Oppenheimer Variable Account Funds N-CSR Certified 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: 12/31/2017

Item 1.   Reports to Stockholders.

December 31, 2017
Oppenheimer
Discovery Mid Cap Growth Fund/VA	Annual Report
A Series of Oppenheimer Variable Account Funds
ANNUAL 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 12/31/17

	Inception     Date	1-Year		5-Year		10-Year
Non-Service Shares	8/15/86		28.79%		15.11%		7.43	%
Service Shares	10/16/00		28.46		14.82		7.16
Russell Midcap Growth Index			25.27		15.30		9.10

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

XPO Logistics, Inc.	2.0%
Red Hat, Inc.	1.7
SVB Financial Group	1.6
Total System Services, Inc.	1.5
Equinix, Inc.	1.5
DR Horton, Inc.	1.5
Diamondback Energy, Inc.	1.5
Waste Connections, Inc.	1.5
Rockwell Automation, Inc.	1.5
Mettler-Toledo International, Inc.	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 December 31, 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 28.79% during the reporting period, outperforming the Russell Midcap Growth Index (the “Index”) return of 25.27%. The Fund outperformed the Index in 8 out of 11 sectors, led by Consumer Discretionary, Consumer Staples and Health Care. Stock selection benefited in these three sectors, as did underweight positions in Consumer Discretionary and Consumer Staples. The Fund underperformed the Index within the Financials and Energy sectors, due to stock selection and an overweight position, respectively.

MARKET OVERVIEW

Domestic equities posted solid gains in 2017, continuing their strong upward move following the November 2016 election. 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 macroeconomic factors (employment, capital expenditures) were favorable, while inflationary pressures (wage growth, commodity prices, interest rates) seemed contained. During the year, growth indices outperformed their value counterparts.

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Fund this reporting period included XPO Logistics, Inc., Align Technology, Inc. and Autodesk, Inc.

XPO Logistics, a non-asset based freight transportation provider, recorded strong financial results despite hurricane-related headwinds in the third quarter of 2017. The company benefited from e-commerce demand for its contract logistics and “last mile” services. In addition, growth in intermodal services and a favorable brokerage market benefited the company. The stock also rose due to rumored bids from Home Depot and/or Amazon. This remains one of the largest holdings in the Fund.

Align Technology designs, manufactures, and markets the Invisalign System, a method for treating the misalignment of teeth. This company is part of our Medical Technology theme, which we think is a bright spot in an overall difficult environment for Health Care companies. Align has delivered standout results this year, driven by their leadership in the market for adult dental correction, and increasing penetration of the teen market.

Autodesk is the leading provider of CAD software using a SaaS delivery model. The company reported strong results due to the continued success of their subscription business model transition and diligent total spend management.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included CBS Corporation, Nabors Industries Ltd., and Vulcan Materials Company.

CBS is a multimedia company that operates broadcasting, television production, and publishing businesses. The stock trended downwards driven by mixed earnings results and a difficult environment overall for media companies. We have exited our position in CBS.

Nabors Industries is one of the largest operators of land drilling rigs in the U.S. Earlier this year, the company reported somewhat disappointing financial results related to higher-than-expected operating costs. As a result we exited our position.

Vulcan Materials Company produces construction aggregates. The company’s principal product lines are aggregates, asphalt mix and concrete, and cement. Hurricanes Harvey and Irma had a major impact on Vulcan’s operations as stated by the company’s management on their Q3 earnings call. We have since exited our position in Vulcan.

STRATEGY & OUTLOOK

At the end of the period, the Fund was overweight Industrials, Financials and Health Care while underweight Consumer Discretionary and Consumer Staples.

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.

3      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Looking forward, we expect the U.S. economy to expand at a rate of 3% or more, faster than the trajectory of the last several years, due to an uplift from a synchronized global recovery. 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 robust pace and cash flows are being directed to capital expenditures, dividends, buybacks and acquisitions. The impact of tax reform being passed in the United States could drive further market upside, as companies direct their tax savings into profitable investments. Equity valuations remain high but the bull market may persist given the favorable macro conditions. Technology driven disruption remains abundant across the economy and is at the forefront of our fundamental research. Our opportunity set remains compelling and we expect stock selection can continue to drive our relative performance.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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.

4      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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.

5      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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares	$	1,000.00	$	1,124.00	$	4.29
Service shares		1,000.00		1,122.40		5.63
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.17		4.08
Service shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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 DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Shares		Value
Common Stocks—98.7%
Consumer Discretionary—15.3%
Auto Components—1.7%
Aptiv plc		85,380	$	7,242,785
Visteon Corp.1		42,350		5,299,679
				12,542,464
Distributors—1.3%
Pool Corp.		70,720		9,168,848
Hotels, Restaurants & Leisure—6.1%
Hilton Worldwide Holdings, Inc.		134,453		10,737,416
Restaurant Brands International, Inc.		148,420		9,124,862
Royal Caribbean Cruises Ltd.		79,390		9,469,639
Vail Resorts, Inc.		47,680		10,130,570
Wynn Resorts Ltd.		33,510		5,649,451
				45,111,938
Household Durables—3.0%
DR Horton, Inc.		219,160		11,192,501
Mohawk Industries, Inc.1		21,000		5,793,900
NVR, Inc.1		1,320		4,630,851
				21,617,252
Multiline Retail—1.0%
Dollar Tree, Inc.1		67,280		7,219,817
Specialty Retail—1.0%
Ross Stores, Inc.		94,960		7,620,540
Textiles, Apparel & Luxury Goods—1.2%
lululemon athletica, Inc.1		23,940		1,881,444
PVH Corp.		49,060		6,731,523
				8,612,967
Consumer Staples—2.5%
Beverages—1.5%
Constellation Brands, Inc., Cl. A		46,690		10,671,933
Food Products—1.0%
Lamb Weston Holdings, Inc.		134,680		7,602,686
Energy—2.1%
Energy Equipment & Services—0.6%
RPC, Inc.		179,340		4,578,550
Oil, Gas & Consumable Fuels—1.5%
Diamondback Energy, Inc.1		87,983		11,107,854
Financials—12.7%
Capital Markets—5.5%
Cboe Global Markets, Inc.		76,000		9,468,840
E*TRADE Financial Corp.1		197,900		9,809,903
MarketAxess Holdings, Inc.		18,530		3,738,428
MSCI, Inc., Cl. A		64,510		8,163,095
Raymond James Financial, Inc.		105,460		9,417,578
				40,597,844
Commercial Banks—2.1%
First Republic Bank		41,480		3,593,827
SVB Financial Group1		49,490		11,569,277
				15,163,104
Insurance—2.2%
Arch Capital Group Ltd.1		35,630		3,234,135
Athene Holding Ltd., Cl. A1		101,130		5,229,432
Progressive Corp. (The)		133,930		7,542,938
				16,006,505
Real Estate Investment Trusts (REITs)—2.9%
Equinix, Inc.		24,810		11,244,388
SBA Communications Corp., Cl. A1		63,680		10,402,765
				21,647,153
Health Care—14.3%
Biotechnology—1.3%
Exelixis, Inc.1		156,370		4,753,648

	Shares		Value
Biotechnology (Continued)
Neurocrine Biosciences, Inc.1		57,600	$	4,469,184
				9,222,832
Health Care Equipment & Supplies—5.6%
ABIOMED, Inc.1		32,250		6,043,972
Align Technology, Inc.1		45,120		10,025,213
Cooper Cos., Inc. (The)		23,950		5,218,226
IDEXX Laboratories, Inc.1		53,310		8,336,618
Intuitive Surgical, Inc.1		15,100		5,510,594
Teleflex, Inc.		23,050		5,735,301
				40,869,924
Health Care Providers & Services—0.7%
WellCare Health Plans, Inc.1		27,320		5,494,325
Health Care Technology—0.9%
Veeva Systems, Inc., Cl. A1		121,370		6,709,334
Life Sciences Tools & Services—4.4%
Agilent Technologies, Inc.		160,470		10,746,676
Bio-Rad Laboratories, Inc., Cl. A1		15,410		3,677,905
ICON plc1		63,620		7,134,983
Mettler-Toledo International, Inc.1		17,500		10,841,600
				32,401,164
Pharmaceuticals—1.4%
Catalent, Inc.1		126,950		5,215,106
Zoetis, Inc., Cl. A		68,960		4,967,878
				10,182,984
Industrials—20.4%
Aerospace & Defense—1.7%
BWX Technologies, Inc.		87,080		5,267,469
L3 Technologies, Inc.		36,650		7,251,203
				12,518,672
Air Freight & Couriers—2.0%
XPO Logistics, Inc.1		161,730		14,812,851
Building Products—2.3%
A.O. Smith Corp.		139,220		8,531,402
Owens Corning		90,810		8,349,071
				16,880,473
Commercial Services & Supplies—2.8%
Copart, Inc.1		220,520		9,524,259
Waste Connections, Inc.		156,005		11,066,994
				20,591,253
Construction & Engineering—1.1%
Quanta Services, Inc.1		204,350		7,992,128
Electrical Equipment—1.5%
Rockwell Automation, Inc.		56,070		11,009,345
Industrial Conglomerates—1.2%
Roper Technologies, Inc.		35,070		9,083,130
Machinery—4.6%
IDEX Corp.		58,960		7,780,951
Oshkosh Corp.		81,480		7,405,717
WABCO Holdings, Inc.1		70,670		10,141,145
Xylem, Inc.		120,940		8,248,108
				33,575,921
Professional Services—1.1%
TransUnion1		151,190		8,309,402
Road & Rail—0.8%
Knight-Swift Transportation Holdings, Inc., Cl. A		128,380		5,612,774
Trading Companies & Distributors—1.3%
United Rentals, Inc.1		54,080		9,296,893
Information Technology—25.0%
Electronic Equipment, Instruments, & Components—4.6%
Amphenol Corp., Cl. A		123,120		10,809,936

7      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTSContinued

	Shares		Value
Electronic Equipment, Instruments, & Components (Continued)
CDW Corp.		109,990	$	7,643,205
Cognex Corp.		116,300		7,112,908
Trimble, Inc.1		203,270		8,260,893
				33,826,942
Internet Software & Services—2.4%
CoStar Group, Inc.1		24,660		7,322,787
IAC/InterActiveCorp1		43,120		5,272,713
MercadoLibre, Inc.		15,410		4,848,911
				17,444,411
IT Services—4.7%
Black Knight, Inc.1		84,820		3,744,803
DXC Technology Co.		102,300		9,708,270
Global Payments, Inc.		95,680		9,590,963
Total System Services, Inc.		142,860		11,298,798
				34,342,834
Semiconductors & Semiconductor Equipment—5.2%
Lam Research Corp.		54,450		10,022,611
Microchip Technology, Inc.		116,950		10,277,566
Monolithic Power Systems, Inc.		32,260		3,624,734
ON Semiconductor Corp.1		271,910		5,693,795
Teradyne, Inc.		216,880		9,080,766
				38,699,472
Software—8.1%
Atlassian Corp. plc, Cl. A1		71,330		3,246,942
Autodesk, Inc.1		50,820		5,327,460
PTC, Inc.1		94,110		5,719,065

	Shares		Value
Software (Continued)
Red Hat, Inc.1		101,530	$	12,193,753
ServiceNow, Inc.1		76,994		10,039,248
Synopsys, Inc.1		80,600		6,870,344
Take-Two Interactive Software, Inc.1		86,230		9,466,329
Workday, Inc., Cl. A1		65,050		6,618,187
				59,481,328
Materials—6.4%
Chemicals—3.8%
Albemarle Corp.		56,960		7,284,615
Celanese Corp., Cl. A		67,280		7,204,342
FMC Corp.		61,170		5,790,352
Westlake Chemical Corp.		67,330		7,172,665
				27,451,974
Containers & Packaging—2.0%
Avery Dennison Corp.		57,720		6,629,719
Packaging Corp. of America		66,470		8,012,959
				14,642,678
Metals & Mining—0.6%
Steel Dynamics, Inc.		107,080		4,618,360
Total Common Stocks (Cost $558,970,346)				724,340,859
Investment Company—1.0%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%2,3 (Cost $7,573,590)		7,573,590		7,573,590
Total Investments, at Value (Cost $566,543,936)		99.7%		731,914,449
Net Other Assets (Liabilities)		0.3		2,359,136
Net Assets		100.0%	$	734,273,585

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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		21,498,967		277,704,583		291,629,960		7,573,590
	Value		Income		Realized         Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	7,573,590	$	103,497	$	—	$	—

See accompanying Notes to Financial Statements.

8      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIESDecember 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $558,970,346)	$	724,340,859
Affiliated companies (cost $7,573,590)		7,573,590
		731,914,449
Cash		500,000
Receivables and other assets:
Investments sold		1,839,423
Dividends		362,838
Shares of beneficial interest sold		102,121
Other		69,101
Total assets		734,787,932
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		393,059
Trustees’ compensation		58,125
Shareholder communications		17,009
Distribution and service plan fees		8,380
Other		37,774
Total liabilities		514,347
Net Assets	$	734,273,585
Composition of Net Assets
Par value of shares of beneficial interest	$	8,745
Additional paid-in capital		468,328,663
Accumulated net investment loss		(58,125)
Accumulated net realized gain on investments		100,623,789
Net unrealized appreciation on investments		165,370,513
Net Assets	$	734,273,585
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 $694,675,055 and 8,249,616 shares of beneficial interest outstanding)		$84.21
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $39,598,530 and 495,758 shares of beneficial interest outstanding)		$79.87

See accompanying Notes to Financial Statements.

9      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF OPERATIONSFor the Year Ended December 31, 2017

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $37,642)	$	4,638,316
Affiliated companies		103,497
Total investment income		4,741,813
Expenses
Management fees		4,955,861
Distribution and service plan fees — service shares		89,281
Transfer and shareholder servicing agent fees:
Non-Service shares		660,619
Service shares		35,724
Shareholder communications:
Non-Service shares		48,071
Service shares		2,591
Trustees’ compensation		27,421
Borrowing fees		18,665
Custodian fees and expenses		4,658
Other		85,280
Total expenses		5,928,171
Less reduction to custodian expenses		(429)
Less waivers and reimbursements of expenses		(249,055)
Net expenses		5,678,687
Net Investment Loss		(936,874)
Realized and Unrealized Gain
Net realized gain on investment transactions in unaffiliated companies		111,170,933
Net change in unrealized appreciation/depreciation on investment transactions in unaffiliated companies		64,493,500
Net Increase in Net Assets Resulting from Operations	$	174,727,559

See accompanying Notes to Financial Statements.

10      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017		Year Ended December 31, 2016
Operations
Net investment income (loss)	$	(936,874)	$	192,842
Net realized gain		111,170,933		74,319,102
Net change in unrealized appreciation/depreciation		64,493,500		(60,542,760)
Net increase in net assets resulting from operations		174,727,559		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		(8,172,895)		(21,717,260)
Service shares		2,197,994		(2,617,902)
		(5,974,901)		(24,335,162)
Net Assets
Total increase (decrease)		98,313,393		(61,518,835)
Beginning of period		635,960,192		697,479,027
End of period (including accumulated net investment income (loss) of $(58,125) and $154,168, respectively)	$	734,273,585	$	635,960,192

See accompanying Notes to Financial Statements.

11      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended   December 31, 2017		Year Ended   December 31, 2016		Year Ended   December 31, 2015		Year Ended   December 31, 2014		Year Ended   December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$72.65		$76.85		$78.82		$74.51		$54.80
Income (loss) from investment operations:
Net investment income (loss)1		(0.10)		0.03		(0.19)		(0.29)		(0.16)
Net realized and unrealized gain		20.08		1.69		5.67		4.60		19.88
Total from investment operations		19.98		1.72		5.48		4.31		19.72
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		0.00		0.00		0.00		(0.01)
Distributions from net realized gain		(8.39)		(5.92)		(7.45)		0.00		0.00
Total dividends and/or distributions to shareholders		(8.42)		(5.92)		(7.45)		0.00		(0.01)
Net asset value, end of period		$84.21		$72.65		$76.85		$78.82		$74.51
Total Return, at Net Asset Value2		28.79%		2.34%		6.61%		5.78%		35.98%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$694,675		$603,708		$660,450		$682,515		$725,406
Average net assets (in thousands)		$661,192		$621,110		$695,736		$688,259		$618,970
Ratios to average net assets:3
Net investment income (loss)		(0.12)%		0.04%		(0.24)%		(0.39)%		(0.24)%
Expenses excluding specific expenses listed below		0.84%		0.84%		0.83%		0.83%		0.84%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		0.84%		0.84%		0.83%		0.83%		0.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%
Portfolio turnover rate		105%		141%		81%		113%		84%

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:

Year Ended December 31, 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	%

See accompanying Notes to Financial Statements.

12      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Service Shares	Year Ended   December 31, 2017		Year Ended   December 31, 2016		Year Ended   December 31, 2015		Year Ended   December 31, 2014		Year Ended   December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$69.43		$73.88		$76.21		$72.22	$53.25
Income (loss) from investment operations:
Net investment loss1		(0.28)		(0.15)		(0.38)		(0.46)	(0.30)
Net realized and unrealized gain		19.11		1.62		5.50		4.45	19.27
Total from investment operations		18.83		1.47		5.12		3.99	18.97
Dividends and/or distributions to shareholders:
Dividends from net investment income		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
Total dividends and/or distributions to shareholders		(8.39)		(5.92)		(7.45)		0.00	0.00
Net asset value, end of period		$79.87		$69.43		$73.88		$76.21	$72.22
Total Return, at Net Asset Value2		28.46%		2.08%		6.35%		5.53%	35.62%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$39,599		$32,252		$37,029		$30,964	$36,549
Average net assets (in thousands)		$35,753		$33,797		$32,812		$32,927	$35,905
Ratios to average net assets:3
Net investment loss		(0.37)%		(0.21)%		(0.49)%		(0.64)%	(0.49)%
Expenses excluding specific expenses listed below		1.09%		1.09%		1.08%		1.08%	1.09%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%	0.00%
Total expenses5		1.09%		1.09%		1.08%		1.08%	1.09%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%	1.05%
Portfolio turnover rate		105%		141%		81%		113%	84%

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:

Year Ended December 31, 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	%

See accompanying Notes to Financial Statements.

13      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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.

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 determined necessary by the Manager.

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, if any, 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 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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

14      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

2. Significant Accounting Policies (Continued)

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$23,400,569		$77,709,831		$—		$164,883,893

1. During the reporting period, the Fund did not utilize any capital loss carryforward.

2. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Gain on Investments3
$7,408,883		$927,146		$8,336,029

3. $7,400,685, including $5,687,901 of long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	202,565	$	—
Long-term capital gain		70,236,700		51,152,857
Total	$	70,439,265	$	51,152,857

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	$	567,030,556
Gross unrealized appreciation	$	166,244,790
Gross unrealized depreciation		(1,360,897)
Net unrealized appreciation	$	164,883,893

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

15      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 when 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 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	$	111,893,826	$	—	$	—	$	111,893,826
Consumer Staples		18,274,619		—		—		18,274,619
Energy		15,686,404		—		—		15,686,404
Financials		93,414,606		—		—		93,414,606
Health Care		104,880,563		—		—		104,880,563
Industrials		149,682,842		—		—		149,682,842
Information Technology		183,794,987		—		—		183,794,987
Materials		46,713,012		—		—		46,713,012
Investment Company		7,573,590		—		—		7,573,590
Total Assets	$	731,914,449	$	—	$	—	$	731,914,449

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.

16      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

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, two shareholders 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 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:

17      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest (Continued)

	Year Ended December 31, 2017				Year Ended December 31, 2016
		Shares		Amount		Shares		Amount
Non-Service Shares
Sold		235,884	$	18,341,538		260,318	$	19,152,890
Dividends and/or distributions reinvested		881,558		66,743,996		674,971		48,415,668
Redeemed		(1,177,553)		(93,258,429)		(1,219,400)		(89,285,818)
Net decrease		(60,111)	$	(8,172,895)		(284,111)	$	(21,717,260)
Service Shares
Sold		69,577	$	5,232,152		50,885	$	3,568,573
Dividends and/or distributions reinvested		51,387		3,695,269		39,878		2,737,189
Redeemed		(89,745)		(6,729,427)		(127,436)		(8,923,664)
Net increase (decrease)		31,219	$	2,197,994		(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	$	716,653,993		$789,560,177

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

18      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

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	$	223,589
Service shares		12,170

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 $13,296 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 $1.875 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 DISCOVERY MID CAP GROWTH FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Discovery Mid Cap Growth Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMGLLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

20      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Capital gain distributions of $8.38645 per share were paid to Non-Service and Service shareholders, respectively, on June 20, 2017. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 15.51% to arrive at the amount eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

21      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Ronald Zibelli and Justin Livengood, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other mid-cap growth funds underlying variable insurance products. The Board considered that the Fund outperformed its performance category median for the three- and five-year periods, while it underperformed its category median for the one- and ten-year periods. The Board also noted that the Fund’s performance improved in 2017 and that the Fund outperformed its category median in the year-to-date period ended June 30, 2017.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other mid-cap growth funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s contractual management fees and total expenses were lower than their respective peer group medians and category medians. The Board noted that the Adviser has contractually agreed to limit the Fund’s total annual operating 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. This contractual expense limitation may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

22      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

23      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.

24      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

25      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth: 1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Zibelli, Jr., Livengood, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Ronald J. Zibelli, Jr., Vice President (since 2008) Year of Birth: 1959	Senior Vice President of the Sub-Adviser (since January 2014); Senior Portfolio Manager of the Sub-Adviser (since May 2006) and Vice President of the Sub-Adviser (May 2006-January 2014). Prior to joining the Sub-Adviser, he spent six years at Merrill Lynch Investment Managers, during which time he was a Managing Director and Small Cap Growth Team Leader, responsible for managing 11 portfolios. Prior to joining Merrill Lynch Investment Managers, Mr. Zibelli spent 12 years with Chase Manhattan Bank, including two years as Senior Portfolio Manager (U.S. Small Cap Equity) at Chase Asset Management. A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Justin Livengood, Vice President (since 2014) Year of Birth: 1974	Vice President (since May 2006) and Senior Portfolio (since January 2014) of the Sub-Adviser. Senior Research Analyst of the Sub-Adviser (May 2006-January 2014), responsible for the health care, energy and financial services sectors for mid- and small-cap growth accounts. Before joining the Sub-Adviser in May 2006, Mr. Livengood was a vice president and fund analyst with Merrill Lynch Investment Managers, where he specialized in financial services, health care, energy and basic materials for the Merrill Lynch Small Cap Growth Fund. During his tenure at Merrill Lynch he also worked as an investment banking analyst in the Global Media Group and as an associate with Merrill Lynch Ventures. A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.

26      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

27      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

  

  December 31, 2017

Oppenheimer	Annual Report
Conservative Balanced Fund/VA
A Series of Oppenheimer Variable Account Funds

ANNUAL 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 12/31/17

	Inception   Date		1-Year			5-Year			10-Year
Non-Service Shares		2/9/87		9.25	%		7.26	%		2.26	%
Service Shares		5/1/02		8.95			6.99			2.00
Russell 3000 Index				21.13			15.58			8.60
Bloomberg Barclays U.S. Aggregate Bond Index				3.54			2.10			4.01
Reference Index				9.48			6.85			6.19

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Apple, Inc.	1.3%
Johnson & Johnson	1.2
JPMorgan Chase & Co.	1.1
Microsoft Corp.	1.0
Alphabet, Inc., Cl. C	0.9
Wells Fargo & Co.	0.7
Facebook, Inc., Cl. A	0.7
Merck & Co., Inc.	0.7
Schlumberger Ltd.	0.6
McDonald’s Corp.	0.6

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

PORTFOLIO ALLOCATION

Mortgage-Backed Obligations
Government Agency	23.3%
Non-Agency	9.1
Common Stocks	29.7
Non-Convertible Corporate Bonds and Notes	28.0
Asset-Backed Securities	7.6
Investment Company
Oppenheimer Institutional Government Money Market Fund	2.1
U.S. Government Obligations	0.2

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 9.25% during the reporting period. On a relative basis, the Fund’s Reference Index returned 9.48%. 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 3.54% and the Russell 3000 Index returned 21.13%.

MARKET OVERVIEW

Markets continued their general risk-on mode throughout 2017, with equities climbing and credit spreads tightening in most sectors. During the period, U.S. Treasury yields climbed up from the summer lows, but remained around the levels that have prevailed over the past couple of years.

The U.S. economy outperformed expectations in the second half of 2017, with gross domestic product (GDP) growth exceeding the 2% trend growth rate witnessed so far during the expansion. As of the reporting period’s end, private consumption, the driving force of the U.S. economy in recent years, is growing at a stable rate. In addition, business fixed investment has gained momentum in recent months and headwinds from international trade have turned into tailwinds as the lagged effects from earlier U.S. dollar strength diminish. In fact, U.S. dollar weakness is now leading to increased global growth momentum at period end. Business and consumer confidence are at cyclical highs and the recent tax cut should lead to marginal additional spending in the coming two years, helping to sustain the current momentum. With the economy’s continued expansion, the Federal Reserve (“Fed”) is nearing its dual mandate of full employment and price stability. While inflation has surprised to the downside for a number of months recently, the Fed believes this to be temporary and continues down its prescribed course of gradual tightening. As communicated, the Fed began normalizing its balance sheet during the reporting period by discontinuing its interest reinvestment program and raised rates for a third time this calendar year in December. Despite these tightening measures, by many measures financial conditions eased in 2017.

EQUITY STRATEGY REVIEW

The equity strategy produced positive absolute performance during the reporting period, but underperformed the Russell 3000 Index. The equity strategy’s underperformance stemmed primarily from weaker relative stock selection in the Consumer Staples, Health Care and Utilities sectors. The equity strategy outperformed the Index in the Information Technology, Real Estate and Industrials sectors, as a result of stronger relative stock selection.

Holdings that contributed positively to performance relative to the Index included Facebook and Applied Materials. Facebook continued to perform well this reporting period. The company reported strong financial results and continued to increase its moat versus competitors. Applied Materials continued to see strong fundamentals driven by two distinct growth drivers: 1) the number of chips being made is growing; and 2) increasing manufacturing complexity requires more capital equipment. Strong growth in semiconductor unit demand continues to be driven by electronics content growth (not just iPhones but also autos and industrial), as well as build-outs of cloud data centers that demand the highest performance processors and storage. Chip manufacturing has also grown to be much more complex, requiring many more tools to complete the different steps in the process.

Holdings that detracted from performance relative to the Index included PG&E and AutoZone. PG&E is one of the largest utility companies in California. The stock has been under pressure since the start of the Northern California wildfires due to concerns that some of the company’s equipment may have played a role in some of the fires. The stock saw further pressure after the company announced they would be suspending the dividend to preserve cash for potential future claims. We reduced the position size due to the current level of uncertainty. AutoZone’s underperformance has been driven by a deceleration in same store sales and the narrative that the deceleration was partially being driven by Amazon encroaching on the auto parts retail business. The stock has rebounded more recently after a stabilization of same store sales and lessening concerns about the health of the industry.

FIXED-INCOME STRATEGY REVIEW

The Fund’s fixed-income strategy outperformed the Bloomberg Barclays U.S. Aggregate Bond Index this reporting period. Primarily contributing to the Fund’s relative performance was its underweight to U.S. Treasuries, its allocation to non-agency MBS and allocation to high yield credit. Primarily detracting from relative performance was the Fund’s overweight to asset-backed securities and security selection within agency MBS.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

3        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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. 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.

4        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year     9.25%                              5-Year     7.26%             10-Year                  2.26 % 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year     8.95%                              5-Year     6.99%             10-Year                  2.00 % 

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.

5        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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares		$      1,000.00		$      1,036.50		$            3.44
Service shares		1,000.00		1,034.90		4.73
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.83		3.42
Service shares		1,000.00		1,020.57		4.70

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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.

6        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Shares		Value
Common Stocks—34.9%
Consumer Discretionary—3.4%
Auto Components—0.4%
Visteon Corp.1		6,210	$	777,119
Diversified Consumer Services—0.0%
Houghton Mifflin Harcourt Co.1		1,738		16,163
Hotels, Restaurants & Leisure—0.8%
Cedar Fair LP2		5,485		356,470
McDonald’s Corp.		7,636		1,314,309
Starbucks Corp.		254		14,587
				1,685,366
Household Durables—0.5%
Mohawk Industries, Inc.1		2,468		680,921
Newell Brands, Inc.		10,706		330,815
				1,011,736
Internet & Catalog Retail—0.0%
Amazon.com, Inc.1		36		42,101
Netflix, Inc.1		25		4,799
Priceline Group, Inc. (The)1		5		8,689
				55,589
Leisure Products—0.0%
American Outdoor Brands Corp.1		1,164		14,946
Hasbro, Inc.		78		7,089
				22,035
Media—0.4%
Pearson plc, Sponsored ADR		1,667		16,370
Walt Disney Co. (The)		8,386		901,579
				917,949
Multiline Retail—0.0%
Dollar General Corp.		165		15,347
Fred’s, Inc., Cl. A		4,783		19,371
				34,718
Specialty Retail—0.8%
Bed Bath & Beyond, Inc.		782		17,196
Burlington Stores, Inc.1		5,706		702,009
GNC Holdings, Inc., Cl. A1		1,642		6,059
Lowe’s Cos., Inc.		11,046		1,026,615
Office Depot, Inc.		5,174		18,316
Sally Beauty Holdings, Inc.1		1,015		19,042
TravelCenters of America LLC1		2,052		8,413
				1,797,650
Textiles, Apparel & Luxury Goods—0.5%
Fossil Group, Inc.1		1,450		11,267
Hanesbrands, Inc.		332		6,942
NIKE, Inc., Cl. B		17,282		1,080,989
				1,099,198
Consumer Staples—2.4%
Beverages—0.8%
Boston Beer Co., Inc. (The), Cl. A1		90		17,199
Constellation Brands, Inc., Cl. A		35		8,000
Molson Coors Brewing Co., Cl. B		8,778		720,410
PepsiCo, Inc.		8,843		1,060,453
				1,806,062
Food & Staples Retailing—0.2%
CVS Health Corp.		228		16,530
Kroger Co. (The)		827		22,701
Rite Aid Corp.1		174,233		343,239
SpartanNash Co.		527		14,060
SUPERVALU, Inc.1		1,006		21,730
				418,260
Food Products—0.7%
Campbell Soup Co.		444		21,361
Dean Foods Co.		1,874		21,663
Kellogg Co.		315		21,414

	Shares		Value
Food Products (Continued)
Kraft Heinz Co. (The)		10,190	$	792,374
Pinnacle Foods, Inc.		10,554		627,646
TreeHouse Foods, Inc.1		371		18,350
				1,502,808
Household Products—0.3%
Spectrum Brands Holdings, Inc.		5,960		669,904
Personal Products—0.0%
Avon Products, Inc.1		9,223		19,830
Coty, Inc., Cl. A		1,151		22,893
				42,723
Tobacco—0.4%
Altria Group, Inc.		372		26,565
British American Tobacco plc		10,850		732,271
Philip Morris International, Inc.		119		12,572
Universal Corp.		354		18,585
				789,993
Energy—2.1%
Energy Equipment & Services—0.6%
Diamond Offshore Drilling, Inc.1		819		15,225
Schlumberger Ltd.		20,093		1,354,068
				1,369,293
Oil, Gas & Consumable Fuels—1.5%
EQT Corp.		15,577		886,643
Matador Resources Co.1		192		5,977
Noble Energy, Inc.		22,041		642,275
Range Resources Corp.		1,041		17,759
Shell Midstream Partners LP2		18,205		542,873
Suncor Energy, Inc.		28,860		1,059,739
				3,155,266
Financials—6.7%
Capital Markets—0.8%
Bank of New York Mellon Corp. (The)		12,060		649,551
Charles Schwab Corp. (The)		186		9,555
Intercontinental Exchange, Inc.		15,789		1,114,072
				1,773,178
Commercial Banks—2.7%
Citigroup, Inc.		11,360		845,298
IBERIABANK Corp.		7,010		543,275
JPMorgan Chase & Co.		21,510		2,300,279
Signature Bank (New York)1		4,590		630,023
Wells Fargo & Co.		27,140		1,646,584
				5,965,459
Consumer Finance—0.5%
Synchrony Financial		25,510		984,941
Insurance—1.2%
American International Group, Inc.		17,710		1,055,162
Chubb Ltd.		5,200		759,876
Marsh & McLennan Cos., Inc.		101		8,220
Progressive Corp. (The)		12,625		711,040
Validus Holdings Ltd.		421		19,753
XL Group Ltd.		590		20,745
				2,574,796
Real Estate Investment Trusts (REITs)—1.4%
AGNC Investment Corp.		1,006		20,311
American Tower Corp.		31		4,423
Brandywine Realty Trust		27,160		494,040
Crown Castle International Corp.		4,290		476,233
CubeSmart		24,457		707,297
CYS Investments, Inc.		2,474		19,866
EPR Properties		6,810		445,783
Mid-America Apartment Communities, Inc.		8,620		866,827
				3,034,780

7        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Real Estate Management & Development—0.1%
Realogy Holdings Corp.		12,240	$	324,360
Health Care—3.9%
Biotechnology—0.6%
AbbVie, Inc.		166		16,054
Alexion Pharmaceuticals, Inc.1		39		4,664
BioMarin Pharmaceutical, Inc.1		3,030		270,185
Celgene Corp.1		9,000		939,240
Exact Sciences Corp.1		100		5,254
Exelixis, Inc.1		137		4,165
				1,239,562
Health Care Equipment & Supplies—0.6%
Boston Scientific Corp.1		353		8,751
CryoPort, Inc.1		7,880		67,689
IDEXX Laboratories, Inc.1		36		5,630
Intuitive Surgical, Inc.1		19		6,934
NuVasive, Inc.1		7,240		423,468
Stryker Corp.		5,641		873,452
				1,385,924
Health Care Providers & Services—0.4%
Aceto Corp.		1,590		16,425
Centene Corp.1		3,200		322,816
Humana, Inc.		39		9,675
LifePoint Health, Inc.1		217		10,806
UnitedHealth Group, Inc.		104		22,928
WellCare Health Plans, Inc.1		2,630		528,919
				911,569
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		10,601		709,949
Illumina, Inc.1		29		6,336
				716,285
Pharmaceuticals—2.0%
AstraZeneca plc, Sponsored ADR		593		20,577
Johnson & Johnson		18,391		2,569,591
Mallinckrodt plc1		503		11,348
Merck & Co., Inc.		25,989		1,462,401
Mylan NV1		408		17,262
Valeant Pharmaceuticals International, Inc.1		8,230		171,019
				4,252,198
Industrials—4.3%
Aerospace & Defense—1.0%
Boeing Co. (The)		4,158		1,226,236
Lockheed Martin Corp.		3,100		995,255
				2,221,491
Airlines—0.3%
Spirit Airlines, Inc.1		12,853		576,457
Commercial Services & Supplies—0.8%
Essendant, Inc.		1,592		14,758
KAR Auction Services, Inc.		19,839		1,002,068
Pitney Bowes, Inc.		1,141		12,756
RR Donnelley & Sons Co.		1,697		15,782
Waste Connections, Inc.		9,446		670,099
				1,715,463
Construction & Engineering—0.2%
Dycom Industries, Inc.1		4,700		523,721
Industrial Conglomerates—0.0%
General Electric Co.		1,101		19,212
Machinery—1.0%
Cummins, Inc.		4,592		811,131
Stanley Black & Decker, Inc.		4,176		708,625
Wabtec Corp.		8,088		658,606
				2,178,362

	Shares		Value
Professional Services—0.4%
Equifax, Inc.		46	$	5,424
Korn/Ferry International		18,020		745,668
On Assignment, Inc.1		127		8,162
				759,254
Road & Rail—0.3%
Canadian Pacific Railway Ltd.		3,860		705,454
Trading Companies & Distributors—0.3%
Fastenal Co.		212		11,594
Watsco, Inc.		3,833		651,764
				663,358
Information Technology—8.8%
Communications Equipment—0.4%
Nokia OYJ, Sponsored ADR		3,225		15,028
Palo Alto Networks, Inc.1		6,383		925,152
				940,180
Internet Software & Services—2.5%
Alphabet, Inc., Cl. C1		1,935		2,024,784
eBay, Inc.1		30,463		1,149,674
Envestnet, Inc.1		96		4,785
Facebook, Inc., Cl. A1		8,433		1,488,087
Pandora Media, Inc.1		2,517		12,132
Q2 Holdings, Inc.1		240		8,844
Yelp, Inc., Cl. A1		18,002		755,364
				5,443,670
IT Services—1.5%
CACI International, Inc., Cl. A1		35		4,632
DXC Technology Co.		8,450		801,905
Mastercard, Inc., Cl. A		8,325		1,260,072
PayPal Holdings, Inc.1		176		12,957
Teradata Corp.1		13,720		527,671
Total System Services, Inc.		8,115		641,816
				3,249,053
Semiconductors & Semiconductor Equipment—0.7%
Applied Materials, Inc.		269		13,752
Broadcom Ltd.		48		12,331
Microchip Technology, Inc.		10,225		898,573
MKS Instruments, Inc.		7,160		676,620
Texas Instruments, Inc.		130		13,577
				1,614,853
Software—2.0%
Microsoft Corp.		24,728		2,115,233
MobileIron, Inc.1		2,506		9,774
Pegasystems, Inc.		14,647		690,606
PTC, Inc.1		190		11,546
Snap, Inc., Cl. A1		45,595		666,143
Zynga, Inc., Cl. A1		185,962		743,848
				4,237,150
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc.		16,227		2,746,095
BlackBerry Ltd.1		639		7,138
Diebold Nixdorf, Inc.		840		13,734
Eastman Kodak Co.1		3,291		10,202
Western Digital Corp.		12,107		962,870
				3,740,039
Materials—1.4%
Chemicals—0.9%
DowDuPont, Inc.		16,161		1,150,987
Eastman Chemical Co.		7,610		704,990
				1,855,977
Construction Materials—0.3%
Vulcan Materials Co.		4,921		631,709
Metals & Mining—0.2%
Franco-Nevada Corp.		187		14,951

8        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Shares		Value
Metals & Mining (Continued)
Kaiser Aluminum Corp.		50	$	5,342
Osisko Gold Royalties Ltd.		34,237		395,482
Tahoe Resources, Inc.		3,521		16,866
				432,641
Telecommunication Services—0.8%
Diversified Telecommunication Services—0.6%
AT&T, Inc.		693		26,944
ORBCOMM, Inc.1		375		3,817
Verizon Communications, Inc.		23,374		1,237,186
Zayo Group Holdings, Inc.1		210		7,728
				1,275,675
Wireless Telecommunication Services—0.2%
T-Mobile US, Inc.1		8,179		519,449
Utilities—1.1%
Electric Utilities—0.5%
Edison International		160		10,118
PG&E Corp.		20,314		910,677
Southern Co. (The)		300		14,427
				935,222
Gas Utilities—0.2%
Suburban Propane Partners LP2		19,456		471,224
Multi-Utilities—0.4%
Centrica plc, Sponsored ADR		2,396		17,802
National Grid plc		46,590		547,292
National Grid plc, Sponsored ADR		277		16,291
SCANA Corp.		8,781		349,308
				930,693
Total Common Stocks (Cost $63,158,647)				75,975,191
	Principal Amount
Asset-Backed Securities—9.0%
American Credit Acceptance Receivables Trust:
Series 2014-4, Cl. D, 5.24%, 2/10/223	$	60,000		60,334
Series 2015-1, Cl. B, 2.85%, 2/12/213		20,170		20,177
Series 2015-3, Cl. B, 3.56%, 10/12/213		92,553		92,823
Series 2015-3, Cl. C, 4.84%, 10/12/213		470,000		479,277
Series 2015-3, Cl. D, 5.86%, 7/12/223		135,000		137,884
Series 2017-3, Cl. B, 2.25%, 1/11/213		70,000		69,767
Series 2017-4, Cl. B, 2.61%, 5/10/213		69,000		68,969
Series 2017-4, Cl. C, 2.94%, 1/10/243		195,000		194,856
Series 2017-4, Cl. D, 3.57%, 1/10/243		166,000		165,801
AmeriCredit Automobile Receivables Trust:
Series 2013-4, Cl. D, 3.31%, 10/8/19		35,000		35,119
Series 2015-2, Cl. D, 3.00%, 6/8/21		245,000		247,508
Series 2017-2, Cl. D, 3.42%, 4/18/23		320,000		323,472
Series 2017-4, Cl. D, 3.08%, 12/18/23		245,000		244,264
Cabela’s Credit Card Master Note Trust:
Series 2013-2A, Cl. A2, 2.127%
[LIBOR01M+65], 8/16/213,4		105,000		105,364
Series 2016-1, Cl. A1, 1.78%, 6/15/22		340,000		338,119
Series 2016-1, Cl. A2, 2.327%
[LIBOR01M+85], 6/15/224		615,000		620,930
Capital Auto Receivables Asset Trust:
Series 2014-1, Cl. D, 3.39%, 7/22/19		140,000		140,395
Series 2017-1, Cl. D, 3.15%, 2/20/253		40,000		39,810
Capital One Multi-Asset Execution Trust:
Series 2016-A1, Cl. A1, 1.927%
[LIBOR01M+45], 2/15/224		390,000		391,918
Series 2016-A3, Cl. A3, 1.34%, 4/15/22		560,000		554,414
CarFinance Capital Auto Trust:
Series 2014-1A, Cl. D, 4.90%, 4/15/203		160,000		162,361
Series 2015-1A, Cl. A, 1.75%, 6/15/213		36,614		36,571
CarMax Auto Owner Trust:
Series 2015-2, Cl. D, 3.04%, 11/15/21		115,000		115,587
Series 2015-3, Cl. D, 3.27%, 3/15/22		330,000		331,155

	Principal Amount		Value
Asset-Backed Securities (Continued)
CarMax Auto Owner Trust: (Continued)
Series 2016-1, Cl. D, 3.11%, 8/15/22	$	220,000	$	221,657
Series 2016-3, Cl. D, 2.94%, 1/17/23		125,000		123,683
Series 2016-4, Cl. D, 2.91%, 4/17/23		275,000		271,545
Series 2017-1, Cl. D, 3.43%, 7/17/23		245,000		245,139
Series 2017-4, Cl. D, 3.30%, 5/15/24		110,000		109,267
CCG Receivables Trust, Series 2017-1, Cl. B, 2.75%, 11/14/233		250,000		247,575
Chase Issuance Trust, Series 2014-A5, Cl. A5, 1.847% [LIBOR01M+37], 4/15/214		245,000		245,967
CIG Auto Recevables Trust, Series 2017-1A, Cl. A, 2.71%, 5/15/233		133,352		133,169
Citibank Credit Card Issuance Trust,
Series 2014-A6, Cl. A6, 2.15%, 7/15/21		110,000		110,139
CNH Equipment Trust, Series 2017-C,
Cl. B, 2.54%, 5/15/25		70,000		69,675
CPS Auto Receivables Trust:
Series 2013-C, Cl. D, 6.59%, 8/15/193		110,000		111,857
Series 2017-C, Cl. A, 1.78%, 9/15/203		73,847		73,738
Series 2017-C, Cl. B, 2.30%, 7/15/213		105,000		104,600
CPS Auto Trust:
Series 2017-A, Cl. B, 2.68%, 5/17/213		35,000		35,054
Series 2017-D, Cl. B, 2.43%, 1/18/223		180,000		179,407
Credit Acceptance Auto Loan Trust, Series 2017-3A, Cl. C, 3.48%, 10/15/265		220,000		218,538
CWABS Asset-Backed Certificates
Trust, Series 2005-14, Cl. 1A1, 1.782% [US0001M+23], 4/25/364		105,809		106,041
Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/223		75,000		74,599
Discover Card Execution Note Trust:
Series 2012-A6, Cl. A6, 1.67%, 1/18/22		310,000		308,302
Series 2016-A1, Cl. A1, 1.64%, 7/15/21		615,000		613,119
Series 2016-A4, Cl. A4, 1.39%, 3/15/22		660,000		652,085
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/213		20,000		20,323
Series 2015-CA, Cl. D, 4.20%, 9/15/213		70,000		71,519
Series 2016-BA, Cl. C, 3.19%, 7/15/223		170,000		171,314
Series 2016-CA, Cl. C, 3.02%, 11/15/213		150,000		151,169
Series 2016-CA, Cl. D, 4.18%, 3/15/243		170,000		174,650
Series 2017-1, Cl. B, 2.36%, 3/15/21		165,000		165,179
Series 2017-2, Cl. B, 2.25%, 6/15/21		105,000		105,066
Series 2017-2, Cl. C, 2.75%, 9/15/23		115,000		115,211
Series 2017-3, Cl. C, 2.80%, 7/15/22		120,000		120,106
Series 2017-AA, Cl. C, 2.98%, 1/18/223		195,000		196,374
Series 2017-AA, Cl. D, 4.16%, 5/15/243		225,000		230,774
Series 2017-BA, Cl. D, 3.72%, 10/17/223		235,000		238,235
DT Auto Owner Trust:
Series 2014-2A, Cl. D, 3.68%, 4/15/213		366,345		367,540
Series 2016-1A, Cl. B, 2.79%, 5/15/203		7,962		7,965
Series 2016-4A, Cl. E, 6.49%, 9/15/233		75,000		77,156
Series 2017-1A, Cl. C, 2.70%, 11/15/223		95,000		94,789
Series 2017-1A, Cl. D, 3.55%, 11/15/223		150,000		150,008
Series 2017-1A, Cl. E, 5.79%, 2/15/243		160,000		162,609
Series 2017-2A, Cl. B, 2.44%, 2/15/213		140,000		140,260
Series 2017-2A, Cl. D, 3.89%, 1/15/233		180,000		181,331
Series 2017-3A, Cl. B, 2.40%, 5/17/213		200,000		199,461
Series 2017-3A, Cl. E, 5.60%, 8/15/243		155,000		157,332

9        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
DT Auto Owner Trust: (Continued)
Series 2017-4A, Cl. D, 3.47%, 7/17/233	$	205,000	$	204,583
Series 2017-4A, Cl. E, 5.15%, 11/15/243		150,000		150,122
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/443		192,645		192,250
Evergreen Credit Card Trust,
Series 2016-3, Cl. A, 1.977%
[LIBOR01M+50], 11/16/203,4		480,000		481,627
Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. D, 6.81%, 8/17/203		292,278		294,846
Series 2014-2A, Cl. C, 3.26%, 12/16/193		86,639		86,964
Series 2017-3A, Cl. A, 2.05%, 12/15/213		146,122		145,925
Flagship Credit Auto Trust:
Series 2013-2, Cl. D, 6.26%, 2/16/213		70,000		70,529
Series 2014-1, Cl. D, 4.83%, 6/15/203		20,000		20,390
Series 2016-1, Cl. C, 6.22%, 6/15/223		380,000		401,794
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/433		17,670		17,562
GM Financial Automobile Leasing Trust, Series 2017-3, Cl. C, 2.73%, 9/20/21		120,000		118,871
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1, Cl. D, 4.852%
[LIBOR01M+330], 9/27/213,4		80,000		80,134
Series 2017-1, Cl. C, 3.102%
[LIBOR01M+155], 6/27/223,4		60,000		60,367
Series 2017-1, Cl. D, 3.852%
[LIBOR01M+230], 6/27/223,4		75,000		75,040
Nissan Auto Lease Trust, Series 2017-A, Cl. A3, 1.91%, 4/15/20		245,000		244,191
Santander Drive Auto Receivables Trust:
Series 2013-A, Cl. E, 4.71%, 1/15/213		325,000		327,294
Series 2016-2, Cl. D, 3.39%, 4/15/22		115,000		116,760
Series 2017-1, Cl. D, 3.17%, 4/17/23		175,000		175,995
Series 2017-1, Cl. E, 5.05%, 7/15/243		410,000		421,639
Series 2017-3, Cl. D, 3.20%, 11/15/23		415,000		415,769
Santander Retail Auto Lease Trust, Series 2017-A, Cl. C, 2.96%, 11/21/223		195,000		194,967
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/223		190,000		189,508
Verizon Owner Trust, Series 2017-3A, Cl. A1A, 2.06%, 4/20/223		195,000		194,242
Veros Automobile Receivables Trust, Series 2017-1, Cl. A, 2.84%, 4/17/233		148,372		148,120
Westlake Automobile Receivables Trust:
Series 2016-1A, Cl. E, 6.52%, 6/15/223		200,000		205,445
Series 2017-2A, Cl. E, 4.63%, 7/15/243		265,000		265,636
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		150,000		149,905
Series 2016-B, Cl. A, 1.44%, 6/15/22		380,000		378,921
Series 2017-A, Cl. A, 2.12%, 3/15/24		430,000		428,429
Series 2017-B, Cl. A, 1.98%, 6/15/23		325,000		324,131
Series 2017-C, Cl. A, 2.31%, 8/15/24		430,000		428,411
Total Asset-Backed Securities (Cost $19,541,054)				19,540,769
Mortgage-Backed Obligations—38.0%
Government Agency—27.4%
FHLMC/FNMA/FHLB/Sponsored—21.1%
Federal Home Loan Mortgage Corp. Gold Pool:
4.50%, 10/1/18		4,279		4,342
5.00%, 12/1/34		2,302		2,499
5.50%, 9/1/39		305,239		334,794
6.50%, 4/1/18-4/1/34		21,106		23,394
7.00%, 10/1/31-10/1/37		76,017		84,183

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp. Gold Pool: (Continued)
9.00%, 8/1/22-5/1/25	$	1,496	$	1,593
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183,Cl. IO, 61.142%, 4/1/276		53,584		11,264
Series 192,Cl. IO, 99.999%, 2/1/286		15,439		2,890
Series 243,Cl. 6, 4.623%, 12/15/326		41,961		7,197
Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		147,333		146,769
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.198%, 6/1/267		16,175		15,050
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2427,Cl. ZM, 6.50%, 3/15/32		92,741		102,001
Series 2461,Cl. PZ, 6.50%, 6/15/32		37,036		40,947
Series 2564,Cl. MP, 5.00%, 2/15/18		3,909		3,913
Series 2585,Cl. HJ, 4.50%, 3/15/18		1,958		1,960
Series 2626,Cl. TB, 5.00%, 6/15/33		63,311		66,540
Series 2635,Cl. AG, 3.50%, 5/15/32		31,838		32,366
Series 2707,Cl. QE, 4.50%, 11/15/18		51,732		52,019
Series 2770,Cl. TW, 4.50%, 3/15/19		2,712		2,739
Series 3010,Cl. WB, 4.50%, 7/15/20		11,479		11,701
Series 3025,Cl. SJ, 19.334% [(3.667) x
LIBOR01M+2,475], 8/15/354		13,165		19,162
Series 3030,Cl. FL, 1.877%
[LIBOR01M+40], 9/15/354		75,349		75,700
Series 3741,Cl. PA, 2.15%, 2/15/35		69,178		69,169
Series 3815,Cl. BD, 3.00%, 10/15/20		1,430		1,434
Series 3822,Cl. JA, 5.00%, 6/15/40		30,892		31,721
Series 3840,Cl. CA, 2.00%, 9/15/18		1,097		1,095
Series 3848,Cl. WL, 4.00%, 4/15/40		75,952		77,548
Series 3857,Cl. GL, 3.00%, 5/15/40		4,689		4,737
Series 4221,Cl. HJ, 1.50%, 7/15/23		472,971		466,094
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130,Cl. SC, 62.242%, 3/15/296		40,382		6,468
Series 2796,Cl. SD, 54.874%, 7/15/266		73,235		10,726
Series 2920,Cl. S, 7.147%, 1/15/356		375,335		58,315
Series 2922,Cl. SE, 10.552%, 2/15/356		23,030		3,804
Series 2981,Cl. AS, 7.463%, 5/15/356		207,680		27,826
Series 3397,Cl. GS, 0.00%, 12/15/376,8		23,231		3,753
Series 3424,Cl. EI, 0.00%, 4/15/386,8		10,620		966
Series 3450,Cl. BI, 13.216%, 5/15/386		66,319		9,855
Series 3606,Cl. SN, 16.296%, 12/15/396		36,067		5,478
Federal National Mortgage Assn.:
2.50%, 1/1/339		2,270,000		2,267,680
3.00%, 1/1/339		7,975,000		8,125,553
3.50%, 1/1/489		12,075,000		12,405,591
4.00%, 1/1/489		8,180,000		8,559,373
4.50%, 1/1/489		7,815,000		8,315,600
5.00%, 1/1/489		2,020,000		2,171,816
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21		2,291		2,334
5.50%, 9/1/20		1,341		1,371
6.00%, 3/1/37		117,255		131,890
6.50%, 10/1/19		26		26
7.00%, 10/1/35		8,361		8,655
7.50%, 1/1/33		53,890		63,275
8.50%, 7/1/32		3,947		4,226
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222,Cl. 2, 99.999%, 6/25/236		101,242		13,018
Series 233,Cl. 2, 63.993%, 8/25/236		68,748		10,526
Series 252,Cl. 2, 99.999%, 11/25/236		91,483		13,514
Series 319,Cl. 2, 8.489%, 2/25/326		23,380		5,289

10        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 320,Cl. 2, 40.637%, 4/25/326	$	8,545	$	2,127
Series 321,Cl. 2, 12.992%, 4/25/326		83,366		19,787
Series 331,Cl. 9, 20.652%, 2/25/336		100,466		20,682
Series 334,Cl. 17, 17.833%, 2/25/336		53,806		10,553
Series 339,Cl. 12, 0.00%, 6/25/336,8		72,595		16,813
Series 339,Cl. 7, 0.00%, 11/25/336,8		208,488		43,340
Series 343,Cl. 13, 0.00%, 9/25/336,8		78,263		16,729
Series 345,Cl. 9, 0.00%, 1/25/346,8		70,699		14,691
Series 351,Cl. 10, 0.00%, 4/25/346,8		9,354		2,027
Series 351,Cl. 8, 0.00%, 4/25/346,8		33,297		6,630
Series 356,Cl. 10, 0.00%, 6/25/356,8		22,984		4,743
Series 356,Cl. 12, 0.00%, 2/25/356,8		12,348		2,700
Series 362,Cl. 13, 0.00%, 8/25/356,8		88,984		19,734
Series 364,Cl. 16, 0.00%, 9/25/356,8		63,379		14,068
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61,Cl. PL, 6.00%, 11/25/28		39,234		43,254
Series 2003-100,Cl. PA, 5.00%, 10/25/18		22,384		22,480
Series 2003-130,Cl. CS, 10.996% [(2) x
LIBOR01M+1,410], 12/25/334		5,083		5,400
Series 2003-84,Cl. GE, 4.50%, 9/25/18		1,869		1,878
Series 2004-25,Cl. PC, 5.50%, 1/25/34		40,256		40,780
Series 2005-104,Cl. MC, 5.50%, 12/25/25		153,910		164,777
Series 2005-31,Cl. PB, 5.50%, 4/25/35		250,000		276,677
Series 2005-73,Cl. DF, 1.802% [LIBOR01M+25], 8/25/354		89,603		89,975
Series 2006-11,Cl. PS, 18.876% [(3.667) x LIBOR01M+2,456.67], 3/25/364		54,746		85,488
Series 2006-46,Cl. SW, 18.508% [(3.667) x LIBOR01M+2,419.92], 6/25/364		36,002		53,640
Series 2006-50,Cl. KS, 18.509% [(3.667) x LIBOR01M+2,420], 6/25/364		7,571		11,499
Series 2008-75,Cl. DB, 4.50%, 9/25/23		9,845		9,897
Series 2009-113,Cl. DB, 3.00%, 12/25/20		35,043		35,161
Series 2009-36,Cl. FA, 2.492% [LIBOR01M+94], 6/25/374		34,585		35,357
Series 2009-37,Cl. HA, 4.00%, 4/25/19		3,423		3,426
Series 2009-70,Cl. TL, 4.00%, 8/25/19		67,078		67,223
Series 2010-43,Cl. KG, 3.00%, 1/25/21		26,045		26,164
Series 2011-15,Cl. DA, 4.00%, 3/25/41		19,770		20,133
Series 2011-3,Cl. EL, 3.00%, 5/25/20		59,688		59,817
Series 2011-3,Cl. KA, 5.00%, 4/25/40		112,214		118,763
Series 2011-38,Cl. AH, 2.75%, 5/25/20		1,109		1,109
Series 2011-82,Cl. AD, 4.00%, 8/25/26		62,655		63,188
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65,Cl. S, 8.589%, 11/25/316		93,070		17,926
Series 2001-81,Cl. S, 19.717%, 1/25/326		22,735		4,251
Series 2002-47,Cl. NS, 15.974%, 4/25/326		63,326		12,615
Series 2002-51,Cl. S, 16.355%, 8/25/326		58,149		11,058
Series 2002-52,Cl. SD, 40.914%, 9/25/326		91,782		18,683
Series 2002-77,Cl. SH, 25.249%, 12/18/326		34,127		6,530
Series 2002-84,Cl. SA, 4.687%, 12/25/326		87,647		16,651

	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 2002-9,Cl. MS, 20.777%, 3/25/326	$	24,490	$	4,518
Series 2003-33,Cl. SP, 8.861%, 5/25/336		94,481		20,933
Series 2003-4,Cl. S, 3.086%, 2/25/336		51,214		11,113
Series 2003-46,Cl. IH, 0.00%, 6/25/236,8		157,985		15,839
Series 2004-54,Cl. DS, 56.349%, 11/25/306		72,534		12,216
Series 2004-56,Cl. SE, 4.807%, 10/25/336		17,897		3,532
Series 2005-12,Cl. SC, 26.626%, 3/25/356		10,795		1,527
Series 2005-14,Cl. SE, 18.691%, 3/25/356		34,976		4,857
Series 2005-40,Cl. SA, 27.943%, 5/25/356		191,838		26,417
Series 2005-52,Cl. JH, 31.505%, 5/25/356		495,973		70,965
Series 2005-93,Cl. SI, 3.083%, 10/25/356		42,262		5,910
Series 2007-88,Cl. XI, 0.00%, 6/25/376,8		93,100		14,953
Series 2008-55,Cl. SA, 0.00%, 7/25/386,8		34,856		3,327
Series 2009-8,Cl. BS, 0.00%, 2/25/246,8		746		30
Series 2011-96,Cl. SA, 5.861%, 10/25/416		123,844		18,736
Series 2012-134,Cl. SA, 4.994%, 12/25/426		436,054		86,357
Series 2012-40,Cl. PI, 4.32%, 4/25/416		233,928		34,907
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%, 9/25/237		37,224		34,695
				45,811,005
GNMA/Guaranteed—6.3%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		12,263		12,377
7.50%, 1/15/23-6/15/24		19,591		20,392
8.00%, 4/15/23		7,776		8,281
Government National Mortgage Assn. II Pool:
3.50%, 1/1/489		4,240,000		4,386,611
4.00%, 1/1/489		8,810,000		9,189,518
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 99.999%, 2/16/326		110,883		508
Series 2002-76,Cl. SY, 5.546%, 12/16/266		198,756		23,526
Series 2007-17,Cl. AI, 46.403%, 4/16/376		297,222		50,114
Series 2011-52,Cl. HS, 25.052%, 4/16/416		143,547		20,049
				13,711,376
Non-Agency—10.6%
Commercial—5.6%
BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 3.41% [H15T1Y+210], 9/26/353,4		83,102		83,492
CD Commercial Mortgage Trust:
Series 2016-CD2,Cl. AM, 3.668%, 11/10/4910		155,000		158,858

11        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial (Continued)
CD Commercial Mortgage Trust: (Continued)
Series 2017-CD3,Cl. AS, 3.833%, 2/10/50	$	210,000	$	217,105
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-CD6, Cl. XA, 12.227%, 11/13/506		889,389		59,471
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 3.448%, 1/25/3610		129,473		126,485
Citigroup Commercial Mortgage Trust:
Series 2012-GC8,Cl. AAB, 2.608%, 9/10/45		118,911		119,598
Series 2014-GC21,Cl. AAB, 3.477%, 5/10/47		105,000		108,331
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2017-C4, Cl. XA, 0.00%, 10/12/506,8		2,368,047		187,483
COMM Mortgage Trust:
Series 2012-CR3,Cl. ASB, 2.372%, 10/15/45		24,607		24,556
Series 2012-LC4,Cl. A3, 3.069%, 12/10/44		46,236		46,523
Series 2013-CR13,Cl. ASB, 3.706%, 11/12/46		195,000		202,306
Series 2013-CR6,Cl. AM, 3.147%, 3/10/463		255,000		256,587
Series 2013-CR7,Cl. D, 4.28%, 3/10/463,10		445,000		355,084
Series 2014-CR20,Cl. ASB, 3.305%, 11/10/47		70,000		71,913
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		865,000		905,415
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		140,000		147,786
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		495,000		517,335
Series 2015-CR22,Cl. A2, 2.856%, 3/10/48		115,000		116,179
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		280,000		288,665
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/456,8		334,813		20,705
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		140,735		119,534
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		155,000		156,507
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Cl. 1A6, 2.202% [US0001M+65], 11/25/354		86,656		61,859
FREMF Mortgage Trust:
Series 2011-K702,Cl. B, 4.774%, 4/25/443,10		55,000		55,016
Series 2013-K25,Cl. C, 3.619%, 11/25/453,10		60,000		59,161
Series 2013-K26,Cl. C, 3.598%, 12/25/453,10		40,000		39,475
Series 2013-K27,Cl. C, 3.495%, 1/25/463,10		110,000		107,981
Series 2013-K28,Cl. C, 3.49%, 6/25/463,10		450,000		441,408
Series 2013-K712,Cl. C, 3.362%, 5/25/453,10		70,000		70,131
Series 2013-K713,Cl. C, 3.165%, 4/25/463,10		145,000		144,544

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2014-K715,Cl. C, 4.125%, 2/25/463,10	$	35,000	$	35,584
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Cl. A, 2.933%, 6/5/313		150,000		151,321
GS Mortgage Securities Trust:
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46		35,000		35,114
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		65,000		69,830
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		90,000		93,187
GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6.00%, 4/25/373,10		267,703		258,277
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-LC9,Cl. A4, 2.611%, 12/15/47		25,000		24,943
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		325,000		328,169
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		330,000		352,941
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		40,000		40,286
Series 2013-LC11,Cl. ASB, 2.554%, 4/15/46		55,000		55,077
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		245,000		255,801
Series 2016-JP3,Cl. A2, 2.435%, 8/15/49		230,000		228,483
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.629%, 7/25/3510		107,493		110,416
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.387%, 7/26/363,10		146,137		140,160
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17,Cl. ASB, 3.705%, 1/15/47		75,000		77,796
Series 2014-C18,Cl. A3, 3.578%, 2/15/47		115,000		117,519
Series 2014-C19,Cl. ASB, 3.584%, 4/15/47		45,000		46,456
Series 2014-C24,Cl. B, 4.116%, 11/15/4710		270,000		276,831
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		105,000		109,949
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		250,000		257,722
JPMDB Commercial Mortgage
Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		240,000		239,436
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 3.595%, 4/21/3410		38,042		38,923
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7,Cl. AAB, 2.469%, 2/15/46		110,000		110,187
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		240,000		242,876
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		720,000		742,252
Series 2016-C30,Cl. AS, 3.175%, 9/15/49		405,000		395,440
Morgan Stanley Capital I, Inc., Interest- Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 10.107%, 12/15/506		775,000		47,862
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 2.968%, 11/26/363,10		242,968		225,795

12        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Commercial (Continued)
Morgan Stanley Resecuritization Trust,
Series 2013-R9, Cl. 3A, 3.149%, 6/26/463,10	$	224,671	$	210,275
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 3.446%, 7/26/453,10		19,841		20,329
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 3.399%, 8/25/3410		180,945		182,039
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2017-C5, Cl. XA, 11.683%, 11/15/506		1,529,172		110,609
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29,Cl. AS, 4.013%, 6/15/4810		170,000		177,144
Series 2016-C37,Cl. AS, 4.018%, 12/15/49		390,000		409,923
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 0.00%, 12/15/506,8		1,080,000		77,853
WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.825%, 6/15/453,10		80,000		65,419
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		155,000		157,875
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		150,000		156,443
Series 2014-C22,Cl. A3, 3.528%, 9/15/57		45,000		46,268
Series 2014-LC14,Cl. AS, 4.351%, 3/15/4710		165,000		174,182
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2011-C3, Cl. XA, 35.103%, 3/15/443,6		2,542,088		78,573
				12,245,058
Residential—5.0%
Alternative Loan Trust, Series 2005-29CB, Cl. A4, 5.00%, 7/25/35		243,495		216,273
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		48,619		45,477
Series 2007-C,Cl. 1A4, 3.444%, 5/20/3610		21,675		20,442
Series 2014-R7,Cl. 3A1, 3.544%, 3/26/363,10,16		128,302		128,201
Banc of America Mortgage Trust, Series 2004-E, Cl. 2A6, 3.829%, 6/25/3410		59,783		59,675
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.26% [H15T1Y+245], 3/25/354		175,346		177,657
Series 2005-9,Cl. A1, 3.52% [H15T1Y+230], 10/25/354		497,058		507,868
Series 2006-1,Cl. A1, 3.67% [H15T1Y+225], 2/25/364		183,807		184,622
CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		68,625		62,794
Series 2006-6,Cl. A3, 6.00%, 4/25/36		40,618		35,857
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 3.21% [H15T1Y+240], 10/25/354		449,606		452,863
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M1, 2.502% [US0001M+95], 5/25/244		137,405		137,899
Series 2014-C03,Cl. 1M2, 4.552% [US0001M+300], 7/25/244		357,045		381,850

	Principal Amount		Value
Residential (Continued)
Connecticut Avenue Securities: (Continued)
Series 2016-C03,Cl. 1M1, 3.552% [US0001M+200], 10/25/284	$	15,884	$	16,140
Series 2016-C07,Cl. 2M1, 2.852% [US0001M+130], 5/25/294		198,858		200,129
Series 2016-C07,Cl. 2M2, 5.902% [US0001M+435], 5/25/294		140,000		155,366
Series 2017-C02,Cl. 2M1, 2.702% [US0001M+115], 9/25/294		330,413		333,462
Series 2017-C02,Cl. 2M2, 5.202% [US0001M+365], 9/25/294		305,000		330,362
Series 2017-C03,Cl. 1M1, 2.502% [US0001M+95], 10/25/294		199,054		200,670
Series 2017-C04,Cl. 2M2, 4.402% [US0001M+285], 11/25/294		195,000		202,941
Series 2017-C06,Cl. 1M1, 2.302% [US0001M+75], 2/25/304		156,407		156,969
Series 2017-C07,Cl. 1M1, 2.202% [US0001M+65], 5/25/304		228,641		229,040
Series 2017-C07,Cl. 1M2, 3.952% [US0001M+240], 5/25/304		225,000		231,161
GSR Mortgage Loan Trust, Series 2005- AR4, Cl. 6A1, 3.522%, 7/25/3510		25,396		25,583
HomeBanc Mortgage Trust,
Series 2005-3, Cl. A2, 1.862% [US0001M+31], 7/25/354		29,775		29,765
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		8,963		8,005
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2,Cl. M2, 5.802% [US0001M+425], 11/25/234		235,000		261,634
Series 2014-DN1,Cl. M3, 6.052% [US0001M+450], 2/25/244		160,000		187,052
Series 2014-DN2,Cl. M3, 5.152% [US0001M+360], 4/25/244		185,000		206,542
Series 2014-HQ2,Cl. M2, 3.752% [US0001M+220], 9/25/244		104,939		108,301
Series 2014-HQ2,Cl. M3, 5.302% [US0001M+375], 9/25/244		335,000		383,214
Series 2015-HQA2,Cl. M2, 4.352% [US0001M+280], 5/25/284		6,786		7,018
Series 2016-DNA1,Cl. M2, 4.452% [US0001M+290], 7/25/284		45,000		46,382
Series 2016-DNA3,Cl. M1, 2.652% [US0001M+110], 12/25/284		99,219		99,371
Series 2016-DNA4,Cl. M1, 2.352% [US0001M+80], 3/25/294		110,737		110,962
Series 2016-DNA4,Cl. M3, 5.352% [US0001M+380], 3/25/294		355,000		396,684
Series 2016-HQA2,Cl. M1, 2.752% [US0001M+120], 11/25/284		39,719		39,764
Series 2016-HQA3,Cl. M1, 2.352% [US0001M+80], 3/25/294		448,741		449,573
Series 2016-HQA3,Cl. M3, 5.402% [US0001M+385], 3/25/294		340,000		379,100
Series 2016-HQA4,Cl. M1, 2.352% [US0001M+80], 4/25/294		267,579		268,122
Series 2016-HQA4,Cl. M3, 5.452% [US0001M+390], 4/25/294		350,000		389,780
Series 2017-DNA2,Cl. M2, 5.002% [US0001M+345], 10/25/294		160,000		174,264
Series 2017-DNA3,Cl. M2, 4.052% [US0001M+250], 3/25/304		160,000		165,913
Series 2017-HQA1,Cl. M1, 2.752% [US0001M+120], 8/25/294		224,790		227,232
Series 2017-HQA1,Cl. M2, 5.102% [US0001M+355], 8/25/294		325,000		351,170
Series 2017-HQA3,Cl. M1, 2.102% [US0001M+55], 4/25/304		280,248		280,291

13        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Residential (Continued)
Structured Agency Credit Risk Debt Nts.: (Continued)
Series 2017-HQA3,Cl. M2, 3.902%
[US0001M+235], 4/25/304	$	380,000	$	389,452
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 3.453%, 10/25/3310		96,543		97,809
Series 2005-AR14,Cl. 1A4, 3.357%, 12/25/3510		96,978		95,013
Series 2005-AR16,Cl. 1A1, 3.363%, 12/25/3510		90,469		88,533
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 3.252%, 2/25/3510		18,081		18,484
Series 2005-AR15,Cl. 1A2, 3.561%, 9/25/3510		118,662		115,314
Series 2005-AR15,Cl. 1A6, 3.561%, 9/25/3510		227,408		219,396
Series 2005-AR4,Cl. 2A2, 3.422%, 4/25/3510		223,744		225,203
Series 2006-AR10,Cl. 1A1, 3.354%, 7/25/3610		45,154		44,107
Series 2006-AR10,Cl. 5A5, 3.387%, 7/25/3610		165,349		167,183
Series 2006-AR2,Cl. 2A3, 3.544%, 3/25/3610		21,378		21,605
Series 2006-AR7,Cl. 2A4, 3.336%, 5/25/3610		123,188		122,304
Series 2006-AR8,Cl. 2A1, 3.568%, 4/25/3610		129,011		130,745
Series 2006-AR8,Cl. 2A4, 3.568%, 4/25/3610		76,990		78,025
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		35,477		37,191
				10,913,804
Total Mortgage-Backed Obligations (Cost $82,656,498)				82,681,243
U.S. Government Obligation—0.2%
United States Treasury Nts., 1.50%, 5/31/1911,12 (Cost $553,038)		552,000		549,279
Non-Convertible Corporate Bonds and Notes—32.8%
Consumer Discretionary—5.1%
Auto Components—0.1%
Lear Corp., 3.80% Sr. Unsec. Nts., 9/15/27		212,000		212,547
Automobiles—1.2%
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/203		304,000		302,358
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		185,000		279,756
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20		236,000		234,725
3.664% Sr. Unsec. Nts., 9/8/24		232,000		235,286
General Motors Co., 6.25% Sr. Unsec.
Nts., 10/2/43		92,000		109,264
General Motors Financial Co., Inc., 3.15% Sr. Unsec. Nts., 6/30/22		321,000		321,043
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		107,000		116,594
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/193		371,000		364,079
Nissan Motor Acceptance Corp., 2.15% Sr. Unsec. Nts., 9/28/203		225,000		223,213
Volkswagen Group of America Finance LLC, 2.45% Sr. Unsec. Nts., 11/20/193		351,000		350,906
				2,537,224

	Principal Amount		Value
Diversified Consumer Services—0.2%
Service Corp. International, 4.625% Sr.
Unsec. Nts., 12/15/27	$	362,000	$	368,198
Hotels, Restaurants & Leisure—0.3%
Aramark Services, Inc., 5.00% Sr. Unsec. Nts., 4/1/253		179,000		189,525
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		158,000		161,046
Royal Caribbean Cruises Ltd., 2.65% Sr. Unsec. Nts., 11/28/20		305,000		304,963
				655,534
Household Durables—0.9%
DR Horton, Inc., 2.55% Sr. Unsec. Nts., 12/1/20		315,000		314,725
Leggett & Platt, Inc., 3.50% Sr. Unsec. Nts., 11/15/27		172,000		170,631
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		343,000		357,577
Newell Brands, Inc.:
5.00% Sr. Unsec. Nts., 11/15/23		391,000		412,746
5.50% Sr. Unsec. Nts., 4/1/46		105,000		125,370
PulteGroup, Inc., 5.00% Sr. Unsec. Nts., 1/15/27		258,000		270,577
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		298,000		310,293
4.875% Sr. Unsec. Nts., 3/15/27		45,000		46,800
				2,008,719
Internet & Catalog Retail—0.3%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		106,000		129,247
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		595,000		607,703
				736,950
Media—0.9%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		138,000		160,256
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/47		148,000		152,188
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		318,000		415,694
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		331,000		347,581
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/243		161,000		168,128
6.10% Sr. Unsec. Nts., 2/15/183		125,000		125,586
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		185,000		174,059
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/263		337,000		341,634
				1,885,126
Multiline Retail—0.2%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		334,000		350,491
Specialty Retail—0.7%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		68,000		67,450
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		304,000		327,678
L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		333,000		356,727
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		314,000		318,579
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		185,000		185,000

14        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Specialty Retail (Continued)
Signet UK Finance plc, 4.70% Sr.
Unsec. Nts., 6/15/24	$	356,000	$	350,935
				1,606,369
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/263		336,000		346,080
Levi Strauss & Co., 5.00% Sr. Unsec. Nts., 5/1/25		252,000		263,970
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		163,000		166,651
				776,701
Consumer Staples—3.2%
Beverages—1.0%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		448,000		447,159
3.65% Sr. Unsec. Nts., 2/1/26		57,000		58,908
4.90% Sr. Unsec. Nts., 2/1/46		72,000		83,707
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		262,000		417,674
Constellation Brands, Inc., 2.25% Sr. Unsec. Nts., 11/6/20		355,000		351,957
Molson Coors Brewing Co.:
2.10% Sr. Unsec. Nts., 7/15/21		329,000		322,702
4.20% Sr. Unsec. Nts., 7/15/46		50,000		51,115
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/223		325,000		344,481
				2,077,703
Food & Staples Retailing—0.4%
Alimentation Couche-Tard, Inc., 2.35% Sr. Unsec. Nts., 12/13/193		364,000		364,106
CVS Health Corp.:
2.125% Sr. Unsec. Nts., 6/1/21		356,000		347,672
5.125% Sr. Unsec. Nts., 7/20/45		80,000		91,963
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		9,000		8,985
6.90% Sr. Unsec. Nts., 4/15/38		86,000		111,436
				924,162
Food Products—1.0%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		232,000		222,066
8.50% Sr. Unsec. Nts., 6/15/19		320,000		346,737
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/25		188,000		194,441
4.375% Sr. Unsec. Nts., 6/1/46		125,000		124,207
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/263		193,000		202,168
Mondelez International Holdings
Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/193		374,000		368,725
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/203		365,000		362,962
TreeHouse Foods, Inc., 6.00% Sr. Unsec. Nts., 2/15/243		221,000		230,945
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		174,000		178,465
				2,230,716
Tobacco—0.8%
Altria Group, Inc., 4.00% Sr. Unsec. Nts., 1/31/24		238,000		252,644
BAT Capital Corp.:
2.297% Sr. Unsec. Nts., 8/14/203		351,000		349,265
3.557% Sr. Unsec. Nts., 8/15/273		177,000		177,536
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/183		411,000		410,684
Philip Morris International, Inc., 2.50% Sr. Unsec. Nts., 11/2/22		313,000		310,382

	Principal Amount		Value
Tobacco (Continued)
Reynolds American, Inc., 5.85% Sr.
Unsec. Nts., 8/15/45	$	122,000	$	152,794
				1,653,305
Energy—2.6%
Energy Equipment & Services—0.2%
Halliburton Co., 5.00% Sr. Unsec. Nts., 11/15/45		78,000		89,846
Helmerich & Payne International
Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		201,000		211,850
Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/253		196,000		206,257
				507,953
Oil, Gas & Consumable Fuels—2.4%
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		72,000		71,964
6.20% Sr. Unsec. Nts., 3/15/40		68,000		82,662
Andeavor, 5.125% Sr. Unsec. Nts., 12/15/263		323,000		355,489
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
4.25% Sr. Unsec. Nts., 12/1/27		177,000		178,819
5.25% Sr. Unsec. Nts., 1/15/25		120,000		126,354
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		101,000		104,097
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		162,000		173,759
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		353,000		351,182
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		89,000		87,618
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		379,000		376,878
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		324,000		328,791
4.50% Sr. Unsec. Nts., 6/1/25		168,000		179,110
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		47,000		53,424
5.95% Sr. Unsec. Nts., 3/15/46		75,000		101,330
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		79,000		83,889
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		100,000		99,658
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		79,000		82,902
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		80,000		88,100
4.90% Sr. Unsec. Nts., 5/15/46		32,000		35,366
EQT Corp., 2.50% Sr. Unsec. Nts., 10/1/20		353,000		350,745
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		270,000		296,319
Marathon Oil Corp., 4.40% Sr. Unsec. Nts., 7/15/27		182,000		190,511
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		104,000		111,723
ONEOK Partners LP:
4.90% Sr. Unsec. Nts., 3/15/25		139,000		149,227
8.625% Sr. Unsec. Nts., 3/1/19		152,000		162,274
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		170,000		171,496
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28		180,000		182,428
Shell International Finance BV, 4.00% Sr. Unsec. Nts., 5/10/46		125,000		133,348
Sunoco Logistics Partners Operations
LP, 4.00% Sr. Unsec. Nts., 10/1/27		198,000		194,480

15        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Williams Partners LP:
3.75% Sr. Unsec. Nts., 6/15/27	$	140,000	$	140,522
5.25% Sr. Unsec. Nts., 3/15/20		153,000		161,693
Woodside Finance Ltd., 8.75% Sr. Unsec. Nts., 3/1/193		3,000		3,212
				5,209,370
Financials—9.0%
Capital Markets—1.9%
Apollo Management Holdings LP, 4.00% Sr. Unsec. Nts., 5/30/243		208,000		213,078
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/273		147,000		144,686
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		373,000		383,276
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		197,000		203,981
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		140,000		150,117
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds4,13		327,000		347,437
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		208,000		209,379
3.75% Sr. Unsec. Nts., 2/25/26		200,000		205,516
4.017% [US0003M+137.3] Sr. Unsec. Nts., 10/31/384		144,000		148,280
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		256,000		281,072
5.00% Sub. Nts., 11/24/25		322,000		352,840
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/263		338,000		355,745
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/324		155,000		154,565
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		215,000		216,350
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		256,000		256,778
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		216,000		218,154
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/263		134,000		140,716
4.253% Sr. Unsec. Nts., 3/23/283		147,000		155,145
				4,137,115
Commercial Banks—4.4%
ABN AMRO Bank NV, 4.40% [USSW5+219.7] Sub. Nts., 3/27/284		406,000		418,536
Australia & New Zealand Banking Group Ltd. (New York), 2.625% Sr. Unsec. Nts., 5/19/22		358,000		357,009
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		277,000		275,132
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/284		191,000		197,736
7.75% Jr. Sub. Nts., 5/14/38		239,000		358,957
Barclays plc, 4.375% Sr. Unsec. Nts., 1/12/26		338,000		352,364
BB&T Corp., 2.85% Sr. Unsec. Nts., 10/26/24		294,000		292,058
BNP Paribas SA, 4.625% Sub. Nts., 3/13/273		244,000		260,712
BPCE SA, 4.50% Sub. Nts., 3/15/253		243,000		254,317
Citigroup, Inc., 4.281%
[US0003M+183.9] Sr. Unsec. Nts., 4/24/484		356,000		387,802
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		205,000		204,385
2.65% Sr. Unsec. Nts., 5/26/22		87,000		86,282

	Principal Amount		Value
Commercial Banks (Continued)
Commonwealth Bank of Australia, 3.15% Sr. Unsec. Nts., 9/19/273	$	288,000	$	284,213
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		369,000		365,477
Credit Agricole SA, 4.375% Sub. Nts., 3/17/253		412,000		431,095
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		228,000		235,561
First Republic Bank, 4.375% Sub. Nts., 8/1/46		146,000		149,735
Glencore Funding LLC, 4.00% Sr. Unsec. Nts., 4/16/253		200,000		202,326
HSBC Holdings plc, 4.041%
[US0003M+154.6] Sr. Unsec. Nts., 3/13/284		170,000		177,318
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		245,000		249,015
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 7/14/273		289,000		289,352
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/284		284,000		289,185
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/284		563,000		583,916
Lloyds Banking Group plc, 6.657%
[US0003M+127] Jr. Sub. Perpetual Bonds3,4,13		400,000		469,000
PNC Financial Services Group, Inc.
(The), 3.15% Sr. Unsec. Nts., 5/19/27		323,000		324,400
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		328,000		328,406
Regions Financial Corp., 2.75% Sr. Unsec. Nts., 8/14/22		238,000		237,475
Royal Bank of Scotland Group plc, 3.498% [US0003M+148] Sr. Unsec. Nts., 5/15/234		255,000		255,781
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		163,000		161,684
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		213,000		211,498
US Bancorp:
3.10% Sub. Nts., 4/27/26		210,000		208,693
3.15% Sr. Unsec. Nts., 4/27/27		87,000		87,239
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/284		291,000		296,929
4.75% Sub. Nts., 12/7/46		207,000		231,709
				9,515,297
Consumer Finance—0.5%
American Express Co., 2.50% Sr. Unsec. Nts., 8/1/22		143,000		141,407
American Express Credit Corp., 3.30% Sr. Unsec. Nts., 5/3/27		217,000		220,404
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27		143,000		144,762
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		143,000		144,130
4.10% Sr. Unsec. Nts., 2/9/27		146,000		149,788
Electricite de France SA, 6.50% Sr.
Unsec. Nts., 1/26/193		259,000		270,944
				1,071,435
Diversified Financial Services—0.4%
Berkshire Hathaway Energy Co., 2.00% Sr. Unsec. Nts., 11/15/18		115,000		115,111
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/253		139,000		143,310
Precision Castparts Corp., 2.50% Sr. Unsec. Nts., 1/15/23		212,000		210,776

16        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Diversified Financial Services (Continued)
Voya Financial, Inc., 5.65%
[US0003M+358] Jr. Sub. Nts., 5/15/534	$	335,000	$	357,613
				826,810
Insurance—0.8%
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		179,000		192,625
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/273		93,000		91,617
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27		255,000		251,727
Manulife Financial Corp., 4.061% [USISDA05+164.7] Sub. Nts., 2/24/324		219,000		221,009
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		113,000		125,581
MetLife, Inc., 5.25% [US0003M+357.5] Jr. Sub. Perpetual Bonds4,13		296,000		308,503
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/243		267,000		282,138
Prudential Financial, Inc., 5.20% [US0003M+304] Jr. Sub. Nts., 3/15/444		276,000		294,285
				1,767,485
Real Estate Investment Trusts (REITs)—0.9%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20		312,000		314,101
3.00% Sr. Unsec. Nts., 6/15/23		299,000		298,544
Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27		176,000		175,872
Digital Realty Trust LP:
3.40% Sr. Unsec. Nts., 10/1/20		30,000		30,610
5.875% Sr. Unsec. Nts., 2/1/20		125,000		132,629
HCP, Inc., 2.625% Sr. Unsec. Nts., 2/1/20		348,000		349,386
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		325,000		348,156
Ventas Realty LP/Ventas Capital Corp., 2.00% Sr. Unsec. Nts., 2/15/18		103,000		102,997
VEREIT Operating Partnership LP, 3.00% Sr. Unsec. Nts., 2/6/19		134,000		134,671
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		88,000		88,038
				1,975,004
Thrifts & Mortgage Finance—0.1%
Nationwide Building Society, 4.125% [USISDA05+184.9] Sub. Nts., 10/18/324		215,000		215,440
Health Care—3.1%
Biotechnology—0.7%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		210,000		216,184
4.70% Sr. Unsec. Nts., 5/14/45		64,000		71,598
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		82,000		97,635
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		202,000		209,373
5.00% Sr. Unsec. Nts., 8/15/45		41,000		46,659
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		132,000		152,924
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		376,000		372,712
3.20% Sr. Unsec. Nts., 9/23/26		287,000		281,066
				1,448,151
Health Care Equipment & Supplies—0.7%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		366,000		366,206
3.75% Sr. Unsec. Nts., 11/30/26		300,000		308,544

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20	$	226,000	$	224,891
3.70% Sr. Unsec. Nts., 6/6/27		268,000		270,512
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		277,000		285,166
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/253		15,000		15,262
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		145,000		169,193
				1,639,774
Health Care Providers & Services—1.0%
Anthem, Inc., 2.50% Sr. Unsec. Nts., 11/21/20		351,000		350,483
Cigna Corp., 5.125% Sr. Unsec. Nts., 6/15/20		303,000		321,621
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/223		450,000		495,830
Humana, Inc., 2.50% Sr. Unsec. Nts., 12/15/20		91,000		90,987
Laboratory Corp. of America Holdings:
2.625% Sr. Unsec. Nts., 2/1/20		348,000		349,073
3.60% Sr. Unsec. Nts., 2/1/25		218,000		221,715
UnitedHealth Group, Inc., 2.75% Sr. Unsec. Nts., 2/15/23		285,000		285,719
				2,115,428
Life Sciences Tools & Services—0.4%
Life Technologies Corp., 6.00% Sr. Unsec. Nts., 3/1/20		259,000		277,329
Quintiles IMS, Inc., 5.00% Sr. Unsec. Nts., 10/15/263		330,000		339,488
Thermo Fisher Scientific, Inc.:
3.20% Sr. Unsec. Nts., 8/15/27		175,000		173,754
4.15% Sr. Unsec. Nts., 2/1/24		125,000		132,741
				923,312
Pharmaceuticals—0.3%
Allergan Funding SCS:
3.00% Sr. Unsec. Nts., 3/12/20		348,000		351,290
3.80% Sr. Unsec. Nts., 3/15/25		247,000		251,784
Zoetis, Inc., 3.00% Sr. Unsec. Nts., 9/12/27		86,000		84,157
				687,231
Industrials—2.3%
Aerospace & Defense—0.5%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/253		270,000		280,403
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		135,000		137,845
Huntington Ingalls Industries, Inc., 3.483% Sr. Unsec. Nts., 12/1/273		134,000		133,833
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		190,000		220,100
Rolls-Royce plc, 2.375% Sr. Unsec. Nts., 10/14/203		93,000		92,444
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		90,000		91,615
3.875% Sr. Unsec. Nts., 3/1/25		129,000		133,894
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/1810		67,000		66,903
				1,157,037
Air Freight & Couriers—0.0%
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		69,000		73,863
Building Products—0.2%
Allegion US Holding Co., Inc., 3.55% Sec. Nts., 10/1/27		255,000		252,784

17        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Building Products (Continued)
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26	$	242,000	$	237,907
				490,691
Commercial Services & Supplies—0.1%
Republic Services, Inc., 3.80% Sr.
Unsec. Nts., 5/15/18		311,000		313,178
Electrical Equipment—0.2%
Sensata Technologies BV, 4.875% Sr.
Unsec. Nts., 10/15/233		345,000		361,819
Industrial Conglomerates—0.4%
Carlisle Cos., Inc., 3.75% Sr. Unsec.
Nts., 12/1/27		188,000		190,279
Roper Technologies, Inc.:
3.00% Sr. Unsec. Nts., 12/15/20		288,000		291,605
3.80% Sr. Unsec. Nts., 12/15/26		263,000		271,647
				753,531
Machinery—0.3%
CNH Industrial NV, 3.85% Sr. Unsec.
Nts., 11/15/27		189,000		188,799
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		385,000		382,322
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/26		144,000		141,053
				712,174
Road & Rail—0.2%
Canadian Pacific Railway Co., 4.80%
Sr. Unsec. Nts., 9/15/35		76,000		88,744
Penske Truck Leasing Co. LP/PTL
Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/263		284,000		280,869
				369,613
Trading Companies & Distributors—0.4%
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		160,000		158,941
3.625% Sr. Unsec. Nts., 4/1/27		156,000		156,136
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		285,000		281,758
United Rentals North America, Inc., 4.625% Sr. Unsec. Nts., 10/15/25		178,000		179,780
				776,615
Information Technology—1.9%
Electronic Equipment, Instruments, & Components—0.3%
Arrow Electronics, Inc., 3.875% Sr.
Unsec. Nts., 1/12/28		248,000		247,691
CDW LLC/CDW Finance Corp., 5.50%
Sr. Unsec. Nts., 12/1/24		58,000		63,365
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		271,000		286,302
				597,358
Internet Software & Services—0.1%
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		189,000		194,197
5.25% Sr. Unsec. Nts., 4/1/25		105,000		114,844
				309,041
IT Services—0.3%
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		164,000		162,912
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		261,000		262,395
4.75% Sr. Unsec. Nts., 4/15/27		267,000		284,377
				709,684

	Principal Amount		Value
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp., 3.734% Sr. Unsec. Nts., 12/8/473	$	116,000	$	120,664
Software—0.8%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		125,000		131,342
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/193		376,000		380,807
6.02% Sr. Sec. Nts., 6/15/263		213,000		235,185
Open Text Corp., 5.625% Sr. Unsec.
Nts., 1/15/233		174,000		182,048
Oracle Corp.:
2.40% Sr. Unsec. Nts., 9/15/23		214,000		211,457
2.95% Sr. Unsec. Nts., 5/15/25		211,000		212,067
VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		108,000		107,448
3.90% Sr. Unsec. Nts., 8/21/27		178,000		179,987
				1,640,341
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		227,000		256,132
Hewlett Packard Enterprise Co., 3.60%
Sr. Unsec. Nts., 10/15/20		342,000		349,381
NetApp, Inc., 2.00% Sr. Unsec. Nts., 9/27/19		160,000		158,810
				764,323
Materials—2.0%
Chemicals—1.1%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		104,000		104,618
4.125% Sr. Unsec. Nts., 3/15/35		87,000		90,090
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/263		263,000		274,583
Ecolab, Inc., 2.00% Sr. Unsec. Nts., 1/14/19		370,000		369,455
LyondellBasell Industries NV, 5.00% Sr.
Unsec. Nts., 4/15/19		227,000		233,111
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		308,000		325,710
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22		304,000		311,821
3.75% Sr. Unsec. Nts., 3/15/27		91,000		92,230
4.25% Sr. Unsec. Nts., 1/15/48		86,000		85,779
Sherwin-Williams Co. (The):
3.30% Sr. Unsec. Nts., 2/1/25		122,000		121,437
3.95% Sr. Unsec. Nts., 1/15/26		174,000		181,712
Yara International ASA, 3.80% Sr.
Unsec. Nts., 6/6/263		230,000		228,520
				2,419,066
Construction Materials—0.2%
LafargeHolcim Finance US LLC, 3.50%
Sr. Unsec. Nts., 9/22/263		80,000		79,002
Martin Marietta Materials, Inc., 3.50%
Sr. Unsec. Nts., 12/15/27		171,000		170,026
Vulcan Materials Co., 3.90% Sr. Unsec.
Nts., 4/1/27		263,000		269,267
				518,295
Containers & Packaging—0.4%
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		150,000		145,677
4.80% Sr. Unsec. Nts., 6/15/44		142,000		155,904
Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		113,000		116,008
4.50% Sr. Unsec. Nts., 11/1/23		150,000		161,542

18        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

	Principal Amount		Value
Containers & Packaging (Continued)
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/253	$	290,000	$	298,700
				877,831
Metals & Mining—0.2%
Anglo American Capital plc: 3.625% Sr. Unsec. Nts., 9/11/243		86,000		85,670
4.00% Sr. Unsec. Nts., 9/11/273		140,000		139,245
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		96,000		112,070
				336,985
Paper & Forest Products—0.1%
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		199,000		205,965
Telecommunication Services—1.5%
Diversified Telecommunication Services—1.5%
AT&T, Inc.:
3.40% Sr. Unsec. Nts., 8/14/24		146,000		146,928
4.30% Sr. Unsec. Nts., 2/15/303		331,000		331,389
4.35% Sr. Unsec. Nts., 6/15/45		189,000		174,895
5.15% Sr. Unsec. Nts., 2/14/50		109,000		109,971
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30		289,000		432,583
Deutsche Telekom International Finance BV, 2.225% Sr. Unsec. Nts., 1/17/203		355,000		353,468
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		397,000		398,441
4.103% Sr. Unsec. Nts., 3/8/27		98,000		101,428
5.213% Sr. Unsec. Nts., 3/8/47		123,000		140,016
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		125,000		168,077
T-Mobile USA, Inc., 6.50% Sr. Unsec. Nts., 1/15/26		317,000		346,719
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		131,000		127,579
4.125% Sr. Unsec. Nts., 8/15/46		152,000		140,861
4.522% Sr. Unsec. Nts., 9/15/48		281,000		277,570
				3,249,925
Utilities—2.1%
Electric Utilities—1.5%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/253		153,000		159,995
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		146,000		146,759
Duke Energy Corp.:
3.15% Sr. Unsec. Nts., 8/15/27		176,000		175,035
3.75% Sr. Unsec. Nts., 9/1/46		70,000		69,458
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		233,000		233,601

	Principal Amount		Value
Electric Utilities (Continued)
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/243	$	238,000	$	239,883
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		241,000		240,126
Enel Finance International NV, 3.625% Sr. Unsec. Nts., 5/25/273		178,000		177,151
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		87,000		94,847
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		88,000		100,691
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		81,000		98,005
NextEra Energy Operating Partners LP, 4.25% Sr. Unsec. Nts., 9/15/243		29,000		29,580
Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		88,000		92,925
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/213		317,000		339,950
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		347,000		354,257
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		128,000		137,581
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		324,000		321,450
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/253		187,000		194,240
				3,205,534
Multi-Utilities—0.6%
Black Hills Corp., 2.50% Sr. Unsec. Nts., 1/11/19		179,000		179,532
Dominion Energy, Inc.:
2.579% Jr. Sub. Nts., 7/1/20		285,000		285,272
4.90% Sr. Unsec. Nts., 8/1/41		123,000		142,540
NiSource Finance Corp., 3.49% Sr. Unsec. Nts., 5/15/27		258,000		263,039
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		303,000		298,109
Virginia Electric & Power Co., 2.95% Sr. Unsec. Nts., 1/15/22		242,000		245,172
				1,413,664
Total Non-Convertible Corporate Bonds and Notes (Cost $69,655,947)				71,440,747
	Shares
Investment Company—2.5%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%14,15 (Cost $5,367,607)		5,367,607		5,367,607
Total Investments, at Value (Cost $240,932,791)		117.4%		255,554,836
Net Other Assets (Liabilities)		(17.4)		(37,906,837)
Net Assets		100.0%	$	217,647,999

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 $28,168,360 or 12.94% of the Fund’s net assets at period end.

4. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

5. Restricted security. The aggregate value of restricted securities at period end was $218,538, which represents 0.10% 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
Credit Acceptance Auto Loan Trust, Series 2017-3A, Cl. C, 3.48%, 10/15/26		10/17/17	$	219,965	$	218,538	$	1,427

19        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments (Continued)

6. 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 $1,486,117 or 0.68% of the Fund’s net assets at period end.

7. 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 $49,745 or 0.02% of the Fund’s net assets at period end.

8. Interest rate is less than 0.0005%.

9. 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.

10. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

11. 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.

12. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $141,300. See Note 6 of the accompanying Notes.

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

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

15. 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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		5,367,607		—		—		5,367,607
	Value		Income		Realized     Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	5,367,607	$	43,517	$	—	$	—

16. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes

Futures Contracts as of December 31, 2017
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation
United States Treasury Long Bonds		Buy		3/20/18		18	USD		2,751		$              2,754,000		$                    2,847
United States Treasury Nts., 10 yr.		Sell		3/20/18		129	USD		16,080		16,002,047		77,661
United States Treasury Nts., 2 yr.		Buy		3/29/18		11	USD		2,355		2,355,203		36
United States Treasury Nts., 5 yr.		Sell		3/29/18		3	USD		349		348,492		769
United States Ultra Bonds		Buy		3/20/18		50	USD		8,334		8,382,812		48,776
													$            130,089

Glossary:
Definitions
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
LIBOR01M	ICE LIBOR USD 1 Month
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year

See accompanying Notes to Financial Statements.

20        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $235,565,184)	$	250,187,229
Affiliated companies (cost $5,367,607)		5,367,607
		255,554,836
Cash		16,556,911
Cash used for collateral on futures		277,000
Receivables and other assets:
Investments sold (including $2,162,782 sold on a when-issued or delayed delivery basis)		2,266,651
Interest, dividends and principal paydowns		930,051
Shares of beneficial interest sold		48,216
Variation margin receivable		26,778
Other		54,806
Total assets		275,715,249
Liabilities
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis		57,568,656
Shares of beneficial interest redeemed		335,662
Trustees’ compensation		46,325
Variation margin payable		26,205
Shareholder communications		12,496
Distribution and service plan fees		10,765
Other		67,141
Total liabilities		58,067,250
Net Assets	$	217,647,999
Composition of Net Assets
Par value of shares of beneficial interest	$	13,717
Additional paid-in capital		194,520,797
Accumulated net investment income		3,826,718
Accumulated net realized gain on investments and foreign currency transactions		4,536,208
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		14,750,559
Net Assets	$	217,647,999
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 $166,014,627 and 10,430,619 shares of beneficial interest outstanding)		$15.92
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $51,633,372 and 3,286,400 shares of beneficial interest outstanding)		$15.71

See accompanying Notes to Financial Statements.

21        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Investment Income
Interest	$	4,051,663
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $7,093)		1,257,309
Affiliated companies		43,517
Total investment income		5,352,489
Expenses
Management fees		1,656,729
Distribution and service plan fees — Service shares		128,331
Transfer and shareholder servicing agent fees:
Non-Service shares		170,426
Service shares		51,342
Shareholder communications:
Non-Service shares		38,917
Service shares		11,731
Custodian fees and expenses		44,606
Trustees’ compensation		14,213
Borrowing fees		6,050
Other		97,546
Total expenses		2,219,891
Less reduction to custodian expenses		(932)
Less waivers and reimbursements of expenses		(598,734)
Net expenses		1,620,225
Net Investment Income		3,732,264
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		11,292,892
Futures contracts		363,666
Foreign currency transactions		(961)
Swap contracts		101,939
Net realized gain		11,757,536
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		3,849,482
Translation of assets and liabilities denominated in foreign currencies		1,889
Futures contracts		165,856
Swap contracts		843
Net change in unrealized appreciation/depreciation		4,018,070
Net Increase in Net Assets Resulting from Operations	$	19,507,870

See accompanying Notes to Financial Statements.

22        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017		Year Ended December 31, 2016
Operations
Net investment income	$	3,732,264	$	3,974,985
Net realized gain		11,757,536		6,003,120
Net change in unrealized appreciation/depreciation		4,018,070		1,806,844
Net increase in net assets resulting from operations		19,507,870		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		(18,304,514)		(14,689,603)
Service shares		(3,634,518)		(2,041,174)
		(21,939,032)		(16,730,777)
Net Assets
Total decrease		(6,667,535)		(10,316,164)
Beginning of period		224,315,534		234,631,698
End of period (including accumulated net investment income of $3,826,718 and $ 4,130,290, respectively)	$	217,647,999	$	224,315,534

See accompanying Notes to Financial Statements.

23        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$14.86		$14.46		$14.67		$13.84		$12.52
Income (loss) from investment operations:
Net investment income1		0.27		0.26		0.31		0.29		0.25
Net realized and unrealized gain (loss)		1.09		0.49		(0.18)		0.83		1.38
Total from investment operations		1.36		0.75		0.13		1.12		1.63
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.35)		(0.34)		(0.29)		(0.31)
Net asset value, end of period		$15.92		$14.86		$14.46		$14.67		$13.84
Total Return, at Net Asset Value2		9.25%		5.26%		0.83%		8.20%		13.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$166,015		$172,573		$182,406		$203,684		$213,697
Average net assets (in thousands)		$170,438		$177,368		$194,208		$208,556		$218,090
Ratios to average net assets:3
Net investment income		1.74%		1.78%		2.09%		2.03%		1.87%
Expenses excluding specific expenses listed below		0.94%		0.94%		0.91%		0.90%		0.89%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		0.94%		0.94%		0.91%		0.90%		0.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.67%		0.67%		0.67%		0.66%
Portfolio turnover rate6		76%		68%		68%		98%		187%

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:

Year Ended December 31, 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	%

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

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2017		$729,295,309		$711,803,922
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

See accompanying Notes to Financial Statements.

24        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$14.67		$14.28		$14.49		$13.66		$12.37
Income (loss) from investment operations:
Net investment income1		0.23		0.22		0.27		0.25		0.21
Net realized and unrealized gain (loss)		1.07		0.48		(0.18)		0.84		1.36
Total from investment operations		1.30		0.70		0.09		1.09		1.57
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.31)		(0.30)		(0.26)		(0.28)
Net asset value, end of period		$15.71		$14.67		$14.28		$14.49		$13.66
Total Return, at Net Asset Value2		8.95%		4.96%		0.57%		8.02%		12.83%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$51,633		$51,743		$52,226		$63,880		$69,601
Average net assets (in thousands)		$51,345		$53,914		$59,085		$65,450		$72,332
Ratios to average net assets:3
Net investment income		1.49%		1.53%		1.84%		1.78%		1.62%
Expenses excluding specific expenses listed below		1.19%		1.19%		1.16%		1.15%		1.15%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		1.19%		1.19%		1.16%		1.15%		1.15%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%		0.92%		0.92%		0.92%		0.92%
Portfolio turnover rate6		76%		68%		68%		98%		187%

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:

Year Ended December 31, 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	%

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

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2017		$729,295,309		$711,803,922
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

See accompanying Notes to Financial Statements.

25        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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 the 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 determined necessary by the Manager.

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, if any, 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.

26        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$3,873,530		$4,754,290		$—		$14,531,986

1. During the reporting period, the Fund utilized $5,261,675 of capital loss carryforward to offset capital gains realized in that fiscal year.

2. During the previous reporting period, the Fund utilized $6,632,281 of capital loss carryforward to offset capital gains realized in that fiscal year.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Increase to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Gain on Investments3
$354,657		$200,537		$555,194

3. $354,657, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	4,236,373	$	5,370,336

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	$	241,021,276
Federal tax cost of other investments		(2,858,525)
Total federal tax cost	$	238,162,751
Gross unrealized appreciation	$	17,799,742
Gross unrealized depreciation		(3,267,756)
Net unrealized appreciation	$	14,531,986

27        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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.

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 when 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.

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

28        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

3. Securities Valuation (Continued)

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	$	7,417,523	$	—	$	—	$	7,417,523
Consumer Staples		4,497,479		732,271		—		5,229,750
Energy		4,524,559		—		—		4,524,559
Financials		14,657,514		—		—		14,657,514
Health Care		8,505,538		—		—		8,505,538
Industrials		9,362,772		—		—		9,362,772
Information Technology		19,224,945		—		—		19,224,945
Materials		2,920,327		—		—		2,920,327
Telecommunication Services		1,795,124		—		—		1,795,124
Utilities		1,789,847		547,292		—		2,337,139
Asset-Backed Securities		—		19,540,769		—		19,540,769
Mortgage-Backed Obligations		—		82,553,042		128,201		82,681,243
U.S. Government Obligation		—		549,279		—		549,279
Non-Convertible Corporate Bonds and Notes		—		71,440,747		—		71,440,747
Investment Company		5,367,607		—		—		5,367,607
Total Investments, at Value		80,063,235		175,363,400		128,201		255,554,836
Other Financial Instruments:
Futures contracts		130,089		—		—		130,089
Total Assets	$	80,193,324	$	175,363,400	$	128,201	$	255,684,925

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 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

29        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

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		$57,568,656
Sold securities		2,162,782

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 $32,837 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.

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 43% 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.

30        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

5. Market Risk Factors (Continued)

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 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.

During the reporting period, the Fund had an ending monthly average market value of $24,983,731 and $15,646,786 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

31        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $1,989,285 on credit default swaps to sell protection.

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

At period end, the Fund had no credit default swap agreements outstanding.

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

32        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

6. Use of Derivatives (Continued)

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
Interest rate contracts Variation margin receivable		$	26,778*	Variation margin payable	$	26,205*

* 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	Futures contracts		Swap contracts		Total
Credit contracts	$	—	$	101,939	$	101,939
Interest rate contracts		363,666		—		363,666
Total	$	363,666	$	101,939	$	465,605

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	$	—	$	843	$	843
Interest rate contracts		165,856		—		165,856
Total	$	165,856	$	843	$	166,699

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:

	Year Ended December 31, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		167,674	$	2,587,806		180,594	$	2,654,702
Dividends and/or distributions reinvested		217,048		3,346,883		289,075		4,214,715
Redeemed		(1,568,489)		(24,239,203)		(1,468,409)		(21,559,020)
Net decrease		(1,183,767)	$	(18,304,514)		(998,740)	$	(14,689,603)
Service Shares
Sold		258,277	$	3,974,804		707,970	$	10,153,873
Dividends and/or distributions reinvested		58,365		889,490		80,196		1,155,621
Redeemed		(557,584)		(8,498,812)		(918,852)		(13,350,668)
Net decrease		(240,942)	$	(3,634,518)		(130,686)	$	(2,041,174)

33        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

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		$143,698,419		$152,101,459
U.S. government and government agency obligations		191,875		1,195,086
To Be Announced (TBA) mortgage-related securities		729,295,309		711,803,922

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.

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	$	455,950
Service shares		137,430

34        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

9. Fees and Other Transactions with Affiliates (Continued)

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 $5,354 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 $1.875 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.

35        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Conservative Balanced Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

36        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FEDERAL INCOME TAX INFORMATION

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 25.49% to arrive at the amount eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

37        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Krishna Memani and Magnus Krantz, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other conservative allocation funds. The Board considered that the Fund outperformed its performance category during the three- and five-year periods, but underperformed for the one- and ten-year periods. The Board further noted that the Fund’s recent underperformance occurred in 2016. In that regard, the Board observed that when it considered the Fund’s performance record one year prior the Fund had outperformed its category median for all periods.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other conservative allocation funds . In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses, net of waivers, were lower than its peer group median and category median. The Board also considered that the Fund’s contractual management fee was higher than its peer group median and its category median. The Board noted that the Adviser has contractually agreed to limit the Fund’s total annual operating 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. This contractual expense limitation may not be amended or withdrawn for one year after the date of the Fund’s prospectus, unless approved by the Board.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee

38        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

39        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.

40        OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Memani, Krantz, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Krishna Memani, Vice President (since 2009) Year of Birth: 1960	President of the Sub-Adviser (since January 2013); Executive Vice President of the Manager (since January 2014) and Chief Investment Officer of the OppenheimerFunds advisory entities (since January 2014). Chief Investment Officer, Fixed Income of the Sub-Adviser (January 2013-December 2013); Head of the Investment Grade Fixed Income Team of the Sub-Adviser (March 2009-January 2014); Director of Fixed Income of the Sub-Adviser (October 2010-December 2012); Senior Vice President of the Sub-Adviser (March 2009-December 2012) and Senior Vice President of OFI Global Institutional, Inc. (April 2009-December 2012). Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities (June 2006-January 2009). Chief Credit Strategist at Credit Suisse Securities (August 2002-March 2006). Managing Director and Senior Portfolio Manager at Putnam Investments (September 1998-June 2002). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Magnus Krantz, Vice President (since 2013) Year of Birth: 1967	Vice President of the Sub-Adviser (since May 2009) and a portfolio manager of the Sub-Adviser (since November 2012); sector manager for technology for the Sub-Adviser’s Main Street Investment Team (since May 2009). Prior to joining the Sub-Adviser, Mr. Krantz was a sector manager at RS Investment and Guardian Life Insurance Company. Mr. Krantz joined Guardian Life Insurance Company in December 2005 and transitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company’s acquisition of an interest in RS Investments. Portfolio manager and analyst at Citigroup Asset Management (1998-2005) and as a consultant at Price Waterhouse (1997-1998). He also served as product development engineer at Newbridge Networks (1993-1996) and as a software engineer at Mitel Corporation (1990-1993). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

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Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

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OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

A Series of Oppenheimer Variable Account Funds
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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

December 31, 2017
Oppenheimer
Capital Appreciation Fund/VA	Annual Report
A Series of Oppenheimer Variable Account Funds
ANNUAL REPORT
Listing of Top Holdings
Fund Performance Discussion
Financial Statements

PORTFOLIO MANAGER: Paul Larson

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/17

	Inception       Date	1-Year			5-Year			10-Year
Non-Service Shares	4/3/85		26.83	%		13.97	%		6.45	%
Service Shares	9/18/01		26.50			13.69			6.19
S&P 500 Index			21.83			15.79			8.50
Russell 1000 Growth Index			30.21			17.33			10.00

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Apple, Inc.	7.1%
Alphabet, Inc., Cl. C	6.8
Microsoft Corp.	5.8
Facebook, Inc., Cl. A	5.3
Mastercard, Inc., Cl. A	4.6
Amazon.com, Inc.	3.9
Lowe’s Cos., Inc.	2.8
Comcast Corp., Cl. A	2.6
Oracle Corp.	2.1
eBay, Inc.	2.0

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 December 31, 2017, and are based on the total market value of common stocks.

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Fund Performance Discussion

For the one-year reporting period, the Fund’s Non-Service shares generated a total return of 26.83%. In comparison, the Fund underperformed the Russell 1000 Growth Index (the “Index”), which returned 30.21% for the same period. On a sector basis, the largest underperformers included Industrials, Health Care and Consumer Discretionary, where stock selection detracted from performance. The Fund outperformed in Information Technology, Materials and Telecommunication Services. The Fund outperformed the broader U.S. equity market, as measured by the S&P 500 Index, which returned 21.83% this reporting period.

MARKET OVERVIEW

2017 was a banner year in terms of fundamentals for the U.S. economy. One of the longest job expansions in U.S. history continued with more than 2 million jobs added for the seventh consecutive year and unemployment close to an all-time low at period end. There were various other signs of improvement as well, in everything from high consumer confidence scores to declining murder rates in big cities (New York and Los Angeles were at record lows). Despite this, the inflation rate remained low. Most importantly for equity investors, U.S. corporate revenue and earnings growth accelerated.

These trends helped the equity market continue its strong upward trend in the fourth quarter, topping off a year that saw the Russell 1000 Growth Index posted a robust total return of 30.21%. The rally in the market was unusual in several aspects. First, several major indices—including the S&P 500 Index and Russell 1000 Index—posted positive total returns in every single month of the year, which is something they have never done before. (The Fund’s benchmark, the Russell 1000 Growth Index, rose in “only” 11 of the calendar months.) The market was also extremely calm, as market volatility (as measured by the CBOE Volatility Index) hit a new all-time low during the year. Finally, cumulative losses on the down days during 2017 were the lowest on record. For many, the investor experience of 2017 was about as good as it gets. While nearly all parts of the market rose in 2017, there were some notable differences within the market. Namely, large capitalization stocks outperformed smaller capitalization stocks, and companies on the “growth” part of the spectrum vastly outperformed the “value” names.

Several factors drove investors’ increased appetite for risk. For one, the underlying economy remained on the steady growth track that it has been on for several years. And though the Federal Reserve raised rates a couple times during the year, liquidity remained abundant with interest rates still at historically low levels. Last but not least, excitement around corporate tax reform drove expectations for a burst in corporate profitability and overall economic growth.

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 can out-perform no matter the environment.

If our strategy includes not making oversized macro factor bets, a reasonable question is, “What types of risks are you willing to take?” First, we believe identifying companies with sustainable competitive advantages (or economic moats, if you prefer) is squarely in the middle of our circle of competence.

Second, we believe we have the skills to identify company management teams that are likely to successfully execute on their plans. Lastly, 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) and with at least reasonable stock valuations. Companies with these qualities generally have more stable earnings.

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) and 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. This approach has led to consistent positive alpha versus our peers over longer periods of time.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s relative performance this period included PayPal, Activision Blizzard, and MasterCard.

PayPal has continued to benefit from strong revenue growth driven by impressive customer acquisition and engagement, as well as the secular tailwinds of electronic payments and e-commerce spending.

3      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Activision Blizzard rallied early in the period after reporting a strong fourth quarter despite disappointing sales for its franchise title Call of Duty. Outperformance was driven by strength in Blizzard titles Overwatch and World of Warcraft. We remain positive on future growth drivers, which include monetization of advertising on “King mobile”, a continued shift towards high margin in-game digital purchases and the opportunity within eSports.

MasterCard continues to show strong and resilient growth demonstrating that the secular trend toward electronic forms of payment remains in early innings globally, particularly in emerging markets. At the company’s annual investor day in September they raised their three year outlook calling for revenue growth at the “high end of low double digits” and constant currency earnings per share (“EPS”) growth of ~20% (previously mid-teens). MasterCard’s services business which includes loyalty, data and analytics and security remains a differentiator versus their primary competitor and presents a compelling growth opportunity particularly within security, following the landmark data breach that occurred recently at Equifax. Additionally, at their investor day, management discussed the massive opportunity for recently acquired fast ACH provider Vocalink, which we believe provides leading technology in the currently over $100 trillion ACH market.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included AutoZone, Allergan, and Molson Coors Brewing Company.

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 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. However, in the company’s most recently reported quarter, sales and EPS accelerated, along with its auto parts retail peers. This quieted concerns that Amazon is taking market share to close the period. Although this was a positive development for AutoZone, it did not offset the losses experienced earlier in the year.

Allergan underperformed due to concerns around losing its patent on Restasis. Also, there is concern for weakening margins in 2018 as a few of their higher margin products will lose exclusivity.

Post Molson Coors’ acquisition of the 50% of the U.S. Miller Coors joint venture that they didn’t own, management shed more light on how much of the significant $550mm in savings shareholders could expect to see flow through to earnings. With these savings equating to 500 basis points of operating margin and Molson Coors’ operating margins at half of the industry leader, AnheiserBusch, the market was disappointed in a 30-60 basis point-guided annual improvement. The stock also sold off on concerns management would needlessly invest to try to drive the top line in a flat to declining industry.

STRATEGY & OUTLOOK

At the moment, the U.S. economy continues its “slow and steady” growth. This is being driven by favorable data around employment, wages and inflation. Rising home prices and innovation also continue to help drive the economy higher. Moreover, we believe corporate tax reform will lead to a jump in earnings and cash flow for most companies, and it will more likely than not lead to a boost in economic growth in the short-term. While the economic expansionary cycle is indeed long in the tooth, the economic growth has been at relatively low rates, suggesting it could continue for a while longer.

We are afraid companies are addicted to low interest rates, which have been low for almost a decade now. We believe the risks inherent to this market include the misallocation of capital if interest rates were to rise materially. As the markets have risen, we find fewer companies with attractive fundamentals that are attractively priced. 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.

Volatility in the markets was unusually low in 2017. We expect heightened uncertainty to return to the equity markets eventually. 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.

4      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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. 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.

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COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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.

6      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 December 31, 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 December 31, 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     July 1, 2017		Ending         Account         Value         December 31, 2017		Expenses         Paid During         6 Months Ended         December 31, 2017
Non-Service shares	$	1,000.00	$	1,100.80	$	4.24
Service shares		1,000.00		1,099.30		5.57
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.17		4.08
Service shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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.

7      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Shares		Value
Common Stocks—99.8%
Consumer Discretionary—20.2%
Hotels, Restaurants & Leisure—3.4%
Cedar Fair LP1		189,752	$	12,331,983
Starbucks Corp.		293,970		16,882,697
				29,214,680
Household Durables—1.5%
Newell Brands, Inc.		119,940		3,706,146
Whirlpool Corp.		58,050		9,789,552
				13,495,698
Internet & Catalog Retail—5.5%
Amazon.com, Inc.2		29,394		34,375,401
Priceline Group, Inc. (The)2		7,620		13,241,579
				47,616,980
Media—2.6%
Comcast Corp., Cl. A		566,542		22,690,007
Specialty Retail—7.2%
AutoNation, Inc.2		225,990		11,600,067
AutoZone, Inc.2		22,460		15,977,370
CarMax, Inc.2		168,520		10,807,187
Lowe’s Cos., Inc.		266,170		24,737,840
				63,122,464
Consumer Staples—5.6%
Beverages—3.1%
Constellation Brands, Inc., Cl. A		42,410		9,693,654
Dr Pepper Snapple Group, Inc.		97,830		9,495,380
Molson Coors Brewing Co., Cl. B		91,030		7,470,832
				26,659,866
Food Products—1.3%
Kraft Heinz Co. (The)		84,190		6,546,614
Mondelez International, Inc., Cl. A		115,590		4,947,252
				11,493,866
Household Products—1.2%
HRG Group, Inc.2		130,350		2,209,432
Spectrum Brands Holdings, Inc.		74,550		8,379,420
				10,588,852
Energy—2.5%
Oil, Gas & Consumable Fuels—2.5%
Husky Energy, Inc.2		589,536		8,324,793
Magellan Midstream Partners LP1		195,230		13,849,616
				22,174,409
Financials—5.6%
Capital Markets—4.2%
Charles Schwab Corp. (The)		266,970		13,714,249
CME Group, Inc., Cl. A		63,530		9,278,557
Intercontinental Exchange, Inc.		190,450		13,438,152
				36,430,958
Diversified Financial Services—1.0%
Berkshire Hathaway, Inc., Cl. B2		44,050		8,731,591
Real Estate Investment Trusts (REITs)—0.4%
Mid-America Apartment Communities, Inc.		40,340		4,056,590
Health Care—11.8%
Biotechnology—4.5%
Biogen, Inc.2		40,420		12,876,599
Celgene Corp.2		136,604		14,255,994
Galapagos NV2		43,811		4,150,346
Gilead Sciences, Inc.		117,630		8,427,013
				39,709,952
Health Care Equipment & Supplies—2.3%
Intuitive Surgical, Inc.2		20,670		7,543,310
Medtronic plc		91,960		7,425,770

	Shares		Value
Health Care Equipment & Supplies (Continued)
Stryker Corp.		35,010	$	5,420,948
				20,390,028
Health Care Providers & Services—2.2%
Humana, Inc.		28,970		7,186,588
Laboratory Corp. of America Holdings2		74,770		11,926,563
				19,113,151
Health Care Technology—0.8%
Cerner Corp.2		98,920		6,666,219
Pharmaceuticals—2.0%
Allergan plc		58,220		9,523,628
Merck & Co., Inc.		88,930		5,004,091
Valeant Pharmaceuticals International, Inc.2		121,090		2,516,250
				17,043,969
Industrials—10.3%
Aerospace & Defense—1.0%
Spirit AeroSystems Holdings, Inc., Cl. A		97,270		8,486,807
Airlines—1.6%
Spirit Airlines, Inc.2		319,990		14,351,552
Commercial Services & Supplies—2.0%
Johnson Controls International plc		115,830		4,414,281
KAR Auction Services, Inc.		256,640		12,962,887
				17,377,168
Machinery—2.4%
Deere & Co.		42,200		6,604,722
Stanley Black & Decker, Inc.		29,500		5,005,855
Wabtec Corp.		118,250		9,629,097
				21,239,674
Professional Services—1.1%
Equifax, Inc.		13,240		1,561,261
Nielsen Holdings plc		209,660		7,631,624
				9,192,885
Road & Rail—1.5%
Canadian National Railway Co.		88,710		7,318,575
Canadian Pacific Railway Ltd.		33,890		6,193,736
				13,512,311
Trading Companies & Distributors—0.7%
Fastenal Co.		103,820		5,677,916
Information Technology—40.3%
Internet Software & Services—14.2%
Alphabet, Inc., Cl. C2		56,850		59,487,840
eBay, Inc.2		474,030		17,889,892
Facebook, Inc., Cl. A2		263,660		46,525,444
				123,903,176
IT Services—6.5%
Mastercard, Inc., Cl. A		263,590		39,896,983
PayPal Holdings, Inc.2		231,560		17,047,447
				56,944,430
Semiconductors & Semiconductor Equipment—3.2%
Broadcom Ltd.		58,170		14,943,873
Texas Instruments, Inc.		125,310		13,087,376
				28,031,249
Software—9.3%
Activision Blizzard, Inc.		150,360		9,520,795
Microsoft Corp.		591,770		50,620,006
Oracle Corp.		386,020		18,251,025
Snap, Inc., Cl. A2		146,600		2,141,826
				80,533,652
Technology Hardware, Storage & Peripherals—7.1%
Apple, Inc.		366,670		62,051,564

8      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

	Shares		Value
Materials—1.3%
Chemicals—0.4%
Albemarle Corp.		31,380	$	4,013,188
Metals & Mining—0.9%
Compass Minerals International, Inc.		106,180		7,671,505
Utilities—2.2%
Electric Utilities—0.3%
PG&E Corp.		64,970		2,912,605

	Shares		Value
Gas Utilities—1.6%
AmeriGas Partners LP1		295,100	$	13,642,473
Multi-Utilities—0.3%
SCANA Corp.		63,970		2,544,727
Total Investments, at Value (Cost $638,825,547)		99.8%		871,286,162
Net Other Assets (Liabilities)		0.2		1,805,314
Net Assets		100.0%	$	873,091,476

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

The following issuer 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. There were no affiliate securities held by the Fund at period end. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares December 31, 2016		Gross Additions		Gross Reductions		Shares December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		31,306,028		117,128,592		148,434,620		—
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	—	$	41,558	$	—	$	—

See accompanying Notes to Financial Statements.

9      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments—unaffiliated companies (cost $638,825,547)	$	871,286,162
Cash		1,439,596
Receivables and other assets:
Dividends		875,451
Shares of beneficial interest sold		90,807
Other		100,564
Total assets		873,792,580
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		468,976
Trustees’ compensation		88,598
Distribution and service plan fees		67,751
Shareholder communications		34,035
Other		41,744
Total liabilities		701,104
Net Assets	$	873,091,476
Composition of Net Assets
Par value of shares of beneficial interest	$	15,759
Additional paid-in capital		582,958,371
Accumulated net investment income		313,862
Accumulated net realized gain on investments and foreign currency transactions		57,355,900
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		232,447,584
Net Assets	$	873,091,476
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 $556,227,631 and 9,986,261 shares of beneficial interest outstanding)		$55.70
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $316,863,845 and 5,772,556 shares of beneficial interest outstanding)		$54.89

See accompanying Notes to Financial Statements.

10                      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $33,477)	$	9,282,318
Affiliated companies		41,558
Total investment income		9,323,876
Expenses
Management fees		5,959,688
Distribution and service plan fees — Service shares		785,869
Transfer and shareholder servicing agent fees:
Non-Service shares		538,955
Service shares		314,335
Shareholder communications:
Non-Service shares		45,034
Service shares		26,299
Trustees’ compensation		31,813
Borrowing fees		22,848
Custodian fees and expenses		6,179
Other		91,067
Total expenses		7,822,087
Less reduction to custodian expenses		(1,528)
Less waivers and reimbursements of expenses		(185,524)
Net expenses		7,635,035
Net Investment Income		1,688,841
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		62,739,925
Foreign currency transactions		(3,432)
Net realized gain		62,736,493
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		136,363,366
Translation of assets and liabilities denominated in foreign currencies		10,173
Net change in unrealized appreciation/depreciation		136,373,539
Net Increase in Net Assets Resulting from Operations	$	200,798,873

See accompanying Notes to Financial Statements.

11      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended         December 31, 2017		Year Ended         December 31, 2016
Operations
Net investment income	$	1,688,841	$	1,293,960
Net realized gain		62,736,493		85,112,682
Net change in unrealized appreciation/depreciation		136,373,539		(108,416,699)
Net increase (decrease) in net assets resulting from operations		200,798,873		(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 (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(23,046,014)		6,630,751
Service shares		(23,253,888)		15,475,883
		(46,299,902)		22,106,634
Net Assets
Total increase (decrease)		76,109,696		(85,269,661)
Beginning of period		796,981,780		882,251,441
End of period (including accumulated net investment income (loss) of $313,862 and $(101,477), respectively)	$	873,091,476	$	796,981,780

See accompanying Notes to Financial Statements.

12      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$48.36		$55.49		$64.87		$57.88		$45.06
Income (loss) from investment operations:
Net investment income1		0.15		0.12		0.22		0.09		0.23
Net realized and unrealized gain (loss)		12.33		(1.57)		2.25		8.64		13.09
Total from investment operations		12.48		(1.45)		2.47		8.73		13.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.22)		(0.06)		(0.27)		(0.50)
Distributions from net realized gain		(5.01)		(5.46)		(11.79)		(1.47)		0.00
Total dividends and/or distributions to shareholders		(5.14)		(5.68)		(11.85)		(1.74)		(0.50)
Net asset value, end of period		$55.70		$48.36		$55.49		$64.87		$57.88
Total Return, at Net Asset Value2		26.83%		(2.20)%		3.54%		15.41%		29.74%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$556,227		$501,756		$564,514		$616,862		$626,907
Average net assets (in thousands)		$539,255		$514,525		$601,110		$614,272		$595,912
Ratios to average net assets:3
Net investment income		0.29%		0.25%		0.36%		0.15%		0.44%
Expenses excluding specific expenses listed below		0.82%		0.83%		0.81%		0.80%		0.81%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		0.82%		0.83%		0.81%		0.80%		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%
Portfolio turnover rate		26%		114%		60%		61%		77%

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:

Year Ended December 31, 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%

6. Waivers less than 0.005%.

See accompanying Notes to Financial Statements.

13        OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$47.73		$54.80		$64.30		$57.37		$44.66
Income (loss) from investment operations:
Net investment income (loss)1		0.02		0.002		0.07		(0.06)		0.10
Net realized and unrealized gain (loss)		12.16		(1.55)		2.22		8.57		12.98
Total from investment operations		12.18		(1.55)		2.29		8.51		13.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(0.06)		0.00		(0.11)		(0.37)
Distributions from net realized gain		(5.01)		(5.46)		(11.79)		(1.47)		0.00
Total dividends and/or distributions to shareholders		(5.02)		(5.52)		(11.79)		(1.58)		(0.37)
Net asset value, end of period		$54.89		$47.73		$54.80		$64.30		$57.37
Total Return, at Net Asset Value3		26.50%		(2.43)%		3.27%		15.13%		29.43%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$316,864		$295,226		$317,737		$337,318		$364,214
Average net assets (in thousands)		$314,506		$287,933		$332,468		$343,254		$367,615
Ratios to average net assets:4
Net investment income (loss)		0.04%		0.00%5		0.12%		(0.10)%		0.20%
Expenses excluding specific expenses listed below		1.07%		1.08%		1.06%		1.05%		1.06%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.07%		1.08%		1.06%		1.05%		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%
Portfolio turnover rate		26%		114%		60%		61%		77%

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:

Year Ended December 31, 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%

7. Waivers less than 0.005%.

See accompanying Notes to Financial Statements.

14      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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 the 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 determined necessary by the Manager.

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, if any, 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.

15      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$25,932,730		$33,304,255		$—		$232,151,565

1. During the reporting period, the Fund did not utilize any capital loss carryforward.

2. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Increase to Accumulated Net Investment Income	Reduction to Accumulated Net Realized Gain on Investments3
$4,929,770	$26,831		$4,956,601

3. $4,929,770, including $2,853,254 of long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	1,300,333	$	2,442,452
Long-term capital gain		77,088,942		82,923,786
Total	$	78,389,275	$	85,366,238

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	$	639,121,566
Gross unrealized appreciation	$	247,259,374
Gross unrealized depreciation		(15,107,809)
Net unrealized appreciation	$	232,151,565

16      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

2. Significant Accounting Policies (Continued)

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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 when 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 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	$	176,139,829	$	—	$	—	$	176,139,829
Consumer Staples		48,742,584		—		—		48,742,584
Energy		22,174,409		—		—		22,174,409
Financials		49,219,139		—		—		49,219,139

17      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS 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)
Health Care	$	98,772,973	$	4,150,346	$	—	$	102,923,319
Industrials		89,838,313		—		—		89,838,313
Information Technology		351,464,071		—		—		351,464,071
Materials		11,684,693		—		—		11,684,693
Utilities		19,099,805		—		—		19,099,805
Total Assets	$	867,135,816	$	4,150,346	$	—	$	871,286,162

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 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,

18      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

5. Market Risk Factors (Continued)

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:

	Year Ended December 31, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		393,813	$	20,493,018		575,681	$	28,663,769
Dividends and/or distributions reinvested		978,541		49,680,512		1,203,259		55,939,521
Redeemed		(1,761,563)		(93,219,544)		(1,577,136)		(77,972,539)
Net increase (decrease)		(389,209)	$	(23,046,014)		201,804	$	6,630,751
Service Shares
Sold		127,462	$	6,431,379		1,273,302	$	61,113,815
Dividends and/or distributions reinvested		573,029		28,708,763		640,546		29,426,717
Redeemed		(1,113,678)		(58,394,030)		(1,525,798)		(75,064,649)
Net increase (decrease)		(413,187)	$	(23,253,888)		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	$	215,608,894		$312,341,368

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

19      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 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	$112,801
Service shares	65,648

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 $7,075 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 $1.875 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.

20      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

    We have audited the accompanying statement of assets and liabilities of Oppenheimer Capital Appreciation Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

    These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

    We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

21      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

    Capital gain distributions of $5.0057 per share were paid to Non-Service and Service shareholders, respectively, on June 20, 2017. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

    Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 27.26% to arrive at the amount eligible for the corporate dividend-received deduction.

    The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

22      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

    The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”).Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

    The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

    Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

    Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio manager and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

    The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Paul Larson, the portfolio manager for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

    Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other large growth category funds underlying variable insurance products. The Board noted that the Fund underperformed its performance category median during all periods. The Board also considered, however, that Paul Larson took over sole portfolio management responsibilities in October 2016. The Board noted that the Fund was repositioned to an “all-weather orientation” from a growth orientation and that the transition was not completed until December 31, 2016.

    Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other large growth funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses were higher than its peer group median and its category median and that its contractual management fee was in line with its peer group median and category median. The Manager has contractually agreed to limit the Fund’s total annual operating 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. This waiver and/or reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

    Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the

23      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

24      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.

25      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub- Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

26      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

INTERESTED TRUSTEE AND OFFICER

Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mr. Larson, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal
Paul Larson, Vice President (since 2016) Year of Birth: 1971	Vice President of the Sub-Adviser and Portfolio Manager of the Main Street Team (since January 2013). Prior to joining the Sub-Adviser, he was a portfolio manager and Chief Equity Strategist at Morningstar. He was previously an analyst at Morningstar covering the energy sector and oversaw the firm’s natural resources analysts. Prior to joining Morningstar in 2002, Mr. Larson was an analyst with The Motley Fool. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.

27      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973

Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970

Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800. 988.8287.

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31      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

OPPENHEIMER CAPITAL APPRECIATION FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

December 31, 2017
Oppenheimer
Total Return Bond Fund/VA*	Annual Report
A Series of Oppenheimer Variable Account Funds
ANNUAL 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 12/31/17

	Inception Date		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		4.59%		3.16%		0.38%
Service Shares		5/1/02		4.38		2.90		0.14
Bloomberg Barclays Credit Index				6.18		3.24		5.42
Bloomberg Barclays U.S. Aggregate Bond Index				3.54		2.10		4.01
Citigroup Broad Investment Grade Bond Index				3.60		2.09		4.07

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.

TOP HOLDINGS AND ALLOCATIONS

PORTFOLIO ALLOCATION
Mortgage-Backed Obligations
Government Agency	30.9%
Non-Agency	11.8
Corporate Bonds and Notes	36.9
Asset-Backed Securities	10.1
Short-Term Notes	8.0
Investment Company
Oppenheimer Institutional Government Money Market Fund	1.5
U.S. Government Obligations	0.8

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017 and are based on the total market value of investments. For more current Fund holdings, please visit oppenheimerfunds.com.

CORPORATE BONDS & NOTES - TOP TEN INDUSTRIES
Commercial Banks	6.7%
Oil, Gas & Consumable Fuels	3.7
Capital Markets	2.9
Electric Utilities	2.3
Diversified Telecommunication Services	2.3
Automobiles	1.8
Chemicals	1.7
Food Products	1.6
Health Care Providers & Services	1.5
Beverages	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on net assets.

2        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Fund Performance Discussion

MARKET OVERVIEW

Markets continued their general risk-on mode throughout 2017, with equities climbing and credit spreads tightening in most sectors. During the period, U.S. Treasury yields climbed up from the summer lows, but remained around the levels that have prevailed over the past couple of years.

The U.S. economy outperformed expectations in the second half of 2017, with gross domestic product (GDP) growth exceeding the 2% trend growth rate witnessed so far during the expansion. As of the reporting period’s end, private consumption, the driving force of the U.S. economy in recent years, is growing at a stable rate. In addition, business fixed investment has gained momentum in recent months and headwinds from international trade have turned into tailwinds as the lagged effects from earlier U.S. dollar strength diminish. In fact, U.S. dollar weakness is now leading to increased global growth momentum at period end. Business and consumer confidence are at cyclical highs and the recent tax cut should lead to marginal additional spending in the coming two years, helping to sustain the current momentum. With the economy’s continued expansion, the Federal Reserve (“Fed”) is nearing its dual mandate of full employment and price stability. While inflation has surprised to the downside for a number of months recently, the Fed believes this to be temporary and continues down its prescribed course of gradual tightening. As communicated, the Fed began normalizing its balance sheet during the reporting period by discontinuing its interest reinvestment program and raised rates for a third time this calendar year in December. Despite these tightening measures, by many measures financial conditions eased in 2017.

As alluded to above, market performance was positive for most risk assets in 2017 as the S&P 500 Index increased 21.83% and the MSCI All Country World Index rose 23.97%. U.S. Treasuries (as represented by the Bloomberg Barclays U.S. Treasury Index) generated a positive total return of 3.54%. Credit outperformed U.S. Treasuries for the year, with the Bloomberg Barclays U.S. Credit Index rising 6.18%. Among credit sectors of the investment grade fixed income market, investment grade corporate bonds performed well. Commercial mortgage-backed securities (CMBS) and mortgage-backed securities (MBS) issued by U.S. agencies also posted positive returns, as did asset-backed securities (ABS).

FUND REVIEW

Against this backdrop, the Fund’s Non-Service shares produced a return of 4.59% during the reporting period. In comparison, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index and the Citigroup Broad Investment Grade Bond Index, which returned 3.54% and 3.60%, respectively, during the reporting period. As mentioned earlier, credit performed well this reporting period, with the Bloomberg Barclays U.S. Credit Index gaining 6.18%. The Fund had its largest allocation to credit assets, but it underperformed the Bloomberg Barclays U.S. Credit Index, which is comprised 100% of credit assets.

Primarily contributing to the Fund’s relative performance versus the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) was its underweight to U.S. Treasuries, its allocation to non-agency MBS and allocation to high yield credit. Primarily detracting from relative performance was the Fund’s overweight to asset-backed securities and security selection within agency MBS.

STRATEGY & OUTLOOK

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 at some point in the future. Likewise, we think the Fed is likely to hike rates at least two-to-three times in 2018 and we have been encouraged that the market has taken balance sheet normalization in stride.

The Fund remains neutral duration as near term inflation risks appear to be fully priced into yields and the rise in risk premium consistent with a relative sanguine economic outlook, in our view. We continue to maintain the Fund’s overweight to agency MBS relative to the Index. We believe the sector’s high quality and spread above Treasuries make it an attractive area to add incremental yield potential to the portfolio.

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 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 at period end.

3        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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.

4        OPPENHEIMER TOTAL RETURN BOND FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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.

5        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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares		$      1,000.00		$      1,015.60		$            3.82
Service shares		1,000.00		1,015.80		5.09
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.42		3.83
Service shares		1,000.00		1,020.16		5.10

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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.

6        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Principal Amount		Value
Asset-Backed Securities—13.9%
Auto Loan—8.9%
American Credit Acceptance Receivables Trust:
Series 2014-4,Cl. D, 5.24%, 2/10/221	$	60,000	$	60,334
Series 2015-1,Cl. B, 2.85%, 2/12/211		17,451		17,457
Series 2015-3,Cl. B, 3.56%, 10/12/211		85,434		85,682
Series 2015-3,Cl. C, 4.84%, 10/12/211		315,000		321,218
Series 2015-3,Cl. D, 5.86%, 7/12/221		125,000		127,670
Series 2016-4,Cl. B, 2.11%, 2/12/211		65,000		64,958
Series 2017-3,Cl. B, 2.25%, 1/11/211		65,000		64,783
Series 2017-4,Cl. B, 2.61%, 5/10/211		64,000		63,971
Series 2017-4,Cl. C, 2.94%, 1/10/241		183,000		182,864
Series 2017-4,Cl. D, 3.57%, 1/10/241		157,000		156,812
AmeriCredit Automobile Receivables Trust:
Series 2013-4,Cl. D, 3.31%, 10/8/19		50,000		50,171
Series 2015-2,Cl. D, 3.00%, 6/8/21		200,000		202,047
Series 2017-2,Cl. D, 3.42%, 4/18/23		300,000		303,255
Series 2017-4,Cl. D, 3.08%, 12/18/23		225,000		224,324
Capital Auto Receivables Asset Trust:
Series 2014-1,Cl. D, 3.39%, 7/22/19		115,000		115,325
Series 2017-1,Cl. D, 3.15%, 2/20/251		40,000		39,810
CarFinance Capital Auto Trust:
Series 2014-1A,Cl. D, 4.90%, 4/15/201		155,000		157,287
Series 2015-1A,Cl. A, 1.75%, 6/15/211		31,384		31,346
CarMax Auto Owner Trust:
Series 2015-2,Cl. D, 3.04%, 11/15/21		100,000		100,511
Series 2015-3,Cl. D, 3.27%, 3/15/22		295,000		296,033
Series 2016-1,Cl. D, 3.11%, 8/15/22		185,000		186,394
Series 2016-3,Cl. D, 2.94%, 1/17/23		115,000		113,788
Series 2016-4,Cl. D, 2.91%, 4/17/23		260,000		256,733
Series 2017-1,Cl. D, 3.43%, 7/17/23		230,000		230,131
Series 2017-4,Cl. D, 3.30%, 5/15/24		100,000		99,334
CIG Auto Receivables Trust, Series 2017-1A, Cl. A, 2.71%, 5/15/231		123,827		123,657
CPS Auto Receivables Trust:
Series 2013-C,Cl. D, 6.59%, 8/15/191		95,000		96,604
Series 2017-C,Cl. A, 1.78%, 9/15/201		70,154		70,051
Series 2017-C,Cl. B, 2.30%, 7/15/211		100,000		99,619
CPS Auto Trust:
Series 2017-A,Cl. B, 2.68%, 5/17/211		30,000		30,046
Series 2017-D,Cl. B, 2.43%, 1/18/221		170,000		169,440
Credit Acceptance Auto Loan Trust, Series 2017-3A, Cl. C, 3.48%, 10/15/262		205,000		203,637
Drive Auto Receivables Trust:
Series 2015-BA,Cl. D, 3.84%, 7/15/211		20,000		20,323
Series 2015-CA,Cl. D, 4.20%, 9/15/211		60,000		61,302
Series 2016-CA,Cl. C, 3.02%, 11/15/211		140,000		141,091
Series 2016-CA,Cl. D, 4.18%, 3/15/241		160,000		164,377
Series 2017-1,Cl. B, 2.36%, 3/15/21		155,000		155,168
Series 2017-2,Cl. B, 2.25%, 6/15/21		100,000		100,063
Series 2017-2,Cl. C, 2.75%, 9/15/23		110,000		110,201
Series 2017-3,Cl. C, 2.80%, 7/15/22		115,000		115,102
Series 2017-AA,Cl. C, 2.98%, 1/18/221		165,000		166,162
Series 2017-AA,Cl. D, 4.16%, 5/15/241		210,000		215,389
Series 2017-BA,Cl. D, 3.72%, 10/17/221		215,000		217,960
DT Auto Owner Trust:
Series 2014-2A,Cl. D, 3.68%, 4/15/211		312,733		313,754
Series 2015-2A,Cl. D, 4.25%, 2/15/221		40,000		40,681
Series 2016-1A,Cl. B, 2.79%, 5/15/201		7,276		7,278
Series 2016-4A,Cl. E, 6.49%, 9/15/231		75,000		77,156
Series 2017-1A,Cl. C, 2.70%, 11/15/221		90,000		89,800
Series 2017-1A,Cl. D, 3.55%, 11/15/221		125,000		125,006
Series 2017-1A,Cl. E, 5.79%, 2/15/241		150,000		152,446
Series 2017-2A,Cl. B, 2.44%, 2/15/211		135,000		135,251
Series 2017-2A,Cl. D, 3.89%, 1/15/231		175,000		176,294
Series 2017-3A,Cl. B, 2.40%, 5/17/211		170,000		169,541
Series 2017-3A,Cl. E, 5.60%, 8/15/241		155,000		157,332
Series 2017-4A,Cl. D, 3.47%, 7/17/231		190,000		189,614
Series 2017-4A,Cl. E, 5.15%, 11/15/241		135,000		135,110

	Principal Amount		Value
Auto Loan (Continued)
Exeter Automobile Receivables Trust:
Series 2013-2A,Cl. D, 6.81%, 8/17/201	$	272,259	$	274,651
Series 2014-2A,Cl. C, 3.26%, 12/16/191		99,474		99,847
Series 2017-3A,Cl. A, 2.05%, 12/15/211		141,825		141,633
Flagship Credit Auto Trust:
Series 2013-2,Cl. D, 6.26%, 2/16/211		60,000		60,454
Series 2014-1,Cl. D, 4.83%, 6/15/201		20,000		20,390
Series 2016-1,Cl. C, 6.22%, 6/15/221		345,000		364,786
GM Financial Automobile Leasing Trust, Series 2017-3, Cl. C, 2.73%, 9/20/21		120,000		118,871
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1,Cl. D, 4.852%
[LIBOR01M+330], 9/27/211,3		75,000		75,126
Series 2017-1,Cl. C, 3.102%
[LIBOR01M+155], 6/27/221,3		60,000		60,367
Series 2017-1,Cl. D, 3.852%
[LIBOR01M+230], 6/27/221,3		70,000		70,038
Nissan Auto Lease Trust, Series 2017-A, Cl. A3, 1.91%, 4/15/20		230,000		229,240
Santander Drive Auto Receivables Trust:
Series 2013-4,Cl. E, 4.67%, 1/15/201		360,000		360,781
Series 2013-A,Cl. E, 4.71%, 1/15/211		270,000		271,906
Series 2016-2,Cl. D, 3.39%, 4/15/22		120,000		121,837
Series 2017-1,Cl. D, 3.17%, 4/17/23		160,000		160,910
Series 2017-1,Cl. E, 5.05%, 7/15/241		355,000		365,078
Series 2017-2,Cl. D, 3.49%, 7/17/23		70,000		70,751
Series 2017-3,Cl. D, 3.20%, 11/15/23		400,000		400,741
Santander Retail Auto Lease Trust, Series 2017-A, Cl. C, 2.96%, 11/21/221		180,000		179,969
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221		160,000		159,585
Veros Automobile Receivables Trust, Series 2017-1, Cl. A, 2.84%, 4/17/231		139,644		139,407
Westlake Automobile Receivables Trust:
Series 2016-1A,Cl. E, 6.52%, 6/15/221		195,000		200,309
Series 2017-2A,Cl. A1, 1.45%, 8/15/181		80,111		80,102
Series 2017-2A,Cl. E, 4.63%, 7/15/241		255,000		255,612
				11,864,084
Credit Card—4.3%
Cabela’s Credit Card Master Note Trust:
Series 2013-2A,Cl. A2, 2.127%
[LIBOR01M+65], 8/16/211,3		100,000		100,347
Series 2016-1,Cl. A1, 1.78%, 6/15/22		320,000		318,230
Series 2016-1,Cl. A2, 2.327%
[LIBOR01M+85], 6/15/223		560,000		565,400
Capital One Multi-Asset Execution Trust:
Series 2014-A4,Cl. A4, 1.837%
[LIBOR01M+36], 6/15/223		55,000		55,238
Series 2016-A1,Cl. A1, 1.927%
[LIBOR01M+45], 2/15/223		385,000		386,894
Series 2016-A3,Cl. A3, 1.34%, 4/15/22		485,000		480,162
Chase Issuance Trust, Series 2014-A5, Cl. A5, 1.847% [LIBOR01M+37], 4/15/213		240,000		240,947
Citibank Credit Card Issuance Trust, Series 2014-A6, Cl. A6, 2.15%, 7/15/21		30,000		30,038
Discover Card Execution Note Trust:
Series 2012-A6,Cl. A6, 1.67%, 1/18/22		275,000		273,493
Series 2016-A1,Cl. A1, 1.64%, 7/15/21		615,000		613,119
Series 2016-A4,Cl. A4, 1.39%, 3/15/22		620,000		612,565
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.977% [LIBOR01M+50], 11/16/201,3		455,000		456,543
World Financial Network Credit Card Master Trust:
Series 2012-D,Cl. A, 2.15%, 4/17/23		145,000		144,908
Series 2016-B,Cl. A, 1.44%, 6/15/22		360,000		358,977
Series 2017-A,Cl. A, 2.12%, 3/15/24		405,000		403,520
Series 2017-B,Cl. A, 1.98%, 6/15/23		315,000		314,158
Series 2017-C,Cl. A, 2.31%, 8/15/24		395,000		393,540
				5,748,079

7         OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Equipment—0.4%
CCG Receivables Trust, Series 2017-1, Cl. B, 2.75%, 11/14/231	$	230,000	$	227,769
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		65,000		64,698
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/431		25,401		25,246
Verizon Owner Trust, Series 2017-3A, Cl. A1A, 2.06%, 4/20/221		180,000		179,300
				497,013
Home Equity Loan—0.1%
CWABS Asset-Backed Certificates Trust, Series 2005-14, Cl. 1A1, 1.782% [US0001M+23], 4/25/363		97,837		98,051
Loans: Other—0.2%
Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/221		70,000		69,626
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		211,213		210,780
				280,406
Total Asset-Backed Securities (Cost $18,489,729)				18,487,633
Mortgage-Backed Obligations—58.8%
Government Agency—42.6%
FHLMC/FNMA/FHLB/Sponsored—32.7%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		3,914		4,248
5.50%, 9/1/39		297,492		326,297
6.00%, 5/1/18-10/1/29		387,021		435,262
6.50%, 4/1/18-4/1/34		113,080		125,391
7.00%, 10/1/31-10/1/37		103,667		115,132
9.00%, 8/1/22-5/1/25		6,617		7,048
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20		463		467
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205,Cl. IO, 61.755%, 9/1/294		4,983		1,064
Series 206,Cl. IO, 0.00%, 12/15/294,5		86,003		22,595
Series 243,Cl. 6, 0.00%, 12/15/324,5		56,851		9,751
Federal Home Loan Mortgage Corp., Mtg.-
Linked Amortizing Global Debt Securities,
Series 2012-1, Cl. A10, 2.06%, 1/15/22		276,900		275,839
Federal Home Loan Mortgage Corp., Principal- Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.108%, 6/1/266		26,958		25,084
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151,Cl. F, 9.00%, 5/15/21		1,415		1,482
Series 1674,Cl. Z, 6.75%, 2/15/24		7,941		8,556
Series 2034,Cl. Z, 6.50%, 2/15/28		1,527		1,691
Series 2042,Cl. N, 6.50%, 3/15/28		3,123		3,412
Series 2043,Cl. ZP, 6.50%, 4/15/28		183,082		204,852
Series 2046,Cl. G, 6.50%, 4/15/28		7,807		8,607
Series 2053,Cl. Z, 6.50%, 4/15/28		1,647		1,825
Series 2066,Cl. Z, 6.50%, 6/15/28		172,897		191,571
Series 2195,Cl. LH, 6.50%, 10/15/29		144,087		160,134
Series 2220,Cl. PD, 8.00%, 3/15/30		1,000		1,165
Series 2326,Cl. ZP, 6.50%, 6/15/31		39,687		43,562
Series 2461,Cl. PZ, 6.50%, 6/15/32		156,428		172,949
Series 2470,Cl. LF, 2.477%
[LIBOR01M+100], 2/15/323		1,280		1,311
Series 2564,Cl. MP, 5.00%, 2/15/18		2,790		2,792
Series 2585,Cl. HJ, 4.50%, 3/15/18		1,399		1,400
Series 2635,Cl. AG, 3.50%, 5/15/32		25,241		25,660
Series 2707,Cl. QE, 4.50%, 11/15/18		2,973		2,990
Series 2770,Cl. TW, 4.50%, 3/15/19		2,169		2,192
Series 3010,Cl. WB, 4.50%, 7/15/20		7,653		7,800
Series 3025,Cl. SJ, 19.334% [(3.667) x
LIBOR01M)+2,475], 8/15/353		13,165		19,162

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates: (Continued)
Series 3030,Cl. FL, 1.877%
[LIBOR01M+40], 9/15/353	$	2,174	$	2,184
Series 3645,Cl. EH, 3.00%, 12/15/20		21,519		21,629
Series 3741,Cl. PA, 2.15%, 2/15/35		56,091		56,083
Series 3815,Cl. BD, 3.00%, 10/15/20		715		717
Series 3822,Cl. JA, 5.00%, 6/15/40		3,042		3,124
Series 3840,Cl. CA, 2.00%, 9/15/18		548		547
Series 3848,Cl. WL, 4.00%, 4/15/40		18,285		18,669
Series 3857,Cl. GL, 3.00%, 5/15/40		4,019		4,061
Series 4221,Cl. HJ, 1.50%, 7/15/23		71,361		70,323
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%, 7/17/284		1,051		139
Series 2079,Cl. S, 99.999%, 7/17/284		1,891		252
Series 2130,Cl. SC, 99.999%, 3/15/294		62,330		9,983
Series 2526,Cl. SE, 70.754%, 6/15/294		2,362		413
Series 2796,Cl. SD, 99.999%, 7/15/264		124,397		18,220
Series 2920,Cl. S, 30.588%, 1/15/354		476,511		74,034
Series 2922,Cl. SE, 12.863%, 2/15/354		58,707		9,698
Series 2981,Cl. AS, 6.88%, 5/15/354		77,311		10,358
Series 3004,Cl. SB, 0.00%, 7/15/354,5		22,016		2,235
Series 3397,Cl. GS, 0.00%, 12/15/374,5		10,815		1,747
Series 3424,Cl. EI, 0.00%, 4/15/384,5		9,531		867
Series 3450,Cl. BI, 15.141%, 5/15/384		289,539		43,024
Series 3606,Cl. SN, 15.331%, 12/15/394		78,145		11,868
Federal National Mortgage Assn.:
2.50%, 1/1/337		2,120,000		2,117,834
3.00%, 1/1/337		7,460,000		7,600,831
3.50%, 1/1/487		11,095,000		11,398,760
4.00%, 1/1/487		7,620,000		7,973,401
4.50%, 1/1/487		7,315,000		7,783,572
5.00%, 1/1/487		1,380,000		1,483,716
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21-7/1/22		2,852		2,919
5.50%, 2/1/35-5/1/36		117,081		129,926
6.50%, 10/1/19-1/1/34		7,556		8,553
7.00%, 1/1/30-12/1/32		16,473		18,981
7.50%, 1/1/33		3,444		4,043
8.50%, 7/1/32		9,304		9,961
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221,Cl. 2, 99.999%, 5/25/234		1,552		222
Series 222,Cl. 2, 99.999%, 6/25/234		168,149		21,621
Series 252,Cl. 2, 0.00%, 11/25/234,5		155,996		23,044
Series 294,Cl. 2, 99.999%, 2/25/284		21,532		5,002
Series 301,Cl. 2, 12.567%, 4/25/294		1,736		378
Series 303,Cl. IO, 50.576%, 11/25/294		39,085		9,538
Series 320,Cl. 2, 48.533%, 4/25/324		150,509		37,455
Series 321,Cl. 2, 12.866%, 4/25/324		371,440		88,162
Series 324,Cl. 2, 0.00%, 7/25/324,5		3,866		883
Series 331,Cl. 5, 0.00%, 2/25/334,8		5,416		1,008
Series 331,Cl. 9, 26.018%, 2/25/334		124,556		25,641
Series 334,Cl. 12, 0.00%, 3/25/334,5		8,827		1,922
Series 334,Cl. 17, 29.028%, 2/25/334		76,810		15,065
Series 339,Cl. 12, 0.00%, 6/25/334,5		122,614		28,398
Series 339,Cl. 7, 0.00%, 11/25/334,5		260,769		54,208
Series 343,Cl. 13, 0.00%, 9/25/334,5		131,404		28,088
Series 343,Cl. 18, 0.00%, 5/25/344,5		31,569		6,660
Series 345,Cl. 9, 0.00%, 1/25/344,5		93,929		19,518
Series 351,Cl. 10, 0.00%, 4/25/344,5		40,783		8,839
Series 351,Cl. 8, 0.00%, 4/25/344,5		71,145		14,166
Series 356,Cl. 10, 0.00%, 6/25/354,5		50,292		10,377
Series 356,Cl. 12, 0.00%, 2/25/354,5		24,697		5,400
Series 362,Cl. 13, 0.00%, 8/25/354,5		98,278		21,795
Series 364,Cl. 15, 0.00%, 9/25/354,5		5,156		1,047
Series 364,Cl. 16, 0.00%, 9/25/354,5		107,277		23,812
Series 365,Cl. 16, 0.00%, 3/25/364,5		138,654		28,296

8         OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates:
Series 1993-87,Cl. Z, 6.50%, 6/25/23	$	117,608	$	125,475
Series 1998-58,Cl. PC, 6.50%, 10/25/28		100,335		111,002
Series 1998-61,Cl. PL, 6.00%, 11/25/28		50,898		56,113
Series 1999-54,Cl. LH, 6.50%, 11/25/29		82,332		91,098
Series 2001-51,Cl. OD, 6.50%, 10/25/31		5,769		6,218
Series 2001-74,Cl. QE, 6.00%, 12/25/31		120,726		134,367
Series 2003-100,Cl. PA, 5.00%,
10/25/18		16,619		16,690
Series 2003-28,Cl. KG, 5.50%, 4/25/23		346,952		365,910
Series 2003-84,Cl. GE, 4.50%, 9/25/18		863		867
Series 2004-25,Cl. PC, 5.50%, 1/25/34		1,610		1,631
Series 2005-73,Cl. DF, 1.802%
[LIBOR01M+25], 8/25/353		3,679		3,695
Series 2006-11,Cl. PS, 18.876% [(3.667)
x LIBOR01M)+2,456.67], 3/25/363		73,168		114,255
Series 2006-46,Cl. SW, 18.508%
[(3.667) x LIBOR01M)+2,419.92], 6/25/363		48,160		71,755
Series 2006-50,Cl. KS, 18.509%
[(3.667) x LIBOR01M)+2,420], 6/25/363		65,915		100,105
Series 2008-75,Cl. DB, 4.50%, 9/25/23		7,705		7,745
Series 2009-113,Cl. DB, 3.00%,
12/25/20		25,789		25,877
Series 2009-36,Cl. FA, 2.492%
[LIBOR01M+94], 6/25/373		36,604		37,421
Series 2009-70,Cl. TL, 4.00%, 8/25/19		7,236		7,252
Series 2010-43,Cl. KG, 3.00%, 1/25/21		11,125		11,176
Series 2011-3,Cl. EL, 3.00%, 5/25/20		43,927		44,022
Series 2011-38,Cl. AH, 2.75%, 5/25/20		597		597
Series 2011-82,Cl. AD, 4.00%, 8/25/26		24,202		24,408
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 21.316%, 11/18/314		4,943		952
Series 2001-63,Cl. SD, 54.796%, 12/18/314		1,638		291
Series 2001-65,Cl. S, 33.755%, 11/25/314		124,014		23,887
Series 2001-68,Cl. SC, 48.086%, 11/25/314		1,159		205
Series 2001-81,Cl. S, 38.76%, 1/25/324		34,487		6,449
Series 2002-28,Cl. SA, 32.239%, 4/25/324		1,081		201
Series 2002-38,Cl. SO, 75.594%, 4/25/324		3,341		588
Series 2002-39,Cl. SD, 63.086%, 3/18/324		2,209		435
Series 2002-47,Cl. NS, 43.038%, 4/25/324		107,616		21,437
Series 2002-48,Cl. S, 48.573%, 7/25/324		1,774		347
Series 2002-51,Cl. S, 42.124%, 8/25/324		98,791		18,787
Series 2002-52,Cl. SD, 89.131%, 9/25/324		155,498		31,653
Series 2002-52,Cl. SL, 41.855%, 9/25/324		1,118		216
Series 2002-53,Cl. SK, 88.058%, 4/25/324		7,698		1,551
Series 2002-56,Cl. SN, 45.837%, 7/25/324		2,418		474
Series 2002-60,Cl. SM, 18.419%, 8/25/324		15,150		2,467
Series 2002-7,Cl. SK, 22.732%, 1/25/324		6,979		1,224
Series 2002-77,Cl. BS, 25.06%, 12/18/324		10,203		2,040
Series 2002-77,Cl. IS, 58.853%, 12/18/324		5,692		1,205

	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 2002-77,Cl. SH, 34.224%, 12/18/324	$	48,864	$	9,351
Series 2002-84,Cl. SA, 29.042%, 12/25/324		116,879		22,205
Series 2002-9,Cl. MS, 38.203%, 3/25/324		1,820		336
Series 2002-90,Cl. SN, 18.737%, 8/25/324		7,794		1,269
Series 2002-90,Cl. SY, 25.468%, 9/25/324		5,850		974
Series 2003-26,Cl. DI, 54.496%, 4/25/334		5,279		1,220
Series 2003-33,Cl. SP, 30.734%, 5/25/334		119,290		26,430
Series 2003-4,Cl. S, 24.257%, 2/25/334		73,339		15,914
Series 2004-54,Cl. DS, 99.999%, 11/25/304		106,679		17,966
Series 2005-12,Cl. SC, 37.475%, 3/25/354		27,578		3,900
Series 2005-14,Cl. SE, 45.409%, 3/25/354		83,424		11,585
Series 2005-40,Cl. SA, 99.999%, 5/25/354		244,692		33,695
Series 2005-40,Cl. SB, 77.813%, 5/25/354		11,158		1,362
Series 2005-52,Cl. JH, 39.066%, 5/25/354		64,382		9,212
Series 2005-93,Cl. SI, 7.824%, 10/25/354		173,839		24,310
Series 2008-55,Cl. SA, 0.00%, 7/25/384,5		9,254		883
Series 2009-8,Cl. BS, 99.999%, 2/25/244		2,409		98
Series 2011-96,Cl. SA, 5.871%, 10/25/414		62,560		9,465
Series 2012-134,Cl. SA, 5.401%, 12/25/424		156,154		30,925
Series 2012-40,Cl. PI, 8.169%, 4/25/414		116,964		17,453
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%, 9/25/236		53,341		49,717
				43,344,866
GNMA/Guaranteed—9.9%
Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26		5,412		5,686
Government National Mortgage Assn. II Pool:
3.50%, 1/1/487		4,165,000		4,309,018
4.00%, 1/1/487		8,275,000		8,631,471
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 99.999%, 2/16/324		170,435		780
Series 2007-17,Cl. AI, 55.764%, 4/16/374		62,209		10,489
Series 2011-52,Cl. HS, 26.28%, 4/16/414		408,942		57,117
				13,014,561
Non-Agency—16.2%
Commercial—8.7%
Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 99.999%, 4/14/294		1,128,301		762
BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 3.41% [H15T1Y+210], 9/26/351,3		62,903		63,199

9         OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial (Continued)
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/242,4,5,9	$	240,583	$	5,874
CD Commercial Mortgage Trust: Series 2016-CD2,Cl. AM, 3.668%, 11/10/4910		150,000		153,734
Series 2017-CD3,Cl. AS, 3.833%, 2/10/50		140,000		144,737
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017- CD6, Cl. XA, 12.227%, 11/13/504		754,482		50,450
Chase Mortgage Finance Trust, Series 2005- A2, Cl. 1A3, 3.448%, 1/25/3610		101,866		99,516
Citigroup Commercial Mortgage Trust:
Series 2012-GC8,Cl. AAB, 2.608%, 9/10/45		109,398		110,030
Series 2014-GC21,Cl. AAB, 3.477%, 5/10/47		95,000		98,013
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C4, Cl. XA, 0.00%, 10/12/504,5		2,078,286		164,542
COMM Mortgage Trust:
Series 2012-CR3,Cl. ASB, 2.372%, 10/15/45		19,685		19,645
Series 2012-LC4,Cl. A3, 3.069%, 12/10/44		43,667		43,938
Series 2013-CR13,Cl. ASB, 3.706%, 11/12/46		185,000		191,932
Series 2013-CR6,Cl. AM, 3.147%, 3/10/461		245,000		246,525
Series 2013-CR7,Cl. D, 4.28%, 3/10/461,10		390,000		311,197
Series 2014-CR20,Cl. ASB, 3.305%, 11/10/47		65,000		66,776
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		715,000		748,407
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		170,000		179,454
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		475,000		496,432
Series 2015-CR22,Cl. A2, 2.856%, 3/10/48		110,000		111,128
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		280,000		288,666
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/454,5		2,113,040		130,670
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		165,282		140,383
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		140,000		141,361
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Cl. 1A6, 2.202% [US0001M+65], 11/25/353		131,297		93,726
FREMF Mortgage Trust:
Series 2011-K702,Cl. B, 4.774%, 4/25/441,10		55,000		55,016
Series 2013-K25,Cl. C, 3.619%, 11/25/451,10		90,000		88,742
Series 2013-K26,Cl. C, 3.598%, 12/25/451,10		60,000		59,212
Series 2013-K27,Cl. C, 3.495%, 1/25/461,10		95,000		93,256
Series 2013-K28,Cl. C, 3.49%, 6/25/461,10		285,000		279,559
Series 2013-K712,Cl. C, 3.362%, 5/25/451,10		75,000		75,140

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2013-K713,Cl. C, 3.165%, 4/25/461,10	$	115,000	$	114,638
Series 2014-K715,Cl. C, 4.125%, 2/25/461,10		50,000		50,834
Series 2014-K717,Cl. B, 3.629%, 11/25/471,10		40,000		40,840
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Cl. A, 2.933%, 6/5/311		140,000		141,233
GS Mortgage Securities Trust:
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46		35,000		35,114
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		45,000		48,344
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		85,000		88,010
GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6.00%, 4/25/371,10		249,080		240,310
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-LC9,Cl. A4, 2.611%, 12/15/47		20,000		19,954
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		315,000		318,071
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		300,000		320,856
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		40,000		40,286
Series 2013-LC11,Cl. ASB, 2.554%, 4/15/46		50,000		50,070
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		220,000		229,699
Series 2016-JP3,Cl. A2, 2.435%, 8/15/49		220,000		218,549
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.629%, 7/25/3510		76,185		78,256
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.387%, 7/26/361,10		233,820		224,255
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17,Cl. ASB, 3.705%, 1/15/47		75,000		77,796
Series 2014-C18,Cl. A3, 3.578%, 2/15/47		105,000		107,300
Series 2014-C19,Cl. ASB, 3.584%, 4/15/47		40,000		41,294
Series 2014-C24,Cl. B, 4.116%, 11/15/4710		245,000		251,198
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		200,000		209,427
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		255,000		262,877
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		230,000		229,459
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.00%, 2/18/304,5		81,539		5
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,9,10		34,872		26,334
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7,Cl. AAB, 2.469%, 2/15/46		100,000		100,170
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		225,000		227,696
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		595,000		613,389
Series 2016-C30,Cl. AS, 3.175%, 9/15/49		375,000		366,148
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 10.107%, 12/15/504		685,000		42,304
Morgan Stanley Re-Remic Trust, Series 2012- R3, Cl. 1B, 2.968%, 11/26/361,10		439,048		408,015

10         OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Commercial (Continued)
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.149%, 6/26/461,10	$	124,371	$	116,402
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 3.446%, 7/26/451,10		15,664		16,049
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 11.683%, 11/15/504		1,259,318		91,090
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29,Cl. AS, 4.013%, 6/15/4810		245,000		255,296
Series 2016-C37,Cl. AS, 4.018%, 12/15/49		355,000		373,135
Wells Fargo Commercial Mortgage Trust,
Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2017-C42, Cl. XA, 0.00%, 12/15/504,5		900,000		64,878
WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.825%, 6/15/451,10		120,000		98,129
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		150,000		152,782
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		130,000		135,584
Series 2014-C22,Cl. A3, 3.528%, 9/15/57		45,000		46,268
Series 2014-LC14,Cl. AS, 4.351%, 3/15/4710		145,000		153,069
				11,477,435
Residential—7.5%
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		90,756		84,891
Series 2007-C,Cl. 1A4, 3.444%, 5/20/3610		41,996		39,606
Series 2014-R7,Cl. 3A1, 3.544%, 3/26/361,9,10		125,513		125,414
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6.00%, 3/25/37		63,550		61,130
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.26%
[H15T1Y+245], 3/25/353		124,722		126,366
Series 2005-9,Cl. A1, 3.52%
[H15T1Y+230], 10/25/353		134,007		136,922
Series 2006-1,Cl. A1, 3.67%
[H15T1Y+225], 2/25/363		166,492		167,230
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		12,926		12,899
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		81,266		74,362
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		10,576		10,617
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 3.21% [H15T1Y+240], 10/25/353		403,073		405,992
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M1, 2.502%
[US0001M+95], 5/25/243		127,432		127,890
Series 2014-C03,Cl. 1M2, 4.552%
[US0001M+300], 7/25/243		332,250		355,333
Series 2016-C03,Cl. 1M1, 3.552%
[US0001M+200], 10/25/283		22,238		22,596
Series 2016-C07,Cl. 2M1, 2.852%
[US0001M+130], 5/25/293		188,392		189,596
Series 2016-C07,Cl. 2M2, 5.902%
[US0001M+435], 5/25/293		130,000		144,269
Series 2017-C02,Cl. 2M1, 2.702%
[US0001M+115], 9/25/293		302,092		304,880
Series 2017-C02,Cl. 2M2, 5.202%
[US0001M+365], 9/25/293		280,000		303,283
Series 2017-C03,Cl. 1M1, 2.502%
[US0001M+95], 10/25/293		232,230		234,115

	Principal Amount		Value
Residential (Continued)
Connecticut Avenue Securities: (Continued)
Series 2017-C04,Cl. 2M2, 4.402%
[US0001M+285], 11/25/293	$	180,000	$	187,331
Series 2017-C06,Cl. 1M1, 2.302%
[US0001M+75], 2/25/303		139,498		139,999
Series 2017-C07,Cl. 1M1, 2.202%
[US0001M+65], 5/25/303		203,788		204,144
Series 2017-C07,Cl. 1M2, 3.952%
[US0001M+240], 5/25/303		210,000		215,750
GSR Mortgage Loan Trust, Series 2005-AR4,
Cl. 6A1, 3.522%, 7/25/3510		71,758		72,286
HomeBanc Mortgage Trust, Series 2005-3, Cl.
A2, 1.862% [US0001M+31], 7/25/353		31,399		31,388
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.652% [US0001M+10], 8/25/363		47,377		25,630
RALI Trust:
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		709		633
Series 2007-QS6,Cl. A28, 5.75%, 4/25/37		9,034		8,505
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2,Cl. M2, 5.802%
[US0001M+425], 11/25/233		285,000		317,300
Series 2014-DN1,Cl. M3, 6.052%
[US0001M+450], 2/25/243		210,000		245,505
Series 2014-DN2,Cl. M3, 5.152%
[US0001M+360], 4/25/243		225,000		251,199
Series 2014-HQ2,Cl. M2, 3.752%
[US0001M+220], 9/25/243		85,859		88,610
Series 2014-HQ2,Cl. M3, 5.302%
[US0001M+375], 9/25/243		335,000		383,214
Series 2015-HQA2,Cl. M2, 4.352%
[US0001M+280], 5/25/283		64,466		66,672
Series 2016-DNA1,Cl. M2, 4.452%
[US0001M+290], 7/25/283		100,000		103,070
Series 2016-DNA3,Cl. M1, 2.652%
[US0001M+110], 12/25/283		91,870		92,010
Series 2016-DNA4,Cl. M1, 2.352%
[US0001M+80], 3/25/293		96,895		97,092
Series 2016-DNA4,Cl. M3, 5.352%
[US0001M+380], 3/25/293		325,000		363,161
Series 2016-HQA2,Cl. M1, 2.752%
[US0001M+120], 11/25/283		37,552		37,595
Series 2016-HQA3,Cl. M1, 2.352%
[US0001M+80], 3/25/293		405,314		406,066
Series 2016-HQA3,Cl. M3, 5.402%
[US0001M+385], 3/25/293		310,000		345,650
Series 2016-HQA4,Cl. M1, 2.352%
[US0001M+80], 4/25/293		267,579		268,122
Series 2016-HQA4,Cl. M3, 5.452%
[US0001M+390], 4/25/293		320,000		356,370
Series 2017-DNA2,Cl. M2, 5.002%
[US0001M+345], 10/25/293		255,000		277,734
Series 2017-DNA3,Cl. M2, 4.052%
[US0001M+250], 3/25/303		135,000		139,989
Series 2017-HQA1,Cl. M1, 2.752%
[US0001M+120], 8/25/293		243,522		246,168
Series 2017-HQA1,Cl. M2, 5.102%
[US0001M+355], 8/25/293		290,000		313,352
Series 2017-HQA3,Cl. M1, 2.102%
[US0001M+55], 4/25/303		255,665		255,704
Series 2017-HQA3,Cl. M2, 3.902%
[US0001M+235], 4/25/303		335,000		343,333
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 3.453%, 10/25/3310		85,229		86,347
Series 2005-AR14,Cl. 1A4, 3.357%, 12/25/3510		167,366		163,974

11         OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Residential (Continued)
WaMu Mortgage Pass-Through Certificates Trust: (Continued)
Series 2005-AR16,Cl. 1A1, 3.363%, 12/25/3510	$	74,287	$	72,698
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15,Cl. 1A2, 3.561%, 9/25/3510		82,613		80,282
Series 2005-AR15,Cl. 1A6, 3.561%, 9/25/3510		32,029		30,901
Series 2005-AR4,Cl. 2A2, 3.422%, 4/25/3510		190,245		191,486
Series 2006-AR10,Cl. 1A1, 3.354%, 7/25/3610		56,648		55,335
Series 2006-AR10,Cl. 5A5, 3.387%, 7/25/3610		149,916		151,579
Series 2006-AR2,Cl. 2A3, 3.544%, 3/25/3610		68,291		69,016
Series 2006-AR7,Cl. 2A4, 3.336%, 5/25/3610		5,118		5,081
Series 2006-AR8,Cl. 2A1, 3.568%, 4/25/3610		163,951		166,155
Series 2006-AR8,Cl. 2A4, 3.568%, 4/25/3610		71,765		72,730
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		54,274		56,897
				10,013,454
Total Mortgage-Backed Obligations (Cost $78,617,578)				77,850,316
U.S. Government Obligation—1.1%
United States Treasury Nts., 1.50%, 5/31/1911,12 (Cost $1,440,704)		1,438,000		1,430,912
Corporate Bonds and Notes—50.8%
Consumer Discretionary—8.0%
Auto Components—0.1%
Lear Corp., 3.80% Sr. Unsec. Nts., 9/15/27		204,000		204,526
Automobiles—1.8%
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/201		285,000		283,461
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		172,000		260,098
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20		221,000		219,806
3.664% Sr. Unsec. Nts., 9/8/24		219,000		222,102
General Motors Co., 6.25% Sr. Unsec.
Nts., 10/2/43		88,000		104,513
General Motors Financial Co., Inc., 3.15% Sr. Unsec. Nts., 6/30/22		301,000		301,040
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		93,000		101,339
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191		347,000		340,527
Nissan Motor Acceptance Corp., 2.15% Sr. Unsec. Nts., 9/28/201		217,000		215,276
Volkswagen Group of America Finance
LLC, 2.45% Sr. Unsec. Nts., 11/20/191		338,000		337,909
				2,386,071
Diversified Consumer Services—0.3%
Service Corp. International, 4.625% Sr.
Unsec. Nts., 12/15/27		340,000		345,821
Hotels, Restaurants & Leisure—0.5%
Aramark Services, Inc., 5.00% Sr. Unsec. Nts., 4/1/251		163,000		172,584
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		148,000		150,854
Royal Caribbean Cruises Ltd., 2.65% Sr. Unsec. Nts., 11/28/20		287,000		286,965
				610,403

	Principal Amount		Value
Household Durables—1.4%
DR Horton, Inc., 2.55% Sr. Unsec. Nts., 12/1/20	$	296,000	$	295,742
Leggett & Platt, Inc., 3.50% Sr. Unsec. Nts., 11/15/27		161,000		159,719
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		334,000		348,195
Newell Brands, Inc.:
5.00% Sr. Unsec. Nts., 11/15/23		346,000		365,243
5.50% Sr. Unsec. Nts., 4/1/46		98,000		117,012
PulteGroup, Inc., 5.00% Sr. Unsec. Nts., 1/15/27		251,000		263,236
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		257,000		267,601
4.875% Sr. Unsec. Nts., 3/15/27		75,000		78,000
				1,894,748
Internet & Catalog Retail—0.5%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		100,000		121,931
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		565,000		577,063
				698,994
Media—1.4%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		132,000		153,289
Charter Communications Operating LLC/ Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/47		139,000		142,933
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		306,000		400,008
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		311,000		326,579
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/241		152,000		158,729
6.10% Sr. Unsec. Nts., 2/15/181		116,000		116,544
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		236,000		222,043
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/261		319,000		323,386
				1,843,511
Multiline Retail—0.2%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		307,000		322,158
Specialty Retail—1.2%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		64,000		63,482
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		286,000		308,276
L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		322,000		344,943
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		355,000		360,177
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		170,000		170,000
Signet UK Finance plc, 4.70% Sr. Unsec.
Nts., 6/15/24		342,000		337,134
				1,584,012
Textiles, Apparel & Luxury Goods—0.6%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/261		325,000		334,750
Levi Strauss & Co., 5.00% Sr. Unsec. Nts., 5/1/25		239,000		250,352
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		154,000		157,450
				742,552

12         OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Consumer Staples—4.9%
Beverages—1.5%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19	$	408,000	$	407,234
3.65% Sr. Unsec. Nts., 2/1/26		85,000		87,845
4.90% Sr. Unsec. Nts., 2/1/46		74,000		86,032
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		230,000		366,660
Constellation Brands, Inc., 2.25% Sr. Unsec. Nts., 11/6/20		335,000		332,129
Molson Coors Brewing Co.:
2.10% Sr. Unsec. Nts., 7/15/21		309,000		303,085
4.20% Sr. Unsec. Nts., 7/15/46		48,000		49,070
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		307,000		325,403
				1,957,458
Food & Staples Retailing—0.7%
Alimentation Couche-Tard, Inc., 2.35% Sr. Unsec. Nts., 12/13/191		343,000		343,100
CVS Health Corp.:
2.125% Sr. Unsec. Nts., 6/1/21		334,000		326,187
5.125% Sr. Unsec. Nts., 7/20/45		75,000		86,215
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		15,000		14,976
6.90% Sr. Unsec. Nts., 4/15/38		79,000		102,365
				872,843
Food Products—1.6%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		216,000		206,751
8.50% Sr. Unsec. Nts., 6/15/19		305,000		330,484
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/25		177,000		183,064
4.375% Sr. Unsec. Nts., 6/1/46		117,000		116,258
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261		184,000		192,740
Mondelez International Holdings Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191		353,000		348,021
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/201		338,000		336,112
TreeHouse Foods, Inc., 6.00% Sr. Unsec. Nts., 2/15/241		211,000		220,495
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		164,000		168,209
				2,102,134
Tobacco—1.1%
Altria Group, Inc., 4.00% Sr. Unsec. Nts., 1/31/24		231,000		245,213
BAT Capital Corp.:
2.297% Sr. Unsec. Nts., 8/14/201		330,000		328,369
3.557% Sr. Unsec. Nts., 8/15/271		169,000		169,512
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181		357,000		356,725
Philip Morris International, Inc., 2.50% Sr. Unsec. Nts., 11/2/22		288,000		285,591
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		115,000		144,027
				1,529,437
Energy—4.1%
Energy Equipment & Services—0.4%
Halliburton Co., 5.00% Sr. Unsec. Nts., 11/15/45		74,000		85,238
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		194,000		204,473
Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/251		184,000		193,629
				483,340

	Principal Amount		Value
Oil, Gas & Consumable Fuels—3.7%
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44	$	64,000	$	63,968
6.20% Sr. Unsec. Nts., 3/15/40		64,000		77,799
Andeavor, 5.125% Sr. Unsec. Nts., 12/15/261		311,000		342,281
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
4.25% Sr. Unsec. Nts., 12/1/27		166,000		167,706
5.25% Sr. Unsec. Nts., 1/15/25		107,000		112,666
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		96,000		98,944
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		156,000		167,324
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		328,000		326,310
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		85,000		83,680
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		352,000		350,029
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		302,000		306,466
4.50% Sr. Unsec. Nts., 6/1/25		162,000		172,714
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		42,000		47,741
5.95% Sr. Unsec. Nts., 3/15/46		70,000		94,575
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		74,000		78,579
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		94,000		93,679
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		74,000		77,655
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		79,000		86,999
4.90% Sr. Unsec. Nts., 5/15/46		27,000		29,840
EQT Corp., 2.50% Sr. Unsec. Nts., 10/1/20		340,000		337,828
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		253,000		277,662
Marathon Oil Corp., 4.40% Sr. Unsec. Nts., 7/15/27		175,000		183,184
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		92,000		98,832
ONEOK Partners LP:
4.90% Sr. Unsec. Nts., 3/15/25		135,000		144,933
8.625% Sr. Unsec. Nts., 3/1/19		143,000		152,665
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		164,000		165,443
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28		176,000		178,374
Shell International Finance BV, 4.00% Sr. Unsec. Nts., 5/10/46		115,000		122,680
Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		190,000		186,622
Williams Partners LP:
3.75% Sr. Unsec. Nts., 6/15/27		131,000		131,489
5.25% Sr. Unsec. Nts., 3/15/20		145,000		153,238
Woodside Finance Ltd., 8.75% Sr. Unsec. Nts., 3/1/191		3,000		3,212
				4,915,117
Financials—13.8%
Capital Markets—2.9%
Apollo Management Holdings LP, 4.00% Sr. Unsec. Nts., 5/30/241		201,000		205,907
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/271		142,000		139,764
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		332,000		341,146

13         OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Capital Markets (Continued)
Credit Suisse AG (New York), 3.625% Sr.
Unsec. Nts., 9/9/24	$	189,000	$	195,697
Credit Suisse Group Funding Guernsey
Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		130,000		139,395
E*TRADE Financial Corp., 5.875%
[US0003M+443.5] Jr. Sub. Perpetual
Bonds3,13		308,000		327,250
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		202,000		203,340
3.75% Sr. Unsec. Nts., 2/25/26		194,000		199,351
4.017% [US0003M+137.3] Sr. Unsec. Nts., 10/31/383		136,000		140,042
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		248,000		272,289
5.00% Sub. Nts., 11/24/25		312,000		341,882
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261		328,000		345,220
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/323		145,000		144,592
Raymond James Financial, Inc., 3.625%
Sr. Unsec. Nts., 9/15/26		202,000		203,269
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		226,000		226,687
TD Ameritrade Holding Corp., 3.30% Sr.
Unsec. Nts., 4/1/27		206,000		208,054
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/261		128,000		134,415
4.253% Sr. Unsec. Nts., 3/23/281		135,000		142,480
				3,910,780
Commercial Banks—6.7%
ABN AMRO Bank NV, 4.40% [USSW5+219.7] Sub. Nts., 3/27/283		383,000		394,826
Australia & New Zealand Banking Group
Ltd. (New York), 2.625% Sr. Unsec. Nts., 5/19/22		335,000		334,073
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		269,000		267,186
3.824% [US0003M+157.5] Sr. Unsec.
Nts., 1/20/283		185,000		191,524
7.75% Jr. Sub. Nts., 5/14/38		232,000		348,444
Barclays plc, 4.375% Sr. Unsec. Nts., 1/12/26		326,000		339,854
BB&T Corp., 2.85% Sr. Unsec. Nts., 10/26/24		277,000		275,170
BNP Paribas SA, 4.625% Sub. Nts., 3/13/271		234,000		250,027
BPCE SA, 4.50% Sub. Nts., 3/15/251		234,000		244,897
Citigroup, Inc., 4.281%
[US0003M+183.9] Sr. Unsec. Nts., 4/24/483		334,000		363,837
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		192,000		191,424
2.65% Sr. Unsec. Nts., 5/26/22		81,000		80,332
Commonwealth Bank of Australia, 3.15% Sr. Unsec. Nts., 9/19/271		278,000		274,345
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		345,000		341,706
Credit Agricole SA, 4.375% Sub. Nts., 3/17/251		395,000		413,307
Fifth Third Bank (Cincinnati OH), 3.85%
Sub. Nts., 3/15/26		206,000		212,832
First Republic Bank, 4.375% Sub. Nts., 8/1/46		139,000		142,556
Glencore Funding LLC, 4.00% Sr. Unsec.
Nts., 4/16/251		193,000		195,244
HSBC Holdings plc, 4.041%
[US0003M+154.6] Sr. Unsec. Nts., 3/13/283		156,000		162,715

	Principal Amount		Value
Commercial Banks (Continued)
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21	$	218,000	$	221,573
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 7/14/271		279,000		279,340
JPMorgan Chase & Co.: 3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/283		271,000		275,948
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/283		538,000		557,987
Lloyds Banking Group plc, 6.657% [US0003M+127] Jr. Sub. Perpetual Bonds1,3,13		334,000		391,615
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		301,000		302,304
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		287,000		287,355
Regions Financial Corp., 2.75% Sr.
Unsec. Nts., 8/14/22		228,000		227,497
Royal Bank of Scotland Group plc,
3.498% [US0003M+148] Sr. Unsec.
Nts., 5/15/233		238,000		238,729
SunTrust Bank (Atlanta GA), 3.30% Sub.
Nts., 5/15/26		151,000		149,780
Synovus Financial Corp., 3.125% Sr.
Unsec. Nts., 11/1/22		201,000		199,583
US Bancorp:
3.10% Sub. Nts., 4/27/26		204,000		202,730
3.15% Sr. Unsec. Nts., 4/27/27		82,000		82,225
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec.
Nts., 5/22/283		272,000		277,542
4.75% Sub. Nts., 12/7/46		194,000		217,158
				8,935,665
Consumer Finance—0.8%
American Express Co., 2.50% Sr. Unsec.
Nts., 8/1/22		137,000		135,474
American Express Credit Corp., 3.30%
Sr. Unsec. Nts., 5/3/27		205,000		208,215
Capital One Financial Corp., 3.75% Sr.
Unsec. Nts., 3/9/27		135,000		136,664
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		137,000		138,082
4.10% Sr. Unsec. Nts., 2/9/27		134,000		137,477
Electricite de France SA, 6.50% Sr.
Unsec. Nts., 1/26/191		246,000		257,345
				1,013,257
Diversified Financial Services—0.6%
Berkshire Hathaway Energy Co., 2.00%
Sr. Unsec. Nts., 11/15/18		102,000		102,099
Peachtree Corners Funding Trust,
3.976% Sr. Unsec. Nts., 2/15/251		134,000		138,155
Precision Castparts Corp., 2.50% Sr.
Unsec. Nts., 1/15/23		204,000		202,823
Voya Financial, Inc., 5.65%
[US0003M+358] Jr. Sub. Nts., 5/15/533		315,000		336,262
				779,339
Insurance—1.2%
AXIS Specialty Finance plc, 5.15% Sr.
Unsec. Nts., 4/1/45		167,000		179,712
Brighthouse Financial, Inc., 3.70% Sr.
Unsec. Nts., 6/22/271		87,000		85,706
CNA Financial Corp., 3.45% Sr. Unsec.
Nts., 8/15/27		239,000		235,932
Manulife Financial Corp., 4.061%
[USISDA05+164.7] Sub. Nts., 2/24/323		202,000		203,853
Marsh & McLennan Cos., Inc., 4.35% Sr.
Unsec. Nts., 1/30/47		106,000		117,801

14        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Insurance (Continued)
MetLife, Inc., 5.25% [US0003M+357.5]
Jr. Sub. Perpetual Bonds3,13	$	258,000	$	268,898
Nuveen Finance LLC, 4.125% Sr. Unsec.
Nts., 11/1/241		257,000		271,572
Prudential Financial, Inc., 5.20%
[US0003M+304] Jr. Sub. Nts., 3/15/443		253,000		269,761
				1,633,235
Real Estate Investment Trusts (REITs)—1.4%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20		96,000		96,646
3.00% Sr. Unsec. Nts., 6/15/23		281,000		280,571
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		185,000		196,360
Crown Castle International Corp., 3.65%
Sr. Unsec. Nts., 9/1/27		170,000		169,876
Digital Realty Trust LP:
3.40% Sr. Unsec. Nts., 10/1/20		29,000		29,589
5.875% Sr. Unsec. Nts., 2/1/20		118,000		125,202
HCP, Inc., 2.625% Sr. Unsec. Nts., 2/1/20		326,000		327,299
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		307,000		328,874
Ventas Realty LP/Ventas Capital Corp., 2.00% Sr. Unsec. Nts., 2/15/18		95,000		94,997
VEREIT Operating Partnership LP, 3.00% Sr. Unsec. Nts., 2/6/19		126,000		126,631
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		75,000		75,033
				1,851,078
Thrifts & Mortgage Finance—0.2%
Nationwide Building Society, 4.125%
[USISDA05+184.9] Sub. Nts., 10/18/323		202,000		202,413
Health Care—4.9%
Biotechnology—1.0%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		202,000		207,948
4.70% Sr. Unsec. Nts., 5/14/45		62,000		69,360
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		77,000		91,682
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		195,000		202,117
5.00% Sr. Unsec. Nts., 8/15/45		39,000		44,383
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		124,000		143,656
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		354,000		350,905
3.20% Sr. Unsec. Nts., 9/23/26		276,000		270,294
				1,380,345
Health Care Equipment & Supplies—1.2%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		349,000		349,196
3.75% Sr. Unsec. Nts., 11/30/26		292,000		300,316
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		213,000		211,955
3.70% Sr. Unsec. Nts., 6/6/27		252,000		254,362
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		260,000		267,665
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/251		13,000		13,228
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		136,000		158,691
				1,555,413
Health Care Providers & Services—1.5%
Anthem, Inc., 2.50% Sr. Unsec. Nts., 11/21/20		330,000		329,514
Cigna Corp., 5.125% Sr. Unsec. Nts., 6/15/20		286,000		303,576

	Principal Amount		Value
Health Care Providers & Services (Continued)
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/221	$	431,000	$	474,895
Humana, Inc., 2.50% Sr. Unsec. Nts., 12/15/20		86,000		85,988
Laboratory Corp. of America Holdings:
2.625% Sr. Unsec. Nts., 2/1/20		326,000		327,005
3.60% Sr. Unsec. Nts., 2/1/25		204,000		207,476
UnitedHealth Group, Inc., 2.75% Sr.
Unsec. Nts., 2/15/23		270,000		270,681
				1,999,135
Life Sciences Tools & Services—0.7%
Life Technologies Corp., 6.00% Sr.
Unsec. Nts., 3/1/20		237,000		253,773
Quintiles IMS, Inc., 5.00% Sr. Unsec.
Nts., 10/15/261		319,000		328,171
Thermo Fisher Scientific, Inc.:
3.20% Sr. Unsec. Nts., 8/15/27		168,000		166,804
4.15% Sr. Unsec. Nts., 2/1/24		121,000		128,493
				877,241
Pharmaceuticals—0.5%
Allergan Funding SCS:
3.00% Sr. Unsec. Nts., 3/12/20		329,000		332,110
3.80% Sr. Unsec. Nts., 3/15/25		238,000		242,609
Zoetis, Inc., 3.00% Sr. Unsec. Nts., 9/12/27		83,000		81,222
				655,941
Industrials—3.5%
Aerospace & Defense—0.8%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		258,000		267,940
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		124,000		126,613
Huntington Ingalls Industries, Inc., 3.483% Sr. Unsec. Nts., 12/1/271		126,000		125,843
Northrop Grumman Corp., 4.75% Sr.
Unsec. Nts., 6/1/43		185,000		214,308
Rolls-Royce plc, 2.375% Sr. Unsec. Nts., 10/14/201		87,000		86,480
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		83,000		84,490
3.875% Sr. Unsec. Nts., 3/1/25		111,000		115,211
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/1810		60,000		59,913
				1,080,798
Air Freight & Couriers—0.0%
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		65,000		69,581
Building Products—0.4%
Allegion US Holding Co., Inc., 3.55%
Sec. Nts., 10/1/27		246,000		243,862
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		234,000		230,042
				473,904
Commercial Services & Supplies—0.2%
Republic Services, Inc., 3.80% Sr. Unsec.
Nts., 5/15/18		294,000		296,059
Electrical Equipment—0.3%
Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/231		334,000		350,283
Industrial Conglomerates—0.5%
Carlisle Cos., Inc., 3.75% Sr. Unsec. Nts., 12/1/27		177,000		179,146
Roper Technologies, Inc.:
3.00% Sr. Unsec. Nts., 12/15/20		270,000		273,380

15        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Industrial Conglomerates (Continued)
Roper Technologies, Inc.: (Continued) 3.80% Sr. Unsec. Nts., 12/15/26	$	253,000	$	261,318
				713,844
Machinery—0.5%
CNH Industrial NV, 3.85% Sr. Unsec. Nts., 11/15/27		172,000		171,817
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		360,000		357,496
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/26		134,000		131,258
				660,571
Road & Rail—0.3%
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		68,000		79,403
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/261		276,000		272,957
				352,360
Trading Companies & Distributors—0.5%
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		148,000		147,021
3.625% Sr. Unsec. Nts., 4/1/27		143,000		143,124
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		261,000		258,031
United Rentals North America, Inc., 4.625% Sr. Unsec. Nts., 10/15/25		168,000		169,680
				717,856
Information Technology—2.9%
Electronic Equipment, Instruments, & Components—0.4%
Arrow Electronics, Inc., 3.875% Sr.
Unsec. Nts., 1/12/28		232,000		231,711
CDW LLC/CDW Finance Corp., 5.50% Sr. Unsec. Nts., 12/1/24		54,000		58,995
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		264,000		278,906
				569,612
Internet Software & Services—0.2%
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		190,000		195,225
5.25% Sr. Unsec. Nts., 4/1/25		99,000		108,281
				303,506
IT Services—0.5%
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		155,000		153,971
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		238,000		239,273
4.75% Sr. Unsec. Nts., 4/15/27		255,000		271,596
				664,840
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp., 3.734% Sr. Unsec. Nts., 12/8/471		101,000		105,061
Software—1.2%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		110,000		115,581
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/191		255,000		258,260
6.02% Sr. Sec. Nts., 6/15/261		199,000		219,727
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231		236,000		246,915
Oracle Corp.:
2.40% Sr. Unsec. Nts., 9/15/23		200,000		197,624
2.95% Sr. Unsec. Nts., 5/15/25		203,000		204,026
VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		104,000		103,469
3.90% Sr. Unsec. Nts., 8/21/27		171,000		172,909
				1,518,511

	Principal Amount		Value
Technology Hardware, Storage & Peripherals—0.5%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45	$	198,000	$	223,410
Hewlett Packard Enterprise Co., 3.60% Sr. Unsec. Nts., 10/15/20		323,000		329,971
NetApp, Inc., 2.00% Sr. Unsec. Nts., 9/27/19		155,000		153,848
				707,229
Materials—3.1%
Chemicals—1.7%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		111,000		111,660
4.125% Sr. Unsec. Nts., 3/15/35		75,000		77,664
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/261		247,000		257,879
Ecolab, Inc., 2.00% Sr. Unsec. Nts., 1/14/19		338,000		337,502
LyondellBasell Industries NV, 5.00% Sr. Unsec. Nts., 4/15/19		214,000		219,761
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		299,000		316,192
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22		285,000		292,332
3.75% Sr. Unsec. Nts., 3/15/27		84,000		85,136
4.25% Sr. Unsec. Nts., 1/15/48		81,000		80,792
Sherwin-Williams Co. (The):
3.30% Sr. Unsec. Nts., 2/1/25		103,000		102,524
3.95% Sr. Unsec. Nts., 1/15/26		152,000		158,737
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261		215,000		213,617
				2,253,796
Construction Materials—0.4%
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261		75,000		74,065
Martin Marietta Materials, Inc., 3.50% Sr. Unsec. Nts., 12/15/27		161,000		160,082
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27		254,000		260,053
				494,200
Containers & Packaging—0.6%
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		157,000		152,475
4.80% Sr. Unsec. Nts., 6/15/44		131,000		143,827
Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		94,000		96,502
4.50% Sr. Unsec. Nts., 11/1/23		168,000		180,927
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251		270,000		278,100
				851,831
Metals & Mining—0.3%
Anglo American Capital plc:
3.625% Sr. Unsec. Nts., 9/11/241		83,000		82,681
4.00% Sr. Unsec. Nts., 9/11/271		135,000		134,272
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		93,000		108,568
				325,521
Paper & Forest Products—0.1%
Louisiana-Pacific Corp., 4.875% Sr.
Unsec. Nts., 9/15/24		186,000		192,510
Telecommunication Services—2.3%
Diversified Telecommunication Services—2.3%
AT&T, Inc.:
3.40% Sr. Unsec. Nts., 8/14/24		141,000		141,897
4.30% Sr. Unsec. Nts., 2/15/301		238,000		238,280
4.35% Sr. Unsec. Nts., 6/15/45		281,000		260,030
5.15% Sr. Unsec. Nts., 2/14/50		102,000		102,909

16        OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30	$	276,000	$	413,124
Deutsche Telekom International Finance BV, 2.225% Sr. Unsec. Nts., 1/17/201		336,000		334,550
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		317,000		318,151
4.103% Sr. Unsec. Nts., 3/8/27		90,000		93,148
5.213% Sr. Unsec. Nts., 3/8/47		79,000		89,929
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		115,000		154,630
T-Mobile USA, Inc., 6.50% Sr. Unsec. Nts., 1/15/26		300,000		328,125
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		127,000		123,683
4.125% Sr. Unsec. Nts., 8/15/46		148,000		137,154
4.522% Sr. Unsec. Nts., 9/15/48		264,000		260,777
				2,996,387
Utilities—3.3%
Electric Utilities—2.3%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251		148,000		154,766
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		142,000		142,738
Duke Energy Corp.:
3.15% Sr. Unsec. Nts., 8/15/27		169,000		168,073
3.75% Sr. Unsec. Nts., 9/1/46		68,000		67,474
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		208,000		208,536
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		233,000		234,844
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		226,000		225,180
Enel Finance International NV, 3.625% Sr. Unsec. Nts., 5/25/271		178,000		177,151
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		89,000		97,027
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		85,000		97,258
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		78,000		94,376
NextEra Energy Operating Partners LP, 4.25% Sr. Unsec. Nts., 9/15/241		30,000		30,600
Pennsylvania Electric Co., 5.20% Sr.
Unsec. Nts., 4/1/20		73,000		77,085
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		308,000		330,298
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		307,000		313,421
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		120,000		128,982
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		311,000		308,553
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251		181,000		188,008
				3,044,370
Multi-Utilities—1.0%
Black Hills Corp., 2.50% Sr. Unsec. Nts., 1/11/19		168,000		168,499
Dominion Energy, Inc.:
2.579% Jr. Sub. Nts., 7/1/20		255,000		255,243
4.90% Sr. Unsec. Nts., 8/1/41		120,000		139,063
NiSource Finance Corp., 3.49% Sr. Unsec. Nts., 5/15/27		254,000		258,961
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		295,000		290,238

	Principal Amount		Value
Multi-Utilities (Continued)
Virginia Electric & Power Co., 2.95% Sr. Unsec. Nts., 1/15/22	$	233,000	$	236,055
				1,348,059
Total Corporate Bonds and Notes (Cost $65,666,524)				67,377,656
Short-Term Notes—11.0%
Personal Products—0.5%
Reckitt Benckiser Group LLC, 1.496%, 1/16/1814,15		600,000		599,552
Metals & Mining—0.2%
Glencore Funding LLC, 1.617%, 1/18/1814,15		260,000		259,738
Chemicals—1.1%
Air Liquide US LLC, 1.546%, 1/24/181,14,15		600,000		599,366
Cabot Corp., 1.951%, 1/9/1814,15		590,000		589,776
Eastman Chemical Co., 1.532%, 1/9/1814,15		260,000		259,866
				1,449,008
Textiles, Apparel & Luxury Goods—0.4%
VF Corp., 1.455%, 1/22/181,14,15		530,000		529,378
Electric Utilities—1.4%
Alliant Energy Corp., 1.951%, 1/9/1815		590,000		589,694
Kroger Co. (The), 1.70%, 1/2/1814,15		260,000		259,952
Puget Sound Energy, Inc.:
1.524%, 1/3/1815		320,000		319,926
1.524%, 1/8/1815		260,000		259,878
Sempra Energy Holdings, 1.983%, 1/22/1814,15		590,000		589,320
				2,018,770
Household Products—0.3%
Church & Dwight Co., Inc., 1.463%, 1/5/181,14,15		400,000		399,870
Telephone Utilities—1.6%
Bell Canada, 1.586%, 2/12/1814,15		590,000		588,683
Deutsche Telekom AG, 1.612%, 1/11/1815		260,000		259,828
Telus Corp., 1.909%, 3/20/181,15		590,000		587,620
Vodafone Group plc, 1.672%, 1/5/1815		590,000		589,808
				2,025,939
Software—0.2%
Thomson Reuters Corp., 1.596%, 2/12/1815		230,000		229,487
Hotels, Restaurants & Leisure—0.3%
Marriott International, Inc., 1.574%, 1/19/181,14,15		390,000		389,608
Media—0.4%
WPP CP LLC, 1.773%, 1/10/1814,15		590,000		589,667
Computers & Peripherals—0.8%
Hewlett Packard Enterprise Co., 1.532%, 1/3/1815		460,000		459,909
NetApp, Inc., 1.462%, 1/3/181,14,15		530,000		529,877
				989,786
Commercial Services & Supplies—0.6%
Cintas Corp., 1.772%, 1/16/181,14,15		220,000		219,808
Waste Management, Inc., 1.731%, 1/2/18 1,14,15		460,000		459,915
				679,723
Paper, Containers & Packaging—0.4%
Avery Dennison Co., 1.813%, 1/16/1814,15		590,000		589,495
Beverages—0.4%
Diageo Capital plc, 1.813%, 1/18/1814,15		590,000		589,437
Household Durables—0.4%
Mohawk Industries, Inc., 1.931%, 1/5/181,14,15		590,000		589,808
Leasing & Factoring—0.5%
Hitachi Capital America Corp., 2.121%, 1/4/1814,15		590,000		589,836

17        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS / Continued

	Principal Amount		Value
Food Products—0.2%
Tyson Foods, Inc., 2.052%, 1/8/181,14,15	$	260,000	$	259,878
Multi-Utilities—0.4%
CenterPoint Energy Resources Corp., 2.052%, 1/16/181,14,15		590,000		589,495
Health Care Providers & Services—0.4%
McKesson Corp., 1.983%, 1/22/181,14,15		590,000		589,320
Food & Staples Retailing—0.5%
CVS Health Corp., 1.85%, 1/2/181,14,15		590,000		589,891
Total Short-Term Notes (Cost $14,549,459)				14,547,686

	Shares		Value
Investment Company—2.1%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%16,17 (Cost $2,772,340)		2,772,340	$	2,772,340
Total Investments, at Value (Cost $181,536,334)		137.7%		182,466,543
Net Other Assets (Liabilities)		(37.7)		(49,955,106	)
Net Assets		100.0%	$	132,511,437

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 $33,068,236 or 24.96% of the Fund’s net assets at period end.

2. Restricted security. The aggregate value of restricted securities at period end was $209,511, which represents 0.16% 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, 0.00%, 6/22/24		4/21/97	$	325,285	$	5,874	$	319,411
Credit Acceptance Auto Loan Trust, Series 2017-3A, Cl.
C, 3.48%, 10/15/26		10/17/17		204,967		203,637		1,330
			$	530,252	$	209,511	$	320,741

3. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

4. 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 $1,668,716 or 1.26% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

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 $74,801 or 0.06% of the Fund’s net assets at period end.

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

8. The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

9. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

10. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

11. 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.

12. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $169,162. See Note 6 of the accompanying Notes.

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

14. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $11,251,536 or 8.49% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

15. Current yield as of period end.

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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		2,688,938		193,169,634		193,086,232		2,772,340
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	2,772,340	$	19,989	$	—	$	—

Futures Contracts as of December 31, 2017
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
United States Treasury Long Bonds		Buy		3/20/18		11	USD		1,684		$            1,683,000		$                  (809)
United States Treasury Nts., 10 yr.		Sell		3/20/18		106	USD		13,216		13,148,968		67,426
United States Treasury Nts., 2 yr		Sell		3/29/18		21	USD		4,503		4,496,297		6,691
United States Treasury Nts., 5 yr.		Sell		3/29/18		3	USD		349		348,492		769
United States Ultra Bonds		Buy		3/20/18		48	USD		8,002		8,047,500		45,384
													$             119,461

18        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Glossary:

Definitions
H151T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
LIBOR01M	ICE LIBOR USD 1 Month
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year

See accompanying Notes to Financial Statements.

19        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $178,763,994)	$	179,694,203
Affiliated companies (cost $2,772,340)		2,772,340
		182,466,543
Cash		500,526
Cash used for collateral on futures		220,000
Receivables and other assets:
Investments sold (including $2,020,231 sold on a when-issued or delayed delivery basis)		2,258,381
Interest, dividends and principal paydowns		759,583
Shares of beneficial interest sold		305,187
Variation margin receivable		24,094
Other		46,468
Total assets		186,580,782
Liabilities
Payables and other liabilities:
Investments purchased (including $53,301,530 purchased on a when-issued or delayed delivery basis)		53,891,306
Trustees’ compensation		37,618
Shares of beneficial interest redeemed		26,984
Variation margin payable		23,125
Distribution and service plan fees		10,786
Shareholder communications		9,653
Other		69,873
Total liabilities		54,069,345
Net Assets	$	132,511,437
Composition of Net Assets
Par value of shares of beneficial interest	$	17,005
Additional paid-in capital		131,423,175
Accumulated net investment income		4,041,226
Accumulated net realized loss on investments		(4,019,639	)
Net unrealized appreciation on investments		1,049,670
Net Assets	$	132,511,437
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 $81,481,031 and 10,401,595 shares of beneficial interest outstanding)		$7.83
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $51,030,406 and 6,603,427 shares of beneficial interest outstanding)		$7.73

See accompanying Notes to Financial Statements.

20        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF OPERATIONS For the Year EndedDecember 31, 2017

Investment Income
Interest – unaffiliated companies	$	3,433,032
Fee income on when-issued securities		804,432
Dividends – affiliated companies		19,989
Total investment income		4,257,453
Expenses
Management fees		814,494
Distribution and service plan fees – Service Shares		131,266
Transfer and shareholder servicing agent fees:
Non-Service shares		83,230
Service shares		52,519
Shareholder communications:
Non-Service shares		23,572
Service shares		14,870
Legal, auditing and other professional fees		90,088
Custodian fees and expenses		44,673
Trustees’ compensation		14,811
Borrowing fees		3,744
Other		12,726
Total expenses		1,285,993
Less reduction to custodian expenses		(242	)
Less waivers and reimbursements of expenses		(132,624	)
Net expenses		1,153,127
Net Investment Income		3,104,326
Realized and Unrealized Gain
Net realized gain on:
Investment transactions in unaffiliated companies		270,610
Futures contracts		350,898
Swap contracts		94,741
Net realized gain		716,249
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		2,015,295
Futures contracts		159,452
Swap contracts		776
Net change in unrealized appreciation/depreciation		2,175,523
Net Increase in Net Assets Resulting from Operations	$	5,996,098

See accompanying Notes to Financial Statements.

21        OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended     December 31, 2017		Year Ended     December 31, 2016
Operations
Net investment income		$             3,104,326		$            3,997,167
Net realized gain (loss)		716,249		(2,634,196)
Net change in unrealized appreciation/depreciation		2,175,523		3,000,273
Net increase in net assets resulting from operations		5,996,098		4,363,244
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(2,024,420)		(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		(3,666,983)		(1,355,182)
Service shares		(3,411,210)		1,183,323
		(7,078,193)		(171,859)
Net Assets
Total decrease		(4,243,446)		(924,108)
Beginning of period		136,754,883		137,678,991
End of period (including accumulated net investment income of $4,041,226 and $3,115,545, respectively)		$        132,511,437		$        136,754,883

See accompanying Notes to Financial Statements.

22        OPPENHEIMER TOTAL RETURN BOND FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$7.67		$7.71		$7.96		$7.83		$8.26
Income (loss) from investment operations:
Net investment income1		0.19		0.23		0.27		0.30		0.36
Net realized and unrealized gain (loss)		0.16		0.02		(0.19)		0.26		(0.37)
Total from investment operations		0.35		0.25		0.08		0.56		(0.01)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.29)		(0.33)		(0.43)		(0.42)
Net asset value, end of period		$7.83		$7.67		$7.71		$7.96		$7.83
Total Return, at Net Asset Value2		4.59%		3.27%		0.96%		7.27%		(0.10)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$81,481		$83,405		$85,160		$90,757		$96,785
Average net assets (in thousands)		$83,239		$87,039		$89,919		$94,336		$105,012
Ratios to average net assets:3
Net investment income		2.38%		2.96%		3.46%		3.72%		4.51%
Expenses excluding specific expenses listed below		0.85%		0.84%		0.82%		0.80%		0.80%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		0.85%		0.84%		0.82%		0.80%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.75%		0.75%		0.75%		0.75%
Portfolio turnover rate6		86%		79%		73%		127%		115%

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:

Year Ended December 31, 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	%

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

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2017		$679,964,368		$662,714,451
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

See accompanying Notes to Financial Statements.

23        OPPENHEIMER TOTAL RETURN BOND FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$7.57		$7.61		$7.86		$7.74		$8.17
Income (loss) from investment operations:
Net investment income1		0.16		0.21		0.25		0.27		0.34
Net realized and unrealized gain (loss)		0.17		0.02		(0.19)		0.26		(0.37)
Total from investment operations		0.33		0.23		0.06		0.53		(0.03)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.27)		(0.31)		(0.41)		(0.40)
Net asset value, end of period		$7.73		$7.57		$7.61		$7.86		$7.74
Total Return, at Net Asset Value2		4.38%		3.05%		0.70%		6.93%		(0.38)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$51,030		$53,350		$52,519		$52,675		$54,946
Average net assets (in thousands)		$52,525		$52,738		$54,016		$55,215		$59,523
Ratios to average net assets:3
Net investment income		2.13%		2.70%		3.21%		3.47%		4.26%
Expenses excluding specific expenses listed below		1.10%		1.09%		1.07%		1.04%		1.05%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		1.10%		1.09%		1.07%		1.04%		1.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%
Portfolio turnover rate6		86%		79%		73%		127%		115%

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:

Year Ended December 31, 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	%

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

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2017		$679,964,368		$662,714,451
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

See accompanying Notes to Financial Statements.

24        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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 determined necessary by the Manager.

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, if any, 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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

25        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Undistributed Net Investment                 Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$4,078,840		$—		$3,898,917		$928,948

1. At period end, the Fund had $3,898,917 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$	3,898,917

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

4. During the reporting period, $75,069,850 of unused capital loss carryforward expired.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

	Increase		Reduction
	to Accumulated		to Accumulated Net
Reduction to Paid-in Capital	Net Investment Income		Realized Loss on Investments
$75,068,969		$982,706		$74,086,263

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	3,161,351	$	5,115,493

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	$	181,546,288
Federal tax cost of other investments		(8,263,258)
Total federal tax cost	$	173,283,030
Gross unrealized appreciation	$	3,192,902
Gross unrealized depreciation		(2,263,954)
Net unrealized appreciation	$	928,948

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

26                OPPENHEIMER TOTAL RETURN BOND FUND/VA

3. Securities Valuation (Continued)

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:

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.

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 when 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.

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	$	—	$	18,487,633	$	—	$	18,487,633
Mortgage-Backed Obligations		—		77,692,694		157,622		77,850,316
U.S. Government Obligation		—		1,430,912		—		1,430,912
Corporate Bonds and Notes		—		67,377,656		—		67,377,656
Short-Term Notes		—		14,547,686		—		14,547,686
Investment Company		2,772,340		—		—		2,772,340
Total Investments, at Value		2,772,340		179,536,581		157,622		182,466,543

27                OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Other Financial Instruments:
Futures contracts	$	120,270		$	—	$	—	$	120,270
Total Assets	$	2,892,610		$	179,536,581	$	157,622	$	182,586,813
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(809	)	$	—	$	—	$	(809)
Total Liabilities	$	(809	)	$	—	$	—	$	(809)

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 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 and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$53,301,530
Sold securities	2,020,231

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.

28                OPPENHEIMER TOTAL RETURN BOND FUND/VA

4. Investments and Risks (Continued)

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 $22,877 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, three shareholders each owned 20% or more of the Fund’s total outstanding shares.

A 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 23% 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. 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 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

29        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $21,041,355 and $16,348,119 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 $1,848,685 credit default swaps to sell protection.

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

At period end, the Fund had no credit default swap agreements outstanding.

30        OPPENHEIMER TOTAL RETURN BOND FUND/VA

6. Use of Derivatives (Continued)

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
Interest rate contracts	Variation margin receivable	$	24,094*		Variation margin payable	$	23,125*

*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	Futures
Instruments	contracts		Swap contracts		Total
Credit contracts	$	—	$	94,741	$	94,741
Interest rate contracts		350,898		—		350,898
Total	$	350,898	$	94,741	$	445,639

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives
Not Accounted for as Hedging	Futures
Instruments	contracts		Swap contracts		Total
Credit contracts	$	—	$	776	$	776
Interest rate contracts		159,452		—		159,452
Total	$	159,452	$	776	$	160,228

31        OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

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:

	Year Ended December 31, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		1,035,605	$	8,035,937		1,355,120	$	10,666,396
Dividends and/or distributions reinvested		261,553		2,024,420		420,198		3,248,135
Redeemed		(1,765,201)		(13,727,340)		(1,952,587)		(15,269,713)
Net decrease		(468,043)	$	(3,666,983)		(177,269)	$	(1,355,182)
Service Shares
Sold		1,815,951	$	13,919,373		3,050,438	$	23,656,300
Dividends and/or distributions reinvested		148,618		1,136,931		244,739		1,867,358
Redeemed		(2,406,983)		(18,467,514)		(3,149,918)		(24,340,335)
Net increase (decrease)		(442,414)	$	(3,411,210)		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		$97,711,776		$93,429,943
U.S. government and government agency obligations		253,835		1,360,797
To Be Announced (TBA) mortgage-related securities		679,964,368		662,714,451

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.

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

32        OPPENHEIMER TOTAL RETURN BOND FUND/VA

9. 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 0.75% 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	$	79,706
Service shares		50,424

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 $2,494 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 $1.875 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.

33        OPPENHEIMER TOTAL RETURN BOND FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Total Return Bond Fund/VA, formerly Oppenheimer Core Bond Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

34        OPPENHEIMER TOTAL RETURN BOND FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

35        OPPENHEIMER TOTAL RETURN BOND FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Krishna Memani and Peter Strzalkowski, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other intermediate-term bond funds underlying variable insurance products. The Board considered that the Fund outperformed its category median during the one-, three- and five-year periods, although it underperformed for the ten-year period.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other intermediate-term bond funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses, net of any waivers, and contractual management fee were higher than its peer group medians and its category medians. The Board considered that the Adviser has contractually agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed that annual rate of 0.75% for Non-Service Shares and 1.00% for Service Shares. The Adviser has also contractually agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in funds managed by the Adviser or its affiliates. Each of these fee waivers and/or expense reimbursements may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee

36        OPPENHEIMER TOTAL RETURN BOND FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Unaudited / Continued

breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

37        OPPENHEIMER TOTAL RETURN BOND FUND/VA

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

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.

38        OPPENHEIMER TOTAL RETURN BOND FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

39        OPPENHEIMER TOTAL RETURN BOND FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth: 1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Memani, Strzalkowski, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Krishna Memani, Vice President (since 2009) Year of Birth: 1960	President of the Sub-Adviser (since January 2013); Executive Vice President of the Manager (since January 2014) and Chief Investment Officer of the OppenheimerFunds advisory entities (since January 2014). Chief Investment Officer, Fixed Income of the Sub-Adviser (January 2013-December 2013); Head of the Investment Grade Fixed Income Team of the Sub-Adviser (March 2009-January 2014); Director of Fixed Income of the Sub-Adviser (October 2010-December 2012); Senior Vice President of the Sub-Adviser (March 2009-December 2012) and Senior Vice President of OFI Global Institutional, Inc. (April 2009-December 2012). Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities (June 2006-January 2009). Chief Credit Strategist at Credit Suisse Securities (August 2002-March 2006). Managing Director and Senior Portfolio Manager at Putnam Investments (September 1998-June 2002). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Peter A. Strzalkowski, Vice President (since 2009) Year of Birth: 1965	Senior Vice President of the Sub-Adviser (since January 2016); Senior Portfolio Manager of the Sub-Adviser (since August 2007); co-Team Leader for the Sub-Adviser’s Investment Grade Fixed Income Team (since January 2014); Vice President of the Sub-Adviser (August 2007-January 2016); a member of the Sub-Adviser’s Investment Grade Fixed Income Team (April 2009-January 2014). Managing Partner and Chief Investment Officer of Vector Capital Management, LLC, a structured products money management firm he founded, (July 2006-August 2007); Senior Portfolio Manager at Highland Capital Management, L.P. (June 2005-July 2006); Senior Fixed Income Portfolio Manager at Microsoft Corp. (June 2003-June 2005); Vice President and Senior Fixed Income Portfolio Manager at First Citizens Bank Trust, Capital Management Group (April 2000-June 2003); a Vice President and Fixed Income Portfolio Manager at Centura Banks (November 1998-April 2000). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

40        OPPENHEIMER TOTAL RETURN BOND FUND/VA

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti- Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

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43        OPPENHEIMER TOTAL RETURN BOND FUND/VA

OPPENHEIMER TOTAL RETURN BOND FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

December 31, 2017
Oppenheimer
Global Fund/VA	Annual Report
A Series of Oppenheimer Variable Account Funds
ANNUAL 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 12/31/17

	Inception Date		1-Year			5-Year			10-Year
Non-Service Shares		11/12/90		36.66	%		13.11	%		7.16	%
Service Shares		7/13/00		36.32			12.83			6.89
MSCI All Country World Index				23.97			10.80			4.65

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Airbus SE	3.2%
Alphabet, Inc., Cl. A	3.0
Alphabet, Inc., Cl. C	2.8
LVMH Moet Hennessy Louis Vuitton SE	2.8
Aetna, Inc.	2.7
Citigroup, Inc.	2.5
Nidec Corp.	2.5
DLF Ltd.	2.5
S&P Global, Inc.	2.4
Facebook, Inc., Cl. A	2.4

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 December 31, 2017, and are based on the total market value of investments.

2        OPPENHEIMER GLOBAL FUND/VA

Fund Performance Discussion

Global equity sentiment was strong in 2017 following economic activity pick up in Europe and China and the election of President Trump in the US, presaging expectations for tax cuts and a lower regulatory burden. Equity markets rose strongly in 2017, with the global benchmark, the MSCI All Country World Index (the “Index”), returning 23.97%. The Fund had an excellent year too, with the Non-Service shares producing returns of 36.66%, outperforming the Index for the year December 31, 2017.

The Portfolio outperformed in 10 out of 11 sectors of the Index this reporting period, with strong contributions from the Consumer Discretionary, Health Care, Real Estate, Financials and Industrials sectors, where our stock selection drove performance. We hold one Real Estate position, DLF, and it rose sharply during the reporting period. Our allocations to Energy and Information Technology also produced material outperformance versus the Index – the Fund has an overweight position in Information Technology and an underweight position in Energy. The Portfolio only slightly underperformed within the Materials sector, where our typical underweight position detracted from performance. As our ability to predict commodities prices is limited, our confidence in the appropriate valuation for these companies is low and hence we are unlikely to be advantaged in our ownership of them.

FUND REVIEW

Top contributors to performance this period included DLF, Alphabet and Kering.

DLF is the largest listed Indian real estate company with a portfolio of residential projects, shopping malls and commercial properties of unmatched quality, in our view, in Delhi and the National Capital region. A soft residential market and regulatory burdens in the past 3 years had challenged cash flow dynamics in the company which have been significantly ameliorated through the sale of a portion of their commercial holdings. The resultant reduction of debt has fueled higher confidence in the future of DLF. We believe that the prospects for housing appreciation should improve with an economic rebound and lower interest rates and a more disciplined supply environment.

Alphabet has been a strong performer, reflecting its advantage in a number of fast growing verticals. We see those advantages holding, and there remains significant optionality for the company, which we do not believe is fully represented in its share value.    Our first investment in the company was in 2011.

Kering is a luxury goods powerhouse with its major brands including Gucci, Bottega Veneta, Saint Laurent and Balenciaga. The return to fashion relevance of its largest brand, Gucci, in the past 18 months combined with continued success at Saint Laurent and growth momentum at Balenciaga has led to a major improvement in profits and consequently a significant rise in stock price. The continued demand from the young and fashion forward Chinese consumer for Kering’s brands bodes well for its future.

The most significant detractors from performance this period included TechnipFMC, Earthport, and Shire.

TechnipFMC is the global leader in offshore oil infrastructure equipment and services. The firm’s competitive position strengthened with the FMC combination earlier in the year. The company operates under three reporting segments: Subsea, Surface, and Onshore/Offshore. Share weakness was partially due to lower oil prices earlier in the year, which constrains oil producers’ capital spending budget, which can lead to lower inbound orders for TechnipFMC. We see tangible evidence that its various business segments, particularly in Subsea, are attracting wide customer interest and are poised to gain market share in the coming years.

Earthport provides cross-border payment services to banks and businesses, focused on low value transactions. The company experienced declines after announcing it expected revenue to come in below market expectations for the year, due to several large client implementation delays.    Despite this disappointment, the new business pipeline is strong, and we expect the share price will recover.

Shire is a global specialty drug firm with specializing in orphan diseases. Its historic franchise in treating Attention Deficit Disorders funds growth in biologics and new orphan indications. The acquisition of Baxalta and concerns over its haemophilia franchise position hurt stock performance in 2017. We expect the regular approvals of new drugs and a return to growth after the digestion of Baxalta to lead to a better 2018.

POSITIONING AND OUTLOOK

A good starting point for investing in companies that have the capacity to grow at an above average rate for a long period of time is to be thinking carefully about what economic ecosystems are expanding structurally. From this thought process we can develop investment themes, some of which can be populated by

3        OPPENHEIMER GLOBAL FUND/VA

multiple companies/beneficiaries. Some of these themes today include the human desire for status and happiness. Within this broad idea we own some of the world’s best luxury goods companies. The use of technology to advance the treatment of illnesses for which there is no cure, or the deepening electronic content of automobiles and trucks are others. None are present in the portfolio to capitalize on a market regime or cycle; instead they play upon trends which we expect to unfold over the next decade or so.

The market that we see before us continues to carry above average headline valuations, and this is something to be mindful of. However, the level of interest rates today remains low. Equity free cash flow yields relative to bond yields are still in fair territory. Faster economic growth in an environment of low inflation provides valuation support. Meaningfully higher interest rates as a result of higher inflation would hurt valuations and the market however.

We try to assemble a portfolio that is adaptable to most environments by emphasizing the quality and sustainability of purpose for each company we invest in. We believe businesses that have these two traits can weather an uncertain future.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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.

4        OPPENHEIMER GLOBAL FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year    36.66%                5-Year     13.11%    10-Year      7.16%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year    36.32%                5-Year     12.83%    10-Year      6.89%

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.

5        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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares	$	1,000.00	$	1,139.40	$	4.11
Service shares		1,000.00		1,137.90		5.46
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.37		3.88
Service shares		1,000.00		1,020.11		5.16

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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.

6        OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Shares		Value
Common Stocks—97.1%
Consumer Discretionary—14.5%
Automobiles—1.1%
Suzuki Motor Corp.		538,000	$	31,161,009
Hotels, Restaurants & Leisure—0.8%
International Game Technology plc		851,991		22,586,282
Household Durables—0.5%
Newell Brands, Inc.		390,120		12,054,708
Internet & Catalog Retail—1.7%
JD.com, Inc., ADR1		1,166,110		48,300,276
Media—1.8%
Walt Disney Co. (The)		362,400		38,961,624
Zee Entertainment Enterprises Ltd.		1,297,405		11,825,092
				50,786,716
Specialty Retail—3.0%
Industria de Diseno Textil SA		1,390,491		48,363,476
Tiffany & Co.		345,150		35,878,342
				84,241,818
Textiles, Apparel & Luxury Goods—5.6%
Brunello Cucinelli SpA		344,936		11,177,081
Kering		122,320		57,664,711
LVMH Moet Hennessy Louis Vuitton SE		268,330		78,821,955
Tod’s SpA		111,782		8,168,579
				155,832,326
Consumer Staples—4.0%
Food Products—1.8%
Unilever plc		923,822		51,179,316
Household Products—2.2%
Colgate-Palmolive Co.		801,700		60,488,265
Energy—0.9%
Energy Equipment & Services—0.9%
TechnipFMC plc		826,350		25,524,678
Financials—20.0%
Capital Markets—6.5%
Credit Suisse Group AG1		1,619,322		28,824,419
Goldman Sachs Group, Inc. (The)		165,430		42,144,947
S&P Global, Inc.		395,910		67,067,154
UBS Group AG1		2,438,956		44,813,887
				182,850,407
Commercial Banks—5.1%
Banco Bilbao Vizcaya Argentaria SA		1,907,764		16,239,683
Citigroup, Inc.		936,960		69,719,194
ICICI Bank Ltd., Sponsored ADR		2,419,204		23,538,855
Societe Generale SA		635,199		32,749,382
				142,247,114
Insurance—5.9%
Allianz SE		228,032		52,222,456
Dai-ichi Life Holdings, Inc.		1,812,400		37,394,978
FNF Group		552,980		21,698,935
Prudential plc		2,026,517		52,102,063
				163,418,432
Real Estate Management & Development—2.5%
DLF Ltd.		16,911,795		68,706,902
Health Care—16.1%
Biotechnology—7.4%
ACADIA Pharmaceuticals, Inc.1		574,960		17,312,046
AnaptysBio, Inc.1		138,740		13,973,893
Biogen, Inc.1		87,690		27,935,403
BioMarin Pharmaceutical, Inc.1		129,640		11,559,999
Bluebird Bio, Inc.1		125,490		22,349,769
Blueprint Medicines Corp.1		213,770		16,120,396
Circassia Pharmaceuticals plc1		4,471,614		6,202,803
Gilead Sciences, Inc.		318,350		22,806,594

	Shares		Value
Biotechnology (Continued)
Ionis Pharmaceuticals, Inc.1		351,410	$	17,675,923
Loxo Oncology, Inc.1		139,180		11,716,172
MacroGenics, Inc.1		514,790		9,781,010
Sage Therapeutics, Inc.1		182,640		30,082,634
				207,516,642
Health Care Equipment & Supplies—1.1%
Zimmer Biomet Holdings, Inc.		243,580		29,392,799
Health Care Providers & Services—5.5%
Aetna, Inc.		412,980		74,497,462
Anthem, Inc.		260,385		58,589,229
Centene Corp.1		195,580		19,730,110
				152,816,801
Pharmaceuticals—2.1%
Bayer AG		261,359		32,506,553
Roche Holding AG		56,730		14,349,469
Shire plc		233,940		12,134,077
				58,990,099
Industrials—14.0%
Aerospace & Defense—3.2%
Airbus SE		891,780		88,558,851
Air Freight & Couriers—1.0%
United Parcel Service, Inc., Cl. B		238,010		28,358,891
Airlines—0.9%
International Consolidated Airlines Group SA		2,857,670		25,063,974
Building Products—1.2%
Assa Abloy AB, Cl. B		1,602,741		33,257,530
Construction & Engineering—0.5%
FLSmidth & Co. AS		262,140		15,228,249
Electrical Equipment—2.5%
Nidec Corp.		496,500		69,695,481
Industrial Conglomerates—2.8%
3M Co.		183,720		43,242,177
Siemens AG		244,512		33,925,820
				77,167,997
Machinery—1.3%
FANUC Corp.		100,100		24,049,895
MLC MLC, Inc.		622,000		13,050,813
				37,100,708
Professional Services—0.6%
Equifax, Inc.		130,130		15,344,929
Information Technology—26.5%
Electronic Equipment, Instruments, & Components—6.7%
Keyence Corp.		115,122		64,280,171
Kyocera Corp.		508,500		33,225,886
Murata Manufacturing Co. Ltd.		342,300		45,749,933
Omron Corp.		237,600		14,151,920
TDK Corp.		371,300		29,637,473
				187,045,383
Internet Software & Services—8.8%
Alphabet, Inc., Cl. A1		78,240		82,418,016
Alphabet, Inc., Cl. C1		75,512		79,015,757
Baidu, Inc., Sponsored ADR1		80,600		18,877,326
Facebook, Inc., Cl. A1		375,250		66,216,615
				246,527,714
IT Services—1.4%
Earthport plc1		14,765,253		2,055,111
PayPal Holdings, Inc.1		481,210		35,426,680
				37,481,791
Semiconductors & Semiconductor Equipment—2.3%
Maxim Integrated Products, Inc.		1,056,665		55,242,446

7        OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Renesas Electronics Corp.1		767,600	$	8,885,115
				64,127,561
Software—7.3%
Adobe Systems, Inc.1		362,623		63,546,055
Intuit, Inc.		354,040		55,860,431
Nintendo Co. Ltd.		71,700		26,102,526
SAP SE		528,155		59,221,970
				204,730,982
Materials—1.1%
Chemicals—1.1%
Linde AG1		124,187		29,051,917
Total Common Stocks (Cost $1,141,992,739)				2,706,836,548

	Shares		Value
Preferred Stocks—1.7%
Bayerische Motoren Werke (BMW) AG, Preference		535,851	$	47,848,350
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.		7,458,110		1,168,479
Total Preferred Stocks (Cost $15,686,427)				49,016,829
Investment Company—1.0%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%2,3 (Cost $27,124,866)		27,124,866		27,124,866
Total Investments, at Value (Cost $1,184,804,032)		99.8%		2,782,978,243
Net Other Assets (Liabilities)		0.2		5,645,522
Net Assets		100.0%	$	2,788,623,765

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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		32,806,872		367,918,279		373,600,285		27,124,866
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	27,124,866	$	196,266	$	—	$	—

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings (Unaudited)	Value		Percent
United States	$	1,283,333,472		46.3	%
Japan		397,385,200		14.1
France		257,794,900		9.3
Germany		254,777,066		9.2
United Kingdom		184,714,226		6.6
India		105,239,328		3.8
Switzerland		87,987,775		3.2
China		67,177,602		2.4
Spain		64,603,159		2.3
Sweden		33,257,530		1.2
Italy		19,345,660		0.7
Denmark		15,228,249		0.5
Ireland		12,134,076		0.4
Total	$	2,782,978,243		100.0	%

See accompanying Notes to Financial Statements.

8        OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,157,679,166)	$	2,755,853,377
Affiliated companies (cost $27,124,866)		27,124,866
		2,782,978,243
Cash		1,999,989
Receivables and other assets:
Dividends		4,270,986
Investments sold		1,584,658
Shares of beneficial interest sold		980,375
Other		160,331
Total assets		2,791,974,582
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		2,607,826
Distribution and service plan fees		277,837
Trustees’ compensation		131,124
Foreign capital gains tax		70,735
Shareholder communications		61,856
Investments purchased		53,430
Other		148,009
Total liabilities		3,350,817
Net Assets	$	2,788,623,765
Composition of Net Assets
Par value of shares of beneficial interest	$	59,128
Additional paid-in capital		1,008,039,943
Accumulated net investment income		11,319,434
Accumulated net realized gain on investments and foreign currency transactions		171,191,061
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		1,598,014,199
Net Assets	$	2,788,623,765
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 $1,479,034,142 and 31,191,684 shares of beneficial interest outstanding)		$47.42
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,309,589,623 and 27,936,505 shares of beneficial interest outstanding)		$46.88

See accompanying Notes to Financial Statements.

9        OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,716,023)	$	37,108,189
Affiliated companies		196,266
Total investment income		37,304,455
Expenses
Management fees		16,347,764
Distribution and service plan fees - Service shares		3,014,562
Transfer and shareholder servicing agent fees:
Non-Service shares		1,378,678
Service shares		1,205,950
Shareholder communications:
Non-Service shares		86,939
Service shares		75,984
Borrowing fees		68,470
Custodian fees and expenses		159,961
Trustees’ compensation		74,329
Other		232,725
Total expenses		22,645,362
Less reduction to custodian expenses		(927	)
Less waivers and reimbursements of expenses		(29,436	)
Net expenses		22,614,999
Net Investment Income		14,689,456
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		221,757,305
Foreign currency transactions		(198,987	)
Net realized gain		221,558,318
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $56,701)		558,303,576
Translation of assets and liabilities denominated in foreign currencies		627,498
Net change in unrealized appreciation/depreciation		558,931,074
Net Increase in Net Assets Resulting from Operations	$	795,178,848

See accompanying Notes to Financial Statements.

10        OPPENHEIMER GLOBAL FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017		Year Ended     December 31, 2016
Operations
Net investment income	$	14,689,456	$	14,438,224
Net realized gain		221,558,318		3,052,676
Net change in unrealized appreciation/depreciation		558,931,074		(27,858,399)
Net increase (decrease) in net assets resulting from operations		795,178,848		(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		(179,504,173)		(55,451,479)
Service shares		(115,703,050)		62,981,601
		(295,207,223)		7,530,122
Net Assets
Total increase (decrease)		478,406,434		(177,494,172)
Beginning of period		2,310,217,331		2,487,711,503
End of period (including accumulated net investment income of $11,319,434 and $17,542,546, respectively)	$	2,788,623,765	$	2,310,217,331

See accompanying Notes to Financial Statements.

11        OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$35.02		$38.00		$39.50		$40.86		$32.55
Income (loss) from investment operations:
Net investment income1		0.29		0.26		0.372		0.522		0.442
Net realized and unrealized gain (loss)		12.50		(0.42)		1.382		0.442		8.372
Total from investment operations		12.79		(0.16)		1.75		0.96		8.81
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39)		(0.38)		(0.54)		(0.46)		(0.50)
Distributions from net realized gain		0.00		(2.44)		(2.71)		(1.86)		0.00
Total dividends and/or distributions to shareholders		(0.39)		(2.82)		(3.25)		(2.32)		(0.50)
Net asset value, end of period		$47.42		$35.02		$38.00		$39.50		$40.86
Total Return, at Net Asset Value3		36.66%		0.08%		3.94%		2.29%		27.31%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,479,034		$1,245,070		$1,406,001		$1,468,107		$1,397,026
Average net assets (in thousands)		$1,379,895		$1,270,049		$1,502,338		$1,532,383		$1,333,848
Ratios to average net assets:4
Net investment income		0.69%		0.75%		0.92%2		1.30%2		1.20%2
Expenses excluding specific expenses listed below		0.76%		0.77%		0.76%		0.76%		0.77%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		0.76%		0.77%		0.76%		0.76%		0.77%
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
Portfolio turnover rate		9%		14%		14%		13%		11%

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:

Year Ended December 31, 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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12        OPPENHEIMER GLOBAL FUND/VA

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$34.64		$37.59		$39.10		$40.47		$32.25
Income (loss) from investment operations:
Net investment income1		0.18		0.17		0.282		0.422		0.342
Net realized and unrealized gain (loss)		12.36		(0.41)		1.362		0.422		8.302
Total from investment operations		12.54		(0.24)		1.64		0.84		8.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.27)		(0.44)		(0.35)		(0.42)
Distributions from net realized gain		0.00		(2.44)		(2.71)		(1.86)		0.00
Total dividends and/or distributions to shareholders		(0.30)		(2.71)		(3.15)		(2.21)		(0.42)
Net asset value, end of period		$46.88		$34.64		$37.59		$39.10		$40.47
Total Return, at Net Asset Value3		36.32%		(0.16)%		3.67%		2.06%		26.99%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,309,590		$1,065,147		$1,081,711		$1,204,379		$1,216,285
Average net assets (in thousands)		$1,207,002		$1,016,772		$1,219,501		$1,265,528		$1,174,119
Ratios to average net assets:4
Net investment income		0.43%		0.49%		0.70%2		1.05%2		0.95%2
Expenses excluding specific expenses listed below		1.01%		1.02%		1.01%		1.01%		1.02%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.01%		1.02%		1.01%		1.01%		1.02%
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
Portfolio turnover rate		9%		14%		14%		13%		11%

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:

Year Ended December 31, 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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13        OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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 the 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 determined necessary by the Manager.

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, if any, 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

14        OPPENHEIMER GLOBAL FUND/VA

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$23,167,433		$185,000,660		$—		$1,572,487,571

1. During the reporting period, the Fund utilized $17,365,953 of capital loss carryforward to offset capital gains realized in that fiscal year.

2. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Increase to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Gain on Investments3
$17,508,374		$652,623		$18,160,997

3. $17,508,374, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	21,565,191	$	25,033,705
Long-term capital gain		—		149,623,090
Total	$	21,565,191	$	174,656,795

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	$	1,210,330,660
Gross unrealized appreciation	$	1,629,130,606
Gross unrealized depreciation		(56,643,035	)
Net unrealized appreciation	$	1,572,487,571

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

15        OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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 when 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 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	$	157,781,232	$	247,181,903	$	—	$	404,963,135
Consumer Staples		60,488,265		51,179,316		—		111,667,581

16        OPPENHEIMER GLOBAL 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)
Energy	$	—	$	25,524,678	$	—	$	25,524,678
Financials		224,169,085		333,053,770		—		557,222,855
Health Care		383,523,439		65,192,902		—		448,716,341
Industrials		86,945,997		302,830,613		—		389,776,610
Information Technology		456,603,326		283,310,105		—		739,913,431
Materials		—		29,051,917		—		29,051,917
Preferred Stocks		1,168,479		47,848,350		—		49,016,829
Investment Company		27,124,866		—		—		27,124,866
Total Assets	$	1,397,804,689	$	1,385,173,554	$	—	$	2,782,978,243

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, one shareholder owned 20% or more of the Fund’s total outstanding shares.

A 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. Related parties owned 28% of the Fund’s total outstanding shares at period end.

17        OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS 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. 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:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,449,891		$	60,471,325			2,580,191		$	89,371,624
Dividends and/or distributions reinvested		305,626			12,766,011			3,043,507			99,796,600
Redeemed		(6,113,341	)		(252,741,509	)		(7,075,696	)		(244,619,703	)
Net decrease		(4,357,824	)	$	(179,504,173	)		(1,451,998	)	$	(55,451,479	)
Service Shares
Sold		2,582,124		$	107,475,911			5,078,438		$	172,658,993
Dividends and/or distributions reinvested		212,797			8,799,180			2,305,519			74,860,195
Redeemed		(5,605,593	)		(231,978,141	)		(5,412,550	)		(184,537,587	)
Net increase (decrease)		(2,810,672	)	$	(115,703,050	)		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		$218,896,774		$512,932,205

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.

18        OPPENHEIMER GLOBAL FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets 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. 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 $29,436 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 $1.875 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.

19        OPPENHEIMER GLOBAL FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Global Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

20        OPPENHEIMER GLOBAL FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 46.20% to arrive at the amount eligible for the corporate dividend-received deduction.

The Fund has elected the application of Section 853 of the Internal Revenue Code to permit shareholders to take a federal income tax credit or deduction, at their option, on a per share basis. The maximum amount allowable but not less than $3,658,795 of foreign income taxes were paid by the Fund during the reporting period. A separate notice will be mailed to each shareholder, which will reflect the proportionate share of such foreign taxes which must be treated by shareholders as gross income for federal income tax purposes.

Gross income of the maximum amount allowable but not less than $15,382,579 was derived from sources within foreign countries or possessions of the United States.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

21        OPPENHEIMER GLOBAL FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Rajeev Bhaman and John Delano, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other world stock category funds underlying variable insurance products. The Board considered that the Fund outperformed its category median during the five- and ten-year periods, while it underperformed its category median during the one- and three-year periods. The Board further noted that the Fund’s recent underperformance occurred in 2016. In that regard, the Board observed that when it considered the Fund’s performance record one year prior, the Fund outperformed its category median for all periods.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other world stock funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses and contractual management fee were lower than its peer group medians and category medians.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the

Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was

22        OPPENHEIMER GLOBAL FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

23        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.

24        OPPENHEIMER GLOBAL FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

25        OPPENHEIMER GLOBAL FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth: 1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mr. Bhaman, Delano, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Rajeev Bhaman, Vice President (since 2004) Year of Birth: 1963	Director of Global Equities of the Sub-Adviser (since January 2013); Senior Vice President of the Sub-Adviser (since May 2006); Vice President of the Sub-Adviser (January 1997-May 2006). An officer of other portfolios in the OppenheimerFunds complex.
John Delano, Vice President (since 2017) Year of Birth: 1972	Senior Portfolio Manager of the Sub-Adviser (since January 2017); Vice President and Director of Equity Research, Global Team, of the Sub-Adviser (since October 2010); Director of Equity Research, Growth Team, of the Sub-Adviser since (April 2007 - October 2010). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.

26        OPPENHEIMER GLOBAL FUND/VA

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973

Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970

Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

27        OPPENHEIMER GLOBAL FUND/VA

OPPENHEIMER GLOBAL FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

  

  December 31, 2017

Oppenheimer	Annual Report
Main Street Fund®/VA
A Series of Oppenheimer Variable Account Funds

ANNUAL 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 12/31/17

	Inception Date		1-Year			5-Year			10-Year
Non-Service Shares		7/5/95		16.91	%		14.49	%		7.74	%
Service Shares		7/13/00		16.63			14.20			7.46
S&P 500 Index				21.83			15.79			8.50

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Apple, Inc.	5.7	%
Alphabet, Inc., Cl. C	4.9
Citigroup, Inc.	3.2
Comcast Corp., Cl. A	3.1
PepsiCo, Inc.	3.0
Facebook, Inc., Cl. A	2.7
UnitedHealth Group, Inc.	2.7
Merck & Co., Inc.	2.7
Berkshire Hathaway, Inc., Cl. B	2.3
Suncor Energy, Inc.	2.3

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 December 31, 2017, and are based on the total market value of common stocks.

2        OPPENHEIMER MAIN STREET FUND/VA

Fund Performance Discussion

During the reporting period, the Fund’s Non-Service shares produced a return of 16.91%. In comparison, the S&P 500 Index (the “Index”) returned 21.83%. The Fund underperformed the Index in the Industrials, Health Care and Utilities sectors due mainly to stock selection. The Fund outperformed the Index in Energy and Financials due to stock selection, while an underweight position in Telecommunication Services also helped.

MARKET OVERVIEW

2017 was a banner year in terms of fundamentals for the U.S. economy. One of the longest job expansions in U.S. history continued with more than 2 million jobs added for the seventh consecutive year and unemployment close to an all-time low. There were various other signs of improvement as well, in everything from high consumer confidence scores to declining murder rates in big cities (New York and Los Angeles were at record lows). Despite this, the inflation rate remained low. Most importantly for equity investors, U.S. corporate revenues and earnings growth accelerated.

These trends helped the equity market continue its strong upward trend in the fourth quarter, topping off a year that saw the S&P 500 Index post a total return of a robust 21.83%. The rally in the market was unusual in several aspects. First, the Index posted positive total returns in every single month of the year, which is something the Index has never done before. The market was also extremely calm, as market volatility (as measured by the CBOE Volatility Index) hit a new all-time low for the year. Finally, cumulative losses on the down days during 2017 were the lowest on record. For many, the investor experience of 2017 was about as good as it gets.

While nearly all parts of the market rose in 2017, there were some notable differences within the market. Namely, large capitalization stocks outperformed smaller capitalization stocks, and companies on the “growth” part of the spectrum vastly outperformed the “value” names.

Several factors drove investors’ increased appetite for risk. For one, the underlying economy remained on the steady growth track that it has been on for several years. And though the Federal Reserve raised rates a couple times during the year, liquidity remained abundant with interest rates still at historically low levels. Last but not least, excitement around corporate tax reform drove expectations for a burst in corporate profitability and overall economic growth.

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 is positioned to out-perform no matter the environment.

Second, we believe we have the skills to identify company management teams that are likely to successfully execute on their business plans. Lastly, 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. Companies with these qualities generally have more stable earnings.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to relative performance this period included information technology stocks Apple and PayPal Holdings, and Financials holding Progressive. Apple has done well this year since reporting earnings results that eased prior fears of mediocre product acceptance. Sales of the new iPhone have been strong and the company has displayed pricing power as well. PayPal has continued to benefit from strong revenue growth driven by impressive customer acquisition and engagement, as well as the secular tailwinds of electronic payments and e-commerce spending. Progressive continued to beat consensus earnings expectations during the quarter driven by market share gains in auto insurance, better pricing (higher premiums), and lower than expected auto claims. We continue to view the company favorably and expect management to continue to display superior execution.

TOP INDIVIDUAL DETRACTORS

Top detractors from relative performance included General Electric, PG&E and AutoZone. General Electric underperformed this reporting period and recently underwent a CEO change. During November, there was general investor disappointment regarding the aggressiveness of the restructuring plan outlined by the new CEO. While largely anticipated, the company also announced a cut to the dividend. PG&E is one of the largest utility companies in California. The stock has been under pressure since the start of the Northern California wildfires due to concerns that some of the company’s equipment may have played a role in some of the fires. The stock saw further pressure after the company announced they would be suspending the dividend to preserve cash for potential future claims. AutoZone’s underperformance has been driven by a deceleration in same store sales and the narrative that the deceleration was partially being driven by

3        OPPENHEIMER MAIN STREET FUND/VA

Amazon encroaching on the auto parts retail business. The stock has rebounded more recently after a stabilization of same store sales and lessening concerns about the health of the industry.

STRATEGY & OUTLOOK

At the moment, the U.S. economy continues its “slow and steady” growth. This is being driven by favorable data around employment, wages and inflation. Rising home prices and innovation also continue to help drive the economy higher. Moreover, corporate tax reform will lead to a jump in earnings and cash flow for most companies, and it will more likely than not lead to a boost in economic growth in the short term. While the economic expansionary cycle is indeed long in the tooth, the economic growth has been at relatively low rates, suggesting it could continue for a while longer.

We are afraid companies are addicted to low interest rates, which have been low for almost a decade now. We believe the risks inherent to this market include the misallocation of capital if interest rates were to rise materially. As the markets have risen, we find fewer companies with attractive fundamentals that are attractively priced. 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.

Volatility in the markets was unusually low in 2017. We expect heightened uncertainty to return to the equity markets eventually. 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.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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.

4        OPPENHEIMER MAIN STREET FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year      16.91%             5-Year      14.49%            10-Year       7.74%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year      16.63%             5-Year      14.20%            10-Year       7.46%

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.

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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares	$	1,000.00	$	1,067.20	$	4.07
Service shares		1,000.00		1,065.80		5.38
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.27		3.98
Service shares		1,000.00		1,020.01		5.26

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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 December 31, 2017

	Shares		Value
Common Stocks—98.5%
Consumer Discretionary—11.5%
Auto Components—0.9%
Aptiv plc		115,650	$	9,810,590
Delphi Technologies plc1		38,550		2,022,718
				11,833,308
Hotels, Restaurants & Leisure—1.9%
McDonald’s Corp.		152,420		26,234,530
Household Durables—1.1%
Whirlpool Corp.		84,340		14,223,098
Media—3.1%
Comcast Corp., Cl. A		1,047,480		41,951,574
Specialty Retail—4.5%
CarMax, Inc.1		221,010		14,173,371
Lowe’s Cos., Inc.		277,580		25,798,285
O’Reilly Automotive, Inc.1		85,540		20,575,792
				60,547,448
Consumer Staples—7.9%
Beverages—3.0%
PepsiCo, Inc.		343,640		41,209,309
Food Products—3.1%
Kraft Heinz Co. (The)		283,775		22,066,344
Mondelez International, Inc., Cl. A		448,410		19,191,948
				41,258,292
Tobacco—1.8%
Philip Morris International, Inc.		232,669		24,581,480
Energy—5.8%
Energy Equipment & Services—1.6%
Schlumberger Ltd.		316,370		21,320,174
Oil, Gas & Consumable Fuels—4.2%
Magellan Midstream Partners LP2		366,575		26,004,831
Suncor Energy, Inc.		825,960		30,329,251
				56,334,082
Financials—21.0%
Capital Markets—6.1%
Bank of New York Mellon Corp. (The)		399,850		21,535,921
CME Group, Inc., Cl. A		131,530		19,209,957
Intercontinental Exchange, Inc.		297,220		20,971,843
S&P Global, Inc.		117,901		19,972,429
				81,690,150
Commercial Banks—5.7%
Citigroup, Inc.		575,218		42,801,971
SunTrust Banks, Inc.		235,620		15,218,696
US Bancorp		345,450		18,509,211
				76,529,878
Consumer Finance—2.1%
American Express Co.		163,400		16,227,254
Discover Financial Services		166,403		12,799,719
				29,026,973
Diversified Financial Services—2.3%
Berkshire Hathaway, Inc., Cl. B1		157,290		31,178,024
Insurance—3.6%
Marsh & McLennan Cos., Inc.		215,670		17,553,381
MetLife, Inc.		199,260		10,074,586
Progressive Corp. (The)		363,800		20,489,216
				48,117,183
Real Estate Investment Trusts (REITs)—1.2%
Mid-America Apartment Communities, Inc.		96,700		9,724,152
Ventas, Inc.		113,110		6,787,731
				16,511,883

		Shares		Value
Health Care—13.8%
Biotechnology—2.9%
Celgene Corp.1			223,480	$	23,322,373
Gilead Sciences, Inc.			210,330		15,068,041
					38,390,414
Health Care Equipment & Supplies—1.9%
Boston Scientific Corp.1			446,820		11,076,668
Stryker Corp.			94,360		14,610,702
					25,687,370
Health Care Providers & Services—4.5%
DaVita, Inc.1			131,440		9,496,540
Express Scripts Holding Co.1			204,687		15,277,837
UnitedHealth Group, Inc.			164,180		36,195,123
					60,969,500
Health Care Technology—0.7%
Cerner Corp.1			147,280		9,925,199
Life Sciences Tools & Services—0.7%
Agilent Technologies, Inc.			132,680		8,885,580
Pharmaceuticals—3.1%
Merck & Co., Inc.			643,060		36,184,986
Valeant Pharmaceuticals International, Inc.1			263,510		5,475,738
	��				41,660,724
Industrials—9.9%
Aerospace & Defense—2.0%
Lockheed Martin Corp.			85,670		27,504,354
Airlines—0.5%
Alaska Air Group, Inc.			85,280		6,268,933
Commercial Services & Supplies—1.6%
Johnson Controls International plc			311,635		11,876,410
Republic Services, Inc., Cl. A			143,860		9,726,374
					21,602,784
Industrial Conglomerates—1.5%
General Electric Co.			1,172,245		20,455,675
Professional Services—1.5%
Equifax, Inc.			54,800		6,462,016
Nielsen Holdings plc			362,520		13,195,728
					19,657,744
Road & Rail—2.1%
Canadian National Railway Co.			201,100		16,590,750
Canadian Pacific Railway Ltd.			60,900		11,130,084
					27,720,834
Trading Companies & Distributors—0.7%
Fastenal Co.			176,380		9,646,222
Information Technology—21.6%
Communications Equipment—1.8%
Cisco Systems, Inc.			189,350		7,252,105
Motorola Solutions, Inc.			185,100		16,721,934
					23,974,039
Internet Software & Services—8.8%
Alphabet, Inc., Cl. C1			62,506		65,406,279
eBay, Inc.1			430,530		16,248,202
Facebook, Inc., Cl. A1			206,850		36,500,751
					118,155,232
IT Services—2.6%
Amdocs Ltd.			268,300		17,568,284
PayPal Holdings, Inc.1			244,910		18,030,274
					35,598,558
Semiconductors & Semiconductor Equipment—1.9%
Applied Materials, Inc.			349,710		17,877,175
Maxim Integrated Products, Inc.			144,800		7,570,144
					25,447,319

7        OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Technology Hardware, Storage & Peripherals—6.5%
Apple, Inc.		453,066	$	76,672,359
Western Digital Corp.		139,215		11,071,769
				87,744,128
Materials—3.0%
Chemicals—2.3%
DowDuPont, Inc.		197,107		14,037,961
PPG Industries, Inc.		142,420		16,637,504
				30,675,465
Construction Materials—0.7%
Vulcan Materials Co.		77,140		9,902,462
Telecommunication Services—1.9%
Diversified Telecommunication Services—1.9%
Verizon Communications, Inc.		471,935		24,979,519

	Shares			Value
Utilities—2.1%
Electric Utilities—1.0%
PG&E Corp.		305,020		$	13,674,047
Multi-Utilities—1.1%
National Grid plc		1,296,690			15,232,204
Total Common Stocks (Cost $905,140,531)					1,326,305,692
Investment Company—1.4%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%3,4 (Cost $19,085,774)		19,085,774			19,085,774
Total Investments, at Value (Cost $924,226,305)		99.9	%		1,345,391,466
Net Other Assets (Liabilities)		0.1			1,542,175
Net Assets		100.0	%	$	1,346,933,641

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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		11,146,627		259,690,919		251,751,772		19,085,774
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	19,085,774	$	174,107	$	—	$	—

See accompanying Notes to Financial Statements.

8        OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $905,140,531)		$	1,326,305,692
Affiliated companies (cost $19,085,774)			19,085,774
			1,345,391,466
Cash			751,616
Receivables and other assets:
Dividends			2,661,998
Investments sold			1,028,334
Shares of beneficial interest sold			385,084
Other	��		141,596
Total assets			1,350,360,094
Liabilities
Payables and other liabilities:
Investments purchased			2,327,780
Shares of beneficial interest redeemed			708,136
Distribution and service plan fees			168,093
Trustees’ compensation			125,652
Shareholder communications			47,387
Other			49,405
Total liabilities			3,426,453
Net Assets		$	1,346,933,641
Composition of Net Assets
Par value of shares of beneficial interest		$	42,022
Additional paid-in capital			802,733,819
Accumulated net investment income			11,535,135
Accumulated net realized gain on investments and foreign currency transactions			111,461,873
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			421,160,792
Net Assets		$	1,346,933,641
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 $561,554,490 and 17,412,554 shares of beneficial interest outstanding)			$32.25
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $785,379,151 and 24,609,191 shares of beneficial interest outstanding)			$31.91

See accompanying Notes to Financial Statements.

9        OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $192,705)	$	24,971,192
Affiliated companies		174,107
Total investment income		25,145,299
Expenses
Management fees		8,715,696
Distribution and service plan fees — Service shares		1,970,256
Transfer and shareholder servicing agent fees:
Non-Service shares		535,481
Service shares		787,915
Shareholder communications:
Non-Service shares		54,320
Service shares		80,041
Trustees’ compensation		45,096
Borrowing fees		35,837
Custodian fees and expenses		9,172
Other		108,874
Total expenses		12,342,688
Less reduction to custodian expenses		(307)
Less waivers and reimbursements of expenses		(19,816)
Net expenses		12,322,565
Net Investment Income		12,822,734
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		121,851,005
Foreign currency transactions		(10,983)
Net realized gain		121,840,022
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		68,958,567
Translation of assets and liabilities denominated in foreign currencies		13,308
Net change in unrealized appreciation/depreciation		68,971,875
Net Increase in Net Assets Resulting from Operations	$	203,634,631

See accompanying Notes to Financial Statements.

10        OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017		Year Ended December 31, 2016
Operations
Net investment income	$	12,822,734	$	12,636,575
Net realized gain		121,840,022		29,438,205
Net change in unrealized appreciation/depreciation		68,971,875		88,749,651
Net increase in net assets resulting from operations		203,634,631		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		9,551,567		(20,488,952)
Service shares		(86,863,753)		70,674,306
		(77,312,186)		50,185,354
Net Assets
Total increase		89,143,219		24,006,195
Beginning of period		1,257,790,422		1,233,784,227
End of period (including accumulated net investment income of $11,535,135 and $12,234,256, respectively)	$	1,346,933,641	$	1,257,790,422

See accompanying Notes to Financial Statements.

11        OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended     December 31, 2017		Year Ended   December 31, 2016		Year Ended   December 31, 2015		Year Ended   December 31, 2014		Year Ended   December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$28.41		$29.24		$33.61		$31.24		$23.97
Income (loss) from investment operations:
Net investment income1		0.34		0.33		0.33		0.28		0.24
Net realized and unrealized gain		4.41		2.76		0.80		3.01		7.33
Total from investment operations		4.75		3.09		1.13		3.29		7.57
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39)		(0.34)		(0.32)		(0.27)		(0.30)
Distributions from net realized gain		(0.52)		(3.58)		(5.18)		(0.65)		0.00
Total dividends and/or distributions to shareholders		(0.91)		(3.92)		(5.50)		(0.92)		(0.30)
Net asset value, end of period		$32.25		$28.41		$29.24		$33.61		$31.24
Total Return, at Net Asset Value2		16.91%		11.62%		3.33%		10.70%		31.77%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$561,555		$485,196		$518,456		$559,933		$561,016
Average net assets (in thousands)		$535,770		$502,522		$541,020		$554,449		$517,750
Ratios to average net assets:3
Net investment income		1.12%		1.16%		1.05%		0.86%		0.87%
Expenses excluding specific expenses listed below		0.78%		0.79%		0.78%		0.77%		0.78%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		0.78%		0.79%		0.78%		0.77%		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
Portfolio turnover rate		35%		33%		44%		43%		49%

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:

Year Ended December 31, 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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12        OPPENHEIMER MAIN STREET FUND/VA

Service Shares	Year Ended     December 31, 2017	Year Ended   December 31, 2016	Year Ended   December 31, 2015	Year Ended   December 31, 2014	Year Ended   December 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$28.12	$28.98	$33.33	$30.99	$23.78
Income (loss) from investment operations:
Net investment income1	0.26	0.26	0.25	0.19	0.17
Net realized and unrealized gain	4.37	2.72	0.80	2.99	7.27
Total from investment operations	4.63	2.98	1.05	3.18	7.44
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.32)	(0.26)	(0.22)	(0.19)	(0.23)
Distributions from net realized gain	(0.52)	(3.58)	(5.18)	(0.65)	0.00
Total dividends and/or distributions to shareholders	(0.84)	(3.84)	(5.40)	(0.84)	(0.23)
Net asset value, end of period	$31.91	$28.12	$28.98	$33.33	$30.99
Total Return, at Net Asset Value2	16.63%	11.30%	3.11%	10.40%	31.44%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$785,379	$772,594	$715,328	$806,023	$915,027
Average net assets (in thousands)	$788,342	$725,836	$757,218	$856,467	$895,073
Ratios to average net assets:3
Net investment income	0.87%	0.94%	0.80%	0.61%	0.62%
Expenses excluding specific expenses listed below	1.03%	1.04%	1.03%	1.02%	1.04%
Interest and fees from borrowings	0.00%4	0.00%4	0.00%4	0.00%	0.00%
Total expenses5	1.03%	1.04%	1.03%	1.02%	1.04%
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
Portfolio turnover rate	35%	33%	44%	43%	49%

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:

Year Ended December 31, 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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13        OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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 the 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 determined necessary by the Manager.

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, if any, 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.

14        OPPENHEIMER MAIN STREET FUND/VA

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$27,437,720		$96,895,473		$21,074		$419,971,326

1. At period end, the Fund had $16,688 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$	16,688

Of these losses, $16,688 are subject to loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $163,657 per year.

2. The Fund had $4,386 of straddle losses which were deferred.

3. During the reporting period, the Fund utilized $109,852 of capital loss carryforward to offset capital gains realized in that fiscal year.

4. During the previous reporting period, the Fund utilized $2,513,988 of capital loss carryforward to offset capital gains realized in that fiscal year.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Increase to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Gain on Investments5
$9,349,839		$1,316,455		$10,666,294

5. $9,248,917, including $8,033,218 of long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	14,838,310	$	16,035,719
Long-term capital gain		22,340,916		140,967,871
Total	$	37,179,226	$	157,003,590

15        OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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	$	925,415,771
Gross unrealized appreciation	$	446,198,069
Gross unrealized depreciation		(26,226,743)
Net unrealized appreciation	$	419,971,326

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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 when 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

16        OPPENHEIMER MAIN STREET FUND/VA

3. Securities Valuation (Continued)

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	$	154,789,958	$	—	$	—	$	154,789,958
Consumer Staples		107,049,081		—		—		107,049,081
Energy		77,654,256		—		—		77,654,256
Financials		283,054,091		—		—		283,054,091
Health Care		185,518,787		—		—		185,518,787
Industrials		132,856,546		—		—		132,856,546
Information Technology		290,919,276		—		—		290,919,276
Materials		40,577,927		—		—		40,577,927
Telecommunication Services		24,979,519		—		—		24,979,519
Utilities		13,674,047		15,232,204		—		28,906,251
Investment Company		19,085,774		—		—		19,085,774
Total Assets	$	1,330,159,262	$	15,232,204	$	—	$	1,345,391,466

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 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.

17        OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		2,189,995		$	66,648,162			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		(2,388,470	)		(73,210,874	)		(4,296,043	)		(118,322,768)
Net increase (decrease)		332,254		$	9,551,567			(650,105	)	$	(20,488,952)
Service Shares
Sold		1,395,024		$	42,024,615			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		(5,216,278	)		(157,783,804	)		(5,466,756	)		(152,205,519)
Net increase (decrease)		(2,860,960	)	$	(86,863,753	)		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	$	461,098,565	$	577,122,786

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

18        OPPENHEIMER MAIN STREET FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

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 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 $19,816 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 $1.875 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 Fund’s Board. 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:

19        OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

10. Acquisition of Oppenheimer Equity Income Fund/VA (Continued)

	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 pro forma Statement of Operations would have been as follows (Unaudited):

Net investment income	$	12,883,960
Net gain on investments		190,984,944
Net increase in net assets resulting from operations		203,868,904

For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the tax cost basis of the investments received from Oppenheimer Equity Income Fund/VA were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Oppenheimer Equity Income Fund/VA that have been included in the Fund’s statement of operations since May 1, 2017.

20        OPPENHEIMER MAIN STREET FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

21        OPPENHEIMER MAIN STREET FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Capital gain distributions of $0.51985 per share were paid to Non-Service and Service shareholders, respectively, on June 20, 2017. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 68.27% to arrive at the amount eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

22        OPPENHEIMER MAIN STREET FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Manind Govil, Benjamin Ram and Paul Larson, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other large blend category funds underlying variable insurance products. The Board considered that the Fund outperformed its performance category median during the one-, three-, five- and ten-year periods.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other large blend funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses were higher than its peer group median and category median. The Board also considered that the Fund’s contractual management fee was lower than its category median and higher than its peer group median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

23        OPPENHEIMER MAIN STREET FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

24        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.

25        OPPENHEIMER MAIN STREET FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

26        OPPENHEIMER MAIN STREET FUND/VA

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Govil, Ram, Larson, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Manind Govil, Vice President (since 2009) Year of Birth: 1969	Senior Vice President, the Main Street Team Leader and a portfolio manager of the Sub-Adviser (since May 2009). Portfolio manager with RS Investment Management Co. LLC (October 2006-March 2009). Head of equity investments at The Guardian Life Insurance Company of America (August 2005-October 2006) when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC. Lead portfolio manager - large cap blend/core equity, co-head of equities and head of equity research (2001-July 2005), and was lead portfolio manager - core equity (April 1996-July 2005), at Mercantile Capital Advisers, Inc.A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Benjamin Ram, Vice President (since 2009) Year of Birth: 1972	Senior Portfolio Manager of the Sub-Adviser (since January 2011); Vice President and Portfolio Manager of the Sub-Adviser (May 2009 - December 2010). Sector Manager for Financial Investments and co-Portfolio Manager for mid-cap portfolios with the RS Core Equity Team of RS Investments Management Co. LLC (October 2006-May 2009); Portfolio Manager of Mid Cap Strategies, Sector Manager Financials at The Guardian Life Insurance Company of America (January 2006-October 2006) when Guardian Life Insurance acquired an interest in RS Investments Management Co. LLC. Financial analyst (2003-2005) and co-portfolio manager (2005-2006) at Mercantile Capital Advisers, Inc.; Bank analyst at Legg Mason Securities (2000-2003); senior financial analyst at the CitiFinancial division of Citigroup, Inc. (1997-2000). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Paul Larson, Vice President (since 2014) Year of Birth: 1971	Vice President of the Sub-Adviser (since January 2013). Prior to joining the Sub-Adviser, he was a portfolio manager and Chief Equity Strategist at Morningstar. He was previously an analyst at Morningstar covering the energy sector and oversaw the firm’s natural resources analysts. Prior to joining Morningstar in 2002, Mr. Larson was an analyst with The Motley Fool. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

27        OPPENHEIMER MAIN STREET FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

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31        OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

A Series of Oppenheimer Variable Account Funds

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

 December 31, 2017

Oppenheimer	Annual Report
Main Street Small Cap Fund/VA
A Series of Oppenheimer Variable Account Funds

ANNUAL 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 12/31/17

	Inception Date		1-Year		5-Year		10-Year
Non-Service Shares		5/1/98		14.15%		14.89%		9.29%
Service Shares		7/16/01		13.91		14.60		9.02
Russell 2000 Index				14.65		14.12		8.71

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 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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Prestige Brands Holdings, Inc.	2.0%
Korn/Ferry International	2.0
Visteon Corp.	1.9
On Assignment, Inc.	1.9
CACI International, Inc., Cl. A	1.9
Hostess Brands, Inc., Cl. A	1.8
Group 1 Automotive, Inc.	1.8
Brandywine Realty Trust	1.7
Zynga, Inc., Cl. A	1.7
Four Corners Property Trust, Inc.	1.7

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 December 31, 2017, and are based on the total market value of common stocks.

2       OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Performance Discussion

During the reporting period, the Fund’s Non-Service shares produced a return of 14.15%. In comparison, the Fund underperformed the Russell 2000 Index (the “Index”), which returned 14.65%. During the reporting period, Fund underperformed the Index within the Health Care, Consumer Discretionary and Financials sectors, as a result of weaker relative stock selection. The Fund outperformed the Index primarily within the Information Technology, Real Estate and Materials sectors, due to stronger relative stock selection.

MARKET OVERVIEW

2017 was a banner year in terms of fundamentals for the U.S. economy. One of the longest job expansions in U.S. history continued with more than 2 million jobs added for the seventh consecutive year and unemployment close to an all-time low. There were various other signs of improvement as well, in everything from high consumer confidence scores to declining murder rates in big cities (New York and Los Angeles were at record lows). Despite this, the inflation rate remained low. Most importantly for equity investors, U.S. corporate revenues and earnings growth accelerated.

These trends helped the equity market continue its strong upward trend in the fourth quarter, topping off a year that saw the S&P 500 Index post a total return of a robust 21.83%. The rally in the market was unusual in several aspects. First, the S&P 500 Index posted positive total returns in every single month of the year, which is something the Index has never done before. The market was also extremely calm, as market volatility (as measured by the CBOE Volatility Index) hit a new all-time low for the year. Finally, cumulative losses on the down days during 2017 were the lowest on record. For many, the investor experience of 2017 was about as good as it gets.

While nearly all parts of the market rose in 2017, there were some notable differences within the market. Namely, large capitalization stocks outperformed smaller capitalization stocks, and companies on the “growth” part of the spectrum vastly outperformed the “value” names.

Several factors drove investors’ increased appetite for risk. For one, the underlying economy remained on the steady growth track that it has been on for several years. And though the Federal Reserve raised rates a couple times during the year, liquidity remained abundant with interest rates still at historically low levels. Last but not least, excitement around corporate tax reform drove expectations for a burst in corporate profitability and overall economic growth.

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 is positioned 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 business plans. Lastly, 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. Companies with these qualities generally have more stable earnings.

TOP INDIVIDUAL CONTRIBUTORS

Holdings that were contributors to the Fund’s relative performance this period included Canada Goose Holdings, SiteOne Landscape Supply, and Korn/Ferry International. Canada Goose Holdings is a Canada-based designer, manufacturer, distributor and retailer of outerwear for men, women and children. Shares of Canada Goose rallied strongly late in the reporting period, following excellent fiscal second quarter results. The company posted strong order growth leading into the winter season for its increasingly popular down parkas. Bitterly cold weather at the end of December kept sell-thru to consumers brisk as well. SiteOne Landscape Supply is a national wholesale distributor of landscape supplies in the United States. During the year, the company executed solidly on both internal operations and its aggressive acquisition strategy, and was rewarded with a premium valuation.  We exited the stock in December as the share price moved above our fair value estimate. Korn/Ferry is an executive recruiting and talent management company. Korn/Ferry has benefitted from the overall strong global economic environment, as evidenced by strong earnings results and guidance reported during the period. The company is seeing revenue acceleration in all key business units, including the Hay Group organizational consulting practice acquired in 2015.

TOP INDIVIDUAL DETRACTORS

Top detractors from relative performance included Prestige Brands Holdings, Wesco Aircraft Holdings, and Matthews International. Prestige Brands is engaged in the marketing, sales and distribution of over-the-counter healthcare and household cleaning products. Organic revenue growth has been sluggish, but the company continues to execute well on acquiring and integrating products and brands. Wesco materially underperformed in 2017 given market share loss,

3        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

disappointing execution, senior management turnover, and concerns regarding slower aerospace industry aftermarket growth. Despite 2017’s disappointing results, we continue to hold the shares as we believe they have a favorable risk/reward at current levels. We expect new management to show progress in 2018 toward addressing many of the issues that plagued the company last year. Matthews International is a provider of graphic and imaging solutions, memorialization products and industrial technologies. It experienced declines due partly to a slowdown in demand for graphics services, as regulatory changes in food labeling on packages have been delayed.

STRATEGY & OUTLOOK

The U.S. economy continued its “slow and steady” growth during the reporting period. This has been driven by favorable employment as well as wage and inflation data, while home prices and innovation also continue to help drive the economy higher.

However, 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.

Volatility in the markets was unusually low in 2017. We expect heightened uncertainty to eventually return to 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 strong competitive positions, sound financials 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. With the corporate tax rate cut, the onus is on management teams to intelligently allocate any resulting capital “windfall” due to higher profitability.    Balancing amongst the competing constituencies of shareholders, employees and capital investment opportunities will demand the utmost in skill and discipline, and we are closely scrutinizing our companies’ capital allocation decisions as we move into 2018.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

4        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year         14.15%         5-Year         14.89%         10-Year         9.29%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year         13.91%         5-Year         14.60%         10-Year         9.02%

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.

5        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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares	$	1,000.00	$	1,067.00	$	4.18
Service shares		1,000.00		1,065.40		5.48
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.17		4.08
Service shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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 MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Shares		Value
Common Stocks—98.0%
Consumer Discretionary—10.4%
Auto Components—1.9%
Visteon Corp.1		167,400	$	20,948,436
Diversified Consumer Services—0.9%
Houghton Mifflin Harcourt Co.1		1,032,330		9,600,669
Hotels, Restaurants & Leisure—2.7%
Papa John’s International, Inc.		157,550		8,840,131
Sonic Corp.		485,980		13,354,730
Texas Roadhouse, Inc., Cl. A		143,510		7,560,107
				29,754,968
Media—0.6%
WideOpenWest, Inc.1		602,599		6,369,471
Multiline Retail—0.3%
Fred’s, Inc., Cl. A		724,440		2,933,982
Specialty Retail—2.9%
DSW, Inc., Cl. A		555,900		11,901,819
Group 1 Automotive, Inc.		271,600		19,275,452
				31,177,271
Textiles, Apparel & Luxury Goods—1.1%
Canada Goose Holdings, Inc.1		378,853		11,956,601
Consumer Staples—3.4%
Food Products—1.8%
Hostess Brands, Inc., Cl. A1		1,322,466		19,585,721
Personal Products—0.8%
elf Beauty, Inc.1		389,550		8,690,860
Tobacco—0.8%
Universal Corp.		165,570		8,692,425
Energy—3.2%
Energy Equipment & Services—0.2%
RigNet, Inc.1		163,302		2,441,365
Oil, Gas & Consumable Fuels—3.0%
Cone Midstream Partners LP2		381,329		6,394,887
Matador Resources Co.1		268,573		8,360,678
Noble Midstream Partners LP2		179,531		8,976,550
Renewable Energy Group, Inc.1		725,349		8,559,118
				32,291,233
Financials—24.0%
Capital Markets—1.2%
Stifel Financial Corp.		222,200		13,234,232
Commercial Banks—10.4%
Bank of NT Butterfield & Son Ltd. (The)		229,650		8,333,999
BankUnited, Inc.		399,695		16,275,580
Berkshire Hills Bancorp, Inc.		230,240		8,426,784
Chemical Financial Corp.		205,706		10,999,100
Customers Bancorp, Inc.1		229,600		5,967,304
FCB Financial Holdings, Inc., Cl. A1		210,119		10,674,045
IBERIABANK Corp.		141,040		10,930,600
MB Financial, Inc.		297,740		13,255,385
Sterling Bancorp		500,040		12,300,984
Webster Financial Corp.		286,940		16,114,550
				113,278,331
Insurance—0.9%
James River Group Holdings Ltd.		239,562		9,584,876
Real Estate Investment Trusts (REITs)—7.8%
Brandywine Realty Trust		1,035,320		18,832,471
CYS Investments, Inc.		1,921,000		15,425,630
DiamondRock Hospitality Co.		1,394,260		15,741,195
Four Corners Property Trust, Inc.		704,470		18,104,879
National Storage Affiliates Trust		609,406		16,612,408
				84,716,583

	Shares		Value
Real Estate Management & Development—1.0%
Realogy Holdings Corp.		400,660	$	10,617,490
Thrifts & Mortgage Finance—2.7%
Beneficial Bancorp, Inc.		431,750		7,102,288
OceanFirst Financial Corp.		423,593		11,119,316
Oritani Financial Corp.		375,090		6,151,476
WSFS Financial Corp.		107,240		5,131,434
				29,504,514
Health Care—10.5%
Biotechnology—3.3%
Clovis Oncology, Inc.1		62,440		4,245,920
Emergent BioSolutions, Inc.1		172,070		7,996,093
Exact Sciences Corp.1		121,860		6,402,524
Galapagos NV1		43,605		4,130,831
Ligand Pharmaceuticals, Inc.1		42,600		5,833,218
Sage Therapeutics, Inc.1		43,956		7,239,993
				35,848,579
Health Care Equipment & Supplies—3.2%
CryoPort, Inc.1		213,850		1,836,971
NuVasive, Inc.1		215,520		12,605,765
NxStage Medical, Inc.1		204,180		4,947,281
Quidel Corp.1		181,790		7,880,597
Wright Medical Group NV1		340,630		7,561,986
				34,832,600
Health Care Providers & Services—1.5%
Addus HomeCare Corp.1		116,482		4,053,574
Amedisys, Inc.1		229,240		12,083,240
				16,136,814
Pharmaceuticals—2.5%
Prestige Brands Holdings, Inc.1		499,186		22,168,850
TherapeuticsMD, Inc.1		875,090		5,285,544
				27,454,394
Industrials—19.0%
Aerospace & Defense—0.6%
Wesco Aircraft Holdings, Inc.1		886,480		6,559,952
Airlines—1.5%
Spirit Airlines, Inc.1		360,770		16,180,535
Building Products—0.9%
Masonite International Corp.1		137,861		10,222,393
Commercial Services & Supplies—3.2%
ACCO Brands Corp.1		1,180,727		14,404,869
Advanced Disposal Services, Inc.1		400,157		9,579,759
Matthews International Corp., Cl. A		197,660		10,436,448
				34,421,076
Construction & Engineering—2.2%
Dycom Industries, Inc.1		107,280		11,954,210
KBR, Inc.		594,461		11,788,162
				23,742,372
Electrical Equipment—1.5%
Generac Holdings, Inc.1		340,410		16,857,103
Machinery—3.9%
Greenbrier Cos., Inc. (The)		233,090		12,423,697
Manitowoc Co., Inc. (The)1		231,347		9,101,191
Navistar International Corp.1		218,560		9,371,853
Rexnord Corp.1		436,100		11,347,322
				42,244,063
Professional Services—3.9%
Korn/Ferry International		516,805		21,385,391
On Assignment, Inc.1		322,640		20,736,073
				42,121,464
Road & Rail—1.3%
Genesee & Wyoming, Inc., Cl. A1		184,350		14,513,875

7        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Information Technology—17.9%
Internet Software & Services—5.0%
Envestnet, Inc.1		167,080	$	8,328,938
Etsy, Inc.1		440,430		9,006,794
j2 Global, Inc.		212,383		15,935,096
Q2 Holdings, Inc.1		202,210		7,451,439
Yelp, Inc., Cl. A1		333,840		14,007,926
				54,730,193
IT Services—2.9%
CACI International, Inc., Cl. A1		156,559		20,720,583
Teradata Corp.1		297,480		11,441,081
				32,161,664
Semiconductors & Semiconductor Equipment—4.6%
Brooks Automation, Inc.		448,510		10,696,963
MaxLinear, Inc., Cl. A1		398,550		10,529,691
MKS Instruments, Inc.		150,450		14,217,525
Semtech Corp.1		438,960		15,012,432
				50,456,611
Software—5.4%
CommVault Systems, Inc.1		148,630		7,803,075
Paylocity Holding Corp.1		159,610		7,527,208
Pegasystems, Inc.		283,761		13,379,331
Proofpoint, Inc.1		135,880		12,067,503
Zynga, Inc., Cl. A1		4,558,800		18,235,200
				59,012,317

	Shares		Value
Materials—5.3%
Construction Materials—1.4%
Summit Materials, Inc., Cl. A1		488,661	$	15,363,502
Metals & Mining—3.2%
Allegheny Technologies, Inc.1		364,468		8,798,258
Compass Minerals International, Inc.		161,460		11,665,485
Kaiser Aluminum Corp.		134,679		14,390,451
				34,854,194
Paper & Forest Products—0.7%
PH Glatfelter Co.		336,470		7,213,917
Utilities—4.3%
Gas Utilities—1.3%
Suburban Propane Partners LP2		605,045		14,654,190
Multi-Utilities—3.0%
Black Hills Corp.		277,880		16,703,367
NorthWestern Corp.		259,320		15,481,404
				32,184,771
Total Common Stocks (Cost $845,347,345)				1,067,145,607
Investment Company—1.9%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%3,4 (Cost $20,455,339)		20,455,339		20,455,339
Total Investments, at Value (Cost $865,802,684)		99.9%		1,087,600,946
Net Other Assets (Liabilities)		0.1		809,112
Net Assets		100.0%	$	1,088,410,058

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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		30,101,780		313,568,286		323,214,727		20,455,339
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	20,455,339	$	123,943	$	—	$	—

See accompanying Notes to Financial Statements.

8        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $845,347,345)	$	1,067,145,607
Affiliated companies (cost $20,455,339)		20,455,339
		1,087,600,946
Cash		1,000,000
Receivables and other assets:
Dividends		555,887
Shares of beneficial interest sold		309,120
Other		71,100
Total assets		1,089,537,053
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		408,787
Investments purchased		359,689
Distribution and service plan fees		198,823
Trustees’ compensation		58,233
Shareholder communications		57,627
Other		43,836
Total liabilities		1,126,995
Net Assets	$	1,088,410,058
Composition of Net Assets
Par value of shares of beneficial interest	$	42,730
Additional paid-in capital		733,394,867
Accumulated net investment income		565,267
Accumulated net realized gain on investments and foreign currency transactions		132,608,932
Net unrealized appreciation on investments		221,798,262
Net Assets	$	1,088,410,058
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 $152,617,505 and 5,917,515 shares of beneficial interest outstanding)		$25.79
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $935,792,553 and 36,812,054 shares of beneficial interest outstanding)		$25.42

See accompanying Notes to Financial Statements.

9        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF OPERATIONS For the Year EndedDecember 31, 2017

Investment Income
Dividends:
Unaffiliated companies	$	11,457,439
Affiliated companies		123,943
Interest		35
Total investment income		11,581,417
Expenses
Management fees		7,243,026
Distribution and service plan fees – Service shares		2,297,899
Transfer and shareholder servicing agent fees:
Non-Service shares		150,326
Service shares		919,161
Shareholder communications:
Non-Service shares		21,461
Service shares		131,227
Trustees’ compensation		38,098
Borrowing fees		28,961
Custodian fees and expenses		5,586
Other		99,607
Total expenses		10,935,352
Less reduction to custodian expenses		(425	)
Less waivers and reimbursements of expenses		(53,955	)
Net expenses		10,880,972
Net Investment Income		700,445
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		146,347,008
Foreign currency transactions		(865	)
Net realized gain		146,346,143
Net change in unrealized appreciation/depreciation on investment transactions in unaffiliated companies		(7,293,562	)
Net Increase in Net Assets Resulting from Operations	$	139,753,026

See accompanying Notes to Financial Statements.

10        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended     December 31, 2017		Year Ended     December 31, 2016
Operations
Net investment income	$	700,445	$	5,176,771
Net realized gain		146,346,143		64,008,292
Net change in unrealized appreciation/depreciation		(7,293,562)		97,917,019
Net increase in net assets resulting from operations		139,753,026		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		(8,092,450)		(5,056,400)
Service shares		(49,338,866)		(33,184,812)
		(57,431,316)		(38,241,212)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(3,222,317)		(467,642)
Service shares		(50,919,555)		(43,913,591)
		(54,141,872)		(44,381,233)
Net Assets
Total increase		20,945,406		81,641,912
Beginning of period		1,067,464,652		985,822,740
End of period (including accumulated net investment income of $ 565,267 and $ 5,127,532, respectively)	$	1,088,410,058	$	1,067,464,652

See accompanying Notes to Financial Statements.

11        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$24.08		$21.32		$26.56		$27.80		$20.14
Income (loss) from investment operations:
Net investment income1		0.07		0.16		0.12		0.26		0.16
Net realized and unrealized gain (loss)		3.22		3.55		(1.28)		2.74		8.01
Total from investment operations		3.29		3.71		(1.16)		3.00		8.17
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.11)		(0.23)		(0.25)		(0.22)
Distributions from net realized gain		(1.36)		(0.84)		(3.85)		(3.99)		(0.29)
Total dividends and/or distributions to shareholders		(1.58)		(0.95)		(4.08)		(4.24)		(0.51)
Net asset value, end of period		$25.79		$24.08		$21.32		$26.56		$27.80
Total Return, at Net Asset Value2		14.15%		18.05%		(5.90)%		11.93%		41.01%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$152,617		$145,428		$129,104		$136,402		$134,692
Average net assets (in thousands)		$150,376		$130,889		$134,932		$133,864		$113,522
Ratios to average net assets:3
Net investment income		0.28%		0.74%		0.49%		0.99%		0.67%
Expenses excluding specific expenses listed below		0.80%		0.81%		0.80%		0.80%		0.81%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		0.80%		0.81%		0.80%		0.80%		0.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%6		0.80%		0.80%6		0.79%		0.80%
Portfolio turnover rate		42%		65%		43%		65%		60%

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:

Year Ended December 31, 2017	0.80	%
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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$23.75		$21.05		$26.26		$27.53		$19.96
Income (loss) from investment operations:
Net investment income1		0.01		0.10		0.06		0.19		0.10
Net realized and unrealized gain (loss)		3.18		3.49		(1.25)		2.71		7.93
Total from investment operations		3.19		3.59		(1.19)		2.90		8.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.16)		(0.05)		(0.17)		(0.18)		(0.17)
Distributions from net realized gain		(1.36)		(0.84)		(3.85)		(3.99)		(0.29)
Total dividends and/or distributions to shareholders		(1.52)		(0.89)		(4.02)		(4.17)		(0.46)
Net asset value, end of period		$25.42		$23.75		$21.05		$26.26		$27.53
Total Return, at Net Asset Value2		13.91%		17.67%		(6.09)%		11.66%		40.62%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$935,793		$922,037		$856,719		$968,637		$990,168
Average net assets (in thousands)		$919,475		$850,883		$927,514		$957,874		$935,083
Ratios to average net assets:3
Net investment income		0.03%		0.49%		0.24%		0.75%		0.43%
Expenses excluding specific expenses listed below		1.05%		1.06%		1.05%		1.05%		1.06%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		1.05%		1.06%		1.05%		1.05%		1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%6		1.05%		1.05%6		1.04%		1.05%
Portfolio turnover rate		42%		65%		43%		65%		60%

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:

Year Ended December 31, 2017	1.05	%
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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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.

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 the 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 determined necessary by the Manager.

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, if any, 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.

14        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2		Net Unrealized Appreciation Based on Cost of Securities and Other Investments for Federal Income Tax Purposes
$28,598,441		$106,709,787		$—		$219,722,465

1. During the reporting period, the Fund did not utilize any capital loss carryforward.

2. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Gain on Investments3
$11,009,347		$1,971,722		$12,981,069

3. $11,186,301, including $8,866,269 of long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	7,234,432	$	2,837,725
Long-term capital gain		57,431,316		38,241,212
Total	$	64,665,748	$	41,078,937

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	$      867,878,481
Gross unrealized appreciation	$      251,468,471
Gross unrealized depreciation	(31,746,006)
Net unrealized appreciation	$      219,722,465

15        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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 when 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 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:

16        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	112,741,398	$	—	$	—	$	112,741,398
Consumer Staples		36,969,006		—		—		36,969,006
Energy		34,732,598		—		—		34,732,598
Financials		260,936,026		—		—		260,936,026
Health Care		110,141,556		4,130,831		—		114,272,387
Industrials		206,862,833		—		—		206,862,833
Information Technology		196,360,785		—		—		196,360,785
Materials		57,431,613		—		—		57,431,613
Utilities		46,838,961		—		—		46,838,961
Investment Company		20,455,339		—		—		20,455,339
Total Assets	$	1,083,470,115	$	4,130,831	$	—	$	1,087,600,946

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 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.

17        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS 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. 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:

	Year Ended December 31, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares			Amount
Non-Service Shares
Sold		711,775	$	17,670,310		1,207,275		$	26,014,115
Dividends and/or distributions reinvested		392,769		9,410,741		272,999			5,738,444
Redeemed		(1,227,568)		(30,303,368)		(1,493,942	)		(32,220,201)
Net decrease		(123,024)	$	(3,222,317)		(13,668	)	$	(467,642)
Service Shares
Sold		2,321,546	$	56,712,198		3,595,856		$	73,971,132
Dividends and/or distributions reinvested		2,336,364		55,255,007		1,701,517			35,340,493
Redeemed		(6,662,764)		(162,886,760)		(7,186,807	)		(153,225,216)
Net decrease		(2,004,854)	$	(50,919,555)		(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	$	443,362,477	$	558,419,815

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

18        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

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 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	$5,408
Service shares	33,042

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 $15,505 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 $1.875 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 MAIN STREET SMALL CAP FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Small Cap Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMGLLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

20        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Capital gain distributions of $1.35712 per share were paid to Non-Service and Service shareholders, respectively, on June 20, 2017. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 24.41% to arrive at the amount eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

21        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS  Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Matthew Ziehl, Raymond Anello, Raman Vardharaj, Joy Budzinski, Kristin Ketner, Magnus Krantz and Adam Weiner, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other small blend underlying variable insurance products. The Board noted that the Fund outperformed its category median for each of the three-, five- and ten-year periods, although it underperformed its category median for the one-year period.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other small blend funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s contractual management fee and total expenses were lower than their respective peer group medians and category medians. The Board also considered that the Adviser has contractually agreed to limit the Fund’s total annual operating 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. 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.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee

22        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

23        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.

24        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

25        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Ziehl, Vardharaj, Anello, Krantz, Weiner, Mss. Lo Bessette, Budzinski, Ketner, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Matthew P. Ziehl, Vice President (since 2009) Year of Birth: 1967	Vice President and Senior Portfolio Manager of the Sub-Adviser (since May 2009). Portfolio manager with RS Investment Management Co. LLC (October 2006-May 2009); Managing Director at The Guardian Life Insurance Company (December 2001-October 2006) when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC. Team leader and co portfolio manager with Salomon Brothers Asset Management, Inc. for small growth portfolios (January 2001-December 2001). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Raman Vardharaj, Vice President (since 2009) Year of Birth: 1971	Vice President and portfolio manager of the Sub-Adviser (since May 2009). Sector manager and a senior quantitative analyst creating stock selection models, monitoring portfolio risks and analyzing portfolio performance across the RS Core Equity Team of RS Investment Management Co. LLC (October 2006-May 2009). Quantitative analyst at The Guardian Life Insurance Company of America (1998-October 2006) when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Raymond Anello, Vice President (since 2011) Year of Birth: 1964	Vice President of the Sub-Adviser (since May 2009) and a portfolio manager of the Sub-Adviser (since April 2011). Sector manager for energy and utilities for the Sub-Adviser’s Main Street Investment Team (since May 2009). Portfolio Manager of the RS All Cap Dividend product (from its inception in July 2007-April 2009) and served as a sector manager for energy and utilities for various other RS Investments products. Guardian Life Insurance Company (October 1999) and transitioned to RS Investments (October 2006) in connection with Guardian Life Insurance Company’s acquisition of an interest in RS Investments. Mr. Anello served as an equity portfolio manager/analyst and high yield analyst at Orion Capital (1995-1998) and an assistant portfolio manager at the Garrison Bradford portfolio management firm (1988-1995). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

26        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Joy Budzinski, Vice President (since 2012) Year of Birth: 1968	Vice President of the Sub-Adviser (since May 2009) and a portfolio manager of the Sub-Adviser (since November 2012). Sector manager for healthcare for the Sub-Adviser’s Main Street Investment Team (since May 2009). Healthcare sector manager at RS Investment and Guardian Life Insurance Company. Guardian Life Insurance Company (August 2006) and transitioned to RS Investments (October 2006) in connection with Guardian Life Insurance Company’s acquisition of an interest in RS Investments. Senior equity analyst at Bank of New York BNY Asset Management (2001 -2006); portfolio manager and analyst at Alliance of America (1999-2001); portfolio manager and analyst at JP Morgan Chase (1993-1997); analyst at Prudential Investments (1997-1998). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Kristin Ketner, Vice President (since 2012) Year of Birth: 1965	Vice President of the Sub-Adviser (since June 2009) and a portfolio manager of the Sub-Adviser (since November 2012). Sector manager for consumer discretionary and consumer staples for the Sub-Adviser’s Main Street Investment Team (since May 2009). Sector manager at RS Investment and Guardian Life Insurance Company. Guardian Life Insurance Company in February 2006 and transitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company’s acquisition of an interest in RS Investments. Portfolio Manager at Solstice Equity Management (2002-2005); retail analyst at Goldman Sachs (1999-2001); Director of Strategy and Integration at Staples (1997-1999); investment banker at Merrill Lynch (1987-1992 and 1995-1997) and Montgomery Securities (1994-1995). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Magnus Krantz, Vice President (since 2012) Year of Birth: 1967	Vice President of the Sub-Adviser (since May 2009) and a portfolio manager of the Sub-Adviser (since November 2012); sector manager for technology for the Sub-Adviser’s Main Street Investment Team (since May 2009). Prior to joining the Sub-Adviser, Mr. Krantz was a sector manager at RS Investment and Guardian Life Insurance Company. Mr. Krantz joined Guardian Life Insurance Company in December 2005 and transitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company’s acquisition of an interest in RS Investments. Portfolio manager and analyst at Citigroup Asset Management (1998-2005) and as a consultant at Price Waterhouse (1997-1998). He also served as product development engineer at Newbridge Networks (1993-1996) and as a software engineer at Mitel Corporation (1990-1993). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Adam Weiner, Vice President (since 2012) Year of Birth: 1969	Vice President of the Sub-Adviser (since May 2009) and a portfolio manager of the Sub-Adviser (since November 2012). Sector manager for industrials and materials for the Sub-Adviser’s Main Street Investment Team (since May 2009). Sector manager at RS Investment for industrials and materials (January 2007-April 2009). Director and senior equity analyst at Credit Suisse Asset Management (CSAM) (September 2004-December 2006). Equity analyst at Credit Suisse First Boston 2004-2006 (buy-side) and 1999-2004 (sell-side) and Morgan Stanley (1996-1999); internal auditor at Dun and Bradstreet (1992-1996). Budget analyst, Information Resources Division of the Executive Office of the President (1990-1992). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

27        OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

December 31, 2017

.

ANNUAL 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 12/31/17
With Compounding	0.82%
Without Compounding	0.82%
For the 12-Month Period Ended 12/31/17
With Compounding	0.39%
Without Compounding	0.39

Performance data quoted represents past performance, which does not guarantee future results. Yields include dividends in a hypothetical investment for the periods shown. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The yields take into account contractual and voluntary fee waivers and/or expense reimbursements, without which yields would have been lower. Some of these undertakings may be modified at any time, as indicated in the prospectus. There is no guarantee that the Fund will maintain a positive yield. The Fund’s performance should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s performance does not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

PORTFOLIO ALLOCATION
U.S. Government Agencies	60.2	%
Repurchase Agreements	31.8
Short-Term Notes/Commercial Paper	4.2
Investment Company	3.5
U.S. Government Obligations	0.3

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 percent 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, June 2017, and December 2017.

The Fund has benefited from the uptick in rates, as positions matured and we reinvested at higher rates. We would expect that should the Fed raise its overnight rate in March, as projected, the Fund’s yield would increase as well.

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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

1. In connection with new rules governing money market funds fully implemented in October 2016, effective April 29, 2016, Oppenheimer Money 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 December 31, 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 December 31, 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 July 1, 2017			Ending Account Value December 31, 2017			Expenses Paid During 6 Months Ended December 31, 2017
		$	1,000.00		$	1,002.90		$	2.53
Hypothetical (5% return before expenses)
			1,000.00			1,022.68			2.55

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). This annualized expense ratio, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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 December 31, 2017

	Maturity Date*		Final Legal Maturity Date**		Principal Amount		Value
Short-Term Notes/Commercial Paper—4.3%
New York City Housing Development Corp.:
1.56%1		1/5/18		1/5/18	$	2,000,000	$	2,000,000
1.65%1		1/5/18		1/5/18		5,780,000		5,780,000
1.70%1		1/5/18		1/5/18		3,550,000		3,550,000
1.70%1,2		1/5/18		1/5/18		1,500,000		1,500,000
New York State Housing Finance Agency, 1.70%1,2		1/5/18		1/5/18		4,530,000		4,530,000
Osceola County, FL Housing Finance Authority, 1.79%1,2		1/5/18		1/5/18		1,000,000		1,000,000
Total Short-Term Notes/Commercial Paper (Cost $18,360,000)								18,360,000
U.S. Government Agencies—61.4%
Federal Agricultural Mortgage Corp., 1.41% [FEDL01+(1)]3		1/2/18		7/3/18		3,000,000		3,000,000
Federal Farm Credit Bank:
1.271%		5/30/18		5/30/18		3,000,000		2,998,524
1.291%		6/1/18		6/1/18		1,000,000		999,212
1.38% [FCPR DLY+(312)]3		1/2/18		1/2/19		1,500,000		1,500,000
Federal Home Loan Bank:
0.75%		1/25/18		1/25/18		3,500,000		3,499,127
0.875%		1/30/18		1/30/18		1,800,000		1,799,609
1.036% [US0003M+(38)]3		2/15/18		2/15/18		2,000,000		1,999,467
1.118%		2/16/18		2/16/18		11,000,000		10,984,360
1.128%		1/12/18		1/12/18		16,000,000		15,994,488
1.129% [US0003M+(22)]3		1/9/18		7/9/18		1,000,000		999,926
1.137%		3/19/18		3/19/18		1,000,000		999,415
1.138%		2/28/18		2/28/18		3,000,000		2,994,530
1.143%		1/26/18		1/26/18		1,000,000		999,208
1.148%		1/23/18		1/23/18		2,000,000		1,998,601
1.166%		3/7/18		3/7/18		2,000,000		1,995,811
1.173%		2/9/18		2/9/18		3,500,000		3,495,576
1.187%		3/19/18		3/19/18		2,000,000		1,994,952
1.208%		1/5/18		1/5/18		3,000,000		2,999,598
1.21%		1/3/18		1/3/18		2,000,000		1,999,866
1.212%		1/8/18		1/8/18		4,000,000		3,999,059
1.224%		2/20/18		2/20/18		4,000,000		3,993,222
1.228%		1/10/18		1/10/18		12,000,000		11,996,323
1.241%		1/18/18		1/18/18		15,000,000		14,991,217
1.252%		1/19/18		1/19/18		10,000,000		9,993,751
1.256%		1/22/18		1/22/18		20,000,000		19,985,358
1.259%		1/17/18		1/17/18		11,000,000		10,993,849
1.262%		2/14/18		2/14/18		2,000,000		1,996,925
1.268%		2/2/18		2/2/18		12,000,000		11,986,494
1.273%		1/24/18		1/24/18		21,800,000		21,782,291
1.277%		2/5/18		2/5/18		10,000,000		9,987,604
1.287%		2/15/18		2/15/18		11,200,000		11,182,009
1.292%		1/29/18		1/29/18		10,000,000		9,989,967
1.297% [US0001M+(13.5)]3		1/9/18		5/9/18		1,000,000		1,000,000
1.302% [US0003M+(16)]3		2/26/18		2/26/18		3,000,000		3,000,185
1.306% [US0003M+(6.5)]3		1/26/18		1/26/18		2,000,000		2,000,357
1.309% [US0003M+(4)]3		1/8/18		1/8/18		2,000,000		2,000,065
1.318% [US0003M+(16.25)]3		3/1/18		3/1/18		1,000,000		1,000,085
1.328%		3/16/18		3/16/18		1,000,000		997,278
1.346% [US0001M+(14.5)]3		1/17/18		4/17/18		1,000,000		1,000,000
1.371% [US0001M+(13)]3		1/20/18		8/20/18		1,000,000		1,000,000
1.375%		3/9/18		3/9/18		2,000,000		2,000,573
1.377% [US0001M+(17.5)]3		1/25/18		1/25/18		1,000,000		1,000,000
1.384% [US0003M+(19)]3		3/14/18		9/14/18		1,000,000		1,000,000
1.387% [US0001M+(16.5)]3		1/25/18		1/25/18		2,000,000		1,999,986
1.392% [US0001M+(14.25)]3		1/22/18		5/22/18		1,500,000		1,499,982
1.75%		12/14/18		12/14/18		1,000,000		999,605
2.00%		9/14/18		9/14/18		1,500,000		1,502,861
2.375%		3/9/18		3/9/18		1,600,000		1,603,496
Federal Home Loan Mortgage Corp.:
0.75%		1/12/18		1/12/18		3,000,000		2,999,601
0.75%		1/26/18		1/26/18		1,000,000		999,687
0.875%		3/7/18		3/7/18		2,532,000		2,530,026

5      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF INVESTMENTS Continued

	Maturity Date*		Final Legal Maturity Date**		Principal Amount		Value
U.S. Government Agencies (Continued)
Federal Home Loan Mortgage Corp.: (Continued)
1.05%		2/26/18		2/26/18	$	500,000	$	499,777
1.543% [US0003M+2]3		3/8/18		3/8/18		2,000,000		2,000,703
Federal National Mortgage Assn.:
0.875%		2/8/18		2/8/18		1,950,000		1,949,306
1.00%		2/14/18		2/14/18		1,400,000		1,399,702
1.161%		3/28/18		3/28/18		2,000,000		1,998,192
1.592% [US0003M+(5)]3		3/21/18		3/21/18		2,000,000		2,000,902
Freddie Mac:
1.194%		2/9/18		2/9/18		2,000,000		1,997,422
1.195%		3/1/18		3/1/18		1,000,000		998,050
Tennessee Valley Authority:
1.241%		1/2/18		1/2/18		2,000,000		1,999,931
1.287%		1/23/18		1/23/18		10,000,000		9,992,147
Total U.S. Government Agencies (Cost $261,100,258)								261,100,258
U.S. Government Obligations—0.4%
United States Treasury Nts., 1.145% (Cost $1,499,654)		1/31/18		1/31/18		1,500,000		1,499,654
Repurchase Agreements—32.4%
Repurchase Agreements4 (Cost $138,100,000)						138,100,000		138,100,000
					Shares
Investment Company—3.6%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%5,6 (Cost $15,295,885)				15,295,885		15,295,885
Total Investments, at Value (Cost $434,355,797)						102.1%		434,355,797
Net Other Assets (Liabilities)						(2.1)		(8,751,513)
Net Assets						100.0%	$	425,604,284

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. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

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. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

4. 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		1.40%		12/29/17		1/2/18		$5,900,000	U.S. Treasury Bonds, 5.25%, 2/15/29 and U.S. Treasury Nts., 2.125%-3.50%, 2/15/18-1/31/21 and U.S. Treasury Bills, 0.00%, 4/26/18		$(6,018,938)		$5,900,000		$5,900,920
Credit Agricole Corp. & Investment Bank		1.41		12/28/17		1/4/18		4,000,000	U.S. Treasury Nts., 1.375%, 1/31/20 and U.S. Government Agency Mortgages, 3.75%, 3/27/19		(4,081,208)		4,000,000		4,001,185
Deutsche Bank Securities, Inc.		1.35		12/14/17		1/16/18		5,000,000	U.S. Treasury Nts., 2.625%, 11/15/20		(5,103,657)		5,000,000		5,003,585
Deutsche Bank Securities, Inc.		1.40		12/29/17		1/2/18		1,000,000	U.S. Treasury Nts., 2.625%, 11/15/20		(1,020,180)		1,000,000		1,000,177
Deutsche Bank Securities, Inc.		1.41		12/29/17		1/2/18		3,000,000	U.S. Treasury Nts., 2.625%, 11/15/20		(3,060,541)		3,000,000		3,000,530
INTL FCStone Financial, Inc.		1.35		12/26/17		1/2/18		5,000,000	U.S. Treasury Nts., 0%-3.375%, 2/15/19-5/15/36 and U.S. Government Agency Mortgages, 1.50%-9.50%, 8/1/18-7/25/48		(5,256,549)		5,000,000		5,001,313

6      OPPENHEIMER GOVERNMENT MONEY FUND/VA

Footnotes to Statement of Investments (Continued)

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
INTL FCStone Financial, Inc.		1.35%		12/26/17		1/2/18		$10,000,000	U.S. Government Agency Mortgages, 1.145%- 1.23%, 5/24/19-9/20/19		$(10,203,343)		$10,000,000		$10,002,625
RBC Dominion Securities, Inc.		1.34		12/26/17		1/2/18		2,000,000	U.S. Treasury Bonds, 3.125%-8.875%, 2/15/19- 8/15/44 and U.S. Treasury Nts., 0.125%-2.25%, 1/31/19-8/15/27		(2,040,539)		2,000,000		2,000,528
RBC Dominion Securities, Inc.		1.38		12/29/17		1/2/18		35,200,000	U.S. Government Agency Mortgages, 3.00%- 5.00%, 11/1/32-1/1/47		(35,909,506)		35,200,000		35,205,398
South Street Securities LLC		1.55		12/29/17		1/2/18		50,000,000	U.S. Government Agency Mortgages, 1.44%- 7.00%, 4/1/18-6/1/47		(51,008,784)		50,000,000		50,008,612
TD Securities (USA) LLC		1.40		12/29/17		1/2/18		10,000,000	U.S. Treasury Nts., 0.625%-2.125%, 1/15/24-2/29/24		(10,201,602)		10,000,000		10,001,570
TD Securities (USA) LLC		1.41		12/29/17		1/5/18		7,000,000	U.S. Treasury Nts., 0.625%-2.125%, 6/30/22-1/15/24		(7,141,205)		7,000,000		7,001,182
											$(141,046,052)		$138,100,000		$138,127,625

a. Includes accrued interest.

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

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

	Shares December 31, 2016		Gross Additions		Gross Reductions		Shares December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		—		15,295,885		—		15,295,885
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	15,295,885	$	110,266	$	—	$	—

Glossary:
Definitions
FCPR DLY	Federal Reserve Bank Prime Loan Rate US Daily
FEDL01	US Federal Funds Effective Rate (continuous series)
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month

See accompanying Notes to Financial Statements.

7      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $280,959,912)	$	280,959,912
Affiliated companies (cost $15,295,885)		15,295,885
Repurchase agreements (cost $138,100,000)		138,100,000
		434,355,797
Cash		154,986
Receivables and other assets:
Shares of beneficial interest sold		221,519
Interest		182,574
Other		52,438
Total assets		434,967,314
Liabilities
Payables and other liabilities:
Investments purchased (including $7,031,128 purchased on a when-issued or delayed delivery basis)		8,531,128
Shares of beneficial interest redeemed		598,008
Dividends		135,673
Trustees’ compensation		47,394
Shareholder communications		11,074
Other		39,753
Total liabilities		9,363,030
Net Assets	$	425,604,284
Composition of Net Assets
Par value of shares of beneficial interest	$	425,579
Additional paid-in capital		425,185,529
Accumulated net investment loss		(6,243	)
Accumulated net realized loss on investments		(581	)
Net Assets—applicable to 425,578,820 shares of beneficial interest outstanding	$	425,604,284
Net Asset Value Per Share, 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 Year Ended December 31, 2017

Investment Income
Interest	$	4,237,438
Dividends from affiliated companies		110,266
Total investment income		4,347,704
Expenses
Management fees		2,196,845
Transfer and shareholder servicing agent fees		488,981
Shareholder communications		38,541
Trustees’ compensation		55,848
Custodian fees and expenses		606
Other		104,376
Total expenses		2,885,197
Less reduction to custodian expenses		(219	)
Less waivers and reimbursements of expenses		(440,074	)
Net expenses		2,444,904
Net Investment Income		1,902,800
Realized Loss		(366	)
Net Increase in Net Assets Resulting from Operations	$	1,902,434

See accompanying Notes to Financial Statements.

9      OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017			Year Ended December 31, 2016
Operations
Net investment income	$	1,902,800		$	147,995
Net realized loss		(366	)		(215	)
Net increase in net assets resulting from operations		1,902,434			147,780
Dividends and/or Distributions to Shareholders
Dividends from net investment income		(1,903,588	)		(153,515	)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions		(116,364,487	)		(2,106,660,389	)
Net Assets
Total decrease		(116,365,641	)		(2,106,666,124	)
Beginning of period		541,969,925			2,648,636,049
End of period (including accumulated net investment income (loss) of $(6,243) and $20,133, respectively)	$	425,604,284		$	541,969,925

See accompanying Notes to Financial Statements.

10      OPPENHEIMER GOVERNMENT MONEY FUND/VA

FINANCIAL HIGHLIGHTS

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income1		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gain (loss)		(0.00	)2		(0.00	)2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
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
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return, at Net Asset Value3		0.39%			0.01%			0.01%			0.01%			0.01%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	425,604		$	541,970		$	2,648,636		$	515,297		$	177,026
Average net assets (in thousands)	$	488,532		$	1,470,447		$	1,144,581		$	329,045		$	178,263
Ratios to average net assets:4
Net investment income		0.39%			0.01%			0.01%			0.01%			0.01%
Total expenses		0.59%	5		0.55%	5		0.53%	5		0.57%	5		0.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50%			0.35%			0.19%			0.15%			0.22%

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:

Year Ended December 31, 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 December 31, 2017

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.

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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain	Accumulated Loss Carryforward1,2,3
$179,456	$—	$581

1. At period end, the Fund had $581 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$                        581

2. During the reporting period, the Fund did not utilize any capital loss carryforwards.

3. During the previous reporting period, the Fund did not utilize any capital loss carryforwards.

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.

12      OPPENHEIMER GOVERNMENT MONEY FUND/VA

2. Significant Accounting Policies (Continued)

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Reduction to Accumulated Net Investment Income
$25,588	$25,588

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from: Ordinary income	$	1,903,588	$	153,515

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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 when 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 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	$	—	$	18,360,000	$	—	$	18,360,000
U.S. Government Agencies		—		261,100,258		—		261,100,258
U.S. Government Obligations		—		1,499,654		—		1,499,654
Repurchase Agreement		—		138,100,000		—		138,100,000
Investment Company		15,295,885		—		—		15,295,885
Total Assets	$	15,295,885	$	419,059,912	$	—	$	434,355,797

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		$7,031,128

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

14      OPPENHEIMER GOVERNMENT MONEY FUND/VA

5. Market Risk Factors (Continued)

foreign curre.ncy. 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. Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Sold		306,082,431		$	306,082,431			1,180,358,383		$	1,180,358,383
Dividends and/or distributions reinvested		1,769,951			1,769,951			159,576			159,576
Redeemed		(424,216,869	)		(424,216,869	)		(3,287,178,348	)		(3,287,178,348	)
Net decrease		(116,364,487	)	$	(116,364,487	)		(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

15      OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

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 0.50%. During the reporting period, the Manager waived and/or reimbursed the Fund $427,655.

    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 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, 2018	$	3,773,037
December 31, 2019		2,982,813
December 31, 2020		427,655

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 $12,419 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

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:

Counterparty	Repurchase Agreement Proceeds to be Received 1		Collateral Received1		Net Exposure2
Repurchase Agreements
Credit Agricole Corp. & Investment Bank		$5,900,920		$(6,018,938)		$(118,018)
Credit Agricole Corp. & Investment Bank		4,001,185		(4,081,208)		(80,023)
Deutsche Bank Securities, Inc.		5,003,585		(5,103,657)		(100,072)
Deutsche Bank Securities, Inc.		1,000,177		(1,020,180)		(20,003)
Deutsche Bank Securities, Inc.		3,000,530		(3,060,541)		(60,011)
INTL FCStone Financial, Inc.		5,001,313		(5,256,549)		(255,236)
INTL FCStone Financial, Inc.		10,002,625		(10,203,343)		(200,718)
RBC Dominion Securities, Inc.		2,000,528		(2,040,539)		(40,011)
RBC Dominion Securities, Inc.		35,205,398		(35,909,506)		(704,108)
South Street Securities LLC		50,008,612		(51,008,784)		(1,000,172)
TD Securities (USA) LLC		10,001,570		(10,201,602)		(200,032)
TD Securities (USA) LLC		7,001,182		(7,141,205)		(140,023)
		$138,127,625

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

    We have audited the accompanying statement of assets and liabilities of Oppenheimer Government Money Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

    These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMGLLP

    We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

17      OPPENHEIMER GOVERNMENT MONEY FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

    The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

18      OPPENHEIMER GOVERNMENT MONEY FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

    The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

    The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

    Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

    Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

    The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Christopher Proctor and Adam Wilde, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

    Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other money market taxable category funds. The Board considered that the Fund outperformed its category median during the ten-year period, and performed in line with its performance category median during the one-, three- and five-year periods.

    Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load money market taxable money market-taxable funds underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses, net of waivers, were lower than its peer group median and its category median. The Board also considered that the Fund’s contractual management fee was higher than both its peer group median and its category median. The Board noted that the Adviser has contractually agreed to limit the Fund’s total annual operating expenses so that those expenses, as a percentage of daily net assets, will not exceed the annual rate of 0.50%. This contractual expense limitation may not be amended or withdrawn until one year after the date of the Fund’s prospectus, unless approved by the Board. The Board also considered that the Adviser voluntarily agreed to waive fees to assist the Fund in attempting to maintain a positive yield, although there is no guarantee that the Fund will maintain a positive yield. This voluntary fee waiver may be amended or withdrawn at any time without prior notice to shareholders.

    Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the

19      OPPENHEIMER GOVERNMENT MONEY FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

    Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

    Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

    Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

20      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.

21      OPPENHEIMER GOVERNMENT MONEY FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

22      OPPENHEIMER GOVERNMENT MONEY FUND/VA

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (Since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Proctor, Wilde and Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Christopher Proctor, Vice President (since 2010) Year of Birth: 1968	Head of the Cash Strategies Team (since July 2013); Senior Vice President of the Sub-Adviser (since July 2013) and Senior Portfolio Manager of the Sub-Adviser (since January 2010). Vice President of the Sub-Adviser (August 2008-July 2013). Vice President at Calamos Asset Management (January 2007-March 2008) and Scudder-Kemper Investments (1999- 2002). Managing Director and Co-Founder of Elmhurst Capital Management (June 2004-January 2007); Senior Manager of Research for Etrade Global Asset Management (2002-2004). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Adam S. Wilde, Vice President (since 2013) Year of Birth: 1978	Vice President of the Sub-Adviser (since May 2011) and a Portfolio Manager of the Sub-Adviser (since July 2013). He served as the head of credit research for the cash strategies team of the Sub-Adviser (from 2011 to 2013), and as an Assistant Vice President and senior research analyst of the Sub-Adviser (from 2008 to 2011). Mr. Wilde served as an intermediate research analyst of the Sub-Adviser (from 2007 to 2008) and served in other analyst roles of the Sub-Adviser (since 2002). Mr. Wilde joined the Sub-Adviser in 2001. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.

23      OPPENHEIMER GOVERNMENT MONEY FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

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27      OPPENHEIMER GOVERNMENT MONEY FUND/VA

OPPENHEIMER GOVERNMENT MONEY FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

December 31, 2017
Oppenheimer
Global Strategic Income Fund/VA	Annual Report
A Series of Oppenheimer Variable Account Funds
ANNUAL REPORT
Listing of Top Holdings
Fund Performance Discussion
Financial Statements

PORTFOLIO MANAGERS¹: Michael Mata, Krishna Memani, Ruta Ziverte, and Chris Kelly, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/17

	Inception Date	1-Year			5-Year			10-Year
Non-Service Shares	5/3/93		6.27	%		2.59	%		4.31	%
Service Shares	3/19/01		6.04			2.33			4.03
Bloomberg Barclays U.S. Aggregate Bond Index			3.54			2.10			4.01

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.

TOP HOLDINGS AND ALLOCATIONS

PORTFOLIO ALLOCATION
Corporate Bonds and Notes	40.4%
Investment Companies
Oppenheimer Institutional Government Money Market Fund	2.3
Oppenheimer Master Event-Linked Bond Fund, LLC	2.1
Oppenheimer Master Loan Fund, LLC	13.2
Oppenheimer Ultra-Short Duration Fund	7.4
Mortgage-Backed Obligations
Government Agency	12.1
Non-Agency	9.6
Foreign Government Obligations	7.6
Asset-Backed Securities	3.5
Preferred Stocks	0.7
Short-Term Notes	0.5
Structured Securities	0.3
Common Stocks	0.2
Corporate Loans	0.1
Over-the-Counter Interest Rate Swaptions Purchased	—*
Exchange-Traded Options Purchased	—*
Rights, Warrants and Certificates	—*
Over-the-Counter Options Purchased	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on total market value of investments. For more current Fund holdings, please visit oppen-heimerfunds.com.

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on the total market value of investments.

1. Effective January 24, 2018, the Fund’s Portfolio is managed by Hemant Baijal, the lead portfolio manager, Krishna Memani, Ruta Ziverte and Chris Kelly, CFA, who are primarily responsible for the day-to-day management of the Fund’s investments.

2      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 6.27% during the reporting period, versus the 3.54% return provided by the Bloomberg Barclays U.S. Aggregate Bond Index.

MARKET OVERVIEW

Global economic data continued to improve during the reporting period. The cyclical uptick is encouraging with

improvements in global investment, trade, and industrial production. Business and consumer confidence are at cyclical highs in many countries. Growth expectations remain upbeat with certain countries, like Canada, exceeding expectations. Latin America (LatAm) is a different story with growth being more challenged overall with the exception of Brazil. LatAm also faces a number of political challenges over the course of the year with elections in several countries and NAFTA negotiations.

In the U.S., the expansion continues as the economy is nearing the Fed’s dual mandate of full employment and price stability. While inflation surprised to the downside for a few months in a row, the Fed sees it as temporary and is moving forward its balance sheet normalization program. In the Fed’s December meeting, the committee continued to signal the expectation for three hikes in 2018 and three to four hikes in 2019. The Treasury curve sold off dramatically as the markets finally began taking the Fed’s message to heart and anticipated a rising interest rate environment. Despite that, credit and equity markets continue to be well-behaved, focusing on improving issuer fundamentals and the prospective benefits from tax reform.

FUND REVIEW

For the one-year reporting period, the Fund’s strongest absolute results stemmed from its exposure to high yield and emerging market credits.

In high yield, the Fund benefited most from its exposure to the healthcare sector. Being overweight the sector along with good security selection added to outperformance. Credit selection was positive during the period and benefited from our exposure to higher beta hospital operators, which outperformed primarily due to event-driven catalysts. Pharmaceutical credits remained topical and were volatile in the period given frequent headlines on potential drug pricing actions from Washington D.C. One of our pharmaceutical holdings in which we have an overweight position benefited from a turn in sentiment as its new management team delivered on asset sales and actions to mitigate the impact of loss of exclusivity (LOE) and encroachment from generics.

Emerging market credit outperformed U.S. and European markets in 2017. The Fund maintained an overall neutral position, but with a greater tilt toward higher-yielding credits, in particular state-owned oil & gas companies that have been repairing their credit profiles, but offered a significant yield advantage over their government bonds. The main contributors to performance included Brazil and Ukraine.

The largest detractors from performance were driven by a small allocation to catastrophe bonds which were affected by the multiple events that struck North America and the Caribbean.

STRATEGY & OUTLOOK

The outlook for the global economy continues to be positive with synchronized global growth close to 3.5%. Credit fundamentals, outside of some distressed sectors like retail and fixed line telecommunications, continue to improve modestly due to earnings growth and a lack of capital expenditures. Higher commodity prices, driven by rising demand, even in oil, have had a positive effect especially on high yield and emerging market credits. Given our expectation that growth will stabilize around current levels, our outlook remains positive. The passage of a tax deal that reduces corporate taxes to 21% will also be positive for most issuers in our view.

There are some potential headwinds to prospective returns. Valuations are rich relative to historical levels, leaving little cushion for potential negative shocks. That valuations appear somewhat rich at this point in the cycle is not unusual in our view, especially when growth is positive and fundamentals are improving. The new Fed Chairman, Jerome Powell, is expected to continue Chair Yellen’s gradual approach to normalization and has been well received by market participants.

Solid economic fundamentals and positive earnings growth lead us to continue to like spread sectors such as corporate credit and securitized credit, though we have reduced our exposure recently based on valuations and have rotated away from some of the higher beta sectors. We like senior floating rate loans for similar reasons. In addition, we believe loans should outperform other credit sectors if the Fed hikes rates at a more aggressive pace than the market expects. In addition, we continue to look for opportunities to add to our positions in mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS) on any widening of spreads. Internationally, we expect strong performance from emerging market local bonds over the next few months as we believe

3      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

the growth differential continues to favor emerging market assets. From a valuation perspective, we believe real yields remain at high enough levels to absorb further modest monetary tightening in developed markets.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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.

4      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year 6.27% 5-Year 2.59% 10-Year 4.31%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year 6.04% 5-Year 2.33% 10-Year 4.03%

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.

5      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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares	$	1,000.00	$	1,024.00	$	3.83
Service shares		1,000.00		1,021.30		5.11
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.42		3.83
Service shares		1,000.00		1,020.16		5.10

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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.

6      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS December 31, 2017

	Principal Amount		Value
Asset-Backed Securities—3.9%
American Credit Acceptance Receivables Trust:
Series 2014-4, Cl. D, 5.24%, 2/10/221		$160,000		$        160,890
Series 2015-1, Cl. B, 2.85%, 2/12/211		30,142		30,152
Series 2015-3, Cl. B, 3.56%, 10/12/211		135,270		135,664
Series 2015-3, Cl. C, 4.84%, 10/12/211		580,000		591,448
Series 2015-3, Cl. D, 5.86%, 7/12/221		275,000		280,874
Series 2016-4, Cl. B, 2.11%, 2/12/211		510,000		509,669
Series 2017-3, Cl. B, 2.25%, 1/11/211		135,000		134,550
Series 2017-4, Cl. B, 2.61%, 5/10/211		180,000		179,919
Series 2017-4, Cl. C, 2.94%, 1/10/241		510,000		509,622
Series 2017-4, Cl. D, 3.57%, 1/10/241		438,000		437,475
AmeriCredit Automobile Receivables Trust:
Series 2013-3, Cl. D, 3.00%, 7/8/19		410,684		411,104
Series 2013-4, Cl. D, 3.31%, 10/8/19		520,000		521,775
Series 2015-2, Cl. D, 3.00%, 6/8/21		505,000		510,169
Series 2017-2, Cl. D, 3.42%, 4/18/23		830,000		839,005
Series 2017-4, Cl. D, 3.08%, 12/18/23		640,000		638,077
Cabela’s Credit Card Master Note Trust:
Series 2013-2A, Cl. A2, 2.127%
[LIBOR01M+65], 8/16/211,2		280,000		280,972
Series 2016-1, Cl. A1, 1.78%, 6/15/22		870,000		865,187
Series 2016-1, Cl. A2, 2.327%
[LIBOR01M+85], 6/15/222		1,690,000		1,706,296
Capital Auto Receivables Asset Trust:
Series 2014-1, Cl. D, 3.39%, 7/22/19		185,000		185,522
Series 2017-1, Cl. D, 3.15%, 2/20/251		110,000		109,477
Capital One Multi-Asset Execution Trust:
Series 2016-A1, Cl. A1, 1.927%
[LIBOR01M+45], 2/15/222		1,075,000		1,080,288
Series 2016-A3, Cl. A3, 1.34%, 4/15/22		805,000		796,971
CarFinance Capital Auto Trust:
Series 2014-1A, Cl. D, 4.90%, 4/15/201		390,000		395,755
Series 2015-1A, Cl. A, 1.75%, 6/15/211		54,267		54,203
CarMax Auto Owner Trust:
Series 2014-2, Cl. D, 2.58%, 11/16/20		450,000		450,980
Series 2015-2, Cl. D, 3.04%, 11/15/21		175,000		175,894
Series 2015-3, Cl. D, 3.27%, 3/15/22		610,000		612,135
Series 2016-1, Cl. D, 3.11%, 8/15/22		465,000		468,503
Series 2016-3, Cl. D, 2.94%, 1/17/23		315,000		311,680
Series 2016-4, Cl. D, 2.91%, 4/17/23		710,000		701,080
Series 2017-1, Cl. D, 3.43%, 7/17/23		630,000		630,359
Series 2017-4, Cl. D, 3.30%, 5/15/24		280,000		278,135
CCG Receivables Trust, Series 2017-1,
Cl. B, 2.75%, 11/14/231		635,000		628,840
Chase Issuance Trust, Series 2014-
A5, Cl. A5, 1.847% [LIBOR01M+37], 4/15/212		675,000		677,664
CIG Auto Receivables Trust, Series 2017-1A, Cl. A, 2.71%, 5/15/231		342,904		342,436
Citibank Credit Card Issuance Trust,
Series 2014-A6, Cl. A6, 2.15%, 7/15/21		575,000		575,726
CNH Equipment Trust, Series 2017-C, Cl.
B, 2.54%, 5/15/25		185,000		184,141
CPS Auto Receivables Trust:
Series 2013-C, Cl. D, 6.59%, 8/15/191		255,000		259,305
Series 2017-C, Cl. A, 1.78%, 9/15/201		192,001		191,719
Series 2017-C, Cl. B, 2.30%, 7/15/211		275,000		273,952
CPS Auto Trust:
Series 2017-A, Cl. B, 2.68%, 5/17/211		60,000		60,092
Series 2017-D, Cl. B, 2.43%, 1/18/221		470,000		468,453
Credit Acceptance Auto Loan Trust,
Series 2017-3A, Cl. C, 3.48%, 10/15/263		565,000		561,245
CWABS Asset-Backed Certificates
Trust, Series 2005-14, Cl. 1A1, 1.782%
[US0001M+23], 4/25/362		274,210		274,811
Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/221		190,000		188,985

	Principal Amount		Value
Asset-Backed Securities (Continued)
Discover Card Execution Note Trust:
Series 2012-A6, Cl. A6, 1.67%, 1/18/22		$805,000		$800,590
Series 2016-A1, Cl. A1, 1.64%, 7/15/21		1,860,000		1,854,311
Series 2016-A4, Cl. A4, 1.39%, 3/15/22		1,675,000		1,654,913
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/211		1,030,000		1,046,630
Series 2015-CA, Cl. D, 4.20%, 9/15/211		1,850,000		1,890,132
Series 2015-DA, Cl. C, 3.38%, 11/15/211		1,049,334		1,056,140
Series 2016-CA, Cl. C, 3.02%, 11/15/211		395,000		398,077
Series 2016-CA, Cl. D, 4.18%, 3/15/241		430,000		441,763
Series 2017-1, Cl. B, 2.36%, 3/15/21		425,000		425,462
Series 2017-2, Cl. B, 2.25%, 6/15/21		275,000		275,173
Series 2017-2, Cl. C, 2.75%, 9/15/23		305,000		305,559
Series 2017-3, Cl. C, 2.80%, 7/15/22		315,000		315,279
Series 2017-AA, Cl. C, 2.98%, 1/18/221		355,000		357,500
Series 2017-AA, Cl. D, 4.16%, 5/15/241		565,000		579,500
Series 2017-BA, Cl. D, 3.72%, 10/17/221		610,000		618,398
DT Auto Owner Trust:
Series 2014-2A, Cl. D, 3.68%, 4/15/211		1,492,185		1,497,054
Series 2014-3A, Cl. D, 4.47%, 11/15/211		2,135,000		2,161,273
Series 2015-1A, Cl. D, 4.26%, 2/15/221		3,020,000		3,059,351
Series 2015-2A, Cl. D, 4.25%, 2/15/221		915,000		930,584
Series 2015-3A, Cl. D, 4.53%, 10/17/221		2,530,000		2,586,712
Series 2016-1A, Cl. B, 2.79%, 5/15/201		17,160		17,165
Series 2016-4A, Cl. E, 6.49%, 9/15/231		200,000		205,749
Series 2017-1A, Cl. C, 2.70%, 11/15/221		180,000		179,599
Series 2017-1A, Cl. D, 3.55%, 11/15/221		440,000		440,022
Series 2017-1A, Cl. E, 5.79%, 2/15/241		415,000		421,767
Series 2017-2A, Cl. B, 2.44%, 2/15/211		280,000		280,520
Series 2017-2A, Cl. D, 3.89%, 1/15/231		495,000		498,660
Series 2017-3A, Cl. B, 2.40%, 5/17/211		460,000		458,759
Series 2017-3A, Cl. E, 5.60%, 8/15/241		380,000		385,718
Series 2017-4A, Cl. D, 3.47%, 7/17/231		560,000		558,862
Series 2017-4A, Cl. E, 5.15%, 11/15/241		390,000		390,318
Element Rail Leasing I LLC,Series 2014-
1A, Cl. A1, 2.299%, 4/19/441		192,645		192,250
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.977% [LIBOR01M+50], 11/16/201,2		1,210,000		1,214,102
Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. D, 6.81%, 8/17/201		740,704		747,212
Series 2014-2A, Cl. C, 3.26%, 12/16/191		115,518		115,952
Series 2017-3A, Cl. A, 2.05%, 12/15/211		382,497		381,980
First Investors Auto Owner Trust, Series 2013-3A, Cl. D, 3.67%, 5/15/201		890,000		891,644
Flagship Credit Auto Trust:
Series 2013-2, Cl. D, 6.26%, 2/16/211		165,000		166,248
Series 2014-1, Cl. D, 4.83%, 6/15/201		70,000		71,364
Series 2016-1, Cl. C, 6.22%, 6/15/221		980,000		1,036,205
GM Financial Automobile Leasing Trust,
Series 2017-3, Cl. C, 2.73%, 9/20/21		320,000		316,990
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1, Cl. D, 4.852%
[LIBOR01M+330], 9/27/211,2		205,000		205,344
Series 2017-1, Cl. C, 3.102%
[LIBOR01M+155], 6/27/221,2		160,000		160,980
Series 2017-1, Cl. D, 3.852%
[LIBOR01M+230], 6/27/221,2		185,000		185,099
Nissan Auto Lease Trust, Series 2017-A,
Cl. A3, 1.91%, 4/15/20		630,000		627,919
Santander Drive Auto Receivables Trust:
Series 2013-4, Cl. E, 4.67%, 1/15/201		520,000		521,128
Series 2013-A, Cl. E, 4.71%, 1/15/211		405,000		407,859
Series 2014-1, Cl. E, 3.92%, 5/17/21		285,000		287,746
Series 2015-5, Cl. D, 3.65%, 12/15/21		915,000		929,222
Series 2016-2, Cl. D, 3.39%, 4/15/22		300,000		304,591
Series 2017-1, Cl. D, 3.17%, 4/17/23		440,000		442,503
Series 2017-1, Cl. E, 5.05%, 7/15/241		1,110,000		1,141,511

7      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
Santander Drive Auto Receivables Trust: (Continued)
Series 2017-2, Cl. D, 3.49%, 7/17/23	$	190,000	$	192,038
Series 2017-3, Cl. D, 3.20%, 11/15/23		1,080,000		1,082,000
Santander Retail Auto Lease Trust, Series 2017-A, Cl. C, 2.96%, 11/21/221		505,000		504,914
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221		285,000		284,261
Verizon Owner Trust, Series 2017-3A, Cl. A1A, 2.06%, 4/20/221		500,000		498,056
Veros Automobile Receivables Trust,
Series 2017-1, Cl. A, 2.84%, 4/17/231		384,022		383,371
Westlake Automobile Receivables Trust:
Series 2016-1A, Cl. E, 6.52%, 6/15/221		520,000		534,157
Series 2017-2A, Cl. E, 4.63%, 7/15/241		685,000		686,645
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		420,000		419,733
Series 2016-B, Cl. A, 1.44%, 6/15/22		1,010,000		1,007,131
Series 2017-A, Cl. A, 2.12%, 3/15/24		1,125,000		1,120,889
Series 2017-B, Cl. A, 1.98%, 6/15/23		845,000		842,740
Series 2017-C, Cl. A, 2.31%, 8/15/24		1,130,000		1,125,824
Total Asset-Backed Securities (Cost $64,561,552)				64,802,347
Mortgage-Backed Obligations—23.8%
Government Agency—13.3%
FHLMC/FNMA/FHLB/Sponsored—11.2%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 9/1/33		247,800		268,251
5.50%, 9/1/39		323,832		355,187
6.00%, 5/1/18-11/1/21		42,385		47,383
6.50%, 3/1/18-8/1/32		226,464		250,892
7.00%, 10/1/31-10/1/37		49,901		55,335
7.50%, 1/1/32		243,724		289,375
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192,Cl. IO, 96.966%, 2/1/284		5,526		1,034
Series 205,Cl. IO, 46.898%, 9/1/294		30,787		6,574
Series 243,Cl. 6, 1.584%, 12/15/324		69,033		11,840
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360,Cl. PZ, 7.50%, 9/15/22		217,645		234,771
Series 151,Cl. F, 9.00%, 5/15/21		2,123		2,224
Series 1674,Cl. Z, 6.75%, 2/15/24		107,208		115,509
Series 1897,Cl. K, 7.00%, 9/15/26		409,122		452,801
Series 2043,Cl. ZP, 6.50%, 4/15/28		162,740		182,090
Series 2106,Cl. FG, 1.927%
[LIBOR01M+45], 12/15/282		280,397		281,168
Series 2122,Cl. F, 1.927%
[LIBOR01M+45], 2/15/292		7,197		7,232
Series 2148,Cl. ZA, 6.00%, 4/15/29		157,281		173,172
Series 2195,Cl. LH, 6.50%, 10/15/29		115,193		128,022
Series 2326,Cl. ZP, 6.50%, 6/15/31		15,264		16,754
Series 2344,Cl. FP, 2.427%
[LIBOR01M+95], 8/15/312		73,203		75,230
Series 2368,Cl. PR, 6.50%, 10/15/31		51,150		57,484
Series 2412,Cl. GF, 2.427%
[LIBOR01M+95], 2/15/322		93,352		95,981
Series 2449,Cl. FL, 2.027%
[LIBOR01M+55], 1/15/322		79,483		80,633
Series 2451,Cl. FD, 2.477%
[LIBOR01M+100], 3/15/322		39,551		40,726
Series 2461,Cl. PZ, 6.50%, 6/15/32		188,429		208,330
Series 2464,Cl. FI, 2.477%
[LIBOR01M+100], 2/15/322		35,413		36,264
Series 2470,Cl. AF, 2.477%
[LIBOR01M+100], 3/15/322		67,860		69,875
Series 2470,Cl. LF, 2.477%
[LIBOR01M+100], 2/15/322		36,240		37,111
Series 2477,Cl. FZ, 2.027%
[LIBOR01M+55], 6/15/312		149,492		150,431

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2517,Cl. GF, 2.477%
[LIBOR01M+100], 2/15/322	$	31,509	$	32,266
Series 2635,Cl. AG, 3.50%, 5/15/32		48,856		49,668
Series 2668,Cl. AZ, 4.00%, 9/15/18		3,537		3,545
Series 2676,Cl. KY, 5.00%, 9/15/23		499,213		525,041
Series 2707,Cl. QE, 4.50%, 11/15/18		19,325		19,433
Series 2770,Cl. TW, 4.50%, 3/15/19		3,254		3,287
Series 3025,Cl. SJ, 19.334% [(3.667) x
LIBOR01M+2,475], 8/15/352		88,000		128,085
Series 3741,Cl. PA, 2.15%, 2/15/35		138,357		138,337
Series 3815,Cl. BD, 3.00%, 10/15/20		2,234		2,240
Series 3840,Cl. CA, 2.00%, 9/15/18		1,736		1,733
Series 3848,Cl. WL, 4.00%, 4/15/40		134,322		137,145
Series 3857,Cl. GL, 3.00%, 5/15/40		6,028		6,091
Series 3917,Cl. BA, 4.00%, 6/15/38		68,723		69,820
Series 4221,Cl. HJ, 1.50%, 7/15/23		184,210		181,531
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%, 7/17/284		8,055		1,063
Series 2079,Cl. S, 99.999%, 7/17/284		14,214		1,895
Series 2136,Cl. SG, 36.282%, 3/15/294		406,159		62,064
Series 2399,Cl. SG, 99.999%, 12/15/264		221,321		31,552
Series 2437,Cl. SB, 45.696%, 4/15/324		701,656		117,935
Series 2526,Cl. SE, 54.82%, 6/15/294		14,507		2,536
Series 2682,Cl. TQ, 99.999%, 10/15/334		145,821		25,038
Series 2795,Cl. SH, 87.378%, 3/15/244		279,917		23,807
Series 2920,Cl. S, 43.922%, 1/15/354		155,291		24,127
Series 2922,Cl. SE, 12.635%, 2/15/354		27,194		4,492
Series 2981,Cl. AS, 7.464%, 5/15/354		256,795		34,406
Series 2981,Cl. BS, 99.999%, 5/15/354		310,686		46,259
Series 3397,Cl. GS, 0.00%, 12/15/374,5		100,536		16,242
Series 3424,Cl. EI, 0.00%, 4/15/384,5		36,898		3,358
Series 3450,Cl. BI, 16.463%, 5/15/384		172,268		25,598
Series 3606,Cl. SN, 15.88%, 12/15/394		53,242		8,086
Series 3659,Cl. IE, 0.00%, 3/15/194,5		49,932		891
Series 3685,Cl. EI, 0.00%, 3/15/194,5		7,697		73
Federal National Mortgage Assn.:
2.50%, 1/1/336		5,925,000		5,918,945
3.00%, 1/1/336		20,785,000		21,177,382
3.50%, 1/1/486		31,205,000		32,059,334
4.00%, 1/1/486		21,250,000		22,235,535
4.50%, 1/1/486		83,560,000		88,912,540
5.00%, 1/1/486		3,320,000		3,569,519
Federal National Mortgage Assn. Pool:
5.00%, 2/1/18-7/1/33		312,599		336,448
5.50%, 4/1/21-5/1/36		165,494		180,965
6.00%, 1/1/19		4		4
6.50%, 12/1/29-1/1/34		467,071		527,909
7.00%, 1/1/30-6/1/34		586,242		675,212
7.50%, 2/1/27-3/1/33		779,065		909,867
8.50%, 7/1/32		1,363		1,459
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214,Cl. 2, 99.999%, 3/25/234		78,270		10,150
Series 221,Cl. 2, 99.999%, 5/25/234		9,297		1,331
Series 254,Cl. 2, 99.999%, 1/25/244		161,637		24,447
Series 301,Cl. 2, 11.612%, 4/25/294		31,790		6,932
Series 313,Cl. 2, 99.999%, 6/25/314		315,833		68,561
Series 319,Cl. 2, 0.519%, 2/25/324		152,980		34,605
Series 321,Cl. 2, 15.295%, 4/25/324		45,186		10,725
Series 324,Cl. 2, 0.00%, 7/25/324,5		47,199		10,775
Series 328,Cl. 2, 0.00%, 12/25/324,5		91,217		20,908
Series 331,Cl. 5, 2.642%, 2/25/334		177,148		32,959
Series 332,Cl. 2, 0.00%, 3/25/334,5		736,986		170,611
Series 334,Cl. 12, 0.00%, 3/25/334,5		141,808		30,881
Series 339,Cl. 15, 2.544%, 10/25/334		421,437		96,769
Series 345,Cl. 9, 0.00%, 1/25/344,5		131,512		27,328

8        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 351,Cl. 10, 0.00%, 4/25/344,5	$	80,070	$	17,353
Series 351,Cl. 8, 0.00%, 4/25/344,5		144,978		28,867
Series 356,Cl. 10, 0.00%, 6/25/354,5		102,859		21,225
Series 356,Cl. 12, 0.00%, 2/25/354,5		50,628		11,070
Series 362,Cl. 13, 0.00%, 8/25/354,5		67,925		15,064
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-54,Cl. LH, 6.50%, 11/25/29		99,135		109,689
Series 2001-80,Cl. ZB, 6.00%, 1/25/32		84,872		94,370
Series 2002-29,Cl. F, 2.552%
[LIBOR01M+100], 4/25/322		40,083		41,078
Series 2002-64,Cl. FJ, 2.552%
[LIBOR01M+100], 4/25/322		12,343		12,649
Series 2002-68,Cl. FH, 1.991%
[LIBOR01M+50], 10/18/322		27,852		27,984
Series 2002-84,Cl. FB, 2.552%
[LIBOR01M+100], 12/25/322		174,250		178,377
Series 2002-90,Cl. FH, 2.052%
[LIBOR01M+50], 9/25/322		97,493		97,896
Series 2003-100,Cl. PA, 5.00%,
10/25/18		18,476		18,556
Series 2003-11,Cl. FA, 2.552%
[LIBOR01M+100], 9/25/322		174,254		178,381
Series 2003-112,Cl. AN, 4.00%,
11/25/18		7,846		7,884
Series 2003-116,Cl. FA, 1.952%
[LIBOR01M+40], 11/25/332		18,458		18,479
Series 2003-84,Cl. GE, 4.50%, 9/25/18		2,876		2,890
Series 2004-25,Cl. PC, 5.50%, 1/25/34		15,297		15,496
Series 2005-109,Cl. AH, 5.50%,
12/25/25		670,552		707,576
Series 2005-31,Cl. PB, 5.50%, 4/25/35		560,000		619,756
Series 2005-71,Cl. DB, 4.50%, 8/25/25		98,399		101,723
Series 2006-11,Cl. PS, 18.876% [(3.667)
x LIBOR01M+2,456.67], 3/25/362		84,757		132,352
Series 2006-46,Cl. SW, 18.508%
[(3.667) x LIBOR01M+2,419.92], 6/25/362		126,953		189,151
Series 2008-75,Cl. DB, 4.50%, 9/25/23		12,841		12,909
Series 2009-113,Cl. DB, 3.00%,
12/25/20		38,593		38,724
Series 2009-36,Cl. FA, 2.492%
[LIBOR01M+94], 6/25/372		25,017		25,576
Series 2009-70,Cl. TL, 4.00%, 8/25/19		29,559		29,623
Series 2010-43,Cl. KG, 3.00%, 1/25/21		29,055		29,188
Series 2011-122,Cl. EC, 1.50%, 1/25/20		25,953		25,816
Series 2011-15,Cl. DA, 4.00%, 3/25/41		65,625		66,832
Series 2011-3,Cl. EL, 3.00%, 5/25/20		65,736		65,879
Series 2011-3,Cl. KA, 5.00%, 4/25/40		155,373		164,442
Series 2011-38,Cl. AH, 2.75%, 5/25/20		1,707		1,707
Series 2011-6,Cl. BA, 2.75%, 6/25/20		29,995		30,172
Series 2011-82,Cl. AD, 4.00%, 8/25/26		64,917		65,469
Series 2012-20,Cl. FD, 1.952%
[LIBOR01M+40], 3/25/422		211,918		212,107
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 35.823%,
11/18/314		45,412		8,751
Series 2001-63,Cl. SD, 58.797%,
12/18/314		11,763		2,086
Series 2001-68,Cl. SC, 41.415%,
11/25/314		8,307		1,468
Series 2001-81,Cl. S, 46.829%, 1/25/324		9,382		1,754
Series 2002-28,Cl. SA, 26.322%,
4/25/324		6,871		1,280
Series 2002-38,Cl. SO, 57.135%,
4/25/324		47,035		8,281

	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 2002-48,Cl. S, 45.949%, 7/25/324	$	10,710	$	2,097
Series 2002-52,Cl. SL, 35.38%, 9/25/324		6,904		1,332
Series 2002-56,Cl. SN, 46.964%, 7/25/324		14,716		2,882
Series 2002-77,Cl. IS, 55.311%, 12/18/324		80,134		16,962
Series 2002-77,Cl. SH, 41.331%, 12/18/324		14,032		2,685
Series 2002-9,Cl. MS, 35.608%, 3/25/324		12,786		2,359
Series 2003-13,Cl. IO, 39.96%, 3/25/334		141,439		34,094
Series 2003-26,Cl. DI, 36.238%, 4/25/334		107,068		24,740
Series 2003-33,Cl. SP, 31.148%, 5/25/334		77,735		17,223
Series 2003-4,Cl. S, 20.378%, 2/25/334		21,920		4,757
Series 2004-56,Cl. SE, 2.324%, 10/25/334		364,722		71,974
Series 2005-12,Cl. SC, 33.82%, 3/25/354		12,777		1,807
Series 2005-14,Cl. SE, 52.435%, 3/25/354		451,576		62,708
Series 2005-40,Cl. SA, 54.139%, 5/25/354		398,521		54,878
Series 2005-40,Cl. SB, 99.999%, 5/25/354		637,485		77,827
Series 2005-52,Cl. JH, 35.919%, 5/25/354		239,270		34,235
Series 2005-63,Cl. SA, 34.807%, 10/25/314		21,639		3,434
Series 2006-90,Cl. SX, 99.999%, 9/25/364		434,354		68,021
Series 2007-88,Cl. XI, 0.00%, 6/25/374,5		423,314		67,988
Series 2008-55,Cl. SA, 0.00%, 7/25/384,5		28,301		2,701
Series 2009-8,Cl. BS, 0.00%, 2/25/244,5		2,384		97
Series 2010-95,Cl. DI, 16.084%, 11/25/204		99,508		2,721
Series 2011-96,Cl. SA, 5.451%, 10/25/414		183,851		27,815
Series 2012-134,Cl. SA, 5.157%, 12/25/424		559,799		110,864
Series 2012-40,Cl. PI, 6.568%, 4/25/414		935,712		139,627
				186,787,182
GNMA/Guaranteed—2.1%
Government National Mortgage Assn. I Pool:
7.00%, 4/15/28-7/15/28		51,075		55,566
8.00%, 5/15/26		8,594		8,639
Government National Mortgage Assn. II Pool:
2.25% [H15T1Y+150], 11/20/252		2,345		2,420
3.50%, 1/1/486		11,310,000		11,701,079
4.00%, 1/1/486		23,015,000		24,006,443
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17,Cl. AI, 44.476%, 4/16/374		221,957		37,423
Series 2011-52,Cl. HS, 23.213%, 4/16/414		372,220		51,988
				35,863,558
Non-Agency—10.5%
Commercial—3.9%
BCAP LLC Trust:
Series 2011-R11,Cl. 18A5, 3.41%
[H15T1Y+210], 9/26/351,2		68,674		68,997
Series 2012-RR6,Cl. RR6, 2.054%, 11/26/361		98,148		97,595

9      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial (Continued)
CD Commercial Mortgage Trust:
Series 2016-CD2,Cl. AM, 3.668%, 11/10/497	$	365,000	$	374,085
Series 2017-CD3,Cl. AS, 3.833%, 2/10/50		530,000		547,932
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017- CD6, Cl. XA, 12.227%, 11/13/504		2,328,401		155,694
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 3.448%, 1/25/367		14,124		13,798
Citigroup Commercial Mortgage Trust:
Series 2012-GC8,Cl. AAB, 2.608%, 9/10/45		309,169		310,955
Series 2014-GC21,Cl. AAB, 3.477%, 5/10/47		270,000		278,565
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C4, Cl. XA, 0.00%, 10/12/504,5		6,159,919		487,693
COMM Mortgage Trust:
Series 2012-CR3,Cl. ASB, 2.372%, 10/15/45		59,056		58,934
Series 2012-LC4,Cl. A3, 3.069%, 12/10/44		123,296		124,061
Series 2013-CR13,Cl. ASB, 3.706%, 11/12/46		510,000		529,109
Series 2013-CR6,Cl. AM, 3.147%, 3/10/461		960,000		965,976
Series 2013-CR7,Cl. D, 4.28%, 3/10/461,7		3,270,000		2,609,265
Series 2014-CR20,Cl. ASB, 3.305%, 11/10/47		180,000		184,919
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		25,000		26,168
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		455,000		480,304
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		1,600,000		1,672,193
Series 2015-CR22,Cl. A2, 2.856%, 3/10/48		305,000		308,126
Series 2015-CR23,Cl. AM, 3.801%, 5/10/48		1,100,000		1,134,043
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/454,5		2,663,620		164,718
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Cl. A1, 5.513%, 6/25/367		53,509		49,029
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		600,000		605,833
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 1.721% [US0001M+22], 7/22/361,2		5,060,144		4,810,852
Federal National Mortgage Assn., Stripped
Mtg.-Backed Security, Series 302, Cl. 2, 6.00%, 5/1/29		3		1
FREMF Mortgage Trust:
Series 2011-K702,Cl. B, 4.774%, 4/25/441,7		145,000		145,042
Series 2012-K20,Cl. C, 3.87%, 5/25/451,7		4,165,000		4,170,815
Series 2013-K25,Cl. C, 3.619%, 11/25/451,7		135,000		133,113
Series 2013-K26,Cl. C, 3.598%, 12/25/451,7		95,000		93,753
Series 2013-K27,Cl. C, 3.495%, 1/25/461,7		1,460,000		1,433,198
Series 2013-K28,Cl. C, 3.49%, 6/25/461,7		2,330,000		2,285,514

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2013-K29,Cl. C, 3.481%, 5/25/461,7	$	2,300,000	$	2,254,834
Series 2013-K712,Cl. C, 3.362%, 5/25/451,7		265,000		265,496
Series 2013-K713,Cl. C, 3.165%, 4/25/461,7		535,000		533,318
Series 2014-K41,Cl. B, 3.832%, 11/25/471,7		2,365,000		2,421,946
Series 2014-K714,Cl. C, 3.849%, 1/25/471,7		400,000		401,212
Series 2015-K44,Cl. B, 3.684%, 1/25/481,7		2,310,000		2,344,019
Series 2015-K45,Cl. B, 3.591%, 4/25/481,7		4,646,000		4,650,453
Series 2015-K721,Cl. B, 3.565%, 11/25/471,7		1,380,000		1,397,180
Series 2017-K62,Cl. B, 3.875%, 1/25/501,7		2,050,000		2,073,227
Series 2017-K724,Cl. B, 3.487%, 11/25/231,7		1,535,000		1,533,905
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Cl. A, 2.933%, 6/5/311		395,000		398,478
GS Mortgage Securities Trust:
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46		95,000		95,310
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		160,000		171,889
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		235,000		243,322
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-LC9,Cl. A4, 2.611%, 12/15/47		60,000		59,863
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		855,000		863,336
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		820,000		877,006
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		110,000		110,787
Series 2013-LC11,Cl. ASB, 2.554%, 4/15/46		140,000		140,197
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		630,000		657,773
Series 2016-JP3,Cl. A2, 2.435%, 8/15/49		600,000		596,043
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.629%, 7/25/357		62,096		63,784
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.387%, 7/26/361,7		2,959,943		2,838,868
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17,Cl. ASB, 3.705%, 1/15/47		200,000		207,455
Series 2014-C18,Cl. A3, 3.578%, 2/15/47		295,000		301,461
Series 2014-C19,Cl. ASB, 3.584%, 4/15/47		110,000		113,559
Series 2014-C24,Cl. B, 4.116%, 11/15/477		680,000		697,203
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		1,720,000		1,801,074
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		1,515,000		1,561,797
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C4, Cl. AS, 3.385%, 12/15/49		610,000		608,566
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7,Cl. AAB, 2.469%, 2/15/46		285,000		285,484
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		570,000		576,830
Series 2014-C14,Cl. B, 4.633%, 2/15/477		240,000		254,556

10        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Commercial (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust: (Continued)
Series 2016-C30,Cl. AS, 3.175%, 9/15/49	$	1,020,000	$	995,923
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 10.107%, 12/15/504		2,025,000		125,058
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1A, 2.968%, 11/26/361,7		10,444		10,429
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.149%, 6/26/461,7		102,480		102,635
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 3.399%, 8/25/347		2,623,703		2,639,570
UBS Commercial Mortgage Trust, Interest-Only
Commercial Mtg. Pass-Through Certificates,
Series 2017-C5, Cl. XA, 11.683%, 11/15/504		3,837,922		277,607
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C2, Cl. E, 4.894%, 5/10/631,7		930,000		784,065
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29,Cl. AS, 4.013%, 6/15/487		780,000		812,780
Series 2016-C37,Cl. AS, 4.018%, 12/15/49		910,000		956,486
Wells Fargo Commercial Mortgage Trust,
Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2017-C42, Cl. XA, 0.00%, 12/15/504,5		2,810,000		202,563
WF-RBS Commercial Mortgage Trust:
Series 2012-C7,Cl. E, 4.825%, 6/15/451,7		180,000		147,193
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		640,000		651,869
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		490,000		511,046
Series 2014-C22,Cl. A3, 3.528%, 9/15/57		120,000		123,382
Series 2014-LC14,Cl. AS, 4.351%, 3/15/477		395,000		416,981
WF-RBS Commercial Mortgage Trust,
Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2011-C3, Cl. XA, 32.923%, 3/15/441,4		3,747,677		115,837
				64,593,935
Residential—6.6%
Banc of America Funding Trust, Series 2014-
R7, Cl. 3A1, 3.544%, 3/26/361,7,9		51,600		51,559
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 3.26%
[H15T1Y+245], 3/25/352		91,067		92,267
Series 2006-1,Cl. A1, 3.67%
[H15T1Y+225], 2/25/362		51,946		52,176
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		604,291		603,006
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		557,859		560,043
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2,Cl. 1A3, 3.489%, 5/25/357		741,022		745,907
Series 2006-AR1,Cl. 1A1, 3.21%
[H15T1Y+240], 10/25/352		217,594		219,170
Series 2009-8,Cl. 7A2, 3.544%, 3/25/361,7		9,549,770		9,538,684
Series 2012-8,Cl. 1A1, 3.51%, 10/25/351,7		106,200		106,738
Series 2014-8,Cl. 1A2, 1.791%
[US0001M+29], 7/20/361,2		3,400,000		3,173,031
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M1, 2.502%
[US0001M+95], 5/25/242		341,296		342,523

	Principal Amount		Value
Residential (Continued)
Connecticut Avenue Securities: (Continued)
Series 2014-C03,Cl. 1M2, 4.552%
[US0001M+300], 7/25/242	$	937,242	$	1,002,357
Series 2015-C03,Cl. 1M2, 6.552%
[US0001M+500], 7/25/252		1,254,857		1,416,947
Series 2016-C03,Cl. 1M1, 3.552%
[US0001M+200], 10/25/282		69,890		71,015
Series 2016-C06,Cl. 1M2, 5.802%
[US0001M+425], 4/25/292		4,295,000		4,890,820
Series 2016-C07,Cl. 2M1, 2.852%
[US0001M+130], 5/25/292		512,845		516,122
Series 2016-C07,Cl. 2M2, 5.902%
[US0001M+435], 5/25/292		4,705,000		5,221,424
Series 2017-C01,Cl. 1M2, 5.102%
[US0001M+355], 7/25/292		4,140,000		4,503,698
Series 2017-C02,Cl. 2M1, 2.702%
[US0001M+115], 9/25/292		873,234		881,293
Series 2017-C02,Cl. 2M2, 5.202%
[US0001M+365], 9/25/292		2,280,000		2,469,593
Series 2017-C03,Cl. 1M1, 2.502%
[US0001M+95], 10/25/292		837,685		844,485
Series 2017-C04,Cl. 2M2, 4.402%
[US0001M+285], 11/25/292		4,190,000		4,360,641
Series 2017-C06,Cl. 1M1, 2.302%
[US0001M+75], 2/25/302		333,950		335,150
Series 2017-C07,Cl. 1M1, 2.202%
[US0001M+65], 5/25/302		596,454		597,495
Series 2017-C07,Cl. 1M2, 3.952%
[US0001M+240], 5/25/302		580,000		595,882
CWHEQ Revolving Home Equity
Loan Trust: Series 2005-G,Cl. 2A, 1.707%
[US0001M+23], 12/15/352		32,174		29,147
Series 2006-H,Cl. 2A1A, 1.627%
[US0001M+15], 11/15/362		23,132		17,468
GSR Mortgage Loan Trust, Series
2005-AR4, Cl. 6A1, 3.522%, 7/25/357		15,060		15,171
Home Equity Mortgage Trust, Series 2005-1,
Cl. M6, 5.863%, 6/25/357		105,749		106,953
HomeBanc Mortgage Trust, Series
2005-3, Cl. A2, 1.862% [US0001M+31], 7/25/352		21,654		21,647
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.652% [US0001M+10], 8/25/362		886,635		479,646
RALI Trust:
Series 2005-QA4,Cl. A32, 3.874%, 4/25/357		2,289		19
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		14,187		12,669
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		1,980,504		1,869,471
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2,Cl. M2, 5.802%
[US0001M+425], 11/25/232		990,000		1,102,201
Series 2014-DN1,Cl. M3, 6.052%
[US0001M+450], 2/25/242		815,000		952,795
Series 2014-DN2,Cl. M3, 5.152%
[US0001M+360], 4/25/242		840,000		937,810
Series 2014-DN4,Cl. M3, 6.102%
[US0001M+455], 10/25/242		4,406,992		4,866,973
Series 2014-HQ2,Cl. M2, 3.752%
[US0001M+220], 9/25/242		238,498		246,138
Series 2014-HQ2,Cl. M3, 5.302%
[US0001M+375], 9/25/242		6,345,000		7,258,189
Series 2015-HQA2,Cl. M2, 4.352%
[US0001M+280], 5/25/282		407,156		421,089
Series 2016-DNA1,Cl. M2, 4.452%
[US0001M+290], 7/25/282		405,000		417,435
Series 2016-DNA2,Cl. M3, 6.202%
[US0001M+465], 10/25/282		3,674,000		4,222,988

11      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Residential (Continued)
Structured Agency Credit Risk Debt Nts.: (Continued)
Series 2016-DNA3,Cl. M1, 2.652%
[US0001M+110], 12/25/282			$253,560		$    253,948
Series 2016-DNA3,Cl. M3, 6.552%
[US0001M+500], 12/25/282			3,845,000		4,483,262
Series 2016-DNA4,Cl. M1, 2.352%
[US0001M+80], 3/25/292			260,232		260,762
Series 2016-DNA4,Cl. M3, 5.352%
[US0001M+380], 3/25/292			5,570,000		6,224,024
Series 2016-HQA2,Cl. M1, 2.752%
[US0001M+120], 11/25/282			103,269		103,387
Series 2016-HQA3,Cl. M1, 2.352%
[US0001M+80], 3/25/292			1,094,349		1,096,378
Series 2016-HQA3,Cl. M3, 5.402%
[US0001M+385], 3/25/292			5,500,000		6,132,497
Series 2016-HQA4,Cl. M1, 2.352%
[US0001M+80], 4/25/292			722,810		724,278
Series 2016-HQA4,Cl. M3, 5.452%
[US0001M+390], 4/25/292			4,580,000		5,100,546
Series 2017-DNA1,Cl. M2, 4.802%
[US0001M+325], 7/25/292			4,400,000		4,720,917
Series 2017-DNA2,Cl. M2, 5.002%
[US0001M+345], 10/25/292			410,000		446,552
Series 2017-DNA3,Cl. M2, 4.052%
[US0001M+250], 3/25/302			420,000		435,521
Series 2017-HQA1,Cl. M1, 2.752%
[US0001M+120], 8/25/292			899,160		908,926
Series 2017-HQA1,Cl. M2, 5.102%
[US0001M+355], 8/25/292			4,870,000		5,262,155
Series 2017-HQA3,Cl. M1, 2.102%
[US0001M+55], 4/25/302			589,995		590,087
Series 2017-HQA3,Cl. M2, 3.902%
[US0001M+235], 4/25/302			995,000		1,019,749
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 3.453%, 10/25/337			70,144		71,065
Series 2005-AR16,Cl. 1A1, 3.363%, 12/25/357			9,643		9,437
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 3.252%, 2/25/357			1,029,281		1,052,258
Series 2005-AR15,Cl. 1A2, 3.561%, 9/25/357			159,718		155,211
Series 2005-AR15,Cl. 1A6, 3.561%, 9/25/357			1,933,503		1,865,377
Series 2005-AR4,Cl. 2A2, 3.422%, 4/25/357			9,165		9,224
Series 2006-AR10,Cl. 1A1, 3.354%, 7/25/367			183,079		178,835
Series 2006-AR10,Cl. 5A5, 3.387%,
7/25/367			335,107		338,824
Series 2006-AR2,Cl. 2A3, 3.544%, 3/25/367			1,619,982		1,637,185
Series 2006-AR7,Cl. 2A4, 3.336%, 5/25/367			870,724		864,477
Series 2006-AR8,Cl. 2A1, 3.568%, 4/25/367			647,205		655,904
					110,770,621
Total Mortgage-Backed Obligations (Cost $388,066,469)					398,015,296
Foreign Government Obligations—8.4%
Angola—0.0%
Republic of Angola, 9.50% Sr. Unsec.
Nts., 11/12/251			755,000		872,962
Argentina—0.4%
Argentine Republic:
5.375% Sr. Unsec. Nts., 1/20/231	EUR		450,000		574,278
6.50% Sr. Unsec. Nts., 2/15/231			595,000		640,696

		Principal Amount		Value
Argentina (Continued)
Argentine Republic: (Continued)
6.875% Sr. Unsec. Nts., 1/26/27			$1,650,000		$        1,805,100
7.50% Sr. Unsec. Nts., 4/22/26			645,000		731,204
7.875% Sr. Unsec. Nts., 6/15/271			915,000		1,017,773
9.125% Sr. Unsec. Nts., 3/16/241			485,000		568,662
16.00% Bonds, 10/17/23	ARS		9,285,000		499,133
18.20% Unsec. Nts., 10/3/21	ARS		9,285,000		510,737
					6,347,583
Bahamas—0.0%
Commonwealth of the Bahamas, 6.00%
Sr. Unsec. Nts., 11/21/281			505,000		527,725
Belarus—0.0%
Republic of Belarus, 6.875% Sr. Unsec.
Nts., 2/28/231			540,000		582,925
Brazil—0.7%
Federative Republic of Brazil:
4.625% Sr. Unsec. Nts., 1/13/28			1,335,000		1,342,676
10.00% Unsec. Nts., 1/1/19	BRL		26,900,000		8,345,330
17.546% Unsec. Nts., 5/15/5513	BRL		1,735,000		1,731,761
					11,419,767
Chile—0.3%
Republic of Chile, 4.50% Bonds, 3/1/21	CLP		2,568,500,000		4,276,604
Colombia—0.3%
Republic of Colombia:
4.00% Sr. Unsec. Nts., 2/26/24			485,000		503,551
6.125% Sr. Unsec. Nts., 1/18/41			1,915,000		2,317,150
Series B, 10.00% Bonds, 7/24/24	COP		5,146,000,000		2,083,228
					4,903,929
Croatia—0.1%
Republic of Croatia, 3.875% Sr. Unsec.
Nts., 5/30/22	EUR		1,430,000		1,922,730
Dominican Republic—0.2%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/271			2,130,000		2,305,725
6.85% Sr. Unsec. Nts., 1/27/451			1,055,000		1,189,523
					3,495,248
Ecuador—0.1%
Republic of Ecuador:
9.65% Sr. Unsec. Nts., 12/13/261			325,000		374,156
10.75% Sr. Unsec. Nts., 3/28/221			744,000		871,410
					1,245,566
Egypt—0.2%
Arab Republic of Egypt:
6.125% Sr. Unsec. Nts., 1/31/221			1,065,000		1,116,306
8.50% Sr. Unsec. Nts., 1/31/471			1,600,000		1,841,136
					2,957,442
Gabon—0.1%
Gabonese Republic, 6.375% Bonds, 12/12/241			965,000		982,414
Honduras—0.1%
Republic of Honduras:
6.25% Sr. Unsec. Nts., 1/19/271			540,000		578,934
8.75% Sr. Unsec. Nts., 12/16/201			455,000		511,511
					1,090,445
Hungary—0.2%
Hungary:
5.75% Sr. Unsec. Nts., 11/22/23			1,150,000		1,317,409
Series 25/B, 5.50% Bonds, 6/24/25	HUF		439,000,000		2,144,419
					3,461,828
India—0.3%
Republic of India, 8.20% Sr. Unsec. Nts., 9/24/25	INR		270,600,000		4,408,926

12      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

		Principal Amount		Value
Indonesia—0.9%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/241			$            575,000		$            608,724
4.55% Sr. Unsec. Nts., 3/29/261			965,000		1,021,491
Republic of Indonesia:
3.375% Sr. Unsec. Nts., 7/30/251	EUR		440,000		597,538
3.75% Sr. Unsec. Nts., 6/14/281	EUR		485,000		672,245
3.85% Sr. Unsec. Nts., 7/18/271			1,075,000		1,104,611
4.125% Sr. Unsec. Nts., 1/15/251			540,000		561,962
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		33,505,000,000		2,661,402
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		69,095,000,000		5,770,770
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR		20,480,000,000		1,600,488
					14,599,231
Iraq—0.1%
Republic of Iraq:
5.80% Unsec. Nts., 1/15/281			540,000		522,481
6.752% Sr. Unsec. Nts., 3/9/231			1,075,000		1,101,918
					1,624,399
Ivory Coast—0.2%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/251	EUR		1,105,000		1,450,564
5.75% Sr. Unsec. Nts., 12/31/327			727,610		725,419
6.125% Sr. Unsec. Nts., 6/15/331			1,290,000		1,319,622
					3,495,605
Jamaica—0.1%
Commonwealth of Jamaica:
7.875% Sr. Unsec. Nts., 7/28/45			1,075,000		1,311,500
8.00% Sr. Unsec. Nts., 3/15/39			430,000		528,668
					1,840,168
Kazakhstan—0.1%
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/441			1,035,000		1,116,103
Malaysia—0.2%
Malaysia, 5.734% Sr. Unsec. Nts., 7/30/19	MYR		13,203,000		3,397,879
Mexico—0.1%
United Mexican States, Series M, 5.75%
Bonds, 3/5/26	MXN		54,445,000		2,450,433
Mongolia—0.1%
Mongolia, 5.625% Sr. Unsec. Nts., 5/1/231			1,480,000		1,496,924
Nigeria—0.1%
Federal Republic of Nigeria, 7.625% Sr.
Unsec. Nts., 11/28/471			1,075,000		1,156,414
Peru—0.2%
Republic of Peru:
5.70% Unsec. Nts., 8/12/241	PEN		5,345,000		1,780,314
6.15% Sr. Unsec. Nts., 8/12/321	PEN		4,370,000		1,440,383
					3,220,697
Poland—0.3%
Republic of Poland:
Series 0422, 2.25% Bonds, 4/25/22	PLN		13,800,000		3,932,953
Series 0727, 2.50% Bonds, 7/25/27	PLN		6,650,000		1,788,933
					5,721,886
Romania—0.3%
Romania:
2.375% Sr. Unsec. Nts., 4/19/271	EUR		1,075,000		1,328,858
3.875% Sr. Unsec. Nts., 10/29/351	EUR		345,000		456,621
Series 10YR, 5.95% Bonds, 6/11/21	RON		9,460,000		2,623,151
					4,408,630

		Principal Amount		Value
Russia—0.5%
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		169,585,000		$        3,028,251
Series 6211, 7.00% Bonds, 1/25/23	RUB		96,250,000		1,670,950
Series 6217, 7.50% Bonds, 8/18/21	RUB		225,230,000		3,980,816
					8,680,017
Senegal—0.1%
Republic of Senegal:
6.25% Sr. Unsec. Nts., 7/30/241			540,000		584,747
6.25% Unsec. Nts., 5/23/331			535,000		566,274
					1,151,021
Serbia—0.1%
Republic of Serbia, 5.875% Unsec. Nts., 12/3/181			2,215,000		2,279,696
South Africa—0.5%
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		22,500,000		1,807,862
Series R186, 10.50% Bonds, 12/21/26	ZAR		65,975,000		5,959,223
					7,767,085
Sri Lanka—0.2%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/221			1,105,000		1,167,068
6.00% Sr. Unsec. Nts., 1/14/191			1,515,000		1,554,245
6.20% Sr. Unsec. Nts., 5/11/271			430,000		454,819
6.25% Sr. Unsec. Nts., 10/4/201			495,000		522,571
6.85% Sr. Unsec. Nts., 11/3/251			205,000		226,677
					3,925,380
Thailand—0.1%
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22	THB		65,400,000		2,017,081
Turkey—0.3%
Republic of Turkey:
8.80% Bonds, 11/14/18	TRY		10,570,000		2,690,951
10.60% Bonds, 2/11/26	TRY		5,000,000		1,210,141
11.00% Bonds, 2/24/27	TRY		4,000,000		1,011,750
					4,912,842
Ukraine—0.7%
Ukraine:
7.375% Sr. Unsec. Nts., 9/25/321			2,985,000		2,940,356
7.75% Sr. Unsec. Nts., 9/1/20			1,060,000		1,125,571
7.75% Sr. Unsec. Nts., 9/1/22			1,070,000		1,140,426
7.75% Sr. Unsec. Nts., 9/1/23			2,425,000		2,580,321
7.75% Sr. Unsec. Nts., 9/1/24			1,620,000		1,708,938
7.75% Sr. Unsec. Nts., 9/1/25			1,075,000		1,124,028
7.75% Sr. Unsec. Nts., 9/1/27			1,610,000		1,666,588
					12,286,228
Uruguay—0.2%
Oriental Republic of Uruguay:
5.10% Sr. Unsec. Nts., 6/18/50			3,135,000		3,487,688
9.875% Sr. Unsec. Nts., 6/20/221	UYU		13,555,000		500,050
					3,987,738
Total Foreign Government Obligations (Cost $133,480,637)					140,031,551
Corporate Loans—0.1%
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 8.083% [LIBOR4+675], 1/30/192			800,000		602,332
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 7.50% [LIBOR4+725], 4/16/202			264,292		233,568
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.492% [LIBOR12+325], 10/25/202			1,054,948		864,403

13      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Corporate Loans (Continued)
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.50% [LIBOR12+400], 3/29/212		$        309,217		$        291,374
Total Corporate Loans (Cost $2,068,589)				1,991,677
Corporate Bonds and Notes—44.4%
Consumer Discretionary—7.9%
Auto Components—0.3%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/251		1,325,000		1,397,875
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/261		250,000		258,750
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261		1,245,000		1,352,381
Goodyear Tire & Rubber Co. (The), 5.00% Sr. Unsec. Nts., 5/31/26		665,000		688,175
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375% Sr. Sec. Nts., 12/15/231		570,000		613,434
Lear Corp., 3.80% Sr. Unsec. Nts., 9/15/27		553,000		554,427
Tenneco, Inc., 5.00% Sr. Unsec. Nts., 7/15/26		495,000		508,613
				5,373,655
Automobiles—0.5%
Daimler Finance North America LLC: 2.20% Sr. Unsec. Nts., 5/5/201		785,000		780,760
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		485,000		733,416
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20		608,000		604,714
3.664% Sr. Unsec. Nts., 9/8/24		606,000		614,583
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		235,000		279,097
General Motors Financial Co., Inc., 3.15% Sr. Unsec. Nts., 6/30/22		823,000		823,110
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		258,000		281,134
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191		944,000		926,390
Jaguar Land Rover Automotive plc, 4.50% Sr. Unsec. Nts., 10/1/271		1,600,000		1,584,000
Nissan Motor Acceptance Corp., 2.15% Sr. Unsec. Nts., 9/28/201		586,000		581,345
Volkswagen Group of America Finance LLC, 2.45% Sr. Unsec. Nts., 11/20/191		913,000		912,756
ZF North America Capital, Inc., 4.75%
Sr. Unsec. Nts., 4/29/251		381,000		404,812
				8,526,117
Distributors—0.1%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		1,442,000		1,481,655
Diversified Consumer Services—0.2%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		735,000		613,725
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		2,866,000		2,915,066
				3,528,791
Hotels, Restaurants & Leisure—1.8%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/241		785,000		785,000
5.00% Sec. Nts., 10/15/251		1,335,000		1,351,688
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		745,000		758,037
5.00% Sr. Unsec. Nts., 4/1/251		463,000		490,224
Boyd Gaming Corp., 6.375% Sr.
Unsec. Nts., 4/1/26		235,000		253,800

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
CEC Entertainment, Inc., 8.00% Sr.
Unsec. Nts., 2/15/22		$        945,000		$        893,025
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25% Sr. Unsec. Nts., 10/15/251		1,065,000		1,078,632
Eldorado Resorts, Inc., 6.00% Sr. Unsec. Nts., 4/1/25		650,000		682,500
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/241		390,000		418,275
Golden Nugget, Inc.:
6.75% Sr. Unsec. Nts., 10/15/241		2,045,000		2,085,900
8.75% Sr. Sub. Nts., 10/1/251		1,465,000		1,541,912
Hilton Domestic Operating Co., Inc., 4.25% Sr. Unsec. Nts., 9/1/24		500,000		506,250
Hilton Grand Vacations Borrower LLC/
Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/241		1,260,000		1,381,275
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		1,700,000		1,840,250
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/271		915,000		937,875
5.25% Sr. Unsec. Nts., 6/1/261		995,000		1,049,725
Marriott International, Inc., 3.25% Sr.
Unsec. Nts., 9/15/22		388,000		395,481
Melco Resorts Finance Ltd., 4.875% Sr.
Unsec. Nts., 6/6/251		1,380,000		1,398,335
MGM Growth Properties Operating
Partnership LP/MGP Finance Co.-Issuer,
Inc., 5.625% Sr. Unsec. Nts., 5/1/24		1,380,000		1,476,600
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		1,370,000		1,483,025
6.625% Sr. Unsec. Nts., 12/15/21		405,000		445,379
Mohegan Gaming & Entertainment, 7.875% Sr. Unsec. Nts., 10/15/241		780,000		802,425
Penn National Gaming, Inc., 5.625%
Sr. Unsec. Nts., 1/15/271		1,295,000		1,346,800
PF Chang’s China Bistro, Inc., 10.25%
Sr. Unsec. Nts., 6/30/201		550,000		503,250
Premier Cruises Ltd., 11.00% Sr.
Unsec. Nts., 3/15/081,8,9		250,000		—
Royal Caribbean Cruises Ltd., 2.65%
Sr. Unsec. Nts., 11/28/20		798,000		797,903
Scientific Games International, Inc.:
5.00% Sr. Sec. Nts., 10/15/251		665,000		668,325
10.00% Sr. Unsec. Nts., 12/1/22		1,727,000		1,901,859
Silversea Cruise Finance Ltd., 7.25%
Sr. Sec. Nts., 2/1/251		510,000		552,075
Six Flags Entertainment Corp., 4.875%
Sr. Unsec. Nts., 7/31/241		500,000		508,750
Sugarhouse HSP Gaming Prop Mezz
LP/ Sugarhouse HSP Gaming Finance Corp., 5.875% Sr. Sec. Nts., 5/15/251		1,310,000		1,247,775
Viking Cruises Ltd., 5.875% Sr. Unsec.
Nts., 9/15/271		535,000		545,700
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp., 5.25% Sr. Unsec. Nts., 5/15/271		390,000		395,850
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/241		135,000		136,013
5.50% Sr. Unsec. Nts., 10/1/271		135,000		136,856
				30,796,769
Household Durables—1.3%
American Greetings Corp., 7.875% Sr.
Unsec. Nts., 2/15/253		1,020,000		1,106,700
AV Homes, Inc., 6.625% Sr. Unsec. Nts., 5/15/22		1,310,000		1,378,775
Beazer Homes USA, Inc.:
5.875% Sr. Unsec. Nts., 10/15/271		935,000		944,350
6.75% Sr. Unsec. Nts., 3/15/25		1,335,000		1,413,431

14      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Household Durables (Continued)
Beazer Homes USA, Inc.: (Continued)
7.25% Sr. Unsec. Nts., 2/1/23		$        43,000		$        44,935
DR Horton, Inc., 2.55% Sr. Unsec. Nts., 12/1/20		821,000		820,283
K Hovnanian Enterprises, Inc., 10.00% Sec. Nts., 7/15/221		530,000		585,650
KB Home, 7.625% Sr. Unsec. Nts., 5/15/23		1,075,000		1,236,250
Leggett & Platt, Inc., 3.50% Sr. Unsec. Nts., 11/15/27		449,000		445,426
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		95,000		97,641
4.75% Sr. Unsec. Nts., 11/29/271		535,000		553,618
4.75% Sr. Unsec. Nts., 5/30/25		2,838,000		2,958,615
M/I Homes, Inc., 5.625% Sr. Unsec. Nts., 8/1/25		795,000		810,836
Mattamy Group Corp., 6.50% Sr. Unsec. Nts., 10/1/251		265,000		281,563
MDC Holdings, Inc., 6.00% Sr. Unsec. Nts., 1/15/43		800,000		786,000
Newell Brands, Inc.:
2.15% Sr. Unsec. Nts., 10/15/18		386,000		386,410
5.00% Sr. Unsec. Nts., 11/15/23		628,000		662,927
5.50% Sr. Unsec. Nts., 4/1/46		269,000		321,186
PulteGroup, Inc.:
5.00% Sr. Unsec. Nts., 1/15/27		1,355,000		1,421,056
5.50% Sr. Unsec. Nts., 3/1/26		740,000		807,525
6.00% Sr. Unsec. Nts., 2/15/35		80,000		86,400
Standard Industries, Inc., 4.75% Sr.
Unsec. Nts., 1/15/281		805,000		810,885
Taylor Morrison Communities,
Inc./Taylor Morrison Holdings
II, Inc., 5.875% Sr. Unsec. Nts., 4/15/233		1,160,000		1,231,050
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		824,000		857,990
4.875% Sr. Unsec. Nts., 3/15/27		375,000		390,000
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25		1,020,000		1,044,225
				21,483,727
Internet & Catalog Retail—0.1%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		271,000		330,433
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		1,545,000		1,577,986
				1,908,419
Leisure Equipment & Products—0.1%
Mattel, Inc., 6.75% Sr. Unsec. Nts., 12/31/251		270,000		274,306
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26		1,400,000		1,431,632
				1,705,938
Media—2.4%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		357,000		414,576
Altice Finco SA, 8.125% Sec. Nts., 1/15/241		695,000		729,750
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		745,000		740,344
5.875% Sr. Sub. Nts., 11/15/26		760,000		752,400
6.125% Sr. Sub. Nts., 5/15/27		520,000		518,700
AMC Networks, Inc., 4.75% Sr. Unsec.
Nts., 8/1/25		530,000		526,687
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		1,362,000		1,539,060
Block Communications, Inc., 6.875% Sr.
Unsec. Nts., 2/15/251		255,000		268,387
CCO Holdings LLC/CCO Holdings Capital
Corp.:
4.00% Sr. Unsec. Nts., 3/1/231		265,000		263,012

	Principal Amount		Value
Media (Continued)
CCO Holdings LLC/CCO Holdings Capital Corp.: (Continued)
5.00% Sr. Unsec. Nts., 2/1/281		$        1,330,000		$        1,300,075
5.125% Sr. Unsec. Nts., 5/1/271		1,040,000		1,027,000
5.75% Sr. Unsec. Nts., 2/15/261		1,315,000		1,369,244
Cequel Communications Holdings I
LLC/ Cequel Capital Corp., 6.375%
Sr. Unsec. Nts., 9/15/201		532,000		541,310
Charter Communications Operating
LLC/Charter Communications
Operating Capital, 5.375% Sr. Sec. Nts., 5/1/47		386,000		396,922
Cinemark USA, Inc., 4.875% Sr.
Unsec. Nts., 6/1/23		495,000		503,662
Clear Channel International BV, 8.75%
Sr. Unsec. Nts., 12/15/201		265,000		274,937
Clear Channel Worldwide Holdings, Inc.:
6.50% Sr. Unsec. Nts., Series B, 11/15/22		1,465,000		1,496,131
7.625% Sr. Sub. Nts., Series B, 3/15/20		1,505,000		1,480,544
Comcast Cable Communications
Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		838,000		1,095,446
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		715,000		702,487
5.50% Sr. Unsec. Nts., 4/15/271		750,000		766,875
10.875% Sr. Unsec. Nts., 10/15/251		722,000		859,180
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24		2,280,000		2,225,850
7.75% Sr. Unsec. Nts., 7/1/26		250,000		263,750
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		760,000		760,000
5.875% Sr. Unsec. Nts., 7/15/261		1,770,000		1,818,675
iHeartCommunications, Inc., 9.00% Sr.
Sec. Nts., 12/15/19		1,455,000		1,087,612
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		866,000		909,380
Lions Gate Entertainment Corp., 5.875%
Sr. Unsec. Nts., 11/1/241		1,355,000		1,437,994
MDC Partners, Inc., 6.50% Sr. Unsec.
Nts., 5/1/241		255,000		257,550
Nexstar Broadcasting, Inc., 5.625% Sr.
Unsec. Nts., 8/1/241		1,095,000		1,133,325
Salem Media Group, Inc., 6.75% Sr. Sec.
Nts., 6/1/241		775,000		775,000
SFR Group SA, 6.00% Sr. Sec. Nts., 5/15/221		390,000		395,362
Sinclair Television Group, Inc., 5.625%
Sr. Unsec. Nts., 8/1/241		995,000		1,028,581
Sirius XM Radio, Inc., 5.375% Sr. Unsec.
Nts., 7/15/261		665,000		690,769
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/241		422,000		440,684
6.10% Sr. Unsec. Nts., 2/15/181		317,000		318,487
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241		650,000		684,125
Time Warner Cable LLC, 4.50% Sr.
Unsec. Unsub. Nts., 9/15/42		648,000		609,677
Time, Inc., 7.50% Sr. Unsec. Nts., 10/15/251		265,000		313,363
Townsquare Media, Inc., 6.50% Sr.
Unsec. Nts., 4/1/231		265,000		260,031
Tribune Media Co., 5.875% Sr. Unsec.
Nts., 7/15/22		725,000		748,563
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/231		245,000		245,000
5.125% Sr. Sec. Nts., 2/15/251		2,175,000		2,126,063
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/261		876,000		888,045
5.50% Sr. Sec. Nts., 8/15/261		705,000		724,388

15      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Media (Continued)
Ziggo Secured Finance BV, 5.50%
Sr. Sec. Nts., 1/15/271		$        1,930,000		$        1,932,413
				39,641,416
Multiline Retail—0.2%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		1,746,000		1,832,209
JC Penney Corp., Inc., 5.875% Sr. Sec.
Nts., 7/1/231		665,000		630,087
				2,462,296
Specialty Retail—0.7%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		174,000		172,593
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		791,000		852,609
Eurotorg LLC Via Bonitron DAC, 8.75%
Sr. Unsec. Nts., 10/30/221		745,000		755,095
Freedom Mortgage Corp., 8.125% Sr.
Unsec. Nts., 11/15/241		400,000		408,500
GameStop Corp.:
5.50% Sr. Unsec. Nts., 10/1/191		685,000		698,700
6.75% Sr. Unsec. Nts., 3/15/211		1,425,000		1,496,250
Guitar Center, Inc., 6.50% Sr. Sec. Nts., 4/15/191		365,000		339,450
L Brands, Inc.:
5.625% Sr. Unsec. Nts., 2/15/22		867,000		928,774
6.875% Sr. Unsec. Nts., 11/1/35		2,335,000		2,370,025
Lithia Motors, Inc., 5.25% Sr. Unsec.
Nts., 8/1/251		530,000		553,850
Murphy Oil USA, Inc., 5.625% Sr. Unsec.
Nts., 5/1/27		260,000		274,027
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		813,000		824,856
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		475,000		475,000
Signet UK Finance plc, 4.70% Sr. Unsec.
Nts., 6/15/24		927,000		913,811
Sonic Automotive, Inc., 6.125% Sr. Sub.
Nts., 3/15/27		650,000		648,375
				11,711,915
Textiles, Apparel & Luxury Goods—0.2%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		425,000		435,625
4.875% Sr. Unsec. Nts., 5/15/261		1,370,000		1,411,100
Levi Strauss & Co., 5.00% Sr. Unsec.
Nts., 5/1/25		654,000		685,065
PVH Corp., 4.50% Sr. Unsec.
Unsub. Nts., 12/15/22		412,000		421,229
Springs Industries, Inc., 6.25% Sr. Sec.
Nts., 6/1/21		655,000		669,737
				3,622,756
Consumer Staples—2.5%
Beverages—0.4%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		970,000		968,180
3.65% Sr. Unsec. Nts., 2/1/26		533,000		550,841
4.90% Sr. Unsec. Nts., 2/1/46		343,000		398,770
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		390,000		621,728
Coca-Cola Icecek AS, 4.215% Sr. Unsec.
Nts., 9/19/241		555,000		564,824
Constellation Brands, Inc., 2.25% Sr. Unsec. Nts., 11/6/20		922,000		914,097
Molson Coors Brewing Co.:
1.45% Sr. Unsec. Nts., 7/15/19		348,000		343,748
2.10% Sr. Unsec. Nts., 7/15/21		833,000		817,055
4.20% Sr. Unsec. Nts., 7/15/46		130,000		132,899

	Principal Amount		Value
Beverages (Continued)
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		$        853,000		$        904,131
				6,216,273
Food & Staples Retailing—0.8%
Albertsons Cos LLC/Safeway, Inc./
New Albertson’s, Inc./Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/24		745,000		715,200
Alimentation Couche-Tard, Inc., 2.35%
Sr. Unsec. Nts., 12/13/191		953,000		953,277
CVS Health Corp.:
2.125% Sr. Unsec. Nts., 6/1/21		929,000		907,268
5.125% Sr. Unsec. Nts., 7/20/45		208,000		239,103
Fresh Market, Inc. (The), 9.75% Sr. Sec.
Nts., 5/1/231		705,000		440,625
Ingles Markets, Inc., 5.75% Sr. Unsec.
Nts., 6/15/23		1,353,000		1,376,677
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		40,000		39,936
6.80% Sr. Unsec. Nts., 12/15/18		287,000		299,581
6.90% Sr. Unsec. Nts., 4/15/38		221,000		286,364
New Albertson’s, Inc., 7.45% Sr. Unsec.
Nts., 8/1/29		740,000		649,350
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		1,765,000		1,858,914
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		2,050,000		1,857,813
Simmons Foods, Inc., 5.75% Sec. Nts., 11/1/241		1,870,000		1,855,975
SUPERVALU, Inc.:
6.75% Sr. Unsec. Nts., 6/1/21		500,000		500,625
7.75% Sr. Unsec. Nts., 11/15/22		630,000		618,975
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/241		125,000		131,875
				13,243,883
Food Products—0.8%
Adecoagro SA, 6.00% Sr. Unsec. Nts., 9/21/271		575,000		572,987
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		260,000		265,109
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		590,000		564,737
8.50% Sr. Unsec. Nts., 6/15/19		823,000		891,764
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231		1,780,000		1,775,550
JBS USA LUX SA/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/251		1,315,000		1,272,263
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/25		493,000		509,891
4.375% Sr. Unsec. Nts., 6/1/46		325,000		322,939
Lamb Weston Holdings, Inc., 4.875% Sr.
Unsec. Nts., 11/1/261		498,000		521,655
Minerva Luxembourg SA, 5.875% Sr.
Unsec. Nts., 1/19/281		535,000		521,224
Mondelez International Holdings
Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191		966,000		952,374
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/251		910,000		939,575
5.875% Sr. Unsec. Nts., 9/30/271		265,000		273,613
Post Holdings, Inc., 5.75% Sr. Unsec.
Nts., 3/1/271		795,000		810,900
Smithfield Foods, Inc., 2.70% Sr. Unsec.
Nts., 1/31/201		932,000		926,795
TreeHouse Foods, Inc., 6.00% Sr. Unsec.
Nts., 2/15/241		1,005,000		1,050,225

16      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Food Products (Continued)
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		$    454,000		$        465,651
				12,637,252
Household Products—0.1%
Kronos Acquisition Holdings,
Inc., 9.00% Sr. Unsec. Nts., 8/15/231		645,000		604,687
Spectrum Brands, Inc., 6.125%
Sr. Unsec. Nts., 12/15/24		360,000		382,950
				987,637
Personal Products—0.2%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221		2,280,000		2,331,300
Edgewell Personal Care Co., 4.70%
Sr. Unsec. Nts., 5/24/22		85,000		87,550
Revlon Consumer Products Corp.,
5.75% Sr. Unsec. Nts., 2/15/21		1,865,000		1,417,400
				3,836,250
Tobacco—0.2%
Altria Group, Inc., 4.00% Sr. Unsec. Nts., 1/31/24		619,000		657,087
BAT Capital Corp.:
2.297% Sr. Unsec. Nts., 8/14/201		918,000		913,464
3.557% Sr. Unsec. Nts., 8/15/271		458,000		459,386
Imperial Brands Finance plc, 2.05%
Sr. Unsec. Nts., 7/20/181		947,000		946,271
Philip Morris International, Inc.,
2.50% Sr. Unsec. Nts., 11/2/22		814,000		807,192
Reynolds American, Inc.,
5.85% Sr. Unsec. Nts., 8/15/45		312,000		390,751
				4,174,151
Energy—7.6%
Energy Equipment & Services—0.9%
Calfrac Holdings LP, 7.50% Sr.
Unsec. Nts., 12/1/201		925,000		915,750
Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		685,000		585,675
Exterran Energy Solutions
LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/251		260,000		280,150
Halliburton Co., 5.00% Sr. Unsec. Nts., 11/15/45		203,000		233,830
Helmerich & Payne International
Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		522,000		550,179
McDermott International, Inc., 8.00%
Sec. Nts., 5/1/211		1,115,000		1,151,628
Noble Holding International
Ltd., 7.75% Sr. Unsec. Nts., 1/15/24		760,000		657,400
Parker Drilling Co., 6.75% Sr. Unsec.
Nts., 7/15/22		1,225,000		1,010,625
Pertamina Persero PT, 6.45% Sr.
Unsec. Nts., 5/30/441		1,235,000		1,482,693
Pioneer Energy Services Corp., 6.125%
Sr. Unsec. Nts., 3/15/22		1,515,000		1,249,420
Rowan Cos., Inc., 7.375% Sr. Unsec.
Nts., 6/15/25		1,330,000		1,364,912
Schlumberger Holdings Corp., 4.00% Sr.
Unsec. Nts., 12/21/251		514,000		540,897
SESI LLC, 7.75% Sr. Unsec. Nts., 9/15/241		795,000		846,675
Transocean, Inc.:
7.50% Sr. Unsec. Nts., 1/15/261		265,000		272,036
9.00% Sr. Unsec. Nts., 7/15/231		1,105,000		1,198,925
Trinidad Drilling Ltd., 6.625% Sr. Unsec.
Nts., 2/15/251		385,000		367,675
Weatherford International Ltd., 9.875%
Sr. Unsec. Nts., 2/15/24		1,462,000		1,560,685
				14,269,155

	Principal Amount		Value
Oil, Gas & Consumable Fuels—6.7%
Alta Mesa Holdings LP/Alta
Mesa Finance Services Corp.,
7.875% Sr. Unsec. Nts., 12/15/24		$        265,000		$        291,831
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		213,000		212,893
6.20% Sr. Unsec. Nts., 3/15/40		175,000		212,733
Andeavor, 5.125% Sr. Unsec. Nts., 12/15/261		835,000		918,987
Andeavor Logistics LP/Tesoro
Logistics Finance Corp.:
4.25% Sr. Unsec. Nts., 12/1/27		462,000		466,748
5.25% Sr. Unsec. Nts., 1/15/25		324,000		341,156
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		263,000		271,065
Ardagh Packaging Finance
plc/Ardagh Holdings USA, Inc.,
6.00% Sr. Unsec. Nts., 2/15/251		1,150,000		1,213,250
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/221		425,000		457,937
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/241		1,075,000		1,006,469
Bharat Petroleum Corp. Ltd., 4.00% Sr. Unsec. Nts., 5/8/25		1,105,000		1,128,808
Bill Barrett Corp., 8.75% Sr. Unsec. Nts., 6/15/25		795,000		882,450
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		422,000		452,633
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		967,000		962,019
Buckeye Partners LP, 3.95% Sr. Unsec.
Nts., 12/1/26		230,000		226,428
California Resources Corp., 8.00% Sec.
Nts., 12/15/221		658,000		545,317
Calumet Specialty Products Partners LP/
Calumet Finance Corp.:
6.50% Sr. Unsec. Nts., 4/15/21		630,000		630,000
7.625% Sr. Unsec. Nts., 1/15/22		1,075,000		1,081,719
Centennial Resource Production LLC, 5.375% Sr. Unsec. Nts., 1/15/261		670,000		684,237
Cheniere Corpus Christi Holdings LLC:
5.125% Sr. Sec. Nts., 6/30/27		525,000		544,372
7.00% Sr. Sec. Nts., 6/30/24		1,430,000		1,630,200
Chesapeake Energy Corp.:
6.125% Sr. Unsec. Nts., 2/15/21		493,000		501,627
8.00% Sec. Nts., 12/15/221		249,000		269,543
8.00% Sr. Unsec. Nts., 1/15/251		265,000		267,981
8.00% Sr. Unsec. Nts., 6/15/271		270,000		259,875
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		972,000		966,557
Citadel LP, 5.375% Sr. Unsec. Nts., 1/17/231		805,000		831,246
CITGO Petroleum Corp., 6.25% Sr. Sec.
Nts., 8/15/221		70,000		70,875
Cloud Peak Energy Resources LLC/Cloud
Peak Energy Finance Corp., 12.00% Sec.
Nts., 11/1/21		990,000		1,071,675
CNX Resources Corp.:
5.875% Sr. Unsec. Nts., 4/15/22		445,000		456,681
8.00% Sr. Unsec. Nts., 4/1/23		625,000		671,562
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		833,000		845,318
4.50% Sr. Unsec. Nts., 6/1/25		438,000		466,966
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		108,000		122,763
5.95% Sr. Unsec. Nts., 3/15/46		195,000		263,459
Continental Resources, Inc.:
4.375% Sr. Unsec. Nts., 1/15/281		1,610,000		1,591,404
5.00% Sr. Unsec. Nts., 9/15/22		520,000		529,750

17      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
CrownRock LP/CrownRock Finance, Inc., 5.625% Sr. Unsec. Nts., 10/15/251		$        530,000		$        533,975
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		1,400,000		1,449,000
Denbury Resources, Inc.:
4.625% Sr. Sub. Nts., 7/15/23		805,000		519,225
5.50% Sr. Sub. Nts., 5/1/22		662,000		455,952
6.375% Sr. Sub. Nts., 8/15/21		805,000		611,800
9.00% Sec. Nts., 5/15/211		1,140,000		1,169,925
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		207,000		219,810
Endeavor Energy Resources LP/EER Finance, Inc.:
5.50% Sr. Unsec. Nts., 1/30/261		540,000		550,800
5.75% Sr. Unsec. Nts., 1/30/281		540,000		556,605
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		255,000		254,129
Energy Transfer Partners LP, 6.625% [US0003M+415.5] Jr. Sub. Perpetual Bonds2,10		341,000		331,836
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		206,000		216,175
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		144,000		158,580
4.90% Sr. Unsec. Nts., 5/15/46		151,000		166,881
Enviva Partners LP/Enviva Partners Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/21		1,235,000		1,319,906
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Unsec. Nts., 9/1/22		645,000		362,812
8.00% Sr. Sec. Nts., 11/29/241		1,260,000		1,307,250
8.00% Sec. Nts., 2/15/251		1,022,000		751,170
9.375% Sr. Unsec. Nts., 5/1/20		635,000		539,750
EQT Corp., 2.50% Sr. Unsec. Nts., 10/1/20		918,000		912,136
Extraction Oil & Gas, Inc., 7.375% Sr. Unsec. Nts., 5/15/241		265,000		284,212
Foresight Energy LLC/Foresight Energy
Finance Corp., 11.50% Sec. Nts., 4/1/231		1,300,000		1,069,250
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/221		1,265,000		1,326,321
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00% Sr. Unsec. Nts., 5/15/23		725,000		737,687
6.25% Sr. Unsec. Nts., 5/15/26		1,070,000		1,068,662
6.50% Sr. Unsec. Nts., 10/1/25		795,000		810,900
Geopark Ltd., 6.50% Sr. Sec. Nts., 9/21/241		460,000		472,986
Halcon Resources Corp., 6.75% Sr. Unsec. Nts., 2/15/251		530,000		553,850
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625% Sr. Unsec. Nts., 2/15/261		805,000		835,187
Holly Energy Partners LP/Holly Energy Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/241		265,000		277,587
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23		1,505,000		1,679,454
Jones Energy Holdings LLC/Jones Energy
Finance Corp., 6.75% Sr. Unsec. Nts., 4/1/22		2,533,000		1,912,415
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/231		480,000		498,271
5.75% Sr. Unsec. Nts., 4/19/471		2,060,000		2,201,625
6.375% Sr. Unsec. Nts., 4/9/211		1,685,000		1,842,295
7.00% Sr. Unsec. Nts., 5/5/201		1,580,000		1,714,458
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45		703,000		771,528

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/233			$        475,000		$        496,969
Marathon Oil Corp., 4.40% Sr. Unsec.
Nts., 7/15/27			470,000		491,979
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/251			520,000		515,450
7.00% Sr. Unsec. Nts., 3/31/241			1,355,000		1,150,056
Murphy Oil Corp., 6.875% Sr. Unsec.
Nts., 8/15/24			720,000		770,400
Murray Energy Corp., 11.25% Sec. Nts., 4/15/211			3,240,000		1,668,600
Newfield Exploration Co., 5.625% Sr.
Unsec. Nts., 7/1/24			515,000		556,200
NGL Energy Partners LP/NGL Energy
Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25			1,295,000		1,269,100
6.875% Sr. Unsec. Nts., 10/15/21			385,000		394,625
7.50% Sr. Unsec. Nts., 11/1/23			1,045,000		1,086,800
Noble Energy, Inc., 5.05% Sr. Unsec.
Nts., 11/15/44			240,000		257,822
Novatek OAO Via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/221			605,000		624,148
NuStar Logistics LP, 5.625% Sr. Unsec.
Nts., 4/28/27			785,000		800,700
Oasis Petroleum, Inc., 6.875% Sr. Unsec.
Nts., 1/15/23			830,000		851,788
ONEOK Partners LP:
4.90% Sr. Unsec. Nts., 3/15/25			364,000		390,781
8.625% Sr. Unsec. Nts., 3/1/19			396,000		422,765
Parsley Energy LLC/Parsley Finance
Corp., 5.625% Sr. Unsec. Nts., 10/15/271			400,000		410,000
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Sec. Nts., 11/15/23			635,000		665,956
7.25% Sr. Unsec. Nts., 6/15/25			800,000		843,000
PBF Logistics LP/PBF Logistics Finance
Corp., 6.875% Sr. Unsec. Nts., 5/15/231			265,000		274,275
PDC Energy, Inc., 5.75% Sr. Unsec. Nts., 5/15/261			535,000		549,044
Peabody Energy Corp.:
6.00% Sr. Sec. Nts., 11/15/188,9,11			1,110,000		1
6.375% Sr. Sec. Nts., 3/31/251			515,000		537,531
10.00% Sr. Sec. Nts., 3/15/228,9,11			2,075,000		2
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			2,765,000		2,741,415
5.299% Sr. Unsec. Nts., 1/27/251			1,850,000		1,857,863
5.999% Sr. Unsec. Nts., 1/27/281			4,007,000		4,022,026
6.125% Sr. Unsec. Nts., 1/17/22			920,000		978,650
6.85% Sr. Unsec. Nts., 6/5/15			2,130,000		2,058,113
7.375% Sr. Unsec. Nts., 1/17/27			1,615,000		1,781,345
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/2412	EUR		205,000		267,290
3.75% Sr. Unsec. Nts., 4/16/26	EUR		1,445,000		1,816,459
4.625% Sr. Unsec. Nts., 9/21/23			2,680,000		2,763,750
6.50% Sr. Unsec. Nts., 3/13/271			805,000		880,871
6.75% Sr. Unsec. Nts., 9/21/471			1,950,000		2,040,383
6.875% Sr. Unsec. Nts., 8/4/26			795,000		903,319
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25			444,000		447,907
Proven Glory Capital Ltd., 4.00% Sr. Unsec. Nts., 2/21/2712			290,000		293,555
Puma International Financing SA, 5.125% Sr. Unsec. Nts., 10/6/241			445,000		454,345
QEP Resources, Inc., 5.625% Sr. Unsec. Nts., 3/1/26			665,000		676,638
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20			2,435,000		2,489,788
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28			465,000		471,273

18      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/241		$        700,000		$        712,006
Sanchez Energy Corp.: 6.125% Sr. Unsec. Nts., 1/15/23		1,600,000		1,364,000
7.75% Sr. Unsec. Nts., 6/15/21		405,000		382,725
SemGroup Corp./Rose Rock Finance Corp., 5.625% Sr. Unsec. Nts., 11/15/23		545,000		534,100
Shell International Finance BV, 4.00% Sr.
Unsec. Nts., 5/10/46		320,000		341,372
Southwestern Energy Co., 7.50% Sr.
Unsec. Nts., 4/1/26		265,000		281,894
SRC Energy, Inc., 6.25% Sr. Unsec. Nts., 12/1/251		885,000		909,338
Summit Midstream Holdings LLC/Summit
Midstream Finance Corp., 5.75% Sr.
Unsec. Nts., 4/15/25		515,000		521,896
Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		516,000		506,826
Sunoco LP/Sunoco Finance Corp., 6.375% Sr. Unsec. Nts., 4/1/23		755,000		797,469
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		690,000		711,562
5.50% Sr. Unsec. Nts., 1/15/281		1,075,000		1,089,459
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00% Sr. Unsec. Nts., 1/15/281		800,000		801,000
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/221		365,000		379,008
Ultra Resources, Inc.:
6.875% Sr. Unsec. Nts., 4/15/221		390,000		392,438
7.125% Sr. Unsec. Nts., 4/15/251		520,000		520,650
Ultrapar International SA, 5.25% Sr.
Unsec. Nts., 10/6/261		495,000		506,494
Whiting Petroleum Corp., 6.625% Sr. Unsec. Nts., 1/15/261		535,000		546,369
Williams Partners LP:
3.75% Sr. Unsec. Nts., 6/15/27		364,000		365,358
5.25% Sr. Unsec. Nts., 3/15/20		398,000		420,612
Woodside Finance Ltd., 8.75% Sr. Unsec. Nts., 3/1/191		8,000		8,566
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23		1,140,000		1,299,600
YPF SA, 6.95% Sr. Unsec. Nts., 7/21/271		2,130,000		2,265,359
				112,168,210
Financials—7.8%
Capital Markets—1.6%
Apollo Management Holdings LP, 4.00% Sr. Unsec. Nts., 5/30/241		541,000		554,207
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/271		383,000		376,970
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		923,000		948,429
Charles Schwab Corp. (The), 5.00% [US0003M+257.5] Jr. Sub. Perpetual Bonds2,10		668,000		671,373
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		512,000		530,143
Credit Suisse Group AG, 7.125% [USSW5+510.8] Jr. Sub. Perpetual Bonds2,10		620,000		679,365
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		360,000		386,016
Diamond Resorts International, Inc.:
7.75% Sr. Sec. Nts., 9/1/231		1,085,000		1,182,542
10.75% Sr. Unsec. Nts., 9/1/241		665,000		715,706

	Principal Amount		Value
Capital Markets (Continued)
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds2,10		$        1,596,000		$        1,695,750
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/251		1,530,000		1,587,337
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		543,000		546,602
3.75% Sr. Unsec. Nts., 2/25/26		522,000		536,397
4.017% [US0003M+137.3] Sr. Unsec. Nts., 10/31/382		375,000		386,145
5.00% [US0003M+287.4] Jr. Sub. Perpetual Bonds2,10		340,000		335,410
5.70% [US0003M+388.4] Jr. Sub. Perpetual Bonds, Series L2,10		496,000		512,046
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375% Sr. Unsec. Nts., 12/15/251		1,075,000		1,077,795
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/221		730,000		776,169
Macquarie Bank Ltd. (London), 6.125% [USSW5+370.3] Jr. Sub. Perpetual Bonds1,2,10		631,000		657,029
Marble II Pte Ltd., 5.30% Sr. Sec. Nts., 6/20/221		340,000		345,692
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		667,000		732,325
5.00% Sub. Nts., 11/24/25		839,000		919,355
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261		881,000		927,253
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/322		400,000		398,876
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231		1,070,000		1,190,375
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		543,000		546,411
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/211		375,000		373,125
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		941,000		943,859
Staples, Inc., 8.50% Sr. Unsec. Nts., 9/15/251		1,860,000		1,725,150
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		562,000		567,605
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75% Sr. Unsec. Nts., 6/1/251		805,000		821,100
Trident Merger Sub, Inc., 6.625% Sr. Unsec. Nts., 11/1/251		805,000		805,000
UBS Group AG, 7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds2,10		700,000		763,540
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/261		347,000		364,391
4.253% Sr. Unsec. Nts., 3/23/281		377,000		397,888
VFH Parent LLC/Orchestra Co.-Issuer, Inc., 6.75% Sec. Nts., 6/15/221		260,000		274,300
				26,251,676
Commercial Banks—2.9%
ABN AMRO Bank NV, 4.40% [USSW5+219.7] Sub. Nts., 3/27/282		1,061,000		1,093,759
ACE Cash Express, Inc., 12.00% Sr. Sec. Nts., 12/15/221		135,000		140,062
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/128,9		315,159		—
Australia & New Zealand Banking Group Ltd. (New York), 2.625% Sr. Unsec. Nts., 5/19/22		929,000		926,428

19      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Banks (Continued)
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% [USISDA05+516.8] Jr. Sub. Perpetual Bonds1,2,10		$        735,000		$        837,900
Banco Bilbao Vizcaya Argentaria SA: 6.125% [USSW5+387] Jr. Sub. Perpetual Bonds2,10		495,000		511,706
9.00% [USSW5+826.2] Jr. Sub. Perpetual Bonds2,10		495,000		507,276
Banco do Brasil SA (Cayman), 6.25% [H15T10Y+439.8] Jr. Sub. Perpetual Bonds1,2,10		820,000		756,450
Banco Mercantil del Norte SA (Grand Cayman):
6.875% [H15T5Y+503.5] Jr. Sub. Perpetual Bonds1,2,10		429,000		453,131
7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,10		395,000		434,006
Banco Santander SA, 6.375% [USSW5+478.8] Jr. Sub. Perpetual Bonds2,10		650,000		666,278
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		723,000		718,124
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/282		497,000		514,527
6.30% [US0003M+455.3] Jr. Sub. Perpetual Bonds2,10		613,000		694,222
7.75% Jr. Sub. Nts., 5/14/38		623,000		935,692
Bank of Nova Scotia (The), 4.65% [US0003M+264.8] Jr. Sub. Perpetual Bonds2,10		680,000		676,379
Barclays plc:
4.375% Sr. Unsec. Nts., 1/12/26		880,000		917,397
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds2,10		750,000		824,063
BB&T Corp., 2.85% Sr. Unsec. Nts., 10/26/24		764,000		758,953
BNP Paribas SA:
4.625% Sub. Nts., 3/13/271		635,000		678,493
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,10		755,000		832,387
BPCE SA, 4.50% Sub. Nts., 3/15/251		630,000		659,339
CIT Group, Inc., 5.80%
[US0003M+397.2] Jr. Sub. Perpetual Bonds2,10		688,000		710,360
Citigroup, Inc.:
4.281% [US0003M+183.9] Sr. Unsec. Nts., 4/24/482		916,000		997,828
4.75% Sub. Nts., 5/18/46		440,000		486,559
6.125% [US0003M+447.8] Jr. Sub. Perpetual Bonds2,10		485,000		516,525
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		529,000		527,412
2.65% Sr. Unsec. Nts., 5/26/22		224,000		222,152
Commonwealth Bank of Australia, 3.15% Sr. Unsec. Nts., 9/19/271		750,000		740,139
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		945,000		935,977
Credit Agricole SA, 4.375% Sub. Nts., 3/17/251		1,066,000		1,115,407
Fifth Third Bancorp, 5.10% [US0003M+303.33] Jr. Sub. Perpetual Bonds2,10		250,000		254,375
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		551,000		569,273
First Republic Bank, 4.375% Sub. Nts., 8/1/46		380,000		389,721
Glencore Funding LLC, 4.00% Sr. Unsec. Nts., 4/16/251		523,000		529,082

	Principal Amount		Value
Commercial Banks (Continued)
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/211		$        605,000		$        617,826
Globo Comunicacao e Participacoes SA, 5.125% Sr. Sec. Nts., 3/31/271		1,110,000		1,132,200
HSBC Holdings plc:
4.041% [US0003M+154.6] Sr. Unsec. Nts., 3/13/282		440,000		458,940
6.375% [USISDA05+370.5] Jr. Sub. Perpetual Bonds2,10		615,000		656,512
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		528,000		536,653
IDBI Bank Ltd. (DIFC Dubai), 5.00% Sr. Unsec. Nts., 9/25/19		430,000		441,606
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 7/14/271		749,000		749,913
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/282		735,000		748,420
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/282		1,458,000		1,512,166
6.125% [US0003M+333] Jr. Sub. Perpetual Bonds2,10		640,000		701,600
7.90% [US0003M+347] Jr. Sub. Perpetual Bonds, Series 12,10		492,000		498,765
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231		1,125,000		1,170,000
Krung Thai Bank PCL (Cayman Islands), 5.20% [H15T5Y+353.5] Sub. Nts., 12/26/242		540,000		556,844
Lloyds Banking Group plc, 6.413% [US0003M+149.5] Jr. Sub. Perpetual Bonds1,2,10		566,000		655,145
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		835,000		838,619
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		477,000		477,591
Regions Financial Corp., 2.75% Sr. Unsec. Nts., 8/14/22		618,000		616,638
Royal Bank of Scotland Group plc, 3.498% [US0003M+148] Sr. Unsec. Nts., 5/15/232		660,000		662,023
Sberbank of Russia Via SB Capital SA, 5.50% [H15T5Y+402.3] Sub. Nts., 2/26/241,2		1,580,000		1,608,677
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,10		795,000		863,609
Standard Chartered plc, 7.50% [USSW5+630.1] Jr. Sub. Perpetual Bonds1,2,10		805,000		873,425
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		417,000		413,632
SunTrust Banks, Inc.:
5.05% [US0003M+310.2] Jr. Sub. Perpetual Bonds2,10		697,000		707,455
5.125% [US0003M+278.6] Jr. Sub. Perpetual Bonds2,10		104,000		102,128
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		557,000		553,073
Turkiye Garanti Bankasi AS, 6.125% [USSW5+422] Sub. Nts., 5/24/271,2		300,000		300,171
Turkiye Is Bankasi, 6.00% Sub. Nts., 10/24/221		540,000		543,328
Turkiye Vakiflar Bankasi TAO: 5.625% Sr. Unsec. Nts., 5/30/221		970,000		969,446
6.875% [USSW5+543.9] Sub. Nts., 2/3/251,2		525,000		531,576
UniCredit SpA, 8.00% [USSW5+518] Jr.
Sub. Perpetual Bonds2,10		630,000		691,406

20      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

			Principal Amount		Value
Commercial Banks (Continued)
US Bancorp:
3.10% Sub. Nts., 4/27/26				$           548,000		$           544,588
3.15% Sr. Unsec. Nts., 4/27/27				225,000		225,617
Wachovia Capital Trust III, 5.57%
[US0003M+93] Jr. Sub. Perpetual Bonds2,10		��		992,000		1,000,680
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/282				754,000		769,362
4.75% Sub. Nts., 12/7/46				532,000		595,504
Westpac Banking Corp. (New Zealand), 5.00% [USISDA05+288.8] Jr. Sub. Perpetual Bonds2,10				680,000		678,748
Yapi ve Kredi Bankasi AS, 5.85% Sr. Unsec. Nts., 6/21/241				770,000		771,456
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/221				675,000		704,160
						49,010,884
Consumer Finance—0.9%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231				910,000		859,950
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22				440,000		458,700
5.75% Sub. Nts., 11/20/25				1,325,000		1,449,219
8.00% Sr. Unsec. Nts., 11/1/31				415,000		541,575
American Express Co.:
2.50% Sr. Unsec. Nts., 8/1/22				371,000		366,867
4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds2,10				758,000		774,107
American Express Credit Corp., 3.30% Sr. Unsec. Nts., 5/3/27				562,000		570,815
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27				371,000		375,572
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25				371,000		373,931
4.10% Sr. Unsec. Nts., 2/9/27				374,000		383,704
5.50% [US0003M+307.6] Jr. Sub. Perpetual Bonds2,10				335,000		345,469
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/191				665,000		695,668
Financiera Independencia SAB de CV
SOFOM ENR, 8.00% Sr. Unsec. Nts., 7/19/241				365,000		373,212
Minejesa Capital BV, 4.625% Sr. Sec. Nts., 8/10/301				2,635,000		2,699,702
Navient Corp.:
6.50% Sr. Unsec. Nts., 6/15/22				535,000		561,884
6.625% Sr. Unsec. Nts., 7/26/21				505,000		534,038
6.75% Sr. Unsec. Nts., 6/25/25				685,000		705,550
Springleaf Finance Corp.: 5.625% Sr. Unsec. Nts., 3/15/23				805,000		807,777
6.125% Sr. Unsec. Nts., 5/15/22				785,000		818,363
8.25% Sr. Unsec. Nts., 12/15/20				490,000		540,225
						14,236,328
Diversified Financial Services—0.3%
Berkshire Hathaway Energy Co., 2.00% Sr. Unsec. Nts., 11/15/18				267,000		267,259
Charming Light Investments Ltd., 4.375% Sr. Unsec. Nts., 12/21/2712				390,000		393,064
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/353,9,13	MXN			5,808,600		28,803
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/181				1,000,000		1,034,500
Park Aerospace Holdings Ltd., 5.50% Sr. Unsec. Nts., 2/15/241				1,020,000		1,014,900
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251				363,000		374,255

		Principal Amount		Value
Diversified Financial Services (Continued)
Precision Castparts Corp., 2.50% Sr. Unsec. Nts., 1/15/23			$           549,000		$           545,831
Voya Financial, Inc., 5.65%
[US0003M+358] Jr. Sub. Nts., 5/15/532			875,000		934,063
					4,592,675
Insurance—0.3%
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45			464,000		499,319
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/271			239,000		235,445
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27			663,000		654,489
Credivalores-Crediservicios SAS, 9.75% Sr. Unsec. Nts., 7/27/221			370,000		385,725
Genworth Holdings, Inc., 7.70% Sr. Unsec. Nts., 6/15/20			535,000		541,019
Manulife Financial Corp., 4.061% [USISDA05+164.7] Sub. Nts., 2/24/322			565,000		570,184
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47			294,000		326,731
MetLife, Inc., 5.25% [US0003M+357.5] Jr. Sub. Perpetual Bonds2,10			936,000		975,537
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/241			695,000		734,405
Prudential Financial, Inc.:
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/442			712,000		759,170
5.375% [US0003M+303.1] Jr. Sub. Nts., 5/15/452			172,000		184,728
					5,866,752
Real Estate Investment Trusts (REITs)—1.3%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20			817,000		822,501
3.00% Sr. Unsec. Nts., 6/15/23			782,000		780,807
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/348,9,13	MXN		4,830,531		—
Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27			455,000		454,669
Digital Realty Trust LP:
3.40% Sr. Unsec. Nts., 10/1/20			79,000		80,606
5.875% Sr. Unsec. Nts., 2/1/20			327,000		346,958
Equinix, Inc.: 5.375% Sr. Unsec. Nts., 5/15/27			780,000		836,550
5.875% Sr. Unsec. Nts., 1/15/26			945,000		1,017,056
FelCor Lodging LP, 6.00% Sr. Unsec. Nts., 6/1/25			635,000		673,100
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			810,000		867,712
HCP, Inc., 2.625% Sr. Unsec. Nts., 2/1/20			907,000		910,613
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			995,000		1,027,338
Iron Mountain, Inc.:
4.875% Sr. Unsec. Nts., 9/15/271			795,000		798,975
5.25% Sr. Unsec. Nts., 3/15/281			535,000		535,000
iStar, Inc.:
5.00% Sr. Unsec. Nts., 7/1/19			405,000		407,278
5.25% Sr. Unsec. Nts., 9/15/22			800,000		807,000
6.00% Sr. Unsec. Nts., 4/1/22			1,325,000		1,374,687
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26			1,465,000		1,569,381
MPT Operating Partnership LP/MPT Finance Corp.:
5.00% Sr. Unsec. Nts., 10/15/27			795,000		811,894
6.375% Sr. Unsec. Nts., 3/1/24			740,000		786,250
Outfront Media Capital LLC/Outfront
Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25			1,090,000		1,156,762

21      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
SBA Communications Corp., 4.00% Sr. Unsec. Nts., 10/1/221		$        800,000		$        805,000
Starwood Property Trust, Inc.:
4.75% Sr. Unsec. Nts., 3/15/251		805,000		800,975
5.00% Sr. Unsec. Nts., 12/15/21		760,000		790,400
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/261		1,245,000		1,316,588
Uniti Group LP/Uniti Fiber Holdings, Inc./ CSL Capital LLC, 7.125% Sr. Unsec. Nts., 12/15/241		530,000		484,950
Uniti Group LP/Uniti Group Finance, Inc./ CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23		1,055,000		1,020,712
Ventas Realty LP/Ventas Capital Corp., 2.00% Sr. Unsec. Nts., 2/15/18		269,000		268,993
VEREIT Operating Partnership LP, 3.00% Sr. Unsec. Nts., 2/6/19		346,000		347,732
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		130,000		130,057
				22,030,544
Real Estate Management & Development—0.3%
Cleaver-Brooks, Inc., 7.875% Sr. Sec. Nts., 3/1/231		400,000		411,000
Greystar Real Estate Partners LLC, 5.75% Sr. Sec. Nts., 12/1/251		1,075,000		1,109,937
Mattamy Group Corp., 6.875% Sr. Unsec. Nts., 12/15/231		505,000		536,563
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.875% Sr. Unsec. Nts., 6/1/231		1,240,000		1,230,700
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr. Unsec. Nts., 4/1/251		1,065,000		1,112,925
				4,401,125
Thrifts & Mortgage Finance—0.2%
Nationwide Building Society, 4.125% [USISDA05+184.9] Sub. Nts., 10/18/322		557,000		558,139
Provident Funding Associates LP/PFG Finance Corp., 6.375% Sr. Unsec. Nts., 6/15/251		395,000		415,737
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/281		1,075,000		1,063,928
5.75% Sr. Unsec. Nts., 5/1/251		1,420,000		1,476,814
Radian Group, Inc., 4.50% Sr. Unsec. Nts., 10/1/24		665,000		682,955
				4,197,573
Health Care—3.5%
Biotechnology—0.2%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		546,000		562,078
4.70% Sr. Unsec. Nts., 5/14/45		168,000		187,943
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		212,000		252,423
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		527,000		546,235
5.00% Sr. Unsec. Nts., 8/15/45		104,000		118,355
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		343,000		397,370
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		964,000		955,571
3.20% Sr. Unsec. Nts., 9/23/26		748,000		732,535
				3,752,510
Health Care Equipment & Supplies—0.4%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		927,000		927,522
3.75% Sr. Unsec. Nts., 11/30/26		785,000		807,357
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		585,000		582,130

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Becton Dickinson & Co.: (Continued)
3.70% Sr. Unsec. Nts., 6/6/27		$        692,000		$        698,486
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		720,000		741,225
DJO Finco, Inc./DJO Finance LLC/ DJO Finance Corp., 8.125% Sec. Nts., 6/15/211		480,000		451,200
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231		680,000		714,850
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/251		180,000		183,150
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		377,000		439,902
Teleflex, Inc., 4.625% Sr. Unsec. Nts., 11/15/27		535,000		541,580
				6,087,402
Health Care Providers & Services—1.7%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		830,000		846,600
6.50% Sr. Unsec. Nts., 3/1/24		250,000		261,250
Anthem, Inc., 2.50% Sr. Unsec. Nts., 11/21/20		917,000		915,649
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		2,110,000		2,199,675
6.125% Sr. Unsec. Nts., 2/15/24		245,000		259,700
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		2,265,000		2,049,825
6.875% Sr. Unsec. Nts., 2/1/22		765,000		443,700
7.125% Sr. Unsec. Nts., 7/15/20		345,000		259,612
8.00% Sr. Unsec. Nts., 11/15/19		1,000,000		852,500
Cigna Corp., 5.125% Sr. Unsec. Nts., 6/15/20		794,000		842,795
DaVita, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		275,000		275,605
5.125% Sr. Unsec. Nts., 7/15/24		1,435,000		1,452,041
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/221		1,163,000		1,281,445
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		700,000		726,250
5.50% Sr. Sec. Nts., 6/15/47		1,315,000		1,315,000
7.50% Sr. Unsec. Nts., 2/15/22		2,405,000		2,711,638
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		1,700,000		1,746,750
Humana, Inc., 2.50% Sr. Unsec. Nts., 12/15/20		238,000		237,967
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		540,000		550,800
Laboratory Corp. of America Holdings:
2.625% Sr. Unsec. Nts., 2/1/20		908,000		910,799
3.60% Sr. Unsec. Nts., 2/1/25		557,000		566,491
LifePoint Health, Inc., 5.375% Sr. Unsec. Nts., 5/1/24		260,000		259,025
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251		1,160,000		1,163,821
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		900,000		927,000
Tenet Healthcare Corp.:
4.375% Sr. Sec. Nts., 10/1/21		520,000		521,300
6.75% Sr. Unsec. Nts., 6/15/23		1,685,000		1,640,769
7.50% Sec. Nts., 1/1/221		505,000		532,144
8.125% Sr. Unsec. Nts., 4/1/22		1,040,000		1,062,100
UnitedHealth Group, Inc., 2.75% Sr. Unsec. Nts., 2/15/23		735,000		736,854
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		755,000		758,775
				28,307,880

22      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Health Care Technology—0.0%
Telenet Finance Luxembourg Notes Sarl, 1st Lien Nts., 5.50% Sr. Sec. Nts., 3/1/281	$	805,000	$	801,855
Life Sciences Tools & Services—0.2%
Life Technologies Corp., 6.00% Sr. Unsec. Nts., 3/1/20		673,000		720,628
Quintiles IMS, Inc.:
4.875% Sr. Unsec. Nts., 5/15/231		732,000		757,620
5.00% Sr. Unsec. Nts., 10/15/261		861,000		885,754
Thermo Fisher Scientific, Inc.:
3.20% Sr. Unsec. Nts., 8/15/27		455,000		451,762
4.15% Sr. Unsec. Nts., 2/1/24		328,000		348,312
West Street Merger Sub, Inc., 6.375% Sr. Unsec. Nts., 9/1/251		415,000		418,112
				3,582,188
Pharmaceuticals—1.0%
Allergan Funding SCS:
3.00% Sr. Unsec. Nts., 3/12/20		907,000		915,575
3.80% Sr. Unsec. Nts., 3/15/25		643,000		655,453
Concordia International Corp., 7.00% Sr. Unsec. Nts., 4/15/231		585,000		55,575
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/231		1,255,000		991,450
6.00% Sr. Unsec. Nts., 2/1/251		210,000		163,800
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231		1,555,000		1,220,675
Mallinckrodt International Finance
SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/201		520,000		501,800
5.50% Sr. Unsec. Nts., 4/15/251		1,320,000		1,082,400
5.75% Sr. Unsec. Nts., 8/1/221		930,000		848,625
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241		370,000		385,262
Valeant Pharmaceuticals International,
Inc.:
5.375% Sr. Unsec. Nts., 3/15/201		149,000		149,931
5.50% Sr. Unsec. Nts., 3/1/231		355,000		326,600
5.50% Sr. Sec. Nts., 11/1/251		935,000		956,037
5.875% Sr. Unsec. Nts., 5/15/231		1,845,000		1,713,544
6.125% Sr. Unsec. Nts., 4/15/251		1,535,000		1,410,281
6.75% Sr. Unsec. Nts., 8/15/211		1,115,000		1,127,544
7.00% Sr. Sec. Nts., 3/15/241		780,000		836,550
7.25% Sr. Unsec. Nts., 7/15/221		1,150,000		1,167,250
7.50% Sr. Unsec. Nts., 7/15/211		935,000		954,869
9.00% Sr. Unsec. Nts., 12/15/251		670,000		699,949
Zoetis, Inc., 3.00% Sr. Unsec. Nts., 9/12/27		224,000		219,200
				16,382,370
Industrials—4.5%
Aerospace & Defense—0.8%
Arconic, Inc., 5.125% Sr. Unsec. Nts., 10/1/24		535,000		572,695
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		705,000		732,162
Bombardier, Inc.:
7.50% Sr. Unsec. Nts., 12/1/241		805,000		819,088
7.50% Sr. Unsec. Nts., 3/15/251		805,000		815,062
8.75% Sr. Unsec. Nts., 12/1/211		1,750,000		1,933,750
DAE Funding LLC:
4.50% Sr. Unsec. Nts., 8/1/221		265,000		261,025
5.00% Sr. Unsec. Nts., 8/1/241		265,000		262,350
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27		1,065,000		1,151,531
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		350,000		357,376

	Principal Amount		Value
Aerospace & Defense (Continued)
Huntington Ingalls Industries, Inc., 3.483% Sr. Unsec. Nts., 12/1/271	$	350,000	$	349,562
Kratos Defense & Security Solutions, Inc., 6.50% Sr. Sec. Nts., 11/30/251		400,000		416,500
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		495,000		573,420
Rolls-Royce plc, 2.375% Sr. Unsec. Nts., 10/14/201		242,000		240,554
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		233,000		237,181
4.30% Sr. Unsec. Nts., 3/1/24		293,000		310,194
TransDigm, Inc.:
6.375% Sr. Sub. Nts., 6/15/26		1,345,000		1,366,856
6.50% Sr. Sub. Nts., 7/15/24		535,000		549,713
Triumph Group, Inc.:
5.25% Sr. Unsec. Nts., 6/1/22		1,355,000		1,334,675
7.75% Sr. Unsec. Nts., 8/15/251		1,330,000		1,414,788
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/187		170,000		169,754
				13,868,236
Air Freight & Couriers—0.1%
CEVA Group plc, 7.00% Sr. Sec. Nts., 3/1/211		775,000		755,625
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		175,000		187,333
XPO Logistics, Inc., 6.125% Sr. Unsec. Nts., 9/1/231		370,000		392,662
				1,335,620
Airlines—0.2%
American Airlines Group, Inc., 4.625% Sr. Unsec. Nts., 3/1/201		830,000		843,487
Azul Investments LLP, 5.875% Sr. Unsec. Nts., 10/26/241		575,000		572,844
Latam Finance Ltd., 6.875% Sr. Unsec. Nts., 4/11/241		370,000		386,650
United Continental Holdings, Inc., 4.25% Sr. Unsec. Nts., 10/1/22		800,000		803,000
				2,605,981
Building Products—0.2%
Allegion US Holding Co., Inc., 3.55% Sec. Nts., 10/1/27		664,000		658,230
Jeld-Wen, Inc.:
4.625% Sr. Unsec. Nts., 12/15/251		120,000		121,200
4.875% Sr. Unsec. Nts., 12/15/271		120,000		121,500
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		631,000		620,327
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/241		1,535,000		1,612,210
USG Corp., 4.875% Sr. Unsec. Nts., 6/1/271		450,000		467,573
				3,601,040
Commercial Services & Supplies—0.8%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		490,000		504,700
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/223,14		2,312,752		2,081,477
ARD Finance SA, 7.875% Sr. Sec. Nts., 9/15/2314		920,000		963,700
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/271		1,065,000		1,046,362
Cenveo Corp., 6.00% Sr. Sec. Nts., 8/1/191		345,000		246,675
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		1,230,000		1,245,375
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 3/1/24		1,565,000		1,592,387
5.875% Sr. Unsec. Nts., 7/1/25		530,000		533,975

23      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Services & Supplies (Continued)
GFL Environmental, Inc., 5.625% Sr. Unsec. Nts., 5/1/221		$        720,000		$        750,600
Matthews International Corp., 5.25% Sr. Unsec. Nts., 12/1/251		730,000		739,125
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18		786,000		791,505
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		1,200,000		1,254,000
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/253		265,000		277,588
West Corp.:
5.375% Sr. Unsec. Nts., 7/15/223		685,000		698,769
8.50% Sr. Unsec. Nts., 10/15/251		665,000		660,012
				13,386,250
Construction & Engineering—0.1%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		535,000		546,315
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/351		535,000		620,600
Tutor Perini Corp., 6.875% Sr. Unsec. Nts., 5/1/251		780,000		840,450
				2,007,365
Electrical Equipment—0.2%
Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/231		898,000		941,778
5.625% Sr. Unsec. Nts., 11/1/241		1,190,000		1,311,975
Vertiv Group Corp., 9.25% Sr. Unsec. Nts., 10/15/241		270,000		289,575
				2,543,328
Industrial Conglomerates—0.2%
Carlisle Cos., Inc., 3.75% Sr. Unsec. Nts., 12/1/27		492,000		497,965
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/201		570,000		614,175
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		490,000		497,962
Roper Technologies, Inc.:
3.00% Sr. Unsec. Nts., 12/15/20		754,000		763,438
3.80% Sr. Unsec. Nts., 12/15/26		695,000		717,851
Tupras Turkiye Petrol Rafinerileri AS, 4.50% Sr. Unsec. Nts., 10/18/241		535,000		529,750
				3,621,141
Machinery—0.6%
Allison Transmission, Inc.:
4.75% Sr. Unsec. Nts., 10/1/271		265,000		267,319
5.00% Sr. Unsec. Nts., 10/1/241		500,000		516,875
Amsted Industries, Inc., 5.00% Sr. Unsec. Nts., 3/15/223		1,120,000		1,149,400
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25% Sec. Nts., 3/15/241		1,305,000		1,396,350
CNH Industrial NV, 3.85% Sr. Unsec. Nts., 11/15/27		491,000		490,478
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		985,000		978,148
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		1,320,000		1,361,250
Navistar International Corp., 6.625% Sr. Unsec. Nts., 11/1/251		665,000		695,510
Park-Ohio Industries, Inc., 6.625% Sr. Unsec. Nts., 4/15/27		260,000		281,450
Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18		222,000		222,717
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/251		255,000		266,794

	Principal Amount		Value
Machinery (Continued)
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/23		$        1,075,000		$        1,096,500
Wabash National Corp., 5.50% Sr. Unsec. Nts., 10/1/251		270,000		272,700
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/26		374,000		366,346
				9,361,837
Marine—0.0%
Global Ship Lease, Inc., 9.875% Sr. Sec. Nts., 11/15/221		270,000		279,788
Professional Services—0.2%
Atento Luxco 1 SA, 6.125% Sr. Sec. Nts., 8/10/221		655,000		687,750
Brand Industrial Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/251		795,000		836,737
FTI Consulting, Inc., 6.00% Sr. Unsec. Nts., 11/15/22		1,720,000		1,778,996
IHS Markit Ltd., 4.00% Sr. Unsec. Nts., 3/1/261		270,000		271,013
				3,574,496
Road & Rail—0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/251		765,000		760,219
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		111,000		129,613
DAE Funding LLC, 4.00% Sr. Unsec. Nts., 8/1/201		265,000		268,312
Hertz Corp. (The), 7.375% Sr. Unsec. Nts., 1/15/21		265,000		268,975
Kazakhstan Temir Zholy National Co. JSC, 4.85% Sr. Unsec. Nts., 11/17/271		215,000		224,593
Penske Truck Leasing Co. LP/PTL Finance
Corp., 3.40% Sr. Unsec. Nts., 11/15/261		743,000		734,809
				2,386,521
Trading Companies & Distributors—0.6%
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		403,000		400,335
3.625% Sr. Unsec. Nts., 4/1/27		403,000		403,351
Aircastle Ltd., 5.00% Sr. Unsec. Nts., 4/1/23		245,000		258,781
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/231		340,000		358,700
American Tire Distributors, Inc., 10.25% Sr. Sub. Nts., 3/1/221		405,000		419,173
Fly Leasing Ltd., 5.25% Sr. Unsec. Nts., 10/15/24		530,000		531,325
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		738,000		729,604
H&E Equipment Services, Inc., 5.625% Sr. Unsec. Nts., 9/1/251		800,000		838,000
Herc Rentals, Inc.:
7.50% Sec. Nts., 6/1/221		596,000		645,170
7.75% Sec. Nts., 6/1/241		400,000		441,000
ILFC E-Capital Trust I, 4.37% [30YR CMT+155] Jr. Sub. Nts., 12/21/651,2		690,000		674,475
Standard Industries, Inc., 6.00% Sr. Unsec. Nts., 10/15/251		1,435,000		1,539,038
United Rentals North America, Inc.:
4.625% Sr. Unsec. Nts., 10/15/25		732,000		739,320
4.875% Sr. Unsec. Nts., 1/15/28		1,330,000		1,339,975
5.875% Sr. Unsec. Nts., 9/15/26		1,235,000		1,326,081
				10,644,328
Transportation Infrastructure—0.3%
Adani Abbot Point Terminal Pty Ltd., 4.45% Sr. Sec. Nts., 12/15/221		1,075,000		1,046,559

24      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Transportation Infrastructure (Continued)
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371		$        835,000		$        1,030,000
GMR Hyderabad International Airport Ltd., 4.25% Sr. Sec. Nts., 10/27/271		1,065,000		1,048,308
Indika Energy Capital III Pte Ltd., 5.875% Sr. Unsec. Nts., 11/9/241		1,075,000		1,079,002
Mexico City Airport Trust, 5.50% Sr. Sec. Nts., 7/31/471		710,000		704,675
PT Jasa Margo (Persero) Tbk, 7.50% Sr. Unsec. Nts., 12/11/201 IDR		9,160,000,000		683,888
				5,592,432
Information Technology—2.4%
Communications Equipment—0.2%
CommScope Technologies LLC, 6.00% Sr. Unsec. Nts., 6/15/251		570,000		608,475
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		430,000		462,250
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22		920,000		956,800
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231		730,000		760,112
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231		295,000		279,513
ViaSat, Inc., 5.625% Sr. Unsec. Nts., 9/15/251		265,000		268,313
				3,335,463
Electronic Equipment, Instruments, & Components—0.2%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		644,000		643,198
CDW LLC/CDW Finance Corp.:
5.00% Sr. Unsec. Nts., 9/1/23		485,000		502,581
5.50% Sr. Unsec. Nts., 12/1/24		147,000		160,598
Itron, Inc., 5.00% Sr. Unsec. Nts., 1/15/261		200,000		201,250
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		702,000		741,637
TTM Technologies, Inc., 5.625% Sr. Unsec. Nts., 10/1/251		800,000		822,000
				3,071,264
Internet Software & Services—0.2%
j2 Cloud Services LLC/j2 Global Co.- Obligor, Inc., 6.00% Sr. Unsec. Nts., 7/15/251		790,000		835,425
Match Group, Inc., 5.00% Sr. Unsec. Nts., 12/15/271		535,000		544,362
Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/241		1,395,000		1,492,650
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		1,083,000		1,112,783
5.25% Sr. Unsec. Nts., 4/1/25		268,000		293,125
				4,278,345
IT Services—0.8%
Booz Allen Hamilton, Inc., 5.125% Sr. Unsec. Nts., 5/1/251		530,000		532,650
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		425,000		422,179
Conduent Finance, Inc./Conduent Business Services LLC, 10.50% Sr. Unsec. Nts., 12/15/241		1,280,000		1,505,600
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		672,000		675,593
4.75% Sr. Unsec. Nts., 4/15/27		695,000		740,233
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/251		1,075,000		1,068,281
Exela Intermediate LLC/Exela Finance, Inc., 10.00% Sr. Sec. Nts., 7/15/231		795,000		777,112

	Principal Amount		Value
IT Services (Continued)
Fidelity National Information Services, Inc., 2.85% Sr. Unsec. Nts., 10/15/18		$        626,000		$        629,918
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/241		455,000		469,787
5.75% Sec. Nts., 1/15/241		910,000		948,448
7.00% Sr. Unsec. Nts., 12/1/231		1,465,000		1,552,900
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251		780,000		817,050
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/203		905,000		925,363
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231		1,430,000		1,469,754
Total System Services, Inc., 2.375% Sr. Unsec. Nts., 6/1/18		506,000		506,202
				13,041,070
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp., 3.734% Sr. Unsec. Nts., 12/8/471		254,000		264,212
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/231		1,350,000		1,415,475
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241		250,000		268,125
				1,947,812
Software—0.6%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		275,000		288,953
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211		1,355,000		1,370,244
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/191		971,000		983,415
5.875% Sr. Unsec. Nts., 6/15/211		215,000		223,600
6.02% Sr. Sec. Nts., 6/15/261		553,000		610,598
7.125% Sr. Unsec. Nts., 6/15/241		745,000		815,955
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231		595,000		611,362
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231		401,000		419,546
Oracle Corp.:
2.40% Sr. Unsec. Nts., 9/15/23		555,000		548,405
2.95% Sr. Unsec. Nts., 5/15/25		547,000		549,765
Symantec Corp., 5.00% Sr. Unsec. Nts., 4/15/251		495,000		516,038
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211		625,000		682,425
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231		1,155,000		1,212,750
VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		281,000		279,565
3.90% Sr. Unsec. Nts., 8/21/27		462,000		467,158
				9,579,779
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		535,000		603,658
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221		920,000		957,674
Hewlett Packard Enterprise Co., 3.60% Sr. Unsec. Nts., 10/15/20		889,000		908,186
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		520,000		546,000
NetApp, Inc., 2.00% Sr. Unsec. Nts., 9/27/19		418,000		414,892
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24		875,000		1,016,094
				4,446,504

25      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Materials—3.9%
Chemicals—1.2%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		$	378,000	$	380,248
4.125% Sr. Unsec. Nts., 3/15/35			154,000		159,470
Ashland LLC, 6.875% Sr. Unsec. Nts., 5/15/43			295,000		328,925
CF Industries, Inc.:
4.50% Sr. Sec. Nts., 12/1/261			687,000		717,258
4.95% Sr. Unsec. Nts., 6/1/43			535,000		508,250
5.15% Sr. Unsec. Nts., 3/15/34			335,000		342,956
Chemours Co. (The):
5.375% Sr. Unsec. Nts., 5/15/27			395,000		409,812
6.625% Sr. Unsec. Nts., 5/15/23			450,000		478,125
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25% Sec. Nts., 6/15/231			185,000		199,800
Ecolab, Inc., 2.00% Sr. Unsec. Nts., 1/14/19			803,000		801,818
Hexion, Inc.:
6.625% Sr. Sec. Nts., 4/15/20			1,850,000		1,669,625
10.375% Sr. Sec. Nts., 2/1/221			1,050,000		982,406
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271			965,000		972,971
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/261			370,000		386,187
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/251			510,000		541,875
Kraton Polymers LLC/Kraton Polymers Capital Corp.:
7.00% Sr. Unsec. Nts., 4/15/251			260,000		279,500
10.50% Sr. Unsec. Nts., 4/15/231			190,000		215,650
LyondellBasell Industries NV, 5.00% Sr. Unsec. Nts., 4/15/19			594,000		609,990
NOVA Chemicals Corp.:
4.875% Sr. Unsec. Nts., 6/1/241			260,000		260,000
5.25% Sr. Unsec. Nts., 8/1/231			495,000		511,087
Olin Corp., 5.125% Sr. Unsec. Nts., 9/15/27			300,000		316,500
ONGC Videsh Ltd., 2.75% Sr. Unsec. Nts., 7/15/21	EUR		1,265,000		1,622,287
Platform Specialty Products Corp.:
5.875% Sr. Unsec. Nts., 12/1/251			690,000		685,688
6.50% Sr. Unsec. Nts., 2/1/221			730,000		755,550
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23			806,000		852,345
PQ Corp., 5.75% Sr. Unsec. Nts., 12/15/251			270,000		275,400
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251			980,000		1,069,425
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22			692,000		709,803
3.75% Sr. Unsec. Nts., 3/15/27			234,000		237,163
4.25% Sr. Unsec. Nts., 1/15/48			223,000		222,427
Sherwin-Williams Co. (The):
3.45% Sr. Unsec. Nts., 6/1/27			110,000		111,946
3.95% Sr. Unsec. Nts., 1/15/26			418,000		436,526
Tronox Finance plc, 5.75% Sr. Unsec. Nts., 10/1/251			535,000		551,050
Valvoline, Inc., 4.375% Sr. Unsec. Nts., 8/15/25			530,000		535,963
Venator Finance Sarl/Venator Materials LLC, 5.75% Sr. Unsec. Nts., 7/15/251			790,000		837,400
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261			585,000		581,236
					20,556,662
Construction Materials—0.2%
CIMPOR Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241			535,000		520,956

	Principal Amount		Value
Construction Materials (Continued)
James Hardie International Finance DAC:
4.75% Sr. Unsec. Nts., 1/15/251	$	270,000	$	273,375
5.00% Sr. Unsec. Nts., 1/15/281		265,000		268,312
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261		209,000		206,393
Martin Marietta Materials, Inc., 3.50% Sr. Unsec. Nts., 12/15/27		447,000		444,453
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/271		500,000		529,375
Summit Materials LLC/Summit Materials Finance Corp., 5.125% Sr. Unsec. Nts., 6/1/251		260,000		265,850
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24		745,000		802,738
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27		687,000		703,371
				4,014,823
Containers & Packaging—0.7%
BWAY Holding Co., 7.25% Sr. Unsec. Nts., 4/15/251		270,000		279,450
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191		1,140,000		1,137,150
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		1,000,000		1,017,500
Graphic Packaging International, Inc., 4.125% Sr. Unsec. Nts., 8/15/24		765,000		795,600
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		390,000		378,761
4.80% Sr. Unsec. Nts., 6/15/44		366,000		401,837
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/271		1,050,000		1,038,975
OI European Group BV, 4.00% Sr. Unsec. Nts., 3/15/231		535,000		537,060
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/221		500,000		519,375
Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23		690,000		743,092
Plastipak Holdings, Inc., 6.25% Sr. Unsec. Nts., 10/15/251		800,000		826,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/231		745,000		772,006
7.00% Sr. Unsec. Nts., 7/15/241		1,415,000		1,518,118
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221		585,000		620,100
5.125% Sr. Unsec. Nts., 12/1/241		785,000		843,875
6.875% Sr. Unsec. Nts., 7/15/331		270,000		315,225
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251		755,000		777,650
				12,521,774
Metals & Mining—1.5%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24		1,070,000		1,131,525
AK Steel Corp.:
6.375% Sr. Unsec. Nts., 10/15/25		1,325,000		1,318,375
7.00% Sr. Unsec. Nts., 3/15/27		630,000		644,175
Alcoa Nederland Holding BV:
6.75% Sr. Unsec. Nts., 9/30/241		245,000		268,275
7.00% Sr. Unsec. Nts., 9/30/261		240,000		270,600
Aleris International, Inc.:
7.875% Sr. Unsec. Nts., 11/1/20		947,000		942,265
9.50% Sr. Sec. Nts., 4/1/211		515,000		545,900
Allegheny Technologies, Inc., 7.875% Sr. Unsec. Nts., 8/15/23		530,000		573,391
Anglo American Capital plc: 3.625% Sr. Unsec. Nts., 9/11/241		224,000		223,140

26      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount		Value
Metals & Mining (Continued)
Anglo American Capital plc: (Continued)
4.00% Sr. Unsec. Nts., 9/11/271	$	365,000	$	363,033
ArcelorMittal:
7.25% Sr. Unsec. Nts., 3/1/41		295,000		374,650
7.50% Sr. Unsec. Nts., 10/15/39		475,000		610,375
Coeur Mining, Inc., 5.875% Sr. Unsec. Nts., 6/1/24		785,000		778,131
Constellium NV, 6.625% Sr. Unsec. Nts., 3/1/251		510,000		538,687
First Quantum Minerals Ltd.:
7.25% Sr. Unsec. Nts., 5/15/221		435,000		458,185
7.25% Sr. Unsec. Nts., 4/1/231		780,000		842,400
Freeport-McMoRan, Inc.:
4.55% Sr. Unsec. Nts., 11/14/24		530,000		541,501
5.40% Sr. Unsec. Nts., 11/14/34		915,000		935,587
5.45% Sr. Unsec. Nts., 3/15/43		540,000		542,025
Gerdau Trade, Inc., 4.875% Sr. Unsec. Nts., 10/24/271		1,395,000		1,389,769
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		250,000		291,849
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		505,000		555,500
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19		1,075,000		1,092,340
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/271		790,000		796,912
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/201		255,000		268,519
Metinvest BV, 9.373% Sr. Sec. Nts., 12/31/2114		535,441		561,276
Mountain Province Diamonds, Inc., 8.00% Sec. Nts., 12/15/221		535,000		530,987
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125% Sec. Nts., 11/1/221		400,000		414,000
Petropavlovsk 2016 Ltd., 8.125% Sr. Unsec. Nts., 11/14/221		540,000		531,900
Polyus Finance plc, 5.25% Sr. Unsec. Nts., 2/7/231		1,065,000		1,119,246
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		975,000		1,329,314
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr.
Unsec. Nts., 6/15/251		330,000		346,500
Teck Resources Ltd.:
5.20% Sr. Unsec. Nts., 3/1/42		1,225,000		1,218,875
6.125% Sr. Unsec. Nts., 10/1/35		550,000		618,750
United States Steel Corp., 6.875% Sr. Unsec. Nts., 8/15/25		530,000		555,864
Vedanta Resources plc, 6.375% Sr. Unsec. Nts., 7/30/221		535,000		559,771
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/233		535,000		603,213
				24,686,805
Paper & Forest Products—0.3%
Clearwater Paper Corp., 5.375% Sr. Unsec. Nts., 2/1/251		780,000		787,800
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		788,000		815,580
Mercer International, Inc.:
5.50% Sr. Unsec. Nts., 1/15/261		250,000		254,375
6.50% Sr. Unsec. Nts., 2/1/24		510,000		543,150
7.75% Sr. Unsec. Nts., 12/1/22		500,000		530,000
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/261		1,150,000		1,251,315
				4,182,220

	Principal Amount		Value
Telecommunication Services—2.3%
Diversified Telecommunication Services—1.4%
AT&T, Inc.:
3.40% Sr. Unsec. Nts., 8/14/24	$	380,000	$	382,417
4.30% Sr. Unsec. Nts., 2/15/301		744,000		744,874
4.35% Sr. Unsec. Nts., 6/15/45		763,000		706,059
5.15% Sr. Unsec. Nts., 2/14/50		283,000		285,522
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241		755,000		781,425
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30		748,000		1,119,626
CB Escrow Corp., 8.00% Sr. Unsec. Nts., 10/15/251		265,000		270,300
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		785,000		717,294
6.45% Sr. Unsec. Nts., Series S, 6/15/21		1,200,000		1,218,000
7.50% Sr. Unsec. Nts., Series Y, 4/1/24		1,375,000		1,375,000
Cincinnati Bell Telephone Co. LLC, 6.30% Sr. Unsec. Nts., 12/1/28		520,000		520,000
Deutsche Telekom International Finance
BV, 2.225% Sr. Unsec. Nts., 1/17/201		923,000		919,016
Frontier Communications Corp.:
8.75% Sr. Unsec. Nts., 4/15/22		590,000		426,092
10.50% Sr. Unsec. Nts., 9/15/22		2,290,000		1,737,537
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26		1,195,000		1,175,940
5.625% Sr. Unsec. Nts., 2/1/23		490,000		494,900
Qwest Capital Funding, Inc., 7.75% Sr. Unsec. Nts., 2/15/31		260,000		230,100
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		785,000		754,122
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		577,000		579,095
4.103% Sr. Unsec. Nts., 3/8/27		252,000		260,815
5.213% Sr. Unsec. Nts., 3/8/47		351,000		399,558
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		289,000		388,593
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		780,000		801,937
5.125% Sr. Unsec. Nts., 4/15/25		780,000		812,175
5.375% Sr. Unsec. Nts., 4/15/27		390,000		416,812
6.00% Sr. Unsec. Nts., 4/15/24		985,000		1,046,562
6.50% Sr. Unsec. Nts., 1/15/26		825,000		902,344
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		342,000		333,069
4.125% Sr. Unsec. Nts., 8/15/46		394,000		365,126
4.522% Sr. Unsec. Nts., 9/15/48		732,000		723,065
Windstream Services LLC/Windstream Finance Corp.:
8.625% Sr. Sec. Nts., 10/31/25		1,062,000		1,027,485
8.75% Sr. Unsec. Nts., 12/15/24		454,000		319,502
Zayo Group LLC/Zayo Capital, Inc.:
5.75% Sr. Unsec. Nts., 1/15/271		265,000		270,963
6.00% Sr. Unsec. Nts., 4/1/23		1,345,000		1,407,610
				23,912,935
Wireless Telecommunication Services—0.9%
C&W Senior Financing Designated Activity Co., 6.875% Sr. Unsec. Nts., 9/15/271		650,000		682,500
Digicel Group Ltd.:
7.125% Sr. Unsec. Nts., 4/1/221		535,000		497,427
8.25% Sr. Unsec. Nts., 9/30/201		325,000		320,547
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5.00% Sr. Unsec. Nts., 8/1/211		1,595,000		1,647,166
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28		267,158		269,496
Sprint Communications, Inc.: 6.00% Sr. Unsec. Nts., 11/15/22		1,975,000		1,979,937

27      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Wireless Telecommunication Services (Continued)
Sprint Communications, Inc.: (Continued)
7.00% Sr. Unsec. Nts., 3/1/201	$	850,000	$	911,625
Sprint Corp.:
7.125% Sr. Unsec. Nts., 6/15/24		2,505,000		2,555,100
7.875% Sr. Unsec. Nts., 9/15/23		2,075,000		2,215,063
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/223		1,040,000		1,068,600
VimpelCom Holdings BV, 4.95% Sr. Unsec. Nts., 6/16/241		1,075,000		1,092,738
Wind Tre SpA, 5.00% Sr. Sec. Nts., 1/20/26		805,000		769,580
				14,009,779
Utilities—2.0%
Electric Utilities—0.6%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251		395,000		413,059
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/241		470,000		492,198
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		382,000		383,986
Duke Energy Corp.:
3.15% Sr. Unsec. Nts., 8/15/27		456,000		453,499
3.75% Sr. Unsec. Nts., 9/1/46		183,000		181,584
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		539,000		540,390
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		608,000		612,811
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		764,000		761,228
Enel Finance International NV, 3.625% Sr. Unsec. Nts., 5/25/271		462,000		459,795
Entergy Texas, Inc., 7.125% Sec. Nts., 2/1/19		263,000		276,347
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		240,000		261,646
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		230,000		263,169
Intelsat Jackson Holdings SA, 9.75% Sr. Unsec. Nts., 7/15/251		790,000		762,350
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		210,000		254,088
NextEra Energy Capital Holdings, Inc., 4.80% [US0003M+240.9] Jr. Sub. Nts., 12/1/772		340,000		342,604
NextEra Energy Operating Partners LP:
4.25% Sr. Unsec. Nts., 9/15/241		342,000		348,840
4.50% Sr. Unsec. Nts., 9/15/271		265,000		264,338
PPL Capital Funding, Inc., 4.358%
[US0003M+266.5] Jr. Sub. Nts., 3/30/672		352,000		349,360
PPL WEM Ltd./Western Power
Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		828,000		887,945
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		523,000		533,938
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		332,000		356,850
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		829,000		822,477
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251		488,000		506,894
				10,529,396
Gas Utilities—0.1%
Ferrellgas LP/Ferrellgas Finance Corp.:
6.50% Sr. Unsec. Nts., 5/1/21		660,000		621,225
6.75% Sr. Unsec. Nts., 6/15/23		690,000		636,525

	Principal Amount		Value
Gas Utilities (Continued)
Suburban Propane Partners LP/Suburban
Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27	$	645,000	$	633,713
				1,891,463
Independent Power and Renewable Electricity Producers—0.8%
AES Andres BV/Dominican Power
Partners/Empresa Generadora de
Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		565,000		614,437
AES Corp., 6.00% Sr. Unsec. Nts., 5/15/26		980,000		1,063,300
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221		470,000		479,400
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261		1,230,000		1,210,025
5.75% Sr. Unsec. Nts., 1/15/25		1,325,000		1,263,719
Dynegy, Inc.:
8.00% Sr. Unsec. Nts., 1/15/251		1,465,000		1,593,187
8.125% Sr. Unsec. Nts., 1/30/261		1,325,000		1,452,531
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/188		610,000		488,000
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 10.06%, 12/30/28		492,019		499,399
NRG Energy, Inc.:
5.75% Sr. Unsec. Nts., 1/15/281		535,000		541,688
6.625% Sr. Unsec. Nts., 1/15/27		665,000		706,562
7.25% Sr. Unsec. Nts., 5/15/26		1,135,000		1,241,395
Talen Energy Supply LLC, 4.60% Sr. Unsec. Nts., 12/15/21		535,000		492,200
TerraForm Power Operating LLC:
4.25% Sr. Unsec. Nts., 1/31/231		670,000		665,813
5.00% Sr. Unsec. Nts., 1/31/281		400,000		396,500
				12,708,156
Multi-Utilities—0.5%
AssuredPartners, Inc., 7.00% Sr. Unsec. Nts., 8/15/251		330,000		329,175
Black Hills Corp., 2.50% Sr. Unsec. Nts., 1/11/19		468,000		469,390
Dominion Energy, Inc.:
2.579% Jr. Sub. Nts., 7/1/20		746,000		746,711
4.90% Sr. Unsec. Nts., 8/1/41		322,000		373,153
InterGen NV, 7.00% Sr. Sec. Nts., 6/30/231		1,055,000		1,023,350
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271		1,280,000		1,288,032
NGPL PipeCo LLC:
4.875% Sr. Unsec. Nts., 8/15/271		395,000		411,294
7.768% Sr. Unsec. Nts., 12/15/371		650,000		804,375
NiSource Finance Corp.:
3.49% Sr. Unsec. Nts., 5/15/27		674,000		687,163
6.80% Sr. Unsec. Nts., 1/15/19		130,000		135,890
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		784,000		771,346
Virginia Electric & Power Co., 2.95% Sr. Unsec. Nts., 1/15/22		626,000		634,207
				7,674,086
Water Utilities—0.0%
Aegea Finance Sarl, 5.75% Sr. Unsec. Nts., 10/10/241		625,000		637,500
Total Corporate Bonds and Notes (Cost $731,873,724)				741,112,226
		Shares
Preferred Stocks—0.7%
Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.		12,600		330,750
American Homes 4 Rent, 6.50% Cum. Cv., Series D, Non-Vtg.		13,000		355,940

28      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Shares		Value
Preferred Stocks (Continued)
Arch Capital Group Ltd., 5.25% Non-Cum., Non-Vtg.	14,375	$	361,100
Carlyle Group LP (The), 5.875% Non-Cum., Series A, Non-Vtg.	13,650		346,300
Citigroup Capital XIII, 7.75% Cum., Non-Vtg. [US0003M+637]2	31,125		855,315
Digital Realty Trust, Inc., 6.625% Cum., Series C, Non-Vtg.	3,900		107,601
Digital Realty Trust, Inc., 7.375% Cum., Non-Vtg.	9,350		249,364
Dominion Energy, Inc., 5.25% Cum.	13,900		355,423
eBay, Inc., 6.00% Cv.	12,700		342,138
Fifth Third Bancorp, 6.625% Non-Cum., Non- Vtg. [US0003M+371]2	15,900		453,150
First Republic Bank, 7.00% Non-Cum.	9,200		240,396
GMAC Capital Trust I, 7.20% Jr. Sub., Non-Vtg. [US0003M+578.5]2	20,025		519,649
Goldman Sachs Group, Inc. (The), 6.30% Non- Cum., Series N, Non-Vtg.	24,775		689,736
Hartford Financial Services Group, Inc. (The), 7.875% Jr. Sub., Non-Vtg. [US0003M+559.6]2	21,750		636,405
Huntington Bancshares, Inc., 6.25% Non- Cum., Non-Vtg.	9,800		275,772
KeyCorp, 6.125% Non-Cum., Non-Vtg. [US0003M+389.2]2	28,100		812,652
Morgan Stanley, 5.85% Non-Cum., Non-Vtg. [US0003M+349.1]2	20,200		547,420
Morgan Stanley, 6.375% Non-Cum., Non-Vtg. [US0003M+370.8]2	19,175		534,024
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.	9,775		256,691
Peabody Energy Corp., 8.50% Cv., Series A, Vtg.	2,255		179,002
PNC Financial Services Group, Inc.
(The), 6.125% Non-Cum., Non-Vtg. [US0003M+406.7]2	17,900		506,570
Prudential Financial, Inc., 5.75% Jr. Sub.	10,125		255,656
Qwest Corp., 7.00% Sr. Unsec.	19,525		482,463
Senior Housing Properties Trust, 5.625% Sr. Unsec.	13,925		351,885
State Street Corp., 6.00% Non-Cum., Non-Vtg.	18,275		483,557
US Bancorp, 6.50% Non-Cum., Non-Vtg. [US0003M+446.8]2	19,100		539,002
Ventas Realty LP/Ventas Capital Corp., 5.45% Sr. Unsec.	15,300		384,872
Wells Fargo & Co., 5.625% Non-Cum., Non- Vtg.	5,000		129,700
Wells Fargo & Co., 6.625% Non-Cum Non- Vtg. [US0003M+369]2	11,800		337,716
Total Preferred Stocks (Cost $11,700,174)			11,920,249
Common Stocks—0.2%
Arco Capital Corp. Ltd.1,9,11,15	690,638		—
Carrizo Oil & Gas, Inc.15	11,001		234,101
Dynegy, Inc.15	68,001		805,812

			Shares		Value
Common Stocks (Continued)
JSC Astana Finance, GDR3,9,15			446,838	$	—
Newfield Exploration Co.15			7,383		232,786
Parsley Energy, Inc., Cl. A15			8,264		243,292
Peabody Energy Corp.15			3,450		135,827
Premier Holdings Ltd.9,15			18,514		—
Quicksilver Resources, Inc.9,15			4,151,000		78,263
Range Resources Corp.			15,901		271,271
RSP Permian, Inc.15			6,836		278,088
Sabine Oil15			822		39,045
Schlumberger Ltd.			3,595		242,267
SM Energy Co.			12,750		281,520
Valeant Pharmaceuticals International, Inc.15			32,064		666,290
Total Common Stocks (Cost $8,422,948)					3,508,562
			Units
Rights, Warrants and Certificates—0.0%
Affinion Group Wts., Strike Price $1, Exp. 11/10/229,15			8,584		102,922
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/2615			2,611		18,277
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2615			465		2,790
Total Rights, Warrants and Certificates (Cost $420,786)					123,989
			Principal Amount
Structured Securities—0.3%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/251,16		$	1,017,404		467,799
3.054%, 4/30/251,16			1,296,330		596,048
3.098%, 4/30/251,16			1,119,173		514,592
3.131%, 4/30/251,16			1,000,400		459,980
3.179%, 4/30/251,16			1,245,578		572,712
3.231%, 4/30/251,16			1,421,639		653,664
3.265%, 4/30/251,16			1,135,723		522,201
3.346%, 4/30/251,16			1,067,531		490,847
LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/168,9,16			2,994		—
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.00%, 8/22/349	RUB		29,185,674		223,349
Total Structured Securities (Cost $8,613,867)					4,501,192
Short-Term Notes—0.6%
Arab Republic of Egypt Treasury Bills: 17.17%, 8/14/1816	EGP		80,500,000		4,065,354
18.696%, 2/27/1816	EGP		54,500,000		2,989,806
21.693%, 1/16/1816	EGP		48,800,000		2,734,540
Total Short-Term Notes (Cost $9,812,961)					9,789,700
			Shares
Investment Companies—27.4%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%17,18			41,765,253		41,765,253
Oppenheimer Master Event-Linked Bond Fund, LLC18			2,520,983		38,519,475
Oppenheimer Master Loan Fund, LLC18			14,397,097		242,778,840
Oppenheimer Ultra-Short Duration Fund, Cl. Y18			27,024,582		135,393,154
Total Investment Companies (Cost $459,630,836)					458,456,722

			Exercise Price		Expiration Date			Contracts		Notional Amount (000’s)
Exchange-Traded Option Purchased—0.0%
S&P 500 Index Put15 (Cost $396,225)		USD		263.000		2/16/18	USD		1,904	USD 509,055	424,592
	Counterparty		Exercise Price		Expiration Date			Contracts		Notional Amount (000’s)
Over-the-Counter Options Purchased—0.0%
AUD Currency Call15	HSBC	NZD		1.105		3/15/18	AUD		20,800,000	AUD 20,800	159,874
BRL Currency Call15	BAC	BRL		3.200		2/27/18	BRL		40,800,000	BRL 160,000	63,281

29    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counterparty

Exercise Price

Expiration Date

Contracts

Notional Amount (000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR Currency Call15

HSBC

PLN

4.270

3/13/18

EUR

20,624,607

EUR 1,002

$

79,150

S&P 500 Index Put15,19

DEU

USD

2521.300

3/16/18

USD

20,461

USD 5,470,473

79,991

SGD Currency Put15

BNP

SGD

1.354

3/2/18

SGD

18,595,000

SGD 67,700

32,225

SX5E Index Put15

JPM

EUR

3407.650

6/15/18

EUR

7,851

EUR 27,563

2,826

Total Over-the-Counter Options Purchased (Cost $1,161,955)

417,347

Counterparty

Pay / Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.0%

CAP Swap Maturing 1/24/18 Call15

BAC

Receive

MAX [0; (FRO1– FRO2) – Strike Swap Rate]

62.500%

1/22/18

EUR

468,090

32,648

Interest Rate Swap

Three-Month USD

Maturing 1/31/28 Call15

BAC

Receive

BBA LIBOR

2.576

1/25/18

USD

39,000

27,657

Interest Rate Swap

Six-Month GBP BBA

Maturing 3/13/28 Call15

BAC

Receive

LIBOR

1.440

3/12/18

GBP

24,000

125,103

Interest Rate Swap

Six-Month EUR

Maturing 6/21/48 Call15

UBS

Receive

EURIBOR

1.610

6/19/18

EUR

11,700

270,130

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $1,063,619)

455,538

Total Investments, at Value (Cost $1,821,274,342)

109.8%

1,835,550,988

Net Other Assets (Liabilities)

(9.8)

(164,524,920

)

Net Assets

100.0

%

$

1,671,026,068

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 $477,173,775 or 28.56% of the Fund’s net assets at period end.

2. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

3. Restricted security. The aggregate value of restricted securities at period end was $10,229,177, which represents 0.61% 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 –11/10/17	$	2,102,385	$	2,081,477	$	(20,908	)
American Greetings Corp., 7.875% Sr. Unsec. Nts., 2/15/25		2/2/17		1,021,899		1,106,700		84,801
Amsted Industries, Inc., 5.00% Sr. Unsec. Nts., 3/15/22		4/14/14 – 3/1/17		1,109,386		1,149,400		40,014
Credit Acceptance Auto Loan Trust, Series 2017-3A, Cl. C, 3.48%, 10/15/26		10/17/17		564,910		561,245		(3,665	)
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/20		1/27/14 – 3/2/17		911,064		925,363		14,299
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		528,848		28,803		(500,045	)
JSC Astana Finance, GDR		6/5/15		—		—		—
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		4/17/14		491,883		496,969		5,086
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/23		1/22/16 – 3/1/17		1,115,987		1,231,050		115,063
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/25		8/9/17		265,000		277,588		12,588
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/22		4/21/17		1,034,863		1,068,600		33,737
West Corp., 5.375% Sr. Unsec. Nts., 7/15/22		10/30/14 – 11/3/14		672,934		698,769		25,835
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/23		12/8/16		580,876		603,213		22,337
			$	10,400,035	$	10,229,177		$                    (170,858	)

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,567,460 or 0.21% of the

Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

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 Consolidated Notes.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

9. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

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

11. Security received as the result of issuer reorganization.

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

30    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Consolidated Footnotes to Statement of Investments (Continued)

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

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

15. Non-income producing security.

16. Zero coupon bond reflects effective yield on the original acquisition date.

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

18. 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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		38,454,698		589,225,400		585,914,845		41,765,253
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		27,692,343		4,710,579		27,024,582
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	41,765,253	$	515,600	$	—	$	—
Oppenheimer Master Event-Linked Bond Fund, LLC		38,519,475		2,692,115a		(877,906)a		(3,575,033)a
Oppenheimer Master Loan Fund, LLC		242,778,840		14,088,246b		(98)b		(3,124,913)b
Oppenheimer Ultra-Short Duration Fund, Cl. Y		135,393,154		931,758		—		—
Total	$	458,456,722	$	18,227,719	$	(878,004)	$	(6,699,946)

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.

19. Knock-out option becomes ineligible for exercise if at any time the price of the index is equal to or less than 2,255.90 USD.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings (Unaudited)	Value			Percent
United States	$	1,485,374,148			80.7%
Brazil		35,164,379			1.9
Canada		25,414,770			1.3
Indonesia		21,256,522			1.2
United Kingdom		17,829,293			1.0
Russia		16,251,083			0.9
Mexico		15,214,345			0.8
India		13,938,117			0.8
Ukraine		12,847,504			0.7
Egypt		12,747,143			0.7
Argentina		9,678,128			0.5
Peru		9,214,041			0.5
Turkey		9,123,392			0.5
Kazakhstan		8,885,376			0.5
Netherlands		8,598,809			0.5
South Africa		7,767,085			0.4
Colombia		6,654,442			0.4
France		6,144,396			0.3
Poland		5,721,886			0.3
Ireland		5,671,769			0.3
Luxembourg		5,325,039			0.3
Chile		5,136,240			0.3
Australia		5,055,242			0.3
Germany		5,032,205			0.3
Sri Lanka		4,959,880	��		0.3
Romania		4,408,630			0.3
Dominican Republic		4,109,686			0.2
Spain		4,001,072			0.2
Uruguay		3,987,738			0.2
Belgium		3,838,342			0.2
Ivory Coast		3,495,605			0.2
Switzerland		3,470,803			0.2
Hungary		3,461,827			0.2
Malaysia		3,397,879			0.2
Bermuda		2,894,756			0.2
Italy		2,670,694			0.2
Jamaica		2,658,142			0.2
Thailand		2,573,926			0.1
Hong Kong		2,325,130			0.1
New Zealand		2,290,124			0.1
Serbia		2,279,696			0.1
United Arab Emirates		2,200,696			0.1
China		2,118,251			0.1

31    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Croatia	$	1,922,730		0.1	%
Nigeria		1,860,574		0.1
Iraq		1,624,399		0.1
Mongolia		1,496,924		0.1
Belarus		1,338,019		0.1
Ecuador		1,245,566		0.1
Morocco		1,163,821		0.1
Senegal		1,151,021		0.1
Honduras		1,090,445		0.1
Bahamas		1,079,800		0.1
Gabon		982,414		0.1
Angola		872,962		0.1
Israel		729,750		0.0
Panama		617,826		0.0
Portugal		612,811		0.0
Norway		581,236		0.0
Singapore		486,570		0.0
Mauritius		462,250		0.0
Guernsey		386,016		0.0
Eurozone		384,754		0.0
Macau		272,869		0.0
Total	$	1,835,550,988		100.0	%

Forward Currency Exchange Contracts as of December 31, 2017

Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		03/2018		AUD	21,975		USD	16,628	$	515,486	$	—
BAC		03/2018		CNH	9,830		USD	1,474		28,213		—
BAC		04/2018		IDR	122,856,000		USD	8,804		200,891		—
BAC		03/2018		MXN	78,300		USD	3,952		—		24,582
BAC		03/2018		NZD	12,110		USD	8,457		117,137		—
BAC		03/2018		RUB	486,900		USD	8,115		238,114		—
BAC		03/2018		USD	8,305		AUD	10,930		—		222,161
BAC		02/2018 - 04/2018		USD	21,602		IDR	300,470,000		—		442,707
BAC		03/2018		USD	25,103		ILS	88,100		—		295,830
BAC		03/2018		USD	8,821		INR	567,000		2,515		—
BAC		02/2018		USD	1,370		MYR	5,605		—		7,174
BAC		03/2018		USD	16,763		NZD	24,170		—		349,226
BNP		02/2018 - 06/2018		ARS	157,330		USD	8,251		—		289,897
BOA		03/2018		COP	11,250,000		USD	3,706		39,163		—
BOA		03/2018		CZK	79,800		USD	3,711		49,430		—
BOA		03/2018		INR	631,000		USD	9,678		135,715		—
BOA		03/2018		MXN	132,300		USD	6,849		—		212,875
BOA		03/2018		PHP	7,000		USD	138		1,914		—
BOA		03/2018		PLN	13,230		USD	3,691		110,739		—
BOA		03/2018		USD	8,516		EUR	7,040		37,400		—
BOA		03/2018		USD	4,448		INR	290,000		—		62,373
BOA		03/2018		USD	3,624		MXN	70,000		112,632		—
BOA		03/2018		USD	1,165		PEN	3,780		2,280		—
BOA		03/2018		USD	13,618		RUB	815,000		—		364,070
CITNA-B		01/2018		BRL	26,360		USD	7,955		9,519		18,018
CITNA-B		03/2018		EUR	7,040		USD	8,451		26,930		—
CITNA-B		02/2018		IDR	168,070,000		USD	12,359		23,582		—
CITNA-B		03/2018		SGD	6,560		USD	4,877		34,194		—
CITNA-B		01/2018		USD	7,969		BRL	26,360		21,861		—
CITNA-B		01/2018		USD	2,587		EGP	48,800		—		144,612
CITNA-B		02/2018		USD	690		IDR	9,378,500		—		1,316
CITNA-B		03/2018		ZAR	68,900		USD	5,423		81,386		—
GSCO-OT		02/2018		MYR	17,050		USD	4,173		17,232		—
GSCO-OT		03/2018		USD	268		RON	1,060		—		3,823
HSBC		03/2018		USD	3,946		MXN	78,100		28,464		—
JPM		01/2018		BRL	26,700		USD	8,071		—		22,143
JPM		03/2018		HUF	401,000		USD	1,504		50,028		—
JPM		04/2018		IDR	119,819,000		USD	8,666		115,815		—
JPM		03/2018		PHP	15,000		USD	297		2,711		—
JPM		03/2018		RUB	250,500		USD	4,209		88,340		—
JPM		03/2018		THB	147,200		USD	4,531		—		6,239
JPM		03/2018		TRY	37,380		USD	9,549		93,801		2,846
JPM		01/2018		USD	8,014		BRL	26,700		—		35,197

32    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
JPM		03/2018	USD	814		CLP	519,000	$	—	$	28,688
JPM		03/2018	USD	1,010		CZK	21,700		—		12,803
JPM		03/2018	USD	10,612		EUR	8,760		62,757		351
JPM		02/2018	USD	672		IDR	9,160,000		—		2,694
JPM		03/2018	USD	7,136		TRY	28,270		—		153,957
JPM		03/2018	USD	7,040		ZAR	97,430		—		743,920
TDB		01/2018 - 02/2018	BRL	24,390		USD	7,414		—		66,591
TDB		03/2018	EUR	765		USD	907		14,435		—
TDB		01/2018 - 02/2018	USD	10,330		BRL	33,855		139,911		—
TDB		03/2018	USD	1,140		CLP	747,000		—		73,422
Total Unrealized Appreciation and Depreciation								$	2,402,595	$	3,587,515

Futures Contracts as of December 31, 2017

Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Euro-BOBL		Sell		3/08/18		546	EUR		86,906	$	86,220,092	$	685,631
Euro-BUND		Sell		3/08/18		254	EUR		49,663		49,273,903		389,114
United States Treasury Long Bonds		Buy		3/20/18		138	USD		21,114		21,114,000		(206)
United States Treasury Nts., 10 yr.		Buy		3/20/18		660	USD		82,117		81,870,938		(245,863)
United States Treasury Nts., 10 yr.		Sell		3/20/18		324	USD		40,343		40,191,188		152,084
United States Treasury Nts., 2 yr.		Sell		3/29/18		135	USD		28,951		28,904,766		46,202
United States Treasury Nts., 2 yr.		Buy		3/29/18		376	USD		80,647		80,505,126		(141,937)
United States Treasury Nts., 5 yr.		Sell		3/29/18		16	USD		1,861		1,858,625		2,833
United States Treasury Nts., 5 yr.		Buy		3/29/18		438	USD		51,001		50,879,860		(120,847)
United States Ultra Bonds		Buy		3/20/18		197	USD		32,839		33,028,281		188,997
												$	956,008

Over-the-Counter Options Written at December 31, 2017

Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Notional Amount (000’s)		Premiums Received		Value
AUD Currency Call		HSBC	NZD		1.128		3/15/18	AUD		(20,800,000	)		AUD 80,000	$	62,988	$	(58,713)
AUD Currency Put		HSBC	NZD		1.068		3/15/18	AUD		(20,800,000	)		AUD 80,000		50,630		(31,947)
BRL Currency Put		BAC	BRL		3.410		2/27/18	BRL		(43,477,500	)		BRL 170,500		118,575		(146,562)
BRL Currency Call		BAC	BRL		3.140		2/27/18	BRL		(40,035,000	)		BRL 157,000		123,037		(29,346)
EUR Currency Put		HSBC	PLN		4.170		3/13/18	EUR		(20,624,607	)		EUR 75,000		77,598		(138,357)
EUR Currency Call		HSBC	PLN		4.320		3/13/18	EUR		(20,624,607	)		EUR 75,000		100,635		(43,882)
RUB Currency Call		BAC	RUB		56.800		1/11/18	RUB		(774,900,000	)		RUB 3,075,000		125,376		(14,723)
RUB Currency Put		BAC	RUB		61.500		1/11/18	RUB		(839,000,000	)		RUB 2,840,000		94,677		(5,034)
SGD Currency Put		BNP	SGD		1.366		3/2/18	SGD		(18,760,000	)		SGD 68,300		38,701		(14,614)
SGD Currency Call		BNP	SGD		1.329		3/2/18	SGD		(18,250,000	)		SGD 6,645		37,901		(59,258)
Total Over-the-Counter Options Written														$	830,118	$	(542,436)

Centrally Cleared Credit Default Swaps at December 31, 2017

Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)		Value		Unrealized Appreciation/ (Depreciation)
Federative Republic of Brazil		Sell		1.000%		6/20/22	USD		2,500	$	154,768	$	(44,795)	$	109,973
People’s Republic of China		Buy		1.000		12/20/22	USD		4,400		70,082		(104,295)		(34,213)
Petrobras Global Finance BV		Sell		1.000		12/20/20	USD		1,000		10,092		(7,700)		2,392
Petrobras Global Finance BV		Sell		1.000		12/20/20	USD		1,000		10,178		(7,700)		2,478
Republic of Korea		Buy		1.000		12/20/22	USD		6,600		76,440		(147,108)		(70,668)
Republic of South Africa		Buy		1.000		12/20/22	USD		3,000		(133,441)		77,513		(55,928)
Republic of South Africa		Buy		1.000		12/20/22	USD		3,000		(133,650)		77,513		(56,137)
Republic of Turkey		Buy		1.000		12/20/22	USD		2,000		(73,364)		58,401		(14,963)
Total Cleared Credit Default Swaps										$	(18,895)	$	(98,171)	$	(117,066)

Over-the-Counter Credit Default Swaps at December 31, 2017

Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount 000’s)		Premiums Received/(Paid)		Value		Unrealized Appreciation/ (Depreciation)
Federative Republic of Brazil		BNP		Sell		1.000%		12/20/18	USD		1,190	$	94,152	$	6,687	$	100,839
Idbi Bank Ltd./difc Dubai		BAC		Sell		1.000		12/20/22	USD		1,000		32,421		(26,675)		5,746
Idbi Bank Ltd./difc Dubai		BNP		Sell		1.000		12/20/22	USD		1,000		30,175		(26,675)		3,500
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD		2,697		48,743		23,545		72,288
State Bank of India		BNP		Sell		1.000		9/20/19	USD		1,740		71,791		21,565		93,356
Total Over-the-Counter Credit Default Swaps												$	277,282	$	(1,553)	$	275,729

33    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

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**(Unaudited)
Non-Investment Grade Corporate Debt	$	4,000,000	$	—		BB+ to BB
Investment Grade Single Name Corporate Debt		1,740,000		—		BBB-
Investment Grade Sovereign Debt		2,697,000		—		BBB
Non-Investment Grade Sovereign Debt		3,690,000		—		BB
Total USD	$	12,127,000	$	—

*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 December 31, 2017

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
		Three-Month USD
BAC	Receive	BBA LIBOR		1.839%		8/24/22	USD		33,566	$	403,984	$	403,984
		Six-Month JPY BBA
BAC	Receive	LIBOR		0.296		11/29/27	JPY		4,654,000		145,880		145,880
		Three-Month USD
BAC	Receive	BBA LIBOR		2.203		5/31/22	USD		90,985		189,524		189,524
		Six-Month PLN
CITNA-B	Pay	WIBOR WIBO		2.990		11/17/27	PLN		5,770		10,181		10,181
CITNA-B	Pay	MXN TIIE BANXICO		6.600		6/21/22	MXN		284,240		(719,740)		(719,740)
CITNA-B	Pay	BZDI		11.710		1/4/21	BRL		16,750		366,685		366,685
		Six-Month HUF
CITNA-B	Pay	BUBOR		1.390		1/25/22	HUF		784,000		136,293		136,293
		Three-Month ZAR
DEU	Receive	JIBAR SAFEX		8.310		6/29/26	ZAR		28,050		(74,958)		(74,958)
		Three-Month ZAR
DEU	Pay	JIBAR SAFEX		7.675		2/21/22	ZAR		26,465		36,368		36,368
DEU	Pay	BZDI		10.570		1/4/21	BRL		15,500		185,385		185,385
DEU	Pay	MXN TIIE BANXICO		7.380		2/18/22	MXN		182,700		(163,336)		(163,336)
		Three-Month ZAR
JPM	Pay	JIBAR SAFEX		7.930		11/27/22	ZAR		55,000		117,120		117,120
Total of Centrally Cleared Interest Rate Swaps										$	633,386	$	633,386

Over-the-Counter Interest Rate Swaps at December 31, 2017

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate	Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation/ (Depreciation)
		Six-Month INR FBIL MIBOR OIS
BOA	Pay	Compound	6.330%	1/31/22	INR	210,000	$	—	$	(12,441)	$	(12,441)
		Three-Month KRW CD
BOA	Receive	KSDA	1.860	3/6/24	KRW	4,472,500		18		68,307		68,325
		Six-Month THB
BOA	Pay	THBFIX	1.765	10/17/22	THB	477,530		—		(50,005)		(50,005)
		Six-Month THB
BOA	Pay	THBFIX	2.200	3/20/22	THB	99,500		—		62,487		62,487
		Three-Month COP IBR
CITNA-B	Pay	OIS Compound	5.370	3/24/20	COP	13,032,090		—		84,963		84,963
		1 Time COP IBR OIS
CITNA-B	Receive	Compound	4.490	8/14/18	COP	53,300,000		—		(18,169)		(18,169)
		1 Time COP IBR OIS
CITNA-B	Receive	Compound	5.870	3/24/18	COP	40,160,110		—		(77,435)		(77,435)
		1 Time COP IBR OIS
CITNA-B	Pay	Compound	4.580	5/14/19	COP	27,560,000		—		38,166		38,166
		Three-Month KRW CD
DEU	Pay	KSDA	1.480	4/20/18	KRW	102,630,000		(189)		(22,342)		(22,531)
		Three-Month COP IBR
GSCOI	Pay	OIS Compound	5.530	1/17/19	COP	20,871,770		—		109,378		109,378
		Six-Month THB
JPM	Pay	THBFIX	2.603	3/24/27	THB	53,200		—		57,296		57,296
		Three-Month MYR
JPM	Receive	KLIBOR BNM	4.005	2/21/22	MYR	13,230		—		(16,445)		(16,445)

34    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Over-the-Counter Interest Rate Swaps (Continued)

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate	Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation/ (Depreciation)
		Three-Month MYR
SCB	Pay	KLIBOR BNM	3.310%	8/19/21	MYR	45,000	$	—	$	(207,924)	$	(207,924)
Total of Over-the-Counter Interest Rate Swaps							$	(171)	$	15,836	$	15,665

Over-the-Counter Total Return Swaps at December 31, 2017

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

One-Month USD BBA

PowerShares Senior Loan

LIBOR plus 30 basis

Exchange Traded Fund

CITNA-B

Receive

points

1/12/18

USD

16,694

$

28,394

$

28,394

* 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 December 31, 2017

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 1/31/28 Call

BAC

Pay

Three-Month USD BBA LIBOR

2.776%

1/25/18

USD

78,000

$

250,900

$

(6,919)

Interest Rate Swap Maturing 3/13/28 Call

BAC

Pay

Six-Month GBP BBA LIBOR

1.690

3/12/18

GBP

24,000

169,234

(20,998)

Total Over-the-Counter Interest Rate Swaptions Written

$

420,134

$

(27,917)

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
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
CLP	Chilean Peso
CNH	Offshore ChineseRenminbi
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
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
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
SGD	Singapore Dollar

35    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Currency abbreviations indicate amounts reporting in currencies (Continued)
THB	Thailand Baht
TRY	New Turkish Lira
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
30YR CMT	30 Year Constant Maturity Treasury
BAXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BNM	Bank Negra Malaysia
BOBL	German Federal Obligation
BUBOR	Budapest Interbank Offered Rate
BUND	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
EURIBOR	Euro Interbank Offered Rate
FBIL	Financial Benchmarks India Private Ltd.
FRO1	Floating Rate Option 30 yr. Rate
FRO2	Floating Rate Option 10 yr. Rate
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
IBR	Indicador Bancario de Referencia
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
KLIBOR	Kuala Lumpur Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
LIBOR	London Interbank Offered Rate
LIBOR01M	ICE LIBOR USD 1 Month
LIBOR12	London Interbank Offered Rate-Monthly
LIBOR4	London Interbank Offered Rate-Quarterly
MIBOR	Mumbai Interbank Offered Rate
OIS	Overnight Index Swap
S&P	Standard & Poor’s
SX5E	The EURO STOXX 50 Index
THBFIX	Thai Baht Interest Rate Fixing
TIIE	Interbank Equilibrium Interest Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate

See accompanying Notes to Consolidated Financial Statements.

36    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,361,643,506)	$	1,377,094,266
Affiliated companies (cost $459,630,836)		458,456,722
		1,835,550,988
Cash		16,389,188
Cash—foreign currencies (cost $2,264,813)		2,282,640
Cash used for collateral on futures		3,355,000
Cash used for collateral on OTC derivatives		2,034,000
Cash used for collateral on centrally cleared swaps		5,833,060
Unrealized appreciation on forward currency exchange contracts		2,402,595
Swaps, at value (premiums received $214,704)		500,788
Centrally cleared swaps, at value (premiums paid $340,455)		1,804,847
Receivables and other assets:
Interest, dividends and principal paydowns		14,015,916
Investments sold (including $5,653,450 sold on a when-issued or delayed delivery basis)		10,270,215
Shares of beneficial interest sold		389,843
Variation margin receivable		281,132
Other		161,882
Total assets		1,895,272,094
Liabilities
Unrealized depreciation on forward currency exchange contracts		3,587,515
Options written, at value (premiums received $830,118)		542,436
Swaps, at value (net premiums received $62,407)		458,111
Centrally cleared swaps, at value (premiums received $321,560)		1,269,632
Swaptions written, at value (premiums received $420,134)		27,917
Payables and other liabilities:
Investments purchased (including $215,152,818 purchased on a when-issued or delayed delivery basis)		215,593,387
Shares of beneficial interest redeemed		625,106
Distribution and service plan fees		271,386
Trustees’ compensation		123,615
Shareholder communications		90,139
Other		1,656,782
Total liabilities		224,246,026
Net Assets	$	1,671,026,068
Composition of Net Assets
Par value of shares of beneficial interest	$	318,932
Additional paid-in capital		1,743,302,732
Accumulated net investment income		87,377,286
Accumulated net realized loss on investments and foreign currency transactions		(175,527,920	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		15,555,038
Net Assets	$	1,671,026,068
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 $393,336,559 and 76,639,515 shares of beneficial interest outstanding)		$5.13
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,277,689,509 and 242,292,872 shares of beneficial interest outstanding)		$5.27

See accompanying Notes to Consolidated Financial Statements.

37      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	2,685,880
Dividends		6,235
Net expenses		(183,365	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		2,508,750
Net investment income allocated from Oppenheimer Master Loan Fund, LLC
Interest		13,735,291
Dividends		352,955
Net expenses		(821,464	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		13,266,782
Total allocation of net investment income from master funds		15,775,532
Investment Income
Interest:
Unaffiliated companies (net of foreign withholding taxes of $704,146)		66,535,740
Fee income on when-issued securities		2,053,139
Dividends:
Unaffiliated companies		699,059
Affiliated companies		1,447,358
Total investment income		70,735,296
Expenses
Management fees		10,357,738
Distribution and service plan fees—Service shares		3,239,860
Transfer and shareholder servicing agent fees:
Non-Service shares		400,923
Service shares		1,295,935
Shareholder communications:
Non-Service shares		53,411
Service shares		172,590
Custodian fees and expenses		132,321
Trustees’ compensation		65,665
Borrowing fees		46,107
Other		436,261
Total expenses		16,200,811
Less reduction to custodian expenses		(5,545	)
Less waivers and reimbursements of expenses		(1,125,339	)
Net expenses		15,069,927
Net Investment Income		71,440,901

38      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $ 90,753)	$	(3,281,377	)
Option contracts written		2,909,136
Futures contracts		2,890,384
Foreign currency transactions		(145,535	)
Forward currency exchange contracts		3,878,041
Short Positions		8,408
Swap contracts		(1,700,384	)
Swaption contracts written		2,568,884
Net realized loss allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(877,906	)
Oppenheimer Master Loan Fund, LLC		(98	)
Net realized gain		6,249,553
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		29,116,304
Translation of assets and liabilities denominated in foreign currencies		9,535
Forward currency exchange contracts		(2,088,758	)
Futures contracts		1,389,721
Option contracts written		(347,704	)
Swap contracts		859,510
Swaption contracts written		458,019
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(3,575,033	)
Oppenheimer Master Loan Fund, LLC		(3,124,913	)
Net change in unrealized appreciation/depreciation		22,696,681
Net Increase in Net Assets Resulting from Operations	$	100,387,135

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.

39      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017			Year Ended December 31, 2016
Operations
Net investment income	$	71,440,901		$	66,559,264
Net realized gain (loss)		6,249,553			(87,282,592	)
Net change in unrealized appreciation/depreciation		22,696,681			130,129,701
Net increase in net assets resulting from operations		100,387,135			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		(23,313,057	)		(34,595,904	)
Service shares		(56,507,178	)		(112,356,578	)
		(79,820,235	)		(146,952,482	)
Net Assets
Total decrease		(14,304,023	)		(119,522,595	)
Beginning of period		1,685,330,091			1,804,852,686
End of period (including accumulated net investment income of $87,377,286 and $ 44,340,175, respectively)	$	1,671,026,068		$	1,685,330,091

See accompanying Notes to Consolidated Financial Statements.

40      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$4.94		$4.88		$5.30		$5.38		$5.67
Income (loss) from investment operations:
Net investment income1		0.22		0.20		0.23		0.26		0.28
Net realized and unrealized gain (loss)		0.09		0.11		(0.34)		(0.11)		(0.29)
Total from investment operations		0.31		0.31		(0.11)		0.15		(0.01)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		(0.25)		(0.31)		(0.23)		(0.28)
Net asset value, end of period		$5.13		$4.94		$4.88		$5.30		$5.38
Total Return, at Net Asset Value2		6.27%		6.53%		(2.26)%		2.84%		(0.13)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$393,337		$401,308		$429,710		$586,951		$738,741
Average net assets (in thousands)		$400,945		$416,054		$510,765		$707,673		$734,707
Ratios to average net assets:3,4
Net investment income		4.40%		4.00%		4.51%		4.73%		5.12%
Expenses excluding specific expenses listed below		0.82%		0.79%		0.76%		0.74%		0.74%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		0.82%		0.79%		0.76%		0.74%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.74%		0.73%		0.71%		0.72%
Portfolio turnover rate7		74%		80%		79%		93%		107%

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:

Year Ended December 31, 2017	0.83	%
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	%

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

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2017		$2,271,944,419		$2,153,905,799
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

See accompanying Notes to Consolidated Financial Statements.

41      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$5.07		$5.00		$5.42		$5.50		$5.79
Income (loss) from investment operations:
Net investment income1		0.22		0.19		0.23		0.25		0.27
Net realized and unrealized gain (loss)		0.08		0.12		(0.35)		(0.11)		(0.29)
Total from investment operations		0.30		0.31		(0.12)		0.14		(0.02)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.24)		(0.30)		(0.22)		(0.27)
Net asset value, end of period		$5.27		$5.07		$5.00		$5.42		$5.50
Total Return, at Net Asset Value2		6.04%		6.27%		(2.49)%		2.49%		(0.37)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,277,689		$1,284,022		$1,375,143		$1,551,247		$1,716,026
Average net assets (in thousands)		$1,295,999		$1,332,343		$1,496,350		$1,646,615		$1,794,640
Ratios to average net assets:3,4
Net investment income		4.15%		3.75%		4.26%		4.48%		4.88%
Expenses excluding specific expenses listed below		1.07%		1.04%		1.01%		0.99%		0.99%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.07%		1.04%		1.01%		0.99%		0.99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		0.99%		0.98%		0.96%		0.97%
Portfolio turnover rate7		74%		80%		79%		93%		107%

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:

Year Ended December 31, 2017	1.08	%
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	%

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

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2017		$2,271,944,419		$2,153,905,799
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

See accompanying Notes to Consolidated Financial Statements.

42      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017

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 Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.

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 $4,465,296 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	953,909
Net assets	$	4,465,296
Net income (loss)	$	(42,520)
Net realized gain (loss)	$	20,225
Net change in unrealized appreciation/depreciation	$	42,830

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 the 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 determined necessary by the Manager.

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

43    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, 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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, 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.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$72,639,573		$—		$162,638,535		$18,160,866

1. At period end, the Fund had $162,638,535 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$	162,638,535

2. During the reporting period, the Fund utilized $3,016,001 of capital loss carryforward to offset capital gains realized in that fiscal year.

3. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

44    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

2. Significant Accounting Policies (Continued)

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Increase to Accumulated Net Investment Income		Increase to Accumulated Net Realized Loss on Investments
$1,825		$6,467,133		$6,468,958

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	34,870,923	$	81,976,486

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	$	1,818,322,421
Federal tax cost of other investments		61,096,061
Total federal tax cost	$	1,879,418,482
Gross unrealized appreciation	$	52,713,199
Gross unrealized depreciation		(34,552,333	)
Net unrealized appreciation	$	18,160,866

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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,

45    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 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 when 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.

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	$	—	$	64,802,347	$	—	$	64,802,347
Mortgage-Backed Obligations		—		397,963,737		51,559		398,015,296
Foreign Government Obligations		—		140,031,551		—		140,031,551

46    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Corporate Loans	$	—		$	1,991,677		$	—	$	1,991,677
Corporate Bonds and Notes		—			741,083,420			28,806		741,112,226
Preferred Stocks		11,920,249			—			—		11,920,249
Common Stocks		3,391,254			39,045			78,263		3,508,562
Rights, Warrants and Certificates		—			21,067			102,922		123,989
Structured Securities		—			4,277,843			223,349		4,501,192
Short-Term Notes		—			9,789,700			—		9,789,700
Investment Companies		177,158,407			281,298,315			—		458,456,722
Exchange-Traded Option Purchased		424,592			—			—		424,592
Over-the-Counter Options Purchased		—			417,347			—		417,347
Over-the-Counter Interest Rate Swaptions Purchased		—			455,538			—		455,538
Total Investments, at Value		192,894,502			1,642,171,587			484,899		1,835,550,988
Other Financial Instruments:
Swaps, at value		—			500,788			—		500,788
Centrally cleared swaps, at value		—			1,804,847			—		1,804,847
Futures contracts		1,464,861			—			—		1,464,861
Forward currency exchange contracts		—			2,402,595			—		2,402,595
Total Assets	$	194,359,363		$	1,646,879,817		$	484,899	$	1,841,724,079
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(458,111	)	$	—	$	(458,111	)
Centrally cleared swaps, at value		—			(1,269,632	)		—		(1,269,632	)
Futures contracts		(508,853	)		—			—		(508,853	)
Options written, at value		—			(542,436	)		—		(542,436	)
Forward currency exchange contracts		—			(3,587,515	)		—		(3,587,515	)
Swaptions written, at value		—			(27,917	)		—		(27,917	)
Total Liabilities	$	(508,853	)	$	(5,885,611	) $		—	$	(6,394,464	)

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 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

47    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

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.

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 16.7% of Master Loan and 14.0% of Master Event-Linked Bond at period end.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Consolidated Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

When investing in loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

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		$215,152,818
Sold securities		5,653,450

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.

48    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. Investments and Risks (Continued)

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 counterparty pledged $18,000 of collateral to the Fund 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 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 and/or principal payment.

Information concerning securities not accruing interest at period end is as follows:

Cost	$2,543,506
Market Value	$488,003
Market Value as % of Net Assets	0.03%

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.

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 21% 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,

49    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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 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 $352,585,839 and $341,315,541, 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.

During the reporting period, the Fund had an ending monthly average market value of $241,628,401 and $91,902,278 on futures contracts purchased and sold, respectively.

50    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

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 $499,557 and $676,045 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 the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

During the reporting period, the Fund had an ending monthly average market value of $746,313 and $501,392 on written call options and written put options, respectively.

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

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 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

51    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $40,375,769 and $36,750,369 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 $144,712,111 and $273,921,394 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 $15,528,099 on total return swaps which are long the reference asset.

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

52    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

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 $1,369,686 and $1,100,582 on purchased and written swaptions, respectively.

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 $536,155.

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.

53    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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	$	643,612	$	(643,612)	$	–	$	–	$	–
Barclays Bank plc		1,351,045		(1,351,045)		–		–		–
BNP Paribas		60,477		(60,477)		–		–		–
Citibank NA		348,995		(259,550)		–		–		89,445
Deutsche Bank AG		79,991		(22,342)		–		–		57,649
Goldman Sachs Bank USA		17,232		(3,823)		–		–		13,409
Goldman Sachs International		109,378		–		–		–		109,378
HSBC Bank USA, NA		267,488		(267,488)		–		–		–
JPMorgan Chase Bank NA		473,574		(473,574)		–		–		–
Toronto Dominion Bank		154,346		(140,013)		–		–		14,333
UBS AG		270,130		–		(270,130)		–		–
	$	3,776,268	$	(3,221,924)	$	(270,130)	$	–	$	284,214

*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	$	(701,764)	$	643,612	$	–	$	–	$	(58,152)
Barclays Bank plc		(1,591,937)		1,351,045		–		240,892		–
BNP Paribas		(390,444)		60,477		–		329,967		–
Citibank NA		(259,550)		259,550		–		–		–
Deutsche Bank AG		(22,342)		22,342		–		–		–
Goldman Sachs Bank USA		(3,823)		3,823		–		–		–
HSBC Bank USA, NA		(272,899)		267,488		–		–		(5,411)
JPMorgan Chase Bank NA		(1,025,283)		473,574		–		390,000		(161,709)
Standard Chartered Bank		(207,924)		–		–		207,924		–
Toronto Dominion Bank		(140,013)		140,013		–		–		–
	$	(4,615,979)	$	3,221,924	$	–	$	1,168,783	$	(225,272)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statements of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	80,191	Swaps, at value	$	53,350

54    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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	Swaps, at value	$	420,597	Swaps, at value	$	404,761
Credit contracts	Centrally cleared swaps, at value		213,427	Centrally cleared swaps, at value		311,598
Interest rate contracts	Centrally cleared swaps, at value		1,591,420	Centrally cleared swaps, at value		958,034
Interest rate contracts	Variation margin receivable		281,132*
	Unrealized appreciation on			Unrealized depreciation on
Forward currency	forward currency exchange			forward currency exchange
exchange contracts	contracts		2,402,595	contracts		3,587,515
Forward currency exchange contracts				Options written, at value		542,436
Interest rate contracts				Swaptions written, at value		27,917
Equity contracts	Investments, at value		507,409**
Forward currency exchange contracts	Investments, at value		334,530**
Interest rate contracts	Investments, at value		455,538**
Total		$	6,286,839		$	5,885,611

*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
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Option contracts written		Futures contracts		Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	—	$	—	$	—	$	—	$	(1,414,654)	$	(1,414,654)
Equity contracts		(608,745)		—		441,241		—		—		(39,257)		(206,761)
Forward currency exchange contracts		(1,343,313)		—		2,623,403		—		3,878,041		—		5,158,131
Interest rate contracts		(3,254,486)		2,568,884		(155,508)		2,890,384		—		(246,473)		1,802,801
Total	$	(5,206,544)	$	2,568,884	$	2,909,136	$	2,890,384	$	3,878,041	$	(1,700,384)	$	5,339,517

*Includes purchased option contracts and purchased swaption contracts, if any.

	Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Option contracts written		Swaption contracts written		Futures contracts		Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	—	$	—	$	—	$	—	$	120,447	$	120,447
Equity contracts		(412,524)		—		—		—		—		—		(412,524)
Forward currency exchange contracts		(39,370)		(347,704)		—		—		(2,088,758)		—		(2,475,832)
Interest rate contracts		(810,250)		—		458,019		1,389,721		—		739,063		1,776,553
Total	$	(1,262,144)	$	(347,704)	$	458,019	$	1,389,721	$	(2,088,758)	$	859,510	$	(991,356)

*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:

	Year Ended December 31, 2017				Year Ended December 31, 2016
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		4,936,516	$	24,907,153		2,809,997	$	13,876,130
Dividends and/or distributions reinvested		1,828,381		9,178,475		4,307,664		20,719,866
Redeemed		(11,338,330)		(57,398,685)		(14,033,568)		(69,191,900)
Net decrease		(4,573,433)	$	(23,313,057)		(6,915,907)	$	(34,595,904)

55    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

7. Shares of Beneficial Interest (Continued)

	Year Ended December 31, 2017					Year Ended December 31, 2016
	Shares			Amount		Shares			Amount
Service Shares
Sold		12,450,513		$	64,464,791		9,843,598		$	49,602,452
Dividends and/or distributions reinvested		4,979,157			25,692,448		12,375,075			61,256,620
Redeemed		(28,206,027	)		(146,664,417)		(44,290,987	)		(223,215,650)
Net decrease		(10,776,357	)	$	(56,507,178)		(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	$	1,181,187,746	$	1,096,521,618
U.S. government and government agency obligations		22,412,221		54,934,450
To Be Announced (TBA) mortgage-related securities		2,271,944,419		2,153,905,799

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
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

56    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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. 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

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 $33,447. 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 investments in Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,083,067 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 $1.875 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.

57    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer Global Strategic Income Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”) and subsidiary, including the consolidated statement of investments, as of December 31, 2017, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two year period then ended, and the related consolidated notes (collectively, the “consolidated financial statements”) and the consolidated financial highlights for each of the years in the five year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund and subsidiary as of December 31, 2017, the results of their consolidated operations for the year then ended, the changes in their consolidated net assets for each of the years in the two year period then ended, and the consolidated financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund and subsidiary in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG_LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 16, 2018

58      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 0.70% to arrive at the amount eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

59      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Michael Mata, Krishna Memani, Ruta Ziverte and Chris Kelly, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other multisector bond category funds underlying variable insurance products. The Board considered that the Fund underperformed its category median during the one-, three-, five- and ten-year periods. The Board considered several factors that contributed to the Fund’s underperformance, noting that, as a result of conversations with the Board and in an effort to address performance, two portfolio managers were recently added to the Fund’s investment team in January 2017. The Board further considered that the Adviser recently has made changes to the Fund’s outcome objectives and, corresponding to that, also changed the Fund’s benchmark. The Board also noted that the Fund’s performance improved in 2017 and that the Fund outperformed its benchmark index in the year-to-date period ended June 30, 2017. The Board concluded it was appropriate to permit the Fund’s performance to reflect these changes and additional investments on the part of the Adviser.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses, net of waivers, were higher than its category median and its peer group median. The Board also considered that the Fund’s contractual management fee was lower than its peer group median and category median. The Board noted that Adviser has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investment in funds managed by the Adviser or its affiliates, which may not be amended or withdrawn until April 28, 2018, unless approved by the Board.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as

60      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and

systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the

Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

61      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.

62      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

63    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth: 1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Mata, Memani, Kelly, Mss. Ziverte, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Michael Mata1 , Vice President (since 2014) Year of Birth: 1963	Senior Vice President of the Sub-Adviser and the Head of Multi-Sector Fixed Income (since July 2014). Portfolio manager with ING Investment Management and Head of Multi-Sector Fixed-Income (August 2004-December 2013), managing the Global Bond and Core Plus strategies and the macro and quantitative research teams, along with the emerging markets sovereign team. Senior Vice President and Senior Risk Manager at Putnam Investments (March 2000-August 2004) and a Vice President and Risk Manager for Fixed Income Trading at Lehman Brothers (September 1994-March 2000). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Krishna Memani, Vice President (since 2009) Year of Birth: 1960	President of the Sub-Adviser (since January 2013); Executive Vice President of the Manager (since January 2014) and Chief Investment Officer of the OppenheimerFunds advisory entities (since January 2014). Chief Investment Officer, Fixed Income of the Sub-Adviser (January 2013-December 2013); Head of the Investment Grade Fixed Income Team of the Sub-Adviser (March 2009-January 2014); Director of Fixed Income of the Sub-Adviser (October 2010-December 2012); Senior Vice President of the Sub-Adviser (March 2009-December 2012) and Senior Vice President of OFI Global Institutional, Inc. (April 2009-December 2012). Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities (June 2006-January 2009). Chief Credit Strategist at Credit Suisse Securities (August 2002-March 2006). Managing Director and Senior Portfolio Manager at Putnam Investments (September 1998-June 2002). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Chris Kelly, Vice President (since 2017) Year of Birth: 1967	Senior Vice President of the Sub-Adviser (since January 2016); Portfolio Manager of the Sub-Adviser (since March 2015); Co-Head of the Global Debt Team (since March 2015); Vice President of the Sub-Adviser (March 2015-January 2016). Deputy Head of Emerging Markets Fixed Income at BlackRock, Inc. (June 2012 - January 2015); Portfolio Manager and Deputy Chief Investment Officer of Emerging Markets at Fisher Francis Trees and Watts, a BNP Paribas Investment Partner (February 2008 - April 2012). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.

1. Effective January 24, 2018, Michael Mata is no longer an officer of the Fund.

64    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Ruta Ziverte, Vice President (since 2017) Year of Birth: 1973	Vice President and Senior Portfolio Manager of the Sub-Adviser (July 2015). Prior to joining the Sub-Adviser, she was Senior Vice President and Portfolio Manager at GE Asset Management (June 2009 to June 2015). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub - Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

65    OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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66      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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67      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

              

              December 31, 2017

            ANNUAL REPORT

                Listing of Top Holdings

                Fund Performance Discussion

                Financial Statements

PORTFOLIO MANAGERS: Mark Hamilton, Ben Rockmuller, CFA, Dokyoung Lee, CFA and Alessio de Longis, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/17

	Inception					Since
	Date		1-Year			Inception
Non-Service Shares		11/14/13		0.56	%	1.43%
Service Shares		11/14/13		0.19		1.19
ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index				0.86		0.31

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Alphabet, Inc., Cl. A	0.8%
Chubb Ltd.	0.8
M&T Bank Corp.	0.7
Apple, Inc.	0.6
Altria Group, Inc.	0.6
Lockheed Martin Corp.	0.6
Cisco Systems, Inc.	0.6
Enterprise Products Partners LP	0.6
Allstate Corp. (The)	0.5
Energy Transfer Partners LP	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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	22.6
Event-Linked Bonds
Multiple Event	5.0
Earthquake	3.5
Windstorm	2.2
Other	0.7
Pandemic	0.1
Longevity	0.1
Non-Convertible Corporate Bonds and Notes	8.1
Investment Companies
Highland/iBoxx Senior Loan Exchange Traded Fund	0.5
Oppenheimer Institutional Government Money Market Fund	4.2
Scottish Mortgage Investment Trust plc	—	*
SPDR Gold Trust Exchange Traded Fund	1.0
Corporate Loans	3.0
Asset-Backed Securities	2.6
Foreign Government Obligations	1.8
Mortgage-Backed Obligations
Non-Agency	0.5
Preferred Stocks	0.3
Exchange-Traded Options Purchased	0.1
Rights, Warrants and Certificates	—*
Over-the-Counter Options Purchased	—*
Convertible Corporate Bonds and Notes	—*
Over-the-Counter Interest Rate Swaptions Purchased	—*

*Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on the total market value of investments.

2      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 0.56% during the reporting period. On a relative basis, the Fund underperformed the ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Index”), which returned 0.86% during the same period.

FUND REVIEW

The primary detractors from the Fund’s performance versus the Index included its exposure to income alternatives, particularly master limited partnerships (“MLPs”) and event-linked bonds. Top performing areas included the Fund’s exposure to Alpha alternatives, Global Real Estate through real estate investment trusts (REITs), and its risk management overlays.

In income alternatives, event-linked bonds were impacted negatively as global insurance and reinsurance markets endured an extremely challenging environment amid an unprecedented number of large and impactful natural disaster events that occurred in late August through September. Losses from Hurricanes Harvey, Irma, and Maria, along with a major earthquake in Mexico have contributed to what is expected to be at least the third highest level for insured losses in the market’s history. Our MLP strategy seeks to invest in U.S. midstream MLPs that the investment team believes have attractive risk and reward characteristics. During the reporting period, midstream sector equities continued to be challenged by anemic capital flows and pervasively negative sentiment among market participants toward all things energy. Hurricane Harvey also hit Houston, Texas in August 2017. The hurricane produced an extraordinary amount of flooding, but little wind or storm surge related damage to midstream infrastructure, and thus only transitory disruptions with insignificant sustainable impact upon midstream operators. Offsetting the underperformance in these areas to a degree was the Fund’s exposure to leveraged loans, which performed positively during the reporting period. Credit assets were strong performers on a risk-adjusted basis this year.

Our exposure to Alpha alternatives produced positive results, driven by the Global Multi Strategies and Fundamental Alternatives strategies. Within Global Multi Strategies, which is our systematic alpha strategy, we had positive contribution from the Global Macro, Equity Market Neutral, Fixed Income Alternatives, and Volatility components. This positive performance was partially offset by the Event Driven strategy. Within the Fundamental Alternatives, which is our fundamental alpha strategy, we had positive performance from the Equity and Credit strategies. This positive performance was partially offset by the Global Macro strategy.

Our Currency Alpha Strategy detracted from performance. The strategy can be long and/or short currencies against the U.S. dollar 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. In 2017, 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. With a few setbacks to the current administration’s agenda and tax reform still an open question, we have reduced our U.S. dollar long position to neutral and continue to express relative relative-value views in high-yielding emerging market currencies such as the Colombian Peso, Chilean Peso, Indonesian Rupiah, and Indian rupee versus their developed-market peers. We have also added long exposure to Japanese yen as a means of balancing risk in this strategy.

The Fund’s exposure to Global Real Estate through real estate investment trusts (REITs) contributed positively to performance for this reporting period. After healthy year-to-date returns through the third quarter of 2016, global-listed securities declined sharply starting in the fourth quarter of 2016, as real estate investment trusts (“REITs”) were negatively impacted by rising interest rates around the world, and we decreased our exposure at that time. However, in early 2017, we increased our position again after interest rate volatility subsided and we witnessed positive momentum in the alternative. This worked in our benefit as Global Real Estate subsequently had positive performance.

The Fund’s risk management overlays were also a positive contributor to performance. 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. With an underweight to real asset alternatives, the Fund was positioned somewhat conservatively versus its peers in terms of fund volatility and sensitivity to equities. To offset this risk, we increased equity market exposure and upside market potential through derivatives. This proved to be a constructive strategy during the period, as these upside hedges were a capital and cost effective way to participate in the equity market upswing. In particular, our emerging market equity exposure was a positive contributor as this market moved higher during the period.

3      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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 see an accelerating growth picture abroad as a potential tailwind 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 US equity market, where we see the greatest opportunity in growth and cheaper valuations. We do see some headwinds in credit markets with non-financial corporate leverage nearing previous cyclical peaks and tight spread levels. Given the advanced stage of the credit cycle; we have carry or yield like return expectations for credit. As always, we continue to closely monitor the developments in financial conditions as well as the political and policy landscape to assess risks to the macro outlook and financial markets. While the macro backdrop is positive, valuation in some asset classes are stretched and 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.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index. The ICE Bank of America (BofA) 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 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.

4      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year     0.56%                                         Since Inception (11/14/13)  1.43%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year     0.19%                             Since Inception (11/14/13)  1.19%

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.

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 December 31, 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 December 31, 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.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	July 1, 2017		December 31, 2017		December 31, 2017
Non-Service shares	$	1,000.00	$	999.00	$	6.72
Service shares		1,000.00		996.90		7.98
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,018.50		6.79
Service shares		1,000.00		1,017.24		8.07

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2017 are as follows:

Class	Expense Ratios
Non-Service shares	1.33%
Service shares	1.58

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 December 31, 2017

	Shares		Value
Common Stocks—42.9%
Consumer Discretionary—2.5%
Auto Components—0.1%
American Axle & Manufacturing Holdings, Inc.1		1,044	$	17,779
Cooper Tire & Rubber Co.		435		15,377
Cooper-Standard Holdings, Inc.1		147		18,008
Dana, Inc.		1,265		40,493
Dorman Products, Inc.1		324		19,809
Fox Factory Holding Corp.1		387		15,035
Gentherm, Inc.1		323		10,255
GKN plc		12,934		55,537
Horizon Global Corp.1		272		3,814
LCI Industries		223		28,990
Modine Manufacturing Co.1		564		11,393
Motorcar Parts of America, Inc.1		200		4,998
Shiloh Industries, Inc.1		307		2,517
Standard Motor Products, Inc.		206		9,252
Stoneridge, Inc.1		342		7,818
Superior Industries International, Inc.		220		3,267
Tenneco, Inc.		482		28,216
Tower International, Inc.		236		7,210
Valeo SA		1,454		108,355
VOXX International Corp., Cl. A1		227		1,271
				409,394
Automobiles—0.0%
Ford Motor Co.		4,317		53,919
General Motors Co.		1,196		49,024
Winnebago Industries, Inc.		268		14,901
				117,844
Distributors—0.0%
Core-Mark Holding Co., Inc.		449		14,179
Weyco Group, Inc.		93		2,764
				16,943
Diversified Consumer Services—0.1%
Adtalem Global Education, Inc.1		516		21,698
American Public Education, Inc.1		115		2,881
Ascent Capital Group, Inc., Cl. A1		109		1,252
Bridgepoint Education, Inc., Cl. A1		293		2,432
Cambium Learning Group, Inc.1		588		3,340
Capella Education Co.		136		10,526
Career Education Corp.1		526		6,354
Carriage Services, Inc., Cl. A		154		3,959
Chegg, Inc.1		1,044		17,038
Collectors Universe, Inc.		72		2,062
Grand Canyon Education, Inc.1		553		49,510
Houghton Mifflin Harcourt Co.1		1,185		11,021
K12, Inc.1		494		7,855
Laureate Education, Inc., Cl. A1		1,739		23,581
Liberty Tax, Inc.		172		1,892
Regis Corp.1		413		6,344
Rentokil Initial plc		14,386		61,548
Sotheby’s1		500		25,800
Strayer Education, Inc.		100		8,958
Weight Watchers International, Inc.1		623		27,586
				295,637
Hotels, Restaurants & Leisure—0.9%
Accor SA		3,776		194,637
Belmond Ltd., Cl. A1		1,027		12,581
Biglari Holdings, Inc.1		20		8,288
BJ’s Restaurants, Inc.		174		6,334
Bloomin’ Brands, Inc.		28,026		598,075
Bojangles’, Inc.1		319		3,764
Boyd Gaming Corp.		977		34,244
Brinker International, Inc.		374		14,526
Buffalo Wild Wings, Inc.1		4,296		671,680
Caesars Entertainment Corp.1		8,395		106,197

	Shares		Value
Hotels, Restaurants & Leisure (Continued)
Carnival plc		745	$	48,984
Carrols Restaurant Group, Inc.1		285		3,463
Century Casinos, Inc.1		272		2,483
Cheesecake Factory, Inc. (The)		398		19,176
Churchill Downs, Inc.		129		30,018
Chuy’s Holdings, Inc.1		145		4,067
Compass Group plc		2,171		46,943
Dave & Buster’s Entertainment, Inc.1		354		19,530
Del Frisco’s Restaurant Group, Inc.1		191		2,913
Del Taco Restaurants, Inc.1		378		4,581
Denny’s Corp.1		600		7,944
DineEquity, Inc.		177		8,979
Drive Shack, Inc.1		374		2,068
El Pollo Loco Holdings, Inc.1		399		3,950
Eldorado Resorts, Inc.1		611		20,255
Fiesta Restaurant Group, Inc.1		223		4,237
Fogo de Chao, Inc.1		254		2,946
Golden Entertainment, Inc.1		164		5,355
Habit Restaurants, Inc. (The), Cl. A1		253		2,416
Hilton Worldwide Holdings, Inc.		4,163		332,457
ILG, Inc.		1,598		45,511
InterContinental Hotels Group plc		849		54,002
International Speedway Corp., Cl. A		503		20,045
J Alexander’s Holdings, Inc.1		185		1,795
Jack in the Box, Inc.		359		35,221
La Quinta Holdings, Inc.1		1,418		26,176
Lindblad Expeditions Holdings, Inc.1		447		4,376
Marcus Corp. (The)		247		6,755
Marriott Vacations Worldwide Corp.		246		33,262
McDonald’s Corp.		657		113,083
Merlin Entertainments plc2		8,828		43,155
Monarch Casino & Resort, Inc.1		159		7,126
Nathan’s Famous, Inc.		34		2,567
Paddy Power Betfair plc		606		72,180
Papa John’s International, Inc.		389		21,827
Penn National Gaming, Inc.1		780		24,437
Pinnacle Entertainment, Inc.1		455		14,892
Planet Fitness, Inc., Cl. A1		668		23,133
Potbelly Corp.1		15,109		185,841
RCI Hospitality Holdings, Inc.		77		2,154
Red Lion Hotels Corp.1		217		2,137
Red Robin Gourmet Burgers, Inc.1		160		9,024
Red Rock Resorts, Inc., Cl. A		519		17,511
Ruth’s Hospitality Group, Inc.		280		6,062
Scientific Games Corp., Cl. A1		767		39,347
Shake Shack, Inc., Cl. A1		229		9,893
Sodexo SA		1,446		194,149
Sonic Corp.		4,514		124,045
Speedway Motorsports, Inc.		517		9,756
Starbucks Corp.		1,011		58,062
Texas Roadhouse, Inc., Cl. A		659		34,716
TUI AG		2,606		53,958
Whitbread plc		967		52,224
Wingstop, Inc.		238		9,277
Zoe’s Kitchen, Inc.1		142		2,374
				3,583,164
Household Durables—0.1%
AV Homes, Inc.1		193		3,213
Bassett Furniture Industries, Inc.		103		3,873
Beazer Homes USA, Inc.1		315		6,051
Berkeley Group Holdings plc		1,274		72,142
Cavco Industries, Inc.1		88		13,429
Century Communities, Inc.1		235		7,309
CSS Industries, Inc.		95		2,644
Ethan Allen Interiors, Inc.		263		7,522
Flexsteel Industries, Inc.		93		4,351
Green Brick Partners, Inc.1		431		4,870

7      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Household Durables (Continued)
Hamilton Beach Brands Holding Co., Cl. A		176	$	4,521
Hamilton Beach Brands Holding Co., Cl. B		61		1,567
Helen of Troy Ltd.1		268		25,822
Hooker Furniture Corp.		134		5,688
Hovnanian Enterprises, Inc., Cl. A1		1,186		3,973
Installed Building Products, Inc.1		273		20,734
iRobot Corp.1		258		19,789
KB Home		716		22,876
La-Z-Boy, Inc.		369		11,513
LGI Homes, Inc.1		177		13,280
Libbey, Inc.		210		1,579
Lifetime Brands, Inc.		186		3,069
M/I Homes, Inc.1		240		8,256
MDC Holdings, Inc.		548		17,470
Meritage Homes Corp.1		338		17,306
New Home Co., Inc. (The)1		257		3,220
PICO Holdings, Inc.		316		4,045
Taylor Morrison Home Corp., Cl. A1		882		21,583
Taylor Wimpey plc		19,157		53,366
TopBuild Corp.1		327		24,767
TRI Pointe Group, Inc.1		1,390		24,909
Universal Electronics, Inc.1		153		7,229
William Lyon Homes, Cl. A1		280		8,142
ZAGG, Inc.1		203		3,745
				453,853
Internet & Catalog Retail—0.0%
1-800-Flowers.com, Inc., Cl. A1		562		6,013
Amazon.com, Inc.1		44		51,457
FTD Cos., Inc.1		418		3,005
Gaia, Inc., Cl. A1		137		1,699
Groupon, Inc., Cl. A1		4,466		22,777
HSN, Inc.		460		18,561
Liberty TripAdvisor Holdings, Inc., Cl. A1		821		7,738
Nutrisystem, Inc.		280		14,728
PetMed Express, Inc.		175		7,962
Priceline Group, Inc. (The)1		24		41,706
Shutterfly, Inc.1		300		14,925
				190,571
Leisure Products—0.0%
Acushnet Holdings Corp.		655		13,807
American Outdoor Brands Corp.1		522		6,702
Callaway Golf Co.		890		12,398
Clarus Corp.1		270		2,120
Escalade, Inc.		124		1,525
Johnson Outdoors, Inc., Cl. A		125		7,761
Malibu Boats, Inc., Cl. A1		192		5,708
Marine Products Corp.		315		4,013
MCBC Holdings, Inc.1		221		4,911
Nautilus, Inc.1		288		3,845
Vista Outdoor, Inc.1		695		10,126
				72,916
Media—0.9%
Beasley Broadcast Group, Inc., Cl. A		227		3,042
Central European Media Enterprises Ltd., Cl. A1		1,274		5,924
Charter Communications, Inc., Cl. A1		190		63,832
Clear Channel Outdoor Holdings, Inc., Cl. A		2,786		12,816
Comcast Corp., Cl. A		1,494		59,835
Daily Journal Corp.1		13		2,993
DISH Network Corp., Cl. A1		19,203		916,943
Emerald Expositions Events, Inc.		712		14,482
Entercom Communications Corp., Cl. A		367		3,964
Entravision Communications Corp., Cl. A		814		5,820

	Shares		Value
Media (Continued)
Eros International plc1		547	$	5,279
EW Scripps Co. (The), Cl. A1		892		13,942
Gannett Co., Inc.		803		9,307
Global Eagle Entertainment, Inc.1		720		1,649
Gray Television, Inc.1		743		12,445
Hemisphere Media Group, Inc., Cl. A1		428		4,943
IMAX Corp.1		585		13,543
Informa plc		7,327		71,275
ITV plc		25,760		57,352
Liberty Media Corp.-Liberty Braves, Cl. A1		486		10,716
Liberty Media Corp.-Liberty Braves, Cl. C1		488		10,843
Live Nation Entertainment, Inc.1		14,300		608,751
Loral Space & Communications, Inc.1		296		13,039
MDC Partners, Inc., Cl. A1		529		5,158
Media General, Inc.1,3,4		1,099		66
Meredith Corp.		329		21,730
MSG Networks, Inc., Cl. A1		692		14,013
National CineMedia, Inc.		767		5,262
New Media Investment Group, Inc.		463		7,769
New York Times Co. (The), Cl. A		1,560		28,860
Nexstar Media Group, Inc., Cl. A		405		31,671
Publicis Groupe SA		3,155		214,340
Reading International, Inc., Cl. A1		273		4,559
Regal Entertainment Group, Cl. A		28,319		651,620
RELX plc		2,679		62,763
Saga Communications, Inc., Cl. A		54		2,184
Salem Media Group, Inc., Cl. A		426		1,917
Scholastic Corp.		298		11,953
Sinclair Broadcast Group, Inc., Cl. A		896		33,914
Sky plc1		25,654		349,819
Time Warner, Inc.		1,352		123,667
Time, Inc.		588		10,849
Townsquare Media, Inc., Cl. A1		296		2,273
tronc, Inc.1		265		4,661
Twenty-First Century Fox, Inc., Cl. A		1,498		51,726
Twenty-First Century Fox, Inc., Cl. B		1,544		52,681
Walt Disney Co. (The)		730		78,482
WideOpenWest, Inc.1		1,075		11,363
World Wrestling Entertainment, Inc., Cl. A		680		20,794
WPP plc		3,083		55,872
				3,782,701
Multiline Retail—0.1%
Big Lots, Inc.		347		19,484
Marks & Spencer Group plc		17,866		75,771
Next plc		1,985		121,539
Ollie’s Bargain Outlet Holdings, Inc.1		546		29,074
Target Corp.		895		58,399
				304,267
Specialty Retail—0.2%
Aaron’s, Inc.		653		26,022
Abercrombie & Fitch Co., Cl. A		499		8,698
American Eagle Outfitters, Inc.		1,356		25,493
America’s Car-Mart, Inc.1		63		2,813
Asbury Automotive Group, Inc.1		184		11,776
Ascena Retail Group, Inc.1		2,362		5,551
At Home Group, Inc.1		424		12,885
Barnes & Noble Education, Inc.1		397		3,271
Barnes & Noble, Inc.		698		4,677
Boot Barn Holdings, Inc.1		140		2,325
Build-A-Bear Workshop, Inc.1		143		1,316
Caleres, Inc.		341		11,417
Camping World Holdings, Inc., Cl. A		259		11,585
Cato Corp. (The), Cl. A		193		3,073
Chico’s FAS, Inc.		1,096		9,667

8      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Specialty Retail (Continued)
Children’s Place, Inc. (The)		135	$	19,622
Citi Trends, Inc.		110		2,911
Container Store Group, Inc. (The)1		288		1,365
DSW, Inc., Cl. A		680		14,559
Express, Inc.1		518		5,258
Finish Line, Inc. (The), Cl. A		327		4,751
Five Below, Inc.1		467		30,971
Francesca’s Holdings Corp.1		303		2,215
Genesco, Inc.1		149		4,842
Group 1 Automotive, Inc.		191		13,555
Guess?, Inc.		774		13,065
Haverty Furniture Cos., Inc.		198		4,485
Hibbett Sports, Inc.1		126		2,570
Home Depot, Inc. (The)		487		92,301
Kingfisher plc		12,476		56,875
Kirkland’s, Inc.1		136		1,627
Lithia Motors, Inc., Cl. A		228		25,899
Lowe’s Cos., Inc.		584		54,277
Lumber Liquidators Holdings, Inc.1		293		9,197
MarineMax, Inc.1		200		3,780
Monro, Inc.		303		17,256
Office Depot, Inc.		4,632		16,397
Party City Holdco, Inc.1		909		12,681
Pier 1 Imports, Inc.		675		2,794
Shoe Carnival, Inc.		113		3,023
Sleep Number Corp.1		348		13,081
Sonic Automotive, Inc., Cl. A		382		7,048
Sportsman’s Warehouse Holdings, Inc.1		328		2,168
Tailored Brands, Inc.		427		9,321
Tesco plc		24,495		69,172
Tile Shop Holdings, Inc.		508		4,877
Tilly’s, Inc., Cl. A		197		2,908
Vitamin Shoppe, Inc.1		278		1,223
Winmark Corp.		46		5,952
Zumiez, Inc.1		194		4,040
				676,635
Textiles, Apparel & Luxury Goods—0.1%
Burberry Group plc		1,865		45,088
Columbia Sportswear Co.		587		42,194
Crocs, Inc.1		627		7,925
Culp, Inc.		116		3,886
Deckers Outdoor Corp.1		277		22,229
Delta Apparel, Inc.1		71		1,434
Fossil Group, Inc.1		511		3,971
G-III Apparel Group Ltd.1		379		13,981
Iconix Brand Group, Inc.1		472		609
Kering		375		176,784
LVMH Moet Hennessy Louis Vuitton SE		524		153,925
Movado Group, Inc.		205		6,601
NIKE, Inc., Cl. B		944		59,047
Oxford Industries, Inc.		149		11,203
Perry Ellis International, Inc.1		142		3,556
Sequential Brands Group, Inc.1		878		1,563
Steven Madden Ltd.1		510		23,817
Superior Uniform Group, Inc.		167		4,461
Unifi, Inc.1		232		8,322
Vera Bradley, Inc.1		277		3,374
Wolverine World Wide, Inc.		853		27,194
				621,164
Consumer Staples—2.5%
Beverages—0.5%
Boston Beer Co., Inc. (The), Cl. A1		110		21,021
Coca-Cola Bottling Co. Consolidated		92		19,804
Coca-Cola Co. (The)		29,475		1,352,313
Coca-Cola HBC AG1		2,266		73,706
Craft Brew Alliance, Inc.1		171		3,283
Diageo plc		1,669		61,083

	Shares		Value
Beverages (Continued)
MGP Ingredients, Inc.		145	$	11,148
National Beverage Corp.		396		38,586
PepsiCo, Inc.		906		108,647
Pernod Ricard SA		1,602		253,582
Primo Water Corp.1		238		2,992
				1,946,165
Food & Staples Retailing—0.2%
Andersons, Inc. (The)		311		9,688
Carrefour SA		12,015		260,020
Chefs’ Warehouse, Inc. (The)1		248		5,084
Costco Wholesale Corp.		382		71,098
CVS Health Corp.		741		53,722
Ingles Markets, Inc., Cl. A		157		5,432
J Sainsbury plc		20,936		68,158
Natural Grocers by Vitamin Cottage, Inc.1		133		1,188
Performance Food Group Co.1		1,176		38,926
PriceSmart, Inc.		282		24,280
Smart & Final Stores, Inc.1		454		3,882
SpartanNash Co.		339		9,044
SUPERVALU, Inc.1		321		6,934
United Natural Foods, Inc.1		387		19,067
Village Super Market, Inc., Cl. A		127		2,912
Walgreens Boots Alliance, Inc.		879		63,833
Wal-Mart Stores, Inc.		1,128		111,390
Weis Markets, Inc.		240		9,934
Wm Morrison Supermarkets plc		16,833		49,958
				814,550
Food Products—0.5%
Admiral Group plc		3,087		83,247
Alico, Inc.		80		2,360
Associated British Foods plc		1,917		72,877
Bob Evans Farms, Inc.		8,634		680,532
Calavo Growers, Inc.		160		13,504
Danone SA		2,143		179,664
Darling Ingredients, Inc.1		1,585		28,736
Dean Foods Co.		753		8,705
Farmer Brothers Co.1		158		5,080
Fresh Del Monte Produce, Inc.		430		20,498
Freshpet, Inc.1		270		5,116
Hostess Brands, Inc., Cl. A1		776		11,493
J&J Snack Foods Corp.		156		23,685
John B Sanfilippo & Son, Inc.		104		6,578
Kraft Heinz Co. (The)		854		66,407
Lancaster Colony Corp.		244		31,527
Landec Corp.1		276		3,478
Lifeway Foods, Inc.1		150		1,200
Limoneira Co.		126		2,822
Mondelez International, Inc., Cl. A		1,352		57,866
Sanderson Farms, Inc.		190		26,368
Seneca Foods Corp., Cl. A1		97		2,983
Snyder’s-Lance, Inc.		13,874		694,810
Unilever plc		1,203		66,646
				2,096,182
Household Products—0.1%
Central Garden & Pet Co.1		472		18,370
Central Garden & Pet Co., Cl. A1		604		22,777
Colgate-Palmolive Co.		1,491		112,496
HRG Group, Inc.1		1,775		30,086
Oil-Dri Corp. of America		77		3,195
Procter & Gamble Co. (The)		1,095		100,609
Reckitt Benckiser Group plc		545		50,908
WD-40 Co.		123		14,514
				352,955
Personal Products—0.2%
Inter Parfums, Inc.		309		13,426

9      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Personal Products (Continued)
L’Oreal SA		872	$	193,174
Medifast, Inc.		103		7,191
Nature’s Sunshine Products, Inc.		138		1,594
Peugeot SA		5,256		106,768
Revlon, Inc., Cl. A1		29,589		645,040
USANA Health Sciences, Inc.1		208		15,402
				982,595
Tobacco—1.0%
Altria Group, Inc.		32,524		2,322,539
British American Tobacco plc		774		52,238
Imperial Brands plc		1,730		73,931
Philip Morris International, Inc.		16,605		1,754,318
Turning Point Brands, Inc.		182		3,846
Universal Corp.		256		13,440
Vector Group Ltd.		1,182		26,453
				4,246,765
Energy—7.9%
Energy Equipment & Services—0.6%
Archrock, Inc.		849		8,914
Basic Energy Services, Inc.1		14,278		335,105
Bristow Group, Inc.		217		2,923
C&J Energy Services, Inc.1		546		18,275
Dril-Quip, Inc.1		315		15,026
Ensco plc, Cl. A		2,887		17,062
Era Group, Inc.1		197		2,118
Exterran Corp.1		460		14,462
Forum Energy Technologies, Inc.1		927		14,415
Frank’s International NV		2,240		14,896
Geospace Technologies Corp.1		131		1,699
Gulf Island Fabrication, Inc.		146		1,960
Halliburton Co.		11,142		544,510
Helix Energy Solutions Group, Inc.1		1,434		10,812
Independence Contract Drilling, Inc.1		328		1,305
Keane Group, Inc.1		1,093		20,778
Mammoth Energy Services, Inc.1		441		8,657
Matrix Service Co.1		209		3,720
McDermott International, Inc.1		2,451		16,128
Nabors Industries Ltd.		286		1,953
Natural Gas Services Group, Inc.1		171		4,480
NCS Multistage Holdings, Inc.1		539		7,945
Newpark Resources, Inc.1		803		6,906
Noble Corp. plc1		2,308		10,432
Oil States International, Inc.1		468		13,244
Parker Drilling Co.1		1,409		1,409
Pearson plc		7,171		71,080
PHI, Inc.1		175		2,025
Pioneer Energy Services Corp.1		666		2,031
ProPetro Holding Corp.1		638		12,862
RigNet, Inc.1		241		3,603
Rowan Cos. plc, Cl. A1		1,165		18,244
Schlumberger Ltd.		11,290		760,833
SEACOR Holdings, Inc.1		167		7,719
SEACOR Marine Holdings, Inc.1		193		2,258
Select Energy Services, Inc., Cl. A1		645		11,765
Smart Sand, Inc.1		345		2,988
Superior Energy Services, Inc.1		1,324		12,750
TechnipFMC plc		7,493		231,447
TETRA Technologies, Inc.1		775		3,309
Unit Corp.1		438		9,636
US Silica Holdings, Inc.		707		23,020
Vantage Drilling International1		447		87,165
Willbros Group, Inc.1		1,387		1,970
				2,363,839
Oil, Gas & Consumable Fuels—7.3%
Abraxas Petroleum Corp.1		1,616		3,975
Adams Resources & Energy, Inc.		36		1,566
Antero Midstream GP LP		27,441		541,137

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Arch Coal, Inc., Cl. A		333	$	31,022
Ardmore Shipping Corp.1		332		2,656
Bill Barrett Corp.1		609		3,124
Bonanza Creek Energy, Inc.1		304		8,387
BP plc		10,231		72,154
Buckeye Partners LP5		28,490		1,411,679
Callon Petroleum Co.1		1,919		23,316
Canadian Natural Resources Ltd.		14,432		515,740
Carrizo Oil & Gas, Inc.1		706		15,024
Chevron Corp.		8,890		1,112,939
Clean Energy Fuels Corp.1		1,493		3,031
Cloud Peak Energy, Inc.1		730		3,249
ConocoPhillips		17,563		964,033
Contango Oil & Gas Co.1		395		1,860
Delek US Holdings, Inc.		605		21,139
Denbury Resources, Inc.1		2,676		5,914
DHT Holdings, Inc.		1,372		4,925
Dorian LPG Ltd.1		554		4,554
Earthstone Energy, Inc., Cl. A1		188		1,998
Eclipse Resources Corp.1		2,226		5,342
Energy Transfer Equity LP5		105,785		1,825,849
Energy Transfer Partners LP5		121,949		2,185,326
Energy XXI Gulf Coast, Inc.1		536		3,077
Enterprise Products Partners LP5		85,320		2,261,833
EOG Resources, Inc.		8,372		903,423
EQT Corp.		10,329		587,927
EQT Midstream Partners LP5		8,895		650,225
Evolution Petroleum Corp.		426		2,918
Exxon Mobil Corp.		856		71,596
GasLog Ltd.		732		16,287
Genco Shipping & Trading Ltd.1		344		4,582
Gener8 Maritime, Inc.1		796		5,270
Genesis Energy LP5		15,545		347,431
Green Plains, Inc.		425		7,161
Halcon Resources Corp.1		8,820		66,767
Hallador Energy Co.		223		1,358
International Seaways, Inc.1		326		6,018
Jagged Peak Energy, Inc.1		1,844		29,098
Kinder Morgan, Inc.		2,380		43,007
Magellan Midstream Partners LP5		21,415		1,519,180
Matador Resources Co.1		883		27,488
Midstates Petroleum Co., Inc.1		218		3,614
MPLX LP5		47,287		1,677,270
NACCO Industries, Inc., Cl. A		62		2,334
Navios Maritime Acquisition Corp.		1,328		1,474
Newfield Exploration Co.1		10,570		333,272
Noble Energy, Inc.6		22,617		659,059
Oasis Petroleum, Inc.1		2,075		17,451
Obsidian Energy Ltd.1		164,912		204,491
Occidental Petroleum Corp.		14,408		1,061,293
Overseas Shipholding Group, Inc., Cl. A1		576		1,578
Pacific Ethanol, Inc.1		444		2,020
Panhandle Oil & Gas, Inc., Cl. A		172		3,535
Par Pacific Holdings, Inc.1		438		8,445
PDC Energy, Inc.1		691		35,614
Peabody Energy Corp.1		902		35,512
Penn Virginia Corp.1		15,448		604,171
Phillips 66 Partners LP5		11,400		596,790
Plains All American Pipeline LP5		23,930		493,915
Plains GP Holdings LP, Cl. A		24,200		531,190
Renault SA		1,685		169,356
Renewable Energy Group, Inc.1		392		4,626
Resolute Energy Corp.1		214		6,735
REX American Resources Corp.1		60		4,967
Rice Midstream Partners LP5		28,725		616,726
Ring Energy, Inc.1		463		6,436
Royal Dutch Shell plc, Cl. A		2,567		85,935
Royal Dutch Shell plc, Cl. B		2,456		82,833

10      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Safe Bulkers, Inc.1		1,076	$	3,475
SandRidge Energy, Inc.1		1,470		30,973
Scorpio Bulkers, Inc.		794		5,876
Scorpio Tankers, Inc.		3,056		9,321
SemGroup Corp., Cl. A		808		24,402
Ship Finance International Ltd.		851		13,191
SRC Energy, Inc.1		2,071		17,666
Stone Energy Corp.1		220		7,075
Tallgrass Energy GP LP, Cl. A		44,477		1,144,838
Tallgrass Energy Partners LP5		4,600		210,910
Targa Resources Corp.6		34,122		1,652,187
TC PipeLines LP5		26,895		1,428,125
Teekay Tankers Ltd., Cl. A		1,458		2,041
TOTAL SA7		4,014		221,474
TOTAL SA, Sponsored ADR7		15,090		834,175
Ultra Petroleum Corp.1		1,539		13,943
Valero Energy Corp.		6,781		623,242
W&T Offshore, Inc.1		1,300		4,303
Western Gas Partners LP5		7,835		376,785
Westmoreland Coal Co.1		268		324
WildHorse Resource Development Corp.1		755		13,900
Williams Cos., Inc. (The)		17,570		535,709
Williams Partners LP5		27,417		1,063,231
				30,812,393
Financials—10.4%
Capital Markets—0.7%
3i Group plc		5,281		65,096
Arlington Asset Investment Corp., Cl. A		258		3,039
Artisan Partners Asset Management, Inc., Cl. A		412		16,274
Associated Capital Group, Inc., Cl. A		240		8,184
AXA SA		5,284		156,610
B. Riley Financial, Inc.		232		4,199
Bank of New York Mellon Corp. (The)		792		42,657
BlackRock, Inc., Cl. A		86		44,179
Cohen & Steers, Inc.		409		19,342
Cowen, Inc., Cl. A1		296		4,040
Diamond Hill Investment Group, Inc.		42		8,680
Donnelley Financial Solutions, Inc.1		336		6,549
Evercore, Inc., Cl. A		337		30,330
Financial Engines, Inc.		774		23,452
GAIN Capital Holdings, Inc.		417		4,170
GAMCO Investors, Inc., Cl. A		273		8,094
Goldman Sachs Group, Inc. (The)		4,063		1,035,090
Hamilton Lane, Inc., Cl. A		146		5,167
Houlihan Lokey, Inc., Cl. A		588		26,713
INTL. FCStone, Inc.1		216		9,186
Investment Technology Group, Inc.		408		7,854
Ladenburg Thalmann Financial Services, Inc.		1,648		5,208
Medley Management, Inc., Cl. A		41		266
Moelis & Co., Cl. A		281		13,628
Morgan Stanley		746		39,143
OM Asset Management plc		1,247		20,887
Oppenheimer Holdings, Inc., Cl. A		129		3,457
Piper Jaffray Cos.		114		9,833
PJT Partners, Inc., Cl. A		160		7,296
Pzena Investment Management, Inc., Cl. A		223		2,379
Raymond James Financial, Inc.		5,430		484,899
Safeguard Scientifics, Inc.1		220		2,464
Schroders plc		1,235		58,418
Silvercrest Asset Management Group, Inc., Cl. A		106		1,701
State Street Corp.		7,710		752,573
Stifel Financial Corp.		611		36,391
Virtus Investment Partners, Inc.		66		7,593

	Shares		Value
Capital Markets (Continued)
Waddell & Reed Financial, Inc., Cl. A		727	$	16,241
Westwood Holdings Group, Inc.		103		6,820
WisdomTree Investments, Inc.		1,250		15,688
				3,013,790
Commercial Banks—1.5%
1st Source Corp.		245		12,115
Access National Corp.		191		5,317
ACNB Corp.		82		2,423
Allegiance Bancshares, Inc.1		123		4,631
American National Bankshares, Inc.		100		3,830
Ameris Bancorp		340		16,388
Arrow Financial Corp.		126		4,278
Atlantic Capital Bancshares, Inc.1		233		4,101
Banc of California, Inc.		446		9,210
BancFirst Corp.		290		14,833
Banco Latinoamericano de Comercio Exterior SA, Cl. E		332		8,931
Bancorp, Inc. (The)1		592		5,849
BancorpSouth Bank		813		25,569
Bank of America Corp.		1,368		40,383
Bank of Commerce Holdings		153		1,759
Bank of Marin Bancorp		56		3,808
Bank of NT Butterfield & Son Ltd. (The)		634		23,008
Bankwell Financial Group, Inc.		97		3,331
Banner Corp.		404		22,268
Bar Harbor Bankshares		155		4,187
Barclays plc		24,947		68,021
BCB Bancorp, Inc.		137		1,986
Berkshire Hills Bancorp, Inc.		380		13,908
Blue Hills Bancorp, Inc.		259		5,206
BNP Paribas SA		1,530		114,098
Boston Private Financial Holdings, Inc.		774		11,958
Bridge Bancorp, Inc.		184		6,440
Brookline Bancorp, Inc.		900		14,130
Bryn Mawr Bank Corp.		160		7,072
Byline Bancorp, Inc.1		336		7,718
C&F Financial Corp.		32		1,856
Cadence BanCorp, Cl. A1		1,018		27,608
Camden National Corp.		139		5,856
Capital City Bank Group, Inc.		202		4,634
Capstar Financial Holdings, Inc.1		99		2,056
Carolina Financial Corp.		146		5,424
Cathay General Bancorp		737		31,079
CenterState Bank Corp.		558		14,357
Central Pacific Financial Corp.		356		10,619
Central Valley Community Bancorp		147		2,966
Century Bancorp, Inc., Cl. A		55		4,304
Chemical Financial Corp.		629		33,633
Chemung Financial Corp.		43		2,068
Citigroup, Inc.		640		47,622
Citizens & Northern Corp.		110		2,640
City Holding Co.		146		9,851
Civista Bancshares, Inc.		96		2,112
CNB Financial Corp.		146		3,831
CoBiz Financial, Inc.		382		7,636
Codorus Valley Bancorp, Inc.		119		3,276
Columbia Banking System, Inc.		522		22,676
Community Bank System, Inc.		478		25,692
Community Bankers Trust Corp.1		208		1,695
Community Financial Corp. (The)		44		1,685
Community Trust Bancorp, Inc.		162		7,630
ConnectOne Bancorp, Inc.		300		7,725
County Bancorp, Inc.		65		1,934
Credit Agricole SA		7,809		129,003
Customers Bancorp, Inc.1		294		7,641
CVB Financial Corp.		1,012		23,843
DNB Financial Corp.		39		1,314
Eagle Bancorp, Inc.1		326		18,875

11      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Commercial Banks (Continued)
Enterprise Bancorp, Inc.		106	$	3,609
Enterprise Financial Services Corp.		210		9,481
Equity Bancshares, Inc., Cl. A1		114		4,037
Evans Bancorp, Inc.		44		1,844
Farmers Capital Bank Corp.		93		3,581
Farmers National Banc Corp.		322		4,750
FB Financial Corp.1		278		11,673
FCB Financial Holdings, Inc., Cl. A1		366		18,593
Fidelity Southern Corp.		252		5,494
Financial Institutions, Inc.		189		5,878
First BanCorp (Puerto Rico)1		2,116		10,792
First Bancorp (Southern Pines NC)		227		8,015
First Bancorp, Inc. (Maine)		103		2,805
First Busey Corp.		543		16,257
First Business Financial Services, Inc.		79		1,747
First Citizens BancShares, Inc., Cl. A		139		56,017
First Commonwealth Financial Corp.		890		12,745
First Community Bancshares, Inc.		206		5,918
First Connecticut Bancorp, Inc. (Farmington CT)		193		5,047
First Financial Bancorp		566		14,914
First Financial Bankshares, Inc.		599		26,985
First Financial Corp.		147		6,666
First Financial Northwest, Inc.		129		2,001
First Foundation, Inc.1		323		5,988
First Horizon National Corp.		591		11,814
First Internet Bancorp		75		2,861
First Interstate BancSystem, Inc., Cl. A		529		21,186
First Merchants Corp.		588		24,731
First Mid-Illinois Bancshares, Inc.		114		4,394
First Midwest Bancorp, Inc.		899		21,585
First Northwest Bancorp1		137		2,233
First of Long Island Corp. (The)		242		6,897
Flushing Financial Corp.		289		7,948
FNB Bancorp		67		2,445
Franklin Financial Network, Inc.1		123		4,194
Fulton Financial Corp.		1,588		28,425
German American Bancorp, Inc.		208		7,349
Glacier Bancorp, Inc.		700		27,573
Great Southern Bancorp, Inc.		170		8,781
Great Western Bancorp, Inc.		547		21,771
Green Bancorp, Inc.1		347		7,044
Guaranty Bancorp		339		9,373
Guaranty Bancshares, Inc.		98		3,004
Hancock Holding Co.		982		48,609
Hanmi Financial Corp.		383		11,624
HarborOne Bancorp, Inc.1		311		5,959
Heartland Financial USA, Inc.		276		14,807
Heritage Commerce Corp.		453		6,940
Heritage Financial Corp.		265		8,162
Hilltop Holdings, Inc.		1,108		28,066
Home BancShares, Inc.		1,553		36,107
HomeTrust Bancshares, Inc.1		225		5,794
Hope Bancorp, Inc.		1,262		23,032
Horizon Bancorp		285		7,923
Howard Bancorp, Inc.1		88		1,936
HSBC Holdings plc		6,511		67,148
IBERIABANK Corp.		623		48,283
Independent Bank Corp.		261		5,833
Independent Bank Corp. (Rockland MA)		258		18,021
Independent Bank Group, Inc.		240		16,224
International Bancshares Corp.		793		31,482
Investors Bancorp, Inc.		2,793		38,767
JPMorgan Chase & Co.		541		57,855
Lakeland Bancorp, Inc.		441		8,489
Lakeland Financial Corp.		226		10,959
LCNB Corp.		119		2,434
LegacyTexas Financial Group, Inc.		433		18,277

	Shares		Value
Commercial Banks (Continued)
Live Oak Bancshares, Inc.		347	$	8,276
Lloyds Banking Group plc		105,575		96,675
M&T Bank Corp.6		15,725		2,688,818
Macatawa Bank Corp.		317		3,170
MainSource Financial Group, Inc.		297		10,784
MB Financial, Inc.		784		34,904
MBT Financial Corp.		270		2,862
Mercantile Bank Corp.		196		6,933
Midland States Bancorp, Inc.		176		5,716
MidSouth Bancorp, Inc.		150		1,988
MidWestOne Financial Group, Inc.		112		3,755
MutualFirst Financial, Inc.		92		3,547
National Bank Holdings Corp., Cl. A		245		7,945
National Commerce Corp.1		138		5,555
NBT Bancorp, Inc.		405		14,904
Nicolet Bankshares, Inc.1		91		4,981
Northeast Bancorp		88		2,037
Northrim BanCorp, Inc.		56		1,896
OFG Bancorp		378		3,553
Ohio Valley Banc Corp.		40		1,616
Old Line Bancshares, Inc.		118		3,474
Old National Bancorp		1,279		22,319
Old Second Bancorp, Inc.		286		3,904
Opus Bank1		317		8,654
Orrstown Financial Services, Inc.		103		2,601
Pacific Mercantile Bancorp1		214		1,873
Pacific Premier Bancorp, Inc.1		388		15,520
Paragon Commercial Corp.1		67		3,565
Park National Corp.		141		14,664
Parke Bancorp, Inc.		75		1,541
Peapack Gladstone Financial Corp.		170		5,953
Penns Woods Bancorp, Inc.		43		2,003
Peoples Bancorp, Inc.		218		7,111
People’s Utah Bancorp		217		6,575
PNC Financial Services Group, Inc. (The)		3,430		494,915
Preferred Bank (Los Angeles CA)		136		7,994
Premier Financial Bancorp, Inc.		135		2,711
QCR Holdings, Inc.		169		7,242
RBB Bancorp		192		5,255
Renasant Corp.		449		18,360
Republic Bancorp, Inc., Cl. A		233		8,859
Republic First Bancorp, Inc.1		528		4,462
Royal Bank of Scotland Group plc1		28,425		106,021
S&T Bancorp, Inc.		324		12,898
Sandy Spring Bancorp, Inc.		233		9,092
Seacoast Banking Corp. of Florida1		505		12,731
ServisFirst Bancshares, Inc.		490		20,335
Shore Bancshares, Inc.		146		2,438
Sierra Bancorp		160		4,250
Simmons First National Corp., Cl. A		304		17,358
SmartFinancial, Inc.1		82		1,779
Societe Generale SA		1,894		97,650
South State Corp.		339		29,544
Southern First Bancshares, Inc.1		62		2,558
Southern National Bancorp of Virginia, Inc.		217		3,479
Southside Bancshares, Inc.		273		9,195
Standard Chartered plc1		6,201		65,255
State Bank Financial Corp.		351		10,474
Sterling Bancorp		1,270		31,242
Stock Yards Bancorp, Inc.		204		7,691
Summit Financial Group, Inc.		118		3,106
Sun Bancorp, Inc.		179		4,350
Sunshine Bancorp, Inc.1		74		1,698
Texas Capital Bancshares, Inc.1		447		39,738
Tompkins Financial Corp.		141		11,470
Towne Bank (Portsmouth VA)		593		18,235
TriCo Bancshares		276		10,449

12      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Commercial Banks (Continued)
TriState Capital Holdings, Inc.1		254	$	5,842
Triumph Bancorp, Inc.1		184		5,796
Trustmark Corp.		622		19,817
Two River Bancorp		85		1,541
UMB Financial Corp.		462		33,227
Umpqua Holdings Corp.		1,929		40,123
Union Bankshares Corp.		379		13,708
United Bankshares, Inc.		951		33,047
United Community Banks, Inc.		854		24,032
United Security Bancshares (Fresno CA)		153		1,683
Unity Bancorp, Inc.		95		1,876
Univest Corp. of Pennsylvania		263		7,377
US Bancorp		938		50,258
Valley National Bancorp		2,417		27,119
Veritex Holdings, Inc.1		203		5,601
Washington Trust Bancorp, Inc.		159		8,467
WashingtonFirst Bankshares, Inc.		163		5,584
Wells Fargo & Co.		893		54,178
WesBanco, Inc.		400		16,260
West Bancorporation, Inc.		181		4,552
Westamerica Bancorporation		235		13,994
Wintrust Financial Corp.		512		42,173
Xenith Bankshares, Inc.1		200		6,766
				6,446,600
Consumer Finance—0.1%
American Express Co.		622		61,771
Capital One Financial Corp.		485		48,296
Elevate Credit, Inc.1		413		3,110
Encore Capital Group, Inc.1		247		10,399
Enova International, Inc.1		318		4,834
EZCORP, Inc., Cl. A1		438		5,344
FirstCash, Inc.		425		28,666
Green Dot Corp., Cl. A1		439		26,454
LendingClub Corp.1		5,112		21,112
Nelnet, Inc., Cl. A		423		23,172
PRA Group, Inc.1		343		11,388
Regional Management Corp.1		14,607		384,310
World Acceptance Corp.1		88		7,103
				635,959
Diversified Financial Services—0.0%
Berkshire Hathaway, Inc., Cl. B1		285		56,493
Cannae Holdings, Inc.1		3,031		51,618
Marlin Business Services Corp.		140		3,136
NewStar Financial, Inc.1,3,4		409		199
On Deck Capital, Inc.1		649		3,725
Tiptree, Inc.		280		1,666
				116,837
Insurance—1.6%
Allstate Corp. (The)		20,738		2,171,476
Ambac Financial Group, Inc.1		463		7,399
American Equity Investment Life Holding Co.		783		24,062
American International Group, Inc.		931		55,469
AMERISAFE, Inc.		180		11,088
AmTrust Financial Services, Inc.		2,417		24,339
Argo Group International Holdings Ltd.		388		23,920
Atlas Financial Holdings, Inc.1		145		2,980
Aviva plc		10,654		72,810
Baldwin & Lyons, Inc., Cl. B		173		4,143
Blue Capital Reinsurance Holdings Ltd.		90		1,085
Chubb Ltd.		21,475		3,138,142
CNO Financial Group, Inc.		1,510		37,282
Crawford & Co., Cl. B		621		5,974
Direct Line Insurance Group plc		11,359		58,538
Donegal Group, Inc., Cl. A		317		5,484
eHealth, Inc.1		195		3,387
EMC Insurance Group, Inc.		248		7,115

	Shares		Value
Insurance (Continued)
Employers Holdings, Inc.		385	$	17,094
Enstar Group Ltd.1		189		37,942
FBL Financial Group, Inc., Cl. A		242		16,855
Federated National Holding Co.		140		2,320
Genworth Financial, Inc., Cl. A1		5,943		18,483
Global Indemnity Ltd.1		161		6,765
Greenlight Capital Re Ltd., Cl. A1		352		7,075
Hallmark Financial Services, Inc.1		230		2,399
HCI Group, Inc.		107		3,199
Health Insurance Innovations, Inc., Cl. A1		4,621		115,294
Horace Mann Educators Corp.		465		20,506
Independence Holding Co.		129		3,541
Infinity Property & Casualty Corp.		117		12,402
Investors Title Co.		17		3,372
James River Group Holdings Ltd.		293		11,723
Kemper Corp.		452		31,143
Kingstone Cos., Inc.		84		1,579
Kinsale Capital Group, Inc.		194		8,730
Legal & General Group plc		19,648		72,324
Maiden Holdings Ltd.		1,017		6,712
MetLife, Inc.		837		42,319
National General Holdings Corp.		964		18,933
National Western Life Group, Inc., Cl. A		34		11,255
Navigators Group, Inc. (The)		405		19,723
NI Holdings, Inc.1		215		3,651
Old Mutual plc		14,374		44,953
Primerica, Inc.		357		36,253
Prudential plc		1,817		46,715
RLI Corp.		413		25,053
RSA Insurance Group plc		7,682		65,460
Safety Insurance Group, Inc.		144		11,578
Selective Insurance Group, Inc.		538		31,581
St James’s Place plc		3,567		58,961
Standard Life Aberdeen plc		6,617		38,983
State Auto Financial Corp.		367		10,687
Stewart Information Services Corp.		273		11,548
Third Point Reinsurance Ltd.1		965		14,137
United Fire Group, Inc.		291		13,264
United Insurance Holdings Corp.		382		6,589
Universal Insurance Holdings, Inc.		295		8,068
WMIH Corp.1		1,937		1,645
				6,575,507
Real Estate Investment Trusts (REITs)—4.6%
Acadia Realty Trust		9,016		246,678
AG Mortgage Investment Trust, Inc.		265		5,038
Agree Realty Corp.		5,555		285,749
Alexander & Baldwin, Inc.		725		20,111
Alexander’s, Inc.		61		24,147
Allied Properties Real Estate Investment Trust		5,052		169,123
Altisource Residential Corp.		493		5,847
American Assets Trust, Inc.		10,385		397,122
American Tower Corp.		1,110		158,364
Anworth Mortgage Asset Corp.		1,187		6,457
Apollo Commercial Real Estate Finance, Inc.		967		17,841
Ares Commercial Real Estate Corp.		336		4,334
Armada Hoffler Properties, Inc.		393		6,103
ARMOUR Residential REIT, Inc.		390		10,031
Ascendas Real Estate Investment Trust		53,000		107,756
Ashford Hospitality Prime, Inc.		411		3,999
Ashford Hospitality Trust, Inc.		1,283		8,635
Ashtead Group plc		2,213		59,060
AvalonBay Communities, Inc.		1,770		315,786
Blackstone Mortgage Trust, Inc., Cl. A		42,855		1,379,074
Bluerock Residential Growth REIT, Inc., Cl. A		229		2,315

13      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Boston Properties, Inc.		3,580	$	465,507
British Land Co. plc (The)		7,887		73,585
Camden Property Trust		3,470		319,448
Capstead Mortgage Corp.		885		7,655
CareTrust REIT, Inc.		741		12,419
CatchMark Timber Trust, Inc., Cl. A		460		6,040
CBL & Associates Properties, Inc.		2,255		12,763
Cedar Realty Trust, Inc.		759		4,615
Chatham Lodging Trust		362		8,239
Cherry Hill Mortgage Investment Corp.		120		2,159
Chesapeake Lodging Trust		5,061		137,102
City Office REIT, Inc.		364		4,736
Clipper Realty, Inc.		182		1,818
Community Healthcare Trust, Inc.		172		4,833
CorEnergy Infrastructure Trust, Inc.		116		4,431
Cousins Properties, Inc.		26,258		242,887
Crown Castle International Corp.		1,490		165,405
CYS Investments, Inc.		1,451		11,652
Derwent London plc		1,780		74,912
Dexus		25,600		194,415
DiamondRock Hospitality Co.		1,840		20,774
Digital Realty Trust, Inc.		4,230		481,797
Duke Realty Corp.		14,470		393,729
Dynex Capital, Inc.		474		3,323
Easterly Government Properties, Inc.		394		8,408
EastGroup Properties, Inc.		314		27,751
Education Realty Trust, Inc.		684		23,885
Ellington Residential Mortgage REIT		131		1,577
Equinix, Inc.		460		208,481
Essex Property Trust, Inc.		1,570		378,951
Farmland Partners, Inc.		288		2,500
First Industrial Realty Trust, Inc.		1,387		43,649
Four Corners Property Trust, Inc.		706		18,144
Franklin Street Properties Corp.		932		10,010
Gaming & Leisure Properties, Inc.		4,120		152,440
Gecina SA		1,010		186,347
GEO Group, Inc. (The)		7,804		184,174
Getty Realty Corp.		373		10,131
Gladstone Commercial Corp.		257		5,412
Global Medical REIT, Inc.		182		1,492
Global Net Lease, Inc.		636		13,089
Goodman Group		56,800		372,331
Government Properties Income Trust		914		16,946
Gramercy Property Trust		1,584		42,229
Granite Point Mortgage Trust, Inc.		423		7,504
Great Ajax Corp.		171		2,363
Green REIT plc		93,771		174,940
Hammerson plc		23,523		173,629
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		495		11,910
Healthcare Realty Trust, Inc.		5,433		174,508
Hersha Hospitality Trust, Cl. A		397		6,908
Hispania Activos Inmobiliarios SOCIMI SA		6,232		117,255
ICADE		2,040		200,506
Independence Realty Trust, Inc.		20,522		207,067
InfraREIT, Inc.		567		10,535
Invesco Mortgage Capital, Inc.		1,030		18,365
Investa Office Fund		44,300		157,153
Investors Real Estate Trust		1,102		6,259
Invincible Investment Corp.		257		109,237
Invitation Homes, Inc.		24,353		574,000
iStar, Inc.1		657		7,424
Japan Retail Fund Investment Corp.		59		108,154
Jernigan Capital, Inc.		134		2,547
Keppel REIT		191,000		180,229
Kilroy Realty Corp.		6,670		497,916
Kimco Realty Corp.		12,680		230,142

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Kite Realty Group Trust		769	$	15,072
KKR Real Estate Finance Trust, Inc.		501		10,025
Ladder Capital Corp., Cl. A		1,034		14,093
Land Securities Group plc		24,332		329,994
LaSalle Hotel Properties		1,063		29,838
LaSalle Logiport REIT		165		168,852
Lexington Realty Trust		2,840		27,406
Link REIT		27,500		254,831
LondonMetric Property plc		40,080		100,589
LTC Properties, Inc.		380		16,549
Mack-Cali Realty Corp.		876		18,887
MedEquities Realty Trust, Inc.		402		4,510
Medical Properties Trust, Inc.		9,230		127,189
Monmouth Real Estate Investment Corp.		880		15,664
MTGE Investment Corp.		545		10,083
National Health Investors, Inc.		384		28,946
National Storage Affiliates Trust		390		10,631
New Senior Investment Group, Inc.		848		6,411
New York Mortgage Trust, Inc.		998		6,158
NexPoint Residential Trust, Inc.		169		4,722
NIPPON REIT Investment Corp.		72		206,633
NorthStar Realty Europe Corp.		626		8,407
One Liberty Properties, Inc.		200		5,184
Owens Realty Mortgage, Inc.		136		2,177
Paramount Group, Inc.		11,080		175,618
Park Hotels & Resorts, Inc.		4,340		124,775
Pebblebrook Hotel Trust		604		22,451
Pennsylvania Real Estate Investment Trust		580		6,896
PennyMac Mortgage Investment Trust		640		10,285
Physicians Realty Trust		24,030		432,300
Potlatch Corp.		386		19,261
Preferred Apartment Communities, Inc., Cl. A		315		6,379
Prologis, Inc.		12,790		825,083
PS Business Parks, Inc.		332		41,530
Pure Industrial Real Estate Trust		53,173		286,381
QTS Realty Trust, Inc., Cl. A		496		26,863
Quality Care Properties, Inc.1		1,233		17,028
RAIT Financial Trust		1,386		520
Ramco-Gershenson Properties Trust		658		9,692
Realty Income Corp.		2,300		131,146
Redwood Trust, Inc.		764		11,322
Regency Centers Corp.		7,742		535,592
Resource Capital Corp.		305		2,858
Retail Opportunity Investments Corp.		954		19,032
Rexford Industrial Realty, Inc.		896		26,127
RLJ Lodging Trust		1,654		36,338
Ryman Hospitality Properties, Inc.		456		31,473
Sabra Health Care REIT, Inc.		1,723		32,341
Saul Centers, Inc.		254		15,685
Scentre Group		41,600		135,758
Segro plc		8,016		63,489
Select Income REIT		1,051		26,412
Simon Property Group, Inc.		4,699		807,006
STAG Industrial, Inc.		857		23,422
Starwood Property Trust, Inc.		28,840		615,734
STORE Capital Corp.		5,470		142,439
Summit Hotel Properties, Inc.		1,033		15,733
Sunstone Hotel Investors, Inc.		2,083		34,432
Sutherland Asset Management Corp.		300		4,545
Terreno Realty Corp.		650		22,789
Tier REIT, Inc.		440		8,972
TPG RE Finance Trust, Inc.		757		14,421
UMH Properties, Inc.		319		4,753
Unibail-Rodamco SE		2,921		735,878
Universal Health Realty Income Trust		127		9,539

14      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Urban Edge Properties		989	$	25,210
Urstadt Biddle Properties, Inc., Cl. A		428		9,305
Ventas, Inc.		2,870		172,229
Vicinity Centres		110,100		233,926
Washington Prime Group, Inc.		1,937		13,791
Washington Real Estate Investment Trust		740		23,029
Welltower, Inc.		7,340		468,072
Western Asset Mortgage Capital Corp.		398		3,960
Weyerhaeuser Co.		5,940		209,444
Wheeler Real Estate Investment Trust, Inc.		36,137		360,647
Whitestone REIT, Cl. B		330		4,755
Worldpay Group plc2		18,311		104,943
Xenia Hotels & Resorts, Inc.		1,000		21,590
				19,160,362
Real Estate Management & Development—1.7%
Ayala Land, Inc.		116,500		103,844
Barratt Developments plc		5,562		48,607
Carmila SA		3,850		107,236
Castellum AB		10,424		175,781
Central Pattana PCL		39,500		103,176
China Overseas Land & Investment Ltd.		112,000		360,479
China Vanke Co. Ltd., Cl. H		76,999		306,614
Ciputra Development Tbk PT		403,900		35,272
City Developments Ltd.		40,000		371,990
CK Asset Holdings Ltd.		49,000		428,304
Consolidated-Tomoka Land Co.		50		3,175
Country Garden Holdings Co. Ltd.		127,000		241,312
Deutsche Wohnen SE		2,543		110,877
Fabege AB		8,926		189,729
FRP Holdings, Inc.1		92		4,071
Griffin Industrial Realty, Inc.		48		1,762
HFF, Inc., Cl. A		355		17,267
Hongkong Land Holdings Ltd.		16,000		112,510
Hulic Co. Ltd.		21,200		237,318
Inmobiliaria Colonial SA		19,466		193,041
Kennedy-Wilson Holdings, Inc.		1,098		19,050
Marcus & Millichap, Inc.1		321		10,468
Maui Land & Pineapple Co., Inc.1		177		3,062
Mitsubishi Estate Co. Ltd.		15,100		262,368
Mitsui Fudosan Co. Ltd.		25,000		560,449
New World Development Co. Ltd.		113,000		169,779
Persimmon plc		1,195		44,130
RE/MAX Holdings, Inc., Cl. A		209		10,137
RMR Group, Inc. (The), Cl. A		133		7,887
Safety Income & Growth, Inc.		169		2,974
SM Prime Holdings, Inc.		126,000		94,646
St Joe Co. (The)1		596		10,758
StorageVault Canada, Inc.		70,058		146,581
Stratus Properties, Inc.		73		2,168
Sumitomo Realty & Development Co. Ltd.		13,000		426,695
Sun Hung Kai Properties Ltd.		26,000		433,104
Tejon Ranch Co.1		171		3,550
Trinity Place Holdings, Inc.1		304		2,113
Unite Group plc (The)		23,400		254,193
Vonovia SE		18,351		908,377
Wharf Holdings Ltd. (The)		31,000		107,196
Wharf Real Estate Investment Co. Ltd.1		45,000		299,507
				6,931,557
Thrifts & Mortgage Finance—0.2%
Bank Mutual Corp.		554		5,900
BankFinancial Corp.		212		3,252
Bear State Financial, Inc.		358		3,662
Beneficial Bancorp, Inc.		698		11,482
BofI Holding, Inc.1		586		17,521

	Shares		Value
Thrifts & Mortgage Finance (Continued)
BSB Bancorp, Inc.1		87	$	2,545
Capitol Federal Financial, Inc.		1,283		17,205
Charter Financial Corp.		191		3,350
Clifton Bancorp, Inc.		205		3,506
Dime Community Bancshares, Inc.		354		7,416
Entegra Financial Corp.1		57		1,667
ESSA Bancorp, Inc.		111		1,739
Essent Group Ltd.1		897		38,948
Federal Agricultural Mortgage Corp., Cl. C		100		7,824
First Defiance Financial Corp.		124		6,444
Flagstar Bancorp, Inc.1		532		19,908
Hingham Institution for Savings		17		3,519
Home Bancorp, Inc.		91		3,933
HomeStreet, Inc.1		8,050		233,048
Kearny Financial Corp.		785		11,343
LendingTree, Inc.1		101		34,386
Meridian Bancorp, Inc.		475		9,785
Meta Financial Group, Inc.		85		7,875
MGIC Investment Corp.1		3,431		48,411
Nationstar Mortgage Holdings, Inc.1		997		18,445
NMI Holdings, Inc., Cl. A1		484		8,228
Northfield Bancorp, Inc.		445		7,601
Northwest Bancshares, Inc.		967		16,178
OceanFirst Financial Corp.		308		8,085
Ocwen Financial Corp.1		1,355		4,241
Oritani Financial Corp.		430		7,052
PCSB Financial Corp.1		163		3,105
PennyMac Financial Services, Inc., Cl. A1		197		4,403
PHH Corp.1		358		3,687
Provident Bancorp, Inc.1		91		2,407
Provident Financial Holdings, Inc.		72		1,325
Provident Financial Services, Inc.		626		16,883
Prudential Bancorp, Inc.		84		1,478
Radian Group, Inc.		2,085		42,972
Riverview Bancorp, Inc.		264		2,289
SI Financial Group, Inc.		148		2,176
Southern Missouri Bancorp, Inc.		96		3,609
Territorial Bancorp, Inc.		119		3,674
Timberland Bancorp, Inc.		74		1,965
TrustCo Bank Corp. (New York)		893		8,216
United Community Financial Corp.		572		5,222
United Financial Bancorp, Inc.		609		10,743
Walker & Dunlop, Inc.1		316		15,010
Washington Federal, Inc.		825		28,256
Waterstone Financial, Inc.		365		6,223
Western New England Bancorp, Inc.		288		3,139
WSFS Financial Corp.		292		13,972
				755,253
Health Care—4.9%
Biotechnology—0.7%
AbbVie, Inc.		572		55,318
Abeona Therapeutics, Inc.1		402		6,372
Acceleron Pharma, Inc.1		449		19,056
Achaogen, Inc.1		426		4,575
Achillion Pharmaceuticals, Inc.1		1,681		4,841
Acorda Therapeutics, Inc.1		579		12,420
Adamas Pharmaceuticals, Inc.1		143		4,846
Aduro Biotech, Inc.1		610		4,575
Agenus, Inc.1		879		2,866
Aimmune Therapeutics, Inc.1		365		13,804
Akebia Therapeutics, Inc.1		522		7,762
Alder Biopharmaceuticals, Inc.1		656		7,511
AMAG Pharmaceuticals, Inc.1		377		4,995
Amgen, Inc.		190		33,041
Amicus Therapeutics, Inc.1		1,603		23,067
Anavex Life Sciences Corp.1		443		1,426
Ardelyx, Inc.1		362		2,389

15      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Biotechnology (Continued)
Arena Pharmaceuticals, Inc.1		336	$	11,414
Array BioPharma, Inc.1		1,725		22,080
Atara Biotherapeutics, Inc.1		285		5,159
Audentes Therapeutics, Inc.1		259		8,094
Avexis, Inc.1		334		36,964
Axovant Sciences Ltd.1		968		5,101
Bellicum Pharmaceuticals, Inc.1		296		2,489
BioCryst Pharmaceuticals, Inc.1		825		4,051
Biogen, Inc.1		103		32,813
Biohaven Pharmaceutical Holding Co. Ltd.1		442		11,925
BioSpecifics Technologies Corp.1		69		2,990
BioTime, Inc.1		982		2,111
Bluebird Bio, Inc.1		349		62,157
Blueprint Medicines Corp.1		328		24,735
Calithera Biosciences, Inc.1		515		4,300
Cascadian Therapeutics, Inc.1		516		1,909
Catalyst Pharmaceuticals, Inc.1		537		2,100
Celgene Corp.1		230		24,003
Celldex Therapeutics, Inc.1		1,017		2,888
Chelsea Therapeutics, Inc.1,3,4		10,531		—
ChemoCentryx, Inc.1		467		2,779
Chimerix, Inc.1		491		2,273
Clovis Oncology, Inc.1		556		37,808
Coherus Biosciences, Inc.1		689		6,063
Concert Pharmaceuticals, Inc.1		163		4,217
Corvus Pharmaceuticals, Inc.1		240		2,486
Curis, Inc.1		3,084		2,159
Cytokinetics, Inc.1		809		6,593
CytomX Therapeutics, Inc.1		339		7,156
Dyax Corp.1,3,4		10,770		108
Dynavax Technologies Corp.1		631		11,800
Eagle Pharmaceuticals, Inc.1		129		6,891
Edge Therapeutics, Inc.1		314		2,942
Editas Medicine, Inc.1		340		10,448
Emergent BioSolutions, Inc.1		366		17,008
Enanta Pharmaceuticals, Inc.1		181		10,621
Epizyme, Inc.1		912		11,446
Esperion Therapeutics, Inc.1		184		12,115
Exact Sciences Corp.1		1,047		55,009
Fate Therapeutics, Inc.1		425		2,597
FibroGen, Inc.1		911		43,181
Five Prime Therapeutics, Inc.1		452		9,908
Foundation Medicine, Inc.1		290		19,778
G1 Therapeutics, Inc.1		309		6,131
Genocea Biosciences, Inc.1		258		299
Genomic Health, Inc.1		356		12,175
Geron Corp.1		1,704		3,067
Gilead Sciences, Inc.		696		49,861
Global Blood Therapeutics, Inc.1		414		16,291
Halozyme Therapeutics, Inc.1		1,279		25,913
Heron Therapeutics, Inc.1		450		8,145
Idera Pharmaceuticals, Inc.1		1,000		2,110
Ignyta, Inc.1		24,862		663,815
Immune Design Corp.1		293		1,143
ImmunoGen, Inc.1		999		6,404
Immunomedics, Inc.1		1,420		22,947
Inovio Pharmaceuticals, Inc.1		1,086		4,485
Insmed, Inc.1		628		19,581
Intellia Therapeutics, Inc.1		472		9,072
Invitae Corp.1		459		4,168
Iovance Biotherapeutics, Inc.1		585		4,680
Ironwood Pharmaceuticals, Inc., Cl. A1		1,262		18,917
Jounce Therapeutics, Inc.1		271		3,455
Karyopharm Therapeutics, Inc.1		407		3,907
Keryx Biopharmaceuticals, Inc.1		1,526		7,096
Kindred Biosciences, Inc.1		260		2,457
La Jolla Pharmaceutical Co.1		216		6,951

	Shares		Value
Biotechnology (Continued)
Lexicon Pharmaceuticals, Inc.1		997	$	9,850
Ligand Pharmaceuticals, Inc.1		220		30,125
Loxo Oncology, Inc.1		318		26,769
MacroGenics, Inc.1		357		6,783
Madrigal Pharmaceuticals, Inc.1		117		10,739
Merrimack Pharmaceuticals, Inc.		128		1,312
Mersana Therapeutics, Inc.1		184		3,023
Minerva Neurosciences, Inc.1		401		2,426
Momenta Pharmaceuticals, Inc.1		739		10,309
Myriad Genetics, Inc.1		648		22,256
Natera, Inc.1		574		5,160
Novavax, Inc.1		2,353		2,918
Otonomy, Inc.1		160		888
PDL BioPharma, Inc.1		1,486		4,072
Pieris Pharmaceuticals, Inc.1		346		2,612
Portola Pharmaceuticals, Inc.1		601		29,257
Progenics Pharmaceuticals, Inc.1		712		4,236
Prothena Corp. plc1		454		17,020
PTC Therapeutics, Inc.1		461		7,689
Puma Biotechnology, Inc.1		425		42,011
Ra Pharmaceuticals, Inc.1		197		1,675
Recro Pharma, Inc.1		162		1,499
REGENXBIO, Inc.1		314		10,441
Repligen Corp.1		433		15,709
Retrophin, Inc.1		410		8,639
Rigel Pharmaceuticals, Inc.1		1,250		4,850
Sage Therapeutics, Inc.1		243		40,025
Sangamo Therapeutics, Inc.1		609		9,988
Sarepta Therapeutics, Inc.1		541		30,101
Selecta Biosciences, Inc.1		417		4,091
Seres Therapeutics, Inc.1		367		3,721
Shire plc7		1,106		57,366
Shire plc, ADR7		6,050		938,476
Spark Therapeutics, Inc.1		386		19,848
Spectrum Pharmaceuticals, Inc.1		890		16,866
Stemline Therapeutics, Inc.1		212		3,307
Syndax Pharmaceuticals, Inc.1		270		2,365
Syros Pharmaceuticals, Inc.1		288		2,802
TG Therapeutics, Inc.1		634		5,199
Trevena, Inc.1		528		845
Ultragenyx Pharmaceutical, Inc.1		367		17,021
Vanda Pharmaceuticals, Inc.1		612		9,302
VBI Vaccines, Inc.1		250		1,068
Veracyte, Inc.1		523		3,415
Versartis, Inc.1		313		689
Voyager Therapeutics, Inc.1		358		5,943
vTv Therapeutics, Inc., Cl. A1		138		829
Xencor, Inc.1		405		8,878
				3,129,016
Health Care Equipment & Supplies—0.9%
Abaxis, Inc.		213		10,548
Abbott Laboratories		9,310		531,322
Accuray, Inc.1		731		3,143
Analogic Corp.		114		9,548
AngioDynamics, Inc.1		346		5,754
Anika Therapeutics, Inc.1		138		7,440
Antares Pharma, Inc.1		1,457		2,899
AtriCure, Inc.1		378		6,895
Atrion Corp.		17		10,720
AxoGen, Inc.1		243		6,877
Cantel Medical Corp.		364		37,445
Cardiovascular Systems, Inc.1		400		9,476
Cerus Corp.1		785		2,653
ConforMIS, Inc.1		476		1,133
CONMED Corp.		258		13,150
CryoLife, Inc.1		303		5,802
Cutera, Inc.1		126		5,714

16      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Health Care Equipment & Supplies (Continued)
Danaher Corp.		799	$	74,163
Endologix, Inc.1		762		4,077
Entellus Medical, Inc.1		27,632		673,945
Essilor International Cie Generale d’Optique SA		1,410		194,432
Exactech, Inc.1		175		8,654
FONAR Corp.1		78		1,899
GenMark Diagnostics, Inc.1		866		3,611
Glaukos Corp.1		431		11,055
Globus Medical, Inc., Cl. A1		765		31,442
Haemonetics Corp.1		410		23,813
Halyard Health, Inc.1		385		17,779
Heska Corp.1		78		6,256
ICU Medical, Inc.1		170		36,720
Inogen, Inc.1		152		18,100
Insulet Corp.1		451		31,119
Integer Holdings Corp.1		301		13,635
Integra LifeSciences Holdings Corp.1		714		34,172
Invacare Corp.		275		4,634
iRhythm Technologies, Inc.1		200		11,210
K2M Group Holdings, Inc.1		411		7,398
Lantheus Holdings, Inc.1		315		6,442
LeMaitre Vascular, Inc.		177		5,636
Masimo Corp.1		483		40,958
Medtronic plc		14,059		1,135,264
Meridian Bioscience, Inc.		397		5,558
Merit Medical Systems, Inc.1		536		23,155
Natus Medical, Inc.1		332		12,682
Neogen Corp.1		346		28,445
Nevro Corp.1		328		22,645
NuVasive, Inc.1		474		27,724
NxStage Medical, Inc.1		22,555		546,508
OraSure Technologies, Inc.1		685		12,919
Orthofix International NV1		220		12,034
Oxford Immunotec Global plc1		215		3,004
Penumbra, Inc.1		307		28,889
Quidel Corp.1		347		15,042
RTI Surgical, Inc.1		688		2,821
Smith & Nephew plc		2,917		50,474
STAAR Surgical Co.1		298		4,619
Surmodics, Inc.1		144		4,032
Tactile Systems Technology, Inc.1		161		4,666
Utah Medical Products, Inc.		42		3,419
Varex Imaging Corp.1		330		13,256
Viveve Medical, Inc.1		200		994
Wright Medical Group NV1		1,072		23,798
				3,913,617
Health Care Providers & Services—1.6%
AAC Holdings, Inc.1		197		1,773
Aceto Corp.		275		2,841
Addus HomeCare Corp.1		153		5,325
Almost Family, Inc.1		98		5,424
Amedisys, Inc.1		286		15,075
American Renal Associates Holdings, Inc.1		248		4,315
AMN Healthcare Services, Inc.1		395		19,454
BioScrip, Inc.1		1,166		3,393
BioTelemetry, Inc.1		307		9,179
Capital Senior Living Corp.1		236		3,184
Chemed Corp.		137		33,294
Cigna Corp.		7,670		1,557,700
Civitas Solutions, Inc.1		339		5,797
Community Health Systems, Inc.1		1,407		5,994
ConvaTec Group plc2		16,795		46,415
CorVel Corp.1		249		13,172
Cross Country Healthcare, Inc.1		338		4,313
Diplomat Pharmacy, Inc.1		765		15,354
Ensign Group, Inc. (The)		460		10,212

	Shares		Value
Health Care Providers & Services (Continued)
Genesis Healthcare, Inc., Cl. A1		1,270	$	969
HCA Healthcare, Inc.1		7,385		648,698
HealthEquity, Inc.1		554		25,850
HealthSouth Corp.		860		42,493
Kindred Healthcare, Inc.		70,989		688,593
LHC Group, Inc.1		171		10,474
Magellan Health, Inc.1		230		22,207
Mediclinic International plc		5,826		50,865
MEDNAX, Inc.1		5,935		317,166
Molina Healthcare, Inc.1		468		35,886
National HealthCare Corp.		179		10,908
National Research Corp., Cl. A		442		16,487
NMC Health plc		1,699		66,171
Novocure Ltd.1		949		19,170
Owens & Minor, Inc.		744		14,047
PetIQ, Inc., Cl. A1		136		2,970
Premier, Inc., Cl. A1		19,570		571,248
Providence Service Corp. (The)1		151		8,960
R1 RCM, Inc.1		969		4,273
RadNet, Inc.1		469		4,737
Select Medical Holdings Corp.1		1,375		24,269
Surgery Partners, Inc.1		454		5,493
Teladoc, Inc.1		480		16,728
Tivity Health, Inc.1		471		17,215
Triple-S Management Corp., Cl. B1		191		4,746
UnitedHealth Group, Inc.6		9,576		2,111,125
US Physical Therapy, Inc.		111		8,014
				6,511,976
Health Care Technology—0.0%
Allscripts Healthcare Solutions, Inc.1		1,612		23,455
Castlight Health, Inc., Cl. B1		1,245		4,669
Cotiviti Holdings, Inc.1		941		30,310
Evolent Health, Inc., Cl. A1		894		10,996
HealthStream, Inc.1		311		7,203
HMS Holdings Corp.1		926		15,696
Inovalon Holdings, Inc., Cl. A1		1,455		21,825
Medidata Solutions, Inc.1		625		39,606
Omnicell, Inc.1		341		16,538
Quality Systems, Inc.1		588		7,985
Simulations Plus, Inc.		171		2,753
Tabula Rasa HealthCare, Inc.1		141		3,955
Vocera Communications, Inc.1		266		8,038
				193,029
Life Sciences Tools & Services—0.1%
Cambrex Corp.1		275		13,200
CHC Group LLC1		697		6,273
Enzo Biochem, Inc.1		570		4,646
Fluidigm Corp.1		356		2,097
INC Research Holdings, Inc., Cl. A1		1,472		64,179
Luminex Corp.		410		8,077
Medpace Holdings, Inc.1		398		14,431
NanoString Technologies, Inc.1		312		2,331
NeoGenomics, Inc.1		714		6,326
Pacific Biosciences of California, Inc.1		1,459		3,852
PRA Health Sciences, Inc.1		764		69,577
				194,989
Pharmaceuticals—1.6%
Aclaris Therapeutics, Inc.1		310		7,645
Aerie Pharmaceuticals, Inc.1		331		19,777
Allergan plc6		3,318		542,758
Ambit Biosciences Corp.1,3,4		10,347		6,208
Amphastar Pharmaceuticals, Inc.1		401		7,715
ANI Pharmaceuticals, Inc.1		90		5,801
Aratana Therapeutics, Inc.1		394		2,072
Assembly Biosciences, Inc.1		97		4,389
AstraZeneca plc		996		68,349
Bristol-Myers Squibb Co.		7,855		481,354

17      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Pharmaceuticals (Continued)
Catalent, Inc.1		1,734	$	71,233
Corcept Therapeutics, Inc.1		1,185		21,401
Corium International, Inc.1		292		2,806
Depomed, Inc.1		421		3,389
Dermira, Inc.1		412		11,458
Durata Therapeutics1,3,4		6,530		—
Durect Corp.1		1,068		984
Eli Lilly & Co.		783		66,132
GlaxoSmithKline plc		3,259		57,645
Horizon Pharma plc1		1,463		21,360
Impax Laboratories, Inc.1		765		12,737
Innoviva, Inc.1		954		13,537
Intersect ENT, Inc.1		270		8,748
Intra-Cellular Therapies, Inc., Cl. A1		413		5,980
Johnson & Johnson		558		77,964
Kala Pharmaceuticals, Inc.1		193		3,569
Medicines Co. (The)1		683		18,673
Melinta Therapeutics, Inc.1		67		1,059
Merck & Co., Inc.		18,399		1,035,312
Mylan NV1		19,280		815,737
MyoKardia, Inc.1		354		14,903
Nektar Therapeutics, Cl. A1		663		39,594
Novartis AG, Sponsored ADR		13,530		1,135,979
Pacira Pharmaceuticals, Inc.1		266		12,143
Paratek Pharmaceuticals, Inc.1		300		5,370
Pfizer, Inc.		2,201		79,720
Phibro Animal Health Corp., Cl. A		413		13,836
Prestige Brands Holdings, Inc.1		521		23,138
Revance Therapeutics, Inc.1		274		9,796
Roche Holding AG		4,251		1,075,262
Sanofi		2,309		198,813
Sucampo Pharmaceuticals, Inc., Cl. A1		36,896		662,283
Supernus Pharmaceuticals, Inc.1		534		21,280
Teligent, Inc.1		714		2,592
Tetraphase Pharmaceuticals, Inc.1		454		2,860
Teva Pharmaceutical Industries Ltd.1,4		10		—
Theravance Biopharma, Inc.1		519		14,475
Zogenix, Inc.1		243		9,732
				6,717,568
Industrials—5.3%
Aerospace & Defense—2.2%
AAR Corp.		395		15,520
Aerojet Rocketdyne Holdings, Inc.1		665		20,748
Aerovironment, Inc.1		253		14,208
Airbus SE		1,401		139,127
Astronics Corp.1		220		9,123
Axon Enterprise, Inc.1		462		12,243
BAE Systems plc		8,245		63,414
Boeing Co. (The)		269		79,331
Cubic Corp.		226		13,323
Curtiss-Wright Corp.		398		48,496
Ducommun, Inc.1		126		3,585
Engility Holdings, Inc.1		402		11,405
Esterline Technologies Corp.1		490		36,603
General Dynamics Corp.		328		66,732
KeyW Holding Corp. (The)1		648		3,804
KLX, Inc.1		476		32,487
Kratos Defense & Security Solutions, Inc.1		1,129		11,956
L3 Technologies, Inc.		5,750		1,137,637
Lockheed Martin Corp.		7,089		2,275,923
Mercury Systems, Inc.1		428		21,978
Moog, Inc., Cl. A1		455		39,517
National Presto Industries, Inc.		79		7,857
Northrop Grumman Corp.		5,520		1,694,143
Orbital ATK, Inc.		4,848		637,512
Raytheon Co.		8,913		1,674,307
Rolls-Royce Holdings plc1		3,969		45,171

	Shares		Value
Aerospace & Defense (Continued)
Safran SA		1,328	$	136,558
Sparton Corp.1		27,946		644,435
Triumph Group, Inc.		472		12,838
United Technologies Corp.		562		71,694
Vectrus, Inc.1		128		3,949
Wesco Aircraft Holdings, Inc.1		1,151		8,517
				8,994,141
Air Freight & Couriers—0.1%
Air Transport Services Group, Inc.1		559		12,935
Atlas Air Worldwide Holdings, Inc.1		254		14,897
Echo Global Logistics, Inc.1		229		6,412
FedEx Corp.		1,775		442,934
Forward Air Corp.		364		20,908
Hub Group, Inc., Cl. A1		377		18,059
Radiant Logistics, Inc.1		472		2,171
United Parcel Service, Inc., Cl. B		474		56,477
				574,793
Airlines—0.1%
Allegiant Travel Co., Cl. A		137		21,201
Hawaiian Holdings, Inc.		386		15,382
International Consolidated Airlines Group SA		6,007		52,686
SkyWest, Inc.		444		23,576
United Continental Holdings, Inc.1		5,500		370,700
				483,545
Building Products—0.1%
AAON, Inc.		477		17,506
Advanced Drainage Systems, Inc.		433		10,327
American Woodmark Corp.1		150		19,537
Apogee Enterprises, Inc.		259		11,844
Armstrong Flooring, Inc.1		206		3,486
Builders FirstSource, Inc.1		944		20,570
Continental Building Products, Inc.1		440		12,386
CSW Industrials, Inc.1		198		9,098
Gibraltar Industries, Inc.1		303		9,999
Griffon Corp.		431		8,771
Insteel Industries, Inc.		167		4,729
JELD-WEN Holding, Inc.1		1,210		47,638
Masonite International Corp.1		316		23,431
NCI Building Systems, Inc.1		826		15,942
Patrick Industries, Inc.1		219		15,210
PGT Innovations, Inc.1		522		8,796
Ply Gem Holdings, Inc.1		793		14,670
Quanex Building Products Corp.		330		7,722
Simpson Manufacturing Co., Inc.		416		23,883
Trex Co., Inc.1		259		28,073
Universal Forest Products, Inc.		557		20,954
				334,572
Commercial Services & Supplies—0.8%
ABM Industries, Inc.		518		19,539
ACCO Brands Corp.1		1,001		12,212
Advanced Disposal Services, Inc.1		894		21,402
ARC Document Solutions, Inc.1		907		2,313
Brady Corp., Cl. A		612		23,195
Brink’s Co. (The)		450		35,415
Casella Waste Systems, Inc., Cl. A1		444		10,221
CECO Environmental Corp.		530		2,719
CompX International, Inc.		130		1,729
Covanta Holding Corp.		1,313		22,190
Deluxe Corp.		446		34,271
Ennis, Inc.		228		4,731
Essendant, Inc.		366		3,393
G4S plc		14,262		51,270
Healthcare Services Group, Inc.		706		37,220
Heritage-Crystal Clean, Inc.1		285		6,199
Herman Miller, Inc.		532		21,307

18      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Commercial Services & Supplies (Continued)
HNI Corp.		402	$	15,505
Hudson Technologies, Inc.1		410		2,489
InnerWorkings, Inc.1		513		5,145
Interface, Inc., Cl. A		521		13,103
Johnson Controls International plc6		21,200		807,932
Kimball International, Inc., Cl. B		473		8,831
Knoll, Inc.		455		10,483
LSC Communications, Inc.		322		4,878
Matthews International Corp., Cl. A		338		17,846
McGrath RentCorp		274		12,873
Mobile Mini, Inc.		387		13,351
MSA Safety, Inc.		429		33,256
Multi-Color Corp.		175		13,099
NL Industries, Inc.1		391		5,572
Quad/Graphics, Inc.		496		11,210
Republic Services, Inc., Cl. A6		26,230		1,773,410
RR Donnelley & Sons Co.		649		6,036
SP Plus Corp.1		271		10,054
Steelcase, Inc., Cl. A		1,051		15,975
Team, Inc.1		253		3,770
Tetra Tech, Inc.		521		25,086
UniFirst Corp.		176		29,022
US Ecology, Inc.		191		9,741
Viad Corp.		251		13,905
VSE Corp.		105		5,085
				3,176,983
Construction & Engineering—0.3%
Aegion Corp., Cl. A1		261		6,637
Ameresco, Inc., Cl. A1		390		3,354
Argan, Inc.		171		7,695
Cie de Saint-Gobain		2,097		115,410
Comfort Systems USA, Inc.		467		20,385
Dycom Industries, Inc.1		240		26,743
EMCOR Group, Inc.		715		58,451
Granite Construction, Inc.		8,362		530,402
Great Lakes Dredge & Dock Corp.1		595		3,213
HC2 Holdings, Inc.1		405		2,410
IES Holdings, Inc.1		214		3,692
KBR, Inc.		1,388		27,524
Layne Christensen Co.1		192		2,410
MasTec, Inc.1		761		37,251
MYR Group, Inc.1		140		5,002
Northwest Pipe Co.1		91		1,742
NV5 Global, Inc.1		107		5,794
Orion Group Holdings, Inc.1		247		1,934
Primoris Services Corp.		634		17,238
Sterling Construction Co., Inc.1		266		4,330
Tutor Perini Corp.1		527		13,359
Vinci SA		1,543		157,428
				1,052,404
Electrical Equipment—0.3%
Allied Motion Technologies, Inc.		103		3,408
Atkore International Group, Inc.1		701		15,036
AZZ, Inc.		244		12,468
Babcock & Wilcox Enterprises, Inc.1		17,391		98,781
Emerson Electric Co.		674		46,971
Encore Wire Corp.		246		11,968
EnerSys		516		35,929
Generac Holdings, Inc.1		623		30,851
General Cable Corp.		21,856		646,938
Legrand SA		2,096		161,145
LSI Industries, Inc.		310		2,133
Powell Industries, Inc.		112		3,209
Preformed Line Products Co.		41		2,913
Schneider Electric SE		1,371		116,276
Severn Trent plc		2,599		75,833
Sunrun, Inc.1		1,035		6,107

	Shares		Value
Electrical Equipment (Continued)
Thermon Group Holdings, Inc.1		284	$	6,722
TPI Composites, Inc.1		426		8,716
Vicor Corp.1		356		7,440
				1,292,844
Industrial Conglomerates—0.8%
3M Co.		300		70,611
DCC plc		571		57,535
General Electric Co.6		67,312		1,174,595
Honeywell International, Inc.6		13,356		2,048,276
Raven Industries, Inc.		298		10,236
Smiths Group plc		3,157		63,156
				3,424,409
Machinery—0.2%
Actuant Corp., Cl. A		546		13,814
Alamo Group, Inc.		126		14,222
Albany International Corp., Cl. A		284		17,452
Altra Industrial Motion Corp.		349		17,590
American Railcar Industries, Inc.		177		7,370
Astec Industries, Inc.		205		11,992
Barnes Group, Inc.		498		31,508
Blue Bird Corp.1		238		4,736
Briggs & Stratton Corp.		410		10,402
Caterpillar, Inc.		445		70,123
Chart Industries, Inc.1		260		12,184
CIRCOR International, Inc.		142		6,913
Columbus McKinnon Corp.		278		11,114
Commercial Vehicle Group, Inc.1		199		2,127
DMC Global, Inc.		151		3,783
Douglas Dynamics, Inc.		220		8,316
Eastern Co. (The)		59		1,543
Energy Recovery, Inc.1		348		3,045
EnPro Industries, Inc.		252		23,565
ESCO Technologies, Inc.		217		13,074
Federal Signal Corp.		727		14,605
Franklin Electric Co., Inc.		433		19,875
FreightCar America, Inc.		131		2,237
Gencor Industries, Inc.1		177		2,929
Global Brass & Copper Holdings, Inc.		270		8,937
Gorman-Rupp Co. (The)		240		7,490
Graham Corp.		116		2,428
Greenbrier Cos., Inc. (The)		282		15,031
Hardinge, Inc.		153		2,665
Harsco Corp.1		1,155		21,541
Hillenbrand, Inc.		519		23,199
Hurco Cos., Inc.		81		3,418
Hyster-Yale Materials Handling, Inc.		144		12,263
John Bean Technologies Corp.		267		29,584
Kadant, Inc.		116		11,646
Kennametal, Inc.		718		34,758
LB Foster Co., Cl. A1		106		2,878
Lindsay Corp.		99		8,732
Lydall, Inc.1		221		11,216
Manitowoc Co., Inc. (The)1		316		12,431
Meritor, Inc.1		873		20,481
Milacron Holdings Corp.1		862		16,499
Miller Industries, Inc.		141		3,638
Mueller Industries, Inc.		522		18,494
Mueller Water Products, Inc., Cl. A		1,849		23,168
Navistar International Corp.1		966		41,422
NN, Inc.		276		7,618
Omega Flex, Inc.		95		6,784
Park-Ohio Holdings Corp.		120		5,514
Proto Labs, Inc.1		229		23,587
RBC Bearings, Inc.1		213		26,923
REV Group, Inc.		571		18,575
Rexnord Corp.1		1,007		26,202
Spartan Motors, Inc.		336		5,292

19      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Machinery (Continued)
SPX Corp.1		370	$	11,614
SPX FLOW, Inc.1		369		17,546
Standex International Corp.		150		15,277
Sun Hydraulics Corp.		243		15,720
Tennant Co.		178		12,932
Titan International, Inc.		460		5,925
TriMas Corp.1		572		15,301
Twin Discount, Inc.1		83		2,205
Wabash National Corp.		623		13,519
Watts Water Technologies, Inc., Cl. A		293		22,253
Woodward, Inc.		744		56,946
				966,171
Marine—0.0%
Costamare, Inc.		1,094		6,312
Matson, Inc.		375		11,190
				17,502
Professional Services—0.1%
Barrett Business Services, Inc.		63		4,063
BG Staffing, Inc.		89		1,419
CBIZ, Inc.1		769		11,881
CRA International, Inc.		71		3,191
Experian plc		2,611		57,383
Exponent, Inc.		308		21,899
Forrester Research, Inc.		205		9,061
Franklin Covey Co.1		125		2,594
FTI Consulting, Inc.1		357		15,337
GP Strategies Corp.1		259		6,009
Heidrick & Struggles International, Inc.		228		5,597
Hill International, Inc.1		457		2,491
Huron Consulting Group, Inc.1		187		7,564
ICF International, Inc.1		226		11,865
Insperity, Inc.		410		23,513
Intertek Group plc		618		43,290
Kelly Services, Inc., Cl. A		328		8,945
Kforce, Inc.		262		6,615
Korn/Ferry International		666		27,559
Mistras Group, Inc.1		245		5,750
Navigant Consulting, Inc.1		394		7,648
On Assignment, Inc.1		471		30,271
Pendrell Corp.		2		1,170
Resources Connection, Inc.		278		4,295
RPX Corp.		596		8,010
TriNet Group, Inc.1		511		22,658
TrueBlue, Inc.1		480		13,200
WageWorks, Inc.1		373		23,126
Willdan Group, Inc.1		98		2,346
				388,750
Road & Rail—0.2%
ArcBest Corp.		209		7,472
Avis Budget Group, Inc.1		840		36,859
Covenant Transportation Group, Inc., Cl. A1		172		4,942
Daseke, Inc.1		459		6,559
Heartland Express, Inc.		736		17,178
Hertz Global Holdings, Inc.1		1,044		23,072
Knight-Swift Transportation Holdings, Inc., Cl. A		1,635		71,482
Marten Transport Ltd.		503		10,211
Roadrunner Transportation Systems, Inc.1		373		2,876
Saia, Inc.1		238		16,839
Schneider National, Inc., Cl. B		1,672		47,752
Union Pacific Corp.		3,548		475,787
Universal Logistics Holdings, Inc.		321		7,624
Werner Enterprises, Inc.		639		24,697

	Shares		Value
Road & Rail (Continued)
YRC Worldwide, Inc.1		339	$	4,875
				758,225
Trading Companies & Distributors—0.1%
Aircastle Ltd.		912		21,332
Applied Industrial Technologies, Inc.		366		24,925
Beacon Roofing Supply, Inc.1		554		35,323
BMC Stock Holdings, Inc.1		588		14,876
Bunzl plc		2,055		57,462
CAI International, Inc.1		254		7,193
DXP Enterprises, Inc.1		190		5,618
Ferguson plc		695		49,729
Foundation Building Materials, Inc.1		359		5,310
GATX Corp.		341		21,197
GMS, Inc.1		456		17,164
H&E Equipment Services, Inc.		299		12,154
Herc Holdings, Inc.1		219		13,712
Huttig Building Products, Inc.1		241		1,603
Kaman Corp.		247		14,533
Lawson Products, Inc.1		82		2,029
MRC Global, Inc.1		977		16,531
Nexeo Solutions, Inc.1		788		7,171
NOW, Inc.1		1,238		13,655
Rush Enterprises, Inc., Cl. A1		506		25,710
Rush Enterprises, Inc., Cl. B1		502		24,201
SiteOne Landscape Supply, Inc.1		320		24,544
Textainer Group Holdings Ltd.1		458		9,847
Titan Machinery, Inc.1		163		3,451
Triton International Ltd.1		992		37,150
Veritiv Corp.1		175		5,058
Willis Lease Finance Corp.1		58		1,448
				472,926
Transportation Infrastructure—0.0%
easyJet plc		4,378		86,539
Information Technology—4.9%
Communications Equipment—0.8%
ADTRAN, Inc.		415		8,030
Aerohive Networks, Inc.1		372		2,169
CalAmp Corp.1		335		7,179
Calix, Inc.1		397		2,362
Ciena Corp.1		1,321		27,649
Cisco Systems, Inc.		57,131		2,188,117
Clearfield, Inc.1		123		1,507
CommScope Holding Co., Inc.1		22,040		833,773
Comtech Telecommunications Corp.		222		4,911
Digi International, Inc.1		329		3,142
EMCORE Corp.1		269		1,735
Extreme Networks, Inc.1		1,002		12,545
Finisar Corp.1		1,268		25,804
Harmonic, Inc.1		681		2,860
Infinera Corp.1		1,634		10,343
InterDigital, Inc.		317		24,140
KVH Industries, Inc.1		173		1,791
Lumentum Holdings, Inc.1		686		33,545
NETGEAR, Inc.1		270		15,862
NetScout Systems, Inc.1		754		22,959
Oclaro, Inc.1		1,856		12,509
Plantronics, Inc.		271		13,653
Quantenna Communications, Inc.1		421		5,136
Ribbon Communications, Inc.1		475		3,672
ViaSat, Inc.1		483		36,153
Viavi Solutions, Inc.1		2,138		18,686
				3,320,232
Electronic Equipment, Instruments, & Components—0.2%
Anixter International, Inc.1		306		23,256
AVX Corp.		1,654		28,614
Badger Meter, Inc.		260		12,428

20      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Electronic Equipment, Instruments, & Components (Continued)
Bel Fuse, Inc., Cl. B		134	$	3,373
Belden, Inc.		377		29,093
Benchmark Electronics, Inc.1		479		13,939
Control4 Corp.1		212		6,309
CTS Corp.		311		8,008
Daktronics, Inc.		449		4,099
Electro Scientific Industries, Inc.1		241		5,165
ePlus, Inc.1		158		11,882
Fabrinet1		414		11,882
FARO Technologies, Inc.1		157		7,379
Fitbit, Inc., Cl. A1		2,003		11,437
II-VI, Inc.1		561		26,339
Insight Enterprises, Inc.1		504		19,298
Iteris, Inc.1		335		2,335
Itron, Inc.1		444		30,281
KEMET Corp.1		888		13,373
Kimball Electronics, Inc.1		345		6,296
Knowles Corp.1		888		13,018
Littelfuse, Inc.		221		43,718
LivaNova plc1		387		30,929
Maxwell Technologies, Inc.1		304		1,751
Mesa Laboratories, Inc.		42		5,221
Methode Electronics, Inc.		347		13,915
MTS Systems Corp.		157		8,431
Napco Security Technologies, Inc.1		181		1,584
Novanta, Inc.1		415		20,750
OSI Systems, Inc.1		183		11,781
Park Electrochemical Corp.		189		3,714
PC Connection, Inc.		250		6,552
PCM, Inc.1		159		1,574
Plexus Corp.1		311		18,884
Radisys Corp.1		655		658
Rogers Corp.1		163		26,393
Sanmina Corp.1		653		21,549
ScanSource, Inc.1		287		10,275
SYNNEX Corp.		478		64,984
Systemax, Inc.		328		10,913
Tech Data Corp.1		346		33,898
TTM Technologies, Inc.1		931		14,589
VeriFone Systems, Inc.1		1,169		20,703
Vishay Intertechnology, Inc.		1,385		28,739
Vishay Precision Group, Inc.1		112		2,817
				692,126
Internet Software & Services—1.1%
2U, Inc.1		490		31,610
Actua Corp.1		398		6,209
Akamai Technologies, Inc.1		4,199		273,103
Alarm.com Holdings, Inc.1		508		19,177
Alphabet, Inc., Cl. A1,6		3,101		3,266,593
Alphabet, Inc., Cl. C1		57		59,645
Alteryx, Inc., Cl. A1		507		12,812
Amber Road, Inc.1		337		2,474
Appfolio, Inc., Cl. A1		342		14,193
Apptio, Inc., Cl. A1		415		9,761
Bazaarvoice, Inc.1		929		5,063
Benefitfocus, Inc.1		299		8,073
Blucora, Inc.1		461		10,188
Box, Inc., Cl. A1		1,345		28,406
Brightcove, Inc.1		354		2,513
Carbonite, Inc.1		250		6,275
Care.com, Inc.1		230		4,149
Cars.com, Inc.1		666		19,208
ChannelAdvisor Corp.1		423		3,807
Cimpress NV1		263		31,529
CommerceHub, Inc., Cl. A1		401		8,818
CommerceHub, Inc., Cl. C1		525		10,810
Cornerstone OnDemand, Inc.1		567		20,032

	Shares		Value
Internet Software & Services (Continued)
Coupa Software, Inc.1		497	$	15,516
DHI Group, Inc.1		729		1,385
Endurance International Group Holdings, Inc.1		1,146		9,626
Envestnet, Inc.1		455		22,682
Etsy, Inc.1		1,163		23,783
Facebook, Inc., Cl. A1		261		46,056
Five9, Inc.1		542		13,485
GrubHub, Inc.1		740		53,132
GTT Communications, Inc.1		371		17,419
Hortonworks, Inc.1		571		11,483
Instructure, Inc.1		282		9,334
Internap Corp.1		203		3,189
j2 Global, Inc.		443		33,238
Leaf Group Ltd.1		168		1,663
Limelight Networks, Inc.1		1,362		6,007
Liquidity Services, Inc.1		295		1,431
LivePerson, Inc.1		878		10,097
London Stock Exchange Group plc		1,171		59,957
Meet Group, Inc. (The)1		907		2,558
MINDBODY, Inc., Cl. A1		434		13,215
MuleSoft, Inc., Cl. A1		1,248		29,029
New Relic, Inc.1		475		27,441
NIC, Inc.		642		10,657
Nutanix, Inc., Cl. A1		1,272		44,876
Okta, Inc., Cl. A1		895		22,921
Q2 Holdings, Inc.1		401		14,777
QuinStreet, Inc.1		464		3,888
Quotient Technology, Inc.1		1,154		13,560
Reis, Inc.		91		1,879
Shutterstock, Inc.1		301		12,952
SPS Commerce, Inc.1		205		9,961
Stamps.com, Inc.1		219		41,172
TechTarget, Inc.1		300		4,176
Trade Desk, Inc. (The), Cl. A1		521		23,825
TrueCar, Inc.1		1,255		14,056
Twilio, Inc., Cl. A1		1,054		24,874
Web.com Group, Inc.1		483		10,529
XO Group, Inc.1		324		5,981
Yelp, Inc., Cl. A1		821		34,449
				4,560,707
IT Services—0.2%
Accenture plc, Cl. A		350		53,582
Acxiom Corp.1		691		19,044
Atos SE		972		141,485
Blackhawk Network Holdings, Inc., Cl. A1		497		17,718
CACI International, Inc., Cl. A1		327		43,278
Capgemini SE		1,163		137,632
Cardtronics plc, Cl. A1		529		9,797
Cass Information Systems, Inc.		110		6,403
Convergys Corp.		912		21,432
CSG Systems International, Inc.		378		16,564
EPAM Systems, Inc.1		448		48,129
Everi Holdings, Inc.1		832		6,273
EVERTEC, Inc.		739		10,087
ExlService Holdings, Inc.1		419		25,287
Hackett Group, Inc. (The)		330		5,184
Information Services Group, Inc.1		477		1,989
International Business Machines Corp.		586		89,904
ManTech International Corp., Cl. A		433		21,732
Mastercard, Inc., Cl. A		313		47,376
MAXIMUS, Inc.		593		42,447
MoneyGram International, Inc.1		653		8,607
PayPal Holdings, Inc.1		558		41,080
Perficient, Inc.1		410		7,819
Presidio, Inc.1		831		15,930
Science Applications International Corp.		412		31,547

21      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
IT Services (Continued)
ServiceSource International, Inc.1		1,035	$	3,198
StarTek, Inc.1		186		1,854
Sykes Enterprises, Inc.1		475		14,939
Syntel, Inc.1		715		16,438
TeleTech Holdings, Inc.		446		17,951
Travelport Worldwide Ltd.		1,779		23,252
Unisys Corp.1		540		4,401
Virtusa Corp.1		228		10,050
Visa, Inc., Cl. A		581		66,246
				1,028,655
Semiconductors & Semiconductor Equipment—1.3%
Advanced Energy Industries, Inc.1		546		36,844
Alpha & Omega Semiconductor Ltd.1		307		5,023
Ambarella, Inc.1		327		19,211
Amkor Technology, Inc.1		2,477		24,894
Axcelis Technologies, Inc.1		306		8,782
AXT, Inc.1		355		3,089
Brooks Automation, Inc.		913		21,775
Cabot Microelectronics Corp.		310		29,165
CEVA, Inc.1		211		9,738
Cirrus Logic, Inc.1		611		31,686
Cohu, Inc.		390		8,561
Cree, Inc.1		932		34,614
CyberOptics Corp.1		60		900
Diodes, Inc.1		545		15,625
DSP Group, Inc.1		279		3,488
Entegris, Inc.		1,865		56,789
FormFactor, Inc.1		988		15,462
GSI Technology, Inc.1		173		1,377
Hanergy Thin Film Power Group Ltd.1,4		161,121		2
Ichor Holdings Ltd.1		265		6,519
Inphi Corp.1		401		14,677
Integrated Device Technology, Inc.1		1,300		38,649
Intel Corp.		1,259		58,115
IXYS Corp.1		406		9,724
Kopin Corp.1		745		2,384
Lattice Semiconductor Corp.1		1,497		8,653
MACOM Technology Solutions Holdings, Inc.1		763		24,828
MaxLinear, Inc., Cl. A1		587		15,509
Mellanox Technologies Ltd.1		5,740		371,378
MKS Instruments, Inc.		592		55,944
Monolithic Power Systems, Inc.		404		45,393
Nanometrics, Inc.1		350		8,722
NVE Corp.		47		4,042
NXP Semiconductors NV1		6,540		765,769
PDF Solutions, Inc.1		244		3,831
Photronics, Inc.1		652		5,558
Pixelworks, Inc.1		315		1,994
Power Integrations, Inc.		288		21,182
QUALCOMM, Inc.6		12,554		803,707
Rambus, Inc.1		1,033		14,689
Rudolph Technologies, Inc.1		439		10,492
Semtech Corp.1		757		25,889
Sigma Designs, Inc.1		93,790		651,841
Silicon Laboratories, Inc.1		420		37,086
STMicroelectronics NV		5,312		115,361
Synaptics, Inc.1		314		12,541
Texas Instruments, Inc.		449		46,894
Ultra Clean Holdings, Inc.1		387		8,936
Veeco Instruments, Inc.1		511		7,588
Xcerra Corp.1		659		6,452
Xilinx, Inc.6		26,405		1,780,225
Xperi Corp.		556		13,566
				5,325,163
Software—0.6%
8x8, Inc.1		824		11,618

	Shares		Value
Software (Continued)
A10 Networks, Inc.1		785	$	6,060
ACI Worldwide, Inc.1		1,179		26,728
Agilysys, Inc.1		285		3,500
American Software, Inc., Cl. A		349		4,059
Aspen Technology, Inc.1		664		43,957
Barracuda Networks, Inc.1		424		11,660
Blackbaud, Inc.		468		44,221
Blackline, Inc.1		485		15,908
Bottomline Technologies de, Inc.1		351		12,173
BroadSoft, Inc.1		12,245		672,250
Callidus Software, Inc.1		539		15,442
CommVault Systems, Inc.1		418		21,945
Ebix, Inc.		262		20,763
Ellie Mae, Inc.1		333		29,770
Everbridge, Inc.1		268		7,965
Fair Isaac Corp.		341		52,241
Glu Mobile, Inc.1		1,322		4,812
HubSpot, Inc.1		378		33,415
Imperva, Inc.1		333		13,220
Majesco1		387		2,078
Micro Focus International plc		2,516		85,388
Microsoft Corp.		645		55,173
MicroStrategy, Inc., Cl. A1		135		17,726
Mitek Systems, Inc.1		316		2,828
MobileIron, Inc.1		898		3,502
Model N, Inc.1		249		3,922
Monotype Imaging Holdings, Inc.		362		8,724
Oracle Corp.		1,281		60,566
Paycom Software, Inc.1		552		44,342
Paylocity Holding Corp.1		567		26,740
Pegasystems, Inc.		851		40,125
Progress Software Corp.		7,250		308,633
Proofpoint, Inc.1		435		38,632
PROS Holdings, Inc.1		272		7,194
QAD, Inc., Cl. A		276		10,723
Qualys, Inc.1		322		19,111
Rapid7, Inc.1		397		7,408
RealNetworks, Inc.1		399		1,365
RealPage, Inc.1		751		33,269
RingCentral, Inc., Cl. A1		655		31,702
Rosetta Stone, Inc.1		232		2,893
Rubicon Project, Inc. (The)1		932		1,743
Sage Group plc (The)		6,089		65,432
Silver Spring Networks, Inc.1		41,125		667,870
Synchronoss Technologies, Inc.1		366		3,272
Telenav, Inc.1		634		3,487
TiVo Corp.		1,177		18,361
Varonis Systems, Inc.1		294		14,274
VASCO Data Security International, Inc.1		497		6,908
Verint Systems, Inc.1		750		31,388
Workiva, Inc., Cl. A1		408		8,731
Zendesk, Inc.1		883		29,881
Zix Corp.1		740		3,241
				2,718,339
Technology Hardware, Storage & Peripherals—0.7%
Apple, Inc.		15,852		2,682,634
Avid Technology, Inc.1		257		1,385
Cray, Inc.1		347		8,398
Diebold Nixdorf, Inc.		719		11,756
Eastman Kodak Co.1		654		2,027
Electronics for Imaging, Inc.1		441		13,023
Immersion Corp.1		17,584		124,143
Intevac, Inc.1		300		2,055
Pure Storage, Inc., Cl. A1		1,776		28,167
Quantum Corp.1		30,270		170,420
Stratasys Ltd.1		521		10,399
Super Micro Computer, Inc.1		416		8,705

22      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

	Shares		Value
Technology Hardware, Storage & Peripherals (Continued)
USA Technologies, Inc.1		347	$	3,383
				3,066,495
Materials—2.2%
Chemicals—1.0%
A. Schulman, Inc.		6,823		254,157
AdvanSix, Inc.1		400		16,828
AgroFresh Solutions, Inc.1		462		3,419
Air Liquide SA		1,085		136,462
American Vanguard Corp.		319		6,268
Balchem Corp.		293		23,616
Calgon Carbon Corp.		30,982		659,917
Celanese Corp., Cl. A6		14,620		1,565,510
Chase Corp.		107		12,893
Codexis, Inc.1		408		3,407
Core Molding Technologies, Inc.		79		1,714
Croda International plc		1,399		83,538
DowDuPont, Inc.		502		35,752
Ferro Corp.1		961		22,670
Flotek Industries, Inc.1		560		2,610
FutureFuel Corp.		419		5,904
GCP Applied Technologies, Inc.1		606		19,331
H.B. Fuller Co.		479		25,804
Hawkins, Inc.		129		4,541
Ingevity Corp.1		460		32,416
Innophos Holdings, Inc.		252		11,776
Innospec, Inc.		255		18,003
Intrepid Potash, Inc.1		1,266		6,026
Johnson Matthey plc		2,025		83,726
KMG Chemicals, Inc.		147		9,714
Koppers Holdings, Inc.1		246		12,521
Kraton Corp.1		397		19,123
Kronos Worldwide, Inc.		1,034		26,646
LSB Industries, Inc.1		225		1,971
Minerals Technologies, Inc.		332		22,858
Monsanto Co.		1,176		137,333
OMNOVA Solutions, Inc.1		566		5,660
PolyOne Corp.		983		42,760
Quaker Chemical Corp.		119		17,944
Rayonier Advanced Materials, Inc.		313		6,401
Sensient Technologies Corp.		520		38,038
Solvay SA		1,004		139,425
Stepan Co.		264		20,848
Trecora Resources1		223		3,011
Tredegar Corp.		395		7,584
Trinseo SA		513		37,244
Valhi, Inc.		2,069		12,766
Westlake Chemical Partners LP5		19,812		494,309
				4,092,444
Construction Materials—0.1%
Caesarstone Ltd.1		369		8,118
CRH plc		1,013		36,307
LafargeHolcim Ltd.1		3,057		172,192
Summit Materials, Inc., Cl. A1		1,062		33,389
United States Lime & Minerals, Inc.		72		5,551
US Concrete, Inc.1		152		12,715
				268,272
Containers & Packaging—0.6%
Greif, Inc., Cl. A		567		34,349
Greif, Inc., Cl. B		562		38,975
Myers Industries, Inc.		290		5,655
Packaging Corp. of America		10,580		1,275,419
Sonoco Products Co.6		23,870		1,268,452
UFP Technologies, Inc.1		99		2,752
				2,625,602
Metals & Mining—0.4%
AK Steel Holding Corp.1		2,809		15,899

	Shares		Value
Metals & Mining (Continued)
Allegheny Technologies, Inc.1		1,140	$	27,520
Ampco-Pittsburgh Corp.		135		1,674
Anglo American plc		2,286		47,778
Antofagasta plc		2,555		34,640
ArcelorMittal1		4,130		133,751
BHP Billiton plc		2,559		52,379
Carpenter Technology Corp.		446		22,742
Century Aluminum Co.1		873		17,146
Cie Generale des Etablissements Michelin		1,267		181,491
Cleveland-Cliffs, Inc.1		2,512		18,112
Coeur Mining, Inc.1		1,711		12,832
Commercial Metals Co.		1,076		22,940
Compass Minerals International, Inc.		301		21,747
Fresnillo plc		2,683		51,800
Glencore plc1		8,020		42,196
Gold Resource Corp.		491		2,160
Hargreaves Lansdown plc		3,142		76,430
Haynes International, Inc.		132		4,231
Hecla Mining Co.		4,767		18,925
Kaiser Aluminum Corp.		164		17,523
Klondex Mines Ltd.1		2,002		5,225
Materion Corp.		199		9,671
Olympic Steel, Inc.		127		2,729
Randgold Resources Ltd.		1,588		157,539
Rio Tinto plc		789		41,641
Ryerson Holding Corp.1		335		3,484
Schnitzer Steel Industries, Inc., Cl. A		258		8,643
Steel Dynamics, Inc.		14,760		636,599
SunCoke Energy, Inc.1		593		7,110
TimkenSteel Corp.1		390		5,924
Warrior Met Coal, Inc.		592		14,889
Worthington Industries, Inc.		643		28,331
				1,745,701
Paper & Forest Products—0.1%
Boise Cascade Co.		336		13,406
Clearwater Paper Corp.1		151		6,855
Deltic Timber Corp.		116		10,620
KapStone Paper & Packaging Corp.		927		21,034
Louisiana-Pacific Corp.1		1,350		35,451
Mondi plc		2,146		55,949
Neenah Paper, Inc.		199		18,039
PH Glatfelter Co.		416		8,919
Schweitzer-Mauduit International, Inc.		349		15,831
Smurfit Kappa Group plc		1,641		55,633
Verso Corp., Cl. A1		200		3,514
				245,251
Telecommunication Services—0.9%
Diversified Telecommunication Services—0.9%
AT&T, Inc.6		23,842		926,977
ATN International, Inc.		138		7,626
Babcock International Group plc		7,187		68,123
BCE, Inc.		28,885		1,386,769
BT Group plc, Cl. A		18,147		66,444
Cincinnati Bell, Inc.1		351		7,318
Cogent Communications Holdings, Inc.		500		22,650
Consolidated Communications Holdings, Inc.		909		11,081
General Communication, Inc., Cl. A1		350		13,657
Hawaiian Telcom Holdco, Inc.1		135		4,166
IDT Corp., Cl. B1		198		2,099
Intelsat SA1		1,373		4,654
Iridium Communications, Inc.1		901		10,632
Ooma, Inc.1		166		1,984
Orange SA		12,893		223,731
ORBCOMM, Inc.1		737		7,503

23      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Diversified Telecommunication Services (Continued)
Straight Path Communications, Inc., Cl. B1		120	$	21,815
Verizon Communications, Inc.		17,298		915,583
Vivendi SA		4,564		122,726
Vonage Holdings Corp.1		1,727		17,563
Windstream Holdings, Inc.		1,238		2,290
				3,845,391
Wireless Telecommunication Services—0.0%
Boingo Wireless, Inc.1		365		8,212
NII Holdings, Inc.1		605		257
Shenandoah Telecommunications Co.		462		15,616
Spok Holdings, Inc.		183		2,864
Vodafone Group plc		16,884		53,338
				80,287
Utilities—1.4%
Electric Utilities—0.6%
ALLETE, Inc.		470		34,949
Bouygues SA		2,711		140,833
Duke Energy Corp.		2,789		234,583
Edison International		15,535		982,433
El Paso Electric Co.		363		20,092
Exelon Corp.		3,885		153,108
Genie Energy Ltd., Cl. B		311		1,356
IDACORP, Inc.		573		52,349
MGE Energy, Inc.		328		20,697
NextEra Energy, Inc.		964		150,567
Otter Tail Corp.		356		15,824
PG&E Corp.		8,390		376,124
PNM Resources, Inc.		719		29,084
Portland General Electric Co.		1,045		47,631
Southern Co. (The)		2,334		112,242
SSE plc		5,894		105,000
				2,476,872
Gas Utilities—0.1%
Chesapeake Utilities Corp.		146		11,468
New Jersey Resources Corp.		817		32,843
Northwest Natural Gas Co.		261		15,569
ONE Gas, Inc.		619		45,348
South Jersey Industries, Inc.		755		23,579
Southwest Gas Holdings, Inc.		558		44,908
Spire, Inc.		439		32,991
WGL Holdings, Inc.		491		42,147
				248,853
Independent Power and Renewable Electricity Producers—0.2%
Atlantic Power Corp.1		1,368		3,215
Calpine Corp.1		43,104		652,163
Dynegy, Inc.1		1,276		15,121
NRG Energy, Inc.		171		4,877
NRG Yield, Inc., Cl. A		917		17,285
NRG Yield, Inc., Cl. C		918		17,350
Ormat Technologies, Inc.		474		30,317
Pattern Energy Group, Inc., Cl. A		857		18,417
TerraForm Power, Inc., Cl. A		973		11,637
				770,382
Multi-Utilities—0.5%
Avista Corp.		12,776		657,836
Black Hills Corp.		566		34,022
Centrica plc		28,720		53,177
CMS Energy Corp.		16,080		760,584
Engie SA		10,217		175,543
National Grid plc		7,068		83,028
NorthWestern Corp.		546		32,596
Unitil Corp.		171		7,801
Veolia Environnement SA		12,974		331,017
				2,135,604

	Shares		Value
Water Utilities—0.0%
American States Water Co.		323	$	18,705
AquaVenture Holdings Ltd.1		199		3,088
Artesian Resources Corp., Cl. A		83		3,200
California Water Service Group		419		19,002
Connecticut Water Service, Inc.		112		6,430
Consolidated Water Co. Ltd.		132		1,663
Middlesex Water Co.		146		5,827
Pure Cycle Corp.1		246		2,054
SJW Group		169		10,787
United Utilities Group plc		6,768		75,750
York Water Co. (The)		115		3,899
				150,405
Total Common Stocks (Cost $153,089,270)				179,857,178
Preferred Stocks—0.3%
Kinesis 2017 Sidecar, Preferred1		49,261		240,517
M&T Bank Corp., 6.375% Cum., Series A, Non-Vtg.		340		348,500
M&T Bank Corp., 6.375% Cum., Series C, Non-Vtg.		475		486,875
Total Preferred Stocks (Cost $1,294,384)				1,075,892
	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. 12/31/491,4		231		2
SandRidge Energy, Inc. Wts., Strike Price $41.34, Exp. 10/4/221		977		1,759
SandRidge Energy, Inc. Wts., Strike Price $42.03, Exp. 10/4/221		411		616
Total Rights, Warrants and Certificates (Cost $70,284)				3,824

	Principal Amount
Asset-Backed Securities—2.5%
Bear Stearns Structured Products Trust,
Series 2007-EMX1, Cl. A2, 2.852%
[US0001M+130], 3/25/372,10	$      1,600,000	1,619,529
GSAMP Trust, Series 2005-HE4, Cl. M3, 2.332% [US0001M+78], 7/25/4510	1,400,000	1,393,320
Morgan Stanley ABS Capital I, Inc.
Trust, Series 2006-NC1, Cl. M1, 1.932% [US0001M+38], 12/25/3510	1,780,000	1,742,304
New Century Home Equity Loan
Trust, Series 2005-1, Cl. M2, 2.272%
[US0001M+72], 3/25/3510	397,953	378,409
Raspro Trust, Series 2005-1A, Cl. G, 2.025% [LIBOR03M+40], 3/23/242,10	1,396,674	1,381,069
SG Mortgage Securities Trust,
Series 2005-OPT1, Cl. M2, 2.002%
[US0001M+45], 10/25/3510	4,250,000	4,116,496
Total Asset-Backed Securities (Cost
$9,622,612)		10,631,127
Mortgage-Backed Obligation—0.5%
RAMP Trust, Series 2005-RS6, Cl.
M4, 2.527% [US0001M+97.5], 6/25/3510(Cost $2,079,986)	2,300,000	2,306,933
Foreign Government Obligations—1.8%
Federative Republic of Brazil, 6.193%
Sr. Unsec. Nts., 4/1/1814	BRL    9,700,000	2,878,401

24      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

		Principal Amount		Value
Foreign Government Obligations (Continued)
Republic of Singapore, 0.50% Sr. Unsec. Nts., 4/1/18	SGD		6,300,000	$	4,700,183
Total Foreign Government Obligations (Cost $7,519,500)					7,578,584
Non-Convertible Corporate Bonds and Notes—7.9%
Altice US Finance I Corp., 5.50% Sr. Sec. Nts., 5/15/262			350,000		357,437
American Express Co., 7.00% Sr. Unsec. Nts., 3/19/18			500,000		505,382
Arconic, Inc., 5.40% Sr. Unsec. Nts., 4/15/21			450,000		479,137
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25% Sr. Unsec. Nts., 5/15/242			350,000		382,375
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22			195,000		204,266
Bank of America Corp., 6.25% [US0003M+370.5] Jr. Sub. Perpetual Bonds10,11			1,149,000		1,271,139
BAT International Finance plc, 1.85% Sr. Unsec. Nts., 6/15/182			500,000		499,616
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/212			450,000		455,062
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% Sr. Unsec. Nts., 5/1/232			450,000		460,125
Cemex Finance LLC, 6.00% Sr. Sec. Nts., 4/1/242			350,000		371,000
Cenovus Energy, Inc., 6.75% Sr. Unsec. Nts., 11/15/39			450,000		545,267
Centene Corp., 5.625% Sr. Unsec. Nts., 2/15/21			450,000		463,500
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/202			315,000		320,512
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908% Sr. Sec. Nts., 7/23/25			450,000		479,061
Cheniere Corpus Christi Holdings LLC, 5.875% Sr. Sec. Nts., 3/31/25			350,000		379,969
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/202			350,000		377,125
Citigroup, Inc., 5.875% [US0003M+405.9] Jr. Sub. Perpetual Bonds10,11			1,783,000		1,852,091
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22			450,000		461,812
CommScope Technologies LLC, 6.00% Sr. Unsec. Nts., 6/15/252			450,000		480,375
Continental Resources, Inc., 5.00% Sr. Unsec. Nts., 9/15/22			450,000		458,437
Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23			450,000		493,206
Daimler Finance North America LLC, 2.00% Sr. Unsec. Nts., 8/3/182			500,000		500,100
DaVita, Inc.: 5.125% Sr. Unsec. Nts., 7/15/24			550,000		556,531
5.75% Sr. Unsec. Nts., 8/15/22			200,000		205,875
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23			450,000		472,219
Duke Energy Corp., 6.25% Sr. Unsec. Nts., 6/15/18			500,000		509,767
FirstEnergy Corp., 7.375% Sr. Unsec. Nts., 11/15/31			450,000		608,141
FMG Resources August 2006 Pty Ltd., 9.75% Sr. Sec. Nts., 3/1/222			450,000		499,050

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Freeport-McMoRan, Inc., 2.375% Sr. Unsec. Nts., 3/15/18	$	450,000	$	449,662
Gazprom OAO Via Gaz Capital SA, 9.25% Sr. Unsec. Nts., 4/23/192		300,000		324,176
Goldman Sachs Capital II, 4.00% [US0003M+76.75] Jr. Sub. Perpetual Bonds10,11		8,000		7,092
Goldman Sachs Group, Inc. (The), 5.70% [US0003M+388.4] Jr. Sub. Perpetual Bonds, Series L10,11		1,400,000		1,445,290
HBOS plc, 6.75% Sub. Nts., 5/21/182		450,000		457,672
HCA, Inc., 6.50% Sr. Sec. Nts., 2/15/20		450,000		478,125
Hexagon Reinsurance DAC, 6.50% [EUR003M+650] Unsec. Nts., 1/19/222,10		250,000		300,112
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/212		450,000		469,125
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/20		450,000		463,072
Itau Unibanco Holding SA (Cayman Islands), 5.125% Sub. Nts., 5/13/232		300,000		307,800
JPMorgan Chase & Co., 6.10% [US0003M+333] Jr. Sub. Perpetual Bonds10,11		1,181,000		1,299,159
Lukoil International Finance BV: 4.563% Sr. Unsec. Unsub. Nts., 4/24/232		500,000		520,498
6.125% Sr. Unsec. Nts., 11/9/202		2,074,000		2,240,905
MGM Resorts International, 7.75% Sr. Unsec. Nts., 3/15/22		450,000		514,125
MMC Energy, Inc., 8.875% Sr. Unsec. Nts., 10/15/203,4,9		100,000		—
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21		450,000		471,375
Nielsen Finance LLC/Nielsen Finance Co., 5.00% Sr. Unsec. Nts., 4/15/222		450,000		464,063
Offshore Group Investment Ltd., 7.50% 1st Lien Nts., 11/1/193,4,9		250,000		—
Ortho-Clinical Diagnostics, Inc./Ortho- Clinical Diagnostics SA, 6.625% Sr. Unsec. Nts., 5/15/222		400,000		404,000
Post Holdings, Inc., 5.00% Sr. Unsec. Nts., 8/15/262		450,000		443,813
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20		339,188		344,700
Rio Oil Finance Trust, 9.25% Sr. Sec. Nts., 7/6/242		247,944		269,019
Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/21		400,000		429,070
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/203,4,9		300,000		17,850
SandRidge Energy, Inc., 7.50% Sr. Unsec. Nts., 3/15/213,4,9		500,000		50
Sirius XM Radio, Inc., 6.00% Sr. Unsec. Nts., 7/15/242		450,000		477,000
Solera LLC/Solera Finance, Inc., 10.50% Sr. Unsec. Nts., 3/1/242		450,000		508,491
T-Mobile USA, Inc., 6.625% Sr. Unsec. Nts., 4/1/23		450,000		470,250
TransDigm, Inc., 6.50% Sr. Sub. Nts., 7/15/24		450,000		462,375
Univision Communications, Inc., 5.125% Sr. Sec. Nts., 2/15/252		450,000		439,875
Vantage Drilling International, 10.00% Sec. Nts., 12/31/20		407,000		400,895

25      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/242	$	400,000	$	423,000
Wells Fargo & Co., 5.90% [US0003M+311] Jr. Sub. Perpetual Bonds, Series S10,11		1,205,000		1,290,495
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24		450,000		522,563
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50% Sr. Unsec. Nts., 3/1/252		450,000		464,625
Zayo Group LLC/Zayo Capital, Inc., 6.00% Sr. Unsec. Nts., 4/1/23		450,000		470,948
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/252		164,000		174,250
Ziggo Secured Finance BV, 5.50% Sr. Sec. Nts., 1/15/272		350,000		350,438
Total Non-Convertible Corporate Bonds and Notes (Cost $32,217,630)				33,224,535
Convertible Corporate Bond and Note—0.0%
CHC Group LLC/CHC Finance Ltd., 10.78% Cv. Sec. Nts., 10/1/2014(Cost $27,294)		35,887		48,268
Corporate Loans—2.9%
Axalta Coating Systems US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.693% [LIBOR4+200], 6/1/2410,12		2,314,221		2,326,452
Delos Finance Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.693% [LIBOR4+200], 10/6/2310,12		2,310,000		2,330,420
Hilton Wordwide Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.432% [LIBOR12+200], 10/25/2310,12		2,194,472		2,207,771
Hilton Wordwide Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.552% [LIBOR12+200], 10/25/2310		109,724		110,389
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.642% [LIBOR12+325], 10/25/2010		763,107		625,275
TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.319% [LIBOR12+275], 5/14/2210,12		2,311,542		2,320,869
Vistra Operations Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.08% [LIBOR12+275], 12/14/2310,12		2,299,194		2,318,289
Total Corporate Loans (Cost $12,313,306)				12,239,465
Event-Linked Bonds—11.4%
Earthquake—3.5%
Acorn Re Ltd. Catastrophe Linked Nts., 4.546% [US0006M+329], 7/17/182,10		750,000		756,262
Azzurro Re I Ltd. Catastrophe Linked Nts., 2.15% [EUR003M+215], 1/16/192,10		EUR    800,000		963,648
Bosphorus Ltd. Catastrophe Linked Nts., 4.761% [US0006M+325], 8/17/1810,13		500,000		505,875
Buffalo Re Ltd. Catastrophe Linked Nts.:
4.641% [US0006M+325], 4/7/202,10		750,000		744,562
8.141% [US0006M+675], 4/7/202,10		250,000		246,775
Golden State Re II Ltd. Catastrophe Linked Nts., 3.591% [T-BILL 3MO+220], 1/8/192,10		1,000,000		1,006,150

	Principal Amount		Value
Earthquake (Continued)
Kilimanjaro Re Ltd. Catastrophe Linked Nts., 5.144% [T-BILL 3MO+375], 11/25/192,10	$	250,000	$        252,112
Kizuna Re II Ltd. Catastrophe Linked Nts.:
3.638% [T-BILL 3MO+225], 4/6/182,10		950,000	951,662
3.888% [T-BILL 3MO+250], 4/6/182,10		750,000	750,937
Merna Re Ltd. Catastrophe Linked Nts.:
3.383% [T-BILL 3MO+200], 4/9/182,10		250,000	249,812
3.383% [T-BILL 3MO+200], 4/8/2010,13		750,000	750,413
3.633% [T-BILL 3MO+225], 4/8/192,10		500,000	501,175
Nakama Re Ltd. Catastrophe Linked Nts.:
3.329% [US0006M+220], 10/13/212,10		650,000	661,538
3.508% [T-BILL 3MO+212.5], 1/16/192,10		750,000	752,287
3.633% [T-BILL 3MO+225], 4/13/182,10		250,000	251,137
3.883% [T-BILL 3MO+250], 4/13/182,10		500,000	500,375
4.258% [T-BILL 3MO+287.5], 1/16/2010,13		750,000	757,612
4.258% [T-BILL 3MO+287.5], 1/14/212,10		250,000	251,888
4.379% [US0006M+325], 10/13/212,10		500,000	509,125
4.633% [T-BILL 3MO+325], 1/14/2110,13		250,000	256,488
Panda Re Ltd. Catastrophe Linked Nts., 5.433% [T-BILL 3MO+405], 7/9/182,10		500,000	507,325
Torrey Pines Re Ltd. Catastrophe Linked Nts.:
4.323% [US0006M+300], 6/9/202,10		375,000	375,544
5.073% [US0006M+375], 6/9/202,10		250,000	251,238
7.573% [US0006M+625], 6/9/202,10		500,000	504,725
Ursa Re Ltd. Catastrophe Linked Nts.:
4.00% [MM+400], 12/10/19-12/10/202,10		500,000	498,288
5.00% [MM+500], 9/21/1810,13		250,000	248,463
5.25% [MM+525], 12/10/202,10		250,000	250,750
6.00% [MM+600], 5/27/202,10		250,000	251,613
			14,507,779
Longevity—0.1%
Vita Capital VI Ltd. Catastrophe Linked Nts., 3.647% [US0006M+290], 1/8/212,10		250,000	257,187
Multiple Event—4.9%
Atlas IX Capital DAC Catastrophe Linked Nts.:
4.525% [US0003M+325], 1/17/192,10		750,000	760,912
9.36% [US0003M+783], 1/7/192,10		250,000	175,450
Blue Halo Re Ltd. Catastrophe Linked Nts.:
9.633% [T-BILL 3MO+825], 7/26/192,10		250,000	238,225
15.383% [T-BILL 3MO+1400], 6/21/192,10		500,000	426,200
Bonanza Re Ltd. Catastrophe Linked Nts.:
5.254% [US0006M+375], 12/31/192,10		250,000	236,337
6.504% [US0006M+500], 12/31/192,10		250,000	233,487
Caelus Re IV Ltd. Catastrophe Linked Nts., 6.876% [T-BILL 3MO+549], 3/6/202,10		500,000	518,775
Caelus Re V Ltd. Catastrophe Linked Nts.:
4.636% [T-BILL 3MO+325], 6/5/202,10		750,000	740,437
5.886% [T-BILL 3MO+450], 6/5/202,10		250,000	238,700
10.636% [T-BILL 3MO+925], 6/5/202,10		500,000	46,550
Citrus Re Ltd. Catastrophe Linked Nts., 7.076% [US0006M+600], 3/18/202,10		250,000	237,975
Cranberry Re Ltd. Catastrophe Linked Nts.:
3.335% [US0006M+200], 7/13/202,10		250,000	251,112
5.283% [T-BILL 3MO+390], 7/6/182,10		500,000	506,025
East Lane Re VI Ltd. Catastrophe Linked Nts.:
4.033% [T-BILL 3MO+265], 3/14/182,10		500,000	501,625
4.773% [T-BILL 3MO+339], 3/13/202,10		500,000	503,675

26      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

		Principal Amount		Value
Multiple Event (Continued)
Eden Re II Ltd. Catastrophe Linked Nts., 0.00%, 3/22/2113,14		$	500,000	$	450,000
Fortius Re II Ltd. Catastrophe Linked Nts., 4.803% [US0006M+375], 7/7/212,10			750,000		759,413
Galilei Re Ltd. Catastrophe Linked Nts.:
5.625% [US0006M+450], 1/8/202,10			500,000		506,875
5.645% [US0006M+450], 1/8/212,10			500,000		508,225
6.395% [US0006M+525], 1/8/212,10			250,000		250,875
14.375% [US0006M+1,325], 1/8/202,10			250,000		234,350
Galileo Re Ltd. Catastrophe Linked Nts.:
14.631% [T-BILL 3MO+1,324], 1/8/192,10			500,000		458,600
18.705% [US0003M+1,750], 11/6/202,10			250,000		248,925
Kilimanjaro II Re Ltd. Catastrophe
Linked Nts., 11.544%
[US0006M+1000], 4/20/212,10			250,000		226,850
Kilimanjaro Re Ltd. Catastrophe Linked Nts.:
5.894% [T-BILL 3MO+450], 4/30/182,10			250,000		246,100
6.144% [T-BILL 3MO+475], 4/30/182,10			250,000		251,687
8.144% [T-BILL 3MO+675], 12/6/192,10			250,000		251,262
10.644% [T-BILL 3MO+925], 12/6/192,10			250,000		244,175
Lion II RE DAC Catastrophe Linked Nts.,
3.00% [EUR003M+300], 7/15/212,10	EUR		750,000		900,472
Loma Reinsurance Bermuda Ltd. Catastrophe Linked Nts.:
13.706% [T-BILL 3MO+1,232], 1/8/182,10			200,000		125,620
18.676% [T-BILL 3MO+1,729], 1/8/182,10			500,000		42,550
Long Point Re III Ltd. Catastrophe
Linked Nts., 3.50% [MM+350], 5/23/182,10			250,000		251,737
MetroCat Re Ltd. Catastrophe Linked
Nts., 5.083% [T-BILL 3MO+370], 5/8/202,10			500,000		503,575
PennUnion Re Ltd. Catastrophe Linked
Nts., 5.883% [T-BILL 3MO+450], 12/7/182,10			500,000		503,325
Residential Reinsurance 2013 Ltd.,
4.383% [T-BILL 3MO+300], 3/6/182,10			250,000		116,250
Residential Reinsurance 2014 Ltd. Catastrophe Linked Nts.:
4.943% [T-BILL 3MO+356], 6/6/182,10			500,000		500,275
16.363% [T-BILL 3MO+1,498], 6/6/182,10			750,000		318,975
Residential Reinsurance 2015 Ltd.
Catastrophe Linked Nts., 12.353%
[T-BILL 3MO+1097], 6/6/192,10			500,000		352,200
Residential Reinsurance 2016 Ltd. Catastrophe Linked Nts.:
4.633% [T-BILL 3MO+325], 6/6/202,10			750,000		749,213
5.313% [T-BILL 3MO+393], 12/6/202,10			250,000		250,713
12.933% [T-BILL 3MO+1,155], 6/6/202,10			750,000		394,050
Residential Reinsurance 2017 Ltd. Catastrophe Linked Nts.:
4.383% [T-BILL 3MO+300], 6/6/212,10			375,000		371,606
17.761%, 6/6/182,14			250,000		65,150
22.802%, 12/6/182,14			250,000		199,413
Riverfront Re Ltd. Catastrophe Linked Nts.:
5.883% [T-BILL 3MO+450], 1/15/212,10			750,000		747,188
7.633% [T-BILL 3MO+625], 1/15/212,10			250,000		248,100
Sanders Re Ltd. Catastrophe Linked Nts.:
4.343% [T-BILL 3MO+296], 5/25/182,10			250,000		250,763
4.514% [US0006M+300], 12/6/212,10			500,000		500,625
4.633% [T-BILL 3MO+325], 5/25/182,10			250,000		251,038
4.704% [US0006M+325], 6/5/202,10			750,000		749,813

		Principal Amount		Value
Multiple Event (Continued)
Spectrum Capital Ltd. Catastrophe Linked Nts.:
4.861% [US0006M+350], 6/8/212,10		$	250,000	$	250,988
7.111% [US0006M+575], 6/8/212,10			250,000		243,925
Tailwind Re Ltd. 2017-1 Catastrophe
Linked Nts., 12.383% [T-BILL 3MO+1100], 1/8/222,10			250,000		250,381
Tradewynd Re Ltd. Catastrophe Linked Nts.:
5.40% [MM+540], 1/8/182,10			500,000		501,275
7.43% [MM+743], 1/8/182,10			500,000		501,275
Tramline Re II Ltd. Catastrophe Linked
Nts., 9.633% [T-BILL 3MO+825], 1/4/192,10			400,000		400,660
					20,793,977
Other—0.7%
Benu Capital Ltd. Catastrophe Linked Nts.:
2.55% [EUR003M+255], 1/8/202,10	EUR		250,000		303,172
3.35% [EUR003M+335], 1/8/2010,13	EUR		500,000		610,124
Horse Capital I DAC Catastrophe Linked
Nts., 12.00% [EUR003M+1200], 6/15/202,10	EUR		500,000		603,480
Vitality Re V Ltd. Catastrophe Linked
Nts., 3.883% [T-BILL 3MO+250], 1/7/192,10			250,000		251,637
Vitality Re VI Ltd. Catastrophe Linked
Nts., 3.483% [T-BILL 3MO+210], 1/8/182,10			250,000		250,687
Vitality Re VII Ltd. Catastrophe Linked
Nts., 4.033% [T-BILL 3MO+265], 1/7/202,10			250,000		254,013
Vitality Re VIII Ltd. Catastrophe Linked
Nts., 3.383% [T-BILL 3MO+200], 1/8/212,10			500,000		502,575
					2,775,688
Pandemic—0.1%
International Bank for Reconstruction & Development Catastrophe Linked Nts.:
7.957% [US0006M-40+690], 7/15/202,10			250,000		251,700
12.557% [US0006M-40+1,150], 7/15/202,10			125,000		125,575
					377,275
Windstorm—2.1%
Akibare Re Ltd. Catastrophe Linked
Nts., 3.689% [US0006M+234], 4/7/202,10			500,000		507,275
Alamo Re Ltd. Catastrophe Linked Nts.:
5.133% [T-BILL 3MO+375], 6/8/202,10			500,000		506,375
5.783% [T-BILL 3MO+440], 6/7/192,10			500,000		509,425
6.193% [T-BILL 3MO+481], 6/7/182,10			500,000		503,925
Aozora Re Ltd. Catastrophe Linked Nts.:
3.219% [US0006M+200], 4/7/212,10			250,000		251,312
3.549% [US0006M+220], 4/7/202,10			500,000		503,975
Calypso Capital II Ltd. Catastrophe
Linked Nts., 3.66% [EUR003M+366], 1/8/182,10	EUR		500,000		599,970
Casablanca Re Ltd. Catastrophe Linked Nts.:
6.508% [US0006M+525], 6/4/2010,13			250,000		250,175
17.258% [US0006M+1600], 6/4/204,10,13			250,000		181,625
Citrus Re Ltd. Catastrophe Linked Nts.:
7.50% [T-BILL 3MO+774], 2/25/192,10			500,000		480,900
11.523% [T-BILL 3MO+1,014], 4/9/182,10			250,000		203,825
12.413% [T-BILL 3MO+1,103], 2/25/192,10			500,000		371,400
Everglades Re II Ltd. Catastrophe
Linked Nts., 6.383% [T-BILL 3MO+500], 5/8/202,10			250,000		244,262

27      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Windstorm (Continued)
First Coast Re 2016 Ltd. Catastrophe
Linked Nts., 5.304% [T-BILL 3MO+391], 6/7/192,10		$	250,000	$	249,387
First Coast Re 2017-1 Ltd. Catastrophe
Linked Nts., 5.644% [T-BILL 3MO+425], 6/7/212,10			250,000		243,313
Integrity Re Ltd. Catastrophe Linked
Nts., 5.573% [US0006M+425], 6/10/202,10			500,000		499,125
International Bank for Reconstruction & Development Catastrophe Linked Nts.:
6.972% [US0006M+590], 12/20/192,10			375,000		377,700
10.372% [US0006M+930], 12/20/192,10			250,000		249,831
Manatee Re Ltd. Catastrophe Linked
Nts., 1.899% [T-BILL 3MO+50], 3/10/1910,13			500,000		13,000
Pelican IV Re Ltd. Catastrophe Linked
Nts., 3.534% [US0006M+225], 5/5/202,10			750,000		755,588
Queen Street X Re Ltd. Catastrophe
Linked Nts., 7.133% [T-BILL 3MO+575], 6/8/182,10			750,000		750,263
Queen Street XI Re DAC Catastrophe
Linked Nts., 7.533% [T-BILL 3MO+615], 6/7/192,10			250,000		251,738
Queen Street XII Re Designated Activity Co. Catastrophe Linked Nts., 6.872%
[US0006M+525], 4/8/202,10			500,000		504,375
					9,008,764
Total Event-Linked Bonds (Cost $50,607,287)					47,720,670
Short-Term Notes—22.2%
Canada—0.2%
Bell Canada, 1.516%, 1/17/1815,16	USD		500,000		499,539
Telus Corp., 1.526%, 2/1/182,16	USD		500,000		499,175
					998,714
Italy—3.4%
Eni Finance USA, Inc., 1.967%, 10/5/1815,16	USD		500,000		491,965
Italian Republic Bills:
0.00%, 1/31/1814	EUR		2,100,000		2,520,587
0.00%, 2/14/1814	EUR		9,500,000		11,405,380
					14,417,932
Japan—3.7%
Hitachi Capital America Corp., 2.102%, 1/11/1815,16	USD		500,000		499,693
Japan Treasury Bills, 0.00%, 3/12/1814	JPY		1,673,000,000		14,852,083
					15,351,776

		Principal Amount		Value
Portugal—1.2%
Portuguese Republic Treasury Bills, 0.00%, 3/16/1814	EUR		4,030,000	$	4,839,486
Singapore—0.7%
Republic of Singapore Bills, 1.227%, 2/19/1814	SGD		4,220,000		3,148,774
Sweden—3.9%
Assa Abloy Financial Services AB, 2.071%, 1/4/182,15,16	USD		500,000		499,914
Kingdom of Sweden Treasury Bills, 0.00%, 1/17/1814	SEK		130,000,000		15,853,547
					16,353,461
United Kingdom—0.4%
Reckitt Benckiser Treasury Services plc, 1.496%, 1/16/1815,16	USD		500,000		499,627
Vodafone Group plc, 1.727%, 9/13/1816	USD		500,000		492,654
WPP CP LLC, 1.766%, 1/24/182,15,16	USD		500,000		499,374
					1,491,655
United States—8.7%
Amphenol Corp., 2.001%, 1/4/1816	USD		500,000		499,861
CenterPoint Energy Resources Corp., 1.536%, 1/18/182,15,16	USD		500,000		499,523
Church & Dwight Co., Inc., 1.463%, 1/2/182,15,16	USD		500,000		499,908
Ford Motor Credit Co. LLC, 1.663%, 4/10/1815,16	USD		500,000		497,342
Glencore Funding LLC, 1.617%, 1/23/1815,16	USD		500,000		499,363
Magna International, Inc., 1.901%, 1/3/182,15,16	USD		500,000		499,947
NetApp, Inc., 1.881%, 1/4/182,15,16	USD		500,000		499,861
Puget Sound Energy, Inc., 1.524%, 1/8/1816	USD		500,000		499,766
Toyota Motor Credit Corp., 1.671%, 7/23/1816	USD		500,000		495,047
United States Treasury Bills, 1.185%, 3/1/1814,17	USD		31,435,000		31,370,807
United Technologies Corp., 1.951%, 1/11/182,15,16	USD		500,000		499,693
					36,361,118
Total Short-Term Notes (Cost $92,553,634)					92,962,916
		Shares
Investment Companies—5.6%
Highland/iBoxx Senior Loan Exchange Traded Fund			111,516		2,028,476
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%8,18,19			17,082,111		17,082,111
Scottish Mortgage Investment Trust plc			7,591		46,009
SPDR Gold Trust Exchange Traded Fund1,19			34,231		4,232,663
Total Investment Companies (Cost $23,189,150)					23,389,259

Exercise Price

Expiration Date

Contracts

Notional Amount (000’s)

Exchange-Traded Options Purchased—0.1%

S&P 500 Index Call1

USD

2,750.000

3/16/18

USD

118

USD 31,549

136,054

S&P 500 Index Call1

USD

2,640.000

2/16/18

USD

14

USD 3,743

90,062

Total Exchange-Traded Options Purchased (Cost $238,546)

226,116

Counterparty

Exercise Price

Expiration Date

Contracts

Notional Amount (000’s)

Over-the-Counter Option Purchased—0.0%

CNH Currency Put1(Cost $69,274)

GSCO-OT

CNH

6.787

11/15/18

CNH

22,200,000

CNH 762,760

31,724

28      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Counterparty

Pay / Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased—0.0%

Interest Rate Swap maturing

Three-Month USD

1/28/30 Call1

GSCOI

Receive

BBA LIBOR

2.974%

1/24/20

USD

8,550

$            143,230

Interest Rate Swap maturing

Three-Month USD

11/24/30 Call1

BAC

Receive

BBA LIBOR

2.595

11/20/20

USD

1,000

35,847

Interest Rate Swap maturing

Six-Month JPY BBA

7/25/28 Call1

GSCOI

Receive

LIBOR

1.050

7/23/18

JPY

630,000

2,107

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $529,388)

181,184

Total Investments, at Value (Cost $385,421,545)

98.1%

411,477,675

Net Other Assets (Liabilities)

1.9

7,800,092

Net Assets

100.0%

$        419,277,767

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 $64,631,040 or 15.41% of the Fund’s net assets at period end.

3. Security received as the result of issuer reorganization.

4. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

5. Security is a Master Limited Partnership.

6. 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 $10,700,858. See Note 10 of the accompanying Consolidated Notes.

7. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

8. 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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		57,727,699		400,218,708		440,864,296		17,082,111
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	17,082,111	$	249,601	$	—	$	—

9. 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.

10. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

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. Restricted security. The aggregate value of restricted securities at period end was $4,023,775, which represents 0.96% 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)
Benu Capital Ltd. Catastrophe Linked Nts., 3.35% [EUR003M+335], 1/8/20		4/21/15-6/30/15	$	547,686	$	610,124	$	62,438
Bosphorus Ltd. Catastrophe Linked Nts., 4.761% [US0006M+325], 8/17/18		8/11/15		500,000		505,875		5,875
Casablanca Re Ltd. Catastrophe Linked Nts., 6.508%, 6/4/20		5/26/17		250,000		250,175		175
Casablanca Re Ltd. Catastrophe Linked Nts., 17.258%, 6/4/20		5/26/17		250,000		181,625		(68,375	)
Eden Re II Ltd. Catastrophe Linked Nts., 0.00%, 3/22/21		12/13/16		500,000		450,000		(50,000	)
Manatee Re Ltd. Catastrophe Linked Nts., 1.899%, 3/10/19		3/2/16		500,000		13,000		(487,000	)
Merna Re Ltd. Catastrophe Linked Nts., 3.383% [T-BILL 3MO+200], 4/8/20		3/22/17-10/5/17		751,025		750,413		(612	)
Nakama Re Ltd. Catastrophe Linked Nts., 4.258% [T-BILL 3MO+287.5], 1/16/20		12/12/14-5/11/17		755,017		757,612		2,595
Nakama Re Ltd. Catastrophe Linked Nts., 4.633% [T-BILL 3MO+325], 1/14/21		12/14/15		250,000		256,488		6,488
Ursa Re Ltd. Catastrophe Linked Nts., 5.00% [MM+500], 9/21/18		12/16/15		249,700		248,463		(1,237	)
			$	4,553,428	$	4,023,775	$	(529,653	)

14. Zero coupon bond reflects effective yield on the original acquisition date.

15. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $6,485,749 or 1.55% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

16. Current yield as of period end.

17. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $1,512,904. See Note 5 of the accompanying Consolidated Notes.

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

29      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Footnotes to Consolidated Statement of Investments (Continued)

19. 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 (Unaudited)	Value		Percent
United States	$	267,339,500		65.0	%
Japan		23,587,514		5.7
Sweden		16,718,971		4.1
Bermuda		15,992,851		3.9
Italy		14,417,932		3.5
United Kingdom		9,251,292		2.3
France		8,711,134		2.1
Singapore		8,508,932		2.1
Supranational		5,084,655		1.2
Portugal		4,839,486		1.2
Cayman Islands		4,836,210		1.2
Canada		4,286,739		1.1
Ireland		4,198,523		1.0
Netherlands		3,576,124		0.9
Brazil		3,455,220		0.8
Russia		3,085,578		0.8
Switzerland		2,614,696		0.6
Hong Kong		1,805,231		0.4
Germany		1,747,562		0.4
Australia		1,645,013		0.4
Mexico		998,531		0.3
Eurozone		963,648		0.2
China		908,408		0.2
Turkey		505,875		0.1
Chile		457,640		0.1
Israel		379,496		0.1
Spain		310,295		0.1
Colombia		204,266		0.1
Philippines		198,490		0.1
Jersey, Channel Islands		157,539		0.0
Belgium		139,425		0.0
Luxembourg		133,751		0.0
Thailand		115,058		0.0
South Africa		106,814		0.0
United Arab Emirates		66,171		0.0
Indonesia		35,272		0.0
China Offshore		31,724		0.0
Puerto Rico		20,879		0.0
Norway		13,191		0.0
Monaco		12,796		0.0
Panama		8,931		0.0
Greece		6,312		0.0
Total	$	411,477,675		100.0	%

	Shares Sold Short			Value
Securities Sold Short—(9.9)%
Common Stock Securities Sold Short—(9.9)%
AGCO Corp.		(15,110	)	$            (1,079,307)
Air Lease Corp., Cl. A		(13,855	)	(666,287)
Aircastle Ltd.		(26,860	)	(628,255)
Aker Solutions ASA1		(74,869	)	(420,410)
Ally Financial, Inc.		(55,950	)	(1,631,502)
Boeing Co. (The)		(1,822	)	(537,326)
Camden Property Trust		(3,580	)	(329,575)
Caterpillar, Inc.		(6,170	)	(972,269)
Church & Dwight Co., Inc.		(19,420	)	(974,301)
Cie Financiere Richemont SA		(13,775	)	(1,247,229)
CNH Industrial NV		(41,200	)	(552,080)
Colgate-Palmolive Co.		(22,050	)	(1,663,673)
Corning, Inc.		(42,120	)	(1,347,419)
Digital Realty Trust, Inc.		(10,280	)	(1,170,892)
Equity Residential		(18,020	)	(1,149,135)
Fastenal Co.		(13,050	)	(713,705)
Franklin Resources, Inc.		(28,510	)	(1,235,338)
General Mills, Inc.		(27,360	)	(1,622,174)

30      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Securities Sold Short—(Continued)
Common Stock Securities Sold Short (Continued)
GlaxoSmithKline plc, Sponsored ADR	(8,590	)	$	(304,687	)
HP, Inc.	(63,660	)		(1,337,497	)
Intel Corp.	(35,120	)		(1,621,139	)
International Business Machines Corp.	(9,070	)		(1,391,519	)
Jones Lang LaSalle, Inc.	(10,390	)		(1,547,383	)
Kirby Corp.1	(9,330	)		(623,244	)
Koninklijke Ahold Delhaize NV	(80,003	)		(1,755,891	)
Neste OYJ	(10,238	)		(655,181	)
Novo Nordisk AS, Sponsored ADR	(16,840	)		(903,803	)
Pennsylvania Real Estate Investment Trust	(136,650	)		(1,624,769	)
Procter & Gamble Co. (The)	(17,340	)		(1,593,199	)
ResMed, Inc.	(11,370	)		(962,925	)
Rio Tinto plc, Sponsored ADR	(13,210	)		(699,205	)
RLJ Lodging Trust	(18,240	)		(400,733	)
Rowan Cos. plc, Cl. A1	(22,980	)		(359,867	)
Sanofi, ADR	(12,230	)		(525,890	)
SAP SE, Sponsored ADR	(10,920	)		(1,226,971	)
Southern Copper Corp.	(25,010	)		(1,186,725	)
Subsea 7 SA	(26,625	)		(398,914	)
Transocean Ltd.1	(38,674	)		(413,038	)
W.W. Grainger, Inc.	(3,035	)		(717,019	)
Wacker Chemie AG	(4,490	)		(873,433	)
Western Union Co. (The)	(83,100	)		(1,579,731	)
William Demant Holding AS1	(29,630	)		(824,831	)
Total Securities Sold Short (Proceeds $37,169,462)			$	(41,468,471	)

Forward Currency Exchange Contracts as of December 31, 2017
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized             Appreciation		Unrealized             Depreciation
BAC		01/2018	BRL	6,840	USD	2,093	$	—	$	31,301
BAC		03/2018	CLP	3,909,000	USD	5,972		376,064		—
BAC		03/2018	COP	24,982,000	USD	8,238		78,070		—
BAC		03/2018	MYR	24,195	USD	5,943		5,601		—
BAC		01/2018	USD	2,068	BRL	6,840		5,672		—
BAC		03/2018	USD	1,524	CAD	1,960		—		36,480
BAC		03/2018	USD	4,707	EUR	4,030		—		149,633
BAC		03/2018	USD	1,648	JPY	186,400		—		12,676
BAC		03/2018	USD	2,461	THB	80,000		1,626		—
BOA		01/2018	BRL	6,930	USD	2,146		—		56,469
BOA		03/2018	CAD	1,670	USD	1,317		12,874		—
BOA		03/2018	IDR	73,802,000	USD	5,394		32,500		—
BOA		03/2018	INR	329,000	USD	5,039		78,247		—
BOA		03/2018	KRW	746,000	USD	681		18,475		—
BOA		01/2018	SEK	130,000	USD	16,067		—		205,546
BOA		03/2018	TRY	2,560	USD	642		18,183		—
BOA		03/2018	TWD	32,000	USD	1,072		15,869		—
BOA		03/2018	USD	1,717	AUD	2,275		—		57,999
BOA		01/2018	USD	2,095	BRL	6,930		5,747		—
BOA		03/2018	USD	5,748	ILS	20,130		—		54,748
BOA		03/2018	USD	919	KRW	1,007,000		—		24,939
BOA		03/2018	USD	10,286	NZD	14,982		—		321,570
CITNA-B		01/2018	BRL	11,260	USD	3,419		—		24,875
CITNA-B		03/2018	NZD	4,485	USD	3,085		90,111		—
CITNA-B		03/2018	SEK	10,930	USD	1,319		19,215		—
CITNA-B		03/2018	USD	3,054	AUD	4,060		—		113,742
CITNA-B		01/2018	USD	3,391	BRL	11,260		10,851		14,344
CITNA-B		11/2018	USD	1,513	CNH	10,270		—		35,267
CITNA-B		03/2018	USD	1,618	EUR	1,365		—		27,358
CITNA-B		03/2018	USD	15,042	JPY	1,673,000		143,273		—
DEU		03/2018	EUR	1,372	USD	1,629		24,619		—
DEU		03/2018	JPY	150,000	USD	1,343		—		6,362
DEU		03/2018	USD	10,550	EUR	8,885		—		159,398
DEU		03/2018	USD	1,322	HUF	349,000		—		30,410
DEU		01/2018 - 03/2018	USD	16,697	SEK	135,400		189,915		15,413
GSCO-OT		01/2018	BRL	9,700	USD	2,938		—		13,373
GSCO-OT		03/2018	HUF	172,000	USD	648		18,877		—
GSCO-OT		01/2018 - 04/2018	USD	5,841	BRL	19,400		20,850		—

31      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized             Appreciation		Unrealized Depreciation
GSCO-OT		03/2018	USD	2,082	COP	6,294,000	$	—	$                       13,415
GSCO-OT		01/2018	USD	2,507	EUR	2,100		—	16,644
GSCO-OT		03/2018	USD	1,312	JPY	148,000		—	6,680
GSCO-OT		03/2018	USD	638	NOK	5,270		—	5,277
GSCO-OT		01/2018	USD	15,999	SEK	130,000		137,048	—
HSBC		03/2018	AUD	1,675	USD	1,293		13,357	—
HSBC		01/2018	BRL	9,700	USD	2,932		—	8,044
HSBC		03/2018	CHF	1,960	USD	1,997		25,775	—
HSBC		03/2018	CZK	100	USD	5		66	—
HSBC		03/2018	EUR	1,125	USD	1,344		11,922	—
HSBC		03/2018	GBP	485	USD	652		4,601	—
HSBC		03/2018	JPY	836,000	USD	7,495		—	46,557
HSBC		03/2018	USD	4,473	AUD	5,905		—	133,762
HSBC		01/2018	USD	3,040	BRL	9,700		115,273	—
HSBC		03/2018	USD	6,539	CAD	8,275		—	50,138
HSBC		03/2018	USD	13,696	GBP	10,190		—	96,672
JPM		03/2018	EUR	3,540	USD	4,205		62,471	—
JPM		03/2018	PLN	17,970	USD	5,028		135,673	—
JPM		03/2018	USD	8,020	CHF	7,875		—	106,405
JPM		03/2018	USD	4,104	CNH	27,380		—	82,056
JPM		02/2018	USD	11,076	EUR	9,500		—	351,524
JPM		03/2018	USD	1,280	MXN	24,700		40,445	—
JPM		02/2018 - 04/2018	USD	7,765	SGD	10,520		—	109,957
JPM		03/2018	USD	2,153	ZAR	29,640		—	215,783
JPM		03/2018	ZAR	9,080	USD	660		66,103	—
TDB		01/2018 - 02/2018	BRL	15,770	USD	4,764		—	17,812
TDB		03/2018	MXN	91,100	USD	4,747		—	176,763
TDB		03/2018	NZD	1,845	USD	1,291		14,883	—
TDB		01/2018 - 02/2018	USD	3,370	BRL	11,140		14,104	—
Total Unrealized Appreciation and Depreciation							$	1,808,360	$                  2,829,392

Futures Contracts as of December 31, 2017
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
CAC 40 10 Index		Sell		1/19/18		104	EUR		6,741	$	6,626,675	$            114,672
CBOE Volatility Index*		Sell		1/17/18		102	USD		1,215		1,170,450	44,763
Coffee*		Sell		3/19/18		14	USD		657		662,550	(5,817)
Cotton No. 2*		Buy		3/07/18		18	USD		660		707,670	47,657
Euro-BONO		Sell		3/08/18		10	EUR		1,746		1,728,864	17,164
Euro-BTP		Sell		3/08/18		20	EUR		3,349		3,266,952	82,527
Euro-BUND		Buy		3/08/18		33	EUR		6,455		6,401,728	(53,095)
Euro-OAT		Sell		3/08/18		9	EUR		1,697		1,675,734	21,587
FTSE 100 Index		Sell		3/16/18		67	GBP		6,710		6,909,338	(199,549)
Gas Oil*		Buy		1/31/18		9	USD		669		678,812	9,693
Gold (100 oz.) *		Buy		2/26/18		7	USD		925		916,510	(8,941)
Lead*		Sell		1/15/18		11	USD		693		682,756	10,209
Lean Hogs*		Buy		2/14/18		24	USD		674		689,040	15,222
Live Cattle*		Buy		2/28/18		13	USD		644		632,060	(12,274)
Low Sulphur Gas Oil*		Buy		1/11/18		12	USD		681		720,300	39,279
MSCI Emerging Market Index		Buy		3/16/18		161	USD		9,029		9,367,785	338,649
Natural Gas*		Sell		1/29/18		21	USD		647		620,130	27,039
Nikkei 225 Index		Buy		3/08/18		23	JPY		4,621		4,643,887	22,487
Russell 2000 Mini Index		Sell		3/16/18		300	USD		22,882		23,047,500	(165,468)
S&P 500 E-Mini Index		Buy		3/16/18		256	USD		34,014		34,252,800	238,375
S&P/TSX 60 Index		Buy		3/15/18		14	CAD		2,127		2,132,633	5,991
SPI 200 Index		Buy		3/15/18		18	AUD		2,113		2,113,697	324
Stoxx Europe 600 Index		Buy		3/16/18		636	EUR		14,774		14,750,812	(23,006)
Sugar #11 World*		Sell		2/28/18		39	USD		643		662,189	(18,900)
United States Treasury Long Bonds		Buy		3/20/18		43	USD		6,565		6,579,000	13,889
United States Treasury Nts., 10 yr.		Sell		3/20/18		48	USD		5,994		5,954,250	39,295
United States Treasury Nts., 5 yr.		Sell		3/29/18		75	USD		8,760		8,712,305	47,484
WTI Crude Oil*		Buy		1/22/18		19	USD		1,076		1,147,980	71,958
Zinc*		Sell		1/15/18		8	USD		640		667,000	(27,026)
												$            694,188

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

32      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Centrally Cleared Credit Default Swaps at December 31, 2017
Reference Asset			Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
CDX.HY.27				Buy		5.000%		12/20/21	USD		11,243	$	772,301		$	(969,584	)	$	(197,283	)
CDX.HY.27				Buy		5.000		12/20/21	USD		8,698		705,145			(750,092	)		(44,947	)
CDX.HY.27				Buy		5.000		12/20/21	USD		188		12,354			(16,227	)		(3,873	)
CDX.HY.28				Buy		5.000		6/20/22	USD		2,030		141,749			(177,372	)		(35,623	)
CDX.IG.28				Sell		1.000		6/20/22	USD		5,655		(102,346	)		127,896			25,550
CDX.IG.28				Sell		1.000		6/20/22	USD		300		(5,377	)		6,785			1,408
iTraxx.Main.27				Buy		1.000		6/20/22	EUR		5,040		107,520			(172,866	)		(65,346	)
Neiman Marcus Group LLC (The)				Buy		5.000		12/20/20	USD		715		41,431			145,873			187,304
Total Cleared Credit Default Swaps												$	1,672,777		$	(1,805,587	)	$	(132,810	)
Over-the-Counter Credit Default Swaps at December 31, 2017
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.21		CITNA-B		Buy		5.000%		12/20/18	USD		1,125	$	(34,531	)	$	(54,906	)	$	(89,437	)
CDX.NA.HY.21		CITNA-B		Sell		5.000		12/20/18	USD		253		141,398			(32,119	)		109,279
CDX.NA.HY.21		GSCOI		Sell		5.000		12/20/18	USD		74		40,610			(9,422	)		31,188
CDX.NA.HY.25		GSCOI		Buy		5.000		12/20/20	USD		1,125		(194,688	)		(100,730	)		(295,418	)
CDX.NA.HY.25		GSCOI		Sell		5.000		12/20/20	USD		318		211,133			(109,800	)		101,333
Federation of Malaysia		BNP		Buy		1.000		12/20/20	USD		1,700		(110,691	)		(33,385	)		(144,076	)
Federation of Malaysia		BNP		Buy		1.000		6/20/21	USD		775		(22,856	)		(15,810	)		(38,666	)
Federation of Malaysia		MOS-A		Buy		1.000		12/20/20	USD		1,700		(85,394	)		(33,386	)		(118,780	)
Total Over-the-Counter Credit Default Swaps												$	(55,019	)	$	(389,558	)	$	(444,577	)

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**(Unaudited)
Investment Grade Corporate Debt Indexes		$5,955,000		$            —	BBB
Non-Investment Grade Corporate Debt Indexes		645,743		2,250,000	BB
Total		$6,600,743		$2,250,000

* 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.

Centrally Cleared Interest Rate Swaps at December 31, 2017
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
			Six-Month JPY BBA
BAC		Receive	LIBOR		0.468%		11/12/25	JPY		23,000	$	—	$	(4,633	)	$          (4,633)
			Three-Month SEK
BAC		Pay	STIBOR SIDE		1.418		11/12/25	SEK		1,840		—		8,646		8,646
			Three-Month SEK
BAC		Pay	STIBOR SIDE		1.501		12/9/25	SEK		5,120		—		26,937		26,937
			Six-Month GBP BBA
BAC		Receive	LIBOR		1.196		3/1/27	GBP		7,435		—		7,884		7,884
			Six-Month GBP BBA
BAC		Receive	LIBOR		1.353		12/4/27	GBP		7,200		—		(80,711	)	(80,711)
			Three-Month SEK
BAC		Pay	STIBOR SIDE		1.102		12/6/27	SEK		84,735		—		(75,852	)	(75,852)
			Three-Month SEK
BAC		Pay	STIBOR SIDE		1.278		10/5/27	SEK		5,735		—		9,597		9,597
			Three-Month SEK
BAC		Pay	STIBOR SIDE		1.365		8/10/25	SEK		4,580		—		22,132		22,132
			Three-Month SEK
BAC		Pay	STIBOR SIDE		1.630		7/3/25	SEK		27,305		7,919		208,793		216,712
			Three-Month SEK
BAC		Pay	STIBOR SIDE		0.628		7/8/26	SEK		2,340		—		(8,448	)	(8,448)
			Six-Month JPY BBA
BOA		Receive	LIBOR		0.208		12/8/26	JPY		49,000		—		550		550
			Six-Month JPY BBA
CITNA-B		Receive	LIBOR		0.251		1/6/27	JPY		386,000		—		(11,662	)	(11,662)

33      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate	Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
		Six-Month DKK
GSCOI	Pay	CIBOR2 DKNA13	0.975%		12/6/27	DKK		123,560	$	—	$	(96,644	)	$	(96,644	)
		Three-Month SEK
GSCOI	Pay	STIBOR SIDE	1.118		1/9/27	SEK		26,100		—		44,180			44,180
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.593		7/10/25	JPY		483,000		—		(145,741	)		(145,741	)
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.566		8/6/25	JPY		13,000		—		(3,648	)		(3,648	)
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.100		6/6/26	JPY		35,000		—		2,739			2,739
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.299		12/6/27	JPY		1,097,000		—		(40,586	)		(40,586	)
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.461		12/9/25	JPY		28,000		—		(5,407	)		(5,407	)
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.295		11/6/27	JPY		77,000		—		(2,996	)		(2,996	)
		Three-Month SEK
JPM	Pay	STIBOR SIDE	1.136		3/3/27	SEK		3,895		—		5,874			5,874
		Three-Month SEK
JPM	Pay	STIBOR SIDE	1.070		6/7/26	SEK		3,550		—		4,510			4,510
		Six-Month JPY BBA
JPM	Receive	LIBOR	0.595		8/11/25	JPY		29,000		—		(8,717	)		(8,717	)
Total of Centrally Cleared Interest Rate Swaps									$	7,919	$	(143,203	)	$	(135,284	)

Over-the-Counter Total Return Swaps at December 31, 2017

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

One-Month HKD HIBOR

0998.HK-China Citic Bank Corp.

HKAB minus 50 basis

Ltd., ORD H

GSCOI

Pay

points

5/24/18

HKD

2,801

$

(12,775

)

$

(12,775

)

One-Month HKD HIBOR

1988.HK-China Ninsheng Banking

HKAB minus 50 basis

Corp. Ltd., ORD H

GSCOI

Pay

points

5/24/18

HKD

2,885

(17,407

)

(17,407

)

One-Month HKD HIBOR

3328.HK-Bank of

HKAB minus 50 basis

Communications Co. Ltd., ORD H

GSCOI

Pay

points

5/24/18

HKD

3,403

(22,371

)

(22,371

)

One-Month HKD HIBOR

3968.HK-China Merchants Bank,

HKAB minus 50 basis

ORD H

GSCOI

Pay

points

5/24/18

HKD

3,791

(189,793

)

(189,793

)

One-Month HKD HIBOR

6818.HK-China Everbright Bank,

HKAB minus 50 basis

ORD H

GSCOI

Pay

points

5/24/18

HKD

1,478

(7,908

)

(7,908

)

One-Month USD BBA

LIBOR plus 30 basis

JPCMOLNG Custom Basketa

JPM

Receive

points

1/8/19

USD

4,914

134,530

134,530

One-Month HKD HIBOR

HKAB minus 85 basis

JPCMOSHR Custom Basketb

JPM

Pay

points

1/8/19

USD

4,913

(113,538

)

(113,538

)

One-Month USD BBA

LIBOR minus 35 basis

OEX Index

GSCOI

Pay

points

4/9/18

USD

6,872

(101,692

)

(101,692

)

One-Month USD BBA

SPDR Blackston/GSO Senior Loan

LIBOR plus 50 basis

Exchange Traded Fund

GSCOI

Receive

points

11/29/18

USD

60,537

(60,941

)

(60,941

)

Total Over-the-Counter Total Return Swaps

$

(391,895

)

$

(391,895

)

* 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		Value		% of Basket
JPCMOLNGa:
Activision Blizzar, Inc.		3,872		$135,337		2.69%
Allstate Corp.		2,353		136,003		2.69
Altria Group, Inc.		3,562		140,408		2.78
Ameriprise Financial, Inc.		1,480		138,450		2.75
Anthem, Inc.		1,029		127,808		2.53

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		Value		% of Basket
JPCMOLNGa: (Continued)
At&T, Inc.		6,640		$142,506	2.82%
Best Buy Co., Inc.		4,053		153,185	3.04
Boeing Co. (The)		873		142,116	2.81
Centene Corp.		2,366		131,753	2.61
Constellation Brands, Inc., Cl. A		1,110		140,050	2.77
Corning, Inc.		7,459		131,715	2.61
CVS Health Corp.		3,154		126,223	2.50
Delta Air Lines, Inc.		4,565		141,113	2.80
Eastman Chemical Co.		2,616		133,775	2.65
Eaton Corp. plc		3,106		135,464	2.68
ebay, Inc.		6,968		145,161	2.88
Estee Lauder Cos., Cl. A		1,935		135,908	2.69
Gap, Inc. (The)		7,477		140,576	2.78
General Motors Co.		5,607		126,867	2.51
LyondelBbasell Industries, Cl. A		2,308		140,550	2.78
Marathon Petroleum Corp.		3,857		140,476	2.78
McKesson Corp.		1,636		140,834	2.80
Mettler-Toledo International		384		131,319	2.60
Micron Technology, Inc.		5,699		129,357	2.56
Morgan Stanley		4,681		135,578	2.69
Nextera Energy, Inc.		1,529		131,826	2.61
NRG Energy, Inc.		8,738		137,370	2.72
PayPal Holdings, Inc.		3,190		129,636	2.57
Progressive Corp.		4,542		141,205	2.80
PulteGroup, Inc.		7,078		129,910	2.57
Robert Half International, Inc.		4,236		129,868	2.57
Royal Caribbean Cruises Ltd.		1,950		128,393	2.54
Scripps Networks Interactive, Cl. A		2,952		139,127	2.76
Stanley Black & Decker, Inc.		1,424		133,385	2.64
United Rentals, Inc.		1,515		143,765	2.85
Valero Energy Corp.		2,821		143,122	2.83
Vertex Pharmaceuticals, Inc.		1,674		138,478	2.74
		130,439		$5,048,617	100.00%
JPCMOSHRb:
Acuity Brands, Inc.		1,409		$136,886	2.73%
Advance Auto Parts, Inc.		2,392		131,628	2.62
Akamai Technologies		4,331		155,491	3.11
Allergan plc		1,390		125,511	2.50
American International Group		4,029		132,505	2.64
AmerisourceBergen Corp.		2,848		144,349	2.87
Arconic, Inc.		9,816		147,651	2.94
CenturyLink, Inc.		16,558		152,454	3.04
CF Industries Holdings, Inc.		6,448		151,411	3.02
CH Robinson Worldwide, Inc.		2,788		137,106	2.73
Chesapeake Energy Corp.		59,357		129,749	2.58
Chipotle Mexican Grill, Inc.		794		126,677	2.52
Cincinnati Financial Corp.		3,232		133,750	2.66
Coty, Inc., Cl. A		14,021		153,939	3.07
Dentsply Sirona, Inc.		3,605		130,998	2.61
Envision Healthcare Corp.		7,566		144,336	2.87
FirstEnergy Corp.		7,076		119,599	2.38
Fluor Corp.		4,990		142,268	2.83
Ford Motor Co.		19,295		133,028	2.65
Gartner, Inc.		1,998		135,821	2.70
General Electric Co.		13,209		127,233	2.53
Hess Corp.		5,265		137,960	2.75
Hewlett Packard Enterprise		17,318		137,274	2.73
JM Smucker Co. (The)		2,071		142,029	2.83
Kellogg Co.		3,651		137,003	2.73
Mattel, Inc.		13,238		112,387	2.24
Mosaic Co. (The)		9,946		140,877	2.81
Nasdaq, Inc.		3,051		129,392	2.58
News Corp., Cl. B		14,731		134,982	2.69
Perrigo Co. plc		2,770		133,270	2.65
Qualcomm, Inc.		3,642		128,704	2.56
Scana Corp.		5,596		122,879	2.45
Schwab (Charles) Corp.		4,951		140,391	2.80

35      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Custom baskets of securities: The following are the components and weights of the underlying basket of securities (Continued)
Description	Shares	Value	% of Basket
JPCMOSHRb: (Continued)
Stericycle, Inc.	3,643	$136,722	2.72%
Symantec Corp.	8,339	129,163	2.57
TripAdvisor, Inc.	6,978	132,734	2.64
Walgreens Boots Alliance, Inc.	3,321	133,125	2.65
	295,663	$5,021,282	100.00%

Over-the-Counter Volatility Swaps at December 31, 2017
																Unrealized
			Pay/Receive													Appreciation/
Reference Asset	Counterparty		Volatility*		Strike Price		Maturity Date			Notional Amount			Value			(Depreciation)
AUD/CHF spot exchange rate		CITNA-B		Pay		$  6.300		1/16/18	AUD		(8,500	)	$	929		$                    929
AUD/CHF spot exchange rate		BOA		Pay		6.625		1/16/18	AUD		(8,500	)		2,984		2,984
CAD/CHF spot exchange rate		BOA		Receive		7.050		1/29/18	CAD		8,200			(1,239	)	(1,239)
CAD/CHF spot exchange rate	��	GSCO-OT		Receive		7.650		1/29/18	CAD		8,100			(5,800	)	(5,800)
CAD/JPY spot exchange rate		CITNA-B		Receive		8.700		1/9/18	CAD		8,200			(21,136	)	(21,136)
CHF/NOK spot exchange rate		CITNA-B		Receive		8.750		1/18/18	CHF		6,300			(7,176	)	(7,176)
CHF/SEK spot exchange rate		BOA		Pay		7.750		1/12/18	CHF		(6,400	)		919		919
EUR/CAD spot exchange rate		BOA		Receive		6.700		1/11/18	EUR		5,400			(3,693	)	(3,693)
EUR/CAD spot exchange rate		BOA		Receive		6.900		1/8/18	EUR		5,400			(6,868	)	(6,868)
EUR/CHF spot exchange rate		GSCO-OT		Pay		5.050		1/22/18	EUR		(5,400	)		3,823		3,823
EUR/CHF spot exchange rate		BOA		Pay		4.700		1/22/18	EUR		(5,400	)		518		518
EUR/CHF spot exchange rate		CITNA-B		Pay		4.700		1/29/18	EUR		(5,400	)		(4,535	)	(4,535)
EUR/CHF spot exchange rate		CITNA-B		Pay		4.600		1/31/18	EUR		(5,400	)		(5,507	)	(5,507)
EUR/CHF spot exchange rate		GSCO-OT		Pay		5.425		2/5/18	EUR		(5,300	)		(1,272	)	(1,272)
EUR/CHF spot exchange rate		DEU		Pay		5.100		1/16/18	EUR		(5,400	)		4,341		4,341
EUR/CHF spot exchange rate		GSCO-OT		Pay		4.750		1/22/18	EUR		(5,400	)		65		65
GBP/CAD spot exchange rate		CITNA-B		Receive		8.600		1/5/18	GBP		4,700			(13,009	)	(13,009)
GBP/CAD spot exchange rate		GSCO-OT		Receive		8.650		1/8/18	GBP		4,800			(12,054	)	(12,054)
GBP/NZD spot exchange rate		BOA		Receive		9.850		1/4/18	GBP		4,700			2,729		2,729
GBP/NZD spot exchange rate		JPM		Receive		9.000		1/19/18	GBP		4,800			(14,387	)	(14,387)
Total Over-the-Counter Volatility Swaps													$	(80,368	)	$              (80,368)

* 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
TDB	Toronto Dominion Bank
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
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel

36      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Currency abbreviations indicate amounts reporting in currencies (Continued)
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
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
BONO	Spanish Government Bonds
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
CAC	French Options Market
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
CIBOR2	Two banking days preceding reset date of Copenhagen Interbank Offered Rate
DKNA13	Reuters 12 - Month CIBOR
EUR003M	EURIBOR 3 Month ACT/360
FTSE 100	United Kingdom 100 most highly capitalized companies on the London Stock Exchange
HIBOR	Hong Kong Interbank Offered Rate
HKAB	Hong Kong Association of Banks
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
itraxx.main.27	Credit Default Swap Trading Index for a Specific Basket of Securities
LIBOR03M	ICE LIBOR USD 3 Month
LIBOR12	London Interbank Offered Rate-Monthly
LIBOR4	London Interbank Offered Rate-Quarterly
MM	Money Market Reference Rate
MSCI	Morgan Stanley Capital International
NIKKEI 225	225 top-rated Japanese Companies listed on the Tokyo Stock Exchange
OAT	French Government Bonds
OEX	S&P 100 Index
S&P	Standard & Poor’s
STIBOR SIDE	Stockholm Interbank Offered Rate
T-BILL 3MO	US Treasury Bill 3 Month
TSX 60	60 largest companies on the Toronto Stock Exchange
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
See accompanying Notes to Consolidated Financial Statements.

37      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $368,339,434)	$            394,395,564
Affiliated companies (cost $17,082,111)	17,082,111
	411,477,675
Cash	316,013
Cash used for collateral on futures	4,906,000
Cash used for collateral on OTC derivatives	272,000
Cash used for collateral on centrally cleared swaps	3,860,001
Deposits with broker for securities sold short	38,416,826
Deposits with broker for foreign securities sold short (cost $5,567,029)	5,795,984
Unrealized appreciation on forward currency exchange contracts	1,808,360
Swaps, at value	150,838
Centrally cleared swaps, at value (net premiums paid $58,373)	622,396
Receivables and other assets:
Investments sold (including $4,673,441 sold on a when-issued or delayed delivery basis)	4,753,598
Interest and dividends	1,347,467
Variation margin receivable	346,721
Shares of beneficial interest sold	1,336
Other	40,621
Total assets	474,115,836
Liabilities
Securities sold short, at value (proceeds $37,169,462)—see accompanying consolidated statement of investments	41,468,471
Unrealized depreciation on forward currency exchange contracts	2,829,392
Swaps, at value (net premiums paid $55,019)	1,012,659
Centrally cleared swaps, at value (premiums received $1,739,069)	2,571,186
Payables and other liabilities:
Investments purchased (including $6,016,863 purchased on a when-issued or delayed delivery basis)	6,360,166
Variation margin payable	312,906
Dividends on short sales	30,613
Trustees’ compensation	8,727
Foreign capital gains tax	5,175
Shareholder communications	3,568
Distribution and service plan fees	740
Shares of beneficial interest redeemed	116
Other	234,350
Total liabilities	54,838,069
Net Assets	$            419,277,767
Composition of Net Assets
Par value of shares of beneficial interest	$                      42,621
Additional paid-in capital	431,921,721
Accumulated net investment loss	(32,366)
Accumulated net realized loss on investments and foreign currency transactions	(33,041,174)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies	20,386,965
Net Assets	$            419,277,767
Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $415,811,372 and 42,267,700 shares of beneficial interest outstanding)	$9.84
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $3,466,395 and 353,209 shares of beneficial interest outstanding)	$9.81

See accompanying Notes to Consolidated Financial Statements.

38      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Investment Income
Interest (net of foreign withholding taxes of $2,598)	$            6,290,040
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $94,041)	3,617,251
Affiliated companies	249,601
Other income	156,542
Total investment income	10,313,434
Expenses
Management fees	4,226,165
Distribution and service plan fees — Service shares	7,651
Transfer and shareholder servicing agent fees:
Non-Service shares	408,210
Service shares	3,062
Shareholder communications:
Non-Service shares	12,827
Service shares	98
Dividends on short sales	465,730
Custodian fees and expenses	133,592
Trustees’ compensation	31,606
Borrowing fees	11,188
Other	274,727
Total expenses	5,574,856
Less reduction to custodian expenses	(836)
Less waivers and reimbursements of expenses	(149,076)
Net expenses	5,424,944
Net Investment Income	4,888,490
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies	789,102
Option contracts written	2,006,900
Futures contracts	(3,157,374)
Foreign currency transactions	166,016
Forward currency exchange contracts	(4,191,909)
Short Positions	(7,054,954)
Swap contracts	(1,182,880)
Net realized loss	(12,625,099)
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $5,175)	16,180,991
Translation of assets and liabilities denominated in foreign currencies	329,688
Forward currency exchange contracts	(4,306,116)
Futures contracts	966,849
Option contracts written	(44,280)
Short positions	(1,887,016)
Swap contracts	(1,520,839)
Net change in unrealized appreciation/depreciation	9,719,277
Net Increase in Net Assets Resulting from Operations	$            1,982,668

See accompanying Notes to Consolidated Financial Statements.

39      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2017	Year Ended December 31, 2016
Operations
Net investment income	$              4,888,490	$                4,569,279
Net realized loss	(12,625,099)	(15,226,380)
Net change in unrealized appreciation/depreciation	9,719,277	25,813,743
Net increase in net assets resulting from operations	1,982,668	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	17,307,626	(15,372,890)
Service shares	940,121	657,532
	18,247,747	(14,715,358)
Net Assets
Total increase (decrease)	16,284,597	(5,138,149)
Beginning of period	402,993,170	408,131,319
End of period (including accumulated net investment loss of $32,366 and $1,020,555, respectively)	$            419,277,767	$            402,993,170

See accompanying Notes to Consolidated Financial Statements.

40      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-Service Shares	Year Ended December 31, 2017		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		0.12		0.11		0.11		0.08		(0.02)
Net realized and unrealized gain (loss)		(0.06)		0.25		(0.46)		0.52		(0.05)
Total from investment operations		0.06		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		$9.84		$9.88		$9.66		$10.04		$9.92
Total Return, at Net Asset Value4		0.56%		3.71%		(3.45)%		6.02%		(0.69)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$415,811		$400,449		$406,286		$262,573		$9,917
Average net assets (in thousands)		$408,282		$408,810		$363,975		$161,988		$9,827
Ratios to average net assets:5
Net investment income (loss)		1.19%		1.11%		1.11%		0.77%6		(1.85)%6
Expenses excluding specific expenses listed below		1.24%		1.23%		1.24%		1.33%		7.16%
Dividends and/or interest expense on securities sold short		0.11%		0.22%		0.17%		0.08%		0.00%
Borrowing expenses on securities sold short		0.00%		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		1.35%		1.47%		1.46%		1.43%6		7.16%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.32%		1.43%		1.41%		1.31%6		3.33%6
Portfolio turnover rate		129%		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 share 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:

Year Ended December 31, 2017	1.36	%
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	Year Ended December 31, 2017	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	0.09	0.08	0.08	0.08	(0.03)
Net realized and unrealized gain (loss)	(0.07)	0.26	(0.45)	0.50	(0.04)
Total from investment operations	0.02	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	$9.81	$9.87	$9.65	$10.03	$9.92
Total Return, at Net Asset Value4	0.19%	3.49%	(3.68)%	5.90%	(0.72)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$3,467	$2,544	$1,845	$1,332	$10
Average net assets (in thousands)	$3,063	$2,054	$1,695	$335	$10
Ratios to average net assets:5
Net investment income (loss)	0.92%	0.85%	0.85%	0.78%6	(2.12)%6
Expenses excluding specific expenses listed below	1.49%	1.48%	1.48%	1.68%	7.43%
Dividends and/or interest expense on securities sold short	0.11%	0.22%	0.17%	0.08%	0.00%
Borrowing expenses on securities sold short	0.00%	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	1.60%	1.72%	1.70%	1.78%6	7.43%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.57%	1.68%	1.65%	1.67%6	3.50%6
Portfolio turnover rate	129%	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 share 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:

Year Ended December 31, 2017	1.61	%
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 December 31, 2017

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 sub-sub-advisory agreements 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 Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.    

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 $11,767,262 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	10,734,020
Net assets	$	11,767,262
Net income (loss)	$	(98,024)
Net realized gain (loss)	$	323,162
Net change in unrealized appreciation/depreciation	$	718,651

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 the 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 determined necessary by the Manager.

43      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair 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, if any, 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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required, however, during the reporting period, the Fund paid federal excise tax of $19,555. 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, 2017, 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.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$20,924,253		$11,122,140

1. At period end, the Fund had $20,101,917 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

44      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

2. Significant Accounting Policies (Continued)

Expiring
No expiration	$	20,101,917

2. The Fund had $822,336 of post-October foreign currency losses which were deferred.

3. During the reporting period, the Fund did not utilize any capital loss carryforward.

4. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Increase to Accumulated Net Realized Loss on Investments
$21,266		$45,517		$24,251

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	3,945,818	$	5,579,433

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	$	395,617,220
Federal tax cost of other investments		(11,505,127	)
Total federal tax cost	$	384,112,093
Gross unrealized appreciation	$	28,867,591
Gross unrealized depreciation		(17,745,451	)
Net unrealized appreciation	$	11,122,140

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.

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 least quarterly or more frequently, if necessary.

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

45      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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.

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 when 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.

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

46      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

3. Securities Valuation (Continued)

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	$	7,901,701		$	2,623,322		$	66	$	10,525,089
Consumer Staples		8,793,252			1,645,960			—		10,439,212
Energy		32,154,788			1,021,444			—		33,176,232
Financials		30,841,991			12,793,675			199		43,635,865
Health Care		18,781,814			1,872,065			6,316		20,660,195
Industrials		20,494,392			1,529,412			—		22,023,804
Information Technology		20,106,460			605,255			2		20,711,717
Materials		7,450,342			1,526,928			—		8,977,270
Telecommunication Services		3,391,316			534,362			—		3,925,678
Utilities		4,817,768			964,348			—		5,782,116
Preferred Stocks		—			1,075,892			—		1,075,892
Rights, Warrants and Certificates		3,822			—			2		3,824
Asset-Backed Securities		—			10,631,127			—		10,631,127
Mortgage-Backed Obligation		—			2,306,933			—		2,306,933
Foreign Government Obligations		—			7,578,584			—		7,578,584
Non-Convertible Corporate Bonds and Notes		—			33,206,635			17,900		33,224,535
Convertible Corporate Bond and Note		—			48,268			—		48,268
Corporate Loans		—			12,239,465			—		12,239,465
Event-Linked Bonds		—			47,539,045			181,625		47,720,670
Short-Term Notes		—			92,962,916			—		92,962,916
Investment Companies		23,343,250			46,009			—		23,389,259
Exchange-Traded Options Purchased		226,116			—			—		226,116
Over-the-Counter Option Purchased		—			31,724			—		31,724
Over-the-Counter Interest Rate Swaptions Purchased		—			181,184			—		181,184
Total Investments, at Value		178,307,012			232,964,553			206,110		411,477,675
Other Financial Instruments:
Swaps, at value		—			150,838			—		150,838
Centrally cleared swaps, at value		—			622,396			—		622,396
Futures contracts		1,208,264			—			—		1,208,264
Forward currency exchange contracts		—			1,808,360			—		1,808,360
Total Assets	$	179,515,276		$	235,546,147		$	206,110	$	415,267,533
Liabilities Table
Other Financial Instruments:
Common Stock Securities Sold Short	$	(35,292,582	)	$	(6,175,889	)	$	—	$	(41,468,471	)
Other Financial Instruments:
Swaps, at value		—			(1,012,659	)		—		(1,012,659	)
Centrally cleared swaps, at value		—			(2,571,186	)		—		(2,571,186	)
Futures contracts		(514,076	)		—			—		(514,076	)
Forward currency exchange contracts		—			(2,829,392	)		—		(2,829,392	)
Total Liabilities	$	(35,806,658	)	$	(12,589,126	)	$	—	$	(48,395,784	)

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 into Level 1

Transfers out of Level 1

Transfers into Level 2

Transfers out of Level 2

Transfers into Level 3

Transfers out of Level 3

Assets Table

Investments, at Value:

Asset-Backed Securities

$

–

$

–

$

1,923,696

*

$

–

$

–

$

(1,923,696

)*

Preferred Stocks

–

(482,758

)**

482,758

**

–

–

–

47      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

Assets Table (Continued)
Rights, Warrants and Certificates	$	1,665	***	$	(2	)****	$	–	$	(1,665	)***	$	2	****	$	–
Total Assets	$	1,665		$	(482,760	)	$	2,406,454	$	(1,665	)	$	2		$	(1,923,696	)

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

** Transfers from Level 1 to Level 2 are a result of a change in pricing methodology to the use of a valuation determined based on observable market information other than quoted prices from an active market due to a lack of available unadjusted quoted prices.

*** Transfers from Level 2 to Level 1 are a result of the availability of quoted prices from an active market which were not available and have become available.

**** Transferred from Level 1 to Level 3 because of the lack of observable market data.

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.

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

48      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

4. Investments and Risks (Continued)

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.

When investing in loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

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		$6,016,863
Sold securities		4,673,441

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 and/or principal payment.

Information concerning securities not accruing interest at period end is as follows:

Cost	$	5,761
Market Value	$	17,900
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.

49      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 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.

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 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 $133,949,196 and $205,194,968, respectively.

50      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

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.

During the reporting period, the Fund had an ending monthly average market value of $59,230,511 and $92,698,031 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 $159,378 and $478,567 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 the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

51      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

During the reporting period, the Fund had an ending monthly average market value of $549,192 and $228,127 on written call options and written put options, respectively.

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

At period end, the Fund had no written options outstanding.

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 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 $39,367,277 and $7,300,606 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 $20,497,509 and $20,540,780 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

52      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

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.

For the reporting period, the Fund had ending monthly average notional amounts of $83,222,985 and $14,004,365 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.

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 $67,608 and $37,924 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.

During the reporting period, the Fund had an ending monthly average market value of $268,782 on purchased swaptions.

At period end, the Fund had no written swaption contracts outstanding.

53      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $919,218.

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	$	189,045	$	(189,045	)	$	–	$	–	$	–
Barclays Bank plc		502,880		(230,090	)		(272,790)		–		–
Citibank NA		264,379		(264,379	)		–		–		–

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
Deutsche Bank AG	$	218,875	$	(211,583)	$	–	$	(7,292)	$	–
Goldman Sachs Bank USA		212,387		(74,515)		–		(137,872)		–
Goldman Sachs International		145,337		(145,337)		–		–		–
HSBC Bank USA NA		170,994		(170,994)		–		–		–
JPMorgan Chase Bank NA		439,222		(439,222)		–		–		–
Toronto Dominion Bank		28,987		(28,987)		–		–		–
	$	2,172,106	$	(1,754,152)	$	(272,790)	$	(145,164)	$	–

*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	$	(733,071)	$	189,045	$	544,026	$	–	$	–
Barclays Bank plc		(230,090)		230,090		–		–		–
BNP Paribas		(49,195)		–		–		11,000		(38,195)
Citibank NA		(353,974)		264,379		–		–		(89,595)
Deutsche Bank AG		(211,583)		211,583		–		–		–
Goldman Sachs Bank USA		(74,515)		74,515		–		–		–
Goldman Sachs International		(632,839)		145,337		311,363		176,139		–
HSBC Bank USA, NA		(335,173)		170,994		–		–		(164,179)
JPMorgan Chase Bank NA		(993,650)		439,222		287,412		–		(267,016)
Morgan Stanley		(33,386)		–		–		–		(33,386)
Toronto Dominion Bank		(194,575)		28,987		–		–		(165,588)
	$	(3,842,051)	$	1,754,152	$	1,142,801	$	187,139	$	(757,959)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statements of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts					Swaps, at value	$	389,558
Equity contracts	Swaps, at value	$	134,530		Swaps, at value		526,425
Volatility contracts	Swaps, at value		16,308		Swaps, at value		96,676
Credit contracts	Centrally cleared swaps, at value		280,554		Centrally cleared swaps, at value		2,086,141
Interest rate contracts	Centrally cleared swaps, at value		341,842		Centrally cleared swaps, at value		485,045
Commodity contracts	Variation margin receivable		26,004	*	Variation margin payable		63,352	*
Equity contracts	Variation margin receivable		274,718	*	Variation margin payable		202,919	*
Interest rate contracts	Variation margin receivable		45,999	*	Variation margin payable		21,135	*
Volatility contracts					Variation margin payable		25,500	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		1,808,360		Unrealized depreciation on forward currency exchange contracts		2,829,392
Equity contracts	Investments, at value		226,116	**
Forward currency exchange contracts	Investments, at value		31,724	**

55      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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		$	181,184**
Total		$	3,367,339		$	6,726,143

*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
Derivatives Not Accounted for as Hedging Instruments	Investment transactions   in unaffiliated companies*			Option    ��  contracts written		Futures       contracts			Forward currency exchange       contracts			Swap contracts			Total
Commodity contracts	$	—		$	—	$	415,415		$	—		$	—		$          415,415
Credit contracts		—			—		—			—			(2,248,678	)	(2,248,678)
Equity contracts		795,789			—		(1,263,488	)		—			401,289		(66,410)
Forward currency exchange contracts		(1,999,882	)		2,006,900		—			(4,191,909	)		—		(4,184,891)
Interest rate contracts		(7,865	)		—		(2,313,062	)		—			847,134		(1,473,793)
Volatility contracts		—			—		3,761			—			(182,625	)	(178,864)
Total	$	(1,211,958	)	$	2,006,900	$	(3,157,374	)	$	(4,191,909	)	$	(1,182,880	)	$     (7,737,221)

*Includes purchased option contracts and purchased swaption contracts, if any.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions   in unaffiliated companies*			Option       contracts written			Futures       contracts			Forward currency exchange       contracts			Swap contracts			Total
Commodity contracts	$	—		$	—		$	193,284		$	—		$	—		$          193,284
Credit contracts		—			—			—			—			1,014,652		1,014,652
Equity contracts		27,721			—			767,197			—			(1,956,173	)	(1,161,255)
Forward currency exchange contracts		(452,357	)		(44,280	)		—			(4,306,116	)		—		(4,802,753)
Interest rate contracts		(213,016	)		—			36,656			—			(552,683	)	(729,043)
Volatility contracts		—			—			(30,288	)		—			(26,635	)	(56,923)
Total	$	(637,652	)	$	(44,280	)	$	966,849		$	(4,306,116	)	$	(1,520,839	)	$     (5,542,038)

*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:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,734,875		$	17,157,352			133,545		$	1,338,377
Dividends and/or distributions reinvested		397,645			3,921,732			560,049			5,544,486
Redeemed		(380,193	)		(3,771,458	)		(2,232,493	)		(22,255,753	)
Net increase (decrease)		1,752,327		$	17,307,626			(1,538,899	)	$	(15,372,890	)
Service Shares
Sold		151,036		$	1,490,635			103,428		$	1,019,688
Dividends and/or distributions reinvested		2,437			24,086			2,972			29,364
Redeemed		(58,070	)		(574,600	)		(39,783	)		(391,520	)
Net increase		95,403		$	940,121			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:

56      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

8. Purchases and Sales of Securities (Continued)

	Purchases		Sales
Investment securities	$	372,996,971	$	333,032,179

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-Advisers to provide the day-to-day portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Advisers an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Advisers 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 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:

57      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 $113,408. 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 $29,959 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 $54,913,668. 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 risk of an unlimited loss, since the price of the security sold short could theoretically increase without limit. Purchasing securities previously sold short to close out a short position can itself cause the price of the securities to rise further, thereby increasing the loss. Further, there is no assurance that a security the Fund needs to buy to cover a short position will be available for purchase at a reasonable price. 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 $1.875 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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer Global Multi-Alternatives Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”) and subsidiary, including the consolidated statement of investments, as of December 31, 2017, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two year period then ended, and the related consolidated notes (collectively, the “consolidated financial statements”) and the consolidated financial highlights for each of the years or periods in the five year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund and subsidiary as of December 31, 2017, the results of their consolidated operations for the year then ended, the changes in their consolidated net assets for each of the years in the two year period then ended, and the consolidated financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund and subsidiary in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 16, 2018

59      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

60      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-SUB ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund, and OFI has entered into sub-sub-advisory agreements with Barings, LLC (“Barings”) and OFI SteelPath, Inc. (“OFI SteelPath”), whereby OFI SteelPath and Barings provide investment sub-sub-advisory services to the Fund (collectively, all the investment advisory agreements are referred to as the “Agreements”, “OFI Global” and “OFI” are referred to as the “Managers” and “OFI SteelPath” and “Barings” are referred to as the “Sub-Sub Advisers”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers and Sub-Sub Advisers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and Sub-Sub Advisers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ and Sub-Sub Advisers’ services, (ii) the comparative investment performance of the Fund and the Managers and Sub-Sub Advisers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers, Sub-Sub Advisers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers and Sub-Sub Advisers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers and Sub-Sub Advisers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ and the Sub-Sub Advisers’ key personnel who provide such services. The Sub-Sub Advisers duties include providing the Fund with the services of the portfolio managers and the Sub-Sub-Advisers’ investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments. OFI, among other duties, provides full portfolio management and investment advice, oversight of the Sub-Sub Advisers, securities trading, and clearance and settlement support services to the Funds, which, among other things, involve the management of large pools of cash and require expertise in analyzing and selecting investments and instruments. OFI Global is responsible for oversight of other third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ and Sub-Sub Advisers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Mark Hamilton, Benjamin Rockmuller, Dokyoung Lee and Alessio de Longis, the portfolio managers for the Fund, and the Sub-Sub-Advisers’ investment team and analysts. The Board members also considered the totality of their experiences with the Managers and Sub-Sub Advisers as directors or trustees of the Fund and other funds advised by the Managers and Sub- Sub Advisers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ and Sub-Sub Advisers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers, Sub-Sub Advisers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser, the Sub-Adviser and the Sub-Sub-Advisers, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other multi-alternative funds. The Board considered that the Fund outperformed its category median for the one- and three-year periods. The Board also considered that the Fund was launched on November 14, 2013, and therefore has a relatively short performance record.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Managers and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement, and the Sub-Adviser pays the Sub-Sub-Advisers’ fees under the sub-sub-advisory agreements. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other multi-alternative funds. In reviewing the fees and expenses charged to the Fund, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the Fund to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s contractual management fees and total expenses were lower than their respective peer group medians and category medians. The Board further considered that the Adviser has contractually agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 1.20% for Non-Service Shares and 1.45% for Service Shares. This waiver and/or reimbursement may not be amended or withdrawn for

61      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-SUB ADVISORY

AGREEMENTS Unaudited / Continued

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

Economies of Scale and Profits Realized by the Managers and the Sub-Sub Advisers. The Board considered information regarding the Managers’ and Sub-Sub Advisers’ costs in serving as the Fund’s investment adviser, sub-adviser and sub-sub-advisers, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ and Sub-Sub Advisers’ profitability from their relationship with the Fund. The Board also considered that the Managers and Sub-Sub Advisers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers and Sub-Sub Advisers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers and Sub-Sub Advisers. In addition to considering the profits realized by the Managers and Sub-Sub Advisers, the Board considered information that was provided regarding the direct and indirect benefits the Managers and Sub-Sub Advisers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers and Sub-Sub Advisers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

62      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.

63      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

TRUSTEES AND OFFICERSUnaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

64      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Hamilton, Lee, Rockmuller, de Longis, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Mark Hamilton, Vice President (since 2013) Year of Birth: 1965	Chief Investment Officer, Asset Allocation of the Sub-Adviser (since April 2013) and a Senior Vice President of the Sub-Adviser (since April 2013). Mr. Hamilton served at AllianceBernstein L.P. (from 1994-2013), as an Investment Director of Dynamic Asset Allocation (from 2010-2013), Head of North American Blend Team (from 2009-2010), and Senior Portfolio Manager of Blend Strategies (from 2006-2010). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Dokyoung Lee, Vice President (since 2014) Year of Birth: 1965	Director of Research, Global Multi-Asset Group (since October 2013) and a Senior Vice President of the Sub-Adviser (since October 2013). Mr. Lee served at Alliance Bernstein L.P. (1994-2013): Director of Research for Strategic Asset Allocation (2011-2013), Director of Research for Blend Strategies (2008-2011), Head of Asia Pacific Blend Strategies (2005-2008), Head of Quantitative Research and Senior Portfolio Manager for Japan Value Equities (2001-2005), Portfolio Manager for Emerging Markets Value Equities (1997-2001), and Quantitative Analyst for US Value Equities (1994-1997). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Benjamin H. Rockmuller, Vice President (since 2014) Year of Birth: 1979	Vice President of the Sub-Adviser (since September 2010); Assistant Vice President of the Sub-Adviser (January 2010-August 2010); Portfolio Manager of the Sub-Adviser (since July 2010); Senior Analyst of the Sub-Adviser for the Global Debt Team (January 2010-July 2010); Intermediate Analyst of the Sub-Adviser for the Global Debt Team (January 2007-January 2010); Junior Analyst of the Sub-Adviser for the Global Debt Team (April 2004-January 2007) and Junior Analyst of the Sub-Adviser for the High Yield Team (June 2003-April 2004). A portfolio manager and an officer in the OppenheimerFunds complex.
Alessio de Longis, Vice President (since 2016) Year of Birth: 1978	Vice President of the Sub-Adviser (since June 2010); Assistant Vice President of the Sub-Adviser (May 2009-June 2010); Senior Research Analyst of the Sub-Adviser (January 2008-June 2010); Intermediate Research Analyst of the Sub-Adviser (January 2006-January 2008) Junior Analyst of the Sub-Adviser (February 2004-January 2006). A portfolio manager and an officer in the OppenheimerFunds complex.

65      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub- Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

66      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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67      OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

A Series of Oppenheimer Variable Account Funds
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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

December 31, 2017
Oppenheimer
International Growth Fund/VA	Annual Report
A Series of Oppenheimer Variable Account Funds
ANNUAL 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 12/31/17

	Inception    Date		1-Year			5-Year			10-Year
Non-Service Shares		5/13/92		26.29	%		8.35	%		4.50	%
Service Shares		3/19/01		26.44			8.16			4.21
MSCI AC World ex-U.S. Index				27.19			6.80			1.84

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.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS    

Infineon Technologies AG	2.6%
SAP SE	2.0
Temenos Group AG	2.0
Valeo SA	1.8
Keyence Corp.	1.8
Nippon Telegraph & Telephone Corp.	1.8
Continental AG	1.8
Reckitt Benckiser Group plc	1.7
Nidec Corp.	1.7
Hero MotoCorp Ltd.	1.6

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 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 December 31, 2017, and are based on the total market value of investments.

2      OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Performance Discussion

It has been a very good year for the Fund in absolute terms: the Fund’s Non-Service shares rose 26.29% over the one-year reporting period ended December 31, 2017. In relative terms, the Fund slipped from out to underperformance in the final few days of the year when markets surged sharply. For the one-year ended December 31, 2017, the MSCI AC World ex-U.S. Index (the “Index”) rose 27.19%.

This was obviously disappointing to us, if not surprising, given the stability of our low beta portfolio. However we have always focused on long-term value creation for the portfolio, rather than market timing, and have performed well relative to the Index over the medium and long term.

We seek to hold stocks over the long term and allow the wealth they can create for us to compound over time. The entry price we pay is the key component to the magnitude of returns. Therefore, we focus rigorously on valuation, ignore market timing, and eschew tactical trading.

With our long-term approach, we will not always outperform. This year, for instance, we lagged the Index due partly to our relatively low direct investment exposure to emerging market companies, particularly those in China. However, our portfolio earns roughly a quarter of its revenues in emerging markets through the global companies we own that do business there. While we do not benefit from the cyclical fund flows into emerging markets that we see every five to seven years – and that we saw this year – we do benefit from the growth of those economies.

During the one-year period, on a sector basis, the Fund outperformed the Index within the Health Care, Industrials and Financials sectors, due mainly to stock selection. The Fund’s underperformance stemmed from weaker relative stock selection in the Consumer Discretionary, Telecommunication Services, and Consumer Staples sectors.

With regard to countries, we remind investors that we are fundamental, bottom-up investors who view the world as one marketplace. 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, we outperformed the Index mainly in Switzerland on the strength of our stocks’ performance. An underweight position and stock selection in Japan along with an overweight position and stock selection in France also contributed positively to relative performance. Our portfolio underperformed the Index the most in China due mainly to our underweight position in that market. The Fund also underperformed in the UK due to an overweight position and stock selection, and in South Korea due to our lack of exposure there.

MARKET OVERVIEW

During the reporting period, world equity markets rose strongly. Europe began outperforming in early 2017 and continued to do so as growth expectations improved. Electoral surprises also continued over the course of the year. The French handed a presidential victory to Emmanuel Macron, a pro-Europe centrist, along with a landslide vote for his new political party in the national legislative elections. In the UK, Prime Minister Theresa May narrowly emerged victorious, albeit under a coalition government, and the Conservative Party failed to enlarge its majority. Taken together, these events improved the outlook for European cooperation and a softer “Brexit.”

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to performance this period included Infineon Technologies AG, Temenos Group AG and Dollarama Inc.

Infineon Technologies AG, a German semiconductor company, supplies the automotive industry. 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 is increasing demand for Infineon’s chips. The company is performing well and the share price appreciated in response.

Temenos Group AG is an enterprise software company focused on the banking industry. Modern regulatory requirements and the replacement of legacy IT systems are providing a tailwind for the company. In 2017, the company struck several groundbreaking deals with large banks. Results have exceeded consensus and its shares rose strongly over the course of the year.

Dollarama is a discount retailer based in Canada. In our opinion, it has headroom for substantial growth over the coming five years. During the year, Dollarama reported strong sales results and continued to execute well against its expansion plan. The stock price reacted favorably.

3        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

TOP INDIVIDUAL DETRACTORS

Top detractors from performance included Aryzta AG, Technicolor SA and SES SA.

Aryzta AG is a Swiss-based provider of par-baked goods to casual and fast food restaurants. During 2015, Aryzta acquired Picard, a French frozen food retailer, which deviated from its core business. In our opinion, Aryzta’s management has demonstrated that they do not have the retail channel experience necessary to produce the returns that we require from their acquisition. We exited our position during the reporting period.

Technicolor SA is a French company that has long been a leader in imaging technology. We view the company as a play on the trend toward ever more and more immersive video. The stock price fell after the company revised its FY 2016 Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”) guidance downward primarily due to weaker shipments in the Connected Home segment. We remain positive on the long term outlook of the company.

SES is one of the three leaders in the world’s oligopolistic satellite operator market. Roughly two thirds of SES’ revenue comes from video transmission. Fears over the potential deterioration of the television broadcast market in Europe, which are overdone in our opinion, have weighed upon the stock.

STRATEGY & OUTLOOK

We have seen a reversal of the leadership of the S&P 500 Index to the European markets after years of waiting - in fact, after the longest U.S. market leadership period in the last 50 years. History suggests that after such a reversal, new market leadership persists for an average of four years.

Outside of Europe, we are encouraged by the sea change in behavior of Japanese corporates. We are finding an increasing number of Japanese companies who are paying more than lip service to the rational allocation of capital and good treatment of shareholders. Rather than inserting a token page in a presentation book, they are implementing key performance measures and employee incentives to improve capital returns. For the first time since we have been managing this portfolio, we see a growing opportunity set of companies in Japan in which to invest.

As mentioned earlier, we derive roughly a quarter of the portfolio’s earnings from emerging markets and we benefit from the growth of those economies. In our opinion, the outlook for that growth over the coming year is good.

During 2017, the ability of most active managers to beat the performance of market indices was again demonstrated. We remain firm believers in active portfolio management and will continue to practice the same long-term investment discipline that we have since the inception of this portfolio.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund, 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.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown, but do not include the charges associated with the separate account products that offer this Fund.

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

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2017. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

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. 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.

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/17

1-Year     26.29%         5-Year     8.35%         10-Year     4.50%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Service Shares of the Fund at 12/31/17

1-Year     26.44%            5-Year     8.16%     10-Year    4.21%

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.

5        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 December 31, 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 December 31, 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 July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During 6 Months Ended December 31, 2017
Non-Service shares		$      1,000.00		$      1,097.50		$             5.30
Service shares		1,000.00		1,093.10		6.61
Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.16		5.10
Service shares		1,000.00		1,018.90		6.38

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 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.

6        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS December 31, 2017

	Shares		Value
Common Stocks—98.2%
Consumer Discretionary—23.8%
Auto Components—5.0%
Continental AG		39,631	$        10,699,387
Koito Manufacturing Co. Ltd.		122,900	8,641,953
Valeo SA		145,793	10,864,782
			30,206,122
Automobiles—3.7%
Bayerische Motoren Werke AG		57,538	5,976,622
Hero MotoCorp Ltd.		161,201	9,555,906
Subaru Corp.		204,200	6,465,144
			21,997,672
Diversified Consumer Services—0.4%
Dignity plc		103,507	2,538,291
Hotels, Restaurants & Leisure—3.1%
Carnival Corp.		138,680	9,204,192
Domino’s Pizza Group plc		1,072,904	5,004,816
Whitbread plc		78,046	4,214,935
			18,423,943
Household Durables—1.2%
SEB SA		39,200	7,262,938
Media—2.5%
ProSiebenSat.1 Media SE		193,633	6,666,901
SES SA, Cl. A, FDR		384,570	5,992,711
Technicolor SA		728,530	2,498,799
			15,158,411
Multiline Retail—1.5%
Dollarama, Inc.		70,332	8,787,303
Specialty Retail—1.7%
Industria de Diseno Textil SA		145,158	5,048,825
Nitori Holdings Co. Ltd.		36,800	5,247,172
			10,295,997
Textiles, Apparel & Luxury Goods—4.7%
Cie Financiere Richemont SA		71,311	6,456,705
Hermes International		12,806	6,854,966
LVMH Moet Hennessy Louis Vuitton SE		27,690	8,133,939
Pandora AS		60,393	6,572,544
			28,018,154
Consumer Staples—11.5%
Beverages—2.4%
Heineken NV		75,358	7,854,898
Pernod Ricard SA		41,760	6,610,222
			14,465,120
Food & Staples Retailing—3.0%
Alimentation Couche-Tard, Inc., Cl. B		118,884	6,203,343
CP ALL PCL		2,777,100	6,556,231
SPAR Group Ltd. (The)		317,064	5,208,757
			17,968,331
Food Products—3.4%
Barry Callebaut AG1		3,909	8,143,827
Saputo, Inc.		212,966	7,654,577
Unilever plc		85,402	4,731,232
			20,529,636
Household Products—1.7%
Reckitt Benckiser Group plc		111,074	10,375,314
Tobacco—1.0%
Swedish Match AB		142,314	5,601,595
Energy—1.2%
Energy Equipment & Services—0.6%
TechnipFMC plc		108,702	3,357,637
Oil, Gas & Consumable Fuels—0.6%
Koninklijke Vopak NV		83,184	3,648,815

	Shares		Value
Financials—6.2%
Capital Markets—2.1%
NEX Group plc		500,356	$        4,096,315
TP ICAP plc		665,291	4,765,031
UBS Group AG1		205,468	3,775,312
			12,636,658
Commercial Banks—1.3%
ICICI Bank Ltd., Sponsored ADR		803,443	7,817,500
Consumer Finance—0.7%
Prosegur Cash SA2		1,305,641	4,188,759
Insurance—1.1%
Prudential plc		250,724	6,446,153
Real Estate Management & Development—1.0%
Scout24 AG2		144,572	5,904,672
Health Care—10.5%
Biotechnology—2.6%
CSL Ltd.		65,300	7,187,013
Grifols SA		286,116	8,366,280
			15,553,293
Health Care Equipment & Supplies—2.8%
Essilor International Cie Generale d’Optique SA		46,733	6,444,261
Sonova Holding AG		32,317	5,045,691
William Demant Holding AS1		191,486	5,330,537
			16,820,489
Life Sciences Tools & Services—1.4%
Lonza Group AG1		32,130	8,679,414
Pharmaceuticals—3.7%
Bayer AG		59,722	7,427,930
Novo Nordisk AS, Cl. B		168,105	9,034,834
Roche Holding AG		22,510	5,693,752
			22,156,516
Industrials—16.1%
Aerospace & Defense—1.0%
Airbus SE		62,110	6,167,878
Commercial Services & Supplies—2.2%
Edenred		204,814	5,933,571
Prosegur Cia de Seguridad SA		893,706	7,019,999
			12,953,570
Construction & Engineering—0.7%
Boskalis Westminster		110,876	4,179,232
Electrical Equipment—2.8%
Legrand SA		86,540	6,653,373
Nidec Corp.		73,800	10,359,570
			17,012,943
Machinery—4.6%
Aalberts Industries NV		148,849	7,557,741
Atlas Copco AB, Cl. A		175,234	7,547,281
Kubota Corp.		367,000	7,186,487
VAT Group AG1,2		16,857	2,493,568
Weir Group plc (The)		88,287	2,521,222
			27,306,299
Professional Services—1.0%
Intertek Group plc		85,600	5,996,161
Trading Companies & Distributors—3.8%
Brenntag AG		94,214	5,943,148
Bunzl plc		253,565	7,090,153
Ferguson plc		49,100	3,513,235
Travis Perkins plc		306,132	6,472,864
			23,019,400

7        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS Continued

		Shares		Value
Information Technology—21.6%
Communications Equipment—1.1%
Nokia OYJ			1,352,985	$	6,319,573
Electronic Equipment, Instruments, & Components—4.7%
Hitachi Ltd.			945,000		7,351,243
Hoya Corp.			118,193		5,905,856
Keyence Corp.			19,212		10,727,321
Spectris plc			134,195		4,486,168
					28,470,588
Internet Software & Services—2.1%
Baidu, Inc., Sponsored ADR1			29,530		6,916,221
United Internet AG			79,532		5,470,430
					12,386,651
IT Services—2.5%
Amadeus IT Group SA			85,977		6,188,342
Atos SE			59,240		8,623,027
					14,811,369
Semiconductors & Semiconductor Equipment—6.2%
ams AG1			49,248		4,462,649
ASML Holding NV			47,240		8,195,576
Infineon Technologies AG			559,048		15,268,885
STMicroelectronics NV	��		426,790		9,268,651
					37,195,761
Software—5.0%
Dassault Systemes SE			55,547		5,899,451
SAP SE			111,109		12,458,642
Temenos Group AG			93,003		11,901,929
					30,260,022

	Shares		Value
Materials—4.5%
Chemicals—2.7%
Essentra plc		477,362	$        3,411,010
Novozymes AS, Cl. B		115,420	6,593,746
Sika AG		787	6,238,387
			16,243,143
Construction Materials—0.6%
James Hardie Industries plc		204,000	3,591,159
Containers & Packaging—1.2%
CCL Industries, Inc., Cl. B		154,779	7,151,602
Telecommunication Services—2.8%
Diversified Telecommunication Services—2.8%
Iliad SA		25,710	6,161,011
Nippon Telegraph & Telephone Corp.		227,900	10,723,963
			16,884,974
Total Common Stocks (Cost $358,939,205)			588,789,058
Preferred Stock—0.0%
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $12,272)		599,541	93,931
Investment Company—0.3%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22%3,4 (Cost $1,843,768)		1,843,768	1,843,768
Total Investments, at Value (Cost $360,795,245)		98.5%	590,726,757
Net Other Assets (Liabilities)		1.5	8,732,019
Net Assets		100.0%	$    599,458,776

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 $12,586,999 or 2.10% 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 December 31, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		9,483,349		102,687,457		110,327,038		1,843,768
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E		$             1,843,768		$                    116,912	$	—	$	—

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

Geographic Holdings (Unaudited)	Value		Percent
France	$	94,100,929		15.9%
United Kingdom		79,020,537		13.4
Germany		75,816,617		12.8
Japan		72,608,710		12.3
Switzerland	��	67,697,235		11.5
Netherlands		31,436,263		5.3
Spain		30,812,204		5.2
Canada		29,796,826		5.0
Denmark		27,531,661		4.7
India		17,467,337		3.0
Sweden		13,148,876		2.2
United States		11,047,959		1.9
Australia		7,187,013		1.2
China		6,916,221		1.2
Thailand		6,556,231		1.1
Finland		6,319,573		1.1
South Africa		5,208,757		0.9
Austria		4,462,649		0.7

8        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Ireland	$	3,591,159		0.6%
Total	$	590,726,757		100.0%

See accompanying Notes to Financial Statements.    

9        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $358,951,477)	$	588,882,989
Affiliated companies (cost $1,843,768)		1,843,768
		590,726,757
Cash		501,653
Cash—foreign currencies (cost $8)		9
Receivables and other assets:
Investments sold		8,418,102
Dividends		1,494,353
Shares of beneficial interest sold		374,846
Other		41,126
Total assets		601,556,846
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		1,349,126
Foreign capital gains tax		509,870
Investments purchased		78,432
Distribution and service plan fees		50,938
Trustees’ compensation		29,943
Shareholder communications		5,818
Other		73,943
Total liabilities		2,098,070
Net Assets	$	599,458,776
Composition of Net Assets
Par value of shares of beneficial interest	$	227,710
Additional paid-in capital		361,432,186
Accumulated net investment income		1,831,554
Accumulated net realized gain on investments and foreign currency transactions		6,519,356
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		229,447,970
Net Assets	$	599,458,776
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 $360,416,783 and 139,124,477 shares of beneficial interest outstanding)		$2.59
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $239,041,993 and 88,585,834 shares of beneficial interest outstanding)		$2.70

See accompanying Notes to Financial Statements.

10        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2017

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,187,747)	$	10,216,524
Affiliated companies		116,912
Total investment income		10,333,436
Expenses
Management fees		5,198,559
Distribution and service plan fees — Service shares		532,815
Transfer and shareholder servicing agent fees:
Non-Service shares		339,637
Service shares		213,216
Shareholder communications:
Non-Service shares		13,240
Service shares		8,261
Custodian fees and expenses		53,905
Trustees’ compensation		22,192
Borrowing fees		14,639
Other		129,655
Total expenses		6,526,119
Less reduction to custodian expenses		(200)
Less waivers and reimbursements of expenses		(448,394)
Net expenses		6,077,525
Net Investment Income		4,255,911
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $46,251)		14,315,859
Foreign currency transactions		(36,487)
Net realized gain		14,279,372
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $192,571)		108,170,814
Translation of assets and liabilities denominated in foreign currencies		126,323
Net change in unrealized appreciation/depreciation		108,297,137
Net Increase in Net Assets Resulting from Operations	$	126,832,420

See accompanying Notes to Financial Statements.

11        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS    

	Year Ended December 31, 2017		Year Ended December 31, 2016
Operations
Net investment income	$	4,255,911	$	5,530,716
Net realized gain (loss)		14,279,372		(21,315)
Net change in unrealized appreciation/depreciation		108,297,137		(15,794,847)
Net increase (decrease) in net assets resulting from operations		126,832,420		(10,285,446)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(4,868,321)		(3,398,644)
Service shares		(2,425,707)		(1,459,515)
	(7,294,028)		(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 (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(14,779,318)		788,912
Service shares		17,507,241		15,959,227
		2,727,923		16,748,139
Net Assets
Total increase (decrease)		122,266,315		(9,646,891)
Beginning of period		477,192,461		486,839,352
End of period (including accumulated net investment income of $1,831,554 and $4,952,410, respectively)	$	599,458,776	$	477,192,461

See accompanying Notes to Financial Statements.

12        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS    

Non-Service Shares	Year Ended     December 31, 2017		Year Ended   December 31, 2016		Year Ended   December 31, 2015		Year Ended   December 31, 2014		Year Ended   December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$2.08		$2.20		$2.31		$2.57		$2.07
Income (loss) from investment operations:
Net investment income1		0.02		0.03		0.03		0.03		0.03
Net realized and unrealized gain (loss)		0.52		(0.08)		0.06		(0.21)		0.50
Total from investment operations		0.54		(0.05)		0.09		(0.18)		0.53
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.02)		(0.03)		(0.03)		(0.03)
Distributions from net realized gain		0.00		(0.05)		(0.17)		(0.05)		0.00
Total dividends and/or distributions to shareholders		(0.03)		(0.07)		(0.20)		(0.08)		(0.03)
Net asset value, end of period		$2.59		$2.08		$2.20		$2.31		$2.57
Total Return, at Net Asset Value2		26.29%		(2.12)%		3.43%		(7.22)%		25.87%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$360,417		$301,559		$317,547		$358,756		$458,038
Average net assets (in thousands)		$339,999		$305,269		$343,347		$400,556		$404,859
Ratios to average net assets:3
Net investment income		0.87%		1.24%		1.08%		1.13%		1.24%
Expenses excluding specific expenses listed below		1.08%		1.09%		1.08%		1.07%		1.09%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		1.08%		1.09%		1.08%		1.07%		1.09%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%
Portfolio turnover rate		27%		15%		24%		41%		32%

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:

Year Ended December 31, 2017	1.08	%
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	%

See accompanying Notes to Financial Statements.

13        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS Continued

Service Shares	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$2.16		$2.29		$2.40		$2.66		$2.14
Income (loss) from investment operations:
Net investment income1		0.01		0.02		0.02		0.02		0.02
Net realized and unrealized gain (loss)		0.56		(0.08)		0.06		(0.21)		0.53
Total from investment operations		0.57		(0.06)		0.08		(0.19)		0.55
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.02)		(0.02)		(0.02)		(0.03)
Distributions from net realized gain		0.00		(0.05)		(0.17)		(0.05)		0.00
Total dividends and/or distributions to shareholders		(0.03)		(0.07)		(0.19)		(0.07)		(0.03)
Net asset value, end of period		$2.70		$2.16		$2.29		$2.40		$2.66
Total Return, at Net Asset Value2		26.44%		(2.72)%		3.11%		(7.15)%		25.71%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$239,042		$175,633		$169,292		$145,515		$118,060
Average net assets (in thousands)		$213,440		$174,834		$165,226		$128,694		$88,647
Ratios to average net assets:3
Net investment income		0.60%		0.99%		0.79%		0.85%		0.89%
Expenses excluding specific expenses listed below		1.33%		1.34%		1.33%		1.32%		1.34%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%		0.00%
Total expenses5		1.33%		1.34%		1.33%		1.32%		1.34%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.25%		1.25%		1.25%		1.25%
Portfolio turnover rate		27%		15%		24%		41%		32%

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:

Year Ended December 31, 2017	1.33	%
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	%

See accompanying Notes to Financial Statements.

14        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2017

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 the 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 determined necessary by the Manager.

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, if any, 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

15        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$4,562,242		$10,181,143		$—		$223,085,439

1. During the reporting period, the Fund utilized $417,148 of capital loss carryforward to offset capital gains realized in that fiscal year.

2. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Reduction to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Gain on Investments3
$1,073,985		$82,739		$991,246

3. $1,073,984, including $1,031,538 of long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Distributions paid from:
Ordinary income	$	7,294,028	$	4,858,159
Long-term capital gain		—		11,251,425
Total	$	7,294,028	$	16,109,584

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	$	367,157,776
Federal tax cost of other investments		8
Total federal tax cost	$	367,157,784
Gross unrealized appreciation	$	247,421,551
Gross unrealized depreciation		(24,336,112	)
Net unrealized appreciation	$	223,085,439

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.

16        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

2.. Significant Accounting Policies (Continued)

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

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 when 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 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		$                    17,991,495		$                    124,697,336		$                    —		$142,688,831

17        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS 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)
Consumer Staples	$	13,857,920	$	55,082,076	$	—	$	68,939,996
Energy		—		7,006,452		—		7,006,452
Financials		7,817,500		29,176,242		—		36,993,742
Health Care		—		63,209,712		—		63,209,712
Industrials		—		96,635,483		—		96,635,483
Information Technology		6,916,221		122,527,743		—		129,443,964
Materials		7,151,602		19,834,302		—		26,985,904
Telecommunication Services		—		16,884,974		—		16,884,974
Preferred Stock		93,931		—		—		93,931
Investment Company		1,843,768		—		—		1,843,768
Total Assets	$	55,672,437	$	535,054,320	$	—	$	590,726,757

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:
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 in pricing methodology to the use of a valuation determined based on observable market information other than quoted prices from an active market due to a lack of available unadjusted quoted prices.

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.

18        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

4. Investments and Risks (Continued)

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. Related parties owned 38% 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:

	Year Ended December 31, 2017						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		22,026,198		$	51,090,812			22,953,697		$	47,962,883
Dividends and/or distributions reinvested		2,045,409			4,868,321			4,989,924			10,628,539
Redeemed		(30,252,278	)		(70,738,451	)		(27,048,722	)		(57,802,510	)
Net increase (decrease)		(6,180,671	)	$	(14,779,318	)		894,899		$	788,912
Service Shares
Sold		23,171,844		$	56,773,388			20,232,575		$	45,018,434
Dividends and/or distributions reinvested		978,108			2,425,707			2,468,939			5,481,045
Redeemed		(16,813,549	)		(41,691,854	)		(15,460,315	)		(34,540,252	)
Net increase		7,336,403		$	17,507,241			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	$	143,344,952	$	144,326,694

19        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

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.

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	$	266,359
Service shares		167,890

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 $14,145 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.

20        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.875 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.

21        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Variable Account Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer International Growth Fund/VA, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 13, 2018

22        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

23        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together, the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of George Evans and Robert Dunphy, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other foreign large growth funds underlying variable insurance products. The Board noted that the Fund outperformed its performance category median during the one-, five- and ten-year periods, while it underperformed is category mean during the three-year period.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other foreign large growth underlying variable insurance products. In reviewing the fees and expenses charged to the VA funds, the Board considered the Adviser’s assertion that, because there is much greater disparity in the fees and services that may be provided by a manager to a VA fund as opposed to a retail fund, when comparing the expenses of the various VA funds to those of retail funds, it is most appropriate to focus on total expenses (rather than on the management fees). Accordingly, while the Board reviewed and considered all expenses, it focused on total expenses. The Board considered that the Fund’s total expenses and contractual management fee were higher than its respective peer group medians and its category medians.. The Board noted that the Adviser has contractually agreed to limit the Fund’s total annual operating 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. This contractual expense limitation may not be amended or withdrawn until one year from the date of the Fund’s prospectus, unless approved by the Board.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

24        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

25        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.

26        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006- 2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

27        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985- 2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992- 2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 54 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth: 1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 54 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 111 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Evans, Dunphy, Mss. Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
George R. Evans, Vice President (since 1999) Year of Birth: 1959	CIO Equities of the Sub-Adviser (since January 2013); Senior Vice President of the Sub-Adviser (since July 2004). Director of International Equities of the Sub-Adviser (since July 2004); Director of Equities of the Sub-Adviser (October 2010-December 2012); Vice President of HarbourView Asset Management Corporation (July 1994-November 2001) and Vice President of the Sub-Adviser (October 1993-July 2004). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Robert B. Dunphy, Vice President (since 2012) Year of Birth: 1979	Vice President of the Sub-Adviser (since January 2011); Senior Portfolio Manager (since May 2011); Senior Research Analyst and Assistant Vice President of the Sub-Adviser (May 2009-January 2011), and an Intermediate Research Analyst of the Sub-Adviser (January 2006-May 2009). A portfolio manager of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 111 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 111 portfolios in the OppenheimerFunds complex.

28        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973

Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 111 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970

Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 111 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.988.8287.

29        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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30        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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31        OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds

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.
	© 2018 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

Item 2.   Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3.   Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Karen L. Stuckey, the Chairwoman of the Board’s Audit Committee, is the audit committee financial expert and that Ms. Stuckey is “independent” for purposes of this Item 3.

Item 4.   Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $453,400 in fiscal 2017 and $473,600 in fiscal 2016.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $35,000 in fiscal 2017 and $84,100 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $386,986 in fiscal 2017 and $232,185 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, and additional audit services.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $14,903 in fiscal 2017 and $20,375 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $591,136 in fiscal 2017 and $645,284 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-

planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $1,028,025 in fiscal 2017 and $981,944 in fiscal 2016 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

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 12/31/2017, 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.   Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.   Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits 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:	2/16/2018

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:	2/16/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	2/16/2018