
Barclays Bank plc		(2,284,677	)		2,098,458		–		–		(186,219)
BNP Paribas		(141,400	)		141,400		–		–		–

52      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 Pledged**		Cash Collateral Pledged**		Net Amount
Citibank NA	$	(1,963,234)	$	1,490,517	$	–	$	472,717	$	–
Credit Suisse International		(704,091)		–		–		704,091		–
Deutsche Bank AG		(718,784)		556,504		–		162,280		–
Goldman Sachs Bank USA		(142,375)		142,375		–		–		–
HSBC Bank USA NA		(487,981)		236,090		–		–		(251,891)
JPMorgan Chase Bank NA		(491,709)		491,709		–		–		–
Morgan Stanley Capital Services, Inc.		(1,244,767)		1,166		–		1,243,601		–
Standard Chartered Bank		(157,945)		–		–		157,945		–
Toronto Dominion Bank		(200,994)		200,994		–		–		–
UBS AG		(2,107,418)		2,039,346		–		–		(68,072)
	$	(10,889,437)	$	7,642,621	$	–	$	2,740,634	$	(506,182)

*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 Statement 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	$	58,848		Swaps, at value	$	1,976,961
Interest rate contracts	Swaps, at value		335,458		Swaps, at value		268,110
Credit contracts	Centrally cleared swaps, at value		936,557		Centrally cleared swaps, at value		387,255
Interest rate contracts	Centrally cleared swaps, at value		992,857		Centrally cleared swaps, at value		1,004,021
Interest rate contracts					Variation margin payable		508,881	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		3,753,229		Unrealized depreciation on forward currency exchange contracts		4,014,893
Interest rate contracts					Options written, at value		456,365
Forward currency exchange contracts					Options written, at value		698,826
Interest rate contracts					Swaptions written, at value		3,930,647
Equity contracts	Investments, at value		135,940	**
Forward currency exchange contracts	Investments, at value		1,195,464	**
Interest rate contracts	Investments, at value		4,294,330	**
Total		$	11,702,683			$	13,245,959

*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:

53      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

	Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies (including premiums on options and swaptions 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	$	—		$	—	$	—	$	—	$	—	$	(1,680,250	)	$	(1,680,250)
Forward currency exchange contracts		37,740			—		1,728,280		—		2,662,048		—			4,428,068
Interest rate contracts		(507,916	)		1,052,444		—		2,784,798		—		606,495			3,935,821
Total	$	(470,176	)	$	1,052,444	$	1,728,280	$	2,784,798	$	2,662,048	$	(1,073,755	)	$	6,683,639

* 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	Investment transactions*			Option contracts written			Swaption contracts written			Futures contracts		Translation of assets and liabilities denominated in foreign currencies			Swap contracts		Total
Credit contracts	$	—		$	–		$	–		$	—	$	—		$	650,298	$	650,298
Equity contracts		(241,149	)		–			–			—		—			—		(241,149)
Forward currency exchange contracts		627,901			(137,523	)		–			—		(1,165,502	)		—		(675,124)
Interest rate contracts		(93,124	)		35,411			(240,364	)		558,252		—			146,196		406,371
Total	$	293,628		$	(102,112	)	$	(240,364	)	$	558,252	$	(1,165,502	)	$	796,494	$	140,396

* 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, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		2,839,583		$	14,253,215			2,809,997		$	13,876,130
Dividends and/or distributions reinvested		1,828,381			9,178,475			4,307,664			20,719,866
Redeemed		(5,710,125	)		(28,807,144	)		(14,033,568	)		(69,191,900)
Net decrease		(1,042,161	)	$	(5,375,454	)		(6,915,907	)	$	(34,595,904)
Service Shares
Sold		7,966,438		$	41,019,070			9,843,598		$	49,602,452
Dividends and/or distributions reinvested		4,979,157			25,692,448			12,375,075			61,256,620
Redeemed		(14,414,839	)		(74,627,389	)		(44,290,987	)		(223,215,650)
Net decrease		(1,469,244	)	$	(7,915,871	)		(22,072,314	)	$	(112,356,578)

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	678,074,926	$	604,338,191
U.S. government and government agency obligations		22,412,221		54,358,898
To Be Announced (TBA) mortgage-related securities		894,708,866		859,767,203

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:

54      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

9. 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 $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.

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.

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.

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 Consolidated Statement of Operations.

Waivers and Reimbursements of Expenses. Prior to May 1, 2017, the Fund was subject to an expense limitation wherein the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; as percentages of daily net assets, would not exceed the annual rate of 0.75% for Non-Service shares and 1.00% for Service shares. Effective May 1, 2017, this expense limitation has been removed.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-service shares	$	2,160
Service shares		6,665

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 $16,574. This fee waiver and/or expense reimbursement may not be amended or

55      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $484,054 for these management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

56      OPPENHEIMER GLOBAL STRATEGIC INCOME 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

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	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Michael A. Mata. Vice President
	Krishna Memani, Vice President
	Ruta Ziverte, Vice President
	Chris Kelly, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017

SEMIANNUAL REPORT

Listing of Top Holdings

Fund Performance Discussion

Financial Statements

PORTFOLIO MANAGERS: Mark Hamilton, Dokyoung Lee, CFA, Ben Rockmuller, CFA and Alessio de Longis, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/17

	Inception Date		6-Months		1-Year		Since Inception
Non-Service Shares		11/14/13		0.67%		0.91%		1.65%
Service Shares		11/14/13		0.50		0.76		1.44
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index				0.31		0.49		0.20

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 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. Returns for periods of less than one year are cumulative and not annualized. Such performance would have been lower if such charges were taken into account.

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.

2      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Alphabet, Inc., Cl. A	0.8%
Chubb Ltd.	0.8
Apple, Inc.	0.7
M&T Bank Corp.	0.7
UnitedHealth Group, Inc.	0.7
Allstate Corp. (The)	0.6
Altria Group, Inc.	0.6
Honeywell International, Inc.	0.6
Lockheed Martin Corp.	0.5
Xilinx, Inc.	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

PORTFOLIO ALLOCATION

Common Stocks	43.7%
Short-Term Notes	14.6
Event-Linked Bonds
Multiple Event	5.3
Earthquake	3.8
Windstorm	2.6
Other	0.7
Pandemic	0.1
Longevity	0.1
Investment Companies
Highland/iBoxx Senior Loan Exchange Traded Fund	0.5
Oppenheimer Institutional Government Money Market Fund	8.2
Scottish Mortgage Investment Trust plc	—*
SPDR Gold Trust Exchange Traded Fund	1.0
Non-Convertible Corporate Bonds and Notes	9.5
Foreign Government Obligations	3.4
Asset-Backed Securities	2.8
Corporate Loans	2.6
Mortgage-Backed Obligations
Non-Agency	0.5
Preferred Stocks	0.3
Convertible Corporate Bonds and Notes	0.2
Over-the-Counter Interest Rate Swaptions Purchased	0.1
Over-the-Counter Options Purchased	—*
Rights, Warrants and Certificates	—*

*Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on the total market value of investments.

3      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 0.67% during the reporting period. On a relative basis, the Fund outperformed the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Index”), which returned 0.31% during the same period. With the exception of master limited partnerships (“MLPs”) and currency, most alternative asset classes in which the Fund invests outperformed the performance of short-term U.S. Government securities, resulting in the Fund’s relative outperformance versus the Index.

MARKET OVERVIEW

During the reporting period, markets continued their general risk-on mode initiated by the surprise election of Donald Trump in November 2016, as equities climbed and credit spreads narrowed to levels not seen since 2015. U.S. GDP growth continued to progress as employment and wage gains suggested the U.S. may be approaching full employment. Business and consumer confidence indicators came at the highest levels in the current expansion. While consumption growth has slowed modestly from a strong pace, the recovery in investment expenditures, a weaker dollar, and a stronger housing sector added to growth.

As its dual mandates of full employment and price stability were approached, the Federal Reserve Bank (the “Fed”) continued to reduce monetary accommodation and normalize rates. The Fed hiked short rates 0.25% in March and June, and signaled potential balance sheet normalization later this year, possibly in September, along with another hike in December. This was largely in line with market expectations and the reaction has been orderly to date.

As mentioned above, market performance continued to be positive for most risk assets during the six-month reporting period, with equities performing positively. Early in the reporting period, U.S. Treasury yields marched higher as the 10-year rate increased 19 basis points (bps) to 2.63% before falling quickly through the end of the period to 2.31%. This ultimately contributed to U.S. Treasuries generating positive total return. Oil prices fell during the reporting period, negatively impacting MLPs.

FUND REVIEW

Our exposure to Alpha alternatives and Global Real Estate produced the strongest returns for the Fund this reporting period. Within Alpha alternatives, our positive results were driven by Fundamental Alternatives and Global Multi Strategies. Our Fundamental Alternatives strategy had positive performance driven by the Equity and Credit strategies and this was partially offset by the Global Macro strategy, which was a small detractor. In Global Multi Strategies, our more quantitative alpha strategy, returns were driven by positive performance across strategies. In particular, Global Macro and Fixed Income Alternatives were the largest contributors for the period.

The Currency Alpha Strategy, which is a total return strategy focusing on fundamental and systematic dislocations across currency markets, detracted from performance during the reporting period. 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. One of our key market views at the turn of the year was that the U.S. dollar, though already significantly overvalued, would continue to appreciate in light of a shifting U.S. policy landscape. A united Republican Congress and presidency had increased the odds of fiscal stimulus which, coupled with monetary tightening already underway, created the potential for meaningful fiscal and monetary policy divergence between the United States and other major developed countries. In our view, such a policy mix was likely to boost the greenback against other major currencies. Six months into the year, however, the U.S. dollar has fallen on a trade-weighted basis. This has been a headwind to our currency positioning and has been a detractor during the period.

The Fund’s exposure to Global Real Estate through real estate investment trusts (REITs) produced positive performance. Overall, real estate conditions have generally been healthy in the global developed markets. Real estate fundamentals are currently driving earnings growth and dividend yields are attractive. Demand remains steady for quality real estate and overall new supply levels remain in check. If market optimism about the prospects for enacting Trump’s pro-growth policies wanes, REITs may prove more resilient than other more economically sensitive sectors.

The Fund’s exposure to income alternatives detracted from performance due to the performance of MLPs. Our MLP strategy seeks to invest in U.S. midstream MLPs that the investment team believes have attractive risk and reward characteristics. MLPs had a difficult period on the back of falling oil prices and excess OPEC supply. In our view, we expect excess supply to normalize in the second half of the year, which could provide some stability to prices. We continue to be bullish on MLPs due to the attractive yield relative to other income sources. Other investments within income alternatives produced positive results this reporting period, including loans and event-linked bonds. The latter transfer a specified set of catastrophe risks such as hurricanes, earthquakes and windstorms from a sponsor to investors.

4      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

The Fund’s risk management overlay was also a detractor from performance. In particular, we increased equity market exposure through European futures, and this was a drag as the European equity market moved lower after we added this exposure. This was partially offset by our exposure to Emerging Market Equities through futures, which did well over the period. Given appropriate market conditions, the Fund periodically utilizes risk management overlays in an attempt to control and manage volatility, hedge unwanted risks, and maximize risk-adjusted returns.

STRATEGY & OUTLOOK

The Fund comprises 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 Global Multi Strategies, Fundamental Alternatives 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 Global Real Estate and Commodities, 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 have modest return expectations given valuations in most asset classes. We see a deteriorating growth domestically and abroad as a potential headwind to risky assets in the near term. In terms of our asset allocation overlays, we have a relative value preference for European and Emerging equities versus the U.S. equity market, where we see the greatest divergence in growth. In credit markets we continue to see increasing vulnerabilities like non-financial corporate leverage nearing previous cyclical peaks. As always, we continue to closely monitor the developments in the credit cycle as well as the political and policy landscape to assess risks to the macro outlook and financial markets. While fundamental risks are rising we believe that diversifying risk, controlling volatility and managing the downside will be a winning strategy going forward. Because the Fund comprises 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.

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.

5      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,006.70	$	6.54
Service shares		1,000.00		1,005.00		7.79
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,018.30		6.58
Service shares		1,000.00		1,017.06		7.83

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		1.31%
Service shares		1.56

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.

6      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—43.0%
Consumer Discretionary—3.1%
Auto Components—0.1%
American Axle & Manufacturing Holdings, Inc.1		872	$	13,603
China Zhongwang Holdings Ltd.		188,800		82,946
Cooper Tire & Rubber Co.		548		19,783
Cooper-Standard Holdings, Inc.1		182		18,358
Dana, Inc.		1,294		28,895
Dorman Products, Inc.1		334		27,645
Fox Factory Holding Corp.1		332		11,819
Gentherm, Inc.1		352		13,658
GKN plc		9,476		40,279
Horizon Global Corp.1		239		3,432
LCI Industries		276		28,262
Modine Manufacturing Co.1		388		6,421
Motorcar Parts of America, Inc.1		190		5,366
Standard Motor Products, Inc.		301		15,718
Stoneridge, Inc.1		449		6,919
Strattec Security Corp.		32		1,133
Superior Industries International, Inc.		270		5,549
Tenneco, Inc.		584		33,773
Tower International, Inc.		301		6,758
Valeo SA		1,561		105,888
Workhorse Group, Inc.1		203		749
				476,954
Automobiles—0.0%
Ford Motor Co.		2,447		27,382
General Motors Co.		838		29,271
Winnebago Industries, Inc.		360		12,600
				69,253
Distributors—0.0%
Core-Mark Holding Co., Inc.		464		15,340
Weyco Group, Inc.		104		2,899
				18,239
Diversified Consumer Services—0.1%
Adtalem Global Education, Inc.		617		23,415
American Public Education, Inc.1		205		4,848
Ascent Capital Group, Inc., Cl. A1		112		1,720
Bridgepoint Education, Inc.1		247		3,646
Bright Horizons Family Solutions, Inc.1		574		44,318
Cambium Learning Group, Inc.1		570		2,890
Capella Education Co.		161		13,782
Career Education Corp.1		931		8,938
Carriage Services, Inc., Cl. A		169		4,556
Chegg, Inc.1		689		8,468
Collectors Universe, Inc.		122		3,032
Grand Canyon Education, Inc.1		446		34,971
Houghton Mifflin Harcourt Co.1		9,625		118,387
K12, Inc.1		511		9,157
Laureate Education, Inc., Cl. A1		1,354		23,736
Liberty Tax, Inc.		125		1,619
Regis Corp.1		520		5,340
Rentokil Initial plc		15,866		56,561
Sotheby’s1		468		25,118
Strayer Education, Inc.		107		9,974
Weight Watchers International, Inc.1		496		16,576
				421,052
Hotels, Restaurants & Leisure—1.0%
Accor SA		4,096		193,017
Belmond Ltd., Cl. A1		998		13,273
Biglari Holdings, Inc.1		23		9,194
BJ’s Restaurants, Inc.1		211		7,860
Bloomin’ Brands, Inc.		1,070		22,716
Bob Evans Farms, Inc.		182		13,073
Bojangles’, Inc.1		447		7,264
Boyd Gaming Corp.		984		24,413

	Shares		Value
Hotels, Restaurants & Leisure (Continued)
Brinker International, Inc.		17,515	$	667,321
Buffalo Wild Wings, Inc.1		172		21,792
Caesars Acquisition Co., Cl. A1		1,336		25,451
Carnival plc		1,079		71,446
Carrols Restaurant Group, Inc.1		407		4,986
Century Casinos, Inc.1		251		1,850
Cheesecake Factory, Inc. (The)		507		25,502
Churchill Downs, Inc.		160		29,328
Chuy’s Holdings, Inc.1		182		4,259
ClubCorp Holdings, Inc.		645		8,449
Compass Group plc		2,652		55,996
Dave & Buster’s Entertainment, Inc.1		394		26,205
Del Frisco’s Restaurant Group, Inc.1		278		4,476
Del Taco Restaurants, Inc.1		384		5,280
Denny’s Corp.1		730		8,592
DineEquity, Inc.		216		9,515
El Pollo Loco Holdings, Inc.1		344		4,764
Eldorado Resorts, Inc.1		423		8,460
Fiesta Restaurant Group, Inc.1		288		5,947
Fogo de Chao, Inc.1		340		4,726
Golden Entertainment, Inc.1		183		3,790
Habit Restaurants, Inc. (The), Cl. A1		201		3,176
Hilton Worldwide Holdings, Inc.		6,193		383,037
ILG, Inc.		1,087		29,882
InterContinental Hotels Group plc		879		48,851
International Speedway Corp., Cl. A		456		17,123
Intrawest Resorts Holdings, Inc.1		27,536		653,705
J Alexander’s Holdings, Inc.1		139		1,703
Jack in the Box, Inc.		274		26,989
Kona Grill, Inc.1		140		518
La Quinta Holdings, Inc.1		1,165		17,207
Lindblad Expeditions Holdings, Inc.1		439		4,609
Luby’s, Inc.1		313		880
Marcus Corp. (The)		347		10,479
Marriott Vacations Worldwide Corp.		250		29,437
McDonald’s Corp.		1,086		166,332
Merlin Entertainments plc2		12,053		75,484
Monarch Casino & Resort, Inc.1		215		6,504
Nathan’s Famous, Inc.1		44		2,772
Paddy Power Betfair plc		611		65,122
Panera Bread Co., Cl. A1		2,036		640,607
Papa John’s International, Inc.		350		25,116
Penn National Gaming, Inc.1		847		18,126
Pinnacle Entertainment, Inc.1		580		11,461
Planet Fitness, Inc., Cl. A		672		15,684
Potbelly Corp.1		296		3,404
Red Lion Hotels Corp.1		227		1,668
Red Robin Gourmet Burgers, Inc.1		102		6,655
Red Rock Resorts, Inc., Cl. A		823		19,382
Ruby Tuesday, Inc.1		683		1,373
Ruth’s Hospitality Group, Inc.		356		7,743
Scientific Games Corp., Cl. A1		884		23,072
SeaWorld Entertainment, Inc.		10,945		178,075
Shake Shack, Inc., Cl. A1		229		7,988
Sodexo SA		1,430		184,889
Sonic Corp.		386		10,225
Speedway Motorsports, Inc.		542		9,902
Starbucks Corp.		1,283		74,812
Texas Roadhouse, Inc., Cl. A		662		33,729
TUI AG		3,557		51,912
Whitbread plc		1,180		60,975
Wingstop, Inc.		291		8,992
Zoe’s Kitchen, Inc.1		246		2,930
				4,231,475
Household Durables—0.2%
AV Homes, Inc.1		245		4,912
Bassett Furniture Industries, Inc.		106		4,023

7      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Household Durables (Continued)
Beazer Homes USA, Inc.1		332	$	4,555
Cavco Industries, Inc.1		94		12,187
Century Communities, Inc.1		238		5,902
CSS Industries, Inc.		88		2,302
Ethan Allen Interiors, Inc.		298		9,625
Flexsteel Industries, Inc.		80		4,329
Green Brick Partners, Inc.1		497		5,691
Helen of Troy Ltd.1		272		25,595
Hooker Furniture Corp.		147		6,049
Hovnanian Enterprises, Inc., Cl. A1		1,382		3,870
Installed Building Products, Inc.1		430		22,768
iRobot Corp.1		230		19,352
KB Home		815		19,536
La-Z-Boy, Inc.		501		16,282
Libbey, Inc.		274		2,208
Lifetime Brands, Inc.		191		3,467
M/I Homes, Inc.1		233		6,652
MDC Holdings, Inc.		463		16,358
Meritage Homes Corp.1		383		16,163
NACCO Industries, Inc., Cl. A		85		6,022
New Home Co., Inc. (The)1		220		2,523
PICO Holdings, Inc.1		221		3,868
Sekisui House Residential Investment Corp.		302		317,804
Taylor Morrison Home Corp., Cl. A1		504		12,101
Taylor Wimpey plc		21,207		48,689
TopBuild Corp.1		451		23,935
TRI Pointe Group, Inc.1		1,559		20,563
UCP, Inc., Cl. A1		104		1,139
Universal Electronics, Inc.1		150		10,028
William Lyon Homes, Cl. A1		302		7,290
ZAGG, Inc.1		232		2,007
				667,795
Internet & Catalog Retail—0.1%
1-800-Flowers.com, Inc., Cl. A1		684		6,669
Amazon.com, Inc.1		76		73,568
Etsy, Inc.1		908		13,620
FTD Cos., Inc.1		308		6,160
Gaia, Inc., Cl. A1		148		1,658
HSN, Inc.		568		18,119
Liberty TripAdvisor Holdings, Inc., Cl. A1		906		10,510
Nutrisystem, Inc.		299		15,563
Overstock.com, Inc.1		300		4,890
PetMed Express, Inc.		132		5,359
Priceline Group, Inc. (The)1		49		91,655
Shutterfly, Inc.1		344		16,340
				264,111
Leisure Products—0.0%
Acushnet Holdings Corp.		697		13,829
American Outdoor Brands Corp.1		537		11,900
Callaway Golf Co.		850		10,863
Escalade, Inc.		155		2,031
JAKKS Pacific, Inc.1		264		1,056
Johnson Outdoors, Inc., Cl. A		82		3,953
Malibu Boats, Inc., Cl. A1		166		4,294
Marine Products Corp.		299		4,667
MCBC Holdings, Inc.1		204		3,988
Nautilus, Inc.1		300		5,745
				62,326
Media—0.8%
AMC Entertainment Holdings, Inc., Cl. A		1,715		39,016
Central European Media Enterprises Ltd., Cl. A1		1,476		5,904
Comcast Corp., Cl. A		2,211		86,052
Daily Journal Corp.1		13		2,682
DISH Network Corp., Cl. A1		17,643		1,107,275

	Shares		Value
Media (Continued)
Entravision Communications Corp., Cl. A		1,226	$	8,092
Eros International plc1		612		7,007
EW Scripps Co. (The), Cl. A1		1,040		18,522
Gannett Co., Inc.		1,178		10,272
Global Eagle Entertainment, Inc.1		833		2,965
Gray Television, Inc.1		862		11,809
Hemisphere Media Group, Inc., Cl. A1		425		5,036
IMAX Corp.1		789		17,358
Informa plc		6,141		53,556
ITV plc		19,701		46,594
Liberty Media Corp.-Liberty Braves, Cl. C1		506		12,129
Liberty Media Corp.-Liberty Braves, Cl. A1		504		12,041
Liberty Media Corp.-Liberty Formula One, Cl. A1		867		30,371
Liberty Media Corp.-Liberty Formula One, Cl. C1		858		31,420
Live Nation Entertainment, Inc.1		13,950		486,157
Loral Space & Communications, Inc.1		292		12,133
MDC Partners, Inc., Cl. A		560		5,544
Media General, Inc.1,3		1,099		2,231
Meredith Corp.		470		27,942
MSG Networks, Inc., Cl. A1		866		19,442
National CineMedia, Inc.		963		7,145
New Media Investment Group, Inc.		531		7,158
New York Times Co. (The), Cl. A		1,291		22,851
Nexstar Media Group, Inc., Cl. A		554		33,129
Publicis Groupe SA		2,488		186,397
Reading International, Inc., Cl. A1		288		4,645
RELX plc		4,245		91,862
Saga Communications, Inc., Cl. A		61		2,791
Salem Media Group, Inc., Cl. A		366		2,599
Scholastic Corp.		345		15,039
Sinclair Broadcast Group, Inc., Cl. A		1,216		40,006
Sky plc		6,170		79,880
Time Warner, Inc.		1,439		144,490
Time, Inc.		1,176		16,876
Townsquare Media, Inc., Cl. A1		280		2,867
Tribune Media Co., Cl. A		6,002		244,702
tronc, Inc.1		408		5,259
Twenty-First Century Fox, Inc., Cl. A		2,151		60,959
Twenty-First Century Fox, Inc., Cl. B		2,031		56,604
Urban One, Inc.1		706		1,589
Walt Disney Co. (The)		961		102,106
World Wrestling Entertainment, Inc., Cl. A		782		15,929
WPP plc		2,198		46,246
				3,252,679
Multiline Retail—0.1%
Big Lots, Inc.		446		21,542
Fred’s, Inc., Cl. A		4,968		45,855
Marks & Spencer Group plc		14,811		64,297
Next plc		813		40,831
Ollie’s Bargain Outlet Holdings, Inc.1		550		23,430
Target Corp.		971		50,773
Tuesday Morning Corp.1		840		1,596
				248,324
Specialty Retail—0.4%
Aaron’s, Inc.		677		26,335
Abercrombie & Fitch Co., Cl. A		602		7,489
American Eagle Outfitters, Inc.		2,111		25,438
America’s Car-Mart, Inc.1		76		2,956
Asbury Automotive Group, Inc.1		225		12,724
Ascena Retail Group, Inc.1		4,192		9,013
At Home Group, Inc.1		549		12,786

8      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Specialty Retail (Continued)
Barnes & Noble Education, Inc.1		494	$	5,251
Barnes & Noble, Inc.		889		6,756
Big 5 Sporting Goods Corp.		239		3,119
Boot Barn Holdings, Inc.1		352		2,492
Build-A-Bear Workshop, Inc.1		151		1,578
Caleres, Inc.		441		12,251
Camping World Holdings, Inc., Cl. A		211		6,509
Cato Corp. (The), Cl. A		281		4,943
Chico’s FAS, Inc.		1,842		17,352
Children’s Place, Inc. (The)		180		18,378
Citi Trends, Inc.		150		3,183
Conn’s, Inc.1		310		5,921
Container Store Group, Inc. (The)1		335		1,983
Destination XL Group, Inc.1		515		1,210
DSW, Inc., Cl. A		957		16,939
Express, Inc.1		849		5,731
Finish Line, Inc. (The), Cl. A		440		6,235
Five Below, Inc.1		512		25,277
Francesca’s Holdings Corp.1		456		4,989
Genesco, Inc.1		277		9,390
Group 1 Automotive, Inc.		240		15,197
Guess?, Inc.		759		9,700
Haverty Furniture Cos., Inc.		211		5,296
Hibbett Sports, Inc.1		236		4,897
Home Depot, Inc. (The)		475		72,865
Kingfisher plc		15,332		60,048
Kirkland’s, Inc.1		201		2,066
Lithia Motors, Inc., Cl. A		258		24,311
Lowe’s Cos., Inc.		356		27,601
Lumber Liquidators Holdings, Inc.1		234		5,864
MarineMax, Inc.1		267		5,220
Monro Muffler Brake, Inc.		333		13,903
Office Depot, Inc.		4,892		27,591
Party City Holdco, Inc.1		1,125		17,606
Pier 1 Imports, Inc.		1,090		5,657
Rent-A-Center, Inc.		15,772		184,848
Sears Hometown & Outlet Stores, Inc.1		243		656
Select Comfort Corp.1		435		15,438
Shoe Carnival, Inc.		219		4,573
Sonic Automotive, Inc., Cl. A		457		8,889
Sportsman’s Warehouse Holdings, Inc.1		290		1,566
Staples, Inc.		62,699		631,379
Stein Mart, Inc.		777		1,313
Tailored Brands, Inc.		551		6,149
Tesco plc1		17,870		39,358
Tiffany & Co.		3,608		338,683
Tile Shop Holdings, Inc.		546		11,275
Tilly’s, Inc., Cl. A		254		2,578
Vitamin Shoppe, Inc.1		387		4,509
West Marine, Inc.		353		4,536
Winmark Corp.		43		5,545
Zumiez, Inc.1		306		3,779
				1,819,124
Textiles, Apparel & Luxury Goods—0.3%
Burberry Group plc		1,942		42,074
China Dongxiang Group Co. Ltd.		450,000		80,128
China Lilang Ltd.		126,000		83,938
Columbia Sportswear Co.		707		41,048
Crocs, Inc.1		658		5,073
Culp, Inc.		120		3,900
Deckers Outdoor Corp.1		267		18,225
Delta Apparel, Inc.1		69		1,530
Fossil Group, Inc.1		756		7,825
G-III Apparel Group Ltd.1		574		14,321
Iconix Brand Group, Inc.1		650		4,491
Kate Spade & Co.1		34,972		646,632
Kering		590		202,010

	Shares		Value
Textiles, Apparel & Luxury Goods (Continued)
LVMH Moet Hennessy Louis Vuitton SE		610	$	153,026
Movado Group, Inc.		248		6,262
NIKE, Inc., Cl. B		1,038		61,242
Oxford Industries, Inc.		176		10,998
Perry Ellis International, Inc.1		169		3,289
Sequential Brands Group, Inc.1		644		2,570
Steven Madden Ltd.1		564		22,532
Superior Uniform Group, Inc.		134		2,995
Unifi, Inc.1		229		7,053
Vera Bradley, Inc.1		343		3,355
Wolverine World Wide, Inc.		875		24,509
				1,449,026
Consumer Staples—2.5%
Beverages—0.5%
Boston Beer Co., Inc. (The), Cl. A1		122		16,122
Coca-Cola Bottling Co. Consolidated		85		19,454
Coca-Cola Co. (The)		28,953		1,298,542
Coca-Cola HBC AG1		4,517		132,875
Craft Brew Alliance, Inc.1		153		2,578
Diageo plc		2,505		74,051
MGP Ingredients, Inc.		166		8,494
National Beverage Corp.		419		39,202
PepsiCo, Inc.		849		98,051
Pernod Ricard SA		2,412		323,347
Primo Water Corp.1		282		3,582
				2,016,298
Food & Staples Retailing—0.5%
Andersons, Inc. (The)		294		10,040
Carrefour SA		8,016		203,471
Chefs’ Warehouse, Inc. (The)1		12,316		160,108
Costco Wholesale Corp.		406		64,932
CVS Health Corp.		1,404		112,966
Ingles Markets, Inc., Cl. A		245		8,158
J Sainsbury plc		20,515		67,305
Natural Grocers by Vitamin Cottage, Inc.1		241		1,993
Performance Food Group Co.1		1,111		30,441
PriceSmart, Inc.		292		25,579
Smart & Final Stores, Inc.1		642		5,842
SpartanNash Co.		455		11,812
SUPERVALU, Inc.1		2,779		9,143
United Natural Foods, Inc.1		512		18,790
Village Super Market, Inc., Cl. A		131		3,396
Walgreens Boots Alliance, Inc.		619		48,474
Wal-Mart Stores, Inc.		1,664		125,932
Weis Markets, Inc.		293		14,275
Whole Foods Market, Inc.		24,047		1,012,619
Wm Morrison Supermarkets plc		21,770		68,448
				2,003,724
Food Products—0.3%
Admiral Group plc		2,905		75,814
Alico, Inc.		81		2,535
Associated British Foods plc		1,857		71,028
B&G Foods, Inc.		670		23,852
Calavo Growers, Inc.		165		11,393
Danone SA		5,052		379,756
Darling Ingredients, Inc.1		1,548		24,366
Dean Foods Co.		958		16,286
Farmer Brothers Co.1		194		5,869
Fresh Del Monte Produce, Inc.		602		30,648
Freshpet, Inc.1		256		4,250
Inventure Foods, Inc.1		30,936		133,334
J&J Snack Foods Corp.		188		24,829
John B Sanfilippo & Son, Inc.		125		7,889
Kraft Heinz Co. (The)		770		65,943
Lancaster Colony Corp.		351		43,040
Landec Corp.1		261		3,876

9      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Food Products (Continued)
Lifeway Foods, Inc.1		154	$	1,438
Limoneira Co.		156		3,686
Mondelez International, Inc., Cl. A		849		36,668
Omega Protein Corp.		252		4,511
Sanderson Farms, Inc.		216		24,980
Seaboard Corp.		12		47,940
Seneca Foods Corp., Cl. A1		149		4,626
Snyder’s-Lance, Inc.		902		31,227
Tootsie Roll Industries, Inc.		666		23,210
Unilever plc		1,309		70,904
				1,173,898
Household Products—0.0%
Central Garden & Pet Co.1		634		20,155
Central Garden & Pet Co., Cl. A1		791		23,746
Colgate-Palmolive Co.		834		61,824
HRG Group, Inc.1		2,060		36,483
Oil-Dri Corp. of America		100		4,201
Procter & Gamble Co. (The)		957		83,402
Reckitt Benckiser Group plc		871		88,374
WD-40 Co.		136		15,008
				333,193
Personal Products—0.1%
Avon Products, Inc.1		6,109		23,214
elf Beauty, Inc.1		495		13,469
Inter Parfums, Inc.		331		12,131
L’Oreal SA		1,476		307,625
Medifast, Inc.		129		5,350
Nature’s Sunshine Products, Inc.		147		1,948
Nutraceutical International Corp.		88		3,665
Peugeot SA		6,619		132,129
Revlon, Inc., Cl. A1		718		17,017
USANA Health Sciences, Inc.1		211		13,525
				530,073
Tobacco—1.1%
Alliance One International, Inc.1		160		2,304
Altria Group, Inc.		32,245		2,401,285
British American Tobacco plc		1,157		78,771
Imperial Brands plc		1,428		64,213
Philip Morris International, Inc.		16,152		1,897,053
Turning Point Brands, Inc.1		173		2,654
Universal Corp.		272		17,598
Vector Group Ltd.		1,259		26,842
				4,490,720
Energy—4.8%
Energy Equipment & Services—0.4%
Archrock, Inc.		7,094		80,872
Atwood Oceanics, Inc.1		611		4,980
Bristow Group, Inc.		700		5,355
Dawson Geophysical Co.1		276		1,082
Era Group, Inc.1		313		2,961
Exterran Corp.1		437		11,668
Fairmount Santrol Holdings, Inc.1		2,364		9,220
Forum Energy Technologies, Inc.1		977		15,241
Geospace Technologies Corp.1		144		1,991
Halliburton Co.		10,488		447,942
Helix Energy Solutions Group, Inc.1		1,767		9,966
Hornbeck Offshore Services, Inc.1		726		2,055
Independence Contract Drilling, Inc.1		444		1,727
Mammoth Energy Services, Inc.1		388		7,217
Matrix Service Co.1		483		4,516
McDermott International, Inc.1		3,222		23,102
Natural Gas Services Group, Inc.1		169		4,200
Newpark Resources, Inc.1		853		6,269
Oil States International, Inc.1		511		13,874
Parker Drilling Co.1		1,637		2,210
Pearson plc		7,783		70,099

	Shares		Value
Energy Equipment & Services (Continued)
PHI, Inc.1		261	$	2,547
Pioneer Energy Services Corp.1		1,211		2,483
RigNet, Inc.1		266		4,269
Schlumberger Ltd.		9,427		620,674
SEACOR Holdings, Inc.1		182		6,243
SEACOR Marine Holdings, Inc.1		182		3,705
Smart Sand, Inc.1		491		4,375
TechnipFMC plc1		1,303		35,425
Tesco Corp.1		641		2,852
TETRA Technologies, Inc.1		1,214		3,387
Unit Corp.1		610		11,425
US Silica Holdings, Inc.		862		30,592
Vantage Drilling International1		447		78,448
Willbros Group, Inc.1		727		1,796
				1,534,768
Oil, Gas & Consumable Fuels—4.4%
Abraxas Petroleum Corp.1		1,621		2,626
Adams Resources & Energy, Inc.		42		1,725
Alon USA Energy, Inc.		684		9,111
Antero Midstream GP LP1		13,741		302,027
Arch Coal, Inc., Cl. A		139		9,494
Ardmore Shipping Corp.		347		2,828
Bill Barrett Corp.1		824		2,530
BP plc		11,200		64,703
Buckeye Partners LP4		7,290		466,050
California Resources Corp.1		446		3,813
Callon Petroleum Co.1		2,047		21,719
Canadian Natural Resources Ltd.		15,103		435,807
Carrizo Oil & Gas, Inc.1		734		12,786
Chevron Corp.		10,792		1,125,929
Clean Energy Fuels Corp.1		1,520		3,861
Cobalt International Energy, Inc.1		497		1,228
ConocoPhillips		23,120		1,016,355
Contango Oil & Gas Co.1		286		1,899
COSCO SHIPPING Energy Transportation Co. Ltd., Cl. H		142,000		79,314
Delek US Holdings, Inc.		593		15,679
Denbury Resources, Inc.1		5,627		8,609
DHT Holdings, Inc.		1,046		4,341
Dorian LPG Ltd.1		623		5,096
Eclipse Resources Corp.1		2,284		6,532
Energen Corp.1		7,137		352,354
Energy Transfer Equity LP4		55,285		992,919
Energy Transfer Partners LP4		61,049		1,244,789
Enterprise Products Partners LP4		34,820		942,926
EOG Resources, Inc.		8,162		738,824
EQT Midstream Partners LP4		4,195		313,073
Erin Energy Corp.1		2,430		3,524
Evolution Petroleum Corp.		353		2,859
EXCO Resources, Inc.1		273		723
Exxon Mobil Corp.		608		49,084
GasLog Ltd.		843		12,856
Gener8 Maritime, Inc.1		818		4,654
Genesis Energy LP4		8,045		255,268
Green Plains, Inc.		406		8,343
Halcon Resources Corp.1		7,505		34,073
International Seaways, Inc.1		278		6,024
Jagged Peak Energy, Inc.1		1,775		23,696
Kinder Morgan, Inc.		1,513		28,989
Magellan Midstream Partners LP4		11,715		834,928
Matador Resources Co.1		927		19,810
MPLX LP4		23,987		801,166
Navios Maritime Acquisition Corp.		1,719		2,527
Newfield Exploration Co.1		10,310		293,423
Noble Energy, Inc.5		22,057		624,213
Oasis Petroleum, Inc.1		2,828		22,765
Occidental Petroleum Corp.		17,263		1,033,536
Overseas Shipholding Group, Inc., Cl. A1		990		2,633

10      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Pacific Ethanol, Inc.1		492	$	3,075
Panhandle Oil & Gas, Inc., Cl. A		159		3,673
Par Pacific Holdings, Inc.1		424		7,649
PDC Energy, Inc.1		712		30,694
Phillips 66 Partners LP4		6,800		336,056
Plains All American Pipeline LP4		12,730		334,417
Plains GP Holdings LP, Cl. A		15,100		395,016
Renault SA		1,409		127,816
Renewable Energy Group, Inc.1		347		4,494
REX American Resources Corp.1		64		6,180
Rice Midstream Partners LP4		16,525		329,509
Ring Energy, Inc.1		442		5,746
Royal Dutch Shell plc, Cl. A		2,519		66,912
Royal Dutch Shell plc, Cl. B		2,417		64,919
RSP Permian, Inc.1		1,651		53,278
SandRidge Energy, Inc.1		1,128		19,413
Scorpio Bulkers, Inc.1		942		6,688
Scorpio Tankers, Inc.		2,011		7,984
SemGroup Corp., Cl. A		693		18,711
SRC Energy, Inc.1		2,143		14,422
Tallgrass Energy GP LP, Cl. A		22,277		566,504
Tallgrass Energy Partners LP4		2,300		115,207
Targa Resources Corp.5		17,122		773,914
TC PipeLines LP4		15,695		863,225
Teekay Corp.		1,185		7,904
Teekay Tankers Ltd., Cl. A		1,756		3,301
Tesoro Corp.		474		44,366
TOTAL SA		3,454		171,134
Valero Energy Corp.		6,611		445,978
W&T Offshore, Inc.1		1,340		2,626
Western Gas Partners LP4		3,535		197,748
Westmoreland Coal Co.1		379		1,846
WildHorse Resource Development Corp.1		838		10,366
Williams Cos., Inc. (The)		8,770		265,556
Williams Partners LP4		14,217		570,244
				18,130,612
Financials—11.6%
Capital Markets—0.6%
3i Group plc		4,101		48,284
Arlington Asset Investment Corp., Cl. A		233		3,185
Associated Capital Group, Inc., Cl. A		234		7,956
AXA SA		3,854		106,213
B. Riley Financial, Inc.		235		4,359
Bank of New York Mellon Corp. (The)		793		40,459
BGC Partners, Inc., Cl. A		2,662		33,648
BlackRock, Inc., Cl. A		93		39,284
Cohen & Steers, Inc.		454		18,405
Cowen, Inc., Cl. A1		281		4,566
Diamond Hill Investment Group, Inc.		43		8,574
Evercore Partners, Inc., Cl. A		436		30,738
Financial Engines, Inc.		686		25,108
Fortress Investment Group LLC, Cl. A4		76,779		613,464
GAIN Capital Holdings, Inc.		564		3,514
GAMCO Investors, Inc., Cl. A		283		8,377
Goldman Sachs Group, Inc. (The)		3,961		878,946
Greenhill & Co., Inc.		360		7,236
Houlihan Lokey, Inc., Cl. A		830		28,967
INTL FCStone, Inc.1		254		9,591
Investment Technology Group, Inc.		322		6,839
KCG Holdings, Inc., Cl. A1		650		12,961
Ladenburg Thalmann Financial Services, Inc.1		2,473		6,034
Manning & Napier, Inc., Cl. A		182		792
Medley Management, Inc., Cl. A		75		488
Moelis & Co., Cl. A		271		10,528
Morgan Stanley		629		28,028
OM Asset Management plc		1,610		23,925

	Shares		Value
Capital Markets (Continued)
Oppenheimer Holdings, Inc., Cl. A		143	$	2,345
Piper Jaffray Cos.		133		7,973
PJT Partners, Inc., Cl. A		162		6,516
Pzena Investment Management, Inc., Cl. A		201		2,042
Raymond James Financial, Inc.		5,300		425,166
Safeguard Scientifics, Inc.1		228		2,713
Schroders plc		1,331		53,834
Silvercrest Asset Management Group, Inc., Cl. A		88		1,184
Stifel Financial Corp.1		764		35,129
Virtu Financial, Inc., Cl. A		374		6,601
Virtus Investment Partners, Inc.		72		7,988
Waddell & Reed Financial, Inc., Cl. A		876		16,539
Westwood Holdings Group, Inc.		88		4,989
WisdomTree Investments, Inc.		1,168		11,879
				2,595,367
Commercial Banks—1.8%
1st Source Corp.		268		12,848
ACNB Corp.		65		1,982
Allegiance Bancshares, Inc.1		128		4,902
American National Bankshares, Inc.		93		3,436
Ameris Bancorp		393		18,943
Ames National Corp.		94		2,876
Arrow Financial Corp.		142		4,494
Atlantic Capital Bancshares, Inc.1		263		4,997
Banc of California, Inc.		519		11,158
BancFirst Corp.		203		19,610
Banco Latinoamericano de Comercio Exterior SA, Cl. E		406		11,116
Bancorp, Inc. (The)1		571		4,328
BancorpSouth, Inc.		954		29,097
Bank of America Corp.		1,072		26,007
Bank of Communications Co. Ltd., Cl. H		104,000		73,400
Bank of Marin Bancorp		63		3,878
Bank of NT Butterfield & Son Ltd. (The)		673		22,949
Bank of the Ozarks		1,271		59,572
Bankwell Financial Group, Inc.		112		3,498
Banner Corp.		332		18,761
Bar Harbor Bankshares		160		4,931
Barclays plc		16,497		43,656
Berkshire Hills Bancorp, Inc.		471		16,556
Blue Hills Bancorp, Inc.		263		4,708
BNP Paribas SA		1,228		89,315
Boston Private Financial Holdings, Inc.		881		13,523
Bridge Bancorp, Inc.		209		6,960
Brookline Bancorp, Inc.		729		10,643
Bryn Mawr Bank Corp.		174		7,395
C&F Financial Corp.		46		2,157
California First National Bancorp		96		1,810
Camden National Corp.		161		6,909
Canadian Imperial Bank of Commerce		408		33,113
Capital Bank Financial Corp., Cl. A		732		27,889
Capital City Bank Group, Inc.		181		3,696
Capstar Financial Holdings, Inc.1		107		1,898
Carolina Financial Corp.		162		5,236
Cathay General Bancorp		833		31,612
CenterState Banks, Inc.		676		16,805
Central Pacific Financial Corp.		400		12,588
Central Valley Community Bancorp		167		3,701
Century Bancorp, Inc., Cl. A		61		3,880
Chemical Financial Corp.		731		35,388
Citigroup, Inc.		541		36,182
Citizens & Northern Corp.		123		2,861
City Holding Co.		171		11,264
CNB Financial Corp.		170		4,075
CoBiz Financial, Inc.		424		7,378
Codorus Valley Bancorp, Inc.		119		3,380

11      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Commercial Banks (Continued)
Columbia Banking System, Inc.		611	$	24,348
Community Bank System, Inc.		466		25,989
Community Trust Bancorp, Inc.		186		8,137
ConnectOne Bancorp, Inc.		317		7,148
County Bancorp, Inc.		71		1,704
Credit Agricole SA		6,832		111,083
CU Bancorp1		232		8,387
Customers Bancorp, Inc.1		330		9,332
CVB Financial Corp.		1,138		25,525
Eagle Bancorp, Inc.1		451		28,548
Enterprise Bancorp, Inc.		131		4,656
Enterprise Financial Services Corp.		240		9,792
Equity Bancshares, Inc., Cl. A1		121		3,707
Farmers Capital Bank Corp.		79		3,045
Farmers National Banc Corp.		278		4,031
FB Financial Corp.1		249		9,011
FCB Financial Holdings, Inc., Cl. A1		426		20,341
Fidelity Southern Corp.		270		6,172
Financial Institutions, Inc.		200		5,960
First BanCorp (Puerto Rico)1		2,409		13,948
First Bancorp (Southern Pines NC)		260		8,128
First Bancorp, Inc. (Maine)		113		3,058
First Busey Corp.		393		11,523
First Business Financial Services, Inc.		99		2,285
First Citizens BancShares, Inc., Cl. A		123		45,842
First Commonwealth Financial Corp.		1,179		14,950
First Community Bancshares, Inc.		222		6,072
First Connecticut Bancorp, Inc. (Farmington CT)		214		5,489
First Financial Bancorp		668		18,504
First Financial Bankshares, Inc.		667		29,481
First Financial Corp.		165		7,804
First Financial Northwest, Inc.		136		2,194
First Foundation, Inc.1		329		5,405
First Internet Bancorp		94		2,637
First Interstate BancSystem, Inc., Cl. A		475		17,670
First Merchants Corp.		417		16,738
First Mid-Illinois Bancshares, Inc.		120		4,109
First Midwest Bancorp, Inc.		1,326		30,909
First Northwest Bancorp1		153		2,413
First of Long Island Corp. (The)		301		8,609
Flushing Financial Corp.		298		8,401
FNB Corp.		3,392		48,031
Franklin Financial Network, Inc.1		132		5,445
Fulton Financial Corp.		1,789		33,991
German American Bancorp, Inc.		236		8,045
Glacier Bancorp, Inc.		781		28,592
Great Southern Bancorp, Inc.		181		9,683
Great Western Bancorp, Inc.		623		25,425
Green Bancorp, Inc.1		341		6,615
G-Resources Group Ltd.1		4,668,000		68,177
Guaranty Bancorp		275		7,480
Hancock Holding Co.		832		40,768
Hanmi Financial Corp.		445		12,660
HarborOne Bancorp, Inc.1		332		6,627
Heartland Financial USA, Inc.		278		13,094
Heritage Commerce Corp.		507		6,986
Heritage Financial Corp.		323		8,559
Hilltop Holdings, Inc.		1,066		27,940
Home BancShares, Inc.		1,518		37,798
HomeTrust Bancshares, Inc.1		241		5,880
Hope Bancorp, Inc.		1,385		25,830
Horizon Bancorp		296		7,800
HSBC Holdings plc		6,225		57,781
IBERIABANK Corp.		510		41,565
Independent Bank Corp.		294		6,395
Independent Bank Corp. (Rockland MA)		276		18,395
Independent Bank Group, Inc.		198		11,781

	Shares		Value
Commercial Banks (Continued)
International Bancshares Corp.		938	$	32,877
Investors Bancorp, Inc.		3,163		42,258
JPMorgan Chase & Co.		7,301		667,311
Lakeland Bancorp, Inc.		478		9,010
Lakeland Financial Corp.		262		12,021
LCNB Corp.		110		2,200
LegacyTexas Financial Group, Inc.		501		19,103
Lloyds Banking Group plc		79,003		68,190
M&T Bank Corp.5		17,695		2,865,705
Macatawa Bank Corp.		342		3,263
MainSource Financial Group, Inc.		321		10,757
MB Financial, Inc.		843		37,126
MBT Financial Corp.		246		2,386
Mercantile Bank Corp.		174		5,478
Midland States Bancorp, Inc.		152		5,095
MidWestOne Financial Group, Inc.		151		5,117
MutualFirst Financial, Inc.		90		3,213
National Bank Holdings Corp., Cl. A		269		8,907
National Commerce Corp.1		169		6,684
NBT Bancorp, Inc.		460		16,997
Nicolet Bankshares, Inc.1		83		4,541
Northrim BanCorp, Inc.		72		2,189
OFG Bancorp		535		5,350
Old Line Bancshares, Inc.		106		2,987
Old National Bancorp		1,402		24,185
Old Second Bancorp, Inc.		298		3,442
Opus Bank		380		9,196
Orrstown Financial Services, Inc.		107		2,445
Pacific Continental Corp.		303		7,742
Pacific Mercantile Bancorp1		227		1,998
Pacific Premier Bancorp, Inc.1		292		10,775
Park National Corp.		155		16,077
Park Sterling Corp.		548		6,510
Peapack Gladstone Financial Corp.		181		5,663
Penns Woods Bancorp, Inc.		49		2,018
Peoples Bancorp, Inc.		196		6,297
Peoples Financial Services Corp.		82		3,586
People’s Utah Bancorp		233		6,244
Pinnacle Financial Partners, Inc.		798		50,114
PNC Financial Services Group, Inc. (The)		3,350		418,315
Preferred Bank (Los Angeles CA)		194		10,373
Premier Financial Bancorp, Inc.		145		2,988
Prosperity Bancshares, Inc.		726		46,638
QCR Holdings, Inc.		133		6,304
Renasant Corp.		459		20,077
Republic Bancorp, Inc., Cl. A		270		9,639
Republic First Bancorp, Inc.1		538		4,977
Royal Bank of Scotland Group plc1		12,690		40,895
S&T Bancorp, Inc.		367		13,161
Sandy Spring Bancorp, Inc.		263		10,694
Seacoast Banking Corp. of Florida1		550		13,255
ServisFirst Bancshares, Inc.		568		20,954
Shore Bancshares, Inc.		166		2,731
Sierra Bancorp		182		4,468
Simmons First National Corp., Cl. A		329		17,404
Societe Generale SA		1,581		85,960
South State Corp.		302		25,881
Southern First Bancshares, Inc.1		62		2,297
Southern National Bancorp of Virginia, Inc.		128		2,253
Southside Bancshares, Inc.		297		10,377
Southwest Bancorp, Inc.		192		4,906
Standard Chartered plc1		5,525		56,042
State Bank Financial Corp.		401		10,875
Sterling Bancorp		1,431		33,271
Stock Yards Bancorp, Inc.		250		9,725
Stonegate Bank		151		6,973
Summit Financial Group, Inc.		137		3,014

12      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Commercial Banks (Continued)
Sun Bancorp, Inc.		187	$	4,610
Texas Capital Bancshares, Inc.1		500		38,700
Tompkins Financial Corp.		160		12,595
Towne Bank (Portsmouth VA)		682		21,006
TriCo Bancshares		293		10,299
TriState Capital Holdings, Inc.1		300		7,560
Triumph Bancorp, Inc.1		173		4,247
Trustmark Corp.		720		23,155
UMB Financial Corp.		502		37,580
Umpqua Holdings Corp.		2,237		41,071
Union Bankshares Corp.		433		14,679
United Bankshares, Inc.		824		32,301
United Community Banks, Inc.		948		26,354
Univest Corp. of Pennsylvania		285		8,536
US Bancorp		742		38,525
Valley National Bancorp		2,678		31,627
Veritex Holdings, Inc.1		154		4,055
Washington Trust Bancorp, Inc.		172		8,867
WashingtonFirst Bankshares, Inc.		140		4,834
Webster Financial Corp.		934		48,773
Wells Fargo & Co.		563		31,196
WesBanco, Inc.		593		23,447
West Bancorporation, Inc.		216		5,108
Westamerica Bancorporation		274		15,355
Wintrust Financial Corp.		527		40,284
Xenith Bankshares, Inc.1		198		6,150
				7,372,207
Consumer Finance—0.1%
American Express Co.		616		51,892
Capital One Financial Corp.		374		30,900
China Power International Development Ltd.		209,000		74,163
Encore Capital Group, Inc.1		231		9,275
Enova International, Inc.1		348		5,168
EZCORP, Inc., Cl. A1		563		4,335
FirstCash, Inc.		455		26,526
Green Dot Corp., Cl. A1		450		17,338
Huaneng Power International, Inc., Cl. H		100,000		69,399
LendingClub Corp.1		4,172		22,988
Nelnet, Inc., Cl. A		609		28,629
PRA Group, Inc.1		418		15,842
Regional Management Corp.1		112		2,647
World Acceptance Corp.1		58		4,345
				363,447
Diversified Financial Services—0.0%
Berkshire Hathaway, Inc., Cl. B1		266		45,052
FNFV Group1		3,238		51,160
Marlin Business Services Corp.		123		3,094
NewStar Financial, Inc.		497		5,219
On Deck Capital, Inc.1		947		4,413
Tiptree, Inc.		323		2,277
				111,215
Insurance—2.0%
Allstate Corp. (The)		28,680		2,536,459
Ambac Financial Group, Inc.1		518		8,987
American Equity Investment Life Holding Co.		817		21,471
American International Group, Inc.		946		59,144
AMERISAFE, Inc.		208		11,846
Argo Group International Holdings Ltd.		404		24,482
Atlas Financial Holdings, Inc.1		101		1,505
Aviva plc		9,245		63,399
Baldwin & Lyons, Inc., Cl. B		196		4,802
Blue Capital Reinsurance Holdings Ltd.		109		1,995
Chubb Ltd.		20,945		3,044,984
CNO Financial Group, Inc.		1,723		35,976

	Shares		Value
Insurance (Continued)
Crawford & Co., Cl. B		639	$	5,943
Direct Line Insurance Group plc		13,128		60,813
Donegal Group, Inc., Cl. A		356		5,660
eHealth, Inc.1		9,804		184,315
EMC Insurance Group, Inc.		283		7,862
Employers Holdings, Inc.		406		17,174
Enstar Group Ltd.1		196		38,935
FBL Financial Group, Inc., Cl. A		256		15,744
Federated National Holding Co.		173		2,768
Fidelity & Guaranty Life		20,753		644,381
Genworth Financial, Inc., Cl. A1		5,363		20,219
Global Indemnity Ltd.1		182		7,056
Greenlight Capital Re Ltd., Cl. A1		381		7,963
Hallmark Financial Services, Inc.1		237		2,671
HCI Group, Inc.		95		4,463
Heritage Insurance Holdings, Inc.		263		3,424
Horace Mann Educators Corp.		399		15,082
Independence Holding Co.		159		3,252
Infinity Property & Casualty Corp.		112		10,528
Investors Title Co.		18		3,482
James River Group Holdings Ltd.		406		16,130
Kemper Corp.		515		19,879
Kinsale Capital Group, Inc.		263		9,813
Legal & General Group plc		30,544		102,805
Maiden Holdings Ltd.		986		10,945
MBIA, Inc.1		1,298		12,240
MetLife, Inc.		686		37,689
National General Holdings Corp.		1,074		22,661
National Western Life Group, Inc., Cl. A		34		10,867
Navigators Group, Inc. (The)		293		16,086
Old Mutual plc		17,517		44,141
OneBeacon Insurance Group Ltd., Cl. A		35,615		649,262
Primerica, Inc.		515		39,011
Provident Financial plc		2,271		72,006
Prudential plc		2,716		62,396
RLI Corp.		441		24,088
RSA Insurance Group plc		12,970		104,052
Safety Insurance Group, Inc.		208		14,206
Selective Insurance Group, Inc.		586		29,329
St James’s Place plc		3,612		55,629
Standard Life plc		11,713		60,906
State Auto Financial Corp.		441		11,347
State National Cos., Inc.		443		8,142
Stewart Information Services Corp.		242		10,982
Third Point Reinsurance Ltd.1		941		13,080
United Fire Group, Inc.		251		11,059
United Insurance Holdings Corp.		199		3,130
Universal Insurance Holdings, Inc.		361		9,097
WMIH Corp.1		2,740		3,425
				8,361,188
Real Estate Investment Trusts (REITs)—5.2%
Acadia Realty Trust		11,892		330,599
AG Mortgage Investment Trust, Inc.		274		5,014
Agree Realty Corp.		4,602		211,094
Alexander’s, Inc.		52		21,916
Altisource Residential Corp.		545		7,052
American Assets Trust, Inc.		10,191		401,423
American Homes 4 Rent, Cl. A		12,210		275,580
Anworth Mortgage Asset Corp.		901		5,415
Apollo Commercial Real Estate Finance, Inc.		932		17,289
Ares Commercial Real Estate Corp.		375		4,909
Armada Hoffler Properties, Inc.		397		5,141
ARMOUR Residential REIT, Inc.		331		8,275
Ascendas Real Estate Investment Trust		99,000		187,721
Ashford Hospitality Prime, Inc.		440		4,528
Ashford Hospitality Trust, Inc.		958		5,825
Ashtead Group plc		1,619		33,583

13      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
AvalonBay Communities, Inc.		2,490	$	478,503
Blackstone Mortgage Trust, Inc., Cl. A		41,795		1,320,722
Bluerock Residential Growth REIT, Inc., Cl. A		241		3,106
Boston Properties, Inc.		3,660		450,253
British Land Co. plc (The)		6,298		49,695
CapitaLand Retail China Trust		146,000		173,929
Capstead Mortgage Corp.		989		10,315
CareTrust REIT, Inc.		654		12,125
CatchMark Timber Trust, Inc., Cl. A		390		4,434
CBL & Associates Properties, Inc.		2,004		16,894
Cedar Realty Trust, Inc.		898		4,355
Champion REIT		122,000		77,668
Charter Hall Retail REIT		69,400		216,945
Chatham Lodging Trust		365		7,333
Chesapeake Lodging Trust		592		14,486
City Office REIT, Inc.		301		3,823
Clipper Realty, Inc.		179		2,209
Colony Starwood Homes		13,142		450,902
Community Healthcare Trust, Inc.		128		3,276
CorEnergy Infrastructure Trust, Inc.		120		4,031
CoreSite Realty Corp.		309		31,991
Cousins Properties, Inc.		19,535		171,713
CubeSmart		7,210		173,328
CYS Investments, Inc.		1,495		12,573
Derwent London plc		1,780		61,534
Dexus		25,600		186,380
DiamondRock Hospitality Co.		1,936		21,199
Digital Realty Trust, Inc.		3,290		371,605
Duke Realty Corp.		9,830		274,748
DuPont Fabros Technology, Inc.		715		43,729
Dynex Capital, Inc.		625		4,437
Easterly Government Properties, Inc.		365		7,647
EastGroup Properties, Inc.		317		26,565
Education Realty Trust, Inc.		721		27,939
Equinix, Inc.		250		107,290
Equity Residential		7,780		512,157
Eurocommercial Properties NV		3,234		129,239
Extra Space Storage, Inc.		7,200		561,600
Farmland Partners, Inc.		354		3,165
FelCor Lodging Trust, Inc.		1,457		10,505
First Industrial Realty Trust, Inc.		1,113		31,854
First Potomac Realty Trust		58,492		649,846
Fortune Real Estate Investment Trust		65,000		80,676
Four Corners Property Trust, Inc.		554		13,911
Franklin Street Properties Corp.		1,126		12,476
Gaming & Leisure Properties, Inc.		4,250		160,098
GEO Group, Inc. (The)		11,434		338,103
Getty Realty Corp.		343		8,609
Gladstone Commercial Corp.		277		6,036
Global Medical REIT, Inc.		171		1,529
Global Net Lease, Inc.		676		15,034
Goodman Group		56,800		343,260
Government Properties Income Trust		684		12,524
Gramercy Property Trust		1,296		38,504
Great Ajax Corp.		172		2,405
Great Portland Estates plc		11,086		86,287
Hammerson plc		27,926		209,070
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		489		11,183
Healthcare Realty Trust, Inc.		1,119		38,214
Hersha Hospitality Trust, Cl. A		403		7,460
Highwoods Properties, Inc.		1,270		64,402
Hudson Pacific Properties, Inc.		7,096		242,612
Hui Xian Real Estate Investment Trust		202,000		92,655
ICADE		2,040		171,848
Independence Realty Trust, Inc.		643		6,346
InfraREIT, Inc.		422		8,081

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Invesco Mortgage Capital, Inc.		1,098	$	18,348
Investors Real Estate Trust		1,199		7,446
Invincible Investment Corp.		257		110,467
Invitation Homes, Inc.		6,190		133,890
iStar, Inc.1		709		8,536
Japan Retail Fund Investment Corp.		156		287,799
Kilroy Realty Corp.		5,890		442,634
Kimco Realty Corp.		3,980		73,033
Kite Realty Group Trust		922		17,453
Ladder Capital Corp., Cl. A		1,035		13,879
Land Securities Group plc		24,560		324,194
LaSalle Hotel Properties		1,107		32,989
LaSalle Logiport REIT		109		109,800
Lexington Realty Trust		3,203		31,742
LTC Properties, Inc.		382		19,631
Macerich Co. (The)		9,695		562,892
Mack-Cali Realty Corp.		889		24,127
Mapletree Commercial Trust		183,000		212,010
Mapletree Greater China Commercial Trust		213,000		167,305
Mapletree Industrial Trust		113,000		152,682
MedEquities Realty Trust, Inc.		405		5,111
Medical Properties Trust, Inc.		12,802		164,762
Mid-America Apartment Communities, Inc.		3,372		355,341
Monmouth Real Estate Investment Corp.		721		10,851
Monogram Residential Trust, Inc.		1,718		16,682
MTGE Investment Corp.		440		8,272
National Health Investors, Inc.		387		30,650
National Storage Affiliates Trust		435		10,053
New Residential Investment Corp.		3,100		48,236
New Senior Investment Group, Inc.		874		8,784
New York Mortgage Trust, Inc.		1,122		6,979
NexPoint Residential Trust, Inc.		204		5,078
NorthStar Realty Europe Corp.		510		6,467
Omega Healthcare Investors, Inc.		4,250		140,335
One Liberty Properties, Inc.		244		5,717
Orix JREIT, Inc.		63		92,925
Owens Realty Mortgage, Inc.		143		2,425
Paramount Group, Inc.		15,240		243,840
Park Hotels & Resorts, Inc.		4,370		117,815
Parkway, Inc.		28,900		661,521
Pebblebrook Hotel Trust		655		21,117
Pennsylvania Real Estate Investment Trust		879		9,950
PennyMac Mortgage Investment Trust		857		15,675
Physicians Realty Trust		24,913		501,748
Potlatch Corp.		389		17,777
Preferred Apartment Communities, Inc., Cl. A		244		3,843
Prologis, Inc.		15,190		890,742
Prosperity REIT		185,000		78,675
PS Business Parks, Inc.		255		33,759
Pure Industrial Real Estate Trust		32,879		174,435
QTS Realty Trust, Inc., Cl. A		479		25,066
RAIT Financial Trust		1,242		2,720
Ramco-Gershenson Properties Trust		818		10,552
Realty Income Corp.		2,340		129,121
Redwood Trust, Inc.		757		12,899
Regency Centers Corp.		5,932		371,580
Resource Capital Corp.		296		3,010
Retail Opportunity Investments Corp.		1,114		21,378
Rexford Industrial Realty, Inc.		594		16,299
RLJ Lodging Trust		1,281		25,453
Ryman Hospitality Properties, Inc.		487		31,173
Sabra Health Care REIT, Inc.		739		17,810
Saul Centers, Inc.		287		16,640

14      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Scentre Group		41,600	$	129,367
Select Income REIT		914		21,963
Simon Property Group, Inc.		4,519		730,993
STAG Industrial, Inc.		793		21,887
Starwood Property Trust, Inc.		28,130		629,831
STORE Capital Corp.		5,570		125,047
Summit Hotel Properties, Inc.		843		15,722
Sunstone Hotel Investors, Inc.		2,047		32,998
Terreno Realty Corp.		456		15,349
Tier REIT, Inc.		495		9,148
UMH Properties, Inc.		371		6,326
Unibail-Rodamco SE		2,865		722,420
Universal Health Realty Income Trust		129		10,261
Urban Edge Properties		1,040		24,679
Urstadt Biddle Properties, Inc., Cl. A		506		10,019
Vastned Retail NV		2,188		91,593
Ventas, Inc.		3,330		231,368
Vicinity Centres		110,100		217,375
Washington Prime Group, Inc.		2,082		17,426
Washington Real Estate Investment Trust		722		23,032
Welltower, Inc.		7,690		575,597
Wereldhave NV		3,286		161,164
Western Asset Mortgage Capital Corp.		421		4,336
Westfield Corp.		15,707		96,877
Whitestone REIT, Cl. B		316		3,871
Worldpay Group plc2		18,605		76,313
Xenia Hotels & Resorts, Inc.		1,015		19,661
Yuexiu Real Estate Investment Trust		132,000		82,024
				21,453,505
Real Estate Management & Development—1.6%
Agile Group Holdings Ltd.		86,000		78,764
Alexander & Baldwin, Inc.		550		22,759
Ayala Land, Inc.		116,500		91,797
Barratt Developments plc		7,203		52,890
Beijing Capital Land Ltd., Cl. H		170,000		80,792
Castellum AB		6,768		99,601
Central China Real Estate Ltd.1		343,000		77,763
Central Pattana PCL		39,500		80,533
Cheung Kong Property Holdings Ltd.		20,500		160,578
China Aoyuan Property Group Ltd.		270,000		81,273
China Overseas Land & Investment Ltd.		68,000		199,082
China Resources Land Ltd.		44,000		128,256
China Vanke Co. Ltd., Cl. H1		43,369		122,769
Ciputra Development Tbk PT		403,900		35,730
Consolidated-Tomoka Land Co.		56		3,189
Fabege AB		5,564		107,013
Forestar Group, Inc.1		526		9,021
FRP Holdings, Inc.1		98		4,523
Great Eagle Holdings Ltd.		16,000		81,360
Griffin Industrial Realty, Inc.		47		1,474
Guangzhou R&F Properties Co. Ltd., Cl. H		49,200		76,506
HFF, Inc., Cl. A		378		13,143
Hongkong Land Holdings Ltd.		16,000		117,765
Hufvudstaden AB, Cl. A		6,426		106,651
Hulic Co. Ltd.		21,800		222,826
Hysan Development Co. Ltd.		39,000		186,276
Inmobiliaria Colonial SA1		27,745		242,090
Kennedy-Wilson Holdings, Inc.		1,160		22,098
Kerry Properties Ltd.		22,500		76,376
KWG Property Holding Ltd.		100,500		67,390
Lai Sun Development Co. Ltd.		2,760,000		100,776
Longfor Properties Co. Ltd.		119,000		255,852
Marcus & Millichap, Inc.1		396		10,439
Mitsubishi Estate Co. Ltd.		21,100		394,176
Mitsui Fudosan Co. Ltd.		18,000		430,334
New World Development Co. Ltd.		212,000		269,110

	Shares		Value
Real Estate Management & Development (Continued)
Persimmon plc		1,477	$	43,150
Powerlong Real Estate Holdings Ltd.		184,000		79,204
RE/MAX Holdings, Inc., Cl. A		192		10,762
Red Star Macalline Group Corp. Ltd., Cl. H2		73,400		75,213
RMR Group, Inc. (The), Cl. A		168		8,173
Road King Infrastructure Ltd.		58,000		71,626
Shimao Property Holdings Ltd.		46,500		79,576
Shui On Land Ltd.		323,500		78,329
Sino-Ocean Group Holding Ltd.		160,500		78,561
SOHO China Ltd.1		160,500		79,161
St Joe Co. (The)1		698		13,087
Stratus Properties, Inc.		86		2,528
Sumitomo Realty & Development Co. Ltd.		9,000		278,184
Sun Hung Kai Properties Ltd.		33,000		484,835
Tejon Ranch Co.1		232		4,788
Trinity Place Holdings, Inc.1		304		2,161
Unite Group plc (The)		26,980		228,182
Vonovia SE		18,351		729,172
Yuexiu Property Co. Ltd.		456,000		77,701
				6,535,368
Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.		11,666		235,070
Bank Mutual Corp.		601		5,499
BankFinancial Corp.		244		3,640
Bear State Financial, Inc.		394		3,727
Beneficial Bancorp, Inc.		813		12,195
BSB Bancorp, Inc.1		95		2,779
Capitol Federal Financial, Inc.		1,424		20,235
Charter Financial Corp.		194		3,492
Clifton Bancorp, Inc.		226		3,736
Dime Community Bancshares, Inc.		374		7,330
ESSA Bancorp, Inc.		117		1,722
Essent Group Ltd.1		1,200		44,568
Federal Agricultural Mortgage Corp., Cl. C		126		8,152
First Defiance Financial Corp.		131		6,901
Flagstar Bancorp, Inc.1		562		17,321
Hingham Institution for Savings		21		3,821
Home Bancorp, Inc.		99		4,209
HomeStreet, Inc.1		254		7,029
Kearny Financial Corp.		889		13,202
LendingTree, Inc.1		105		18,081
Meridian Bancorp, Inc.		695		11,746
Meta Financial Group, Inc.		90		8,010
MGIC Investment Corp.1		4,282		47,958
Nationstar Mortgage Holdings, Inc.1		940		16,817
NMI Holdings, Inc., Cl. A1		840		9,618
Northfield Bancorp, Inc.		531		9,107
Northwest Bancshares, Inc.		1,041		16,250
OceanFirst Financial Corp.		330		8,950
Ocwen Financial Corp.1		1,120		3,013
Oritani Financial Corp.		457		7,792
PennyMac Financial Services, Inc., Cl. A1		229		3,824
PHH Corp.1		32,454		446,892
Provident Bancorp, Inc.1		96		2,160
Provident Financial Holdings, Inc.		100		1,925
Provident Financial Services, Inc.		711		18,045
Radian Group, Inc.		2,201		35,986
SI Financial Group, Inc.		153		2,463
Southern Missouri Bancorp, Inc.		99		3,194
Territorial Bancorp, Inc.		127		3,961
TrustCo Bank Corp. (New York)		1,306		10,122
United Community Financial Corp.		675		5,609
United Financial Bancorp, Inc.		527		8,796
Walker & Dunlop, Inc.1		281		13,721
Washington Federal, Inc.		918		30,478

15      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Thrifts & Mortgage Finance (Continued)
Waterstone Financial, Inc.		288	$	5,429
Western New England Bancorp, Inc.		316		3,207
WSFS Financial Corp.		328		14,875
				1,172,657
Health Care—5.7%
Biotechnology—0.6%
AbbVie, Inc.		1,022		74,105
Acceleron Pharma, Inc.1		486		14,770
Achillion Pharmaceuticals, Inc.1		1,020		4,682
Acorda Therapeutics, Inc.1		533		10,500
Adamas Pharmaceuticals, Inc.1		231		4,040
Aduro Biotech, Inc.1		655		7,467
Adverum Biotechnologies, Inc.1		466		1,165
Aevi Genomic Medicine, Inc.1		540		718
Agenus, Inc.1		1,039		4,062
Aimmune Therapeutics, Inc.1		574		11,801
Akebia Therapeutics, Inc.1		372		5,346
Alder Biopharmaceuticals, Inc.1		639		7,317
Altimmune, Inc.		115		368
AMAG Pharmaceuticals, Inc.1		473		8,703
Amgen, Inc.		215		37,029
Amicus Therapeutics, Inc.1		1,332		13,413
AnaptysBio, Inc.1		266		6,365
Anavex Life Sciences Corp.1		392		2,085
Applied Genetic Technologies Corp.1		190		969
Aptevo Therapeutics, Inc.1		196		406
Ardelyx, Inc.1		1,315		6,706
Arena Pharmaceuticals, Inc.1		318		5,365
Array BioPharma, Inc.1		1,892		15,836
Atara Biotherapeutics, Inc.1		366		5,124
Avexis, Inc.1		307		25,223
Axovant Sciences Ltd.1		1,094		25,370
Bellicum Pharmaceuticals, Inc.1		407		4,754
BioCryst Pharmaceuticals, Inc.1		963		5,354
Biogen, Inc.1		203		55,086
BioSpecifics Technologies Corp.1		99		4,901
BioTime, Inc.1		1,219		3,840
Bluebird Bio, Inc.1		470		49,374
Blueprint Medicines Corp.1		420		21,281
Celgene Corp.1		532		69,091
Celldex Therapeutics, Inc.1		1,423		3,515
Cellular Biomedicine Group, Inc.1		235		2,056
Chelsea Therapeutics, Inc.1,3,7		10,531		—
ChemoCentryx, Inc.1		511		4,783
Chimerix, Inc.1		606		3,303
Clovis Oncology, Inc.1		488		45,691
Coherus Biosciences, Inc.1		485		6,960
Concert Pharmaceuticals, Inc.1		359		5,008
Corvus Pharmaceuticals, Inc.1		199		2,408
Curis, Inc.1		1,980		3,742
Cytokinetics, Inc.1		512		6,195
CytomX Therapeutics, Inc.1		399		6,185
Dimension Therapeutics, Inc.1		344		499
Dyax Corp.1,3		10,770		108
Dynavax Technologies Corp.1		447		4,314
Eagle Pharmaceuticals, Inc.1		184		14,516
Edge Therapeutics, Inc.1		299		3,068
Emergent BioSolutions, Inc.1		374		12,682
Enanta Pharmaceuticals, Inc.1		196		7,052
Epizyme, Inc.1		717		10,827
Esperion Therapeutics, Inc.1		246		11,385
Exact Sciences Corp.1		891		31,515
Exelixis, Inc.1		3,407		83,914
FibroGen, Inc.1		668		21,576
Five Prime Therapeutics, Inc.1		335		10,087
Flexion Therapeutics, Inc.1		369		7,461
Foundation Medicine, Inc.1		324		12,879

	Shares		Value
Biotechnology (Continued)
Genomic Health, Inc.1		346	$	11,262
Gilead Sciences, Inc.		947		67,029
Global Blood Therapeutics, Inc.1		449		12,280
GlycoMimetics, Inc.1		79		882
Halozyme Therapeutics, Inc.1		1,493		19,140
Heron Therapeutics, Inc.1		599		8,296
Idera Pharmaceuticals, Inc.1		2,093		3,600
Ignyta, Inc.1		511		5,289
Immune Design Corp.1		219		2,135
Immunomedics, Inc.1		810		7,152
Infinity Pharmaceuticals, Inc.1		614		964
Insmed, Inc.1		723		12,407
Invitae Corp.1		530		5,067
Iovance Biotherapeutics, Inc.1		807		5,931
Ironwood Pharmaceuticals, Inc., Cl. A1		1,332		25,148
Jounce Therapeutics, Inc.1		438		6,145
Karyopharm Therapeutics, Inc.1		513		4,643
Kite Pharma, Inc.1		623		64,586
La Jolla Pharmaceutical Co.1		218		6,490
Lexicon Pharmaceuticals, Inc.1		1,155		19,000
Ligand Pharmaceuticals, Inc.1		210		25,494
Loxo Oncology, Inc.1		257		20,609
MacroGenics, Inc.1		415		7,267
MiMedx Group, Inc.1		1,001		14,985
Minerva Neurosciences, Inc.1		329		2,912
Mirati Therapeutics, Inc.1		395		1,442
Momenta Pharmaceuticals, Inc.1		702		11,864
Myovant Sciences Ltd.1		559		6,540
Myriad Genetics, Inc.1		599		15,478
Natera, Inc.1		454		4,930
NewLink Genetics Corp.1		417		3,065
OncoMed Pharmaceuticals, Inc.1		443		1,475
Ophthotech Corp.1		456		1,167
Otonomy, Inc.1		321		6,051
OvaScience, Inc.1		410		640
PDL BioPharma, Inc.1		1,501		3,707
Pfenex, Inc.1		349		1,399
Portola Pharmaceuticals, Inc.1		602		33,814
Progenics Pharmaceuticals, Inc.1		850		5,772
Protagonist Therapeutics, Inc.1		148		1,674
Prothena Corp. plc1		392		21,215
PTC Therapeutics, Inc.1		324		5,939
Puma Biotechnology, Inc.1		191		16,693
Ra Pharmaceuticals, Inc.1		216		4,048
Radius Health, Inc.1		475		21,484
REGENXBIO, Inc.1		360		7,110
Regulus Therapeutics, Inc.1		573		565
Repligen Corp.1		311		12,888
Retrophin, Inc.1		459		8,900
Rigel Pharmaceuticals, Inc.1		1,556		4,248
Sage Therapeutics, Inc.1		390		31,060
Sangamo Therapeutics, Inc.1		493		4,338
Sarepta Therapeutics, Inc.1		650		21,912
Selecta Biosciences, Inc.1		159		3,158
Seres Therapeutics, Inc.1		424		4,791
Shire plc, ADR		5,900		975,093
Spark Therapeutics, Inc.1		344		20,551
Spectrum Pharmaceuticals, Inc.1		1,053		7,845
Stemline Therapeutics, Inc.1		275		2,530
Syndax Pharmaceuticals, Inc.1		139		1,942
Synergy Pharmaceuticals, Inc.1		2,571		11,441
Syros Pharmaceuticals, Inc.1		217		3,492
TESARO, Inc.1		518		72,447
TG Therapeutics, Inc.1		639		6,422
Trevena, Inc.1		781		1,796
Ultragenyx Pharmaceutical, Inc.1		492		30,558
Vanda Pharmaceuticals, Inc.1		481		7,840
Versartis, Inc.1		410		7,155

16      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Biotechnology (Continued)
Vital Therapies, Inc.1		620	$	1,798
Voyager Therapeutics, Inc.1		297		2,661
Xencor, Inc.1		569		12,012
Zafgen, Inc.1		383		1,344
				2,627,352
Health Care Equipment & Supplies—0.9%
Abaxis, Inc.		204		10,816
Abbott Laboratories		9,260		450,129
Accuray, Inc.1		897		4,261
Analogic Corp.		121		8,791
AngioDynamics, Inc.1		369		5,981
Anika Therapeutics, Inc.1		142		7,006
AtriCure, Inc.1		17,571		426,097
Atrion Corp.		17		10,936
AxoGen, Inc.1		264		4,422
Cantel Medical Corp.		388		30,229
Cardiovascular Systems, Inc.1		410		13,214
Cerus Corp.1		1,922		4,824
ConforMIS, Inc.1		592		2,540
CONMED Corp.		263		13,397
CryoLife, Inc.1		322		6,424
Cutera, Inc.1		150		3,885
Danaher Corp.		635		53,588
Endologix, Inc.1		1,255		6,099
Entellus Medical, Inc.1		228		3,776
Essilor International SA		1,893		242,039
Exactech, Inc.1		178		5,304
GenMark Diagnostics, Inc.1		454		5,371
Glaukos Corp.1		390		16,173
Globus Medical, Inc., Cl. A1		923		30,597
Haemonetics Corp.1		522		20,614
Halyard Health, Inc.1		500		19,640
ICU Medical, Inc.1		184		31,740
Inogen, Inc.1		187		17,844
Insulet Corp.1		583		29,914
Integer Holdings Corp.1		282		12,196
Integra LifeSciences Holdings Corp.1		669		36,467
Invacare Corp.		331		4,369
InVivo Therapeutics Holdings Corp.1		609		1,644
iRhythm Technologies, Inc.1		219		9,305
IRIDEX Corp.1		143		1,414
K2M Group Holdings, Inc.1		403		9,817
LeMaitre Vascular, Inc.		177		5,526
Masimo Corp.1		588		53,614
Medtronic plc		16,953		1,504,579
Meridian Bioscience, Inc.		441		6,946
Merit Medical Systems, Inc.1		596		22,737
Natus Medical, Inc.1		333		12,421
Neogen Corp.1		366		25,294
Nevro Corp.1		390		29,028
NuVasive, Inc.1		477		36,691
NxStage Medical, Inc.1		883		22,137
OraSure Technologies, Inc.1		488		8,423
Orthofix International NV1		167		7,762
Oxford Immunotec Global plc1		243		4,087
Penumbra, Inc.1		338		29,660
Quidel Corp.1		315		8,549
RTI Surgical, Inc.1		445		2,603
Smith & Nephew plc		3,980		68,748
Spectranetics Corp. (The)1		451		17,318
STAAR Surgical Co.1		452		4,882
Surmodics, Inc.1		157		4,420
Tactile Systems Technology, Inc.1		128		3,658
Tandem Diabetes Care, Inc.1		581		465
Utah Medical Products, Inc.		34		2,462
Wright Medical Group NV1		1,153		31,696
				3,474,569

	Shares		Value
Health Care Providers & Services—1.7%
AAC Holdings, Inc.1		267	$	1,850
Aceto Corp.		328		5,068
Addus HomeCare Corp.1		104		3,869
Almost Family, Inc.1		116		7,152
Amedisys, Inc.1		297		18,655
American Renal Associates Holdings, Inc.1		322		5,973
AMN Healthcare Services, Inc.1		525		20,501
BioScrip, Inc.1		989		2,685
BioTelemetry, Inc.1		318		10,637
Capital Senior Living Corp.1		298		4,533
Chemed Corp.		153		31,293
Cigna Corp.		7,480		1,252,077
Civitas Solutions, Inc.1		411		7,193
Community Health Systems, Inc.1		1,086		10,817
ConvaTec Group plc1,2		38,292		159,241
CorVel Corp.1		231		10,961
Cross Country Healthcare, Inc.1		419		5,409
Diplomat Pharmacy, Inc.1		595		8,806
Ensign Group, Inc. (The)		482		10,493
Express Scripts Holding Co.1		12,260		782,678
Fulgent Genetics, Inc.1		284		1,815
Genesis Healthcare, Inc., Cl. A1		1,280		2,227
HCA Healthcare, Inc.1		12,335		1,075,612
HealthEquity, Inc.1		576		28,702
HealthSouth Corp.		902		43,657
Kindred Healthcare, Inc.		817		9,518
Landauer, Inc.		103		5,387
LHC Group, Inc.1		155		10,523
Magellan Health, Inc.1		299		21,797
Mediclinic International plc		4,130		39,879
Molina Healthcare, Inc.1		428		29,609
National HealthCare Corp.		208		14,589
National Research Corp., Cl. A		549		14,768
Novocure Ltd.1		773		13,373
Owens & Minor, Inc.		648		20,859
PharMerica Corp.1		289		7,586
Providence Service Corp. (The)1		160		8,098
Quorum Health Corp.1		333		1,382
RadNet, Inc.1		386		2,992
Select Medical Holdings Corp.1		1,326		20,354
Surgery Partners, Inc.1		375		8,531
Teladoc, Inc.1		429		14,886
Tivity Health, Inc.1		378		15,063
Triple-S Management Corp., Cl. B1		265		4,481
UnitedHealth Group, Inc.5		14,454		2,680,061
US Physical Therapy, Inc.		126		7,610
VCA, Inc.1		6,875		634,631
				7,097,881
Health Care Technology—0.1%
athenahealth, Inc.1		2,762		388,199
Castlight Health, Inc., Cl. B1		1,129		4,685
Cotiviti Holdings, Inc.1		980		36,397
Evolent Health, Inc., Cl. A1		562		14,247
HealthStream, Inc.1		309		8,133
HMS Holdings Corp.1		1,187		21,960
Medidata Solutions, Inc.1		521		40,742
Omnicell, Inc.1		375		16,163
Quality Systems, Inc.1		565		9,724
Tabula Rasa HealthCare, Inc.1		169		2,543
Vocera Communications, Inc.1		258		6,816
				549,609
Life Sciences Tools & Services—0.7%
Albany Molecular Research, Inc.1		30,210		655,557
Cambrex Corp.1		350		20,912
CHC Group LLC1		697		6,273
ChromaDex Corp.1		350		1,337

17      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Life Sciences Tools & Services (Continued)
Enzo Biochem, Inc.1		441	$	4,869
Fluidigm Corp.1		311		1,256
INC Research Holdings, Inc., Cl. A1		417		24,395
Luminex Corp.		390		8,237
Medpace Holdings, Inc.1		451		13,079
NanoString Technologies, Inc.1		201		3,325
NeoGenomics, Inc.1		770		6,899
Pacific Biosciences of California, Inc.1		1,087		3,870
PAREXEL International Corp.1		7,793		677,290
Patheon NV1		18,521		646,012
PRA Health Sciences, Inc.1		537		40,280
VWR Corp.1		19,260		635,773
				2,749,364
Pharmaceuticals—1.7%
Aclaris Therapeutics, Inc.1		300		8,136
Aerie Pharmaceuticals, Inc.1		260		13,663
Akorn, Inc.1		18,905		634,074
Allergan plc5		7,071		1,718,889
Ambit Biosciences Corp.1,3		10,347		6,208
Amphastar Pharmaceuticals, Inc.1		396		7,073
ANI Pharmaceuticals, Inc.1		141		6,599
Aratana Therapeutics, Inc.1		387		2,798
AstraZeneca plc		809		54,218
Bristol-Myers Squibb Co.		7,714		429,824
Catalent, Inc.1		1,002		35,170
Cempra, Inc.1		578		2,659
Corcept Therapeutics, Inc.1		929		10,962
Depomed, Inc.1		694		7,454
Dermira, Inc.1		502		14,628
Durata Therapeutics1,3		6,530		—
Durect Corp.1		986		1,538
Eli Lilly & Co.		637		52,425
Endocyte, Inc.1		373		560
Flex Pharma, Inc.1		162		624
GlaxoSmithKline plc		3,740		79,666
Heska Corp.1		76		7,757
Hikma Pharmaceuticals plc		2,116		40,528
Horizon Pharma plc1		2,435		28,904
Impax Laboratories, Inc.1		662		10,658
Innoviva, Inc.1		1,025		13,120
Intersect ENT, Inc.1		210		5,870
Intra-Cellular Therapies, Inc., Cl. A1		570		7,079
Johnson & Johnson		593		78,448
Medicines Co. (The)1		871		33,107
Merck & Co., Inc.		18,012		1,154,389
MyoKardia, Inc.1		310		4,061
Nektar Therapeutics, Cl. A1		1,438	��	28,113
Novan, Inc.1		171		689
Novartis AG, Sponsored ADR		13,190		1,100,969
Pacira Pharmaceuticals, Inc.1		426		20,320
Paratek Pharmaceuticals, Inc.1		268		6,459
Pfizer, Inc.		1,744		58,581
Phibro Animal Health Corp., Cl. A		421		15,598
Prestige Brands Holdings, Inc.1		588		31,052
Revance Therapeutics, Inc.1		287		7,577
Roche Holding AG		4,146		1,058,623
Sanofi		2,285		219,616
SciClone Pharmaceuticals, Inc.1		511		5,621
Shire plc		1,006		55,425
Sucampo Pharmaceuticals, Inc., Cl. A1		429		4,505
Supernus Pharmaceuticals, Inc.1		424		18,274
Teligent, Inc.1		494		4,520
Tetraphase Pharmaceuticals, Inc.1		423		3,016
Teva Pharmaceutical Industries Ltd.1		10		—
Theravance Biopharma, Inc.1		573		22,828
Zogenix, Inc.1		209		3,031
				7,135,906

	Shares		Value
Industrials—5.3%
Aerospace & Defense—1.7%
AAR Corp.		344	$	11,957
Aerojet Rocketdyne Holdings, Inc.1		732		15,226
Aerovironment, Inc.1		210		8,022
Airbus SE		1,942		160,014
Astronics Corp.1		300		9,141
Axon Enterprise, Inc.1		524		13,173
BAE Systems plc		7,450		61,559
Boeing Co. (The)		263		52,008
Cubic Corp.		296		13,705
Curtiss-Wright Corp.		579		53,141
DigitalGlobe, Inc.1		624		20,779
Ducommun, Inc.1		101		3,190
Engility Holdings, Inc.1		499		14,172
Esterline Technologies Corp.1		272		25,786
General Dynamics Corp.		249		49,327
KeyW Holding Corp. (The)1		497		4,647
KLX, Inc.1		492		24,600
Kratos Defense & Security Solutions, Inc.1		593		7,039
L3 Technologies, Inc.		5,610		937,319
Lockheed Martin Corp.		7,536		2,092,069
Mercury Systems, Inc.1		422		17,762
Moog, Inc., Cl. A1		443		31,772
National Presto Industries, Inc.		66		7,293
Northrop Grumman Corp.		5,380		1,381,100
Raytheon Co.		8,563		1,382,753
Rolls-Royce Holdings plc1		6,565		76,295
Safran SA		2,917		267,564
Sparton Corp.1		125		2,749
Teledyne Technologies, Inc.1		352		44,933
Triumph Group, Inc.		388		12,261
United Technologies Corp.		494		60,322
Vectrus, Inc.1		92		2,973
Wesco Aircraft Holdings, Inc.1		1,222		13,259
				6,877,910
Air Freight & Couriers—0.1%
Air Transport Services Group, Inc.1		447		9,736
Atlas Air Worldwide Holdings, Inc.1		293		15,280
Echo Global Logistics, Inc.1		276		5,492
FedEx Corp.		190		41,293
Forward Air Corp.		385		20,513
Hub Group, Inc., Cl. A1		469		17,986
Radiant Logistics, Inc.1		627		3,373
Royal Mail plc		14,972		82,187
United Parcel Service, Inc., Cl. B		427		47,222
XPO Logistics, Inc.1		1,020		65,923
				309,005
Airlines—0.2%
Allegiant Travel Co., Cl. A		172		23,323
Hawaiian Holdings, Inc.1		566		26,574
International Consolidated Airlines Group SA		5,087		40,510
SkyWest, Inc.		546		19,165
United Continental Holdings, Inc.1		7,330		551,582
				661,154
Building Products—0.1%
AAON, Inc.		519		19,125
Advanced Drainage Systems, Inc.		646		12,985
American Woodmark Corp.1		157		15,001
Apogee Enterprises, Inc.		286		16,256
Armstrong Flooring, Inc.1		281		5,050
Builders FirstSource, Inc.1		1,282		19,640
Continental Building Products, Inc.1		384		8,947
CSW Industrials, Inc.1		153		5,913
Gibraltar Industries, Inc.1		388		13,832
Griffon Corp.		509		11,173

18      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Building Products (Continued)
Insteel Industries, Inc.		203	$	6,693
JELD-WEN Holding, Inc.1		1,078		34,992
Masonite International Corp.1		329		24,840
NCI Building Systems, Inc.1		725		12,108
Patrick Industries, Inc.1		175		12,749
PGT Innovations, Inc.1		458		5,862
Ply Gem Holdings, Inc.1		1,014		18,201
Quanex Building Products Corp.		332		7,022
Simpson Manufacturing Co., Inc.		482		21,068
Trex Co., Inc.1		326		22,057
Universal Forest Products, Inc.		216		18,859
				312,373
Commercial Services & Supplies—1.2%
ABM Industries, Inc.		703		29,189
ACCO Brands Corp.1		1,731		20,166
Advanced Disposal Services, Inc.1		1,133		25,753
ARC Document Solutions, Inc.1		649		2,700
Brady Corp., Cl. A		542		18,374
Brink’s Co. (The)		477		31,959
Casella Waste Systems, Inc., Cl. A1		566		9,288
CECO Environmental Corp.		403		3,699
CompX International, Inc.		132		2,013
Deluxe Corp.		498		34,472
Ennis, Inc.		271		5,176
Essendant, Inc.		379		5,621
Healthcare Services Group, Inc.		681		31,891
Heritage-Crystal Clean, Inc.1		279		4,436
Herman Miller, Inc.		611		18,574
HNI Corp.		468		18,659
InnerWorkings, Inc.1		509		5,904
Interface, Inc., Cl. A		592		11,633
Johnson Controls International plc5		43,540		1,887,894
Kimball International, Inc., Cl. B		485		8,095
Knoll, Inc.		536		10,747
Matthews International Corp., Cl. A		337		20,641
McGrath RentCorp		317		10,978
Mobile Mini, Inc.		441		13,164
MSA Safety, Inc.		459		37,257
Multi-Color Corp.		148		12,077
NL Industries, Inc.1		519		3,659
Quad/Graphics, Inc.		597		13,683
Republic Services, Inc., Cl. A5		31,990		2,038,723
SP Plus Corp.1		326		9,959
Steelcase, Inc., Cl. A		1,163		16,282
Team, Inc.1		304		7,129
Tetra Tech, Inc.		533		24,385
UniFirst Corp.		185		26,029
US Ecology, Inc.		200		10,100
Viad Corp.		203		9,592
VSE Corp.		108		4,858
West Corp.		27,698		645,917
				5,090,676
Construction & Engineering—0.2%
Aegion Corp., Cl. A1		488		10,677
Ameresco, Inc., Cl. A1		413		3,180
Argan, Inc.		170		10,200
Cie de Saint-Gobain		2,191		117,208
Comfort Systems USA, Inc.		386		14,320
Dycom Industries, Inc.1		380		34,018
EMCOR Group, Inc.		778		50,866
Granite Construction, Inc.		11,386		549,261
Great Lakes Dredge & Dock Corp.1		654		2,812
HC2 Holdings, Inc.1		452		2,658
IES Holdings, Inc.1		272		4,937
Layne Christensen Co.1		211		1,855
MasTec, Inc.1		838		37,836
MYR Group, Inc.1		299		9,275

	Shares		Value
Construction & Engineering (Continued)
NV5 Global, Inc.1		109	$	4,632
Orion Group Holdings, Inc.1		287		2,144
Primoris Services Corp.		496		12,370
Tutor Perini Corp.1		575		16,531
Vinci SA		1,836		156,831
				1,041,611
Electrical Equipment—0.2%
Allied Motion Technologies, Inc.		83		2,259
Atkore International Group, Inc.1		1,005		22,663
AZZ, Inc.		275		15,345
Babcock & Wilcox Enterprises, Inc.1		370		4,351
Boer Power Holdings Ltd.1		248,000		80,048
Emerson Electric Co.		646		38,515
Encore Wire Corp.		216		9,223
EnerSys		614		44,484
Generac Holdings, Inc.1		621		22,437
General Cable Corp.		525		8,584
Legrand SA		3,086		216,144
LSI Industries, Inc.		328		2,968
Powell Industries, Inc.		117		3,743
Preformed Line Products Co.		55		2,553
Schneider Electric SE		1,802		138,704
Severn Trent plc		4,359		123,971
Thermon Group Holdings, Inc.1		349		6,690
Vicor Corp.1		404		7,232
				749,914
Industrial Conglomerates—1.0%
3M Co.		409		85,150
DCC plc		910		82,932
General Electric Co.5		65,044		1,756,839
Honeywell International, Inc.5		16,798		2,239,005
Raven Industries, Inc.		416		13,853
Smiths Group plc		2,451		51,065
				4,228,844
Machinery—0.2%
Actuant Corp., Cl. A		611		15,031
Alamo Group, Inc.		134		12,169
Albany International Corp., Cl. A		316		16,874
Altra Industrial Motion Corp.		288		11,462
American Railcar Industries, Inc.		220		8,426
Astec Industries, Inc.		329		18,263
Barnes Group, Inc.		508		29,733
Briggs & Stratton Corp.		437		10,532
Caterpillar, Inc.		338		36,321
Chart Industries, Inc.1		318		11,044
CIRCOR International, Inc.		166		9,857
Columbus McKinnon Corp.		184		4,677
DMC Global, Inc.		173		2,266
Douglas Dynamics, Inc.		230		7,567
Energy Recovery, Inc.1		584		4,841
EnPro Industries, Inc.		220		15,701
ESCO Technologies, Inc.		256		15,270
Federal Signal Corp.		749		13,003
Franklin Electric Co., Inc.		487		20,162
FreightCar America, Inc.		94		1,635
Gencor Industries, Inc.1		144		2,333
Global Brass & Copper Holdings, Inc.		324		9,898
Gorman-Rupp Co. (The)		390		9,933
Graham Corp.		129		2,536
Greenbrier Cos., Inc. (The)		272		12,580
Hardinge, Inc.		109		1,354
Harsco Corp.1		884		14,232
Hillenbrand, Inc.		637		22,996
Hurco Cos., Inc.		83		2,884
Hyster-Yale Materials Handling, Inc.		129		9,062
John Bean Technologies Corp.		316		30,968
Kadant, Inc.		112		8,422

19      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Machinery (Continued)
Kennametal, Inc.		845	$	31,620
Lindsay Corp.		106		9,461
Lydall, Inc.1		225		11,633
Manitowoc Co., Inc. (The)1		1,443		8,672
Meritor, Inc.1		986		16,377
Milacron Holdings Corp.1		941		16,552
Miller Industries, Inc.		142		3,529
Mueller Industries, Inc.		822		25,030
Mueller Water Products, Inc., Cl. A		1,567		18,303
Navistar International Corp.1		827		21,692
NN, Inc.		257		7,055
Omega Flex, Inc.		90		5,796
Park-Ohio Holdings Corp.		168		6,401
Proto Labs, Inc.1		234		15,737
RBC Bearings, Inc.1		231		23,507
REV Group, Inc.		524		14,504
Rexnord Corp.1		1,079		25,087
Spartan Motors, Inc.		328		2,903
SPX Corp.1		412		10,366
SPX FLOW, Inc.1		515		18,993
Standex International Corp.		132		11,972
Sun Hydraulics Corp.		239		10,198
Supreme Industries, Inc., Cl. A		189		3,109
Tennant Co.		181		13,358
Titan International, Inc.		600		7,206
TriMas Corp.1		606		12,635
Wabash National Corp.		669		14,705
Watts Water Technologies, Inc., Cl. A		334		21,109
Woodward, Inc.		591		39,940
				819,482
Marine—0.0%
Costamare, Inc.		916		6,696
Matson, Inc.		455		13,668
				20,364
Professional Services—0.1%
Advisory Board Co. (The)1		389		20,034
Barrett Business Services, Inc.		71		4,068
CBIZ, Inc.1		713		10,695
CRA International, Inc.		118		4,286
Experian plc		4,235		86,969
Exponent, Inc.		260		15,158
Franklin Covey Co.1		144		2,779
FTI Consulting, Inc.1		403		14,089
GP Strategies Corp.1		232		6,125
Heidrick & Struggles International, Inc.		182		3,959
Hill International, Inc.1		417		2,168
Huron Consulting Group, Inc.1		298		12,874
ICF International, Inc.1		223		10,503
Insperity, Inc.		248		17,608
Intertek Group plc		1,346		74,031
Kelly Services, Inc., Cl. A		358		8,037
Kforce, Inc.		424		8,310
Korn/Ferry International		563		19,440
Mistras Group, Inc.1		299		6,569
Navigant Consulting, Inc.1		727		14,366
On Assignment, Inc.1		508		27,508
Resources Connection, Inc.		320		4,384
RPX Corp.1		594		8,286
TriNet Group, Inc.1		820		26,847
TrueBlue, Inc.1		546		14,469
WageWorks, Inc.1		377		25,334
				448,896
Road & Rail—0.2%
ArcBest Corp.		454		9,352
Celadon Group, Inc.		543		1,710
Covenant Transportation Group, Inc., Cl. A1		181		3,173

	Shares		Value
Road & Rail (Continued)
Heartland Express, Inc.		839	$	17,468
Knight Transportation, Inc.		805		29,825
Marten Transport Ltd.		412		11,289
PAM Transportation Services, Inc.1		66		1,251
Roadrunner Transportation Systems, Inc.1		395		2,872
Saia, Inc.1		258		13,235
Swift Transportation Co., Cl. A1		1,332		35,298
Union Pacific Corp.		4,479		487,808
Universal Logistics Holdings, Inc.		280		4,200
USA Truck, Inc.1		81		702
Werner Enterprises, Inc.		704		20,662
YRC Worldwide, Inc.1		369		4,103
				642,948
Trading Companies & Distributors—0.1%
Aircastle Ltd.		829		18,031
Applied Industrial Technologies, Inc.		509		30,057
Beacon Roofing Supply, Inc.1		603		29,547
BMC Stock Holdings, Inc.1		778		16,999
Bunzl plc		1,531		45,668
CAI International, Inc.1		200		4,720
DXP Enterprises, Inc.1		223		7,694
Foundation Building Materials, Inc.1		501		6,443
GATX Corp.		383		24,615
GMS, Inc.1		441		12,392
H&E Equipment Services, Inc.		368		7,511
HD Supply Holdings, Inc.1		5,930		181,636
Kaman Corp.		263		13,116
Lawson Products, Inc.1		92		2,038
MRC Global, Inc.1		928		15,331
Neff Corp., Cl. A1		115		2,185
NOW, Inc.1		1,080		17,366
Rush Enterprises, Inc., Cl. A1		407		15,132
Rush Enterprises, Inc., Cl. B1		525		19,115
SiteOne Landscape Supply, Inc.1		347		18,065
Textainer Group Holdings Ltd.		752		10,904
Titan Machinery, Inc.1		200		3,596
Triton International Ltd.		792		26,485
Univar, Inc.1		1,732		50,574
Veritiv Corp.1		179		8,055
Willis Lease Finance Corp.1		55		1,470
Wolseley plc		614		37,759
				626,504
Transportation Infrastructure—0.0%
easyJet plc		4,322		76,529
Information Technology—5.1%
Communications Equipment—0.6%
ADTRAN, Inc.		489		10,098
Aerohive Networks, Inc.1		418		2,090
Black Box Corp.		176		1,505
CalAmp Corp.1		327		6,648
Calix, Inc.1		639		4,377
Ciena Corp.1		1,342		33,577
Cisco Systems, Inc.		46,638		1,459,769
Clearfield, Inc.1		149		1,967
CommScope Holding Co., Inc.1		10,290		391,329
Comtech Telecommunications Corp.		223		4,230
Digi International, Inc.1		434		4,405
EMCORE Corp.		234		2,492
Extreme Networks, Inc.1		869		8,012
Finisar Corp.1		1,003		26,058
Harmonic, Inc.1		900		4,725
Infinera Corp.1		1,456		15,536
InterDigital, Inc.		375		28,988
KVH Industries, Inc.1		140		1,330
Lumentum Holdings, Inc.1		446		25,444
NETGEAR, Inc.1		355		15,301

20      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Communications Equipment (Continued)
NetScout Systems, Inc.1		922	$	31,717
Nokia OYJ		20,996		128,597
Oclaro, Inc.1		1,469		13,720
Plantronics, Inc.		434		22,703
Quantenna Communications, Inc.1		311		5,909
ShoreTel, Inc.1		39,791		230,788
Silicom Ltd.		76		3,371
Sonus Networks, Inc.1		546		4,062
Ubiquiti Networks, Inc.1		854		44,382
ViaSat, Inc.1		550		36,410
Viavi Solutions, Inc.1		1,968		20,723
				2,590,263
Electronic Equipment, Instruments, & Components—0.2%
Anixter International, Inc.1		353		27,605
AVX Corp.		1,689		27,598
Badger Meter, Inc.		287		11,437
Bel Fuse, Inc., Cl. B		115		2,840
Belden, Inc.		404		30,474
Benchmark Electronics, Inc.1		614		19,832
Coherent, Inc.1		208		46,798
Control4 Corp.1		202		3,961
CTS Corp.		336		7,258
Daktronics, Inc.		409		3,939
Electro Scientific Industries, Inc.1		270		2,225
ePlus, Inc.1		249		18,451
Fabrinet1		358		15,272
FARO Technologies, Inc.1		171		6,464
II-VI, Inc.1		679		23,290
Insight Enterprises, Inc.1		456		18,235
Itron, Inc.1		361		24,458
Kimball Electronics, Inc.1		339		6,119
Knowles Corp.1		899		15,211
Littelfuse, Inc.		210		34,650
Maxwell Technologies, Inc.1		334		2,001
Mesa Laboratories, Inc.		32		4,586
Methode Electronics, Inc.		397		16,356
MTS Systems Corp.		146		7,563
Novanta, Inc.1		277		9,972
OSI Systems, Inc.1		178		13,377
Park Electrochemical Corp.		202		3,721
PC Connection, Inc.		287		7,766
Plexus Corp.1		329		17,296
Radisys Corp.1		403		1,515
Rogers Corp.1		221		24,005
Sanmina Corp.1		748		28,499
ScanSource, Inc.1		331		13,339
SYNNEX Corp.		485		58,181
Systemax, Inc.		299		5,621
Tech Data Corp.1		338		34,138
TTM Technologies, Inc.1		1,020		17,707
Universal Display Corp.		361		39,439
Vishay Intertechnology, Inc.		1,423		23,622
Vishay Precision Group, Inc.1		128		2,214
Wasion Group Holdings Ltd.		168,000		77,321
				754,356
Internet Software & Services—1.3%
2U, Inc.1		490		22,991
Actua Corp.1		331		4,651
Alarm.com Holdings, Inc.1		451		16,971
Alphabet, Inc., Cl. A1,5		3,383		3,145,107
Alphabet, Inc., Cl. C1		58		52,706
Amber Road, Inc.1		298		2,554
Apptio, Inc., Cl. A1		297		5,153
Autobytel, Inc.1		145		1,828
Bankrate, Inc.1		882		11,334
Bazaarvoice, Inc.1		58,512		289,634
Benefitfocus, Inc.1		297		10,796

	Shares		Value
Internet Software & Services (Continued)
Blucora, Inc.1		374	$	7,929
Box, Inc., Cl. A1		1,172		21,377
Brightcove, Inc.1		486		3,013
Carbonite, Inc.1		311		6,780
Care.com, Inc.1		221		3,337
ChannelAdvisor Corp.1		343		3,962
Cimpress NV1		282		26,657
Cornerstone OnDemand, Inc.1		581		20,771
DHI Group, Inc.1		666		1,898
Endurance International Group Holdings, Inc.1		1,331		11,114
Envestnet, Inc.1		414		16,394
Facebook, Inc., Cl. A1		470		70,961
Five9, Inc.1		557		11,987
Global Sources Ltd.1		133		2,660
GrubHub, Inc.1		827		36,057
GTT Communications, Inc.1		342		10,824
Hortonworks, Inc.1		515		6,633
Instructure, Inc.1		252		7,434
j2 Global, Inc.		493		41,949
Limelight Networks, Inc.1		1,447		4,182
Liquidity Services, Inc.1		497		3,156
LivePerson, Inc.1		419		4,609
LogMeIn, Inc.		675		70,537
London Stock Exchange Group plc		1,566		74,429
Marchex, Inc., Cl. B1		406		1,210
Meet Group, Inc. (The)1		864		4,363
MINDBODY, Inc., Cl. A1		403		10,962
New Relic, Inc.1		614		26,408
NIC, Inc.		680		12,886
Numerex Corp., Cl. A1		207		1,021
Q2 Holdings, Inc.1		384		14,189
QuinStreet, Inc.1		661		2,756
Quotient Technology, Inc.1		871		10,017
Reis, Inc.		112		2,380
Rightside Group Ltd.1		209		2,220
Shutterstock, Inc.1		312		13,753
SPS Commerce, Inc.1		159		10,138
Stamps.com, Inc.1		128		19,824
TechTarget, Inc.1		271		2,810
Trade Desk, Inc. (The), Cl. A1		263		13,179
TrueCar, Inc.1		865		17,239
Web.com Group, Inc.1		422		10,677
WebMD Health Corp., Cl. A1		7,626		447,265
Xactly Corp.1		41,659		651,963
XO Group, Inc.1		350		6,167
				5,313,802
IT Services—0.6%
Accenture plc, Cl. A		377		46,627
Acxiom Corp.1		841		21,849
ALJ Regional Holdings, Inc.1		334		1,069
Atos SE		1,718		241,055
Blackhawk Network Holdings, Inc., Cl. A1		511		22,280
CACI International, Inc., Cl. A1		228		28,511
Capgemini SE		2,242		232,960
Cardtronics plc, Cl. A1		539		17,712
Cass Information Systems, Inc.		118		7,746
Convergys Corp.		849		20,189
CSG Systems International, Inc.		310		12,580
EPAM Systems, Inc.1		462		38,850
EVERTEC, Inc.		877		15,172
ExlService Holdings, Inc.1		300		16,674
Forrester Research, Inc.		232		9,083
Hackett Group, Inc. (The)		497		7,703
Information Services Group, Inc.1		355		1,459
International Business Machines Corp.		345		53,071
ManTech International Corp., Cl. A		453		18,745

21      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
IT Services (Continued)
Mastercard, Inc., Cl. A		363	$	44,086
MAXIMUS, Inc.		620		38,831
MoneyGram International, Inc.1		48,806		841,903
NCI, Inc., Cl. A1		132		2,785
NeuStar, Inc., Cl. A1		13,477		449,458
PayPal Holdings, Inc.1		1,197		64,243
Perficient, Inc.1		429		7,997
PFSweb, Inc.1		194		1,602
Planet Payment, Inc.1		585		1,930
Science Applications International Corp.		411		28,532
ServiceSource International, Inc.1		937		3,636
Sykes Enterprises, Inc.1		477		15,994
Syntel, Inc.		820		13,907
TeleTech Holdings, Inc.		327		13,342
Travelport Worldwide Ltd.		1,524		20,970
Unisys Corp.1		470		6,016
Virtusa Corp.1		311		9,143
Visa, Inc., Cl. A		512		48,015
				2,425,725
Semiconductors & Semiconductor Equipment—1.1%
Advanced Energy Industries, Inc.1		371		24,000
Advanced Micro Devices, Inc.1		10,901		136,044
Alpha & Omega Semiconductor Ltd.1		266		4,434
Ambarella, Inc.1		312		15,148
Amkor Technology, Inc.1		2,414		23,585
Axcelis Technologies, Inc.1		334		6,997
Brooks Automation, Inc.		804		17,439
Cabot Microelectronics Corp.		4,121		304,253
Cavium, Inc.1		624		38,769
CEVA, Inc.1		179		8,136
Cirrus Logic, Inc.1		611		38,322
Cohu, Inc.		351		5,525
Diodes, Inc.1		556		13,361
DSP Group, Inc.1		293		3,399
Entegris, Inc.1		1,791		39,312
FormFactor, Inc.1		527		6,535
Hanergy Thin Film Power Group Ltd.1		161,121		2
Ichor Holdings Ltd.1		199		4,012
Inphi Corp.1		425		14,577
Integrated Device Technology, Inc.1		1,216		31,361
Intel Corp.		1,949		65,759
IXYS Corp.1		376		6,185
Kopin Corp.1		743		2,757
Landing International Development Ltd.1		6,840,000		67,355
Lattice Semiconductor Corp.1		1,172		7,805
MACOM Technology Solutions Holdings, Inc.1		498		27,773
MaxLinear, Inc., Cl. A1		569		15,869
Microsemi Corp.1		1,075		50,310
MKS Instruments, Inc.		502		33,785
Monolithic Power Systems, Inc.		374		36,054
Nanometrics, Inc.1		361		9,130
NeoPhotonics Corp.1		358		2,764
NVE Corp.		63		4,851
PDF Solutions, Inc.1		366		6,021
Photronics, Inc.1		761		7,153
Power Integrations, Inc.		285		20,776
QUALCOMM, Inc.5		11,596		640,331
Rambus, Inc.1		1,150		13,144
Rudolph Technologies, Inc.1		406		9,277
Semtech Corp.1		573		20,485
Sigma Designs, Inc.1		368		2,153
Silicon Laboratories, Inc.1		392		26,793
Synaptics, Inc.1		329		17,013
Texas Instruments, Inc.		561		43,158
Ultra Clean Holdings, Inc.1		269		5,044
Veeco Instruments, Inc.1		414		11,530

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Xcerra Corp.1		63,386	$	619,281
Xilinx, Inc.5		32,175		2,069,496
Xperi Corp.		527		15,705
				4,592,968
Software—0.5%
8x8, Inc.1		950		13,822
A10 Networks, Inc.1		669		5,646
ACI Worldwide, Inc.1		1,080		24,160
Agilysys, Inc.1		226		2,287
American Software, Inc., Cl. A		379		3,900
Aspen Technology, Inc.1		731		40,395
Barracuda Networks, Inc.1		478		11,023
Blackbaud, Inc.		455		39,016
Blackline, Inc.1		486		17,370
Bottomline Technologies de, Inc.1		346		8,889
BroadSoft, Inc.1		286		12,312
Callidus Software, Inc.1		556		13,455
CommVault Systems, Inc.1		392		22,128
Ebix, Inc.		342		18,434
Ellie Mae, Inc.1		308		33,852
EnerNOC, Inc.1		316		2,449
Everbridge, Inc.1		308		7,503
Exa Corp.1		144		1,987
Fair Isaac Corp.		308		42,938
Gigamon, Inc.1		7,778		306,064
Globant SA1		327		14,205
Glu Mobile, Inc.1		1,193		2,982
Guidance Software, Inc.1		388		2,565
HubSpot, Inc.1		331		21,763
Imperva, Inc.1		293		14,020
Intu Properties plc		19,857		69,611
Majesco1		412		2,031
Micro Focus International plc		2,148		63,558
Microsoft Corp.		866		59,693
MicroStrategy, Inc., Cl. A1		116		22,234
Mitek Systems, Inc.1		364		3,058
MobileIron, Inc.1		756		4,574
Mobileye NV1		10,094		633,903
Model N, Inc.1		232		3,086
Monotype Imaging Holdings, Inc.		424		7,759
Oracle Corp.		1,953		97,923
Paycom Software, Inc.1		514		35,163
Paylocity Holding Corp.1		422		19,066
Pegasystems, Inc.		585		34,135
Progress Software Corp.		619		19,121
Proofpoint, Inc.1		372		32,301
PROS Holdings, Inc.1		252		6,902
QAD, Inc., Cl. A		261		8,365
Qualys, Inc.1		426		17,381
Rapid7, Inc.1		385		6,480
RealNetworks, Inc.1		398		1,723
RealPage, Inc.1		864		31,061
RingCentral, Inc., Cl. A1		686		25,073
Rosetta Stone, Inc.1		210		2,264
Rubicon Project, Inc. (The)1		553		2,842
Sage Group plc (The)		5,300		47,527
Sapiens International Corp. NV1		456		5,103
Silver Spring Networks, Inc.1		579		6,531
Synchronoss Technologies, Inc.1		552		9,080
Take-Two Interactive Software, Inc.1		818		60,025
Telenav, Inc.1		588		4,763
TiVo Corp.		1,692		31,556
Varonis Systems, Inc.1		296		11,011
VASCO Data Security International, Inc.1		386		5,539
Verint Systems, Inc.1		581		23,647
Workiva, Inc., Cl. A1		371		7,068
Zendesk, Inc.1		1,063		29,530

22      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Software (Continued)
Zix Corp.1		498	$	2,834
				2,136,686
Technology Hardware, Storage & Peripherals—0.8%
Apple, Inc.		20,599		2,966,668
Avid Technology, Inc.1		428		2,251
Cray, Inc.1		396		7,286
Diebold Nixdorf, Inc.		783		21,924
Eastman Kodak Co.1		491		4,468
Electronics for Imaging, Inc.1		438		20,753
Immersion Corp.1		293		2,660
Ju Teng International Holdings Ltd.		198,000		81,179
Pure Storage, Inc., Cl. A1		1,631		20,893
Stratasys Ltd.1		473		11,026
Super Micro Computer, Inc.1		470		11,586
USA Technologies, Inc.1		414		2,153
				3,152,847
Materials—1.9%
Chemicals—0.8%
A. Schulman, Inc.		310		9,920
AgroFresh Solutions, Inc.1		391		2,807
Air Liquide SA		1,474		183,178
American Vanguard Corp.		288		4,968
Balchem Corp.		320		24,867
Calgon Carbon Corp.		513		7,746
Celanese Corp., Cl. A5		16,360		1,553,218
Chase Corp.		88		9,390
Chemours Co. (The)		1,809		68,597
Codexis, Inc.1		448		2,442
Croda International plc		1,291		65,355
Dow Chemical Co. (The)		758		47,807
EI du Pont de Nemours & Co.		595		48,022
Ferro Corp.1		871		15,931
Flotek Industries, Inc.1		675		6,034
FutureFuel Corp.		629		9,492
GCP Applied Technologies, Inc.1		760		23,180
H.B. Fuller Co.		512		26,168
Hawkins, Inc.		111		5,145
Ingevity Corp.1		439		25,199
Innophos Holdings, Inc.		215		9,426
Innospec, Inc.		242		15,863
Johnson Matthey plc		1,661		62,131
Kingboard Laminates Holdings Ltd.		70,500		85,090
KMG Chemicals, Inc.		141		6,862
Koppers Holdings, Inc.1		308		11,134
Kraton Corp.1		307		10,573
Kronos Worldwide, Inc.		1,078		19,641
Methanex Corp.		8,878		391,076
Minerals Technologies, Inc.		374		27,377
Monsanto Co.		884		104,630
Olin Corp.		1,769		53,565
OMNOVA Solutions, Inc.1		621		6,055
PolyOne Corp.		836		32,387
Quaker Chemical Corp.		134		19,461
Rayonier Advanced Materials, Inc.		321		5,046
Sensient Technologies Corp.		568		45,741
Solvay SA		1,031		138,431
Stepan Co.		283		24,661
Trecora Resources1		244		2,745
Tredegar Corp.		349		5,322
Trinseo SA		572		39,296
Tronox Ltd., Cl. A		1,241		18,764
Valhi, Inc.		3,215		9,581
Westlake Chemical Partners LP4		7,812		193,347
				3,477,671
Construction Materials—0.1%
Caesarstone Ltd.1		353		12,373
CRH plc		1,282		45,693

	Shares		Value
Construction Materials (Continued)
Forterra, Inc.1		1,672	$	13,761
LafargeHolcim Ltd.1		1,614		92,713
Summit Materials, Inc., Cl. A1		990		28,581
United States Lime & Minerals, Inc.		55		4,316
US Concrete, Inc.1		146		11,468
				208,905
Containers & Packaging—0.7%
Greif, Inc., Cl. A		565		31,516
Greif, Inc., Cl. B		580		35,032
Myers Industries, Inc.		282		5,062
Packaging Corp. of America		12,180		1,356,730
Sonoco Products Co.5		31,760		1,633,099
UFP Technologies, Inc.1		89		2,519
				3,063,958
Metals & Mining—0.2%
AK Steel Holding Corp.1		3,185		20,925
Allegheny Technologies, Inc.		1,260		21,433
Ampco-Pittsburgh Corp.		111		1,637
Anglo American plc1		2,425		32,500
Antofagasta plc		5,527		57,712
ArcelorMittal1		3,251		73,997
BHP Billiton plc		2,524		38,669
Carpenter Technology Corp.		507		18,977
Century Aluminum Co.1		804		12,526
Cie Generale des Etablissements Michelin		1,194		158,741
Cliffs Natural Resources, Inc.1		3,292		22,781
Coeur Mining, Inc.1		1,725		14,800
Commercial Metals Co.		1,161		22,558
Ferroglobe plc		1,532		18,307
Fresnillo plc		2,179		42,286
Glencore plc1		8,960		33,630
Gold Resource Corp.		517		2,109
Handy & Harman Ltd.1		114		3,580
Hargreaves Lansdown plc		4,527		76,816
Haynes International, Inc.		144		5,229
Hecla Mining Co.		3,659		18,661
Kaiser Aluminum Corp.		172		15,225
Materion Corp.		280		10,472
Olympic Steel, Inc.		146		2,844
Randgold Resources Ltd.		989		87,530
Real Industry, Inc.1		269		780
Rio Tinto plc		869		36,640
Ryerson Holding Corp.1		593		5,871
Schnitzer Steel Industries, Inc., Cl. A		258		6,502
Shougang Fushan Resources Group Ltd.		492,000		91,638
SunCoke Energy, Inc.1		657		7,161
TimkenSteel Corp.1		497		7,639
Worthington Industries, Inc.		633		31,789
				1,001,965
Paper & Forest Products—0.1%
Boise Cascade Co.1		425		12,920
Clearwater Paper Corp.1		168		7,854
Deltic Timber Corp.		135		10,079
KapStone Paper & Packaging Corp.		941		19,413
Louisiana-Pacific Corp.1		1,627		39,227
Mondi plc		2,073		54,402
Neenah Paper, Inc.		212		17,013
PH Glatfelter Co.		498		9,731
Schweitzer-Mauduit International, Inc.		345		12,844
Smurfit Kappa Group plc		2,373		74,119
				257,602
Telecommunication Services—1.2%
Diversified Telecommunication Services—1.2%
AT&T, Inc.5		30,715		1,158,877
ATN International, Inc.		167		11,429

23      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Diversified Telecommunication Services (Continued)
Babcock International Group plc		5,395	$	61,923
BCE, Inc.		28,165		1,268,552
BT Group plc		19,386		74,445
CenturyLink, Inc.		11,111		265,331
Cincinnati Bell, Inc.1		455		8,895
Cogent Communications Holdings, Inc.		506		20,291
Consolidated Communications Holdings, Inc.		587		12,603
FairPoint Communications, Inc.1		314		4,914
General Communication, Inc., Cl. A1		355		13,007
Hawaiian Telcom Holdco, Inc.1		114		2,849
IDT Corp., Cl. B		201		2,888
Iridium Communications, Inc.1		1,015		11,216
Lumos Networks Corp.1		35,989		643,123
Orange SA		15,096		240,472
ORBCOMM, Inc.1		686		7,752
Verizon Communications, Inc.		23,650		1,056,209
Vivendi SA		6,895		153,489
Vonage Holdings Corp.1		2,097		13,714
Windstream Holdings, Inc.		2,408		9,343
				5,041,322
Wireless Telecommunication Services—0.0%
Boingo Wireless, Inc.1		337		5,042
NII Holdings, Inc.1		2,088		1,679
Shenandoah Telecommunications Co.		499		15,319
Spok Holdings, Inc.		206		3,646
Vodafone Group plc		24,641		69,926
				95,612
Utilities—1.8%
Electric Utilities—0.9%
ALLETE, Inc.		472		33,833
Bouygues SA		3,525		148,808
Duke Energy Corp.		1,482		123,880
Edison International		15,145		1,184,188
El Paso Electric Co.		376		19,439
Exelon Corp.		2,187		78,885
Genie Energy Ltd., Cl. B		248		1,890
IDACORP, Inc.		475		40,541
MGE Energy, Inc.		333		21,429
NextEra Energy, Inc.		1,428		200,106
Otter Tail Corp.		380		15,048
PG&E Corp.		16,660		1,105,724
PNM Resources, Inc.		750		28,687
Portland General Electric Co.		1,074		49,071
Power Assets Holdings Ltd.		9,000		79,427
Southern Co. (The)		4,604		220,440
SSE plc		6,894		130,379
				3,481,775
Gas Utilities—0.2%
Chesapeake Utilities Corp.		157		11,767
Delta Natural Gas Co., Inc.		70		2,133
New Jersey Resources Corp.		810		32,157
Northwest Natural Gas Co.		271		16,219
ONE Gas, Inc.		497		34,695
South Jersey Industries, Inc.		798		27,268
Southwest Gas Holdings, Inc.		630		46,028
Spire, Inc.		431		30,062
WGL Holdings, Inc.		7,567		631,315
				831,644
Independent Power and Renewable Electricity Producers—0.3%
Atlantic Power Corp.1		1,553		3,727
Atlantica Yield plc		973		20,783
Concord New Energy Group Ltd.		1,770,000		73,679
Datang International Power Generation Co. Ltd., Cl. H		220,000		70,170
Dynegy, Inc.1		993		8,212

	Shares		Value
Independent Power and Renewable Electricity Producers (Continued)
NRG Energy, Inc.		14,459	$	248,988
NRG Yield, Inc., Cl. A		960		16,378
NRG Yield, Inc., Cl. C		952		16,755
Ormat Technologies, Inc.		480		28,166
Pattern Energy Group, Inc., Cl. A		833		19,859
TerraForm Global, Inc., Cl. A1		161,646		816,312
TerraForm Power, Inc., Cl. A1		904		10,848
				1,333,877
Multi-Utilities—0.3%
Avista Corp.		590		25,052
Black Hills Corp.		509		34,342
Centrica plc		40,693		106,072
CMS Energy Corp.		15,680		725,200
Engie SA		11,491		174,454
National Grid plc		9,145		113,506
NorthWestern Corp.		455		27,764
Unitil Corp.		140		6,764
Veolia Environnement SA		8,332		176,933
				1,390,087
Water Utilities—0.1%
American States Water Co.		347		16,451
AquaVenture Holdings Ltd.1		278		4,234
Artesian Resources Corp., Cl. A		97		3,651
California Water Service Group		482		17,738
Connecticut Water Service, Inc.		114		6,328
Consolidated Water Co. Ltd.		144		1,786
Middlesex Water Co.		171		6,772
SJW Group		262		12,885
United Utilities Group plc		11,462		129,596
York Water Co. (The)		142		4,949
				204,390
Total Common Stocks (Cost $158,857,205)				178,054,944
Preferred Stocks—0.3%
Kinesis 2017 Sidecar, Preferred1		49,261		458,866
M&T Bank Corp., 6.375% Cum., Series A, Non-Vtg.		340		351,900
M&T Bank Corp., 6.375% Cum., Series C, Non-Vtg.		475		484,500
Total Preferred Stocks (Cost $1,294,384)				1,295,266
	Units
Rights, Warrants and Certificates—0.0%
Halcon Resources Corp. Wts., Strike Price $14.04, Exp. 9/9/201		2,038		1,447
Kaisa Group Holdings Ltd. Rts., Strike Price 1SGD, Exp. 12/31/491		231		2
SandRidge Energy, Inc. Wts., Strike Price $41.34, Exp. 10/4/221		977		2,485
SandRidge Energy, Inc. Wts., Strike Price $42.03, Exp. 10/4/221		411		1,021
Total Rights, Warrants and Certificates (Cost $70,284)				4,955
	Principal Amount
Asset-Backed Securities—2.8%
Airspeed Ltd., Series 2007-1A, Cl. G1, 1.429%, 6/15/328,9	$	1,121,611		954,772
Bear Stearns Structured Products Trust, Series 2007-EMX1, Cl. A2, 2.516%, 3/25/372,9		1,600,000		1,578,147
GSAMP Trust, Series 2005-HE4, Cl. M3, 1.736%, 7/25/459		1,400,000		1,301,563
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-NC1, Cl. M1, 1.596%, 12/25/359		1,780,000		1,682,913

24      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

		Principal Amount		Value
Asset-Backed Securities (Continued)
New Century Home Equity Loan Trust, Series 2005-1, Cl. M2, 1.936%, 3/25/359	$		397,953	$	342,637
Raspro Trust, Series 2005-1A, Cl. G, 1.674%, 3/23/248,9			1,690,269		1,639,561
SG Mortgage Securities Trust, Series 2005-OPT1, Cl. M2, 1.666%, 10/25/359			4,250,000		4,082,403
Total Asset-Backed Securities (Cost $10,840,208)					11,581,996
Mortgage-Backed Obligation—0.5%
RAMP Trust, Series 2005-RS6, Cl. M4, 2.191%, 6/25/359 (Cost $2,070,273)			2,300,000		2,230,458
Foreign Government Obligations—3.4%
Federative Republic of Brazil, 9.107% Unsec. Nts., 10/1/1710	BRL		10,400,000		3,067,515
Italian Republic, 0.00% Unsec. Nts., 8/14/1710	EUR		9,500,000		10,856,989
Total Foreign Government Obligations (Cost $13,410,156)					13,924,504
Non-Convertible Corporate Bonds and Notes—9.3%
1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/222			450,000		467,438
Arconic, Inc., 5.40% Sr. Unsec. Nts., 4/15/21			450,000		474,187
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25% Sr. Unsec. Nts., 5/15/242			350,000		384,125
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22			450,000		472,500
Bank of America Corp., 8% Jr. Sub. Perpetual Bonds, Series K9,11			1,666,000		1,713,897
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/212			450,000		468,144
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% Sr. Unsec. Nts., 5/1/232			450,000		473,625
Cemex Finance LLC, 6% Sr. Sec. Nts., 4/1/242			350,000		372,785
Cenovus Energy, Inc., 6.75% Sr. Unsec. Nts., 11/15/39			450,000		474,606
Centene Corp., 5.625% Sr. Unsec. Nts., 2/15/21			450,000		470,250
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/202			315,000		322,087
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908% Sr. Sec. Nts., 7/23/25			450,000		486,977
Cheniere Corpus Christi Holdings LLC, 5.875% Sr. Sec. Nts., 3/31/25			350,000		374,500
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/202			350,000		381,937
Citigroup, Inc., 5.875% Jr. Sub. Perpetual Bonds9,11			1,783,000		1,874,753
Columbus Cable Barbados Ltd., 7.375% Sr. Unsec. Nts., 3/30/212			450,000		478,687
CommScope Technologies LLC, 6% Sr. Unsec. Nts., 6/15/252			450,000		482,625
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23			450,000		464,625
CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22			450,000		444,375

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22	$	450,000	$	443,250
Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23		450,000		500,421
CSC Holdings LLC, 10.875% Sr. Unsec. Nts., 10/15/252		350,000		422,188
DaVita, Inc.:
5.125% Sr. Unsec. Nts., 7/15/24		550,000		559,281
5.75% Sr. Unsec. Nts., 8/15/22		200,000		205,750
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/202		450,000		422,392
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 7/15/22		450,000		484,875
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		450,000		476,437
Embarq Corp., 7.995% Sr. Unsec. Nts., 6/1/36		350,000		355,250
FirstEnergy Corp., 7.375% Sr. Unsec. Nts., 11/15/31		450,000		593,360
FMG Resources August 2006 Pty Ltd., 9.75% Sr. Sec. Nts., 3/1/222		450,000		514,687
Freeport-McMoRan, Inc., 2.375% Sr. Unsec. Nts., 3/15/18		450,000		448,875
Gazprom OAO Via Gaz Capital SA, 9.25% Sr. Unsec. Nts., 4/23/192		300,000		333,676
Goldman Sachs Capital II, 4% Jr. Sub. Perpetual Bonds9,11		8,000		6,965
Goldman Sachs Group, Inc. (The), 5.70% Jr. Sub. Perpetual Bonds, Series L9,11		1,400,000		1,458,800
HBOS plc, 6.75% Sub. Nts., 5/21/182		450,000		468,163
HCA, Inc., 6.50% Sr. Sec. Nts., 2/15/20		450,000		492,187
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/212		450,000		470,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6% Sr. Unsec. Nts., 8/1/20		450,000		464,062
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		450,000		427,500
Itau Unibanco Holding SA (Cayman Islands), 5.125% Sub. Nts., 5/13/232		300,000		305,610
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 19,11		1,653,000		1,720,360
Lukoil International Finance BV:
4.563% Sr. Unsec. Unsub. Nts., 4/24/232		500,000		512,548
6.125% Sr. Unsec. Nts., 11/9/202		2,729,000		2,975,975
MGM Resorts International, 7.75% Sr. Unsec. Nts., 3/15/22		450,000		529,313
MMC Energy, Inc., 8.875% Sr. Unsec. Nts., 10/15/203,7		100,000		—
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21		450,000		447,750
NGPL PipeCo LLC, 7.119% Sr. Unsec. Nts., 12/15/172		450,000		460,688
Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/222		450,000		468,000
Offshore Group Investment Ltd., 7.50% 1st Lien Nts., 11/1/193,7		250,000		—
Ortho-Clinical Diagnostics, Inc./Ortho- Clinical Diagnostics SA, 6.625% Sr. Unsec. Nts., 5/15/222		400,000		384,000
Post Holdings, Inc., 5% Sr. Unsec. Nts., 8/15/262		450,000		450,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20		350,000		358,607

25      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Rio Oil Finance Trust, 9.25% Sr. Sec. Nts., 7/6/242	$	280,705	$	286,389
Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/21		400,000		435,767
Samson Investment Co., 9.75%, 2/15/203,7		300,000		13,372
SandRidge Energy, Inc., 7.50% Sr. Unsec. Nts., 3/15/213,7		500,000		50
Sirius XM Radio, Inc., 6% Sr. Unsec. Nts., 7/15/242		450,000		479,250
Solera LLC/Solera Finance, Inc., 10.50% Sr. Unsec. Nts., 3/1/242		450,000		519,188
Springleaf Finance Corp., 6.90% Sr. Unsec. Nts., 12/15/17		500,000		508,125
Talen Energy Supply LLC, 4.625% Sr. Unsec. Nts., 7/15/192		80,000		78,200
T-Mobile USA, Inc., 6.625% Sr. Unsec. Nts., 4/1/23		450,000		477,315
TransDigm, Inc., 6.50% Sr. Sub. Nts., 7/15/24		450,000		465,750
United Rentals North America, Inc., 7.625% Sr. Unsec. Nts., 4/15/22		67,000		70,183
Univision Communications, Inc., 5.125% Sr. Sec. Nts., 2/15/252		450,000		447,188
Vantage Drilling International, 10% Sec. Nts., 12/31/20		407,000		392,755
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/242		400,000		425,000
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K9,11		1,597,000		1,666,470
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24		450,000		531,981
Williams Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Nts., 5/15/23		450,000		468,054
Wind Acquisition Finance SA, 7.375% Sec. Nts., 4/23/212		400,000		416,250
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50% Sr. Unsec. Nts., 3/1/252		450,000		474,469
Wynn Macau Ltd., 5.25% Sr. Unsec. Nts., 10/15/212		500,000		513,750
Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/23		450,000		475,875
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/252		300,000		317,625
Total Non-Convertible Corporate Bonds and Notes (Cost $37,339,235)				38,706,349
Convertible Corporate Bonds and Notes—0.2%
CHC Group LLC/CHC Finance Ltd., 10.78% Cv. Sec. Nts., 10/1/2010		35,887		56,163
Clearwire Communications LLC/ Clearwire Finance, Inc., 8.25% Cv. Sr. Unsec. Nts., 12/1/402		600,000		618,000
Total Convertible Corporate Bonds and Notes (Cost $634,342)				674,163
Corporate Loans—2.6%
Axalta Coating Systems US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.039%, 6/1/249		850,000		853,772
Delos Finance Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.397%, 10/6/239		5,330,000		5,363,787
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 10/25/209		767,072		580,577

		Principal Amount		Value
Corporate Loans (Continued)
TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.982%-4.147%, 5/14/229		$	3,951,946	$	3,951,125
Total Corporate Loans (Cost $10,840,362)					10,749,261
Event-Linked Bonds—12.4%
Earthquake—3.7%
Acorn Re Ltd. Catastrophe Linked Nts., 4.532%, 7/17/182,9			750,000		764,962
Azzurro Re I Ltd. Catastrophe Linked Nts., 2.15%, 1/16/192,9	EUR		800,000		917,283
Bosphorus Ltd. Catastrophe Linked Nts., 4.468%, 8/17/182,9			500,000		509,425
Buffalo Re Ltd. Catastrophe Linked Nts.:
4.348%, 4/7/202,9			750,000		755,362
7.848%, 4/7/202,9			250,000		249,512
Golden State Re II Ltd. Catastrophe Linked Nts., 3.206%, 1/8/192,9			1,000,000		998,650
Kilimanjaro Re Ltd. Catastrophe Linked Nts., 4.761%, 11/25/192,9			250,000		255,062
Kizuna Re II Ltd. Catastrophe Linked Nts.:
3.261%, 4/6/182,9			950,000		954,987
3.511%, 4/6/182,9			750,000		753,937
Merna Re Ltd. Catastrophe Linked Nts.:
3.011%, 4/9/182,9			250,000		250,362
3.011%, 4/8/208,9			500,000		504,425
3.261%, 4/8/192,9			500,000		502,875
Nakama Re Ltd. Catastrophe Linked Nts.:
3.136%, 1/16/192,9			750,000		755,213
3.246%, 10/13/212,9			650,000		662,448
3.261%, 4/13/182,9			250,000		251,087
3.511%, 4/13/182,9			500,000		502,575
3.886%, 1/16/20-1/14/212,9			1,000,000		1,024,925
4.261%, 1/14/212,9			250,000		259,888
4.698%, 10/13/212,9			500,000		512,625
Panda Re Ltd. Catastrophe Linked Nts., 4.05%, 7/9/189			500,000		503,325
Torrey Pines Re Ltd. Catastrophe Linked Nts.:
4.014%, 6/9/202,9			375,000		376,369
4.764%, 6/9/202,9			250,000		251,263
7.264%, 6/9/202,9			500,000		502,225
Tramline Re II Ltd. Catastrophe Linked Nts., 4.261%, 7/7/172,9			250,000		250,688
Ursa Re Ltd. Catastrophe Linked Nts.:
3.50%, 12/7/172,9			1,000,000		1,004,250
4.00%, 12/10/192,9			250,000		251,763
5.00%, 12/7/17-9/21/182,9			750,000		759,388
6.00%, 5/27/202,9			250,000		251,138
					15,536,012
Longevity—0.1%
Vita Capital VI Ltd. Catastrophe Linked Nts., 3.647%, 1/8/212,9			250,000		256,588
Multiple Event—5.2%
Atlas IX Capital DAC Catastrophe Linked Nts.:
4.489%, 1/17/192,9			750,000		765,262
8.659%, 1/8/202,9			250,000		262,412
8.744%, 1/7/192,9			250,000		255,262
Blue Halo Re Ltd. Catastrophe Linked Nts.:
9.261%, 7/26/192,9			250,000		257,062
15.011%, 6/21/192,9			500,000		489,925
Bonanza Re Ltd. Catastrophe Linked Nts.:
4.858%, 12/31/192,9			250,000		249,712
6.108%, 12/31/192,9			250,000		248,537
Caelus Re IV Ltd. Catastrophe Linked
Nts., 6.501%, 3/6/202,9			750,000		784,387

26      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Principal Amount		Value
Multiple Event (Continued)
Caelus Re V Ltd. Catastrophe Linked Nts.:
4.261%, 6/5/202,9	$	250,000	$	251,037
5.511%, 6/5/202,9		250,000		252,087
10.261%, 6/5/202,9		250,000		251,337
Citrus Re Ltd. Catastrophe Linked Nts., 7.058%, 3/18/202,9		250,000		250,975
Cranberry Re Ltd. Catastrophe Linked Nts.:
3.048%, 7/13/202,9		250,000		250,612
4.911%, 7/6/182,9		500,000		509,575
East Lane Re VI Ltd. Catastrophe Linked Nts.:
3.661%, 3/14/182,9		500,000		501,125
4.401%, 3/13/202,9		500,000		506,225
Eden Re II Ltd. Catastrophe Linked Nts., 0.00%, 3/22/212,10		500,000		509,300
Galilei Re Ltd. Catastrophe Linked Nts.:
5.512%, 1/8/212,9		500,000		502,125
6.262%, 1/8/212,9		250,000		251,212
14.228%, 1/8/202,9		250,000		247,462
Galileo Re Ltd. Catastrophe Linked Nts., 14.246%, 1/8/192,9		500,000		497,775
Kilimanjaro II Re Ltd. Catastrophe Linked Nts., 11.148%, 4/20/212,9		250,000		251,338
Kilimanjaro Re Ltd. Catastrophe Linked Nts.:
5.511%, 4/30/182,9		250,000		250,712
5.761%, 4/30/182,9		250,000		250,112
7.761%, 12/6/192,9		250,000		253,613
10.261%, 12/6/192,9		250,000		250,388
Lion II RE DAC Catastrophe Linked Nts., 2.681%, 7/15/212,9	EUR	750,000		857,748
Loma Reinsurance Bermuda Ltd. Catastrophe Linked Nts.:
13.331%, 1/8/182,9		200,000		199,090
18.301%, 1/8/182,9		500,000		495,325
Long Point Re III Ltd. Catastrophe
Linked Nts., 3.50%, 5/23/182,9		250,000		252,613
MetroCat Re Ltd. Catastrophe Linked
Nts., 4.711%, 5/8/202,9		500,000		502,175
PennUnion Re Ltd. Catastrophe Linked
Nts., 5.511%, 12/7/182,9		500,000		503,825
Residential Reinsurance 2013 Ltd.
Catastrophe Linked Nts., 21.011%, 12/6/172,9		500,000		500,125
Residential Reinsurance 2014 Ltd. Catastrophe Linked Nts.:
4.571%, 6/6/182,9		500,000		503,425
15.991%, 6/6/182,9		750,000		761,963
Residential Reinsurance 2015 Ltd.
Catastrophe Linked Nts., 11.981%, 6/6/192,9		500,000		510,525
Residential Reinsurance 2016 Ltd. Catastrophe Linked Nts.:
1.981%, 12/6/172,10		250,000		237,438
4.261%, 6/6/202,9		750,000		751,313
4.941%, 12/6/202,9		250,000		246,788
12.561%, 6/6/202,9		750,000		766,388
Residential Reinsurance 2017 Ltd. Catastrophe Linked Nts.:
4.011%, 6/6/212,9		375,000		373,181
17.761%, 6/6/182,10		250,000		213,988
Riverfront Re Ltd. Catastrophe Linked Nts.:
5.511%, 1/15/212,9		500,000		504,025
7.261%, 1/15/212,9		250,000		250,413
Sanders Re Ltd. Catastrophe Linked Nts.:
3.25%, 6/5/202,9		750,000		751,238
3.971%, 5/25/182,9		250,000		250,463
4.126%, 12/6/212,9		500,000		501,975
4.261%, 5/25/182,9		250,000		250,263
Spectrum Capital Ltd. Catastrophe Linked Nts.:
4.627%, 6/8/212,9		250,000		250,275
6.974%, 6/8/212,9		250,000		250,181
Tradewynd Re Ltd. Catastrophe Linked Nts.:
5.40%, 1/8/182,9		500,000		500,975

	Principal Amount		Value
Multiple Event (Continued)
Tradewynd Re Ltd. Catastrophe Linked Nts.: (Continued)
7.43%, 1/8/182,9	$	500,000	$	503,775
10.661%, 7/9/182,9		250,000		265,963
Tramline Re II Ltd. Catastrophe Linked Nts., 9.261%, 1/4/192,9		400,000		403,300
				21,708,325
Other—0.7%
Benu Capital Ltd. Catastrophe Linked Nts.:
2.55%, 1/8/202,9	EUR	250,000		289,192
3.35%, 1/8/202,9	EUR	500,000		582,782
Horse Capital I DAC Catastrophe Linked Nts., 12%, 6/15/202,9	EUR	500,000		570,675
Vitality Re V Ltd. Catastrophe Linked Nts., 3.511%, 1/7/192,9		250,000		252,612
Vitality Re VI Ltd. Catastrophe Linked Nts., 3.111%, 1/8/182,9		250,000		251,163
Vitality Re VII Ltd. Catastrophe Linked Nts., 3.661%, 1/7/202,9		250,000		255,213
Vitality Re VIII Ltd. Catastrophe Linked Nts., 3.011%, 1/8/212,9		500,000		503,425
				2,705,062
Pandemic—0.1%
International Bank for Reconstruction and Development Catastrophe Linked Nts.:
6.90%, 7/15/2012		250,000		250,000
11.50%, 7/15/2012		125,000		125,000
				375,000
Windstorm—2.6%
Akibare Re Ltd. Catastrophe Linked Nts., 3.628%, 4/7/202,9		500,000		511,875
Alamo Re Ltd. Catastrophe Linked Nts.:
4.761%, 6/8/202,9		500,000		502,475
5.411%, 6/7/192,9		500,000		517,575
5.821%, 6/7/182,9		500,000		508,825
Aozora Re Ltd. Catastrophe Linked Nts.:
3.119%, 4/7/212,9		250,000		252,637
3.488%, 4/7/202,9		500,000		509,375
Calypso Capital II Ltd. Catastrophe
Linked Nts., 3.66%, 1/8/182,9	EUR	500,000		575,529
Casablanca Re Ltd. Catastrophe Linked Nts.:
5.25%, 6/4/208		250,000		250,450
16.00%, 6/4/208		250,000		250,388
Citrus Re Ltd. Catastrophe Linked Nts.:
7.50%, 2/25/192,9		500,000		509,175
10.041%, 4/9/182,9		250,000		248,362
11.511%, 2/25/192,9		500,000		496,025
Everglades Re II Ltd. Catastrophe Linked Nts., 6.011%, 5/8/202,9		500,000		506,075
First Coast Re 2016 Ltd. Catastrophe Linked Nts., 5.006%, 6/7/192,9		250,000		251,062
First Coast Re 2017-1 Ltd. Catastrophe Linked Nts., 5.256%, 6/7/212,9		250,000		250,387
Gator Re Ltd. Catastrophe Linked Nts., 1.506%, 7/9/178,9		175,000		439
Integrity Re Ltd. Catastrophe Linked Nts., 5.265%, 6/10/202,9		500,000		500,175
Manatee Re Ltd. Catastrophe Linked Nts.:
6.311%, 12/22/172,9		750,000		745,838
16.25%, 3/10/192		500,000		499,000
Pelican III Re Ltd. Catastrophe Linked Nts., 4.551%, 4/16/182,9		500,000		502,875
Pelican IV Re Ltd. Catastrophe Linked Nts., 3.698%, 5/5/202,9		750,000		753,638
Queen Street X Re Ltd. Catastrophe Linked Nts., 6.761%, 6/8/182,9		750,000		751,013
Queen Street XI Re DAC Catastrophe Linked Nts., 7.161%, 6/7/192,9		250,000		252,238

27      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Windstorm (Continued)
Queen Street XII Re Designated Activity Co. Catastrophe Linked Nts., 6.523%, 4/8/202,9	$	500,000	$	506,625
				10,652,056
Total Event-Linked Bonds (Cost $50,960,368)				51,233,043
Short-Term Notes—14.3%
France—1.1%
French Republic Treasury Bills, 0.00%, 8/9/1710	EUR	4,000,000		4,571,273
Italy—0.7%
Italian Republic Bonds, 0.00%, 9/29/1710	EUR	2,800,000		3,201,611
Japan—4.3%
Japan Treasury Bills, 0.00%, 8/21/1710	JPY	2,000,000,000		17,783,721
Portugal—1.1%
Portuguese Republic Treasury Bills, 0.00%, 7/21/1710	EUR	4,030,000		4,603,716

	Principal Amount		Value
Sweden—3.8%
Kingdom of Sweden Treasury Bills:
0.00%, 7/19/1710	SEK	130,000,000	$	15,435,893
0.00%, 9/20/1710	SEK	2,000,000		237,803
				15,673,696
United States—3.3%
United States Treasury Bills, 0.875%, 9/7/1710,13,14	USD	13,635,000		13,611,371
Total Short-Term Notes (Cost $58,339,287)				59,445,388
	Shares
Investment Companies—9.5%
Highland/iBoxx Senior Loan Exchange Traded Fund		111,516		2,051,894
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%6,15,16		33,378,716		33,378,716
Scottish Mortgage Investment Trust plc		13,136		68,425
SPDR Gold Trust Exchange Traded Fund1,16		34,231		4,039,943
Total Investment Companies (Cost $39,511,320)				39,538,978

Counterparty

Exercise Price

Expiration Date

Contracts

Over-the-Counter Options Purchased—0.0%

CNH Currency Put1

CITNA-B

CNH

7.300

11/29/17

CNH

10,585,000

$

2,286

CNH Currency Put1

CITNA-B

CNH

7.300

11/29/17

CNH

53,100,000

11,470

Total Over-the-Counter Options Purchased (Cost $194,533)

13,756

Counterparty

Pay /Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.1%

Interest Rate Swap maturing 1/28/30 Call1

GSCOI

Receive

Three-Month USD BBA LIBOR

2.974%

1/24/20

USD

8,550

253,195

Interest Rate Swap maturing 11/2/27 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

1.070

11/20/17

JPY

560,000

8

Interest Rate Swap maturing 11/22/27 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

1.070

11/20/17

JPY

424,000

6

Interest Rate Swap maturing 7/25/28 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

1.050

7/23/18

JPY

630,000

2,940

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $684,550)

256,149

Total Investments, at Value (Cost $385,046,507)

98.4

%

407,709,210

Net Other Assets (Liabilities)

1.6

6,647,149

Net Assets

100.0

%

$

414,356,359

Footnotes to Consolidated Statement of Investments

1. Non-income producing security.

2. 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 $67,908,353 or 16.39% of the Fund’s net assets at period end.

3. Security received as the result of issuer reorganization.

4. Security is a Master Limited Partnership.

5. 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 $10,411,932. See Note 10 of the accompanying Consolidated Notes.

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		Gross		Shares
	December 31, 2016		Additions		Reductions		June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		57,727,699		202,892,760		227,241,743		33,378,716
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	33,378,716	$	74,715

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.

8. Restricted security. The aggregate value of restricted securities at period end was $3,600,035, which represents 0.87% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

							Unrealized
	Acquisition						Appreciation/
Security	Dates		Cost		Value		(Depreciation)
Airspeed Ltd., Series 2007-1A, Cl. G1, 1.429%, 6/15/32		4/15/15		$        978,518		$        954,772		$                    (23,746	)

28      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Footnotes to Consolidated Statement of Investments (Continued)

	Acquisition						Unrealized Appreciation/
Security	Dates		Cost		Value		(Depreciation)
Casablanca Re Ltd. Catastrophe Linked Nts., 5.25%, 6/4/20		5/26/17	$	250,000	$	250,450	$	450
Casablanca Re Ltd. Catastrophe Linked Nts., 16%, 6/4/20		5/26/17		250,000		250,388		388
Gator Re Ltd. Catastrophe Linked Nts., 1.506%, 7/9/17		12/2/14-11/25/15		175,000		439		(174,561)
Merna Re Ltd. Catastrophe Linked Nts., 3.011%, 4/8/20		3/22/17		500,000		504,425		4,425
Raspro Trust, Series 2005-1A, Cl. G, 1.674%, 3/23/24		7/7/15		1,666,987		1,639,561		(27,426)
			$	3,820,505	$	3,600,035	$	(220,470)

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

10. Zero coupon bond reflects effective yield on the original acquisition date.

11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

12. 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.

13. 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 $5,165,033. See Note 6 of the accompanying Consolidated Notes.

14. 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 $5,586,302. See Note 6 of the accompanying Consolidated Notes.

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

16. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent
United States	$	264,125,311		64.8	%
Japan		26,227,351		6.4
Sweden		15,986,961		3.9
Italy		14,474,851		3.6
Bermuda		14,082,338		3.5
France		12,628,801		3.1
United Kingdom		6,993,358		1.7
Supranational		6,660,840		1.6
Netherlands		5,847,114		1.5
Cayman Islands		5,180,418		1.3
Portugal		4,603,716		1.1
Russia		3,822,198		1.0
Ireland		3,710,505		0.9
Brazil		3,659,514		0.9
Canada		3,266,742		0.8
Hong Kong		2,649,028		0.7
Switzerland		2,418,812		0.6
China		2,347,598		0.6
Australia		1,743,561		0.4
Germany		1,098,708		0.3
Eurozone		917,283		0.2
Singapore		893,647		0.2
Macau		513,750		0.1
Turkey		509,425		0.1
Chile		482,712		0.1
Barbados		478,687		0.1
Colombia		472,500		0.1
Jamaica		422,392		0.1
Mexico		372,785		0.1
Spain		242,089		0.1
Belgium		138,431		0.1
Finland		128,597		0.0
Thailand		95,805		0.0
South Africa		94,281		0.0
Philippines		91,797		0.0
Jersey, Channel Islands		87,530		0.0
Luxembourg		73,997		0.0
Jordan		40,528		0.0
Indonesia		35,730		0.0
Puerto Rico		29,120		0.0
Israel		20,847		0.0
China Offshore		13,756		0.0
Panama		11,116		0.0
Monaco		7,984		0.0
Greece		6,696		0.0

29      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)										Value			Percent
Denmark										$	—			–%
Norway											—			–
Total										$	407,709,210			100.0%
										Shares Sold Short			Value
Securities Sold Short—(8.0)%
Common Stock Securities Sold Short—(8.0)%
AGCO Corp.											(17,800	)	$	(1,199,542	)
Air Lease Corp., Cl. A											(6,635	)		(247,884	)
Aircastle Ltd.											(14,825	)		(322,444	)
Aker Solutions ASA1											(72,678	)		(328,860	)
Ally Financial, Inc.											(32,490	)		(679,041	)
AvalonBay Communities, Inc.											(1,780	)		(342,063	)
Boeing Co. (The)											(3,862	)		(763,710	)
Camden Property Trust											(7,980	)		(682,370	)
Caterpillar, Inc.											(6,430	)		(690,968	)
Cie Financiere Richemont SA											(10,679	)		(881,205	)
CNH Industrial NV											(48,630	)		(553,409	)
Colgate-Palmolive Co.											(21,160	)		(1,568,591	)
Constellation Brands, Inc., Cl. A											(2,860	)		(554,068	)
Corning, Inc.											(14,950	)		(449,247	)
Digital Realty Trust, Inc.											(14,440	)		(1,630,998	)
Dril-Quip, Inc.1											(6,400	)		(312,320	)
Entergy Corp.											(5,920	)		(454,478	)
Fastenal Co.											(13,040	)		(567,631	)
Franklin Resources, Inc.											(15,910	)		(712,609	)
GlaxoSmithKline plc, Sponsored ADR											(5,050	)		(217,756	)
HP, Inc.											(57,620	)		(1,007,198	)
Intel Corp.											(37,740	)		(1,273,348	)
International Business Machines Corp.											(8,460	)		(1,301,402	)
Jones Lang LaSalle, Inc.											(12,620	)		(1,577,500	)
Koninklijke Ahold Delhaize NV											(58,068	)		(1,113,008	)
Neste OYJ											(13,435	)		(529,983	)
Novo Nordisk AS, Sponsored ADR											(5,460	)		(234,179	)
Pennsylvania Real Estate Investment Trust											(148,620	)		(1,682,378	)
Procter & Gamble Co. (The)											(16,870	)		(1,470,220	)
ResMed, Inc.											(11,120	)		(865,914	)
Rio Tinto plc, Sponsored ADR											(13,430	)		(568,223	)
Rowan Cos. plc, Cl. A1											(43,260	)		(442,982	)
Sanofi, ADR											(11,870	)		(568,692	)
SAP SE, Sponsored ADR											(9,970	)		(1,043,560	)
Southern Copper Corp.											(30,180	)		(1,045,133	)
Subsea 7 SA											(25,846	)		(348,445	)
Transocean Ltd.1											(49,552	)		(407,813	)
W.W. Grainger, Inc.											(2,265	)		(408,900	)
Wacker Chemie AG											(5,917	)		(642,512	)
Weingarten Realty Investors											(53,910	)		(1,622,691	)
Western Union Co. (The)											(52,030	)		(991,172	)
William Demant Holding AS1											(24,468	)		(635,326	)
Total Securities Sold Short (Proceeds $32,615,439)													$	(32,939,773	)
Forward Currency Exchange Contracts as of June 30, 2017
										Unrealized			Unrealized
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)				Appreciation			Depreciation
BAC		09/2017		CAD	8,350		USD	6,225	$		220,824		$	—
BAC		09/2017		COP	5,947,000		USD	2,009			—			75,273
BAC		09/2017		IDR	67,149,000		USD	5,006			—			7,193
BAC		08/2017		USD	2,028		BRL	6,780			—			4,979
BAC		09/2017		USD	1,993		COP	6,135,000			—			1,872
BAC		09/2017		USD	1,058		SGD	1,460			—			3,469
BAC		09/2017		USD	2,230		THB	76,000			—			7,284
BOA		09/2017		CHF	625		USD	650			4,532			—
BOA		09/2017		CZK	50,900		USD	2,184			52,529			—
BOA		09/2017		TRY	24,470		USD	6,760			55,279			—
BOA		09/2017		USD	15,128		CAD	20,385			—			608,944
BOA		09/2017		USD	3,142		CHF	3,020			—			21,899
BOA		11/2017		USD	184		CNH	1,300			—			6,161
BOA		09/2017		USD	14,129		EUR	12,538			—			243,727
BOA		09/2017		USD	1,325		HUF	364,000			—			25,432

30      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Unrealized Appreciation		Unrealized     Depreciation
BOA		07/2017 - 09/2017		USD	14,836	SEK		132,000	$	—	$	845,520
BOA		07/2017		USD	9,264	ZAR		120,140		88,387		—
BOA		07/2017		ZAR	25,512	USD		1,822		126,453		—
CITNA-B		07/2017 - 08/2017		BRL	23,660	USD		7,150		—		34,158
CITNA-B		09/2017		JPY	72,000	USD		657		—		15,117
CITNA-B		09/2017		MYR	18,015	USD		4,230		—		55,045
CITNA-B		09/2017		TWD	64,000	USD		2,129		—		23,815
CITNA-B		07/2017		USD	3,022	BRL		10,400		—		116,954
CITNA-B		09/2017		USD	3,158	CLP		2,106,000		—		8,346
CITNA-B		09/2017		USD	3,194	HKD		24,850		4,990		—
CITNA-B		09/2017		USD	4,254	ILS		14,970		—		48,949
CITNA-B		09/2017		USD	3,741	JPY		409,900		86,061		—
DEU		09/2017		JPY	144,000	USD		1,297		—		13,138
DEU		09/2017		NZD	910	USD		656		10,202		—
DEU		09/2017		USD	1,316	JPY		144,000		31,662		—
DEU		09/2017		USD	2,059	NZD		2,857		—		32,028
GSCO-OT		08/2017 - 09/2017		USD	18,029	EUR		16,300		—		635,327
GSCO-OT		08/2017		USD	18,075	JPY		2,000,000		256,085		—
HSBC		08/2017		BRL	3,340	USD		1,006		—		4,077
HSBC		11/2017		CNH	540	USD		77		1,568		—
HSBC		09/2017		GBP	510	USD		662		3,612		—
HSBC		09/2017		HUF	184,000	USD		672		10,288		—
HSBC		09/2017		JPY	230,000	USD		2,068		—		16,750
HSBC		09/2017		KRW	727,000	USD		648		—		12,916
HSBC		09/2017		MXN	61,900	USD		3,353		19,938		—
HSBC		09/2017		PLN	19,820	USD		5,294		52,818		—
HSBC		09/2017		USD	11,683	GBP		9,012		—		79,994
HSBC		09/2017		USD	6,435	KRW		7,215,000		128,183		—
HSBC		09/2017		USD	2,081	NZD		2,855		—		8,683
HSBC		09/2017		USD	2,016	ZAR		26,465		17,065		—
HSBC		09/2017		ZAR	156,930	USD		11,955		—		101,191
JPM		09/2017		AUD	1,685	USD		1,281		12,716		—
JPM		08/2017		BRL	10,400	USD		3,101		17,668		—
JPM		09/2017		CAD	4,405	USD		3,336		65,158		—
JPM		09/2017		EUR	8,970	USD		10,112		170,764		—
JPM		09/2017		INR	299,000	USD		4,610		—		19,675
JPM		09/2017		JPY	234,000	USD		2,153		—		66,581
JPM		09/2017		NOK	10,180	USD		1,200		21,254		—
JPM		09/2017		RUB	471,300	USD		8,123		—		249,875
JPM		09/2017		SEK	5,780	USD		667		21,989		—
JPM		09/2017		SGD	1,460	USD		1,065		—		3,460
JPM		08/2017 - 10/2017		USD	5,097	BRL		17,120		14,284		15,388
JPM		11/2017		USD	1,268	CNH		9,000		—		45,853
JPM		07/2017		USD	4,400	EUR		4,030		—		206,689
JPM		09/2017		USD	1,291	KRW		1,463,000		11,766		—
JPM		09/2017		USD	4,108	NZD		5,715		—		74,552
JPM		09/2017		USD	7,957	RUB		468,564		165,398		35,868
JPM		09/2017		USD	3,150	SEK		27,300		—		103,858
NOM		07/2017		USD	5,446	EUR		5,086		—		371,329
RBS		09/2017		JPY	227,000	USD		2,059		—		34,763
TDB		07/2017		BRL	11,000	USD		3,303		17,050		—
TDB		09/2017		USD	7,307	AUD		9,695		—		137,495
TDB		07/2017 - 08/2017		USD	7,058	BRL		23,490		7,377		15,250
Total Unrealized Appreciation and Depreciation									$	1,695,900	$	4,438,877

Futures Contracts as of June 30, 2017
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
CAC 40 10 Index		PAR		Sell		7/21/17		117	$	6,837,258	$	180,230
CBOE Volatility Index		CBE		Sell		7/19/17		100		1,232,500		64,011
Copper*		CMX		Buy		9/27/17		10		677,750		27,972
Corn*		CBT		Sell		9/14/17		34		647,700		(2,234	)
Euro-BONO		EUX		Sell		9/07/17		12		1,896,060		(2,526	)
Euro-BTP		EUX		Sell		9/07/17		20		3,087,003		(30,566	)
Euro-BUND		EUX		Buy		9/07/17		33		6,101,034		(109,857	)
Euro-OAT		EUX		Sell		9/07/17		11		1,865,451		21,473
FTSE 100 Index		ICE		Sell		9/15/17		70		6,603,096		176,778

31    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Futures Contracts (Continued)
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
Gold (100 oz.)*		CMX		Sell		8/29/17		7	$	869,610	$	18,778
Lean Hogs*		CME		Sell		7/17/17		19		688,750		(56,456)
Live Cattle*		CME		Buy		8/31/17		13		604,760		(34,081)
Low Sulphur Gas Oil*		ICE		Buy		7/12/17		14		611,100		(21,024)
MINI MSCI Emerging Market Index		NYF		Buy		9/15/17		85		4,285,275		5,388
Natural Gas*		NYM		Sell		7/27/17		21		637,350		9,160
New York Harbor ULSD*		NYM		Buy		7/31/17		10		622,902		(13,636)
Nickel*		LME		Buy		7/17/17		12		673,560		30,922
Russell 2000 Mini Index		NYF		Sell		9/15/17		329		23,265,235		126,397
S&P 500 E-Mini Index		CME		Sell		9/15/17		85		10,289,250		22,818
S&P 500 E-Mini Index		CME		Buy		9/15/17		180		21,789,000		12,970
S&P/TSX 60 Index		MON		Sell		9/14/17		17		2,331,339		27,376
Soybean*		CBT		Sell		8/14/17		14		662,900		(19,436)
SPI 200 Index		SFE		Sell		9/21/17		46		4,993,094		73,267
STOXX Europe 600 Index		EUX		Buy		9/15/17		539		11,616,728		(303,325)
Sugar #11 World*		NYB		Sell		9/29/17		38		587,754		39,176
United States Treasury Long Bonds		CBT		Buy		9/20/17		84		12,909,750		89,106
United States Treasury Nts., 10 yr.		CBT		Sell		9/20/17		94		11,799,937		32,891
United States Treasury Nts., 5 yr.		CBT		Sell		9/29/17		80		9,426,875		21,125
WTI Crude Oil*		NYM		Sell		7/20/17		18		828,720		9,497
											$	396,194

*All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

Over-the-Counter Options Written at June 30, 2017
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Premiums Received		Value
CNH Currency Put		CITNA-B	CNH		8.000		11/29/17	CNH		(58,200,000	)	$	60,528	$	—
CNH Currency Put		CITNA-B	CNH		8.000		11/29/17	CNH		(11,600,000	)		10,323		—
Total Over-the-Counter Options Written												$	70,851	$	—

Centrally Cleared Credit Default Swaps at June 30, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.HY.27		Buy		5.000	%		12/20/21	USD		190	$	12,481		$	(14,119)
CDX.HY.27		Buy		5.000			12/20/21	USD		16,180		1,111,447			(1,201,800)
CDX.HY.27		Buy		5.000			12/20/21	USD		8,786		712,340			(652,632)
CDX.HY.28		Buy		5.000			6/20/22	USD		2,050		143,181			(139,320)
CDX.IG.28		Sell		1.000			6/20/22	USD		5,655		(102,346	)		104,612
iTraxx.Main.27		Buy		1.000			6/20/22	EUR		5,040		107,520			(119,802)
Neiman Marcus Group LLC (The)		Buy		5.000			12/20/20	USD		715		41,431			195,869
Total Cleared Credit Default Swaps											$	2,026,054		$	(1,827,192)

Over-the-Counter Credit Default Swaps at June 30, 2017
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.NA.HY.21		CITNA-B		Buy		5.000	%		12/20/18	USD		1,125	$	(34,531	)	$	(78,331)
CDX.NA.HY.21		CITNA-B		Sell		5.000			12/20/18	USD		272		151,724			(32,778)
CDX.NA.HY.21		GSCOI		Sell		5.000			12/20/18	USD		80		43,576			(9,615)
CDX.NA.HY.25		GSCOI		Buy		5.000			12/20/20	USD		1,125		(194,688	)		(76,149)
CDX.NA.HY.25		GSCOI		Sell		5.000			12/20/20	USD		337		223,411			(128,891)
Malaysia		BNP		Buy		1.000			6/20/21	USD		775		(22,856	)		(10,580)
Malaysia		BNP		Buy		1.000			12/20/20	USD		1,700		(110,693	)		(25,935)
Malaysia		MOS-A		Buy		1.000			12/20/20	USD		1,700		(85,394	)		(25,935)
Total Over-the-Counter Credit Default Swaps													$	(29,451	)	$	(388,214)

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**
Non-Investment Grade Corporate Debt Indexes		$6,343,169		$29,455,900		BB to B+

* Amounts recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of 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.

32      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Centrally Cleared Interest Rate Swaps at June 30, 2017

Pay/Receive

Premiums

Counterparty

Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Received / (Paid)

Value

Three-Month SEK

BAC

Pay

STIBOR SIDE

1.418%

11/12/25

SEK

1,840

$

—

$

9,269

Three-Month SEK

BAC

Pay

STIBOR SIDE

0.628

7/8/26

SEK

2,340

—

(9,565)

Three-Month SEK

BAC

Pay

STIBOR SIDE

1.501

12/9/25

SEK

5,120

—

29,096

Six-Month JPY BBA

BAC

Receive

LIBOR

0.468

11/12/25

JPY

23,000

—

(4,491)

Six-Month GBP BBA

BAC

Receive

LIBOR

1.196

3/1/27

GBP

7,435

—

96,491

Three-Month SEK

BAC

Pay

STIBOR SIDE

1.630

7/3/25

SEK

37,420

10,853

320,712

Three-Month SEK

BAC

Pay

STIBOR SIDE

1.365

8/10/25

SEK

4,580

—

24,267

Six-Month JPY BBA

BOA

Receive

LIBOR

0.208

12/8/26

JPY

49,000

—

1,500

Three-Month NZD

BOA

Pay

BBR FRA

3.353

12/8/26

NZD

8,445

—

26,411

Three-Month NZD

BOA

Pay

BBR FRA

3.458

1/6/27

NZD

4,625

—

81,510

Three-Month NZD

BOA

Pay

BBR FRA

3.390

5/4/27

NZD

450

—

2,221

Six-Month JPY BBA

CITNA-B

Receive

LIBOR

0.251

1/6/27

JPY

386,000

—

(5,289)

Three-Month SEK

GSCOI

Pay

STIBOR SIDE

1.118

1/9/27

SEK

26,100

—

3,924

Three-Month SEK

JPM

Pay

STIBOR SIDE

1.136

3/3/27

SEK

3,895

—

(416)

Three-Month SEK

JPM

Pay

STIBOR SIDE

1.070

6/7/26

SEK

��

3,550

—

(411)

Six-Month JPY BBA

JPM

Receive

LIBOR

0.593

7/10/25

JPY

515,000

—

(157,424)

Six-Month JPY BBA

JPM

Receive

LIBOR

0.566

8/6/25

JPY

13,000

—

(3,638)

Six-Month JPY BBA

JPM

Receive

LIBOR

0.461

12/9/25

JPY

28,000

—

(5,285)

Six-Month JPY BBA

JPM

Receive

LIBOR

0.595

8/11/25

JPY

29,000

—

(8,717)

Six-Month JPY BBA

JPM

Receive

LIBOR

0.100

6/6/26

JPY

35,000

—

3,547

Three-Month NZD

UBS

Pay

BBR FRA

3.535

3/3/27

NZD

430

—

8,771

Total of Centrally Cleared Interest Rate Swaps

$

10,853

$

412,483

Over-the-Counter Total Return Swaps at June 30, 2017

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional     Amount     (000’s)

Value

0998.HK-China Citic Bank Corp. Ltd., ORD H

GSCOI

Pay

One-Month HKD HIBOR HKAB minus 50 basis points

5/24/18

HKD

2,801

$

(3,798)

1988.HK-China Ninsheng

One-Month HKD HIBOR

Banking Corp. Ltd., ORD H

GSCOI

Pay

HKAB minus 50 basis points

5/24/18

HKD

2,885

(8,894)

3328.HK-Bank of Communications Co. Ltd., ORD H

GSCOI

Pay

One-Month HKD HIBOR HKAB minus 50 basis points

5/24/18

HKD

3,403

(626)

3968.HK-China Merchants Bank, ORD H

GSCOI

Pay

One-Month HKD HIBOR HKAB minus 50 basis points

5/24/18

HKD

3,791

(26,075)

6818.HK-China Everbright Bank, ORD H

GSCOI

Pay

One-Month HKD HIBOR HKAB minus 50 basis points

5/24/18

HKD

1,478

(7,934)

HIN7 Index

JPM

Pay

No Floating Rate

8/2/17

HKD

21,747

25

JPCMOAUL Custom Basketa

JPM

Pay

One-Month AUD BBSW plus 55 basis points

12/6/17

AUD

8,816

(82,070)

JPCMOCDL Custom Basketb

JPM

Pay

One- Month CAD CDOR plus 35 basis points

12/7/17

CAD

8,975

(137,804)

JPCMOLNG Custom Basketc

JPM

Pay

One-Month USD BBA LIBOR plus 30 basis points

12/7/17

USD

4,891

(70,322)

JPCMOSHR Custom Basketd

JPM

Receive

One-Month USD BBA LIBOR minus 85 basis points

12/7/17

USD

4,917

12,975

One-Month USD BBA LIBOR

OEX Index

GSCOI

Pay

minus 35 basis points

4/9/18

USD

6,548

35,023

PowerShares Senior Loan

One-Month USD BBA LIBOR

Exchange Traded Fund

CITNA-B

Receive

minus 15 basis points

11/1/17

USD

64,413

106,084

33      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Total Return Swaps (Continued)

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

PowerShares Senior Loan Exchange Traded Fund

CITNA-B

Receive

One-Month USD BBA LIBOR plus 20 basis points

7/11/17

USD

8,209

$                          (30,622)

Total Over-the-Counter Total Return Swaps

$                         (214,038)

* 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.

Custom baskets of securities: The following are the components and weights of the underlying basket of securities
Description	Shares	% of Basket
JPCMOAULa:
A2 Milk Co. Ltd.	135,300	3.59%
Bendigo and Adelaide Bank	38,778	1.03
Carsales.com Ltd.	39,447	1.05
Fairfax Media Ltd.	347,450	9.22
Fisher & Paykel Healthcare Co.	42,372	1.12
G8 Education Ltd.	125,888	3.34
Infigen Energy	510,956	13.57
Invocare Ltd.	29,326	0.78
Mayne Pharma Group Ltd.	404,011	10.73
Mirvac Group	192,174	5.10
Nanosonics Ltd.	155,112	4.12
Navitas Ltd	100,303	2.66
Orocobre Ltd.	119,317	3.17
ResMed, Inc., Cdi	45,006	1.19
Shopping Centres Australasia	186,400	4.95
Sigma Healthcare Ltd.	520,135	13.82
Southern Cross Media Group Ltd.	384,347	10.20
Spark Infrastructure Group	157,932	4.19
Steadfast Group Ltd.	155,668	4.13
Technology One Ltd.	77,006	2.04
	3,766,928	100.00%
JPCMOCDLb:
Boyd Group Income Fund	4,459	0.96%
Canadian Apartment Properties Real Estate Investment Trust	13,317	2.86
Celestica, Inc.	24,010	5.16
Colliers International Group	6,150	1.32
Constellation Software, Inc.	638	0.14
Dollarama, Inc.	3,563	0.77
Enbridge Income Fund Holding	13,744	2.95
FirstService Corp.	5,276	1.13
Granite Real Estate Investment	8,713	1.87
Intertape Polymer Group, Inc.	19,071	4.10
Jean Coutu Group, Inc., Cl. A	20,093	4.32
Just Energy Group, Inc.	63,065	13.55
Magna International, Inc.	7,373	1.58
Metro, Inc.	9,856	2.12
New Flyer Industries, Inc.	8,025	1.72
North West Co., Inc. (The)	13,813	2.97
Parkland Fuel Corp.	14,505	3.12
Premium Brands Holdings Corp.	4,829	1.04
Uni-Select, Inc.	14,672	3.15
Western Forest Products, Inc.	210,315	45.17
	465,487	100.00%
JPCMOLNGc:
Altria Group, Inc.	1,642	1.79%
Anthem, Inc.	679	0.74
At&T, Inc.	3,216	3.50
Best Buy Co., Inc.	2,086	2.27
CenterPoint Energy, Inc.	4,331	4.72
Charter Communications, Inc., Cl. A	359	0.39
Corning, Inc.	4,258	4.64
Cummins, Inc.	786	0.86
Dow Chemical Co. (The)	2,000	2.18
DTE Energy Co.	1,131	1.23

34      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Custom baskets of securities: The following are the components and weights of the underlying basket of securities (Continued)
Description	Shares	% of Basket
JPCMOLNGc: (Continued)
eBay, Inc.	3,612	3.93%
FMC Corp.	1,644	1.79
Foot Locker, Inc.	2,086	2.27
Gap, Inc. (The)	5,507	6.00
General Dynamics Corp.	610	0.66
Goldman Sachs Group, Inc.	586	0.64
Goodyear Tire & Rubber Co.	3,845	4.19
Idexx Laboratories, Inc.	736	0.80
Incyte Corp.	958	1.04
Ingersoll-Rand plc	1,383	1.51
Kimberly-Clark Corp.	955	1.04
Lincoln National Corp.	1,907	2.08
Marathon Petroleum Corp.	2,381	2.59
McKesson Corp.	760	0.83
Mettler-Toledo International	213	0.23
Morgan Stanley	2,968	3.23
Nvidia Corp.	858	0.93
Prudential Financial, Inc.	1,182	1.29
Pultegroup, Inc.	5,465	5.95
Reynolds American, Inc.	1,842	2.01
Robert Half International, Inc.	2,665	2.90
Symantec Corp.	4,088	4.45
Synopsys, Inc.	1,655	1.80
Transocean Ltd.	13,631	14.86
United Continental Holdings	1,555	1.69
United Rentals, Inc.	1,140	1.24
Walgreens Boots Alliance, Inc.	1,529	1.67
Williams Cos., Inc.	4,332	4.72
Wyndham Worldwide Corp.	1,227	1.34
	91,808	100.00%
JPCMOSHRd:
Acuity Brands, Inc.	761	0.48%
Affiliated Managers Group	805	0.51
American International Group	1,947	1.22
Broadcom Ltd.	517	0.33
C.H. Robinson Worldwide, Inc.	1,849	1.16
CenturyLink, Inc.	4,966	3.12
CF Industries Holdings, Inc.	4,606	2.90
Chesapeake Energy Corp.	24,487	15.42
Chipotle Mexican Grill, Inc.	260	0.16
Citrix Systems, Inc.	1,501	0.94
Conagra Brands, Inc.	3,215	2.02
Coty, Inc., Cl. A	6,542	4.11
CVS Health Corp.	1,613	1.01
Danaher Corp.	1,459	0.92
Envision Healthcare Corp.	2,269	1.43
FirstEnergy Corp.	4,237	2.66
FLIR Systems, Inc.	3,270	2.06
Flowserve Corp.	2,555	1.61
Ford Motor Co.	11,142	7.01
Hess Corp.	2,700	1.70
Johnson Controls International	2,967	1.87
Mallinckrodt plc	2,873	1.81
MetLife, Inc.	2,449	1.54
Monster Beverage Corp.	2,451	1.54
Nasdaq, Inc.	1,832	1.15
Newmont Mining Corp.	3,628	2.28
News Corp., Cl. B	9,044	5.69
NRG Energy, Inc.	7,715	4.85
Patterson Cos., Inc.	2,806	1.76
Perrigo Co. plc	1,701	1.07
Range Resources Corp.	5,373	3.38
Salesforce.com, Inc.	1,382	0.87
Staples, Inc.	13,646	8.58
Stericycle, Inc.	1,515	0.95
Tractor Supply Co.	2,247	1.41
Transdigm Group, Inc.	462	0.29

35      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Custom baskets of securities: The following are the components and weights of the underlying basket of securities (Continued)
Description	Shares	% of Basket
JPCMOSHRd: (Continued)
TripAdvisor, Inc.	3,217	2.02%
Under Armour, Inc., Cl. A	6,467	4.07
Western Union Co.	6,514	4.10
	158,990	100.00%

Over-the-Counter Volatility Swaps at June 30, 2017

Reference Asset

Counterparty

Pay/Receive Volatility*

Strike Price

Maturity Date

Notional Amount

Value

AUD/CAD spot exchange rate

DEU

Receive

$  6.900

7/17/17

AUD

8,400

$                          517

AUD/CAD spot exchange rate

JPM

Receive

6.800

7/17/17

AUD

8,500

2,744

CAD/JPY spot exchange rate

GSCO-OT

Receive

9.000

7/19/17

CAD

8,500

8,128

CAD/JPY spot exchange rate

BOA

Receive

9.150

7/20/17

CAD

0

7,997

EUR/SEK spot exchange rate

JPM

Pay

5.300

7/31/17

EUR

(5,700)

(9,570)

EUR/SEK spot exchange rate

BOA

Pay

5.450

7/31/17

EUR

(5,600)

(8,379)

EUR/SEK spot exchange rate

DEU

Pay

6.100

8/3/17

EUR

(5,600)

(2,942)

GBP/CAD spot exchange rate

JPM

Receive

8.160

7/13/17

GBP

5,000

3,256

GBP/CAD spot exchange rate

JPM

Receive

8.640

7/14/17

GBP

5,000

(7,424)

GBP/USD spot exchange rate

DEU

Pay

8.550

7/10/17

USD

(6,400)

(3,840)

GBP/USD spot exchange rate

BOA

Pay

8.500

7/12/17

USD

(6,400)

(5,248)

USD/CAD spot exchange rate

JPM

Pay

5.650

7/10/17

USD

(6,400)

(15,808)

Total Over-the-Counter Volatility Swaps

$                    (30,569)

* 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
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS-A	Morgan Stanley
NOM	Nomura Global Financial Products, Inc.
RBS	Royal Bank of Scotland plc (The)
TDB	Toronto Dominion Bank
UBS	UBS AG
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
COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty

36      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Currency abbreviations indicate amounts reporting in currencies (Continued)

RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR FRA	Bank Bill Forward Rate Agreement
BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BONO	Spanish Government Bonds
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
CAC	French Options Market
CDOR	Canada Bankers Acceptances Rate
CDX.HY.27	Markit CDX High Yield Index
CDX.HY.28	Markit CDX High Yield Index
CDX.IG.28	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
FTSE 100	United Kingdom 100 most highly capitalized companies on the London Stock Exchange
HIBOR	Hong Kong Interbank Offered Rate
HIN7	The Hang Seng Index Futures
HKAB	Hong Kong Association of Banks
iTraxx.Main.27	Credit Default Swap Trading Index for a Specific Basket of Securities
JPCMOAUL	Custom Basket of Securities
JPCMOCDL	Custom Basket of Securities
JPCMOLNG	Custom Basket of Securities
JPCMOSHR	Custom Basket of Securities
MSCI	Morgan Stanley Capital International
OAT	French Government Bonds
OEX	S&P 100 Index
S&P	Standard & Poor’s
STIBOR SIDE	Stockholm Interbank Offered Rate
TSX 60	60 largest companies on the Toronto Stock Exchange
Exchange Abbreviations
CBE	Chicago Board Options Exchange
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
NYM	New York Mercantile Exchange
PAR	Paris Stock Exchange
SFE	Sydney Futures Exchange

See accompanying Notes to Consolidated Financial Statements.

37      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $351,667,791)	$           374,330,494
Affiliated companies (cost $33,378,716)	33,378,716
	407,709,210
Cash	1,912,171
Cash used for collateral on centrally cleared swaps	3,964,233
Deposits with broker for securities sold short	34,323,893
Deposits with broker for foreign securities sold short (cost $4,862,771)	4,965,141
Unrealized appreciation on forward currency exchange contracts	1,695,900
Swaps, at value	176,749
Centrally cleared swaps, at value (premiums paid $50,062)	908,200
Receivables and other assets:
Interest and dividends	1,453,706
Investments sold (including $850,000 sold on a when-issued or delayed delivery basis)	1,371,008
Variation margin receivable	401,551
Shares of beneficial interest sold	13
Other	119,072
Total assets	459,000,847
Liabilities
Securities sold short, at value (proceeds $32,615,439)—see accompanying consolidated statement of investments	32,939,773
Unrealized depreciation on forward currency exchange contracts	4,438,877
Options written, at value (net premiums received $70,851)	—
Swaps, at value (premiums paid $29,451)	809,570
Centrally cleared swaps, at value (premiums received $2,086,969)	2,322,909
Payables and other liabilities:
Investments purchased (including $1,235,625 purchased on a when-issued or delayed delivery basis)	3,828,434
Variation margin payable	216,707
Dividends on short sales	16,222
Trustees’ compensation	7,153
Shareholder communications	5,593
Foreign capital gains tax	2,277
Distribution and service plan fees	622
Shares of beneficial interest redeemed	96
Other	56,255
Total liabilities	44,644,488
Net Assets	$            414,356,359
Composition of Net Assets
Par value of shares of beneficial interest	$                     42,054
Additional paid-in capital	426,385,577
Accumulated net investment loss	(2,343,811)
Accumulated net realized loss on investments and foreign currency transactions	(29,760,125)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies	20,032,664
Net Assets	$            414,356,359
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 $411,291,313 and 41,742,630 shares of beneficial interest outstanding)	$9.85
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $3,065,046 and 311,432 shares of beneficial interest outstanding)	$9.84

See accompanying Notes to Consolidated Financial Statements.

38    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Interest (net of foreign withholding taxes of $2,721)	$            3,199,898
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $57,609)	1,927,968
Affiliated companies	74,715
Other income	51,036
Total investment income	5,253,617
Expenses
Management fees	2,072,094
Distribution and service plan fees - Service shares	3,510
Transfer and shareholder servicing agent fees:
Non-Service shares	200,211
Service shares	1,404
Shareholder communications:
Non-Service shares	5,884
Service shares	41
Dividends on short sales	193,190
Custodian fees and expenses	66,015
Trustees’ compensation	15,201
Financing expense from short sales	10,469
Borrowing fees	3,747
Other	133,582
Total expenses	2,705,348
Less reduction to custodian expenses	(464)
Less waivers and reimbursements of expenses	(73,829)
Net expenses	2,631,055
Net Investment Income	2,622,562
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (including premiums on options exercised)	(1,767,764)
Closing and expiration of option contracts written	611,532
Closing and expiration of futures contracts	(2,984,602)
Foreign currency transactions	495,724
Short positions	(5,126,207)
Swap contracts	(596,984)
Net realized loss	(9,368,301)
Net change in unrealized appreciation/depreciation on:
Investment transactions (net of foreign capital gains tax of $2,277)	12,790,462
Translation of assets and liabilities denominated in foreign currencies	(5,832,592)
Futures contracts	668,855
Option contracts written	26,571
Short positions	2,087,659
Swap contracts	(375,979)
Net change in unrealized appreciation/depreciation	9,364,976
Net Increase in Net Assets Resulting from Operations	$            2,619,237

See accompanying Notes to Consolidated Financial Statements.

39    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	2,622,562		$	4,569,279
Net realized loss		(9,368,301	)		(15,226,380	)
Net change in unrealized appreciation/depreciation		9,364,976			25,813,743
Net increase in net assets resulting from operations		2,619,237			15,156,642
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,921,732	)		(5,549,952	)
Service shares		(24,086	)		(29,481	)
		(3,945,818	)		(5,579,433	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		12,158,799			(15,372,890	)
Service shares		530,971			657,532
		12,689,770			(14,715,358	)
Net Assets
Total increase (decrease)		11,363,189			(5,138,149	)
Beginning of period		402,993,170			408,131,319
End of period (including accumulated net investment loss of $2,343,811 and $1,020,555, respectively)	$	414,356,359		$	402,993,170

See accompanying Notes to Consolidated Financial Statements.

40    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 20151		Year Ended December 31, 20141		Period Ended December 31, 20132
Per Share Operating Data
Net asset value, beginning of period		$9.88		$9.66		$10.04		$9.92		$10.00
Income (loss) from investment operations:
Net investment income (loss)3		0.06		0.11		0.11		0.08		(0.02)
Net realized and unrealized gain (loss)		0.01		0.25		(0.46)		0.52		(0.05)
Total from investment operations		0.07		0.36		(0.35)		0.60		(0.07)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.14)		(0.03)		(0.25)		(0.01)
Distributions from net realized gain		0.00		0.00		0.00		(0.21)		0.00
Tax return of capital distribution		0.00		0.00		0.00		(0.02)		0.00
Total dividends and/or distributions to shareholders		(0.10)		(0.14)		(0.03)		(0.48)		(0.01)
Net asset value, end of period		$9.85		$9.88		$9.66		$10.04		$9.92
Total Return, at Net Asset Value4		0.67%		3.71%		(3.45)%		6.02%		(0.69)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$411,291		$400,449		$406,286		$262,573		$9,917
Average net assets (in thousands)		$403,843		$408,810		$363,975		$161,988		$9,827
Ratios to average net assets:5
Net investment income (loss)		1.30%		1.11%		1.11%		0.77%6		(1.85)%6
Expenses excluding specific expenses listed below		1.26%		1.23%		1.24%		1.33%		7.16%
Dividends and/or interest expense on securities sold short		0.10%		0.22%		0.17%		0.08%		0.00%
Borrowing expenses on securities sold short		0.01%		0.02%		0.05%		0.02%		0.00%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%7		0.00%		0.00%
Total expenses8		1.37%		1.47%		1.46%		1.43%6		7.16%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.34%		1.43%		1.41%		1.31%6		3.33%6
Portfolio turnover rate		64%		93%		67%		147%		11%

1. Net investment income per share, net realized and unrealized gain (loss) per share and the net investment income ratio include an adjustment for a prior period reclassification for the years ended December 31, 2014 and 2015. Please see Note 11 of the accompanying Notes to Financial Statements.

2. For the period from November 14, 2013 (inception of offering) to December 31, 2013.

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

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. 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, 2017	1.38%
Year Ended December 31, 2016	1.48%
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.

41    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 20151		Year Ended December 31, 20141		Period Ended December 31, 20132
Per Share Operating Data
Net asset value, beginning of period		$9.87		$9.65		$10.03		$9.92		$10.00
Income (loss) from investment operations:
Net investment income (loss)3		0.05		0.08		0.08		0.08		(0.03)
Net realized and unrealized gain (loss)		0.004		0.26		(0.45)		0.50		(0.04)
Total from investment operations		0.05		0.34		(0.37)		0.58		(0.07)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.12)		(0.01)		(0.25)		(0.01)
Distributions from net realized gain		0.00		0.00		0.00		(0.21)		0.00
Tax return of capital distribution		0.00		0.00		0.00		(0.01)		0.00
Total dividends and/or distributions to shareholders		(0.08)		(0.12)		(0.01)		(0.47)		(0.01)
Net asset value, end of period		$9.84		$9.87		$9.65		$10.03		$9.92
Total Return, at Net Asset Value5		0.50%		3.49%		(3.68)%		5.90%		(0.72)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,065		$2,544		$1,845		$1,332		$10
Average net assets (in thousands)		$2,833		$2,054		$1,695		$335		$10
Ratios to average net assets:6
Net investment income (loss)		1.02%		0.85%		0.85%		0.78%7		(2.12)%7
Expenses excluding specific expenses listed below		1.51%		1.48%		1.48%		1.68%		7.43%
Dividends and/or interest expense on securities sold short		0.10%		0.22%		0.17%		0.08%		0.00%
Borrowing expenses on securities sold short		0.01%		0.02%		0.05%		0.02%		0.00%
Interest and fees from borrowings		0.00%8		0.00%8		0.00%8		0.00%		0.00%
Total expenses9		1.62%		1.72%		1.70%		1.78%7		7.43%7
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.59%		1.68%		1.65%		1.67%7		3.50%7
Portfolio turnover rate		64%		93%		67%		147%		11%

1. Net investment income per share, net realized and unrealized gain (loss) per share and the net investment income ratio include an adjustment for a prior period reclassification for the years ended December 31, 2014 and 2015. Please see Note 11 of the accompanying Notes to Financial Statements.

2. For the period from November 14, 2013 (inception of offering) to December 31, 2013.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s shares of the allocated expenses and/or net investment income from the master funds.

8. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.63%
Year Ended December 31, 2016	1.73%
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.

42    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2017 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 Barings LLC and OFI SteelPath, Inc. (collectively, the “Sub-Sub-Advisers”). 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.

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. 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 $11,078,680 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	10,328,481
Net assets	$	11,078,680
Net income (loss)	$	(56,228	)
Net realized gain (loss)	$	(10,271	)
Net change in unrealized appreciation/depreciation	$	321,706

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Consolidated Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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

43    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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. 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.

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 2.00%. 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 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, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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, 2016, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had straddle losses of $1,557 which were deferred. Details of the fiscal year ended December 31, 2016 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	$                14,645,163

At period end, it is estimated that the capital loss carryforwards would be $24,015,021, 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.

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

44    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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.

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	$	387,287,109
Federal tax cost of other investments		(363,850,332)
Total federal tax cost	$	23,436,777
Gross unrealized appreciation	$	33,213,934
Gross unrealized depreciation		(15,421,872)
Net unrealized appreciation	$	17,792,062

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.

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other

45    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

appropriate factors.

Event-linked bonds, are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include reported trade data and broker-dealer price quotations.

Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price quotations.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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 regularly compares prior day prices 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 may be 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, if any, are classified as Level 2 in the fair value hierarchy.

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:
Common Stocks
Consumer Discretionary	$	10,248,023	$	2,732,335	$	—	$	12,980,358
Consumer Staples		8,409,795		2,138,111		—		10,547,906
Energy		18,906,610		758,770		—		19,665,380

46    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

3. Securities Valuation (Continued)

	Level 1—  Unadjusted  Quoted Prices		Level 2—  Other Significant  Observable Inputs		Level 3—  Significant  Unobservable  Inputs		Value
Common Stocks (Continued)
Financials	$	34,671,712	$	13,293,242	$	—	$	47,964,954
Health Care		21,610,382		2,017,983		6,316		23,634,681
Industrials		19,930,222		1,975,988		—		21,906,210
Information Technology		19,883,053		1,083,594		—		20,966,647
Materials		6,478,830		1,531,271		—		8,010,101
Telecommunication Services		4,536,679		600,255		—		5,136,934
Utilities		6,038,749		1,203,024		—		7,241,773
Preferred Stocks		—		1,295,266		—		1,295,266
Rights, Warrants and Certificates		1,449		3,506		—		4,955
Asset-Backed Securities		—		11,581,996		—		11,581,996
Mortgage-Backed Obligation		—		2,230,458		—		2,230,458
Foreign Government Obligations		—		13,924,504		—		13,924,504
Non-Convertible Corporate Bonds and Notes		—		38,706,299		50		38,706,349
Convertible Corporate Bonds and Notes		—		674,163		—		674,163
Corporate Loans		—		10,749,261		—		10,749,261
Event-Linked Bonds		—		51,233,043		—		51,233,043
Short-Term Notes		—		59,445,388		—		59,445,388
Investment Companies		39,470,553		68,425		—		39,538,978
Over-the-Counter Options Purchased		—		13,756		—		13,756
Over-the-Counter Interest Rate Swaptions Purchased		—		256,149		—		256,149
Total Investments, at Value		190,186,057		217,516,787		6,366		407,709,210
Other Financial Instruments:
Swaps, at value		—		176,749		—		176,749
Centrally cleared swaps, at value		—		908,200		—		908,200
Futures contracts		989,335		—		—		989,335
Forward currency exchange contracts		—		1,695,900		—		1,695,900
Total Assets	$	191,175,392	$	220,297,636	$	6,366	$	411,479,394
Liabilities Table
Other Financial Instruments:
Common Stock Securities Sold Short	$	(28,460,434)	$	(4,479,339)	$	—	$	(32,939,773)
Swaps, at value		—		(809,570)		—		(809,570)
Centrally cleared swaps, at value		—		(2,322,909)		—		(2,322,909)
Options written, at value		—		—		—		—
Futures contracts		(593,141)		—		—		(593,141)
Forward currency exchange contracts		—		(4,438,877)		—		(4,438,877)
Total Liabilities	$	(29,053,575)	$	(12,050,695)	$	—	$	(41,104,270)

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.

The table below shows the transfers between Level 1, Level 2 and Level 3. 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			Transfers out of Level 3
Assets Table
Investments, at Value:
Common Stocks
Information Technology	$	–		$	2	**	$	(2)**
Preferred Stocks		(482,758	)*		482,758	*		–
Rights, Warrants and Certificates		(3,419	)*		3,419	*		–
Asset Backed Securities		–			1,923,696	**		(1,923,696)**
Total Assets	$	(486,177	)	$	2,409,875		$	(1,923,698)

* 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.

** Transferred from Level 3 to Level 2 due to the availability of market data for this security.

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

47    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market 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.

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.

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.

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

48    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

4. Investments and Risks (Continued)

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		$1,235,625
Sold securities		850,000

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.

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.

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	$13,372
Market Value	$13,422
Market Value as % of Net Assets	Less than 0.005%

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.

Shareholder Concentration. At period end, two shareholders each owned 20% or more of the Fund’s total outstanding shares.

The shareholders are related parties of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. Related parties owned 96% of the Fund’s total outstanding shares at period end.

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.

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.

49    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

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. 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.

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 may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $137,023,155 and $201,001,767, 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

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 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 may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest

50    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $48,028,393 and $97,690,702 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 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.

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or 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 $871,974 on purchased put options.

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 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.

During the reporting period, the Fund had an ending monthly average market value of $1,019,928 and $423,665 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, 2016		517,803,805,000	$	2,075,872
Options written		5,227,365,500		3,275,582
Options closed or expired		(1,131,460,000)		(611,532)
Options exercised		(521,829,910,500)		(4,669,071)
Options outstanding as of June 30, 2017		69,800,000	$	70,851

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.

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

51    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 may purchase or sell credit protection through credit default swaps to increase or decrease 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 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 $40,327,953 and $7,925,163 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.

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 may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.

For the reporting period, the Fund had ending monthly average notional amounts of $18,478,167 and $18,538,365 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 may enter into total return swaps on various equity securities or indexes to increase or decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay or receive a floating reference interest rate, and an amount equal to the opposite price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. Equity leg 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. Reference leg payments equal 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 may enter into total return swaps to increase or 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.

The Fund may enter into total return swaps on various commodity indexes to increase or decrease exposure to commodity risk. These commodity risk related total return swaps require the Fund to pay or receive a fixed or a floating reference interest rate, and an amount equal to the opposite

52    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

price movement of 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 index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments of a fixed or a floating reference interest rate and an amount equal to the negative price movement of the same index (expressed as a percentage) multiplied by the notional amount of the contract.

For the reporting period, the Fund had ending monthly average notional amounts of $96,641,634 and $14,062,014 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 may enter into volatility/variance swaps to increase or decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to either pay the measured volatility, or price variance or the fixed rate payment then receive a fixed rate payment or the measured volatility or price variance. If the measured volatility of the related reference investment increases over the period, the measured volatility payment will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the fixed rate swap payment will appreciate in value.

For the reporting period, the Fund had ending monthly average notional amounts of $63,122 and $32,815 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

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 may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund may enter into currency swaption contracts with the obligation to pay an interest rate on the US dollar notional amount or various foreign currency notional amounts and receive an interest rate on various foreign currency notional amounts or US dollar notional amounts, with an option to replace the contractual currency as disclosed in the Consolidated Statement of Investments. This is done in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. The US dollar swaption contracts seek to increase exposure to foreign exchange rate risk. The foreign currency swaption contracts seek to decrease exposure to foreign exchange rate risk.

During the reporting period, the Fund had an ending monthly average market value of $316,765 on purchased swaptions.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends

53    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTSUnaudited / Continued

6. Use of Derivatives (Continued)

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.

At period end, the Fund has required certain counterparties to post collateral of $240,000.

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 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.

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 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 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	$	335,177	$	(335,177	)	$	–	$	–	$	–
Barclays Bank plc		220,824		(100,070	)		–		–		120,754
Citibank NA		210,891		(210,891	)		–		–		–
Deutsche Bank AG		42,381		(42,381	)		–		–		–

54    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 Received**		Cash Collateral Received**		Net Amount
Goldman Sachs Bank USA	$	264,213	$	(264,213)	$	–	$	–	$	–
Goldman Sachs International		291,172		(261,982)		–		–		29,190
HSBC Bank USA NA		233,472		(223,611)		–		(9,861)		–
JPMorgan Chase Bank NA		519,997		(519,997)		–		–		–
Toronto Dominion Bank		24,427		(24,427)		–		–		–
	$	2,142,554	$	(1,982,749)	$	–	$	(9,861)	$	149,944

* 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 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 by counterparty the Fund’s OTC derivative liabilities 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 Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(1,765,310)	$	335,177	$	1,200,915	$	–	$	(229,218)
Barclays Bank plc		(100,070)		100,070		–		–		–
BNP Paribas		(36,515)		–		10,981		–		(25,534)
Citibank NA		(444,115)		210,891		233,224		–		–
Deutsche Bank AG		(51,948)		42,381		9,567		–		–
Goldman Sachs Bank USA		(635,327)		264,213		371,114		–		–
Goldman Sachs International		(261,982)		261,982		–		–		–
HSBC Bank USA, NA		(223,611)		223,611		–		–		–
JPMorgan Chase Bank NA		(1,144,797)		519,997		496,139		–		(128,661)
Morgan Stanley		(25,935)		–		–		–		(25,935)
Nomura Global Financial Products, Inc.		(371,329)		–		371,329		–		–
Royal Bank of Scotland plc (The)		(34,763)		–		–		–		(34,763)
Toronto Dominion Bank		(152,745)		24,427		–		–		(128,318)
	$	(5,248,447)	$	1,982,749	$	2,693,269	$	–	$	(572,429)

*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 Statement 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	Consolidated				Consolidated
for as Hedging	Statement of Assets				Statement of Assets
Instruments	and Liabilities Location	Value			and Liabilities Location	Value
Credit contracts	Swaps, at value	$	106,084		Swaps, at value	$	418,836
Equity contracts	Swaps, at value		48,023		Swaps, at value	$	337,523
Volatility contracts	Swaps, at value		22,642		Swaps, at value		53,211
Credit contracts	Centrally cleared swaps, at value		300,481		Centrally cleared swaps, at value		2,127,673
Interest rate contracts	Centrally cleared swaps, at value		607,719		Centrally cleared swaps, at value		195,236
Commodity contracts	Variation margin receivable		40,156	*	Variation margin payable		80,880	*
Equity contracts	Variation margin receivable		320,523	*	Variation margin payable		46,173	*
Interest rate contracts	Variation margin receivable		40,872	*	Variation margin payable		59,654	*
Volatility contracts					Variation margin payable		30,000	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		1,695,900		Unrealized depreciation on forward currency exchange contracts		4,438,877
Forward currency exchange contracts	Investments, at value		13,756	**

55      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

	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
Interest rate contracts Investments, at value		$	256,149**
Total		$	3,452,305		$	7,788,063

*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:

Amount of Realized Gain or (Loss) Recognized on Derivatives
	Investment
	transaction in
	unaffiliated
	companies			Closing and
Derivatives	(including			expiration		Closing and
Not Accounted	premiums			of option		expiration			Foreign
for as Hedging	on options			contracts		of futures			currency
Instruments	exercised)*			written		contracts			transactions		Swap contracts			Total
Commodity contracts	$	—		$	—	$	(10,271	)	$	—	$	—		$	(10,271)
Credit contracts		—			—		—			—		(1,962,277	)		(1,962,277)
Equity contracts		(43,791	)		—		(2,004,929	)		—		1,483,698			(565,022)
Forward currency exchange contracts		(746,500	)		611,532		—			537,778		—			402,810
Interest rate contracts		189,347			—		(874,018	)		—		335,221			(349,450)
Volatility contracts		—			—		(95,384	)		—		(453,626	)		(549,010)
Total	$	(600,944	)	$	611,532	$	(2,984,602	)	$	537,778	$	(596,984	)	$	(3,033,220)

*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
									Translation
									of assets and
Derivatives									liabilities
Not Accounted				Option					denominated
for as Hedging	Investment			contracts		Futures			in foreign
Instruments	transactions*			written		contracts			currencies			Swap contracts			Total
Commodity contracts	$	–		$	—	$	47,459		$	—		$	—		$	$47,459
Credit contracts		–			—		—			—			1,448,698			1,448,698
Equity contracts		40,151			—		742,985			—			(1,853,778	)		(1,070,642)
Forward currency exchange contracts		(595,584	)		26,571		—			(6,028,061	)		—			(6,597,074)
Interest rate contracts		(293,213	)		—		(110,549	)		—			5,937			(397,825)
Volatility contracts		–			—		(11,040	)		—			23,164			12,124
Total	$	(848,646	)	$	26,571	$	668,855		$	(6,028,061	)	$	(375,979	)	$	(6,557,260)

*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, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,147,980		$	11,402,890			133,545		$	1,338,377
Dividends and/or distributions reinvested		397,645			3,920,775			560,049			5,544,486
Redeemed		(318,368	)		(3,164,866	)		(2,232,493	)		(22,255,753	)
Net increase (decrease)		1,227,257		$	12,158,799			(1,538,899	)	$	(15,372,890	)

56      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

7. Shares of Beneficial Interest (Continued)

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Service Shares
Sold		91,865		$	910,960			103,428		$	1,019,688
Dividends and/or distributions reinvested		2,437			24,007			2,972			29,364
Redeemed		(40,676	)		(403,996	)		(39,783	)		(391,520)
Net increase		53,626		$	530,971			66,617		$	657,532

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	221,925,943	$	166,601,918

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 $500 million	1.00%
Next $500 million	0.95
Next $4 billion	0.90
Over $5 billion	0.88

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 1.00% 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.

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.

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.

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.

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

57      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED 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 Consolidated Statement of Operations.

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, unusual and infrequent expenses 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 as calculated on the daily net assets of the Fund.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-service shares	$	5,672
Service shares		37

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 $55,935. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $12,185 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings 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 $49,700,966. 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 $1.3 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. Prior Period Reclassification

An adjustment to reflect a prior period reclassification between net investment income and net change in unrealized appreciation (depreciation) on investments and/or net realized gain (loss) on investments during the years ending December 31, 2014 and 2015 has been made to properly reflect income distributions received by the Fund from two of its investments.

The following adjustments are reflected in the respective fiscal years per the Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights:

	2014			2015
Net investment income (loss)	$	3,699			$696,112
Net realized gain (loss)		360			3,812
Net change in unrealized appreciation/ depreciation		(4,059	)		(699,924	)

The cumulative impact of these adjustments are also reflected in the respective component of net assets on the Consolidated Statement of Assets and liabilities and had no impact on total net assets or net asset values per share of the Fund.

58      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

59      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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 Global Multi-Alternatives Fund/VA		6/20/17		79.0	%		0.0	%		21.0	%

60    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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63    OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, 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 Foxson, 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, visiting oppenheimerfunds.com 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

June 30, 2017
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 6/30/17

	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/13/92		15.08%		15.63%		9.49%		3.63%
Service Shares		3/19/01		15.67		15.67		9.28		3.42
MSCI AC World ex-U.S. Index				14.10		20.45		7.22		1.13

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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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

Infineon Technologies AG	2.3%
SAP SE	1.9
Nippon Telegraph & Telephone Corp.	1.8
Valeo SA	1.8
Carnival Corp.	1.6
Continental AG	1.6
Hero MotoCorp Ltd.	1.5
Keyence Corp.	1.5
Lonza Group AG	1.5
Temenos Group AG	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

REGIONAL ALLOCATION

  

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2017, and are based on the total market value of investments.

2        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares generated a return of 15.08% during the reporting period. On a relative basis, the Fund outperformed the MSCI All Country World Ex-U.S. Index (the “Index”), which returned 14.10%. The Fund outperformed the Index in eight out of eleven sectors during the reporting period, led by stock selection in the health care and materials sectors, and an underweight position in the energy sector, which was the only negative performing sector of the Index this period. The Fund underperformed the Index in the consumer staples, consumer discretionary and telecommunication services sectors, due primarily to weaker relative stock selection.

With regard to countries, we remind investors that we are fundamental, bottom-up investors viewing the world as one stock market. Our geographic exposure is purely the result of our stock selection and does not reflect any views regarding the general economy of any country. During this reporting period, stock holdings in France, Japan and Canada benefited performance. Our weightings relative to the Index in these three countries also benefited performance. We had an overweight position in France and underweight positions in Japan and Canada. Detractors included South China, South Korea and the United States. The markets of China and South Korea appreciated strongly this reporting period, but we did not participate in the rally as we do not own any companies there. As a result, the Fund underperformed in those markets. The Fund underperformed in the United States due to weaker relative stock selection.

MARKET OVERVIEW

The market strength that began post the U.S. election continued over the six-month reporting period ended June 30, 2017. The capacity of the world’s electorates to surprise continued as well. The French handed a Presidential victory to Emmanuel Macron, a pro-European centrist, and followed that up with a landslide vote for his new political party in the national legislative elections there. In the UK, Theresa May snatched defeat from the jaws of an expected certain victory. Taken together, these events improved the outlook for European cooperation and a softer “Brexit.”

In the real economy, the Spanish swiftly handled a potential insolvency of the country’s sixth largest bank, Banco Popular, organizing its purchase by Santander for 1 Euro. The Italian government finally began bailing out the banking system after reaching a compromise with the Germans on a plan that took into account the peculiar particulars of that banking system, where many bondholders are de facto depositors.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included CSL Ltd., Infineon Technologies AG and Grifols, SA.

CSL is an Australian company that uses plasma to manufacture diagnostic products, drugs and vaccines. The need for blood work rises with the rising number of medical procedures that an aging population requires, so the secular demand trend for CSL’s product is strongly upward. Over the past five years, CSL has invested in expanding its collection center network. Now, at a time when there are some shortages in the industry, CSL is advantaged. This is feeding through to earnings and the share price reacted favorably when the company announced them earlier this year.

Infineon Technologies, a German semiconductor company, is the dominant provider to the automotive industry. It was for this reason that we added it to the portfolio in late 2014 as part of our investment theme focused on the evolution of the car. The accelerating pace of that evolution has been increasing demand for Infineon’s chips. The company raised their guidance for 2017 earnings during the first quarter and the share price rose as a result.

Grifols is a plasma product company that benefits from the same demographic aging trend that is a tailwind for CSL. Through an acquisition, Grifols has increased its capacity to collect plasma, and is advantaged against smaller competitors in much the same way as CSL. During the quarter, the share price rose to new highs as the analyst community raised earnings forecasts for the company.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Aryzta AG, Pandora AS and TechnipFMC plc.

Aryzta is a Swiss-based provider of partially baked goods to casual and fast food restaurants and we have owned it for many years. Poor capital allocation has become an issue at Aryzta. In 2015 they acquired Picard, a French frozen food retailer. The strategic logic of this was questionable and Aryzta’s management did a very poor job reaping any benefits from it. We exited our position during the reporting period.

3        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Pandora, the Danish jewelry retailer, has benefitted from the consumer trend towards brands in the very fragmented jewelry market. Furthermore, Pandora is the only company applying fast fashion techniques to the jewelry industry. They offer a good product mix at a price point that is well within reach of most middle-class consumers. Currently, there is some controversy over the reporting changes the company introduced during the reporting period. In our opinion, these changes are appropriate to the changing emphasis of Pandora’s business as they focus more on their own store channel and less on the wholesale dealer channel.

TechnipFMC is the result of a merger early this year between French oil service company Technip, who specializes in developing offshore oil and gas fields, and U.S.-based FMC Technologies, a maker of energy equipment. Since merging, the managers have maintained their combined revenues while raising their operating profits through executing well on realizing their potential synergies. After a run of fairly good performance, the shares suffered this reporting period with the decline in oil prices.

STRATEGY & OUTLOOK

During the reporting period, we saw European equities begin to outperform their U.S. counterparts, a trend that resumed through the end of June 2017. In our opinion, conditions are supportive of a shift to an extended period of European outperformance. We believe liquidity is strong in Europe with quantitative easing and central bank stimulus continuing there, even as the Federal Reserve in the U.S. is tightening liquidity. Earnings momentum is supportive, as the strong earnings forecasts for many companies show. Valuations in Europe are significantly below those in the U.S. and therefore more attractive.

We are not top-down regional investors, but bottom up, global, growth investors with a mandate to buy non-U.S. companies. We seek to invest in companies that are on the winning side of long term structural trends and that have the ability to monetize them over a long period of time. With our mandate and that approach, most of the companies that we find attractive are in the developed markets, and most are European. Therefore, we have a heavy weighting in European-domiciled companies. We believe an increased flow of funds into European stock markets would be positive for the absolute performance of all companies listed there, including ours.

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.

4        OPPENHEIMER INTERNATIONAL 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, 2017.

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, 2017” 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, 2017		Ending Account Value June 30, 2017		Expenses Paid During 6 Months Ended June 30, 2017
Non-Service shares	$	1,000.00	$	1,150.80	$	5.35
Service shares		1,000.00		1,156.70		6.70
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,019.84		5.02
Service shares		1,000.00		1,018.60		6.28

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 are as follows:

Class	Expense Ratios
Non-Service shares		1.00%
Service shares		1.25

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 INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

	Shares		Value
Common Stocks—98.6%
Consumer Discretionary—22.7%
Auto Components—4.4%
Continental AG		39,803	$      8,589,804
Koito Manufacturing Co. Ltd.		112,300	5,800,872
Valeo SA		146,263	9,921,503
			24,312,179
Automobiles—3.4%
Bayerische Motoren Werke AG		51,801	4,821,466
Hero MotoCorp Ltd.		152,141	8,704,562
Subaru Corp.		161,200	5,448,620
			18,974,648
Diversified Consumer Services—0.6%
Dignity plc		103,837	3,363,295
Hotels, Restaurants & Leisure—3.1%
Carnival Corp.		139,120	9,122,099
Domino’s Pizza Group plc		1,076,364	4,122,229
Whitbread plc		76,429	3,949,390
			17,193,718
Household Durables—1.4%
SEB SA		44,610	8,014,826
Media—2.4%
ProSiebenSat.1 Media SE		110,964	4,643,538
SES SA, Cl. A, FDR		240,850	5,647,873
Technicolor SA		730,880	3,189,496
			13,480,907
Multiline Retail—1.3%
Dollarama, Inc.		75,862	7,248,659
Specialty Retail—0.9%
Industria de Diseno Textil SA		122,513	4,717,896
Textiles, Apparel & Luxury Goods—5.2%
Burberry Group plc		230,891	5,002,303
Cie Financiere Richemont SA		71,540	5,903,306
Hermes International		12,846	6,352,455
LVMH Moet Hennessy Louis Vuitton SE		27,780	6,968,946
Pandora AS		47,309	4,435,459
			28,662,469
Consumer Staples—11.3%
Beverages—3.2%
Anheuser-Busch InBev SA/NV		33,714	3,730,628
Diageo plc		94,606	2,796,684
Heineken NV		75,601	7,364,958
Pernod Ricard SA		29,210	3,915,817
			17,808,087
Food & Staples Retailing—2.5%
Alimentation Couche-Tard, Inc., Cl. B		108,056	5,179,489
CP ALL PCL		2,796,000	5,166,655
SPAR Group Ltd. (The)		318,085	3,748,327
			14,094,471
Food Products—3.7%
Barry Callebaut AG1		3,921	5,394,981
Danone SA		49,745	3,739,302
Saputo, Inc.		193,564	6,157,090
Unilever plc		95,427	5,168,965
			20,460,338
Household Products—1.1%
Reckitt Benckiser Group plc		61,068	6,196,118
Tobacco—0.8%
Swedish Match AB		127,539	4,496,885
Energy—1.5%
Energy Equipment & Services—0.7%
TechnipFMC plc1		149,682	4,069,504

	Shares		Value
Oil, Gas & Consumable Fuels—0.8%
Koninklijke Vopak NV		97,800	$      4,540,268
Financials—4.8%
Capital Markets—2.1%
NEX Group plc		482,822	3,929,896
TP ICAP plc		659,951	4,019,206
UBS Group AG1		206,129	3,499,174
			11,448,276
Commercial Banks—0.6%
ICICI Bank Ltd., Sponsored ADR		379,593	3,404,949
Consumer Finance—0.5%
Prosegur Cash SA1,2		1,119,888	2,942,878
Insurance—1.0%
Prudential plc		249,423	5,730,098
Real Estate Management & Development—0.6%
Scout24 AG2		82,367	3,032,520
Health Care—12.5%
Biotechnology—2.7%
CSL Ltd.		65,500	6,959,822
Grifols SA		287,037	8,004,834
			14,964,656
Health Care Equipment & Supplies—3.9%
Coloplast AS, Cl. B		63,939	5,355,662
Essilor International SA		46,883	5,994,466
Sonova Holding AG		32,421	5,263,597
William Demant Holding AS1		192,102	4,988,042
			21,601,767
Health Care Providers & Services—0.7%
Sonic Healthcare Ltd.		225,199	4,192,316
Life Sciences Tools & Services—1.5%
Lonza Group AG1		38,516	8,329,670
Pharmaceuticals—3.7%
Bayer AG		41,145	5,323,508
Novo Nordisk AS, Cl. B		130,597	5,601,963
Roche Holding AG		22,730	5,803,789
Vifor Pharma AG		35,390	3,912,346
			20,641,606
Industrials—18.7%
Aerospace & Defense—1.2%
Airbus SE		81,340	6,702,142
Air Freight & Couriers—0.5%
Royal Mail plc		486,915	2,672,870
Commercial Services & Supplies—2.4%
Edenred		260,554	6,801,058
Prosegur Cia de Seguridad SA		981,594	6,393,850
			13,194,908
Construction & Engineering—0.7%
Boskalis Westminster		111,628	3,627,112
Electrical Equipment—3.8%
ABB Ltd.		101,026	2,499,402
Legrand SA		86,820	6,080,885
Nidec Corp.		73,900	7,588,630
Schneider Electric SE		64,530	4,967,000
			21,135,917
Machinery—3.6%
Aalberts Industries NV		176,855	7,049,437
Atlas Copco AB, Cl. A		198,170	7,632,436
Kubota Corp.		203,700	3,432,678
Weir Group plc (The)		87,833	1,985,283
			20,099,834
Professional Services—2.4%
Experian plc		227,753	4,677,091

6        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

	Shares		Value
Professional Services (Continued)
Intertek Group plc		104,300	$      5,736,609
SGS SA		1,199	2,906,770
			13,320,470
Trading Companies & Distributors—4.1%
Brenntag AG		94,853	5,492,111
Bunzl plc		229,380	6,842,188
Travis Perkins plc		262,917	4,986,025
Wolseley plc		91,277	5,613,277
			22,933,601
Information Technology—16.9%
Communications Equipment—1.1%
Nokia OYJ		946,619	5,817,821
Electronic Equipment, Instruments, & Components—3.1%
Hoya Corp.		106,093	5,525,504
Keyence Corp.		19,312	8,500,534
Spectris plc		98,614	3,245,854
			17,271,892
Internet Software & Services—0.8%
United Internet AG		79,788	4,387,592
IT Services—2.5%
Amadeus IT Group SA		116,179	6,950,058
Atos SE		49,810	6,988,919
			13,938,977
Semiconductors & Semiconductor Equipment—4.3%
ASML Holding NV		47,392	6,170,491
Infineon Technologies AG		599,615	12,706,778
STMicroelectronics NV		359,680	5,157,605
			24,034,874
Software—5.1%
Dassault Systemes SE		60,637	5,434,245
Gemalto NV		65,184	3,936,681
SAP SE		103,188	10,785,125

	Shares		Value
Software (Continued)
Temenos Group AG		91,994	$      8,205,524
			28,361,575
Materials—4.9%
Chemicals—2.7%
Essentra plc		473,052	3,479,009
Novozymes AS, Cl. B		115,792	5,070,878
Sika AG		971	6,250,786
			14,800,673
Construction Materials—0.8%
James Hardie Industries plc		288,500	4,545,970
Containers & Packaging—1.4%
CCL Industries, Inc., Cl. B		155,243	7,854,328
Telecommunication Services—5.3%
Diversified Telecommunication Services—4.4%
BT Group plc		1,120,366	4,302,369
Iliad SA		28,040	6,634,285
Inmarsat plc		306,853	3,077,188
Nippon Telegraph & Telephone Corp.		217,400	10,283,862
			24,297,704
Wireless Telecommunication Services—0.9%
Vodafone Group plc		1,869,666	5,305,724
Total Common Stocks (Cost $355,019,025)			548,226,988
Preferred Stock—0.0%
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $12,272)		599,541	89,786
Investment Company—1.4%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%3,4 (Cost $7,847,601)		7,847,601	7,847,601
Total Investments, at Value (Cost $362,878,898)		100.0%	556,164,375
Net Other Assets (Liabilities)		0.0	(184,073)
Net Assets		100.0%	$   555,980,302

Footnotes to Statement of Investments

1. Non-income producing security.

2. 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 $5,975,398 or 1.07% of the Fund’s net assets at period end.

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, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		9,483,349		49,217,744		50,853,492		7,847,601
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	7,847,601	$	37,179

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United Kingdom	$	100,271,171		18.0	%
France		97,353,220		17.5
Switzerland		63,126,949		11.4
Germany		59,782,443		10.8
Japan		46,580,701		8.4
Netherlands		32,688,948		5.9
Spain		29,009,516		5.2
Canada		26,439,566		4.7
Denmark		25,452,004		4.6
United States		16,969,700		3.0
India		12,199,297		2.2
Sweden		12,129,321		2.2

7        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)	Value		Percent
Australia	$	11,152,138		2.0%
Finland		5,817,821		1.0
Thailand		5,166,655		0.9
Ireland		4,545,970		0.8
South Africa		3,748,327		0.7
Belgium		3,730,628		0.7
Total	$	556,164,375		100.0%

See accompanying Notes to Financial Statements.

8        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $355,031,297)	$	548,316,774
Affiliated companies (cost $7,847,601)		7,847,601
		556,164,375
Cash		387,653
Cash—foreign currencies (cost $9)		9
Receivables and other assets:
Dividends		2,317,474
Investments sold		117,882
Shares of beneficial interest sold		49,578
Other		32,735
Total assets		559,069,706
Liabilities
Payables and other liabilities:
Investments purchased		1,965,571
Shares of beneficial interest redeemed		682,689
Foreign capital gains tax		336,779
Distribution and service plan fees		43,850
Trustees’ compensation		26,995
Shareholder communications		8,463
Other		25,057
Total liabilities		3,089,404
Net Assets	$	555,980,302
Composition of Net Assets
Par value of shares of beneficial interest	$	231,408
Additional paid-in capital		369,660,489
Accumulated net investment income		2,176,404
Accumulated net realized loss on investments and foreign currency transactions		(9,051,284)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		192,963,285
Net Assets	$	555,980,302
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 $344,581,687 and 145,704,445 shares of beneficial interest outstanding)		$2.36
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $211,398,615 and 85,704,031 shares of beneficial interest outstanding)		$2.47

See accompanying Notes to Financial Statements.

9        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2017 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $736,437)	$	7,308,244
Affiliated companies		37,179
Total investment income		7,345,423
Expenses
Management fees		2,440,672
Distribution and service plan fees - Service shares		242,388
Transfer and shareholder servicing agent fees:
Non-Service shares		161,062
Service shares		96,987
Shareholder communications:
Non-Service shares		7,648
Service shares		4,594
Borrowing fees		4,519
Custodian fees and expenses		27,584
Trustees’ compensation		9,920
Other		59,912
Total expenses		3,055,286
Less reduction to custodian expenses		(102)
Less waivers and reimbursements of expenses		(227,784)
Net expenses		2,827,400
Net Investment Income		4,518,023
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $46,251)		(2,297,770)
Foreign currency transactions		15,256
Net realized loss		(2,282,514)
Net change in unrealized appreciation/depreciation on:
Investment transactions (net of foreign capital gains tax of $19,480)		71,697,870
Translation of assets and liabilities denominated in foreign currencies		114,582
Net change in unrealized appreciation/depreciation		71,812,452
Net Increase in Net Assets Resulting from Operations	$	74,047,961

See accompanying Notes to Financial Statements.

10        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016
Operations
Net investment income	$	4,518,023	$	5,530,716
Net realized loss		(2,282,514)		(21,315)
Net change in unrealized appreciation/depreciation		71,812,452		(15,794,847)
Net increase (decrease) in net assets resulting from operations		74,047,961		(10,285,446)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(4,868,322)		(3,398,644)
Service shares		(2,425,707)		(1,459,515)
		(7,294,029)		(4,858,159)
Distributions from net realized gain:
Non-Service shares		—		(7,229,895)
Service shares		—		(4,021,530)
		—		(11,251,425)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		1,595,652		788,912
Service shares		10,438,257		15,959,227
		12,033,909		16,748,139
Net Assets
Total increase (decrease)		78,787,841		(9,646,891)
Beginning of period		477,192,461		486,839,352
End of period (including accumulated net investment income of $ 2,176,404 and $ 4,952,410, respectively)	$	555,980,302	$	477,192,461

See accompanying Notes to Financial Statements.

11        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$2.08		$2.20		$2.31		$2.57		$2.07		$1.72
Income (loss) from investment operations:
Net investment income1		0.02		0.03		0.03		0.03		0.03		0.03
Net realized and unrealized gain (loss)		0.29		(0.08)		0.06		(0.21)		0.50		0.35
Total from investment operations		0.31		(0.05)		0.09		(0.18)		0.53		0.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.02)		(0.03)		(0.03)		(0.03)		(0.03)
Distributions from net realized gain		0.00		(0.05)		(0.17)		(0.05)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.03)		(0.07)		(0.20)		(0.08)		(0.03)		(0.03)
Net asset value, end of period		$2.36		$2.08		$2.20		$2.31		$2.57		$2.07
Total Return, at Net Asset Value2		15.08%		(2.12)%		3.43%		(7.22)%		25.87%		22.22%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$344,582		$301,559		$317,547		$358,756		$458,038		$348,449
Average net assets (in thousands)		$325,243		$305,269		$343,347		$400,556		$404,859		$332,018
Ratios to average net assets:3
Net investment income		1.84%		1.24%		1.08%		1.13%		1.24%		1.68%
Expenses excluding specific expenses listed below		1.09%		1.09%		1.08%		1.07%		1.09%		1.13%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		1.09%		1.09%		1.08%		1.07%		1.09%		1.13%
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		9%		15%		24%		41%		32%		22%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.09	%
Year Ended December 31, 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	%

See accompanying Notes to Financial Statements.

12        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Service Shares	Six Months Ended June 30, 2017 (Unaudited)		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$2.16		$2.29		$2.40		$2.66		$2.14		$1.78
Income (loss) from investment operations:
Net investment income1		0.02		0.02		0.02		0.02		0.02		0.03
Net realized and unrealized gain (loss)		0.32		(0.08)		0.06		(0.21)		0.53		0.35
Total from investment operations		0.34		(0.06)		0.08		(0.19)		0.55		0.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.02)		(0.02)		(0.02)		(0.03)		(0.02)
Distributions from net realized gain		0.00		(0.05)		(0.17)		(0.05)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.03)		(0.07)		(0.19)		(0.07)		(0.03)		(0.02)
Net asset value, end of period		$2.47		$2.16		$2.29		$2.40		$2.66		$2.14
Total Return, at Net Asset Value2		15.67%		(2.72)%		3.11%		(7.15)%		25.71%		21.68%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$211,398		$175,633		$169,292		$145,515		$118,060		$68,997
Average net assets (in thousands)		$195,856		$174,834		$165,226		$128,694		$88,647		$63,118
Ratios to average net assets:3
Net investment income		1.60%		0.99%		0.79%		0.85%		0.89%		1.43%
Expenses excluding specific expenses listed below		1.34%		1.34%		1.33%		1.32%		1.34%		1.38%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%		0.00%
Total expenses5		1.34%		1.34%		1.33%		1.32%		1.34%		1.38%
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		9%		15%		24%		41%		32%		22%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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

Six Months Ended June 30, 2017	1.34	%
Year Ended December 31, 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	%

See accompanying Notes to Financial Statements.

13        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTSJune 30, 2017 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.

    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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

    Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

    For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

    Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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.

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 2.00%. 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

14        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

2. Significant Accounting Policies (Continued)

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 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, 2016, 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, 2016, 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, 2016 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	$	417,148

At period end, it is estimated that the capital loss carryforwards would be $2,699,662, 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.

    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	$	367,797,535
Federal tax cost of other investments		9
Total federal tax cost	$	367,797,544
Gross unrealized appreciation	$	220,283,873
Gross unrealized depreciation		(32,239,225)
Net unrealized appreciation	$	188,044,648

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.

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods after August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

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

15        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

    Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

    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.

    Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be 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, if any, are classified as Level 2 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	$	16,370,758	$	109,597,839	$	—	$	125,968,597
Consumer Staples		11,336,579		51,719,320		—		63,055,899
Energy		—		8,609,772		—		8,609,772
Financials		3,404,949		23,153,772		—		26,558,721
Health Care		—		69,730,015		—		69,730,015
Industrials		—		103,686,854		—		103,686,854
Information Technology		—		93,812,731		—		93,812,731
Materials		7,854,328		19,346,643		—		27,200,971

16        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Common Stocks (Continued)
Telecommunication Services	$	—	$	29,603,428	$	—	$	29,603,428
Preferred Stock		89,786		—		—		89,786
Investment Company		7,847,601		—		—		7,847,601
Total Assets	$	46,904,001	$	509,260,374	$	—	$	556,164,375

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.

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
Financials	$	(2,706,840)	$	2,706,840
Total Assets	$	(2,706,840)	$	2,706,840

* 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 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 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.

Investments in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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

17        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

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.

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, 2017					Year Ended December 31, 2016
	Shares			Amount		Shares			Amount
Non-Service Shares
Sold		15,220,647		$	34,217,209		22,953,697		$	47,962,883
Dividends and/or distributions reinvested		2,045,409			4,868,322		4,989,924			10,628,539
Redeemed		(16,866,759	)		(37,489,879)		(27,048,722	)		(57,802,510)
Net increase		399,297		$	1,595,652		894,899		$	788,912
Service Shares
Sold		11,949,079		$	27,884,246		20,232,575		$	45,018,434
Dividends and/or distributions reinvested		978,108			2,425,707		2,468,939			5,481,045
Redeemed		(8,472,587	)		(19,871,696)		(15,460,315	)		(34,540,252)
Net increase		4,454,600		$	10,438,257		7,241,199		$	15,959,227

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities		$59,457,042		$47,745,336

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 $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 0.94% of average annual net assets before any applicable waivers.

18        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

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.

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.

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 any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; 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.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Non-Service shares	$	138,019
Service shares		83,522

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

    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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $6,243 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 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.

19        OPPENHEIMER INTERNATIONAL 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

20        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of 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. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. 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 communication 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 International Growth Fund/VA	6/20/17	93.8%	0.0%	6.2%

21        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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22        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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23        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Andrew J. Donohue, Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, 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 Foxson, 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, visiting oppenheimerfunds.com 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.
	© 2017 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

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 6/30/2017, 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:	8/15/2017

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:	8/15/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	8/15/2017