Oppenheimer Variable Account Funds

Net investment income

Net gain on investments

Net increase in net assets resulting from operations

N-CSR 1 d632055dncsr.htm OPPENHEIMER VARIABLE ACCOUNT FUNDS Oppenheimer Variable Account Funds

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: 12/31/2018

Item 1.

Reports to Stockholders.




		December 31, 2018
		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 12/31/18


	Inception Date	1-Year		5-Year		10-Year
Non-Service Shares	8/15/86		-6.08%		6.90%		14.21	%
Service Shares	10/16/00		-6.31		6.63		13.93
Russell Midcap Growth Index			-4.75		7.42		15.12

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


Total System Services, Inc.		2.5%
CoStar Group, Inc.		2.3
Waste Connections, Inc.		2.3
Roper Technologies, Inc.		2.1
Lamb Weston Holdings, Inc.		2.1
O’Reilly Automotive, Inc.		2.0
CDW Corp.		1.9
IDEX Corp.		1.9
WellCare Health Plans, Inc.		1.9
Progressive Corp. (The)		1.9

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of -6.08% during the reporting period, underperforming the Russell Midcap Growth Index’s (the “Index”) return of -4.75%. The Fund underperformed the Index within the Industrials and Energy sectors due to stock selection, and in the Information Technology Sector due to an underweight position. Stock selection in the Health Care, Financials, and Communication Services sectors provided favorable performance.

MARKET OVERVIEW

After markets closed 2017 with strong performance, volatility made a comeback in 2018 due to a combination of the U.S. Administration’s trade wars with other nations, a slowing of global economic activity, and the prospect of rising interest rates interrupting the upward march of the equity markets. During the fourth quarter of 2018, equity market volatility spiked and all major equity indices across the world had substantially negative performance.

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Fund this reporting period included ABIOMED, Atlassian, and ServiceNow.

ABIOMED Inc. is a medical device manufacturer focused on heart pumps. Their Impella pumps provide better outcomes for many patients undergoing heart procedures, and the momentum in using Impella to treat patients remains strong. ABIOMED is an example of our Medical Technology theme.

Atlassian Corp. is an enterprise software company specializing in collaboration, communication, and service management. The company’s JIRA Service Desk is the fastest growing product within their portfolio. The share price continues to increase as the company reports quarter after quarter of impressive growth in revenue and earnings. Atlassian is an example of our Software-as-a-Service (SaaS) theme.

ServiceNow, Inc. is an enterprise software company with a focus on corporate IT service management (ITSM). The company dominates in the ITSM space while also expanding into the operations management functions such as HR and Security. ServiceNow is also an example of our SaaS theme.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Continental Resources, WEX, and GrubHub.

Continental is an exploration and production (E&P) company that produces oil and natural gas. They are mostly focused on drilling in the Bakken Shale in North Dakota and the Woodford Shale in Oklahoma. Continental reported solid financial results during the year, however their oil & natural gas is unhedged unlike some peers. As a result, the stock underperformed due to the significant decline in oil prices in the second half of the period. We continue to own this security.

WEX is a payment processing company. Their primary business is a global fuel card network that allows operators of fleets of trucks to track and manage gasoline purchases. A portion of Wex’s revenue in this business is linked to the price of gasoline, which declined substantially in the second half of the period and led to underperformance. We remain positive on Wex’s overall business.

GrubHub is an online and mobile food ordering company that connects local take-out restaurants with its online platform. After reaching an all-time high in September, the share price faced downward pressure from investors skeptical of the company’s accelerated buildout of their nationwide delivery network. We maintain a constructive view on the company’s growth potential.

STRATEGY & OUTLOOK

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

Looking forward, we expect the growth rate of the U.S. economy to moderate from a solid 2018, while remaining stronger than many other economies around the world. Tighter monetary policy, waning benefit from fiscal stimulus, and trade war fallout are the primary reasons for this slowdown. We believe moderating economic growth and the anniversary of corporate tax cuts will combine to materially slow the pace of earnings growth. The equity markets have started to reflect this scenario with lower valuations and that process could continue in 2019, along with elevated market volatility. We believe that companies with strong secular growth profiles will outperform those in cyclical industries over the intermediate future.

3 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Our opportunity set remains compelling and we expect stock selection to continue to drive our relative performance over the long term. Our holdings growth trajectory remains superior to the current corporate profit environment, with earnings per share (EPS) growth in the most recent quarter of more than 30% in the Fund.

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 views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

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, 2018. 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 Index 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:

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -6.08% 5-Year 6.90% 10-Year 14.21%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -6.31% 5-Year 6.63% 10-Year 13.93%

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, 2018.

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, 2018” 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, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	884.40	$	3.81
Service shares		1,000.00		883.40		5.00

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, 2018 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, 2018


	Shares		Value

Common Stocks—94.9%

Consumer Discretionary—18.0%

Distributors—1.5%

Pool Corp.		62,310	$	9,262,382


Diversified Consumer Services—1.5%

Bright Horizons Family Solutions, Inc.¹		85,780		9,560,181


Entertainment—0.5%

Live Nation Entertainment, Inc.¹		60,220		2,965,835


Hotels, Restaurants & Leisure—4.7%

Chipotle Mexican Grill, Inc., Cl. A¹		10,340		4,464,709

Domino’s Pizza, Inc.		41,350		10,254,386

Planet Fitness, Inc., Cl. A¹		132,410		7,099,824

Vail Resorts, Inc.		33,690		7,102,526

				28,921,445


Interactive Media & Services—1.3%

IAC/InterActiveCorp¹		45,370		8,304,525


Internet & Catalog Retail—0.5%

GrubHub, Inc.¹		43,820		3,365,814


Multiline Retail—0.9%

Ollie’s Bargain Outlet Holdings, Inc.¹		86,110		5,727,176


Specialty Retail—5.2%

Burlington Stores, Inc.¹		65,550		10,663,018

O’Reilly Automotive, Inc.¹		35,800		12,327,014

Tractor Supply Co.		53,940		4,500,754

Ulta Beauty, Inc.¹		19,490		4,771,932

				32,262,718


Textiles, Apparel & Luxury Goods—1.9%

Canada Goose Holdings, Inc.¹		57,570		2,516,960

lululemon athletica, Inc.¹		74,670		9,080,619

				11,597,579


Consumer Staples—5.1%

Beverages—0.6%

Keurig Dr Pepper, Inc.		149,320		3,828,565


Food Products—3.4%

Lamb Weston Holdings, Inc.		176,860		13,009,821

McCormick & Co., Inc.		55,650		7,748,706

				20,758,527


Household Products—1.1%

Church & Dwight Co., Inc.		102,250		6,723,960


Energy—1.2%

Oil, Gas & Consumable Fuels—1.2%

Continental Resources, Inc.¹		81,580		3,278,700

Diamondback Energy, Inc.		45,103		4,181,048

				7,459,748


Financials—9.0%

Capital Markets—3.3%

E*TRADE Financial Corp.		54,150		2,376,102

KKR & Co., Inc., Cl. A		219,630		4,311,337

MSCI, Inc., Cl. A		71,410		10,527,976

Raymond James Financial, Inc.		46,850		3,486,109

				20,701,524


Commercial Banks—0.5%

SVB Financial Group¹		16,440		3,122,285


Insurance—3.3%

Arthur J. Gallagher & Co.		119,630		8,816,731

Progressive Corp. (The)		191,470		11,551,385

				20,368,116


Real Estate Investment Trusts (REITs)—1.0%

Alexandria Real Estate Equities, Inc.		26,920		3,102,261

SBA Communications Corp., Cl. A¹		18,870		3,054,864

				6,157,125


	Shares		Value

Real Estate Management & Development—0.9%

CBRE Group, Inc., Cl. A¹		142,190	$	5,693,287


Health Care—16.9%

Biotechnology—0.8%

Neurocrine Biosciences, Inc.¹		31,150		2,224,421

Sarepta Therapeutics, Inc.¹		22,760		2,483,799

				4,708,220


Health Care Equipment & Supplies—8.2%

ABIOMED, Inc.¹		13,660		4,440,047

Cooper Cos., Inc. (The)		31,470		8,009,115

DexCom, Inc.¹		42,460		5,086,708

Edwards Lifesciences Corp.¹		38,660		5,921,552

ICU Medical, Inc.¹		24,520		5,630,528

IDEXX Laboratories, Inc.¹		38,860		7,228,737

Insulet Corp.¹		109,360		8,674,435

STERIS plc		21,820		2,331,467

West Pharmaceutical Services, Inc.		34,130		3,345,764

				50,668,353


Health Care Providers & Services—3.2%

Encompass Health Corp.		56,180		3,466,306

Henry Schein, Inc.¹		60,190		4,726,119

WellCare Health Plans, Inc.¹		50,380		11,894,214

				20,086,639


Life Sciences Tools & Services—4.7%

Agilent Technologies, Inc.		130,570		8,808,252

Bio-Rad Laboratories, Inc., Cl. A¹		20,570		4,776,765

ICON plc¹		74,660		9,646,819

IQVIA Holdings, Inc.¹		54,230		6,299,899

				29,531,735


Industrials—15.9%

Aerospace & Defense—0.8%

HEICO Corp.		61,580		4,771,218


Airlines—0.8%

United Continental Holdings, Inc.¹		55,880		4,678,832


Building Products—0.5%

Lennox International, Inc.		14,400		3,151,584


Commercial Services & Supplies—4.5%

Cintas Corp.		46,930		7,883,771

Copart, Inc.¹		33,260		1,589,163

Republic Services, Inc., Cl. A		63,210		4,556,809

Waste Connections, Inc.		189,365		14,060,351

				28,090,094


Industrial Conglomerates—2.1%

Roper Technologies, Inc.		50,140		13,363,313


Machinery—1.9%

IDEX Corp.		94,330		11,910,106


Professional Services—5.3%

CoStar Group, Inc.¹		42,070		14,191,894

IHS Markit Ltd.¹		210,380		10,091,929

TransUnion		154,140		8,755,152

				33,038,975


Information Technology—26.1%

Communications Equipment—1.0%

Motorola Solutions, Inc.		53,450		6,148,888


Electronic Equipment, Instruments, & Components—3.2%

CDW Corp.		149,890		12,148,584

FLIR Systems, Inc.		55,640		2,422,566

Keysight Technologies, Inc.¹		86,490		5,369,299

				19,940,449


IT Services—9.6%

Booz Allen Hamilton Holding Corp., Cl. A		110,990		5,002,319

Broadridge Financial Solutions, Inc.		79,520		7,653,800

7 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS Continued


	Shares		Value
IT Services (Continued)
Euronet Worldwide, Inc.¹		37,730	$	3,862,797
Fiserv, Inc.¹		109,500		8,047,155
Global Payments, Inc.		97,850		10,091,271
Total System Services, Inc.		189,940		15,440,223
Twilio, Inc., Cl. A¹		50,580		4,516,794
WEX, Inc.¹		37,680		5,277,461

				59,891,820
Semiconductors & Semiconductor Equipment—2.7%
Advanced Micro Devices, Inc.¹		65,310		1,205,623
Monolithic Power Systems, Inc.		76,630		8,908,237
Xilinx, Inc.		76,480		6,513,802

				16,627,662
Software—9.6%
Atlassian Corp. plc, Cl. A¹		75,810		6,745,574
Fair Isaac Corp.¹		31,550		5,899,850
PTC, Inc.¹		37,220		3,085,538
RealPage, Inc.¹		64,410		3,103,918
RingCentral, Inc., Cl. A¹		112,750		9,295,110
ServiceNow, Inc.¹		55,224		9,832,633
Splunk, Inc.¹		39,120		4,101,732
Synopsys, Inc.¹		118,880		10,014,451


	Shares		Value
Software (Continued)
Ultimate Software Group, Inc. (The)¹		13,520	$	3,310,643
Zendesk, Inc.¹		71,190		4,155,360

				59,544,809
Materials—2.7%
Chemicals—1.2%
Ashland Global Holdings, Inc.		52,080		3,695,597
Ingevity Corp.¹		43,430		3,634,657

				7,330,254
Containers & Packaging—1.5%
Avery Dennison Corp.		44,750		4,019,892
Ball Corp.		116,310		5,347,934

				9,367,826

Total Common Stocks (Cost $553,159,769)				589,631,569
Investment Company—4.2%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^2,3(Cost $25,869,936)		25,869,936		25,869,936
Total Investments, at Value (Cost $579,029,705)		99.1%		615,501,505

Net Other Assets (Liabilities)		0.9		5,825,404

Net Assets		100.0%	$	621,326,909

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, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		7,573,590		344,720,474		326,424,128		25,869,936

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	25,869,936	$	329,540	$	—	$	—

See accompanying Notes to Financial Statements.

8 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $553,159,769)	$	589,631,569
Affiliated companies (cost $25,869,936)		25,869,936

		615,501,505

Cash		556,156

Receivables and other assets:
Shares of beneficial interest sold		4,900,896
Investments sold		1,621,336
Dividends		343,713
Other		79,460

Total assets		623,003,066

Liabilities
Payables and other liabilities:
Investments purchased		1,238,425
Shares of beneficial interest redeemed		315,051
Trustees’ compensation		66,322
Shareholder communications		16,389
Distribution and service plan fees		7,890
Other		32,080

Total liabilities		1,676,157

Net Assets	$	621,326,909



Composition of Net Assets
Par value of shares of beneficial interest	$	9,084

Additional paid-in capital		497,886,928

Total distributable earnings		123,430,897

Net Assets	$	621,326,909



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 $586,272,572 and 8,539,969 shares of beneficial interest outstanding)		$68.65


Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $35,054,337 and 544,259 shares of beneficial interest outstanding)		$64.41

See accompanying Notes to Financial Statements.

9 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $15,634)	$	3,866,172
Affiliated companies		329,540

Total investment income		4,195,712


Expenses
Management fees		5,190,248

Distribution and service plan fees -Service shares		102,109

Transfer and shareholder servicing agent fees:
Non-Service shares		829,224

Service shares		49,012

Shareholder communications:
Non-Service shares		63,456
Service shares		3,801

Trustees’ compensation		26,082

Borrowing fees		23,299

Custodian fees and expenses		5,200

Other		68,973

Total expenses		6,361,404

Less reduction to custodian expenses		(511)

Less waivers and reimbursements of expenses		(380,557)

Net expenses		5,980,336


Net Investment Loss		(1,784,624)


Realized and Unrealized Gain (Loss)
Net realized gain on investment transactions in unaffiliated companies		95,224,298

Net change in unrealized appreciation/(depreciation) on investment transactions in unaffiliated companies		(128,898,713)

Net Decrease in Net Assets Resulting from Operations		$ (35,459,039)

See accompanying Notes to Financial Statements.

10 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment loss	$	(1,784,624)	$	(936,874)

Net realized gain		95,224,298		111,170,933

Net change in unrealized appreciation/(depreciation)		(128,898,713)		64,493,500

Net increase (decrease) in net assets resulting from operations		(35,459,039)		174,727,559


Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(95,656,703)		(66,743,996)
Service shares		(5,963,052)		(3,695,269)


Total dividends and distributions declared		(101,619,755)		(70,439,265)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:

Non-Service shares		20,283,999		(8,172,895)

Service shares		3,848,119		2,197,994


Total beneficial interest transactions		24,132,118		(5,974,901)


Net Assets
Total increase (decrease)		(112,946,676)		98,313,393

Beginning of period		734,273,585		635,960,192

End of period	$	621,326,909	$	734,273,585

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 – New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

11 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$84.21		$72.65		$76.85		$78.82		$74.51

Income (loss) from investment operations:
Net investment income (loss)¹		(0.19)		(0.10)		0.03		(0.19)		(0.29)
Net realized and unrealized gain (loss)		(3.07)		20.08		1.69		5.67		4.60

Total from investment operations		(3.26)		19.98		1.72		5.48		4.31

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.03)		0.00		0.00		0.00
Distributions from net realized gain		(12.30)		(8.39)		(5.92)		(7.45)		0.00

Total dividends and/or distributions to shareholders		(12.30)		(8.42)		(5.92)		(7.45)		0.00

Net asset value, end of period		$68.65		$84.21		$72.65		$76.85		$78.82



Total Return, at Net Asset Value²		(6.08)%		28.79%		2.34%		6.61%		5.78%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$586,273		$694,675		$603,708		$660,450		$682,515

Average net assets (in thousands)		$690,497		$661,192		$621,110		$695,736		$688,259

Ratios to average net assets:³
Net investment income (loss)		(0.23)%		(0.12)%		0.04%		(0.24)%		(0.39)%
Expenses excluding specific expenses listed below		0.86%		0.84%		0.84%		0.83%		0.83%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.86%		0.84%		0.84%		0.83%		0.83%
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		104%		105%		141%		81%		113%

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, 2018	0.86	%
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	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$79.87		$69.43		$73.88		$76.21		$72.22

Income (loss) from investment operations:
Net investment loss¹		(0.37)		(0.28)		(0.15)		(0.38)		(0.46)
Net realized and unrealized gain (loss)		(2.79)		19.11		1.62		5.50		4.45

Total from investment operations		(3.16)		18.83		1.47		5.12		3.99

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		(12.30)		(8.39)		(5.92)		(7.45)		0.00

Total dividends and/or distributions to shareholders		(12.30)		(8.39)		(5.92)		(7.45)		0.00

Net asset value, end of period		$64.41		$79.87		$69.43		$73.88		$76.21



Total Return, at Net Asset Value²		(6.31)%		28.46%		2.08%		6.35%		5.53%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$35,054		$39,599		$32,252		$37,029		$30,964

Average net assets (in thousands)		$40,815		$35,753		$33,797		$32,812		$32,927

Ratios to average net assets:³
Net investment loss		(0.48)%		(0.37)%		(0.21)%		(0.49)%		(0.64)%
Expenses excluding specific expenses listed below		1.11%		1.09%		1.09%		1.08%		1.08%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.11%		1.09%		1.09%		1.08%		1.08%
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		104%		105%		141%		81%		113%

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

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, 2018	1.11	%
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	%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

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. Any return of capital estimates in excess of cost basis are classified as realized gain. 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, 2018, 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 Carryforward^1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$—		$89,184,532		$—		$34,312,678

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 Earnings³

$5,426,486		$5,426,486

3. $7,202,635, 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, 2018		Year Ended December 31, 2017

Distributions paid from:
Ordinary income	$	23,521,359	$	202,565
Long-term capital gain		78,098,396		70,236,700

Total	$	101,619,755	$	70,439,265

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	$	581,188,827

Gross unrealized appreciation	$	61,686,080

Gross unrealized depreciation		(27,373,402)

Net unrealized appreciation	$	34,312,678

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.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

15 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

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” or “NYSE”) 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 DISCOVERY MID CAP GROWTH 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	$	111,967,655	$	—	$	—	$	111,967,655
Consumer Staples		31,311,052		—		—		31,311,052
Energy		7,459,748		—		—		7,459,748
Financials		56,042,337		—		—		56,042,337
Health Care		104,994,947		—		—		104,994,947
Industrials		99,004,122		—		—		99,004,122
Information Technology		162,153,628		—		—		162,153,628
Materials		16,698,080		—		—		16,698,080
Investment Company		25,869,936		—		—		25,869,936

Total Assets	$	615,501,505	$	—	$	—	$	615,501,505

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.

For the reporting period, there were no transfers between levels.

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

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

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

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

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

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

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

5. Market Risk Factors

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

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

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

17 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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

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, 2018				Year Ended December 31, 2017
		Shares		Amount		Shares		Amount

Non-Service Shares
Sold		349,932	$	26,834,584		235,884	$	18,341,538
Dividends and/or distributions reinvested		1,182,843		95,656,703		881,558		66,743,996
Redeemed		(1,242,422)		(102,207,288)		(1,177,553)		(93,258,429)

Net increase (decrease)		290,353	$	20,283,999		(60,111)	$	(8,172,895)



Service Shares
Sold		110,486	$	8,346,786		69,577	$	5,232,152
Dividends and/or distributions reinvested		78,492		5,963,052		51,387		3,695,269
Redeemed		(140,477)		(10,461,719)		(89,745)		(6,729,427)

Net increase		48,501	$	3,848,119		31,219	$	2,197,994

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	$	739,476,589		$840,524,844

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”),

18 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

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	$	342,812
Service Shares		20,376

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 $17,369 for IGMMF management fees.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Sub-Adviser and the Manager, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Sub-Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Fund’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of the Fund to a corresponding, newly formed fund (the “Acquiring Fund”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the Fund as of the close of business on the closing date. Although the Acquiring Fund will be managed by Invesco Advisers, Inc., the Acquiring Fund will, as of the closing date, have the same investment objective and substantially similar principal investment strategies and risks as the Fund. After the Reorganization, Invesco Advisers, Inc. will be the investment adviser to the Acquiring Fund, and the Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

The Reorganization is subject to the approval of shareholders of the Fund. Shareholders of record of the Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Fund’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

19 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

10. Pending Acquisition (Continued)

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, the Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

20 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, 2018, 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, 2018, 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, 2018, 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 14, 2019

21 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $9.45019 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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).

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

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

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 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 Sub-Adviser’s portfolio managers and 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 J. Zibelli, Jr. 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.

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 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). The Board considered that the Fund’s contractual management fees were lower than their peer group median and category median and that total expenses were lower than their category median and equal to their peer group median. The Board noted that the Adviser has contractually agreed to waive fees and/or reimburse certain expenses so that the Fund’s total annual operating 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 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 Board further noted that the Adviser has agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investments in funds managed by the Adviser or its affiliates.

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

23 OPPENHEIMER DISCOVERY MID CAP GROWTH 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, 2019. 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 DISCOVERY MID CAP GROWTH FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENT 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.

25 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

26 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA


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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
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.

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.

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

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 12/31/18


	Inception
	Date		1-Year		5-Year		10-Year
Non-Service Shares		2/9/87		-5.32%		3.50%		7.67%
Service Shares		5/1/02		-5.53		3.25		7.40
Russell 3000 Index				-5.24		7.91		13.18
Bloomberg Barclays U.S. Aggregate Bond Index				0.01		2.52		3.48
Reference Index				-1.51		4.63		7.19

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Microsoft Corp.			1.3%
Apple, Inc.			1.2
JPMorgan Chase & Co.			1.1
Amazon.com, Inc.			0.9
Lowe’s Cos., Inc.			0.8
Johnson & Johnson			0.7
Verizon Communications, Inc.			0.7
Mastercard, Inc., Cl. A			0.7
Facebook, Inc., Cl. A			0.6
Merck & Co., Inc.			0.6

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

PORTFOLIO ALLOCATION


Non-Convertible Corporate Bonds and Notes	30.0	%
Mortgage-Backed Obligations
Government Agency	18.9
Non-Agency	9.5
Common Stocks	27.5
Asset-Backed Securities	11.4
Investment Company
Oppenheimer Institutional Government Money Market Fund	2.5
U.S. Government Obligations	0.2

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of -5.32% during the reporting period. On a relative basis, the Fund’s Reference Index returned -1.51%. 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 0.01% and the Russell 3000 Index returned -5.24%.

MARKET OVERVIEW

Markets were volatile in 2018 and hit a wall in the last quarter of the year. Several shocks negatively affected market sentiment. The U.S. Federal Reserve (Fed) once again decided to hike interest rates, as was nearly universally expected, but the post-meeting conference was more hawkish than expected. Markets were expecting a clear message that the Fed might consider a pause in any future rate increases, but that was not initially communicated. Equity markets sold off, bonds rallied, and the U.S. dollar weakened. The sell-offs were sizable, which led some to think a recession might be imminent. It was not just the Fed making headlines, some key economic data was also weaker in December. In the U.S., regional surveys from the Fed and Institute for Supply Management (ISM) sentiment surveys decreased markedly, along with a cool-off in housing. Politics were once again a factor because there was little clarity from the Trump Administration about the policies for tariffs on Chinese imports, and the U.S. Government shutdown did not help in an environment where the appetite for risk declined.

The U.S. economy continued to show strong growth momentum. As of the end of the reporting period, the tracking of fourth-quarter GDP data suggests the economy will finish the year at around 3% GDP growth. There are pockets of moderation, such as housing and investment expenditures that may have peaked in the second half of the year. Going forward, we believe investment should continue to support growth. With increasingly less slack in the economy, strong profits, and the corporate tax cuts, the environment for investment is healthy. Consumers so far do not seem to be affected by market jitters and politics. At period end, reports and anecdotes suggest that the holiday shopping period was good. Job growth is still strong, supporting both incomes and consumer confidence. Household finances are in good shape. If growth continues to be above trend as expected, the Fed may resume its hiking cycle, but for the time being, this may be the time for investors to take stock and observe the impact of the tightening delivered so far.

EQUITY STRATEGY REVIEW

In a volatile environment, the equity strategy produced negative absolute performance during the reporting period and underperformed the Russell 3000 Index. The largest underperforming sectors for the equity strategy were Consumer Staples, Communication Services, and Information Technology, due to stock selection. The equity strategy outperformed slightly in the Industrials sector, where stock selection benefited.

Holdings that contributed positively to performance included Palo Alto Networks and Mastercard.

Continued strong execution has enabled Palo Alto Networks to accelerate growth and consistently beat expectations on the top and bottom-line, despite market concerns that a product refresh cycle is nearing its end. While there were mid-year questions relating to the change in the CEO and COO (both from Google), the company has stated it remains committed to the same strategic path, and execution in the first two quarters post the change remained strong. We continue to view Palo Alto Networks as a good value, especially relative to pure software companies with similar growth profiles.

Mastercard’s performance was driven by strong core results reported over the second quarter of 2018, where revenues and earnings soundly beat expectations and organic revenue growth accelerated to over 20% year over year. While these results are unlikely sustainable, Mastercard has demonstrated an ability to grow at a faster pace than their largest competitor Visa driven by the strength of their services business, share gains in European processing, and some market share gains internationally. Notably, this reporting period, the company won Santander’s large UK debit business. More importantly, Mastercard continues to benefit from the long tail of revenue growth as the world transitions from cash and check to electronic forms of payment. The global ubiquity of acceptance at Visa and Mastercard make them both partners of choice for global card issuers.

Not owning Amazon over the first half of the period was the biggest relative detractor. We initiated a position in the company over the second half of the period. Also detracting from performance was British American Tobacco (BATS). Concerns about heightened regulatory pressures in the U.S. tobacco industry (40% of BATS profits) pressured the stock in the fourth quarter of 2018. The FDA, which has oversight over U.S. tobacco, signaled that they would propose a rule banning menthol from cigarettes. Menthol cigarettes comprise 60% of BATS U.S. business. Also, the FDA has used aggressive language to address the youth vaping issue and has reached concessions with some vaping companies, like Juul, to address underage use. Although BATS is the largest vaping company in the world, their

3 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

U.S. vaping business is minor to the overall enterprise. However, this serves as more evidence that the FDA is taking a more aggressive stance in forcing its policies.

FIXED-INCOME STRATEGY REVIEW

In a period where U.S. Treasuries outperformed credit, the fixed-income strategy’s underweight position in U.S. Treasuries and overweight exposure to investment grade credit were the top detractors to return, leading the fixed-income strategy to underperform the Bloomberg Barclays U.S. Aggregate Bond Index. The fixed-income strategy’s top contributors to return over the period were allocations to asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS).

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:

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -5.32% 5-Year 3.50% 10-Year 7.67%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -5.53% 5-Year 3.25% 10-Year 7.40%

5 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares		$ 1,000.00		$ 956.30		$ 3.31
Service shares		1,000.00		955.10		4.54

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


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

6 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value

Common Stocks—32.5%

Consumer Discretionary—5.6%

Auto Components—0.2%

Visteon Corp.¹		4,382	$	264,147


Diversified Consumer Services—0.0%

Houghton Mifflin Harcourt Co.¹		2,021		17,906

Weight Watchers International, Inc.¹		85		3,277

				21,183


Entertainment—0.9%

Activision Blizzard, Inc.		11,430		532,295

Netflix, Inc.¹		2,656		710,905

Zynga, Inc., Cl. A¹		110,959		436,069

				1,679,269


Hotels, Restaurants & Leisure—0.7%

Cedar Fair LP²		5,485		259,440

Chipotle Mexican Grill, Inc., Cl. A¹		24		10,363

McDonald’s Corp.		5,926		1,052,280

				1,322,083


Household Durables—0.0%

Newell Brands, Inc.		654		12,158

Tupperware Brands Corp.		246		7,766

				19,924


Interactive Media & Services—0.8%

Alphabet, Inc., Cl. C¹		10		10,356

Facebook, Inc., Cl. A¹		8,433		1,105,482

Snap, Inc., Cl. A¹		48,245		265,830

				1,381,668


Internet & Catalog Retail—1.2%

Amazon.com, Inc.¹		1,126		1,691,218

Booking Holdings, Inc.¹		5		8,612

eBay, Inc.¹		16,193		454,538

Groupon, Inc., Cl. A¹		4,861		15,555

				2,169,923


Leisure Products—0.0%

American Outdoor Brands Corp.¹		1,079		13,876

Vista Outdoor, Inc.¹		1,278		14,505

				28,381


Multiline Retail—0.0%

Big Lots, Inc.		171		4,945

Dollar Tree, Inc.¹		206		18,606

				23,551


Specialty Retail—1.3%

Bed Bath & Beyond, Inc.		395		4,471

Burlington Stores, Inc.¹		2,116		344,210

CarMax, Inc.¹		9,248		580,127

GameStop Corp., Cl. A		750		9,465

Lowe’s Cos., Inc.		15,166		1,400,732

Office Depot, Inc.		4,029		10,395

Sally Beauty Holdings, Inc.¹		721		12,293

Sportsman’s Warehouse Holdings, Inc.¹		1,985		8,694

				2,370,387


Textiles, Apparel & Luxury Goods—0.5%

NIKE, Inc., Cl. B		12,733		944,025


Consumer Staples—1.0%

Beverages—0.0%

Constellation Brands, Inc., Cl. A		49		7,880

Molson Coors Brewing Co., Cl. B		379		21,285

				29,165


Food & Staples Retailing—0.0%

Kroger Co. (The)		710		19,525

Rite Aid Corp.¹		10,543		7,468

Smart & Final Stores, Inc.¹		1,926		9,129

SpartanNash Co.		764		13,126

United Natural Foods, Inc.¹		460		4,871


	Shares		Value

Food & Staples Retailing (Continued)

Walgreens Boots Alliance, Inc.		204	$	13,939

				68,058


Food Products—0.5%

Campbell Soup Co.		558		18,408

Conagra Brands, Inc.		17,572		375,338

Dean Foods Co.		2,150		8,192

General Mills, Inc.		487		18,964

Kellogg Co.		294		16,761

Kraft Heinz Co. (The)		10,662		458,893

Seneca Foods Corp., Cl. A¹		319		9,002

TreeHouse Foods, Inc.¹		278		14,097

				919,655


Household Products—0.2%

Church & Dwight Co., Inc.		240		15,782

Energizer Holdings, Inc.		5,740		259,161

				274,943


Personal Products—0.0%

Avon Products, Inc.¹		8,404		12,774

Coty, Inc., Cl. A		2,115		13,875

Edgewell Personal Care Co.¹		338		12,624

				39,273


Tobacco—0.3%

Altria Group, Inc.		455		22,472

British American Tobacco plc		14,470		461,437

British American Tobacco plc,
Sponsored ADR		519		16,535

Philip Morris International, Inc.		424		28,306

Vector Group Ltd.		1,757		17,096

				545,846


Energy—1.7%

Energy Equipment & Services—0.7%

Baker Hughes a GE Co., Cl. A		19,524		419,766

Schlumberger Ltd.		24,576		886,702

				1,306,468


Oil, Gas & Consumable Fuels—1.0%

Devon Energy Corp.		23,558		530,997

EQT Corp.		37,992		717,669

Equitrans Midstream Corp.¹		3		60

Matador Resources Co.¹		192		2,982

Noble Energy, Inc.		177		3,321

Range Resources Corp.		464		4,440

Shell Midstream Partners LP²		29,695		487,295

				1,746,764


Financials—5.8%

Capital Markets—0.5%

Charles Schwab Corp. (The)		186		7,725

Intercontinental Exchange, Inc.		11,876		894,619

				902,344


Commercial Banks—2.8%

Citigroup, Inc.		11,360		591,402

East West Bancorp, Inc.		13,790		600,279

IBERIABANK Corp.		7,010		450,603

JPMorgan Chase & Co.		21,510		2,099,806

Signature Bank (New York)		5,710		587,045

Wells Fargo & Co.		18,430		849,254

				5,178,389


Consumer Finance—0.4%

Synchrony Financial		25,510		598,465


Insurance—1.1%

American International Group, Inc.		17,710		697,951

Arthur J. Gallagher & Co.		7,639		562,994

Marsh & McLennan Cos., Inc.		101		8,055

7 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued


	Shares		Value

Insurance (Continued)

Progressive Corp. (The)		12,625	$	761,666

				2,030,666


Real Estate Investment Trusts (REITs)—1.0%

AGNC Investment Corp.		826		14,488

Annaly Capital Management, Inc.		1,408		13,826

EPR Properties		8,940		572,428

Mid-America Apartment Communities, Inc.		3,477		332,749

Prologis, Inc.		15,494		909,808

				1,843,299


Health Care—4.5%

Biotechnology—0.6%

BioMarin Pharmaceutical, Inc.¹		3,030		258,005

uniQure NV¹		6,404		184,563

Vertex Pharmaceuticals, Inc.¹		3,566		590,922

				1,033,490


Health Care Equipment & Supplies—1.0%

ABIOMED, Inc.¹		15		4,875

Align Technology, Inc.¹		20		4,189

Becton Dickinson & Co.		2,582		581,776

Boston Scientific Corp.¹		353		12,475

CryoPort, Inc.¹		16,840		185,745

IDEXX Laboratories, Inc.¹		31		5,767

Insulet Corp.¹		5,112		405,484

Intuitive Surgical, Inc.¹		1,399		670,009

				1,870,320


Health Care Providers & Services—0.7%

Anthem, Inc.		3,110		816,779

CVS Health Corp.		220		14,414

LHC Group, Inc.¹		37		3,474

UnitedHealth Group, Inc.		104		25,909

WellCare Health Plans, Inc.¹		2,111		498,386

				1,358,962


Health Care Technology—0.1%

Teladoc Health, Inc.¹		5,418		268,570

Life Sciences Tools & Services—0.4%

Agilent Technologies, Inc.		10,201		688,160

Illumina, Inc.¹		29		8,698
				696,858


Pharmaceuticals—1.7%

AstraZeneca plc, Sponsored ADR		154		5,849

Bayer AG, Sponsored ADR		28,927		508,247

GlaxoSmithKline plc, Sponsored ADR		527		20,137

Johnson & Johnson		10,160		1,311,148

Merck & Co., Inc.		14,224		1,086,856

Nektar Therapeutics, Cl. A¹		77		2,531

TherapeuticsMD, Inc.¹		30,050		114,490

				3,049,258


Industrials—3.9%

Aerospace & Defense—1.1%

Boeing Co. (The)		2,675		862,687

Lockheed Martin Corp.		2,282		597,519

Spirit AeroSystems Holdings, Inc., Cl. A		6,677		481,345

				1,941,551


Air Freight & Couriers—0.2%

XPO Logistics, Inc.¹		5,428		309,613

Airlines—0.3%

Spirit Airlines, Inc.¹		10,703		619,918

Building Products—0.2%

A.O. Smith Corp.		105		4,483

Masco Corp.		10,570		309,067

				313,550


	Shares		Value

Commercial Services & Supplies—0.6%

ACCO Brands Corp.		36,291	$	246,053

KAR Auction Services, Inc.		11,722		559,374

Waste Connections, Inc.		4,916		365,013

				1,170,440


Construction & Engineering—0.1%

Dycom Industries, Inc.¹		4,740		256,150


Industrial Conglomerates—0.0%

General Electric Co.		1,793		13,573


Machinery—0.6%

Illinois Tool Works, Inc.		4,188		530,578

Stanley Black & Decker, Inc.		4,176		500,034

Wabtec Corp.		56		3,934

				1,034,546


Professional Services—0.3%

ASGN, Inc.¹		127		6,921

Korn/Ferry International		12,820		506,903

Nielsen Holdings plc		463		10,802

				524,626


Road & Rail—0.3%

Canadian Pacific Railway Ltd.		3,140		557,727


Trading Companies & Distributors—0.2%

Fastenal Co.		8,266		432,229


Information Technology—6.9%

Communications Equipment—0.7%

Motorola Solutions, Inc.		4,972		571,979

Palo Alto Networks, Inc.¹		3,473		654,139

				1,226,118


IT Services—1.6%

CACI International, Inc., Cl. A¹		35		5,041

DXC Technology Co.		11,289		600,236

First Data Corp., Cl. A¹		43,756		739,914

International Business Machines Corp.		59		6,707

Mastercard, Inc., Cl. A		6,297		1,187,929

PayPal Holdings, Inc.¹		176		14,800

Perspecta, Inc.		16,861		290,346

Total System Services, Inc.		105		8,535

				2,853,508


Semiconductors & Semiconductor Equipment—0.8%

Applied Materials, Inc.		19,159		627,266

Broadcom, Inc.		48		12,205

Microchip Technology, Inc.		105		7,552

Texas Instruments, Inc.		8,940		844,830

				1,491,853


Software—2.4%

Envestnet, Inc.¹		96		4,722

Microsoft Corp.		23,768		2,414,116

Pegasystems, Inc.		6,567		314,100

PTC, Inc.¹		68		5,637

Q2 Holdings, Inc.¹		8,100		401,355

salesforce.com, Inc.¹		4,560		624,583

ServiceNow, Inc.¹		3,440		612,492

				4,377,005


Technology Hardware, Storage & Peripherals—1.4%

Apple, Inc.		14,387		2,269,405

Diebold Nixdorf, Inc.		2,001		4,983

NCR Corp.¹		573		13,225

Western Digital Corp.		9,225		341,048

				2,628,661


Materials—0.9%

Chemicals—0.2%

Scotts Miracle-Gro Co. (The), Cl. A		110		6,761

Valvoline, Inc.		18,870		365,134

				371,895

8 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Shares		Value

Containers & Packaging—0.3%

Sealed Air Corp.		14,990	$	522,252


Metals & Mining—0.4%

Compass Minerals International, Inc.		9,620		401,058

Kaiser Aluminum Corp.		50		4,464

Osisko Gold Royalties Ltd.		51,041		447,525

				853,047


Telecommunication Services—1.1%

Diversified Telecommunication Services—0.8%

AT&T, Inc.		851		24,288

BT Group plc, Sponsored ADR		1,142		17,358

ORBCOMM, Inc.¹		375		3,097

Verizon Communications, Inc.		23,060		1,296,433

Zayo Group Holdings, Inc.¹		10,890		248,728

				1,589,904


Wireless Telecommunication Services—0.3%

T-Mobile US, Inc.¹		8,231		523,574


Utilities—1.1%

Electric Utilities—0.3%

Edison International		343		19,472

PG&E Corp.¹		18,266		433,818

PPL Corp.		619		17,536

Southern Co. (The)		321		14,098

				484,924


Gas Utilities—0.2%

AmeriGas Partners LP²		521		13,181

Suburban Propane Partners LP²		22,713		437,680

				450,861


Multi-Utilities—0.6%

Centrica plc, Sponsored ADR		2,212		15,197

Dominion Energy, Inc.		8,044		574,824

National Grid plc		52,600		508,672

National Grid plc, Sponsored ADR		380		18,232

				1,116,925

Total Common Stocks (Cost $61,314,883)				59,649,784

	Principal Amount
Asset-Backed Securities—13.4%

Auto Loan—9.2%

American Credit Acceptance Receivables Trust:
Series 2015-3,Cl. D, 5.86%, 7/12/22³	$	135,000		135,617
Series 2017-3,Cl. B, 2.25%, 1/11/21³		29,185		29,160
Series 2017-4,Cl. B, 2.61%, 5/10/21³		69,000		68,898
Series 2017-4,Cl. C, 2.94%, 1/10/24³		195,000		194,167
Series 2017-4,Cl. D, 3.57%, 1/10/24³		246,000		244,596
Series 2018-2,Cl. B, 3.46%, 8/10/22³		275,000		275,097
Series 2018-2,Cl. C, 3.70%, 7/10/24³		275,000		275,504
Series 2018-3,Cl. B, 3.49%, 6/13/22³		80,000		80,154
Series 2018-4,Cl. C, 3.97%, 1/13/25³		180,000		180,839

AmeriCredit Automobile Receivables Trust:
Series 2017-2,Cl. D, 3.42%, 4/18/23		320,000		319,644
Series 2017-4,Cl. D, 3.08%, 12/18/23		205,000		202,303
Series 2018-3,Cl. C, 3.74%, 10/18/24		260,000		264,209

Cabela’s Credit Card Master Note
Trust, Series 2015-2, Cl. A2, 3.125%
[US0001M+67], 7/17/23⁴		475,000		475,689

Capital Auto Receivables Asset Trust:
Series 2017-1,Cl. D, 3.15%, 2/20/25³		40,000		39,913
Series 2018-2,Cl. B, 3.48%, 10/20/23³		125,000		125,691
Series 2018-2,Cl. C, 3.69%, 12/20/23³		120,000		121,054

CarMax Auto Owner Trust:
Series 2015-2,Cl. D, 3.04%, 11/15/21		115,000		114,773
Series 2015-3,Cl. D, 3.27%, 3/15/22		330,000		329,624
Series 2016-1,Cl. D, 3.11%, 8/15/22		220,000		218,483
Series 2017-1,Cl. D, 3.43%, 7/17/23		245,000		244,948
Series 2017-4,Cl. D, 3.30%, 5/15/24		110,000		109,627


	Principal Amount		Value

Auto Loan (Continued)

CarMax Auto Owner Trust: (Continued)
Series 2018-1, Cl. D, 3.37%, 7/15/24	$	75,000	$	74,179
Series 2018-4, Cl. C, 3.85%, 7/15/24		90,000		91,849

CIG Auto Receivables Trust, Series
2017-1A, Cl. A, 2.71%, 5/15/23³		63,635		63,260

CPS Auto Receivables Trust:
Series 2017-C, Cl. A, 1.78%, 9/15/20³		12,117		12,099
Series 2017-C, Cl. B, 2.30%, 7/15/21³		105,000		104,528
Series 2017-D, Cl. B, 2.43%, 1/18/22³		180,000		178,713
Series 2018-A, Cl. B, 2.77%, 4/18/22³		145,000		143,865
Series 2018-B, Cl. B, 3.23%, 7/15/22³		155,000		154,925

CPS Auto Trust, Series 2017-A, Cl. B,
2.68%, 5/17/21³		35,000		34,890

Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/26³		220,000		219,075
Series 2018-1A, Cl. B, 3.60%, 4/15/27³		135,000		134,896
Series 2018-1A, Cl. C, 3.77%, 6/15/27³		190,000		190,020
Series 2018-2A, Cl. C, 4.16%, 9/15/27³		115,000		116,787
Series 2018-3A, Cl. C, 4.04%, 12/15/27³		220,000		222,519

Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/21³		13,899		13,920
Series 2016-CA, Cl. D, 4.18%, 3/15/24³		170,000		170,911
Series 2017-1, Cl. D, 3.84%, 3/15/23		225,000		225,898
Series 2017-3, Cl. C, 2.80%, 7/15/22		120,000		119,714
Series 2017-BA, Cl. D, 3.72%, 10/17/22³		235,000		235,506
Series 2018-1, Cl. D, 3.81%, 5/15/24		160,000		160,338
Series 2018-2, Cl. D, 4.14%, 8/15/24		315,000		317,696
Series 2018-3, Cl. C, 3.72%, 9/16/24		120,000		120,341
Series 2018-3, Cl. D, 4.30%, 9/16/24		215,000		218,118
Series 2018-4, Cl. B, 3.36%, 10/17/22		135,000		134,780
Series 2018-5, Cl. C, 3.99%, 1/15/25		210,000		211,988

DT Auto Owner Trust:
Series 2016-4A, Cl. E, 6.49%, 9/15/23³		75,000		76,876
Series 2017-1A, Cl. D, 3.55%, 11/15/22³		150,000		150,213
Series 2017-1A, Cl. E, 5.79%, 2/15/24³		250,000		255,323
Series 2017-2A, Cl. D, 3.89%, 1/15/23³		180,000		180,675
Series 2017-3A, Cl. D, 3.58%, 5/15/23³		75,000		74,972
Series 2017-3A, Cl. E, 5.60%, 8/15/24³		155,000		158,709
Series 2017-4A, Cl. D, 3.47%, 7/17/23³		205,000		204,470
Series 2017-4A, Cl. E, 5.15%, 11/15/24³		150,000		151,541
Series 2018-1A, Cl. B, 3.04%, 1/18/22³		155,000		154,641
Series 2018-2A, Cl. B, 3.43%, 5/16/22³		80,000		80,048
Series 2018-3A, Cl. B, 3.56%, 9/15/22³		270,000		271,366
Series 2018-3A, Cl. C, 3.79%, 7/15/24³		105,000		105,485

Exeter Automobile Receivables Trust:
Series 2018-1A, Cl. B, 2.75%, 4/15/22³		155,000		154,292
Series 2018-4A, Cl. B, 3.64%, 11/15/22³		220,000		220,044

Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/22³		380,000		393,007

GLS Auto Receivables Trust:
Series 2018-1A, Cl. A, 2.82%, 7/15/22⁵		243,320		242,498
Series 2018-3A, Cl. A, 3.35%, 8/15/22³		124,370		124,443

GM Financial Automobile Leasing Trust:
Series 2017-3, Cl. C, 2.73%, 9/20/21		120,000		119,139
Series 2018-2, Cl. C, 3.50%, 4/20/22		145,000		145,547

GMF Floorplan Owner Revolving Trust:
Series 2018-3, Cl. B, 3.49%, 9/15/22³		250,000		251,606
Series 2018-3, Cl. C, 3.68%, 9/15/22³		210,000		211,347
Series 2018-4, Cl. B, 3.68%, 9/15/23³		210,000		212,748
Series 2018-4, Cl. C, 3.88%, 9/15/23³		265,000		268,508

9 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Auto Loan (Continued)

Navistar Financial Dealer Note Master Owner Trust II:
Series 2017-1, Cl. C, 4.056%
[US0001M+155], 6/27/22^3,4	$	60,000	$	60,147
Series 2017-1, Cl. D, 4.806%
[US0001M+230], 6/27/22^3,4		75,000		75,075
Series 2018-1, Cl. A, 3.136%
[US0001M+63], 9/25/23^3,4		115,000		115,005
Series 2018-1, Cl. B, 3.306%
[US0001M+80], 9/25/23^3,4		135,000		135,176

Santander Drive Auto Receivables Trust:
Series 2016-2, Cl. D, 3.39%, 4/15/22		315,000		315,593
Series 2017-1, Cl. D, 3.17%, 4/17/23		175,000		174,498
Series 2017-1, Cl. E, 5.05%, 7/15/24³		410,000		420,315
Series 2017-3, Cl. D, 3.20%, 11/15/23		295,000		293,856
Series 2018-1, Cl. D, 3.32%, 3/15/24		110,000		109,310
Series 2018-2, Cl. D, 3.88%, 2/15/24		170,000		171,503
Series 2018-3, Cl. C, 3.51%, 8/15/23		440,000		440,545
Series 2018-4, Cl. C, 3.56%, 7/15/24		300,000		302,404
Series 2018-5, Cl. C, 3.81%, 12/16/24		225,000		226,665

Santander Retail Auto Lease Trust,
Series 2017-A, Cl. C, 2.96%, 11/21/22³		195,000		193,760

TCF Auto Receivables Owner Trust,
Series 2015-1A, Cl. D, 3.53%, 3/15/22³		190,000		189,415

United Auto Credit Securitization Trust,
Series 2018-1, Cl. C, 3.05%, 9/10/21³		285,000		283,975

Veros Automobile Receivables Trust,
Series 2017-1, Cl. A, 2.84%, 4/17/23³		52,045		51,895
Westlake Automobile Receivables Trust:
Series 2016-1A, Cl. E, 6.52%, 6/15/22³		270,000		272,137
Series 2017-2A, Cl. E, 4.63%, 7/15/24³		320,000		320,384
Series 2018-1A, Cl. C, 2.92%, 5/15/23³		160,000		158,560
Series 2018-1A, Cl. D, 3.41%, 5/15/23³		315,000		312,898
Series 2018-3A, Cl. B, 3.32%, 10/16/23³		252,000		252,625

				16,804,044


Credit Card—3.8%

Cabela’s Credit Card Master Note Trust:
Series 2015-1A, Cl. A2, 2.995%
[US0001M+54], 3/15/23⁴		490,000		491,899
Series 2015-2, Cl. A1, 2.25%, 7/17/23		525,000		518,889
Series 2016-1, Cl. A1, 1.78%, 6/15/22		710,000		705,949
Series 2016-1, Cl. A2, 3.305%
[US0001M+85], 6/15/22⁴		255,000		255,722
Evergreen Credit Card Trust, Series
2018-2, Cl. A, 2.805% [US0001M+35], 7/15/22^3,4		410,000		409,941

GE Capital Credit Card Master Note Trust:
Series 2012-7, Cl. A, 1.76%, 9/15/22		225,000		223,071
Series 2012-7, Cl. B, 2.21%, 9/15/22		200,000		198,739

Synchrony Credit Card Master Note
Trust, Series 2015-1, Cl. A, 2.37%, 3/15/23		630,000		625,200

World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		615,000		612,437
Series 2016-C, Cl. A, 1.72%, 8/15/23		665,000		657,916
Series 2017-A, Cl. A, 2.12%, 3/15/24		515,000		508,170
Series 2017-C, Cl. A, 2.31%, 8/15/24		430,000		424,172
Series 2018-A, Cl. A, 3.07%, 12/16/24		540,000		538,681
Series 2018-B, Cl. A, 3.46%, 7/15/25		245,000		247,707
Series 2018-C, Cl. A, 3.55%, 8/15/25		490,000		496,570

				6,915,063


Equipment—0.3%

CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/23³		250,000		246,971
Series 2018-1, Cl. B, 3.09%, 6/16/25³		90,000		89,687
Series 2018-1, Cl. C, 3.42%, 6/16/25³		25,000		24,913
Series 2018-2, Cl. C, 3.87%, 12/15/25³		60,000		60,526


		Principal Amount		Value

Equipment (Continued)

CNH Equipment Trust, Series 2017-C,
Cl. B, 2.54%, 5/15/25	$	70,000	$	69,140

Dell Equipment Finance Trust, Series 2018-1, Cl. B, 3.34%, 6/22/23³		90,000		90,285
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43³		4,473		4,458

				585,980

Loans: Other—0.1%

Ameriquest Mortgage Securities, Inc.
Asset-Backed Pass-Through Certificates,
Series 2005-R5, Cl. M2, 3.196%
[US0001M+69], 7/25/35⁴		93,589		93,895

Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/22³		75,000		74,356

Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/44³		136,372		135,268
				303,519

Total Asset-Backed Securities (Cost $24,586,118)				24,608,606


Mortgage-Backed Obligations—33.6%

Government Agency—22.3%

FHLMC/FNMA/FHLB/Sponsored—19.5%

Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		1,857		1,963
5.50%, 9/1/39		213,898		226,900
6.50%, 7/1/28-4/1/34		18,139		19,707
7.00%, 10/1/31-10/1/37		54,951		60,716
9.00%, 8/1/22-5/1/25		972		1,037

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 75.298%, 4/1/27⁶		41,641		9,228
Series 192, Cl. IO, 99.999%, 2/1/28⁶		11,966		2,392
Series 243, Cl. 6, 4.748%, 12/15/32⁶		33,187		6,320
Series 304, Cl. C47, 5.341%, 12/15/27⁶		77,452		6,785

Federal Home Loan Mortgage Corp.,
Mtg.-Linked Amortizing Global Debt
Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		117,275		115,461

Federal Home Loan Mortgage Corp.,
Multifamily Structured Pass-Through
Certificates, Interest-Only Stripped
Mtg.-Backed Security, Series KC02, Cl.
X1, 0.00%, 3/25/24^6,7		4,866,292		89,787

Federal Home Loan Mortgage Corp.,
Principal-Only Stripped Mtg.-Backed
Security, Series 176, Cl. PO, 4.198%, 6/1/26⁸		12,827		11,792

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates:
Series 2427, Cl. ZM, 6.50%, 3/15/32		77,577		84,332
Series 2461, Cl. PZ, 6.50%, 6/15/32		30,801		33,639
Series 2626, Cl. TB, 5.00%, 6/15/33		45,878		47,507
Series 2635, Cl. AG, 3.50%, 5/15/32		25,817		25,889
Series 2770, Cl. TW, 4.50%, 3/15/19		295		295
Series 3010, Cl. WB, 4.50%, 7/15/20		3,527		3,535
Series 3025, Cl. SJ, 15.748% [-3.667 x LIBOR01M+2,475], 8/15/35⁴		11,158		15,947
Series 3030, Cl. FL, 2.855% [LIBOR01M+40], 9/15/35⁴		58,982		59,242
Series 3815, Cl. BD, 3.00%, 10/15/20		11		11
Series 3822, Cl. JA, 5.00%, 6/15/40		18,247		18,598
Series 3848, Cl. WL, 4.00%, 4/15/40		53,338		53,883
Series 3857, Cl. GL, 3.00%, 5/15/40		3,617		3,659
Series 4221, Cl. HJ, 1.50%, 7/15/23		344,918		336,766

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130, Cl. SC, 53.306%, 3/15/29⁶		30,672		3,961

10 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2796, Cl. SD, 45.057%, 7/15/26⁶	$	55,671	$	6,361
Series 2920, Cl. S, 11.728%, 1/15/35⁶		317,108		44,761
Series 2922, Cl. SE, 16.20%, 2/15/35⁶		18,803		2,447
Series 2981, Cl. AS, 0.452%, 5/15/35⁶		162,341		19,514
Series 3397, Cl. GS, 0.00%, 12/15/37^6,7		20,730		3,395
Series 3424, Cl. EI, 0.00%, 4/15/38^6,7		8,041		715
Series 3450, Cl. BI, 7.453%, 5/15/38⁶		56,083		7,624
Series 3606, Cl. SN, 11.713%, 12/15/39⁶		29,356		3,562
Series 4057, Cl. QI, 4.996%, 6/15/27⁶		541,377		42,259
Series 4205, Cl. AI, 0.00%, 5/15/28^6,7		131,264		9,963
Series 4818, Cl. BI, 0.00%, 3/15/45^6,7		205,535		36,812

Federal National Mortgage Assn.:
2.50%, 1/1/34⁹		1,690,000		1,650,640
3.00%, 1/1/34-1/1/49⁹		3,460,000		3,407,992
3.50%, 1/1/34-1/1/49⁹		10,665,000		10,695,652
4.00%, 1/1/34-1/1/49⁹		6,870,000		7,010,706
4.50%, 1/1/49⁹		6,355,000		6,584,715
5.00%, 1/1/49⁹		3,315,000		3,473,931

Federal National Mortgage Assn. Pool:
5.00%, 3/1/21		370		376
5.50%, 9/1/20		725		730
6.00%, 3/1/37		100,836		110,115
7.00%, 10/1/35		3,070		3,066
7.50%, 1/1/33		44,495		51,477
8.50%, 7/1/32		1,402		1,419

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222, Cl. 2, 99.999%, 6/25/23⁶		76,237		8,472
Series 233, Cl. 2, 64.328%, 8/25/23⁶		46,737		5,749
Series 252, Cl. 2, 99.999%, 11/25/23⁶		64,046		8,154
Series 319, Cl. 2, 19.886%, 2/25/32⁶		19,535		4,367
Series 320, Cl. 2, 57.111%, 4/25/32⁶		7,220		1,682
Series 321, Cl. 2, 26.176%, 4/25/32⁶		70,788		16,628
Series 331, Cl. 9, 19.547%, 2/25/33⁶		82,913		16,483
Series 334, Cl. 17, 29.608%, 2/25/33⁶		45,132		10,771
Series 339, Cl. 12, 0.00%, 6/25/33^6,7		60,814		11,832
Series 339, Cl. 7, 0.00%, 11/25/33^6,7		171,953		37,415
Series 343, Cl. 13, 0.00%, 9/25/33^6,7		63,832		11,565
Series 345, Cl. 9, 0.00%, 1/25/34^6,7		58,899		13,330
Series 351, Cl. 10, 0.00%, 4/25/34^6,7		7,784		1,640
Series 351, Cl. 8, 0.00%, 4/25/34^6,7		27,693		5,410
Series 356, Cl. 10, 0.00%, 6/25/35^6,7		18,843		3,810
Series 356, Cl. 12, 0.00%, 2/25/35^6,7		10,152		2,196
Series 362, Cl. 13, 0.00%, 8/25/35^6,7		72,021		14,834
Series 364, Cl. 16, 0.00%, 9/25/35^6,7		52,157		10,543

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates:
Series 1998-61, Cl. PL, 6.00%,
11/25/28		30,813		33,456
Series 2003-130, Cl. CS, 9.088% [-2 x
LIBOR01M+1,410], 12/25/33⁴		1,910		1,950
Series 2004-25, Cl. PC, 5.50%, 1/25/34		5,615		5,614
Series 2005-104, Cl. MC, 5.50%,
12/25/25		110,584		114,720
Series 2005-31, Cl. PB, 5.50%, 4/25/35		250,000		273,700
Series 2005-73, Cl. DF, 2.756%
[LIBOR01M+25], 8/25/35⁴		48,613		48,782
Series 2006-11, Cl. PS, 15.377%
[-3.667 x LIBOR01M+2,456.67],
3/25/36⁴		46,706		67,133
Series 2006-46, Cl. SW, 15.01%
[-3.667 x LIBOR01M+2,419.92],
6/25/36⁴		31,000		42,891
Series 2006-50, Cl. KS, 15.01% [-3.667
x LIBOR01M+2,420], 6/25/36⁴		6,182		8,727
Series 2008-75, Cl. DB, 4.50%, 9/25/23		102		102


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates: (Continued)
Series 2009-113, Cl. DB, 3.00%,
12/25/20	$	5,735	$	5,709
Series 2009-36, Cl. FA, 3.446%
[LIBOR01M+94], 6/25/37⁴		24,894		25,459
Series 2009-70, Cl. TL, 4.00%, 8/25/19		506		505
Series 2010-43, Cl. KG, 3.00%, 1/25/21		6,274		6,262
Series 2011-15, Cl. DA, 4.00%, 3/25/41		12,972		13,088
Series 2011-3, Cl. EL, 3.00%, 5/25/20		5,583		5,561
Series 2011-3, Cl. KA, 5.00%, 4/25/40		86,797		90,474
Series 2011-38, Cl. AH, 2.75%, 5/25/20		3		3
Series 2011-82, Cl. AD, 4.00%, 8/25/26		25,628		25,573

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65, Cl. S, 8.421%, 11/25/31⁶		74,431		13,879
Series 2001-81, Cl. S, 12.051%, 1/25/32⁶		19,298		3,355
Series 2002-47, Cl. NS, 7.51%, 4/25/32⁶		53,772		9,792
Series 2002-51, Cl. S, 7.831%, 8/25/32⁶		49,376		8,992
Series 2002-52, Cl. SD, 35.553%, 9/25/32⁶		77,543		14,567
Series 2002-77, Cl. SH, 22.70%, 12/18/32⁶		27,323		4,368
Series 2002-84, Cl. SA, 4.574%, 12/25/32⁶		71,100		11,535
Series 2002-9, Cl. MS, 11.752%, 3/25/32⁶		20,463		3,856
Series 2003-33, Cl. SP, 7.462%, 5/25/33⁶		77,459		14,922
Series 2003-4, Cl. S, 1.941%, 2/25/33⁶		42,521		7,745
Series 2003-46, Cl. IH, 0.00%, 6/25/23^6,7		112,521		9,538
Series 2004-54, Cl. DS, 44.841%, 11/25/30⁶		57,863		8,267
Series 2004-56, Cl. SE, 4.265%, 10/25/33⁶		14,850		2,448
Series 2005-12, Cl. SC, 18.53%, 3/25/35⁶		8,429		1,153
Series 2005-14, Cl. SE, 10.962%, 3/25/35⁶		28,975		3,558
Series 2005-40, Cl. SA, 20.194%, 5/25/35⁶		156,401		23,120
Series 2005-52, Cl. JH, 19.884%, 5/25/35⁶		390,798		49,767
Series 2005-93, Cl. SI, 0.00%, 10/25/35^6,7		34,554		4,715
Series 2007-88, Cl. XI, 0.00%, 6/25/37^6,7		75,798		11,529
Series 2008-55, Cl. SA, 0.00%, 7/25/38^6,7		29,591		2,997
Series 2009-8, Cl. BS, 0.00%, 2/25/24^6,7		267		14
Series 2011-96, Cl. SA, 4.547%, 10/25/41⁶		98,264		14,654
Series 2012-121, Cl. IB, 7.743%, 11/25/27⁶		230,953		19,397
Series 2012-134, Cl. SA, 0.157%, 12/25/42⁶		376,153		67,769
Series 2012-40, Cl. PI, 8.283%, 4/25/41⁶		193,427		29,236
Series 2018-16, Cl. NI, 0.00%, 12/25/44^6,7		105,181		17,196
Series 2018-69, Cl. CI, 0.00%, 10/25/46^6,7		231,277		31,534

11 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn.,
Real Estate Mtg. Investment Conduit
Multiclass Pass-Through Certificates,
Principal-Only Stripped Mtg.-Backed
Security, Series 1993-184, Cl. M, 5.343%, 9/25/23⁸	$	27,773	$	25,985

				35,778,062


GNMA/Guaranteed—2.8%

Federal Home Loan Mortgage Corp.,
Series 2018-HQA2, Cl. M1, 3.256%
[US0001M+75], 10/25/48^3,4		395,000		394,233

Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		9,439		9,491
7.50%, 1/15/23-6/15/24		13,513		13,731
8.00%, 4/15/23		5,335		5,534

Government National Mortgage Assn. II
Pool, 3.50%, 1/1/49⁹		4,465,000		4,495,798

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15, Cl. SM, 79.829%, 2/16/32⁶		82,618		773
Series 2002-76, Cl. SY, 0.00%, 12/16/26^6,7		138,701		302
Series 2007-17, Cl. AI, 37.105%, 4/16/37⁶		257,578		35,810
Series 2011-52, Cl. HS, 18.162%, 4/16/41⁶		124,765		17,324
Series 2017-136, Cl. LI, 5.577%, 9/16/47⁶		416,982		86,730

				5,059,726


Non-Agency—11.3%

Commercial—5.9%

BCAP LLC Trust, Series 2011-R11,
Cl. 18A5, 4.79% [H15T1Y+210], 9/26/35^3,4		28,476		28,545

Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2018-B1, Cl. XA, 0.00%, 1/15/51^6,7		2,193,564		80,966

CD Mortgage Trust, Interest-Only
Commercial Mtg. Pass-Through
Certificates, Series 2017-CD6, Cl. XA, 0.00%, 11/13/50^6,7		881,886		51,144

Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 4.032%, 1/25/36¹⁰		103,493		97,772

Citigroup Commercial Mortgage Trust:
Series 2012-GC8, Cl. AAB, 2.608%, 9/10/45		93,705		92,980
Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		105,000		106,496

Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates:
Series 2013-GC17, Cl. XA, 0.00%, 11/10/46^6,7		425,844		18,188
Series 2017-C4, Cl. XA, 11.937%, 10/12/50⁶		2,355,328		163,214

COMM Mortgage Trust:
Series 2013-CR6, Cl. AM, 3.147%, 3/10/46³		255,000		252,196
Series 2014-CR17, Cl. ASB, 3.598%, 5/10/47		255,000		258,914
Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		70,000		70,717
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		865,000		875,750
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		140,000		144,357
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		495,000		498,061


	Principal Amount		Value

Commercial (Continued)
COMM Mortgage Trust: (Continued)
Series 2015-CR22, Cl. A2, 2.856%, 3/10/48	$	125,000	$	124,665

COMM Mortgage Trust, Interest-Only
Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/45^6,7		321,685		16,142

CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		125,670		102,758

First Horizon Alternative Mortgage
Securities Trust, Series 2005-FA8,
Cl. 1A6, 3.156% [US0001M+65], 11/25/35⁴		74,337		55,545

FREMF Mortgage Trust:
Series 2010-K6, Cl. B, 5.367%, 12/25/46^3,10		60,000		61,186
Series 2012-K710, Cl. B, 3.817%, 6/25/47^3,10		40,000		39,975
Series 2012-K711, Cl. B, 3.558%, 8/25/45^3,10		15,000		14,998
Series 2012-K711, Cl. C, 3.558%, 8/25/45^3,10		135,000		134,841
Series 2013-K25, Cl. C, 3.619%, 11/25/45^3,10		60,000		58,995
Series 2013-K26, Cl. C, 3.598%, 12/25/45^3,10		40,000		39,287
Series 2013-K27, Cl. C, 3.496%, 1/25/46^3,10		110,000		107,569
Series 2013-K28, Cl. C, 3.49%, 6/25/46^3,10		450,000		439,746
Series 2013-K712, Cl. C, 3.358%, 5/25/45^3,10		75,000		74,804
Series 2013-K713, Cl. C, 3.154%, 4/25/46^3,10		275,000		273,956
Series 2014-K715, Cl. C, 4.124%, 2/25/46^3,10		180,000		181,911

GS Mortgage Securities Corp. Trust,
Series 2012-SHOP, Cl. A, 2.933%, 6/5/31³		460,000		459,109

GS Mortgage Securities Trust:
Series 2012-GC6, Cl. A3, 3.482%, 1/10/45		54,793		55,402
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		30,799		30,488
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		65,000		68,557
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		90,000		90,989

GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6.00%, 4/25/37^3,10		203,724		193,105

JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-C6, Cl. ASB, 3.144%, 5/15/45		130,793		130,369
Series 2012-LC9, Cl. A4, 2.611%, 12/15/47		11,934		11,900
Series 2013-C10, Cl. AS, 3.372%, 12/15/47		325,000		321,724
Series 2013-C16, Cl. AS, 4.517%, 12/15/46		330,000		341,577
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		78,000		76,594
Series 2014-C20, Cl. AS, 4.043%, 7/15/47		245,000		247,325
Series 2016-JP3, Cl. A2, 2.435%, 8/15/49		208,421		204,260

JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 4.327%, 7/25/35¹⁰		78,989		81,136

JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 4.434%, 7/26/36^3,10		105,761		106,013

12 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Commercial (Continued)

JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17,Cl. ASB, 3.705%, 1/15/47	$	72,756	$	73,572
Series 2014-C18,Cl. A2, 2.879%, 2/15/47		5,813		5,805
Series 2014-C18,Cl. A3, 3.578%, 2/15/47		115,000		115,415
Series 2014-C19,Cl. ASB, 3.584%, 4/15/47		45,000		45,273
Series 2014-C24,Cl. B, 4.116%, 11/15/47¹⁰		270,000		268,350
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		105,000		105,947
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		250,000		248,797

JPMBB Commercial Mortgage Securities Trust., Interest-Only Stripped Mtg.-Backed Security, Series 2015-C27, Cl. XA, 0.00%, 2/15/48^6,7		2,936,804		143,842

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 4.67%, 4/21/34¹⁰		27,162		27,815

Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7,Cl. AAB, 2.469%, 2/15/46		90,984		89,909
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		240,000		239,712
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		720,000		724,157

Morgan Stanley Capital I Trust:
Series 2011-C1,Cl. A4, 5.033%, 9/15/47^3,10		45,593		46,760
Series 2011-C2,Cl. A4, 4.661%, 6/15/44³		70,000		72,306

Morgan Stanley Capital I, Inc., Interest- Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 0.00%, 12/15/50^6,7		770,558		43,057

Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 3.667%, 11/26/36^3,10		243,309		222,823

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.60%, 6/26/46^3,10		100,179		99,976

RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 4.044%, 7/26/45^3,10		14,026		14,360

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 4.30%, 8/25/34¹⁰		136,241		136,214

UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 0.00%, 11/15/50^6,7		1,519,327		95,545

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		355,000		352,926

Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 0.00%, 12/15/50^6,7		1,075,771		68,507

WF-RBS Commercial Mortgage Trust:
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		155,000		154,644
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		150,000		154,932
Series 2014-C22,Cl. A3, 3.528%, 9/15/57		45,000		45,449
Series 2014-LC14,Cl. AS, 4.351%, 3/15/47¹⁰		165,000		167,822


	Principal Amount		Value

Commercial (Continued)

WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/44^3,6,7	$	2,051,258	$	51,435

				10,699,576


Multi-Family—0.2%

Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M2, 5.106% [US0001M+260], 5/25/24⁴		115,000		120,579
Series 2017-C04,Cl. 2M1, 3.356% [US0001M+85], 11/25/29⁴		237,158		237,227

				357,806


Residential—5.2%

Alternative Loan Trust, Series 2005-29CB, Cl. A4, 5.00%, 7/25/35		197,048		168,761

Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		42,471		40,245
Series 2007-C,Cl. 1A4, 4.173%, 5/20/36¹⁰		15,482		14,931
Series 2014-R7,Cl. 3A1, 4.607%, 3/26/36^3,10		58,853		59,031

Banc of America Mortgage Trust, Series 2004-E, Cl. 2A6, 4.392%, 6/25/34¹⁰		46,424		46,245

Bear Stearns ARM Trust:
Series 2005-9,Cl. A1, 4.73% [H15T1Y+230], 10/25/354		337,665		341,059
Series 2006-1,Cl. A1, 4.91% [H15T1Y+225], 2/25/364		122,623		123,597

CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		57,565		50,622
Series 2006-6,Cl. A3, 6.00%, 4/25/36		34,827		28,403

Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1, Cl. 1A1, 4.28% [H15T1Y+240], 10/25/354		326,908		330,314

Connecticut Avenue Securities:
Series 2014-C03,Cl. 1M2, 5.506% [US0001M+300], 7/25/24⁴		315,108		331,581
Series 2014-C03,Cl. 2M2, 5.406% [US0001M+290], 7/25/24⁴		35,293		36,931
Series 2016-C03,Cl. 1M1, 4.506% [US0001M+200], 10/25/28⁴		57,254		57,723
Series 2016-C07,Cl. 2M1, 3.806% [US0001M+130], 5/25/29⁴		68,965		69,048
Series 2017-C02,Cl. 2M1, 3.656% [US0001M+115], 9/25/29⁴		329,896		330,730
Series 2017-C03,Cl. 1M1, 3.456% [US0001M+95], 10/25/29⁴		282,973		283,298
Series 2017-C06,Cl. 1M1, 3.256% [US0001M+75], 2/25/30⁴		112,045		111,964
Series 2017-C07,Cl. 1M1, 3.156% [US0001M+65], 5/25/30⁴		211,634		211,218
Series 2017-C07,Cl. 1M2, 4.906% [US0001M+240], 5/25/30⁴		225,000		226,940
Series 2017-C07,Cl. 2M1, 3.156% [US0001M+65], 5/25/30⁴		190,603		190,311
Series 2018-C01,Cl. 1M1, 3.106% [US0001M+60], 7/25/30⁴		399,522		398,265
Series 2018-C02,Cl. 2M1, 3.156% [US0001M+65], 8/25/30⁴		90,130		90,050
Series 2018-C03,Cl. 1M1, 3.186% [US0001M+68], 10/25/30⁴		259,683		259,121
Series 2018-C04,Cl. 2M1, 3.256% [US0001M+75], 12/25/30⁴		247,498		247,371
Series 2018-C05,Cl. 1M1, 3.226% [US0001M+72], 1/25/31⁴		105,679		105,468
Series 2018-C06,Cl. 1M1, 3.056% [US0001M+55], 3/25/31⁴		38,845		38,736

13 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Residential (Continued)

Connecticut Avenue Securities: (Continued)
Series 2018-C06,Cl. 2M1, 3.056% [US0001M+55], 3/25/31⁴	$	48,312	$	48,180

GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.332%, 7/25/35¹⁰		17,450		17,551

HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.816% [US0001M+31], 7/25/35⁴		19,948		19,804

RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		7,646		6,724

STACR Trust:
Series 2018-DNA2,Cl. M1, 3.306% [US0001M+80], 12/25/30^3,4		445,000		444,679
Series 2018-DNA3,Cl. M1, 3.256% [US0001M+75], 9/25/48^3,4		75,000		74,887
Series 2018-HRP2,Cl. M2, 3.756% [US0001M+125], 2/25/47^3,4		215,000		215,173

Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2,Cl. M2, 6.756% [US0001M+425], 11/25/23⁴		211,533		230,538
Series 2014-DN1,Cl. M2, 4.706% [US0001M+220], 2/25/24⁴		40,960		41,731
Series 2014-DN1,Cl. M3, 7.006% [US0001M+450], 2/25/24⁴		160,000		179,575
Series 2014-DN2,Cl. M3, 6.106% [US0001M+360], 4/25/24⁴		185,000		199,670
Series 2014-HQ2,Cl. M3, 6.256% [US0001M+375], 9/25/24⁴		335,000		369,001
Series 2015-HQA2,Cl. M2, 5.306% [US0001M+280], 5/25/28⁴		4,205		4,289
Series 2016-DNA1,Cl. M2, 5.406% [US0001M+290], 7/25/28⁴		32,747		33,327
Series 2016-DNA4,Cl. M1, 3.306% [US0001M+80], 3/25/29⁴		1,671		1,671
Series 2016-DNA4,Cl. M3, 6.306% [US0001M+380], 3/25/29⁴		355,000		383,403
Series 2016-HQA3,Cl. M1, 3.306% [US0001M+80], 3/25/29⁴		83,294		83,315
Series 2016-HQA3,Cl. M3, 6.356% [US0001M+385], 3/25/29⁴		120,000		131,323
Series 2016-HQA4,Cl. M3, 6.406% [US0001M+390], 4/25/29⁴		350,000		383,849
Series 2017-HQA1,Cl. M1, 3.706% [US0001M+120], 8/25/29⁴		433,390		434,840
Series 2017-HQA2,Cl. M1, 3.306% [US0001M+80], 12/25/29⁴		158,741		158,684
Series 2018-DNA1,Cl. M1, 2.956% [US0001M+45], 7/25/30⁴		599,400		596,666
Series 2018-DNA1,Cl. M2, 4.306% [US0001M+180], 7/25/30⁴		460,000		442,671

WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 4.487%, 10/25/33¹⁰		73,557		74,500
Series 2005-AR14,Cl. 1A4, 4.215%, 12/25/35¹⁰		74,549		73,768
Series 2005-AR16,Cl. 1A1, 4.28%, 12/25/35¹⁰		70,852		70,865

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 4.093%, 2/25/35¹⁰		12,436		12,745
Series 2005-AR15,Cl. 1A2, 4.671%, 9/25/35¹⁰		82,021		79,894
Series 2005-AR15,Cl. 1A6, 4.671%, 9/25/35¹⁰		157,188		151,972
Series 2005-AR4,Cl. 2A2, 4.252%, 4/25/35¹⁰		150,572		151,748
Series 2006-AR10,Cl. 1A1, 4.309%, 7/25/36¹⁰		33,635		32,916


	Principal Amount		Value

Residential (Continued)

Wells Fargo Mortgage-Backed Securities Trust: (Continued)
Series 2006-AR10,Cl. 5A5, 4.434%, 7/25/36¹⁰	$	119,664	$	119,618
Series 2006-AR2,Cl. 2A3, 4.607%, 3/25/36¹⁰		15,136		15,318
Series 2006-AR7,Cl. 2A4, 4.334%, 5/25/36¹⁰		93,358		95,645
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		24,305		24,091

				9,596,594

Total Mortgage-Backed Obligations (Cost $61,605,136)				61,491,764


U.S. Government Obligation—0.3%

United States Treasury Nts., 1.50%, 5/31/19^11,12(Cost $552,305)		552,000		549,780


Non-Convertible Corporate Bonds and Notes—35.5%

Consumer Discretionary—5.6%

Automobiles—1.3%

Daimler Finance North America LLC, 3.75% Sr. Unsec. Nts., 11/5/21³		279,000		280,047

General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		82,000		77,178

General Motors Financial Co., Inc.:
4.15% Sr. Unsec. Nts., 6/19/23		289,000		281,858
4.20% Sr. Unsec. Nts., 11/6/21		259,000		259,039

Harley-Davidson Financial Services, Inc., 2.40% Sr. Unsec. Nts., 6/15/20³		337,000		330,881

Hyundai Capital America:
1.75% Sr. Unsec. Nts., 9/27/19³		260,000		256,734
4.125% Sr. Unsec. Nts., 6/8/23³		336,000		336,700

Nissan Motor Acceptance Corp., 3.65% Sr. Unsec. Nts., 9/21/21³		326,000		324,532

Volkswagen Group of America Finance LLC, 4.00% Sr. Unsec. Nts., 11/12/21³		311,000		311,832

				2,458,801


Diversified Consumer Services—0.2%

Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		322,000		303,888


Entertainment—0.1%

21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		125,000		136,272

Viacom, Inc., 4.375% Sr. Unsec. Nts., 3/15/43		105,000		83,623

				219,895


Hotels, Restaurants & Leisure—0.3%

Aramark Services, Inc., 5.00% Sr. Unsec. Nts., 4/1/25³		299,000		293,020

Royal Caribbean Cruises Ltd., 2.65% Sr. Unsec. Nts., 11/28/20		305,000		299,482

				592,502


Household Durables—0.8%

DR Horton, Inc., 2.55% Sr. Unsec. Nts., 12/1/20		334,000		326,047

Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		343,000		322,849

Newell Brands, Inc., 5.00% Sr. Unsec. Nts., 11/15/23		194,000		197,514

PulteGroup, Inc., 5.00% Sr. Unsec. Nts., 1/15/27		258,000		234,457

Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		298,000		280,865
4.875% Sr. Unsec. Nts., 3/15/27		45,000		40,950

				1,402,682

14 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Internet & Catalog Retail—0.4%

Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44	$	119,000	$	132,399

QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		595,000		549,271

				681,670


Media—1.3%

Charter Communications Operating
LLC/Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/47		68,000		61,908

Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		318,000		386,526

Comcast Corp.:
3.95% Sr. Unsec. Nts., 10/15/25		220,000		222,898
4.00% Sr. Unsec. Nts., 3/1/48		176,000		161,009

Interpublic Group of Cos., Inc. (The): 3.75% Sr. Unsec. Nts., 10/1/21		265,000		266,736
4.20% Sr. Unsec. Nts., 4/15/24		330,000		330,190

Sky Ltd., 3.75% Sr. Unsec. Nts., 9/16/24³		161,000		160,602

Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		111,000		89,636

Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26³		318,000		292,560

WPP Finance 2010, 3.75% Sr. Unsec. Nts., 9/19/24		371,000		347,122

				2,319,187


Specialty Retail—0.9%

AutoNation, Inc., 5.50% Sr. Unsec. Nts., 2/1/20		306,000		312,765

AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		68,000		67,673

Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		324,000		334,229

L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		295,000		295,000

Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		344,000		338,197

Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		356,000		315,950

				1,663,814


Textiles, Apparel & Luxury Goods—0.3%

Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/26³		320,000		290,000

Levi Strauss & Co., 5.00% Sr. Unsec. Nts., 5/1/25		274,000		269,205

				559,205


Consumer Staples—3.6%

Beverages—0.9%

Anheuser-Busch Cos LLC/Anheuser- Busch InBev Worldwide, Inc., 3.65% Sr. Unsec. Nts., 2/1/26³		57,000		53,928

Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		197,000		254,241

Bacardi Ltd., 4.70% Sr. Unsec. Nts., 5/15/28³		171,000		164,731

Keurig Dr Pepper, Inc.:
4.057% Sr. Unsec. Nts., 5/25/23³		305,000		304,044
4.597% Sr. Unsec. Nts., 5/25/28³		172,000		171,126

Molson Coors Brewing Co., 2.10% Sr. Unsec. Nts., 7/15/21		324,000		312,563

Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/22³		325,000		329,944

				1,590,577


Food & Staples Retailing—0.2%

Alimentation Couche-Tard, Inc., 2.35% Sr. Unsec. Nts., 12/13/19³		364,000		360,694


	Principal Amount		Value

Food & Staples Retailing (Continued)

Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19	$	9,000	$	8,996
4.45% Sr. Unsec. Nts., 2/1/47		93,000		81,898

				451,588


Food Products—1.8%

Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		232,000		203,710
3.50% Sr. Unsec. Nts., 11/24/20		333,000		332,280

Campbell Soup Co., 3.30% Sr. Unsec. Nts., 3/15/21		338,000		336,408

Conagra Brands, Inc.:
3.80% Sr. Unsec. Nts., 10/22/21		252,000		252,244
4.60% Sr. Unsec. Nts., 11/1/25		317,000		318,599

Kraft Heinz Foods Co.:
2.80% Sr. Unsec. Nts., 7/2/20		332,000		329,189
3.95% Sr. Unsec. Nts., 7/15/25		188,000		182,277

Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/26³		306,000		295,290

Mondelez International Holdings Netherlands BV, 2.00% Sr. Unsec. Nts., 10/28/21³		339,000		325,013

Smithfield Foods, Inc.:
2.70% Sr. Unsec. Nts., 1/31/20³		148,000		146,018
3.35% Sr. Unsec. Nts., 2/1/22³		183,000		175,126

Tyson Foods, Inc.:
3.55% Sr. Unsec. Nts., 6/2/27		182,000		169,895
3.90% Sr. Unsec. Nts., 9/28/23		271,000		270,895

				3,336,944


Tobacco—0.7%

Altria Group, Inc., 4.00% Sr. Unsec. Nts., 1/31/24		238,000		234,143

BAT Capital Corp.:
2.297% Sr. Unsec. Nts., 8/14/20		351,000		342,770
3.557% Sr. Unsec. Nts., 8/15/27		177,000		157,504

Imperial Brands Finance plc, 3.75% Sr. Unsec. Nts., 7/21/22³		328,000		325,610

Imperial Tobacco Finance plc, 2.95% Sr. Unsec. Nts., 7/21/20³		230,000		226,613

				1,286,640


Energy—2.7%

Energy Equipment & Services—0.3%

Halliburton Co., 5.00% Sr. Unsec. Nts., 11/15/45		75,000		74,537

Helmerich & Payne, Inc., 4.65% Sr. Unsec. Nts., 3/15/25³		201,000		205,298

Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/25³		196,000		193,843

				473,678


Oil, Gas & Consumable Fuels—2.4%

Anadarko Petroleum Corp., 4.50% Sr. Unsec. Nts., 7/15/44		72,000		61,305

Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25% Sr. Unsec. Nts., 12/1/27		177,000		167,489

Apache Corp., 4.375% Sr. Unsec. Nts., 10/15/28		251,000		235,062

Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		324,000		322,948
4.50% Sr. Unsec. Nts., 6/1/25		168,000		169,507

ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		37,000		39,649
5.95% Sr. Unsec. Nts., 3/15/46		75,000		91,702

Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		79,000		68,632

Energy Transfer LP, 4.25% Sr. Sec. Nts., 3/15/23		260,000		250,900

15 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

Energy Transfer Operating LP, 5.30% Sr. Unsec. Nts., 4/15/47	$	100,000	$	88,545

Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		80,000		77,390
4.90% Sr. Unsec. Nts., 5/15/46		32,000		31,150

EQT Corp., 2.50% Sr. Unsec. Nts., 10/1/20		353,000		345,258

Kinder Morgan Energy Partners LP, 5.80% Sr. Unsec. Nts., 3/1/21		132,000		137,819

Kinder Morgan, Inc.:
5.20% Sr. Unsec. Nts., 3/1/48		86,000		82,612
5.55% Sr. Unsec. Nts., 6/1/45		147,000		146,262

Marathon Petroleum Corp., 3.80% Sr. Unsec. Nts., 4/1/28⁵		283,000		266,245

ONEOK Partners LP, 8.625% Sr. Unsec. Nts., 3/1/19		203,000		204,446

Pioneer Natural Resources Co., 3.45% Sr. Unsec. Nts., 1/15/21		347,000		346,116

Sabine Pass Liquefaction LLC:
4.20% Sr. Sec. Nts., 3/15/28		180,000		172,598
5.625% Sr. Sec. Nts., 2/1/21		260,000		267,938

Shell International Finance BV, 4.00% Sr. Unsec. Nts., 5/10/46		115,000		111,485

Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		207,000		190,249

TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39		76,000		95,026

Williams Cos., Inc. (The):
3.70% Sr. Unsec. Unsub. Nts., 1/15/23		334,000		326,224
3.75% Sr. Unsec. Nts., 6/15/27		140,000		132,971

				4,429,528
Financials—9.4%

Capital Markets—1.8%

Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/27³		127,000		119,818

Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		269,000		262,770

Credit Suisse AG (New York), 3.625%
Sr. Unsec. Nts., 9/9/24		197,000		193,427

Credit Suisse Group Funding Guernsey
Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		154,000		152,781

E*TRADE Financial Corp., 5.875%
[US0003M+443.5] Jr. Sub. Perpetual
Bonds^4,13		327,000		295,117

Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		180,000		166,513
3.75% Sr. Unsec. Nts., 2/25/26		178,000		168,666
3.814% [US0003M+115.8] Sr. Unsec.
Nts., 4/23/29⁴		286,000		267,485
4.017% [US0003M+137.3] Sr. Unsec.
Nts., 10/31/38⁴		144,000		126,916

Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		232,000		220,399
5.00% Sub. Nts., 11/24/25		276,000		281,964

MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/26³		307,000		291,650

Northern Trust Corp., 3.375%
[US0003M+113.1] Sub. Nts., 5/8/32⁴		125,000		116,462

Raymond James Financial, Inc., 3.625%
Sr. Unsec. Nts., 9/15/26		165,000		155,830

TD Ameritrade Holding Corp., 3.30%
Sr. Unsec. Nts., 4/1/27		208,000		199,267

UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/26³		160,000		159,196
4.253% Sr. Unsec. Nts., 3/23/28³		147,000		145,175

				3,323,436


		Principal Amount		Value

Commercial Banks—4.7%

ABN AMRO Bank NV, 4.40%
[USSW5+219.7] Sub. Nts., 3/27/28^4,14	$	329,000	$	322,531

Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		277,000		256,444
3.366% [US0003M+81] Sr. Unsec.
Nts., 1/23/26⁴		286,000		273,780
3.824% [US0003M+157.5] Sr. Unsec.
Nts., 1/20/28⁴		191,000		185,579
4.271% [US0003M+131] Sr. Unsec.
Nts., 7/23/29⁴		271,000		270,207
7.75% Jr. Sub. Nts., 5/14/38		239,000		310,261

Bank of Ireland Group plc, 4.50% Sr.
Unsec. Nts., 11/25/23³		263,000		257,923

BNP Paribas SA, 4.625% Sub. Nts., 3/13/27³		198,000		192,615

BPCE SA, 4.50% Sub. Nts., 3/15/25³		199,000		192,920

Citigroup, Inc.:
4.075% [US0003M+119.2] Sr. Unsec.
Nts., 4/23/29⁴		269,000		262,829
4.281% [US0003M+183.9] Sr. Unsec.
Nts., 4/24/48⁴		356,000		330,642

Citizens Bank NA (Providence RI), 2.65% Sr. Unsec. Nts., 5/26/22		68,000		66,117

Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		308,000		295,360

Credit Agricole SA, 4.375% Sub. Nts., 3/17/25³		333,000		322,834

Fifth Third Bank (Cincinnati OH), 3.85%
Sub. Nts., 3/15/26		176,000		173,624

First Republic Bank, 4.375% Sub. Nts., 8/1/46		137,000		127,072

HSBC Holdings plc:
3.95% [US0003M+98.72] Sr. Unsec.
Nts., 5/18/24⁴		109,000		108,470
4.041% [US0003M+154.6] Sr. Unsec.
Nts., 3/13/28⁴		135,000		129,364
4.583% [US0003M+153.46] Sr. Unsec.
Nts., 6/19/29⁴		183,000		181,711

Huntington Bancshares, Inc., 4.00% Sr.
Unsec. Nts., 5/15/25		334,000		336,233

JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec.
Nts., 5/1/28⁴		272,000		259,776
3.782% [US0003M+133.7] Sr. Unsec.
Nts., 2/1/28⁴		498,000		484,177
3.797% [US0003M+89] Sr. Unsec.
Nts., 7/23/24⁴		335,000		335,793

KeyCorp, 4.15% Sr. Unsec. Nts., 10/29/25		106,000		107,828

Lloyds Banking Group plc, 6.657%
[US0003M+127] Jr. Sub. Perpetual
Bonds^3,4,13		400,000		394,248

Nordea Bank Abp, 4.625%
[USSW5+169] Sub. Nts., 9/13/33^3,4		118,000		114,807

PNC Bank NA, 4.05% Sub. Nts., 7/26/28		237,000		238,503

PNC Financial Services Group, Inc.
(The), 3.15% Sr. Unsec. Nts., 5/19/27		253,000		241,825

Regions Financial Corp., 2.75% Sr.
Unsec. Nts., 8/14/22		187,000		180,558

Royal Bank of Canada, 3.70% Sr.
Unsec. Nts., 10/5/23		290,000		291,333

SunTrust Bank (Atlanta GA):
3.30% Sub. Nts., 5/15/26		118,000		111,986
4.05% Sr. Unsec. Nts., 11/3/25		141,000		143,588

Synovus Financial Corp., 3.125% Sr.
Unsec. Nts., 11/1/22		194,000		183,328

16 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Commercial Banks (Continued)

Toronto-Dominion Bank (The), 3.50%
Sr. Unsec. Nts., 7/19/23	$	268,000	$	269,997

US Bancorp:
3.10% Sub. Nts., 4/27/26		210,000		199,139
3.15% Sr. Unsec. Nts., 4/27/27		65,000		62,371

Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec.
Nts., 5/22/28⁴		277,000		266,375
4.75% Sub. Nts., 12/7/46		172,000		166,209

				8,648,357

Consumer Finance—0.6%

American Express Co., 2.50% Sr.
Unsec. Nts., 8/1/22		111,000		107,220

American Express Credit Corp., 3.30%
Sr. Unsec. Nts., 5/3/27		209,000		203,600

Capital One Financial Corp., 3.75% Sr.
Unsec. Nts., 3/9/27		111,000		103,330

Discover Bank:
3.10% Sr. Unsec. Nts., 6/4/20		235,000		233,436
4.65% Sr. Unsec. Nts., 9/13/28		122,000		119,149

Discover Financial Services, 3.75% Sr.
Unsec. Nts., 3/4/25		143,000		136,993

Electricite de France SA, 6.50% Sr.
Unsec. Nts., 1/26/19³		259,000		259,837

				1,163,565

Diversified Financial Services—0.3%

Berkshire Hathaway Energy Co., 3.80%
Sr. Unsec. Nts., 7/15/48		81,000		72,994

Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25³		126,000		122,437

Voya Financial, Inc., 5.65%
[US0003M+358] Jr. Sub. Nts., 5/15/53⁴		325,000		306,248

				501,679

Insurance—1.0%

Aflac, Inc., 4.75% Sr. Unsec. Nts., 1/15/49		109,000		111,517

AXA Equitable Holdings, Inc., 4.35% Sr.
Unsec. Nts., 4/20/28³		181,000		171,468

AXIS Specialty Finance plc, 5.15% Sr.
Unsec. Nts., 4/1/45		179,000		172,494

Boardwalk Pipelines LP, 4.95% Sr.
Unsec. Nts., 12/15/24		162,000		164,469

Brighthouse Financial, Inc., 3.70% Sr.
Unsec. Nts., 6/22/27		68,000		57,591

CNA Financial Corp., 3.45% Sr. Unsec.
Nts., 8/15/27		255,000		237,823

Hartford Financial Services Group, Inc.
(The), 4.40% Sr. Unsec. Nts., 3/15/48		209,000		195,979

Lincoln National Corp., 3.80% Sr.
Unsec. Nts., 3/1/28		207,000		201,267

Manulife Financial Corp., 4.061%
[USISDA05+164.7] Sub. Nts., 2/24/32⁴		208,000		196,585

Marsh & McLennan Cos., Inc., 4.35%
Sr. Unsec. Nts., 1/30/47		113,000		105,939

Prudential Financial, Inc., 5.20%
[US0003M+304] Jr. Sub. Nts., 3/15/44⁴		256,000		240,000

				1,855,132

Real Estate Investment Trusts (REITs)—1.0%

American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20		234,000		232,247
3.00% Sr. Unsec. Nts., 6/15/23		274,000		263,877
4.00% Sr. Unsec. Nts., 6/1/25		169,000		166,102

Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27		176,000		163,550

Digital Realty Trust LP:
3.40% Sr. Unsec. Nts., 10/1/20		30,000		29,911


	Principal Amount		Value

Real Estate Investment Trusts (REITs) (Continued)
Digital Realty Trust LP: (Continued) 5.875% Sr. Unsec. Nts., 2/1/20	$	125,000	$	127,546

Lamar Media Corp., 5.75% Sr. Unsec.
Nts., 2/1/26		288,000		292,680

VEREIT Operating Partnership LP:
3.00% Sr. Unsec. Nts., 2/6/19		134,000		133,923
4.625% Sr. Unsec. Nts., 11/1/25		325,000		326,214

				1,736,050

Health Care—3.5%

Biotechnology—0.7%

AbbVie, Inc.:
3.75% Sr. Unsec. Nts., 11/14/23		329,000		327,676
4.25% Sr. Unsec. Nts., 11/14/28		244,000		237,494

Amgen, Inc., 4.563% Sr. Unsec. Nts., 6/15/48		87,000		83,764

Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		82,000		84,738

Celgene Corp., 3.875% Sr. Unsec. Nts., 8/15/25		202,000		194,826

Gilead Sciences, Inc., 4.75% Sr. Unsec.
Nts., 3/1/46		143,000		142,382

Shire Acquisitions Investments Ireland
DAC, 2.40% Sr. Unsec. Nts., 9/23/21		342,000		330,909

				1,401,789

Health Care Equipment & Supplies—0.3%

Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		226,000		222,632
3.70% Sr. Unsec. Nts., 6/6/27		268,000		253,812

Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/25³		15,000		14,025

				490,469

Health Care Providers & Services—1.1%

Cigna Corp., 3.75% Sr. Sec. Nts., 7/15/23³		255,000		254,398

Cigna Holding Co., 5.125% Sr. Unsec.
Nts., 6/15/20		303,000		310,814

CVS Health Corp.:
2.125% Sr. Unsec. Nts., 6/1/21		356,000		344,587
5.05% Sr. Unsec. Nts., 3/25/48		308,000		301,090

Fresenius Medical Care US Finance II,
Inc., 5.875% Sr. Unsec. Nts., 1/31/22³		450,000		469,470

McKesson Corp., 3.65% Sr. Unsec. Nts., 11/30/20		286,000		287,442

				1,967,801

Life Sciences Tools & Services—0.4%

IQVIA, Inc., 5.00% Sr. Unsec. Nts., 10/15/26³		308,000		295,295

Life Technologies Corp., 6.00% Sr.
Unsec. Nts., 3/1/20		259,000		266,293

Thermo Fisher Scientific, Inc., 4.15% Sr.
Unsec. Nts., 2/1/24		132,000		133,849

				695,437

Pharmaceuticals—1.0%

Allergan Funding SCS, 3.00% Sr. Unsec.
Nts., 3/12/20		348,000		346,714

Bayer US Finance II LLC:
3.875% Sr. Unsec. Nts., 12/15/23³		335,000		329,267
4.375% Sr. Unsec. Nts., 12/15/28³		242,000		231,652

Elanco Animal Health, Inc., 4.90% Sr.
Unsec. Nts., 8/28/28³		145,000		147,912

Mylan NV, 3.15% Sr. Unsec. Nts., 6/15/21		319,000		312,565

Takeda Pharmaceutical Co. Ltd.:
4.00% Sr. Unsec. Nts., 11/26/21³		280,000		283,994

17 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Pharmaceuticals (Continued)

Takeda Pharmaceutical Co. Ltd.: (Continued) 5.00% Sr. Unsec. Nts., 11/26/28³ $ 160,000			$	163,827

				1,815,931

Industrials—2.4%

Aerospace & Defense—0.7%

BAE Systems Holdings, Inc., 3.85% Sr.
Unsec. Nts., 12/15/25³		270,000		268,216

Huntington Ingalls Industries, Inc., 3.483% Sr. Unsec. Nts., 12/1/27		190,000		177,447

L3 Technologies, Inc., 3.85% Sr. Unsec.
Nts., 6/15/23		335,000		335,835

Northrop Grumman Corp., 4.75% Sr.
Unsec. Nts., 6/1/43		190,000		193,018

United Technologies Corp.:
3.35% Sr. Unsec. Nts., 8/16/21		82,000		81,826
3.95% Sr. Unsec. Nts., 8/16/25		205,000		203,798

				1,260,140

Air Freight & Couriers—0.1%

CH Robinson Worldwide, Inc., 4.20%
Sr. Unsec. Nts., 4/15/28		169,000		169,890

Building Products—0.3%

Allegion US Holding Co., Inc., 3.55%
Sec. Nts., 10/1/27		284,000		264,533

Fortune Brands Home & Security, Inc., 4.00% Sr. Unsec. Nts., 9/21/23		313,000		309,992

				574,525

Electrical Equipment—0.2%

Sensata Technologies BV, 4.875% Sr.
Unsec. Nts., 10/15/23³		345,000		336,806

Industrial Conglomerates—0.2%

GE Capital International Funding Co.
Unlimited Co., 3.373% Sr. Unsec. Nts., 11/15/25		107,000		95,235

Roper Technologies, Inc., 3.65% Sr.
Unsec. Nts., 9/15/23		330,000		330,572

				425,807

Machinery—0.1%

Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		40,000		39,526

Nvent Finance Sarl, 4.55% Sr. Unsec.
Nts., 4/15/28		176,000		172,862

				212,388

Professional Services—0.1%

IHS Markit Ltd., 4.125% Sr. Unsec. Nts., 8/1/23		211,000		209,112

Road & Rail—0.4%

Penske Truck Leasing Co. LP/PTL
Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/26³		284,000		266,009

Ryder System, Inc.:
3.50% Sr. Unsec. Nts., 6/1/21		79,000		79,140
3.75% Sr. Unsec. Nts., 6/9/23		335,000		333,258

				678,407

Trading Companies & Distributors—0.3%

Air Lease Corp.:
3.25% Sr. Unsec. Nts., 3/1/25		108,000		99,597
3.625% Sr. Unsec. Nts., 4/1/27		112,000		100,400

GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		285,000		262,375

United Rentals North America, Inc., 4.625% Sr. Unsec. Nts., 10/15/25		178,000		159,310

				621,682


	Principal Amount		Value

Information Technology—2.3%

Communications Equipment—0.2%

Motorola Solutions, Inc., 4.60% Sr.
Unsec. Nts., 2/23/28	$	256,000	$	250,919

Electronic Equipment, Instruments, & Components—0.3%

Arrow Electronics, Inc., 3.875% Sr.
Unsec. Nts., 1/12/28		248,000		226,460

CDW LLC/CDW Finance Corp., 5.50%
Sr. Unsec. Nts., 12/1/24		58,000		57,565

Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		271,000		254,924

				538,949

IT Services—0.5%

DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		261,000		258,788
4.75% Sr. Unsec. Nts., 4/15/27		246,000		247,403

Fidelity National Information Services,
Inc., 4.25% Sr. Unsec. Nts., 5/15/28		171,000		170,301

VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		189,000		177,953
5.25% Sr. Unsec. Nts., 4/1/25		105,000		104,344

				958,789

Semiconductors & Semiconductor Equipment—0.4%

Intel Corp., 3.734% Sr. Unsec. Nts., 12/8/47		99,000		91,866

Microchip Technology, Inc., 3.922% Sr.
Sec. Nts., 6/1/21³		335,000		332,492

NXP BV/NXP Funding LLC, 4.125% Sr.
Unsec. Nts., 6/1/21³		304,000		300,960

				725,318

Software—0.6%

Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		104,000		105,272

Dell International LLC/EMC Corp.:
4.42% Sr. Sec. Nts., 6/15/21³		283,000		282,871
6.02% Sr. Sec. Nts., 6/15/26³		213,000		214,369

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

Oracle Corp., 2.95% Sr. Unsec. Nts., 5/15/25		211,000		202,180

VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		28,000		27,431
3.90% Sr. Unsec. Nts., 8/21/27		170,000		151,146

				1,157,269

Technology Hardware, Storage & Peripherals—0.3%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		207,000		211,009

Hewlett Packard Enterprise Co., 3.60%
Sr. Unsec. Nts., 10/15/20		342,000		342,965

				553,974

Materials—2.4%

Chemicals—1.2%

Dow Chemical Co. (The), 4.55% Sr.
Unsec. Nts., 11/30/25³		207,000		210,984

DowDuPont, Inc.:
3.766% Sr. Unsec. Nts., 11/15/20		280,000		282,754
5.419% Sr. Unsec. Nts., 11/15/48		125,000		130,525

Eastman Chemical Co., 3.50% Sr.
Unsec. Nts., 12/1/21		130,000		130,736

LyondellBasell Industries NV, 5.00% Sr.
Unsec. Nts., 4/15/19		255,000		255,283

Nutrien Ltd.:
3.375% Sr. Unsec. Nts., 3/15/25		294,000		276,712
4.875% Sr. Unsec. Nts., 3/30/20		40,000		40,704

PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		308,000		298,760

18 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Chemicals (Continued)

RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22	$	304,000	$	301,381
6.125% Sr. Unsec. Nts., 10/15/19		159,000		161,928

Yara International ASA, 4.75% Sr.
Unsec. Nts., 6/1/28³		165,000		164,864

				2,254,631

Construction Materials—0.2%

James Hardie International Finance
DAC, 4.75% Sr. Unsec. Nts., 1/15/25³		209,000		190,974

Martin Marietta Materials, Inc., 3.50%
Sr. Unsec. Nts., 12/15/27		171,000		156,291

				347,265

Containers & Packaging—0.4%

Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		113,000		111,173
4.50% Sr. Unsec. Nts., 11/1/23		253,000		259,593

Silgan Holdings, Inc., 4.75% Sr. Unsec.
Nts., 3/15/25		290,000		271,875

				642,641

Metals & Mining—0.5%

Anglo American Capital plc:
3.625% Sr. Unsec. Nts., 9/11/24³		86,000		81,246
4.00% Sr. Unsec. Nts., 9/11/27³		140,000		126,638

ArcelorMittal, 6.125% Sr. Unsec. Nts., 6/1/25		305,000		319,665

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		96,000		95,614

Steel Dynamics, Inc., 4.125% Sr. Unsec.
Nts., 9/15/25		238,000		219,853

				843,016

Paper & Forest Products—0.1%

Georgia-Pacific LLC, 3.734% Sr. Unsec.
Nts., 7/15/23³		65,000		65,653

Louisiana-Pacific Corp., 4.875% Sr.
Unsec. Nts., 9/15/24		199,000		192,533

				258,186

Telecommunication Services—1.4%

Diversified Telecommunication Services—1.1%

AT&T, Inc.:
4.30% Sr. Unsec. Nts., 2/15/30		331,000		313,681
4.35% Sr. Unsec. Nts., 6/15/45		48,000		40,764
4.50% Sr. Unsec. Nts., 3/9/48		142,000		122,893

British Telecommunications plc:
4.50% Sr. Unsec. Nts., 12/4/23		202,000		204,945
9.625% Sr. Unsec. Nts., 12/15/30		284,000		384,854

Deutsche Telekom International Finance
BV, 4.375% Sr. Unsec. Nts., 6/21/28³		160,000		157,935

Telefonica Emisiones SA:
4.103% Sr. Unsec. Nts., 3/8/27		98,000		94,658
5.213% Sr. Unsec. Nts., 3/8/47		123,000		113,132

T-Mobile USA, Inc., 6.50% Sr. Unsec.
Nts., 1/15/26		280,000		286,300

Verizon Communications, Inc.:
4.125% Sr. Unsec. Nts., 8/15/46		140,000		124,174
4.522% Sr. Unsec. Nts., 9/15/48		196,000		184,605

				2,027,941

Wireless Telecommunication Services—0.3%

Vodafone Group plc:
3.75% Sr. Unsec. Nts., 1/16/24		332,000		327,579


	Principal Amount			Value

Wireless Telecommunication Services (Continued)

Vodafone Group plc: (Continued) 4.375% Sr. Unsec. Nts., 5/30/28	$	168,000		$	163,379

					490,958

Utilities—2.2%

Electric Utilities—1.6%

AEP Texas, Inc., 3.95% Sr. Unsec. Nts., 6/1/28³		172,000			172,688

Duke Energy Corp.:
3.15% Sr. Unsec. Nts., 8/15/27		176,000			164,967
3.75% Sr. Unsec. Nts., 9/1/46		69,000			59,983

Edison International:
2.125% Sr. Unsec. Nts., 4/15/20		131,000			127,544
2.95% Sr. Unsec. Nts., 3/15/23		207,000			195,717

EDP Finance BV, 3.625% Sr. Unsec.
Nts., 7/15/24³		231,000			216,713

Electricite de France SA, 4.50% Sr.
Unsec. Nts., 9/21/28³		169,000			164,091

Emera US Finance LP, 2.70% Sr. Unsec.
Nts., 6/15/21		179,000			174,476

Eversource Energy, 4.25% Sr. Unsec.
Nts., 4/1/29		155,000			158,218

Exelon Corp.:
2.45% Sr. Unsec. Nts., 4/15/21		165,000			161,459
4.45% Sr. Unsec. Nts., 4/15/46		87,000			83,176

FirstEnergy Corp., 3.90% Sr. Unsec.
Nts., 7/15/27		184,000			178,630

Indiana Michigan Power Co., 4.25% Sr.
Unsec. Nts., 8/15/48		79,000			78,086

Mid-Atlantic Interstate Transmission
LLC, 4.10% Sr. Unsec. Nts., 5/15/28³		171,000			170,212

NextEra Energy Operating Partners LP, 4.25% Sr. Unsec. Nts., 9/15/24³		29,000			26,934

Pennsylvania Electric Co., 5.20% Sr.
Unsec. Nts., 4/1/20		88,000			90,216

PPL WEM Ltd./Western Power
Distribution Ltd., 5.375% Sr. Unsec.
Unsub. Nts., 5/1/21³		317,000			327,473

TECO Finance, Inc., 5.15% Sr. Unsec.
Nts., 3/15/20		161,000			164,674

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25³		187,000			186,553

					2,901,810

Multi-Utilities—0.6%

CenterPoint Energy Resources Corp., 4.50% Sr. Unsec. Nts., 1/15/21		122,000			124,502

CenterPoint Energy, Inc.:
3.60% Sr. Unsec. Nts., 11/1/21		203,000			203,551
4.25% Sr. Unsec. Nts., 11/1/28		147,000			149,345

Dominion Energy, Inc.:
2.579% Jr. Sub. Nts., 7/1/20		285,000			280,597
4.90% Sr. Unsec. Nts., 8/1/41		123,000			122,527

Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		303,000			298,835

					1,179,357

Total Non-Convertible Corporate Bonds and Notes (Cost $66,613,633)					64,990,025

	Shares

Investment Company—2.9%

Oppenheimer Institutional Government
Money Market Fund, Cl. E, 2.35%^15,16 (Cost $5,367,607)		5,367,607			5,367,607

Total Investments, at Value (Cost $220,039,682)		118.2	%		216,657,566
Net Other Assets (Liabilities)		(18.2	)		(33,338,413	)

Net Assets		100.0	%	$	183,319,153

19 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Continued

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 $31,134,224 or 16.98% 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 $508,743, which represents 0.28% 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 Appreciation/ (Depreciation)

GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/22		1/30/18	$	243,304	$	242,498	$	(806)
Marathon Petroleum Corp., 3.80% Sr. Unsec. Nts., 4/1/28		7/25/18		269,790		266,245		(3,545)

			$	513,094	$	508,743	$	(4,351)

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 $1,743,649 or 0.95% of the Fund’s net assets at period end.

7. Interest rate is less than 0.0005%.

8. 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 $37,777 or 0.02% of the Fund’s net assets at period end.

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 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 $141,429. See Note 6 of the accompanying Notes.

12. 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.

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

14. Represents securities sold under Regulation S, which are exempt from registration under the Securities Act of 1933, as amended. These securities may not be offered or sold in the United States without and exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. These securities amount to $322,531 or 0.18% of the Fund’s net assets at period end.

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

16. 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, 2017			Gross Additions			Gross Reductions			Shares December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E			5,367,607			—			—			5,367,607

	Value			Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		$	5,367,607		$	95,226		$	—		$	—



Futures Contracts as of December 31, 2018
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)

United States Treasury Long Bonds		Sell		3/20/19		3	USD		436	$	438,000	$	(2,224	)
United States Treasury Nts., 10 yr.		Sell		3/20/19		73	USD		8,849		8,907,141		(57,855	)
United states Treasury Nts., 2 yr.		Sell		3/29/19		59	USD		12,470		12,526,438		(56,594	)
United States Treasury Nts., 5 yr.		Sell		3/29/19		31	USD		3,497		3,555,312		(58,670	)
United States Ultra Bonds		Buy		3/20/19		62	USD		9,439		9,960,688		521,614

												$	346,271


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, 2018


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $214,672,075)	$	211,289,959
Affiliated companies (cost $5,367,607)		5,367,607

		216,657,566

Cash		2,476,073

Cash used for collateral on futures		277,000

Receivables and other assets:
Investments sold (including $14,930,759 sold on a when-issued or delayed delivery basis)		15,065,003
Interest, dividends and principal paydowns		904,814
Shares of beneficial interest sold		42,078
Variation margin receivable		36,813
Other		56,564

Total assets		235,515,911

Liabilities
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis		51,908,726
Shares of beneficial interest redeemed		100,183
Trustees’ compensation		48,816
Variation margin payable		46,158
Shareholder communications		15,039
Distribution and service plan fees		9,253
Other		68,583

Total liabilities		52,196,758


Net Assets	$	183,319,153




Composition of Net Assets
Par value of shares of beneficial interest	$	12,748

Additional paid-in capital		179,725,456

Total distributable earnings		3,580,949

Net Assets	$	183,319,153



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 $140,290,100 and 9,725,180 shares of beneficial interest outstanding)		$14.43

Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $43,029,053 and 3,022,500 shares of beneficial interest outstanding)		$14.24

See accompanying Notes to Financial Statements.

21 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018


Investment Income
Interest (net of foreign withholding taxes of $806)	$	4,335,900

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $27,778)		1,105,563
Affiliated companies		95,226

Total investment income		5,536,689


Expenses
Management fees		1,522,921

Distribution and service plan fees—service shares		120,369

Transfer and shareholder servicing agent fees:
Non-Service shares		186,164
Service shares		57,777

Shareholder communications:
Non-Service shares		50,565
Service shares		15,634

Custodian fees and expenses		50,334

Trustees’ compensation		11,358

Borrowing fees		6,661

Other		81,302

Total expenses		2,103,085
Less reduction to custodian expenses		(1,984)
Less waivers and reimbursements of expenses		(610,602)

Net expenses		1,490,499

Net Investment Income		4,046,190

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		3,702,500
Futures contracts		(605,985)
Foreign currency transactions		(2,402)
Swap contracts		(3,222)
Swaption contracts written		9,030

Net realized gain		3,099,921

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(18,004,162)
Translation of assets and liabilities denominated in foreign currencies		1,041
Futures contracts		216,182

Net change in unrealized appreciation/(depreciation)		(17,786,939)


Net Decrease in Net Assets Resulting from Operations	$	(10,640,828)

See accompanying Notes to Financial Statements.

22 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	4,046,190	$	3,732,264

Net realized gain		3,099,921		11,757,536

Net change in unrealized appreciation/(depreciation)		(17,786,939)		4,018,070

Net increase (decrease) in net assets resulting from operations		(10,640,828)		19,507,870


Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(6,688,120)		(3,346,883)
Service shares		(1,986,593)		(889,490)

Total dividends and distributions declared		(8,674,713)		(4,236,373)


Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(10,990,551)		(18,304,514)
Service shares		(4,022,754)		(3,634,518)

Total beneficial interest transactions		(15,013,305)		(21,939,032)


Net Assets
Total decrease		(34,328,846)		(6,667,535)

Beginning of period		217,647,999		224,315,534

End of period	$	183,319,153	$	217,647,999

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

23 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$15.92		$14.86		$14.46		$14.67		$13.84

Income (loss) from investment operations:
Net investment income¹		0.32		0.27		0.26		0.31		0.29
Net realized and unrealized gain (loss)		(1.13)		1.09		0.49		(0.18)		0.83

Total from investment operations		(0.81)		1.36		0.75		0.13		1.12

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.30)		(0.35)		(0.34)		(0.29)
Distributions from net realized gain		(0.37)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.68)		(0.30)		(0.35)		(0.34)		(0.29)

Net asset value, end of period		$14.43		$15.92		$14.86		$14.46		$14.67



Total Return, at Net Asset Value²		(5.32)%		9.25%		5.26%		0.83%		8.20%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$140,290		$166,015		$172,573		$182,406		$203,684

Average net assets (in thousands)		$155,024		$170,438		$177,368		$194,208		$208,556

Ratios to average net assets:³
Net investment income		2.05%		1.74%		1.78%		2.09%		2.03%
Expenses excluding specific expenses listed below		0.98%		0.94%		0.94%		0.91%		0.90%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.98%		0.94%		0.94%		0.91%		0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.67%		0.67%		0.67%		0.67%

Portfolio turnover rate⁶		60%		76%		68%		68%		98%

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

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, 2018	0.98	%
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	%

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, 2018		$685,887,902		$703,549,464
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

See accompanying Notes to Financial Statements.

24 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$15.71		$14.67		$14.28		$14.49		$13.66

Income (loss) from investment operations:
Net investment income¹		0.27		0.23		0.22		0.27		0.25
Net realized and unrealized gain (loss)		(1.10)		1.07		0.48		(0.18)		0.84

Total from investment operations		(0.83)		1.30		0.70		0.09		1.09

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.26)		(0.31)		(0.30)		(0.26)
Distributions from net realized gain		(0.37)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.64)		(0.26)		(0.31)		(0.30)		(0.26)
Net asset value, end of period		$14.24		$15.71		$14.67		$14.28		$14.49



Total Return, at Net Asset Value²		(5.53)%		8.95%		4.96%		0.57%		8.02%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$43,029		$51,633		$51,743		$52,226		$63,880

Average net assets (in thousands)		$48,109		$51,345		$53,914		$59,085		$65,450

Ratios to average net assets:³
Net investment income		1.80%		1.49%		1.53%		1.84%		1.78%
Expenses excluding specific expenses listed below		1.23%		1.19%		1.19%		1.16%		1.15%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.23%		1.19%		1.19%		1.16%		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		60%		76%		68%		68%		98%

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, 2018	1.23	%
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	%

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, 2018		$685,887,902		$703,549,464
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

See accompanying Notes to Financial Statements.

25 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

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.

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 and unrealized 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.

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. Any return of capital estimates in excess of cost basis are classified as realized gain. 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.

26 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

2. Significant Accounting Policies (Continued)

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.


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$4,079,159		$3,026,844		$—		$3,476,243

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

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

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 Earnings³

$216,995	$	216,995

3. $216,504, 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, 2018		Year Ended December 31, 2017

Distributions paid from:
Ordinary income	$	3,901,246	$	4,236,373
Long-term capital gain		4,773,467		—

Total	$	8,674,713	$	4,236,373

27 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	220,133,274
Federal tax cost of other investments		(15,466,203)

Total federal tax cost	$	204,667,071

Gross unrealized appreciation	$	9,470,103
Gross unrealized depreciation		(12,946,346)

Net unrealized depreciation	$	(3,476,243)

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

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

28 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

3. Securities Valuation (Continued)

assets are valued.

Classifications

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

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

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

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


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	10,224,541		$	—	$	—	$	10,224,541
Consumer Staples		1,415,503			461,437		—		1,876,940
Energy		3,053,232			—		—		3,053,232
Financials		10,553,163			—		—		10,553,163
Health Care		8,277,458			—		—		8,277,458
Industrials		7,173,923			—		—		7,173,923
Information Technology		12,577,145			—		—		12,577,145
Materials		1,747,194			—		—		1,747,194
Telecommunication Services		2,113,478			—		—		2,113,478
Utilities		1,544,038			508,672		—		2,052,710
Asset-Backed Securities		—			24,608,606		—		24,608,606
Mortgage-Backed Obligations		—			61,491,764		—		61,491,764
U.S. Government Obligation		—			549,780		—		549,780
Non-Convertible Corporate Bonds and Notes		—			64,990,025		—		64,990,025
Investment Company		5,367,607			—		—		5,367,607

Total Investments, at Value		64,047,282			152,610,284		—		216,657,566
Other Financial Instruments:
Futures contracts		521,614			—		—		521,614

Total Assets	$	64,568,896		$	152,610,284	$	—	$	217,179,180


Liabilities Table Other Financial Instruments:
Futures contracts	$	(175,343	)	$	—	$	—	$	(175,343	)

Total Liabilities	$	(175,343	)	$	—	$	—	$	(175,343	)

29 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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


	Transfers into Level 2*		Transfers out of Level 3*

Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	128,201	$	(128,201)

Total Assets	$	128,201	$	(128,201)

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

4. Investments and Risks

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

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

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


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$51,908,726
Sold securities		14,930,759

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.

30 OPPENHEIMER CONSERVATIVE BALANCED 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 Fund pledged $32,867 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, 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:

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

6. Use of Derivatives

The Fund’s 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

31 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $10,112,181 and $56,863,341 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.

32 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

6. Use of Derivatives (Continued)

loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations.

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

For the reporting period, the Fund had ending monthly average notional amounts of $48,077 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.

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 Statement of Investments and the Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the 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 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 buy or sell credit protection through credit default swaps in order to decrease or increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A swaption selling protection becomes more valuable as the likelihood of a credit event on the reference asset decreases. A swaption buying protection becomes more valuable as the likelihood of a credit event on the reference asset increases.

At period end, the Fund had no purchased swaption contracts outstanding.

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to sell or buy credit protection through credit default swaps in order to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A written swaption selling protection becomes more valuable as the likelihood of a credit event on the reference asset decreases. A written swaption buying protection becomes more valuable as the likelihood of a credit event on the reference asset increases.

During the reporting period, the Fund had an ending monthly average market value of $1,186 and $533 on purchased and written swaptions, respectively.

At period end, the Fund had no written swaption contracts 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.

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.

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

33 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents 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

36,813*

Variation margin payable

46,158*

*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	Investment transactions in unaffiliated companies*			Swaption contracts written		Futures contracts			Swap contracts			Total

Credit contracts	$	(19,040	)	$	9,030	$	—		$	(3,222	)	$	(13,232	)
Interest rate contracts		—			—		(605,985	)		—			(605,985	)

Total	$	(19,040	)	$	9,030	$	(605,985	)	$	(3,222	)	$	(619,217	)

* Includes purchased option contacts and purchased swaption contracts, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts

Interest rate contracts	$	216,182

34 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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, 2018				Year Ended December 31, 2017
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		165,620	$	2,527,555		167,674	$	2,587,806
Dividends and/or distributions reinvested		439,719		6,688,120		217,048		3,346,883
Redeemed		(1,310,778)		(20,206,226)		(1,568,489)		(24,239,203)

Net decrease		(705,439)	$	(10,990,551)		(1,183,767)	$	(18,304,514)



Service Shares
Sold		158,863	$	2,411,795		258,277	$	3,974,804
Dividends and/or distributions reinvested		132,175		1,986,593		58,365		889,490
Redeemed		(554,938)		(8,421,142)		(557,584)		(8,498,812)

Net decrease		(263,900)	$	(4,022,754)		(240,942)	$	(3,634,518)

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		$113,417,540		$119,564,101
U.S. government and government agency obligations		—		229,898
To Be Announced (TBA) mortgage-related securities		685,887,902		703,549,464

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-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.

35 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.67% for Non-Service shares and 0.92% for Service shares as calculated on the daily net assets of the Fund.

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


Non-Service Shares	$	461,970
Service Shares		143,262

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

11. Pending Acquisition

36 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, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

37 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $0.3671 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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 22.53% to arrive at the amount eligible for the corporate dividend-received deduction.

38 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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

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

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.

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 30%-50% equity 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). The Board considered that the Fund’s total expenses 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 waive fees and/or reimburse certain expenses so that the Fund’s total annual operating 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 fee waiver and/or expense reimbursement may not be amended or withdrawn for one year after the date of the Fund’s prospectus, unless approved by the Board. The Board further considered that the Adviser has agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investments in funds managed by the Adviser or its affiliates.

39 OPPENHEIMER CONSERVATIVE BALANCED 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.

40 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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

41 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

42 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA



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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).

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).

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).

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

43 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

Brian S. Petersen,

Treasurer and Principal Financial &

Accounting Officer (since 2016)

Year of Birth: 1970

Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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.

44 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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45 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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47 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		December 31, 2018
		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 12/31/18


	Inception Date	1-Year			5-Year			10-Year
Non-Service Shares	4/3/85		-5.73	%		6.92	%		12.45	%
Service Shares	9/18/01		-5.96			6.66			12.17
S&P 500 Index			-4.38			8.49			13.12
Russell 1000 Growth Index			-1.51			10.40			15.29

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS



Microsoft Corp.			7.6%

Amazon.com, Inc.			5.8

Apple, Inc.			5.6

Alphabet, Inc., Cl. C			5.0

Mastercard, Inc., Cl. A			4.9

Facebook, Inc., Cl. A			4.6

UnitedHealth Group, Inc.			3.4

salesforce.com, Inc.			3.1

Lowe’s Cos., Inc.			3.0

Charles Schwab Corp. (The)			2.2

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Performance Discussion

During a volatile year, the Fund’s Non-Service shares generated a total return of -5.73%. In comparison, the Fund underperformed the Russell 1000 Growth Index (the “Index”), which returned -1.51% for the same period. The Fund’s underperformance versus the Index for the one-year period ended December 31, 2018, stemmed largely from stock selection in the Health Care, Consumer Staples, and Communication Services sectors. The Fund outperformed in Industrials, Information Technology, and Financials sectors due to stock selection.

MARKET OVERVIEW

The U.S. economy continues to exhibit good economic growth, low unemployment and modest inflation. This is driven partly by tax cuts, technological innovation and falling regulatory hurdles. That said, the effects of the strain in the trading relationship with China have been a headwind to growth, but not nearly enough to offset the strong momentum in the economy.

This economic growth has been fairly broad-based across sectors. However, the stock price performance has not been as broad-based. Value stocks outperformed growth stocks during the fourth quarter of 2018, snapping a streak of seven consecutive quarters of the Russell 1000 Value Index underperforming the Russell 1000 Growth Index. This was helped by a rotation into defensive stocks and out of some of the high-flying technology names. However, growth stocks still significantly outperformed for the full calendar year.

We continue to focus on the fundamentals of each business to drive our investment decisions versus getting caught up in the temporary emotions of the market, always with the long-term welfare of our shareholders in mind. Our philosophy is to focus on companies we believe have sustainable competitive advantages that can outperform in most market environments. We combine this with our valuation discipline to seek a margin of safety, with downside protection ever an important consideration. That being said, we do have a history of underperforming in go-go markets and outperforming in bear markets.

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s relative performance this period included Mastercard, Spirit Airlines, and AutoZone.

Mastercard’s performance was driven by strong core results reported over the second quarter of 2018, where revenues and earnings soundly beat expectations and organic revenue growth accelerated to over 20% year over year. While these results are unlikely sustainable, Mastercard has demonstrated an ability to grow at a faster pace than their largest competitor Visa driven by the strength of their services business, share gains in European processing, and some market share gains internationally. Notably, this reporting period, the company won Santander’s large UK debit business. More importantly, Mastercard continues to benefit from the long tail of revenue growth as the world transitions from cash and check to electronic forms of payment. The global ubiquity of acceptance of Visa and Mastercard make them both partners of choice for global card issuers.

A confluence of positive events happened at Spirit Airlines during the last half of 2018. The company’s new pilot contract signed in early 2018, while expensive in absolute terms, allowed Spirit to greatly increase its efficiency. This helped the performance of its network (better on-times, fewer cancellations, etc.) as well as allowed the company to lower unit costs. Moreover, weather (i.e. hurricanes) had a much more benign impact in 2018 versus 2017. Finally, and perhaps most importantly, competitive rivalry was muted in 2018 against the backdrop of a strong economy for consumers, allowing Spirit to raise fares at above-average rates. Though Spirit’s stock is not the deep bargain it was a year ago, it is still inexpensive (~9x forward consensus EPS), and we continue to like the business. The company is still growing at a robust mid-teens rate, has a significant cost advantage relative to peers (costs per seat-mile ex-fuel are 40% below that of Southwest, and less than half that of the legacy Big 3 carriers), and the service level given to customers is much improved and still improving.

Auto parts retailer AutoZone saw an acceleration in same-store sales comparisons and commercial growth to a multi-quarter high. Beyond the better revenue, margins and earnings flow-through improved. In addition, fears about online competitors taking market share have not come to fruition in reality. We continue to like the competitive positioning of the business as well as the cash flow characteristics and large ongoing stock buyback.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included AmeriGas Partners, Facebook, and Compass Minerals International.

Amerigas is the largest propane distributor in the country. The recent selloff started soon after the company disclosed that it is considering changing the ownership structure between itself and its parent company UGI, including possibly getting rid of the incentive distributions UGI currently collects. As part of this exercise, Amerigas is hoping to improve its balance sheet, which could involve cutting distributions. Exacerbating this weakness, Amerigas was dropped in

3 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

late December from the Alerian MLP Index, causing selling pressure from those funds that track the index. Finally, with the stock weak into the end of the year, tax-loss selling undoubtedly played a role. The Alerian and tax-loss situations do not reflect anything with the underlying business, and they are proving to be temporary effects. As far as the distributions are concerned, we view a modest cut as likely. But with the stock yielding in excess of 15% at year-end, we view this as being more than priced in. We added to our position in the fourth quarter.

Facebook shares declined sharply post second-quarter financial results due to the company’s outlook for a material deceleration of revenue growth in the high single-digit percent range sequentially each quarter for the remainder of the year vs. the 42% year-over-year growth posted in the most recent quarter. Further, the company forecasted operating profit margins to decline to the mid-30s over time vs. 44% posted in the most recent quarter. We continue to believe Facebook’s shares are an attractive investment given the company’s market leading position in the shift to digital advertising, and monetization opportunities across its four properties: Facebook, Instagram, Messenger and WhatsApp.

Compass Minerals produces minerals, including salt, sulfate of potash specialty fertilizer, and magnesium chloride. Shares of Compass were negatively impacted by ongoing production issues at its salt mine in Ontario, Canada.

STRATEGY & OUTLOOK

In the short term, we expect the U.S. economy to continue to show economic growth, albeit at slower rates than experienced in 2018 as the “sugar high” from tax cuts wears off. This will be driven by favorable ongoing consumer confidence, falling regulatory hurdles, as well as technological innovation. The biggest macro risks we see are trade tariffs and higher interest rates.

Speculation remains at an elevated level. Mania around cryptocurrency earlier in the year and cannabis stocks more recently are symptoms of these. We believe an equally big risk to stock prices is the stock market’s preference for so called “disruptors” and the potential for stocks with this perceived characteristic to become crowded trades and have valuations untethered to financial reality. While some of the high flyers lost altitude in the fourth quarter as the market corrected, a true capitulation point has not yet been reached.

Regarding trade tariffs, while concern has risen in recent weeks, the market continues to view bluster from D.C. as a negotiating tactic and is implying that all will end well. So far this has been borne out in trade negotiations between the U.S., Mexico and Canada. A true escalation could severely hamper global growth and thereby stock prices. Innovation, while a positive for the overall economy over the long term, creates short-term disruptions of which to be cognizant. Lastly, we are afraid companies have become addicted to low interest rates. If interest rates were to continue to rise materially, some companies’ historical decisions will look like a misallocation of capital and negatively impact their stock prices.

We believe a rise in interest rates and other monetary tightening will have profound implications for the equity markets. Due to the 2008 crisis, interest rates were driven to record lows and a flood of liquidity was unleashed. Short-term interest rates were at essentially zero and even longer rates were driven to around 2%. This was not just flash in the pan either, as the rates stayed at these levels for multiple years. When the cost of money became close to zero and its availability abundant, the equity market’s horizon became longer for start-ups delivering profits. As a result, we have seen several companies focus on revenue growth through disruption without regard to profit generation.

We are afraid even established companies are addicted to low interest rates which is not sustainable for longer-term profitable growth. We believe that once this corrects, it will be healthy in the longer-term because it will drive companies to generate profits. “Profitable Revenue Growth” is better, tougher and more sustainable than mere “Revenue Growth”. Over time, companies that generate such profitable growth are likely to be more durable investments with better down-side protection even though they may look a little short in a speculative environment. As a famous investor once said, you don’t know who has been swimming naked until the tide rolls out. At the moment, the tide is lower than it was a few months ago, but still relatively high. We know this won’t be the situation in perpetuity.

We continue to maintain our discipline around valuation and focus on companies with competitive advantages and skilled management teams that are out-executing peers. Evidence of this in the companies we look for include high returns on invested capital, consistently strong pricing power, and/or rising market shares. 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, especially in down markets.

We fully believe that over a complete market cycle, the value of our strategy will become apparent again.

4 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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 capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. 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.

5 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -5.73% 5-Year 6.92% 10-Year 12.45%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -5.96% 5-Year 6.66% 10-Year 12.17%

6 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	900.50	$	3.84
Service shares		1,000.00		899.50		5.04

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


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

7 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value

Common Stocks—98.5%

Consumer Discretionary—31.7%

Entertainment—1.0%

Activision Blizzard, Inc.		134,283	$	6,253,559

Hotels, Restaurants & Leisure—3.6%

Cedar Fair LP¹		224,712		10,628,878

Starbucks Corp.		167,640		10,796,016

				21,424,894

Interactive Media & Services—10.9%

Alphabet, Inc., Cl. C²		29,268		30,310,233

Facebook, Inc., Cl. A²		213,158		27,942,882

Snap, Inc., Cl. A²		163,873		902,940

Tencent Holdings Ltd., ADR		165,450		6,530,312

				65,686,367

Internet & Catalog Retail—9.6%

Alibaba Group Holding Ltd., Sponsored
ADR²		18,092		2,479,871

Amazon.com, Inc.²		23,357		35,081,513

Booking Holdings, Inc.²		7,138		12,294,634

eBay, Inc.²		277,030		7,776,232

				57,632,250

Specialty Retail—6.6%

AutoNation, Inc.²		215,220		7,683,354

AutoZone, Inc.²		9,243		7,748,777

CarMax, Inc.²		97,550		6,119,311

Lowe’s Cos., Inc.		198,380		18,322,377

				39,873,819

Consumer Staples—2.6%

Food Products—1.4%

Kraft Heinz Co. (The)		104,785		4,509,946

Mondelez International, Inc., Cl. A		96,588		3,866,418

				8,376,364

Household Products—0.5%

Spectrum Brands Holdings, Inc.		73,528		3,106,558

Tobacco—0.7%

British American Tobacco plc		126,040		4,019,313

Energy—2.4%

Oil, Gas & Consumable Fuels—2.4%

Husky Energy, Inc.		566,727		5,857,397

Magellan Midstream Partners LP¹		149,224		8,514,721

				14,372,118

Financials—5.9%

Capital Markets—4.0%

Charles Schwab Corp. (The)		324,293		13,467,889

CME Group, Inc., Cl. A		19,635		3,693,736

Intercontinental Exchange, Inc.		94,403		7,111,378

				24,273,003

Diversified Financial Services—1.1%

Berkshire Hathaway, Inc., Cl. B²		32,185		6,571,533

Insurance—0.8%

Progressive Corp. (The)		80,360		4,848,119

Health Care—12.8%

Biotechnology—5.2%

Biogen, Inc.²		26,740		8,046,601

Celgene Corp.²		96,424		6,179,814

Exact Sciences Corp.²		22,510		1,420,381

Galapagos NV²		22,749		2,087,946

Gilead Sciences, Inc.		98,280		6,147,414

Vertex Pharmaceuticals, Inc.²		45,760		7,582,889

				31,465,045

Health Care Equipment & Supplies—1.2%

Intuitive Surgical, Inc.²		14,683		7,031,982


	Shares		Value

Health Care Providers & Services—4.8%
Laboratory Corp. of America Holdings²		66,145	$	8,358,082

UnitedHealth Group, Inc.		83,030		20,684,434

				29,042,516

Health Care Technology—0.7%

Cerner Corp.²		82,640		4,333,642

Pharmaceuticals—0.9%

Allergan plc		38,040		5,084,426

Industrials—10.9%

Aerospace & Defense—2.3%

Lockheed Martin Corp.		22,600		5,917,584

Spirit AeroSystems Holdings, Inc., Cl. A		112,970		8,144,007

				14,061,591

Airlines—1.5%
Spirit Airlines, Inc.²		155,920		9,030,887

Commercial Services & Supplies—1.4%
KAR Auction Services, Inc.		182,560		8,711,763

Machinery—2.5%

Deere & Co.		41,573		6,201,444

Stanley Black & Decker, Inc.		34,390		4,117,859

Wabtec Corp.		64,520		4,532,530

				14,851,833

Road & Rail—2.3%

Canadian Pacific Railway Ltd.		16,590		2,946,716

Union Pacific Corp.		78,030		10,786,087

				13,732,803

Trading Companies & Distributors—0.9%
Fastenal Co.		101,135		5,288,349

Information Technology—29.4%

Communications Equipment—1.0%

Motorola Solutions, Inc.		54,820		6,306,493

IT Services—6.6%

First Data Corp., Cl. A²		284,300		4,807,513

Mastercard, Inc., Cl. A		155,168		29,272,443

PayPal Holdings, Inc.²		68,275		5,741,245

				39,821,201

Semiconductors & Semiconductor Equipment—3.6%

Applied Materials, Inc.		201,790		6,606,604

NVIDIA Corp.		37,650		5,026,275

Texas Instruments, Inc.		104,688		9,893,016

				21,525,895

Software—12.6%

Microsoft Corp.		448,183		45,521,947

salesforce.com, Inc.²		138,200		18,929,254

ServiceNow, Inc.²		65,610		11,681,861

				76,133,062

Technology Hardware, Storage & Peripherals—5.6%

Apple, Inc.		213,643		33,700,047

Materials—1.3%

Chemicals—0.5%

Albemarle Corp.		38,363		2,956,636

Metals & Mining—0.8%

Compass Minerals International, Inc.		116,568		4,859,720

Utilities—1.5%

Gas Utilities—1.5%

AmeriGas Partners LP¹		348,855		8,826,032

Total Common Stocks (Cost $470,911,472)				593,201,820

8 OPPENHEIMER CAPITAL APPRECIATION FUND/VA


	Shares		Value

Investment Company—0.3%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^3,4(Cost $2,094,243)		2,094,243	$	2,094,243

Total Investments, at Value (Cost $473,005,715)		98.8%		595,296,063

Net Other Assets (Liabilities)		1.2		7,201,692

Net Assets		100.0%	$	602,497,755

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

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, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		—		107,772,831		105,678,588		2,094,243

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	2,094,243	$	47,225	$	—	$	—

See accompanying Notes to Financial Statements.

9 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $470,911,472)	$	593,201,820
Affiliated companies (cost $2,094,243)		2,094,243

		595,296,063

Cash		2,000,000

Receivables and other assets:
Shares of beneficial interest sold		5,707,906
Dividends		574,271
Investments sold		535,783
Other		108,761

Total assets		604,222,784

Liabilities
Payables and other liabilities:
Investments purchased		1,077,969
Shares of beneficial interest redeemed		465,975
Trustees’ compensation		95,172
Distribution and service plan fees		31,373
Shareholder communications		20,965
Other		33,575

Total liabilities		1,725,029

Net Assets	$	602,497,755



Composition of Net Assets
Par value of shares of beneficial interest	$	12,466

Additional paid-in capital		415,578,282

Total distributable earnings		186,907,007

Net Assets	$	602,497,755



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 $460,707,726 and 9,498,338 shares of beneficial interest outstanding)		$48.50

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $141,790,029 and 2,967,549 shares of beneficial interest outstanding)		$47.78

See accompanying Notes to Financial Statements.

10 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $37,879)	$	7,463,612
Affiliated companies		47,225

Total investment income		7,510,837

Expenses
Management fees		5,472,543

Distribution and service plan fees — Service shares		582,617

Transfer and shareholder servicing agent fees:
Non-Service shares		652,221
Service shares		279,656

Shareholder communications:
Non-Service shares		56,279
Service shares		21,357

Trustees’ compensation		28,154

Borrowing fees		25,852

Custodian fees and expenses		12,487

Other		74,799

Total expenses		7,205,965
Less reduction to custodian expenses		(1,434)
Less waivers and reimbursements of expenses		(383,548)

Net expenses		6,820,983

Net Investment Income		689,854

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		77,508,584
Foreign currency transactions		(5,269)

Net realized gain		77,503,315

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(110,170,267)
Translation of assets and liabilities denominated in foreign currencies		(2,473)

Net change in unrealized appreciation/(depreciation)		(110,172,740)

Net Decrease in Net Assets Resulting from Operations	$	(31,979,571)

See accompanying Notes to Financial Statements.

11 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	689,854	$	1,688,841

Net realized gain		77,503,315		62,736,493

Net change in unrealized appreciation/(depreciation)		(110,172,740)		136,373,539

Net increase (decrease) in net assets resulting from operations		(31,979,571)		200,798,873

Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(43,131,733)		(49,680,512)
Service shares		(16,387,466)		(28,708,763)

Total dividends and distributions declared		(59,519,199)		(78,389,275)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(28,802,499)		(23,046,014)
Service shares		(150,292,452)		(23,253,888)

Total beneficial interest transactions		(179,094,951)		(46,299,902)

Net Assets
Total increase (decrease)		(270,593,721)		76,109,696

Beginning of period		873,091,476		796,981,780

End of period	$	602,497,755	$	873,091,476

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 – New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

12 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$55.70		$48.36		$55.49		$64.87		$57.88

Income (loss) from investment operations:
Net investment income¹		0.09		0.15		0.12		0.22		0.09
Net realized and unrealized gain (loss)		(2.71)		12.33		(1.57)		2.25		8.64

Total from investment operations		(2.62)		12.48		(1.45)		2.47		8.73

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.13)		(0.22)		(0.06)		(0.27)
Distributions from net realized gain		(4.39)		(5.01)		(5.46)		(11.79)		(1.47)

Total dividends and/or distributions to shareholders		(4.58)		(5.14)		(5.68)		(11.85)		(1.74)

Net asset value, end of period		$48.50		$55.70		$48.36		$55.49		$64.87



Total Return, at Net Asset Value²		(5.73)%		26.83%		(2.20)%		3.54%		15.41%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$460,708		$556,227		$501,756		$564,514		$616,862

Average net assets (in thousands)		$542,971		$539,255		$514,525		$601,110		$614,272

Ratios to average net assets:³
Net investment income		0.16%		0.29%		0.25%		0.36%		0.15%
Expenses excluding specific expenses listed below		0.85%		0.82%		0.83%		0.81%		0.80%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.85%		0.82%		0.83%		0.81%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%⁶

Portfolio turnover rate		27%		26%		114%		60%		61%

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

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, 2018		0.85%
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%

6. Waiver 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, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$54.89		$47.73		$54.80		$64.30		$57.37

Income (loss) from investment operations:
Net investment income (loss)¹		(0.05)		0.02		0.00²		0.07		(0.06)
Net realized and unrealized gain (loss)		(2.67)		12.16		(1.55)		2.22		8.57

Total from investment operations		(2.72)		12.18		(1.55)		2.29		8.51
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.01)		(0.06)		0.00		(0.11)
Distributions from net realized gain		(4.39)		(5.01)		(5.46)		(11.79)		(1.47)

Total dividends and/or distributions to shareholders		(4.39)		(5.02)		(5.52)		(11.79)		(1.58)

Net asset value, end of period		$47.78		$54.89		$47.73		$54.80		$64.30



Total Return, at Net Asset Value³		(5.96)%		26.50%		(2.43)%		3.27%		15.13%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$141,790		$316,864		$295,226		$317,737		$337,318

Average net assets (in thousands)		$232,457		$314,506		$287,933		$332,468		$343,254

Ratios to average net assets:⁴
Net investment income (loss)		(0.09)%		0.04%		0.00%⁵		0.12%		(0.10)%
Expenses excluding specific expenses listed below		1.10%		1.07%		1.08%		1.06%		1.05%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%

Total expenses⁶		1.10%		1.07%		1.08%		1.06%		1.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%⁷

Portfolio turnover rate		27%		26%		114%		60%		61%

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, 2018		1.10%
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%

7. Waiver less than 0.005%.

See accompanying Notes to Financial Statements.

14 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

1. Organization

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

Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

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

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.

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

15 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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.


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$2,039,696		$65,211,609		$—		$120,933,480

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.

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 Earnings³

$11,711,569		$11,711,569

3. $11,717,513, including $11,502,965 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, 2018		Year Ended December 31, 2017

Distributions paid from:
Ordinary income	$	26,045,927	$	1,300,333
Long-term capital gain		33,473,272		77,088,942

Total	$	59,519,199	$	78,389,275

16 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

2. Significant Accounting Policies (Continued)


Federal tax cost of securities			$ 474,347,079

Gross unrealized appreciation			$ 166,573,630
Gross unrealized depreciation			(45,640,150)

Net unrealized appreciation			$ 120,933,480

3. Securities Valuation

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.

17 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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)

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	$	190,870,889	$	—	$	—	$	190,870,889
Consumer Staples		11,482,922		4,019,313		—		15,502,235
Energy		14,372,118		—		—		14,372,118
Financials		35,692,655		—		—		35,692,655
Health Care		74,869,665		2,087,946		—		76,957,611
Industrials		65,677,226		—		—		65,677,226
Information Technology		177,486,698		—		—		177,486,698
Materials		7,816,356		—		—		7,816,356
Utilities		8,826,032		—		—		8,826,032
Investment Company		2,094,243		—		—		2,094,243

Total Assets	$	589,188,804	$	6,107,259	$	—	$	595,296,063

For the reporting period, there were no transfers between levels.

4. Investments and Risks

18 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

4. Investments and Risks (Continued)

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.

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 61% 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:

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

6. Shares of Beneficial Interest

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


	Year Ended December 31, 2018				Year Ended December 31, 2017
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		363,347	$	19,418,739		393,813	$	20,493,018
Dividends and/or distributions reinvested		779,254		43,131,733		978,541		49,680,512
Redeemed		(1,630,524)		(91,352,971)		(1,761,563)		(93,219,544)

Net decrease		(487,923)	$	(28,802,499)		(389,209)	$	(23,046,014)



Service Shares
Sold		124,097	$	6,689,300		127,462	$	6,431,379
Dividends and/or distributions reinvested		300,192		16,387,466		573,029		28,708,763
Redeemed		(3,229,296)		(173,369,218)		(1,113,678)		(58,394,030)

Net decrease		(2,805,007)	$	(150,292,452)		(413,187)	$	(23,253,888)

19 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

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	$	205,205,793		$447,542,853

8. Fees and Other Transactions with Affiliates

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


Fee Schedule

Up to $200 million		0.75%
Next $200 million		0.72
Next $200 million		0.69
Next $200 million		0.66
Next $200 million		0.60
Over $1 billion		0.58

The Fund’s effective management fee for the reporting period was 0.71% of average annual net assets before any applicable waivers.

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


Non-Service Shares	$	273,233
Service Shares		107,498

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

20 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

by the Board.

9. Borrowings and Other Financing

10. Pending Acquisition

21 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, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

22 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $2.54341 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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 100.00% to arrive at the amount eligible for the corporate dividend-received deduction.

23 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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

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 Sub-Adviser’s portfolio manager and 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 funds underlying variable insurance products. The Board noted that the Fund underperformed its category median during all periods. The Board also considered, however, that Paul Larson took over sole portfolio management responsibilities in October 2016 and that the Fund was repositioned to an “all-weather orientation” from a growth orientation by December 31, 2016. In this regard, the Board considered that the Fund’s performance in 2017, the first full year with the Fund’s new portfolio manager and repositioned strategy, was an improvement over the prior year and that it was reasonable to allow the new portfolio manager more time to develop his performance record.

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). The Board considered that while the Fund’s total expenses were higher than its peer group median and its category median, its contractual management fee was lower than its peer group median and one basis point higher than 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 0.80% 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. The Board further considered that the Adviser has 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.

24 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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

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.

25 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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

26 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

27 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued


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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
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.

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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.

28 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		December 31, 2018
		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

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

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/18


	Inception Date		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		-1.02%		2.97%		5.37%
Service Shares		5/1/02		-1.31		2.71		5.09
Bloomberg Barclays Credit Index				-2.11		3.22		5.52
Bloomberg Barclays U.S. Aggregate Bond Index				0.01		2.52		3.48
FTSE Broad Investment Grade Bond Index				-0.01		2.51		3.36

TOP HOLDINGS AND ALLOCATIONS


PORTFOLIO ALLOCATION
Mortgage-Backed Obligations
Government Agency			26.7%
Non-Agency			12.4
Non-Convertible Corporate Bonds and Notes			38.6
Asset-Backed Securities			14.6
Short-Term Notes			6.4
Investment Company
Oppenheimer Institutional Government Money Market Fund			1.2
U.S. Government Obligations			0.1

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018 and are based on the total market value of investments.


CORPORATE BONDS & NOTES - TOP TEN INDUSTRIES
Commercial Banks			6.5%
Oil, Gas & Consumable Fuels			3.4
Food Products			2.6
Capital Markets			2.4
Electric Utilities			2.3
Automobiles			1.9
Media			1.8
Chemicals			1.8
Diversified Telecommunication Services			1.6
Health Care Providers & Services			1.5

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER TOTAL RETURN BOND FUND/VA

Fund Performance Discussion

MARKET OVERVIEW

FUND REVIEW

Against this backdrop, the Fund’s Non-Service shares returned -1.02% during the reporting period. In comparison, the Bloomberg Barclays U.S. Aggregate Bond Index and the FTSE Broad Investment Grade Bond Index, returned 0.01% and -0.01%, respectively, during the reporting period. Credit underperformed this reporting period, and the Bloomberg Barclays Credit Index returned -2.11%.

In a period where U.S. Treasuries outperformed credit, the Fund’s underweight position in U.S. Treasuries and overweight exposure to investment grade credit were the top detractors to return, leading the Fund to underperform the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s top contributors to return over the period were allocations to asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS).

STRATEGY & OUTLOOK

We believe macroeconomic fundamentals remain stable, with U.S. growth slowing as the effects of the stimulus package and tax reform fade, along with pockets of moderation in housing and investment expenditures. We think the Fed will hike interest rates again in 2019 after the 25 basis point increase in December that brought the range to 2.25%-2.50%. The Fed’s communication was initially hawkish but it has turned dovish potentially leading to a pause so the Fed can observe the impact of its recent tightening measures. The portfolio has returned to a neutral duration exposure of 5.87 years, relative to the Bloomberg Barclays U.S. Aggregate Bond Index’s duration of 5.79 years. We previously reduced interest rate risk by taking a shorter duration posture than the benchmark, but our stop-out level was executed as Treasury yields declined during the quarter.

On a sector level, we continue to maintain our strategic underweight to U.S. Treasuries. Over the period we maintained our significant overweight to agency MBS and slightly increased our exposure. Within structured credit, we continue to favor auto ABS given its attractive fundamentals, carry, and solid structures. We also maintained an overweight in CMBS and remain up-in-structure. Overall, we are more cautious on credit in general as we believe we reside in the fourth quarter of the credit cycle. We maintained our large overweight to investment-grade corporate credit and will continue to monitor valuations to determine our weighting. We also have modest exposure to typically high Sharpe ratio BB-rated corporates. As a result, we continue to be less likely to meaningfully increase credit risk, absent specific relative value opportunities. We typically avoid B-rated and below high yield corporate bonds as well as emerging market debt. Given the degree of uncertainty unlikely to be resolved in the near term, we continue to anticipate volatility going forward and view our commitment to risk management as an integral part of the investment process.

3 OPPENHEIMER TOTAL RETURN BOND FUND/VA

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 FTSE 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:

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -1.02% 5-Year 2.97% 10-Year 5.37%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -1.31% 5-Year 2.71% 10-Year 5.09%

5 OPPENHEIMER TOTAL RETURN BOND FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	1,012.20	$	3.81
Service shares		1,000.00		1,010.90		5.08

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


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

6 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Principal Amount		Value
Asset-Backed Securities—19.1%
Auto Loan—13.0%
American Credit Acceptance Receivables Trust:
Series 2015-3,Cl. D, 5.86%, 7/12/22¹	$	125,000	$	125,572
Series 2017-3,Cl. B, 2.25%, 1/11/21¹		27,101		27,078
Series 2017-4,Cl. B, 2.61%, 5/10/21¹		64,000		63,905
Series 2017-4,Cl. C, 2.94%, 1/10/24¹		183,000		182,218
Series 2017-4,Cl. D, 3.57%, 1/10/24¹		227,000		225,704
Series 2018-2,Cl. B, 3.46%, 8/10/22¹		255,000		255,090
Series 2018-2,Cl. C, 3.70%, 7/10/24¹		255,000		255,467
Series 2018-3,Cl. B, 3.49%, 6/13/22¹		80,000		80,154
Series 2018-4,Cl. C, 3.97%, 1/13/25¹		180,000		180,839
AmeriCredit Automobile Receivables Trust:
Series 2017-2,Cl. D, 3.42%, 4/18/23		300,000		299,666
Series 2017-4,Cl. D, 3.08%, 12/18/23		190,000		187,500
Series 2018-3,Cl. C, 3.74%, 10/18/24		260,000		264,209
Cabela’s Credit Card Master Note Trust, Series 2015-2, Cl. A2, 3.125% [US0001M+67], 7/17/23²		520,000		520,754
Capital Auto Receivables Asset Trust:
Series 2017-1,Cl. D, 3.15%, 2/20/25¹		40,000		39,913
Series 2018-2,Cl. B, 3.48%, 10/20/23¹		120,000		120,663
Series 2018-2,Cl. C, 3.69%, 12/20/23¹		115,000		116,010
CarMax Auto Owner Trust:
Series 2015-2,Cl. D, 3.04%, 11/15/21		100,000		99,803
Series 2015-3,Cl. D, 3.27%, 3/15/22		295,000		294,664
Series 2016-1,Cl. D, 3.11%, 8/15/22		185,000		183,724
Series 2017-1,Cl. D, 3.43%, 7/17/23		230,000		229,951
Series 2017-4,Cl. D, 3.30%, 5/15/24		100,000		99,661
Series 2018-4,Cl. C, 3.85%, 7/15/24		85,000		86,747
CIG Auto Receivables Trust, Series 2017-1A, Cl. A, 2.71%, 5/15/23¹		59,090		58,741
CPS Auto Receivables Trust:
Series 2017-C,Cl. A, 1.78%, 9/15/20¹		11,511		11,494
Series 2017-C,Cl. B, 2.30%, 7/15/21¹		100,000		99,551
Series 2017-D,Cl. B, 2.43%, 1/18/22¹		170,000		168,784
Series 2018-A,Cl. B, 2.77%, 4/18/22¹		125,000		124,022
Series 2018-B,Cl. B, 3.23%, 7/15/22¹		150,000		149,927
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%, 5/17/21¹		30,000		29,906
Credit Acceptance Auto Loan Trust:
Series 2017-3A,Cl. C, 3.48%, 10/15/26¹		205,000		204,138
Series 2018-1A,Cl. B, 3.60%, 4/15/27¹		125,000		124,903
Series 2018-1A,Cl. C, 3.77%, 6/15/27¹		180,000		180,019
Series 2018-2A,Cl. C, 4.16%, 9/15/27¹		105,000		106,631
Series 2018-3A,Cl. C, 4.04%, 12/15/27¹		210,000		212,405
Drive Auto Receivables Trust:
Series 2015-BA,Cl. D, 3.84%, 7/15/21¹		13,899		13,920
Series 2016-CA,Cl. D, 4.18%, 3/15/24¹		160,000		160,858
Series 2017-1,Cl. D, 3.84%, 3/15/23		225,000		225,898
Series 2017-3,Cl. C, 2.80%, 7/15/22		115,000		114,726
Series 2017-BA,Cl. D, 3.72%, 10/17/22¹		215,000		215,463
Series 2018-1,Cl. D, 3.81%, 5/15/24		180,000		180,380
Series 2018-2,Cl. D, 4.14%, 8/15/24		295,000		297,525
Series 2018-3,Cl. C, 3.72%, 9/16/24		115,000		115,327
Series 2018-3,Cl. D, 4.30%, 9/16/24		200,000		202,900
Series 2018-4,Cl. B, 3.36%, 10/17/22		130,000		129,789
Series 2018-5,Cl. C, 3.99%, 1/15/25		210,000		211,988
DT Auto Owner Trust:
Series 2016-4A,Cl. E, 6.49%, 9/15/23¹		120,000		123,002
Series 2017-1A,Cl. D, 3.55%, 11/15/22¹		125,000		125,178
Series 2017-1A,Cl. E, 5.79%, 2/15/24¹		240,000		245,110
Series 2017-2A,Cl. D, 3.89%, 1/15/23¹		175,000		175,656
Series 2017-3A,Cl. D, 3.58%, 5/15/23¹		70,000		69,974
Series 2017-3A,Cl. E, 5.60%, 8/15/24¹		155,000		158,709
Series 2017-4A,Cl. D, 3.47%, 7/17/23¹		190,000		189,508
Series 2017-4A,Cl. E, 5.15%, 11/15/24¹		135,000		136,387
Series 2018-1A,Cl. B, 3.04%, 1/18/22¹		145,000		144,664
Series 2018-2A,Cl. B, 3.43%, 5/16/22¹		80,000		80,048


	Principal Amount		Value
Auto Loan (Continued)
DT Auto Owner Trust: (Continued)
Series 2018-3A,Cl. B, 3.56%, 9/15/22¹	$	250,000	$	251,265
Series 2018-3A,Cl. C, 3.79%, 7/15/24¹		100,000		100,462
Exeter Automobile Receivables Trust:
Series 2018-1A,Cl. B, 2.75%, 4/15/22¹		140,000		139,361
Series 2018-4A,Cl. B, 3.64%, 11/15/22¹		210,000		210,042
Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/22¹		345,000		356,809
GLS Auto Receivables Trust:
Series 2018-1A,Cl. A, 2.82%, 7/15/22³		226,344		225,580
Series 2018-3A,Cl. A, 3.35%, 8/15/22¹		115,157		115,225
GM Financial Automobile Leasing Trust:
Series 2017-3,Cl. C, 2.73%, 9/20/2¹		120,000		119,139
Series 2018-2,Cl. C, 3.50%, 4/20/2²		135,000		135,509
GMF Floorplan Owner Revolving Trust:
Series 2018-3,Cl. B, 3.49%, 9/15/22¹		240,000		241,541
Series 2018-3,Cl. C, 3.68%, 9/15/22¹		200,000		201,283
Series 2018-4,Cl. B, 3.68%, 9/15/23¹		200,000		202,618
Series 2018-4,Cl. C, 3.88%, 9/15/23¹		250,000		253,309
Navistar Financial Dealer Note Master Owner Trust II:
Series 2017-1,Cl. C, 4.056% [US0001M+155], 6/27/22^1,2		60,000		60,147
Series 2017-1,Cl. D, 4.806% [US0001M+230], 6/27/22^1,2		70,000		70,070
Series 2018-1,Cl. A, 3.136% [US0001M+63], 9/25/23^1,2		110,000		110,005
Series 2018-1,Cl. B, 3.306% [US0001M+80], 9/25/23^1,2		125,000		125,163
Santander Drive Auto Receivables Trust:
Series 2016-2,Cl. D, 3.39%, 4/15/22		320,000		320,602
Series 2017-1,Cl. D, 3.17%, 4/17/23		160,000		159,541
Series 2017-1,Cl. E, 5.05%, 7/15/24¹		355,000		363,932
Series 2017-2,Cl. D, 3.49%, 7/17/23		70,000		69,666
Series 2017-3,Cl. D, 3.20%, 11/15/23		280,000		278,914
Series 2018-1,Cl. D, 3.32%, 3/15/24		100,000		99,372
Series 2018-2,Cl. D, 3.88%, 2/15/24		165,000		166,459
Series 2018-3,Cl. C, 3.51%, 8/15/23		415,000		415,514
Series 2018-4,Cl. C, 3.56%, 7/15/24		290,000		292,324
Series 2018-5,Cl. C, 3.81%, 12/16/24		215,000		216,591
Santander Retail Auto Lease Trust, Series 2017-A, Cl. C, 2.96%, 11/21/22¹		180,000		178,855
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/22¹		160,000		159,508
United Auto Credit Securitization Trust, Series 2018-1, Cl. C, 3.05%, 9/10/21¹		255,000		254,083
Veros Automobile Receivables Trust, Series 2017-1, Cl. A, 2.84%, 4/17/23¹		48,983		48,842
Westlake Automobile Receivables Trust:
Series 2016-1A,Cl. E, 6.52%, 6/15/22¹		260,000		262,057
Series 2017-2A,Cl. E, 4.63%, 7/15/24¹		305,000		305,366
Series 2018-1A,Cl. C, 2.92%, 5/15/23¹		145,000		143,695
Series 2018-1A,Cl. D, 3.41%, 5/15/23¹		160,000		158,932
Series 2018-3A,Cl. B, 3.32%, 10/16/23¹		245,000		245,608
				15,784,212
Credit Card—5.4%
Cabela’s Credit Card Master Note Trust:
Series 2015-1A,Cl. A2, 2.995% [US0001M+54], 3/15/23²		495,000		496,918
Series 2015-2,Cl. A1, 2.25%, 7/17/23		570,000		563,365
Series 2016-1,Cl. A1, 1.78%, 6/15/22		655,000		651,262
Series 2016-1,Cl. A2, 3.305% [US0001M+85], 6/15/22²		235,000		235,665
Evergreen Credit Card Trust, Series 2018-2, Cl. A, 2.805% [US0001M+35], 7/15/22^1,²		385,000		384,945
GE Capital Credit Card Master Note Trust:
Series 2012-7,Cl. A, 1.76%, 9/15/22		210,000		208,200
Series 2012-7,Cl. B, 2.21%, 9/15/22		185,000		183,834

7 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Credit Card (Continued)
Synchrony Credit Card Master Note Trust,
Series 2015-1, Cl. A, 2.37%, 3/15/23	$	610,000	$	605,352
World Financial Network Credit Card Master Trust:
Series 2012-D,Cl. A, 2.15%, 4/17/23		585,000		582,562
Series 2016-C,Cl. A, 1.72%, 8/15/23		625,000		618,342
Series 2017-A,Cl. A, 2.12%, 3/15/24		485,000		478,568
Series 2017-C,Cl. A, 2.31%, 8/15/24		395,000		389,647
Series 2018-A,Cl. A, 3.07%, 12/16/24		495,000		493,791
Series 2018-B,Cl. A, 3.46%, 7/15/25		230,000		232,542
Series 2018-C,Cl. A, 3.55%, 8/15/25		470,000		476,301
				6,601,294
Equipment—0.4%
CCG Receivables Trust:
Series 2017-1,Cl. B, 2.75%, 11/14/23¹		230,000		227,213
Series 2018-1,Cl. B, 3.09%, 6/16/25¹		85,000		84,704
Series 2018-1,Cl. C, 3.42%, 6/16/25¹		20,000		19,931
Series 2018-2,Cl. C, 3.87%, 12/15/25¹		60,000		60,526
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		65,000		64,201
Dell Equipment Finance Trust, Series 2018-1, Cl. B, 3.34%, 6/22/23¹		80,000		80,254
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43¹		6,429		6,408
				543,237
Loans: Other—0.3%
Ameriquest Mortgage Securities, Inc. Asset- Backed Pass-Through Certificates, Series 2005- R5, Cl. M2, 3.196% [US0001M+69], 7/25/35²		88,084		88,372
Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/22¹		70,000		69,399
Element Rail Leasing I LLC, Series 2014-1A, Cl.
A1, 2.299%, 4/19/44¹		149,517		148,305
				306,076
Total Asset-Backed Securities (Cost $23,211,279)				23,234,819

Mortgage-Backed Obligations—51.3%
Government Agency—35.0%
FHLMC/FNMA/FHLB/Sponsored—31.0%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		3,156		3,337
5.50%, 9/1/39		208,469		221,142
6.00%, 10/1/22-10/1/29		273,923		296,136
6.50%, 7/1/28-4/1/34		97,656		106,206
7.00%, 10/1/31-10/1/37		77,990		85,367
9.00%, 8/1/22-5/1/25		4,306		4,592
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20		240		241
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205,Cl. IO, 74.346%, 9/1/29⁴		3,960		829
Series 206,Cl. IO, 0.00%, 12/15/29^4,5		72,029		20,428
Series 243,Cl. 6, 0.00%, 12/15/32^4,5		44,963		8,562
Series 304,Cl. C47, 5.341%, 12/15/27⁴		71,206		6,238
Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		220,408		216,999
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series KC02, Cl. X1, 0.00%, 3/25/24^4,5		4,572,395		84,364
Federal Home Loan Mortgage Corp., Principal- Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.108%, 6/1/26⁶		21,379		19,654
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151,Cl. F, 9.00%, 5/15/21		639		652
Series 1674,Cl. Z, 6.75%, 2/15/24		5,944		6,283


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2034,Cl. Z, 6.50%, 2/15/28	$	1,172	$	1,270
Series 2042,Cl. N, 6.50%, 3/15/28		2,559		2,753
Series 2043,Cl. ZP, 6.50%, 4/15/28		148,285		163,485
Series 2046,Cl. G, 6.50%, 4/15/28		5,227		5,763
Series 2053,Cl. Z, 6.50%, 4/15/28		1,321		1,460
Series 2066,Cl. Z, 6.50%, 6/15/28		145,366		157,742
Series 2195,Cl. LH, 6.50%, 10/15/29		115,528		126,459
Series 2220,Cl. PD, 8.00%, 3/15/30		893		1,025
Series 2326,Cl. ZP, 6.50%, 6/15/31		32,334		35,055
Series 2461,Cl. PZ, 6.50%, 6/15/32		130,093		142,080
Series 2470,Cl. LF, 3.455% [-3.667 x LIBOR01M+100], 2/15/32²		1,061		1,085
Series 2635,Cl. AG, 3.50%, 5/15/32		20,468		20,525
Series 2770,Cl. TW, 4.50%, 3/15/19		236		236
Series 3010,Cl. WB, 4.50%, 7/15/20		2,352		2,357
Series 3025,Cl. SJ, 15.748%
[LIBOR01M-3.667], 8/15/35²		11,158		15,947
Series 3030,Cl. FL, 2.855%
[LIBOR01M+40], 9/15/35²		1,701		1,709
Series 3645,Cl. EH, 3.00%, 12/15/20		6,290		6,266
Series 3815,Cl. BD, 3.00%, 10/15/20		5		5
Series 3822,Cl. JA, 5.00%, 6/15/40		1,797		1,832
Series 3848,Cl. WL, 4.00%, 4/15/40		12,841		12,972
Series 3857,Cl. GL, 3.00%, 5/15/40		3,101		3,136
Series 4221,Cl. HJ, 1.50%, 7/15/23		52,040		50,810
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		768		72
Series 2079,Cl. S, 99.999%, 7/17/28⁴		1,425		162
Series 2130,Cl. SC, 99.999%, 3/15/29⁴		47,343		6,114
Series 2526,Cl. SE, 67.818%, 6/15/29⁴		1,906		307
Series 2796,Cl. SD, 99.999%, 7/15/26⁴		94,563		10,806
Series 2920,Cl. S, 32.733%, 1/15/35⁴		402,587		56,827
Series 2922,Cl. SE, 18.242%, 2/15/35⁴		47,932		6,238
Series 2981,Cl. AS, 0.00%, 5/15/35^4,5		60,434		7,264
Series 3004,Cl. SB, 0.00%, 7/15/35^4,5		17,596		1,691
Series 3397,Cl. GS, 0.00%, 12/15/37^4,5		9,650		1,581
Series 3424,Cl. EI, 0.00%, 4/15/384,5		7,217		641
Series 3450,Cl. BI, 9.077%, 5/15/38⁴		244,851		33,285
Series 3606,Cl. SN, 10.927%, 12/15/39⁴		63,605		7,718
Series 4057,Cl. QI, 4.996%, 6/15/27⁴		441,912		34,494
Series 4205,Cl. AI, 8.074%, 5/15/28⁴		112,512		8,540
Series 4818,Cl. BI, 0.00%, 3/15/45^4,5		166,386		29,800
Federal National Mortgage Assn.:
2.50%, 1/1/347		1,705,000		1,665,291
3.00%, 1/1/34-1/1/49⁷		3,490,000		3,437,489
3.50%, 1/1/34-1/1/49⁷		11,325,000		11,356,037
4.00%, 1/1/34-1/1/49⁷		7,100,000		7,245,327
4.50%, 1/1/49⁷		6,570,000		6,807,486
5.00%, 1/1/49⁷		3,120,000		3,269,582
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21-7/1/22		1,085		1,105
5.50%, 2/1/35-5/1/36		96,823		104,391
6.50%, 10/1/19-1/1/34		6,201		6,902
7.00%, 1/1/30-12/1/32		14,285		16,288
7.50%, 1/1/33		2,843		3,290
8.50%, 7/1/32		3,306		3,344
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221,Cl. 2, 99.999%, 5/25/23⁴		1,133		132
Series 222,Cl. 2, 99.999%, 6/25/23⁴		126,619		14,070
Series 252,Cl. 2, 0.00%, 11/25/23^4,5		109,211		13,904
Series 294,Cl. 2, 99.999%, 2/25/28⁴		17,448		3,695
Series 301,Cl. 2, 20.916%, 4/25/29⁴		1,390		283
Series 303,Cl. IO, 60.912%, 11/25/29⁴		30,954		7,096
Series 320,Cl. 2, 66.392%, 4/25/32⁴		127,159		29,625
Series 321,Cl. 2, 26.024%, 4/25/32⁴		315,400		74,086

8 OPPENHEIMER TOTAL RETURN BOND FUND/VA


		Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 324,Cl. 2, 13.502%, 7/25/32⁴	$	3,112	$	726
Series 331,Cl. 5, 0.00%, 2/25/33^4,5		4,438		792
Series 331,Cl. 9, 24.792%, 2/25/33⁴		102,794		20,435
Series 334,Cl. 12, 0.00%, 3/25/33^4,5		7,349		1,547
Series 334,Cl. 17, 43.05%, 2/25/33⁴		64,429		15,377
Series 339,Cl. 12, 0.00%, 6/25/33^4,5		102,716		19,985
Series 339,Cl. 7, 0.00%, 11/25/33^4,5		215,072		46,798
Series 343,Cl. 13, 0.00%, 9/25/33^4,5		107,174		19,418
Series 343,Cl. 18, 0.00%, 5/25/34^4,5		26,148		5,955
Series 345,Cl. 9, 0.00%, 1/25/34^4,5		78,252		17,710
Series 351,Cl. 10, 0.00%, 4/25/34^4,5		33,940		7,152
Series 351,Cl. 8, 0.00%, 4/25/34^4,5		59,169		11,558
Series 356,Cl. 10, 0.00%, 6/25/35^4,5		41,231		8,336
Series 356,Cl. 12, 0.00%, 2/25/35^4,5		20,303		4,391
Series 362,Cl. 13, 0.00%, 8/25/35^4,5		79,543		16,383
Series 364,Cl. 15, 0.00%, 9/25/35^4,5		4,279		927
Series 364,Cl. 16, 0.00%, 9/25/35^4,5		88,282		17,845
Series 365,Cl. 16, 0.00%, 3/25/36^4,5		111,033		22,609
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates:
Series 1993-87,Cl. Z, 6.50%, 6/25/23		88,561		93,320
Series 1998-58,Cl. PC, 6.50%, 10/25/28		79,429		86,490
Series 1998-61,Cl. PL, 6.00%, 11/25/28		39,974		43,402
Series 1999-54,Cl. LH, 6.50%, 11/25/29		66,835		72,749
Series 2001-51,Cl. OD, 6.50%, 10/25/31		4,168		4,405
Series 2001-74,Cl. QE, 6.00%, 12/25/31		94,938		104,234
Series 2003-28,Cl. KG, 5.50%, 4/25/23		240,352		247,209
Series 2004-25,Cl. PC, 5.50%, 1/25/34		225		225
Series 2005-73,Cl. DF, 2.756% [-3.667 x LIBOR01M+25], 8/25/352		1,996		2,003
Series 2006-11,Cl. PS, 15.377% [-3.667 x LIBOR01M-3.667], 3/25/36²		62,423		89,722
Series 2006-46,Cl. SW, 15.01%
[LIBOR01M-3.667], 6/25/362		41,469		57,376
Series 2006-50,Cl. KS, 15.01%
[LIBOR01M-3.667], 6/25/36²		53,817		75,980
Series 2008-75,Cl. DB, 4.50%, 9/25/23		80		80
Series 2009-113,Cl. DB, 3.00%,
12/25/20		4,221		4,201
Series 2009-36,Cl. FA, 3.446%
[LIBOR01M+94], 6/25/37²		26,347		26,946
Series 2009-70,Cl. TL, 4.00%, 8/25/19		55		55
Series 2010-43,Cl. KG, 3.00%, 1/25/21		2,680		2,675
Series 2011-3,Cl. EL, 3.00%, 5/25/20		4,109		4,093
Series 2011-38,Cl. AH, 2.75%, 5/25/20		2		2
Series 2011-82,Cl. AD, 4.00%, 8/25/26		9,900		9,879
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 20.897%, 11/18/31⁴		3,953		658
Series 2001-63,Cl. SD, 43.66%, 12/18/31⁴		1,300		193
Series 2001-65,Cl. S, 33.013%, 11/25/31⁴		99,179		18,494
Series 2001-68,Cl. SC, 45.93%, 11/25/31⁴		945		148
Series 2001-81,Cl. S, 32.836%, 1/25/32⁴		29,274		5,089
Series 2002-28,Cl. SA, 35.92%, 4/25/32⁴		918		161
Series 2002-38,Cl. SO, 83.089%, 4/25/32⁴		2,823		433
Series 2002-39,Cl. SD, 59.52%, 3/18/32⁴		1,867		349
Series 2002-47,Cl. NS, 36.388%, 4/25/32⁴		91,379		16,641
Series 2002-48,Cl. S, 38.117%, 7/25/32⁴		1,428		272
Series 2002-51,Cl. S, 35.261%, 8/25/32⁴		83,887		15,276


		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 2002-52,Cl. SD, 81.21%, 9/25/32⁴	$	131,373	$	24,680
Series 2002-52,Cl. SL, 35.459%, 9/25/32⁴		949		173
Series 2002-53,Cl. SK, 80.587%, 4/25/32⁴		6,504		1,243
Series 2002-56,Cl. SN, 35.14%, 7/25/32⁴		1,947		371
Series 2002-60,Cl. SM, 16.201%, 8/25/32⁴		12,213		1,630
Series 2002-7,Cl. SK, 22.457%, 1/25/32⁴		5,765		826
Series 2002-77,Cl. BS, 23.425%, 12/18/32⁴		8,417		1,411
Series 2002-77,Cl. IS, 55.581%, 12/18/32⁴		4,809		831
Series 2002-77,Cl. SH, 31.217%, 12/18/32⁴		39,121		6,254
Series 2002-84,Cl. SA, 28.222%, 12/25/32⁴		94,813		15,382
Series 2002-9,Cl. MS, 30.416%, 3/25/32⁴		1,520		286
Series 2002-90,Cl. SN, 16.432%, 8/25/32⁴		6,283		839
Series 2002-90,Cl. SY, 22.669%, 9/25/32⁴		4,745		643
Series 2003-26,Cl. DI, 76.438%, 4/25/33⁴		4,661		1,192
Series 2003-33,Cl. SP, 28.304%, 5/25/33⁴		97,799		18,841
Series 2003-4,Cl. S, 22.941%, 2/25/33⁴		60,891		11,090
Series 2004-54,Cl. DS, 99.999%, 11/25/30⁴		85,102		12,159
Series 2005-12,Cl. SC, 27.479%, 3/25/35⁴		21,534		2,947
Series 2005-14,Cl. SE, 33.336%, 3/25/35⁴		69,111		8,487
Series 2005-40,Cl. SA, 99.999%, 5/25/35⁴		199,491		29,490
Series 2005-40,Cl. SB, 60.678%, 5/25/35⁴		9,138		1,104
Series 2005-52,Cl. JH, 25.915%, 5/25/35⁴		50,729		6,460
Series 2005-93,Cl. SI, 1.469%, 10/25/35⁴		142,135		19,395
Series 2008-55,Cl. SA, 0.00%, 7/25/38^4,5		7,856		796
Series 2009-8,Cl. BS, 99.999%, 2/25/24⁴		862		44
Series 2011-96,Cl. SA, 4.555%, 10/25/41⁴		49,638		7,403
Series 2012-121,Cl. IB, 7.742%, 11/25/27⁴		186,660		15,677
Series 2012-134,Cl. SA, 0.492%, 12/25/42⁴		134,704		24,268
Series 2012-40,Cl. PI, 12.51%, 4/25/41⁴		96,714		14,618
Series 2018-16,Cl. NI, 0.00%, 12/25/44^4,5		86,057		14,069
Series 2018-69,Cl. CI, 0.00%, 10/25/46^4,5		186,990		25,495
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		39,799		37,236
				37,626,009

9 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
GNMA/Guaranteed—4.0%
Federal Home Loan Mortgage Corp., Series 2018-HQA2, Cl. M1, 3.256% [US0001M+75], 10/25/48^1,2	$	380,000	$	379,262
Government National Mortgage Assn. I Pool: 7.00%, 12/15/23-3/15/26		3,435		3,533
Government National Mortgage Assn. II Pool, 3.50%, 1/1/49⁷		4,265,000		4,294,419
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:+
Series 2002-15,Cl. SM, 99.999%, 2/16/32⁴		126,990		1,187
Series 2007-17,Cl. AI, 45.352%, 4/16/37⁴		53,912		7,495
Series 2011-52,Cl. HS, 19.137%, 4/16/41⁴		355,435		49,353
Series 2017-136,Cl. LI, 5.577%, 9/16/47⁴		336,794		70,051

				4,805,300
Non-Agency—16.3%
Commercial—8.3%
BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 4.79% [H15T1Y+210], 9/26/35^1,2		21,554		21,607
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 0.00%, 1/15/51^4,5		1,784,578		65,870
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/24^1,4,5,8		177,031		3,465
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017- CD6, Cl. XA, 0.00%, 11/13/50^4,5		748,117		43,386
Chase Mortgage Finance Trust, Series 2005- A2, Cl. 1A3, 4.032%, 1/25/36⁹		81,426		76,924
Citigroup Commercial Mortgage Trust:
Series 2012-GC8,Cl. AAB, 2.608%, 9/10/45		86,209		85,541
Series 2014-GC21,Cl. AAB, 3.477%, 5/10/47		95,000		96,354
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates:
Series 2013-GC17,Cl. XA, 0.00%, 11/10/46^4,5		396,809		16,948
Series 2017-C4,Cl. XA, 11.937%, 10/12/50⁴		2,067,123		143,242
COMM Mortgage Trust:
Series 2013-CR6,Cl. AM, 3.147%, 3/10/46¹		245,000		242,306
Series 2014-CR17,Cl. ASB, 3.598%, 5/10/47		265,000		269,068
Series 2014-CR20,Cl. ASB, 3.305%, 11/10/47		65,000		65,665
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		715,000		723,886
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		170,000		175,291
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		475,000		477,938
Series 2015-CR22,Cl. A2, 2.856%, 3/10/48		120,000		119,678
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/45^4,5		2,030,190		101,877
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		147,589		120,681
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Cl. 1A6, 3.156% [US0001M+65], 11/25/35²		112,632		84,159


	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust:
Series 2010-K6,Cl. B, 5.367%, 12/25/46^1,9	$	55,000	$	56,087
Series 2012-K710,Cl. B, 3.817%, 6/25/47^1,9		40,000		39,975
Series 2012-K711,Cl. B, 3.558%, 8/25/45^1,9		15,000		14,998
Series 2012-K711,Cl. C, 3.558%, 8/25/45^1,9		130,000		129,847
Series 2013-K25,Cl. C, 3.619%, 11/25/45^1,9		90,000		88,492
Series 2013-K26,Cl. C, 3.598%, 12/25/45^1,9		60,000		58,931
Series 2013-K27,Cl. C, 3.496%, 1/25/46^1,9		95,000		92,900
Series 2013-K28,Cl. C, 3.49%, 6/25/46^1,9		285,000		278,506
Series 2013-K712,Cl. C, 3.358%, 5/25/45^1,9		70,000		69,817
Series 2013-K713,Cl. C, 3.154%, 4/25/46^1,9		245,000		244,069
Series 2014-K715,Cl. C, 4.124%, 2/25/46^1,9		190,000		192,017
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Cl. A, 2.933%, 6/5/31¹		430,000		429,167
GS Mortgage Securities Trust:
Series 2012-GC6,Cl. A3, 3.482%, 1/10/45		59,774		60,439
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46		30,799		30,488
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		45,000		47,463
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		85,000		85,934
GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6.00%, 4/25/37^1,9		189,552		179,672
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-C6,Cl. ASB, 3.144%, 5/15/45		120,188		119,798
Series 2012-LC9,Cl. A4, 2.611%, 12/15/47		9,547		9,520
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		315,000		311,825
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		300,000		310,525
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		40,000		39,279
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		220,000		222,088
Series 2016-JP3,Cl. A2, 2.435%, 8/15/49		199,359		195,379
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 4.327%, 7/25/35⁹		55,982		57,504
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 4.434%, 7/26/36^1,9		169,218		169,620
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17,Cl. ASB, 3.705%, 1/15/47		72,756		73,572
Series 2014-C18,Cl. A2, 2.879%, 2/15/47		6,458		6,450
Series 2014-C18,Cl. A3, 3.578%, 2/15/47		105,000		105,379
Series 2014-C19,Cl. ASB, 3.584%, 4/15/47		40,000		40,242
Series 2014-C24,Cl. B, 4.116%, 11/15/47⁹		245,000		243,503
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		200,000		201,805
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		255,000		253,772

10 OPPENHEIMER TOTAL RETURN BOND FUND/VA


	Principal Amount		Value
Commercial (Continued)
JPMBB Commercial Mortgage Securities Trust., Interest-Only Stripped Mtg.-Backed Security, Series 2015-C27, Cl. XA, 0.00%, 2/15/48^4,5	$	2,851,266	$	139,653
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.00%, 2/18/30^4,5		67,745		1
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 0.00%, 7/26/24^1,8,9		26,759		18,990
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7,Cl. AAB, 2.469%, 2/15/46		82,713		81,736
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		225,000		224,730
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		595,000		598,435
Morgan Stanley Capital I Trust:
Series 2011-C1,Cl. A4, 5.033%, 9/15/47^1,9		59,271		60,788
Series 2011-C2,Cl. A4, 4.661%, 6/15/44¹		75,000		77,471
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 0.00%, 12/15/50^4,5		681,074		38,057
Morgan Stanley Re-Remic Trust, Series 2012- R3, Cl. 1B, 3.667%, 11/26/36^1,9		439,664		402,645
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.60%, 6/26/46^1,9		55,456		55,344
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 4.044%, 7/26/45^1,9		11,073		11,337
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 0.00%, 11/15/50^4,5		1,251,210		78,684
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		305,000		303,218
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 0.00%, 12/15/50^4,5		896,476		57,089
WF-RBS Commercial Mortgage Trust:
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		150,000		149,656
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		130,000		134,274
Series 2014-C22,Cl. A3, 3.528%, 9/15/57		45,000		45,449
Series 2014-LC14,Cl. AS, 4.351%, 3/15/47⁹		145,000		147,480
				10,017,986
Multi-Family—0.3%
Connecticut Avenue Securities:
Series 2014-C02,Cl. 1M2, 5.106%
[US0001M+260], 5/25/24²		170,000		178,247
Series 2017-C04,Cl. 2M1, 3.356%
[US0001M+85], 11/25/29²		248,104		248,176
				426,423
Residential—7.7%
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		79,279		75,125
Series 2007-C,Cl. 1A4, 4.173%, 5/20/36⁹		29,995		28,928
Series 2014-R7,Cl. 3A1, 4.607%, 3/26/36^1,9		57,574		57,748
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6.00%, 3/25/37		50,777		47,014
Bear Stearns ARM Trust:
Series 2005-9,Cl. A1, 4.73% [H15T1Y+230], 10/25/352		91,035		91,950
Series 2006-1,Cl. A1, 4.91% [H15T1Y+225], 2/25/362		111,071		111,954


	Principal Amount		Value
Residential (Continued)
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35	$	10,688	$	10,521
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		68,169		59,947
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		9,101		9,074
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 4.28% [H15T1Y+240], 10/25/35²		293,074		296,127
Connecticut Avenue Securities:
Series 2014-C03,Cl. 1M2, 5.506%
[US0001M+300], 7/25/24²		293,225		308,555
Series 2014-C03,Cl. 2M2, 5.406%
[US0001M+290], 7/25/24²		54,900		57,448
Series 2016-C03,Cl. 1M1, 4.506% [US0001M+200], 10/25/28²		57,254		57,723
Series 2016-C07,Cl. 2M1, 3.806% [US0001M+130], 5/25/29²		67,049		67,130
Series 2017-C02,Cl. 2M1, 3.656% [US0001M+115], 9/25/29²		320,559		321,370
Series 2017-C03,Cl. 1M1, 3.456% [US0001M+95], 10/25/29²		300,659		301,004
Series 2017-C06,Cl. 1M1, 3.256% [US0001M+75], 2/25/30²		99,596		99,523
Series 2017-C07,Cl. 1M1, 3.156% [US0001M+65], 5/25/30²		188,630		188,259
Series 2017-C07,Cl. 1M2, 4.906% [US0001M+240], 5/25/30²		210,000		211,811
Series 2017-C07,Cl. 2M1, 3.156% [US0001M+65], 5/25/30²		190,603		190,311
Series 2018-C01,Cl. 1M1, 3.106% [US0001M+60], 7/25/30²		418,105		416,789
Series 2018-C02,Cl. 2M1, 3.156% [US0001M+65], 8/25/30²		76,777		76,709
Series 2018-C03,Cl. 1M1, 3.186% [US0001M+68], 10/25/30²		273,847		273,255
Series 2018-C04,Cl. 2M1, 3.256% [US0001M+75], 12/25/30²		235,123		235,002
Series 2018-C05,Cl. 1M1, 3.226% [US0001M+72], 1/25/31²		100,875		100,674
Series 2018-C06,Cl. 1M1, 3.056% [US0001M+55], 3/25/31²		38,845		38,736
Series 2018-C06,Cl. 2M1, 3.056% [US0001M+55], 3/25/31²		43,920		43,800
Connecticut Avenue Securities Trust, Series 2018-R07, Cl. 1M1, 3.256% [US0001M+75], 4/25/31^1,2		78,613		78,513
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.332%, 7/25/35⁹		49,307		49,593
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.816% [US0001M+31], 7/25/35²		21,036		20,884
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 2.606% [US0001M+10], 8/25/36²		45,381		22,392
RALI Trust:
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		605		532
Series 2007-QS6,Cl. A28, 5.75%, 4/25/37		7,678		7,017
STACR Trust:
Series 2018-DNA2,Cl. M1, 3.306% [US0001M+80], 12/25/30^1,2		380,000		379,726
Series 2018-DNA3,Cl. M1, 3.256% [US0001M+75], 9/25/48^1,2		70,000		69,895
Series 2018-HRP2,Cl. M2, 3.756% [US0001M+125], 2/25/47^1,2		215,000		215,173
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2,Cl. M2, 6.756% [US0001M+425], 11/25/23²		256,540		279,589

11 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Residential (Continued)
Structured Agency Credit Risk Debt Nts.: (Continued)
Series 2014-DN1,Cl. M2, 4.706%
[US0001M+220], 2/25/24²	$	34,658	$	35,310
Series 2014-DN1,Cl. M3, 7.006%
[US0001M+450], 2/25/24²		210,000		235,693
Series 2014-DN2,Cl. M3, 6.106%
[US0001M+360], 4/25/24²		225,000		242,842
Series 2014-HQ2,Cl. M3, 6.256%
[US0001M+375], 9/25/24²		335,000		369,001
Series 2015-HQA2,Cl. M2, 5.306%
[US0001M+280], 5/25/28²		39,947		40,745
Series 2016-DNA1,Cl. M2, 5.406%
[US0001M+290], 7/25/28²		72,770		74,059
Series 2016-DNA4,Cl. M1, 3.306%
[US0001M+80], 3/25/29²		1,462		1,462
Series 2016-DNA4,Cl. M3, 6.306%
[US0001M+380], 3/25/29²		325,000		351,003
Series 2016-HQA3,Cl. M1, 3.306%
[US0001M+80], 3/25/29²		75,234		75,252
Series 2016-HQA3,Cl. M3, 6.356%
[US0001M+385], 3/25/29²		110,000		120,379
Series 2016-HQA4,Cl. M3, 6.406%
[US0001M+390], 4/25/29²		320,000		350,947
Series 2017-HQA1,Cl. M1, 3.706%
[US0001M+120], 8/25/29²		469,809		471,382
Series 2017-HQA2,Cl. M1, 3.306%
[US0001M+80], 12/25/29²		151,526		151,471
Series 2017-HQA3,Cl. M1, 3.056% [US0001M+55], 4/25/30²		391,175		390,501
Series 2018-DNA1,Cl. M1, 2.956%
[US0001M+45], 7/25/30²		408,893		407,028
Series 2018-DNA1,Cl. M2, 4.306%
[-3.667 x US0001M+180], 7/25/30²		420,000		404,178
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 4.487%, 10/25/33⁹		64,937		65,769
Series 2005-AR14,Cl. 1A4, 4.215%, 12/25/35⁹		128,657		127,308
Series 2005-AR16,Cl. 1A1, 4.28%, 12/25/35⁹		58,179		58,190
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15,Cl. 1A2, 4.671%, 9/25/35⁹		57,103		55,622
Series 2005-AR15,Cl. 1A6, 4.671%, 9/25/35⁹		22,139		21,405
Series 2005-AR4,Cl. 2A2, 4.252%, 4/25/35⁹		128,028		129,029
Series 2006-AR10,Cl. 1A1, 4.309%, 7/25/36⁹		42,196		41,295
Series 2006-AR10,Cl. 5A5, 4.434%, 7/25/36⁹		108,496		108,454
Series 2006-AR2,Cl. 2A3, 4.607%, 3/25/36⁹		48,350		48,934
Series 2006-AR7,Cl. 2A4, 4.334%, 5/25/36⁹		11,029		11,299
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		37,184		36,856
				9,325,215
Total Mortgage-Backed Obligations (Cost $63,124,342)				62,200,933
U.S. Government Obligation—0.2%
United States Treasury Nts., 1.50%, 5/31/19^10,11(Cost $193,106)		193,000		192,224


	Principal Amount		Value
Corporate Bonds and Notes—50.6%
Consumer Discretionary—8.0%
Automobiles—1.9%
Daimler Finance North America LLC, 3.75% Sr. Unsec. Nts., 11/5/21¹	$	269,000	$	270,009
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		78,000		73,414
General Motors Financial Co., Inc.:
4.15% Sr. Unsec. Nts., 6/19/23		272,000		265,278
4.20% Sr. Unsec. Nts., 11/6/21		250,000		250,037
Harley-Davidson Financial Services, Inc., 2.40% Sr. Unsec. Nts., 6/15/20¹		323,000		317,135
Hyundai Capital America:
1.75% Sr. Unsec. Nts., 9/27/19¹		243,000		239,948
4.125% Sr. Unsec. Nts., 6/8/23¹		315,000		315,656
Nissan Motor Acceptance Corp., 3.65%
Sr. Unsec. Nts., 9/21/21¹		310,000		308,605
Volkswagen Group of America Finance
LLC, 4.00% Sr. Unsec. Nts., 11/12/21¹		298,000		298,797
				2,338,879
Diversified Consumer Services—0.2%
Service Corp. International, 4.625% Sr.
Unsec. Nts., 12/15/27		325,000		306,719
Entertainment—0.2%
21st Century Fox America, Inc., 4.75%
Sr. Unsec. Nts., 11/15/46		116,000		126,460
Viacom, Inc., 4.375% Sr. Unsec. Nts., 3/15/43		100,000		79,641
				206,101
Hotels, Restaurants & Leisure—0.5%
Aramark Services, Inc., 5.00% Sr. Unsec.
Nts., 4/1/25¹		303,000		296,940
Royal Caribbean Cruises Ltd., 2.65% Sr.
Unsec. Nts., 11/28/20		287,000		281,807
				578,747
Household Durables—1.1%
DR Horton, Inc., 2.55% Sr. Unsec. Nts., 12/1/20		320,000		312,380
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		314,000		295,552
Newell Brands, Inc., 5.00% Sr. Unsec.
Nts., 11/15/23		171,000		174,097
PulteGroup, Inc., 5.00% Sr. Unsec. Nts., 1/15/27		251,000		228,096
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		257,000		242,223
4.875% Sr. Unsec. Nts., 3/15/27		75,000		68,250
				1,320,598
Internet & Catalog Retail—0.5%
Amazon.com, Inc., 4.95% Sr. Unsec.
Nts., 12/5/44		113,000		125,724
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		565,000		521,577
				647,301
Media—1.8%
Charter Communications Operating LLC/
Charter Communications Operating
Capital, 5.375% Sr. Sec. Nts., 5/1/47		65,000		59,176
Comcast Cable Communications
Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		306,000		371,940
Comcast Corp.:
3.95% Sr. Unsec. Nts., 10/15/25		207,000		209,727
4.00% Sr. Unsec. Nts., 3/1/48		165,000		150,946
Interpublic Group of Cos., Inc. (The):
3.75% Sr. Unsec. Nts., 10/1/21		251,000		252,644
4.20% Sr. Unsec. Nts., 4/15/24		311,000		311,179
Sky Ltd., 3.75% Sr. Unsec. Nts., 9/16/24¹		152,000		151,624

12 OPPENHEIMER TOTAL RETURN BOND FUND/VA


	Principal Amount		Value
Media (Continued)
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42	$	106,000	$	85,599
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26¹		319,000		293,480
WPP Finance 2010, 3.75% Sr. Unsec. Nts., 9/19/24		352,000		329,345
				2,215,660
Specialty Retail—1.3%
AutoNation, Inc., 5.50% Sr. Unsec. Nts., 2/1/20		291,000		297,434
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		64,000		63,692
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		305,000		314,629
L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		297,000		297,000
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		324,000		318,535
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		342,000		303,525
				1,594,815
Textiles, Apparel & Luxury Goods—0.5%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/26¹		316,000		286,375
Levi Strauss & Co., 5.00% Sr. Unsec. Nts., 5/1/25		269,000		264,293
				550,668
Consumer Staples—5.3%
Beverages—1.3%
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65% Sr. Unsec. Nts., 2/1/26¹		85,000		80,419
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		186,000		240,044
Bacardi Ltd., 4.70% Sr. Unsec. Nts., 5/15/28¹		163,000		157,024
Keurig Dr Pepper, Inc.:
4.057% Sr. Unsec. Nts., 5/25/23¹		304,000		303,047
4.597% Sr. Unsec. Nts., 5/25/28¹		162,000		161,177
Molson Coors Brewing Co., 2.10% Sr. Unsec. Nts., 7/15/21		311,000		300,022
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/22¹		307,000		311,671
				1,553,404
Food & Staples Retailing—0.4%
Alimentation Couche-Tard, Inc., 2.35% Sr. Unsec. Nts., 12/13/19¹		343,000		339,884
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		15,000		14,993
4.45% Sr. Unsec. Nts., 2/1/47		89,000		78,376
				433,253
Food Products—2.6%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		216,000		189,662
3.50% Sr. Unsec. Nts., 11/24/20		313,000		312,323
Campbell Soup Co., 3.30% Sr. Unsec. Nts., 3/15/21		311,000		309,535
Conagra Brands, Inc.:
3.80% Sr. Unsec. Nts., 10/22/21		240,000		240,232
4.60% Sr. Unsec. Nts., 11/1/25		302,000		303,523
Kraft Heinz Foods Co.:
2.80% Sr. Unsec. Nts., 7/2/20		316,000		313,325
3.95% Sr. Unsec. Nts., 7/15/25		177,000		171,612
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/26¹		308,000		297,220


	Principal Amount		Value
Food Products (Continued)
Mondelez International Holdings Netherlands BV, 2.00% Sr. Unsec. Nts., 10/28/21¹	$	319,000	$	305,838
Smithfield Foods, Inc.:
2.70% Sr. Unsec. Nts., 1/31/20¹		137,000		135,165
3.35% Sr. Unsec. Nts., 2/1/22¹		174,000		166,513
Tyson Foods, Inc.:
3.55% Sr. Unsec. Nts., 6/2/27		164,000		153,092
3.90% Sr. Unsec. Nts., 9/28/23		255,000		254,902
				3,152,942
Tobacco—1.0%
Altria Group, Inc., 4.00% Sr. Unsec. Nts., 1/31/24		222,000		218,402
BAT Capital Corp.:
2.297% Sr. Unsec. Nts., 8/14/20		330,000		322,262
3.557% Sr. Unsec. Nts., 8/15/27		169,000		150,386
Imperial Brands Finance plc, 3.75% Sr. Unsec. Nts., 7/21/22¹		308,000		305,756
Imperial Tobacco Finance plc, 2.95% Sr. Unsec. Nts., 7/21/20¹		233,000		229,569
				1,226,375
Energy—3.8%
Energy Equipment & Services—0.4%
Halliburton Co., 5.00% Sr. Unsec. Nts., 11/15/45		70,000		69,568
Helmerich & Payne, Inc., 4.65% Sr. Unsec. Nts., 3/15/25¹		194,000		198,149
Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/25¹		184,000		181,974
				449,691
Oil, Gas & Consumable Fuels—3.4%
Anadarko Petroleum Corp., 4.50% Sr. Unsec. Nts., 7/15/44		64,000		54,493
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25% Sr. Unsec. Nts., 12/1/27		166,000		157,080
Apache Corp., 4.375% Sr. Unsec. Nts., 10/15/28		237,000		221,951
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20		302,000		301,019
4.50% Sr. Unsec. Nts., 6/1/25		162,000		163,453
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		35,000		37,505
5.95% Sr. Unsec. Nts., 3/15/46		70,000		85,589
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		74,000		64,288
Energy Transfer LP, 4.25% Sr. Sec. Nts., 3/15/23		245,000		236,425
Energy Transfer Operating LP, 5.30% Sr. Unsec. Nts., 4/15/47		94,000		83,232
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		79,000		76,423
4.90% Sr. Unsec. Nts., 5/15/46		27,000		26,283
EQT Corp., 2.50% Sr. Unsec. Nts., 10/1/20		340,000		332,543
Kinder Morgan Energy Partners LP, 5.80% Sr. Unsec. Nts., 3/1/21		124,000		129,466
Kinder Morgan, Inc.:
5.20% Sr. Unsec. Nts., 3/1/48		80,000		76,848
5.55% Sr. Unsec. Nts., 6/1/45		138,000		137,308
Marathon Petroleum Corp., 3.80% Sr. Unsec. Nts., 4/1/28³		266,000		250,252
ONEOK Partners LP, 8.625% Sr. Unsec. Nts., 3/1/19		192,000		193,368
Pioneer Natural Resources Co., 3.45% Sr. Unsec. Nts., 1/15/21		318,000		317,189
Sabine Pass Liquefaction LLC:
4.20% Sr. Sec. Nts., 3/15/28		166,000		159,174

13 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Sabine Pass Liquefaction LLC: (Continued)
5.625% Sr. Sec. Nts., 2/1/21	$	237,000	$	244,236
Shell International Finance BV, 4.00% Sr. Unsec. Nts., 5/10/46		110,000		106,638
Sunoco Logistics Partners Operations LP,
4.00% Sr. Unsec. Nts., 10/1/27		194,000		178,301
TransCanada PipeLines Ltd.,
7.625% Sr. Unsec. Nts., 1/15/39		71,000		88,774
Williams Cos., Inc. (The):
3.70% Sr. Unsec. Unsub. Nts., 1/15/23		318,000		310,597
3.75% Sr. Unsec. Nts., 6/15/27		131,000		124,423

				4,156,858
Financials—13.0%
Capital Markets—2.4%
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/27¹		121,000		114,157
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		252,000		246,164
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		189,000		185,572
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		147,000		145,836
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds^2,12		308,000		277,970
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		172,000		159,113
3.75% Sr. Unsec. Nts., 2/25/26		170,000		161,085
4.017% [US0003M+137.3] Sr. Unsec. Nts., 10/31/38²		136,000		119,865
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		219,000		208,049
5.00% Sub. Nts., 11/24/25		264,000		269,705
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/26¹		311,000		295,450
Northern Trust Corp., 3.375%
[US0003M+113.1] Sub. Nts., 5/8/32²		119,000		110,871
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		157,000		148,275
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		197,000		188,729
UBS Group Funding Switzerland AG:
4.125% Sr. Unsec. Nts., 4/15/26¹		153,000		152,231
4.253% Sr. Unsec. Nts., 3/23/28¹		135,000		133,324

				2,916,396
Commercial Banks—6.5%
ABN AMRO Bank NV, 4.40%
[USSW5+219.7] Sub. Nts., 3/27/28^2,13		321,000		314,689
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		269,000		249,038
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/28²		185,000		179,749
4.271% [US0003M+131] Sr. Unsec. Nts., 7/23/29²		253,000		252,260
7.75% Jr. Sub. Nts., 5/14/38		232,000		301,174
Bank of Ireland Group plc, 4.50% Sr. Unsec. Nts., 11/25/23¹		250,000		245,174
BNP Paribas SA, 4.625% Sub. Nts., 3/13/27¹		184,000		178,996
BPCE SA, 4.50% Sub. Nts., 3/15/25¹		185,000		179,347
Citigroup, Inc.:
4.075% [US0003M+119.2] Sr. Unsec. Nts., 4/23/29²		256,000		250,127
4.281% [US0003M+183.9] Sr. Unsec. Nts., 4/24/48²		334,000		310,209
Citizens Bank NA (Providence RI),
2.65% Sr. Unsec. Nts., 5/26/22		65,000		63,201


	Principal Amount		Value
Commercial Banks (Continued)
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22	$	285,000	$	273,304
Credit Agricole SA, 4.375% Sub. Nts., 3/17/25¹		310,000		300,536
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		168,000		165,733
First Republic Bank, 4.375% Sub. Nts., 8/1/46		127,000		117,796
HSBC Holdings plc:
3.95% [US0003M+98.72] Sr. Unsec.
Nts., 5/18/24²		103,000		102,499
4.041% [US0003M+154.6] Sr. Unsec.
Nts., 3/13/28²		125,000		119,782
4.583% [US0003M+153.46] Sr. Unsec. Nts., 6/19/29²		171,000		169,796
Huntington Bancshares, Inc., 4.00% Sr. Unsec. Nts., 5/15/25		317,000		319,119
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/28²		259,000		247,360
3.782% [US0003M+133.7] Sr. Unsec.
Nts., 2/1/28²		473,000		459,871
3.797% [US0003M+89] Sr. Unsec. Nts., 7/23/24²		315,000		315,745
KeyCorp, 4.15% Sr. Unsec. Nts., 10/29/25		101,000		102,741
Lloyds Banking Group plc, 6.657% [US0003M+127] Jr. Sub. Perpetual Bonds^1,2,12		334,000		329,197
Nordea Bank Abp, 4.625%
[USSW5+169] Sub. Nts., 9/13/33^1,2		112,000		108,970
PNC Bank NA, 4.05% Sub. Nts., 7/26/28		222,000		223,408
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		235,000		224,620
Regions Financial Corp., 2.75% Sr.
Unsec. Nts., 8/14/22		177,000		170,902
Royal Bank of Canada, 3.70% Sr. Unsec. Nts., 10/5/23		272,000		273,251
SunTrust Bank (Atlanta GA):
3.30% Sub. Nts., 5/15/26		112,000		106,291
4.05% Sr. Unsec. Nts., 11/3/25		135,000		137,478
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		180,000		170,098
Toronto-Dominion Bank (The), 3.50% Sr. Unsec. Nts., 7/19/23		252,000		253,878
US Bancorp:
3.10% Sub. Nts., 4/27/26		204,000		193,449
3.15% Sr. Unsec. Nts., 4/27/27		62,000		59,493
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/28²		257,000		247,142
4.75% Sub. Nts., 12/7/46		160,000		154,613

				7,871,036
Consumer Finance—0.9%
American Express Co., 2.50% Sr. Unsec. Nts., 8/1/22		105,000		101,425
American Express Credit Corp., 3.30% Sr. Unsec. Nts., 5/3/27		194,000		188,987
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27		103,000		95,883
Discover Bank:
3.10% Sr. Unsec. Nts., 6/4/20		229,000		227,476
4.65% Sr. Unsec. Nts., 9/13/28		116,000		113,289
Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25		137,000		131,245
Electricite de France SA, 6.50% Sr.
Unsec. Nts., 1/26/19¹		246,000		246,794

				1,105,099

14 OPPENHEIMER TOTAL RETURN BOND FUND/VA


	Principal Amount		Value
Diversified Financial Services—0.4%
Berkshire Hathaway Energy Co., 3.80% Sr. Unsec. Nts., 7/15/48	$	75,000	$	67,587
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25¹		121,000		117,579
Voya Financial, Inc., 5.65%
[US0003M+358] Jr. Sub. Nts., 5/15/53²		300,000		282,690

				467,856
Insurance—1.4%
Aflac, Inc., 4.75% Sr. Unsec. Nts., 1/15/49		106,000		108,448
AXA Equitable Holdings, Inc., 4.35% Sr. Unsec. Nts., 4/20/28¹		172,000		162,942
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		167,000		160,930
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		156,000		158,378
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/27		67,000		56,744
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27		239,000		222,900
Hartford Financial Services Group, Inc. (The), 4.40% Sr. Unsec. Nts., 3/15/48		192,000		180,038
Lincoln National Corp., 3.80% Sr. Unsec. Nts., 3/1/28		193,000		187,654
Manulife Financial Corp., 4.061%
[USISDA05+164.7] Sub. Nts., 2/24/32²		202,000		190,915
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		106,000		99,377
Prudential Financial, Inc., 5.20% [US0003M+304] Jr. Sub. Nts., 3/15/44²		243,000		227,812

				1,756,138
Real Estate Investment Trusts (REITs)—1.4%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20		72,000		71,460
3.00% Sr. Unsec. Nts., 6/15/23		262,000		252,320
4.00% Sr. Unsec. Nts., 6/1/25		168,000		165,119
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		160,000		163,871
Crown Castle International Corp.,
3.65% Sr. Unsec. Nts., 9/1/27		170,000		157,974
Digital Realty Trust LP:
3.40% Sr. Unsec. Nts., 10/1/20		29,000		28,914
5.875% Sr. Unsec. Nts., 2/1/20		118,000		120,404
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		292,000		296,745
VEREIT Operating Partnership LP:
3.00% Sr. Unsec. Nts., 2/6/19		126,000		125,927
4.625% Sr. Unsec. Nts., 11/1/25		305,000		306,140

				1,688,874
Health Care—5.0%
Biotechnology—1.1%
AbbVie, Inc.:
3.75% Sr. Unsec. Nts., 11/14/23		312,000		310,745
4.25% Sr. Unsec. Nts., 11/14/28		232,000		225,814
Amgen, Inc., 4.563% Sr. Unsec. Nts., 6/15/48		89,000		85,690
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		77,000		79,571
Celgene Corp., 3.875% Sr. Unsec. Nts., 8/15/25		195,000		188,074
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		133,000		132,425
Shire Acquisitions Investments Ireland
DAC, 2.40% Sr. Unsec. Nts., 9/23/21		321,000		310,590

				1,332,909
Health Care Equipment & Supplies—0.4%
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		213,000		209,826


	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Becton Dickinson & Co.: (Continued) 3.70% Sr. Unsec. Nts., 6/6/27	$	252,000	$	238,659
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/25¹		13,000		12,155

				460,640
Health Care Providers & Services—1.5%
Cigna Corp., 3.75% Sr. Sec. Nts., 7/15/23¹		242,000		241,428
Cigna Holding Co., 5.125% Sr. Unsec. Nts., 6/15/20		286,000		293,375
CVS Health Corp.:
2.125% Sr. Unsec. Nts., 6/1/21		334,000		323,293
5.05% Sr. Unsec. Nts., 3/25/48		286,000		279,584
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/22¹		431,000		449,648
McKesson Corp., 3.65% Sr. Unsec. Nts., 11/30/20		287,000		288,447

				1,875,775
Life Sciences Tools & Services—0.6%
IQVIA, Inc., 5.00% Sr. Unsec. Nts., 10/15/26¹		312,000		299,130
Life Technologies Corp., 6.00% Sr. Unsec. Nts., 3/1/20		237,000		243,673
Thermo Fisher Scientific, Inc., 4.15% Sr.
Unsec. Nts., 2/1/24		121,000		122,696

				665,499
Pharmaceuticals—1.4%
Allergan Funding SCS, 3.00% Sr. Unsec. Nts., 3/12/20		329,000		327,785
Bayer US Finance II LLC:
3.875% Sr. Unsec. Nts., 12/15/23¹		313,000		307,643
4.375% Sr. Unsec. Nts., 12/15/28¹		227,000		217,293
Elanco Animal Health, Inc., 4.90% Sr. Unsec. Nts., 8/28/28¹		137,000		139,751
Mylan NV, 3.15% Sr. Unsec. Nts., 6/15/21		303,000		296,888
Takeda Pharmaceutical Co. Ltd.:
4.00% Sr. Unsec. Nts., 11/26/21¹		279,000		282,980
5.00% Sr. Unsec. Nts., 11/26/28¹		159,000		162,803

				1,735,143
Industrials—3.5%
Aerospace & Defense—1.0%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/25¹		250,000		248,349
Huntington Ingalls Industries, Inc., 3.483% Sr. Unsec. Nts., 12/1/27		176,000		164,372
L3 Technologies, Inc., 3.85% Sr. Unsec. Nts., 6/15/23		317,000		317,790
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		175,000		177,780
United Technologies Corp.:
3.35% Sr. Unsec. Nts., 8/16/21		77,000		76,836
3.95% Sr. Unsec. Nts., 8/16/25		193,000		191,868

				1,176,995
Air Freight & Couriers—0.1%
CH Robinson Worldwide, Inc., 4.20% Sr. Unsec. Nts., 4/15/28		163,000		163,858
Building Products—0.4%
Allegion US Holding Co., Inc., 3.55% Sec. Nts., 10/1/27		246,000		229,138
Fortune Brands Home & Security, Inc., 4.00% Sr. Unsec. Nts., 9/21/23		297,000		294,146

				523,284

15 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Electrical Equipment—0.3%
Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/23¹	$	334,000	$	326,067
Industrial Conglomerates—0.3%
GE Capital International Funding Co. Unlimited Co., 3.373% Sr. Unsec. Nts., 11/15/25		99,000		88,115
Roper Technologies, Inc., 3.65% Sr. Unsec. Nts., 9/15/23		311,000		311,539

				399,654
Machinery—0.2%
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		37,000		36,562
Nvent Finance Sarl, 4.55% Sr. Unsec. Nts., 4/15/28		162,000		159,111

				195,673
Professional Services—0.2%
IHS Markit Ltd., 4.125% Sr. Unsec. Nts., 8/1/23		198,000		196,228

Road & Rail—0.5%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/26¹		276,000		258,516
Ryder System, Inc.:
3.50% Sr. Unsec. Nts., 6/1/21		74,000		74,131
3.75% Sr. Unsec. Nts., 6/9/23		314,000		312,367

				645,014
Trading Companies & Distributors—0.5%
Air Lease Corp.:
3.25% Sr. Unsec. Nts., 3/1/25		99,000		91,297
3.625% Sr. Unsec. Nts., 4/1/27		106,000		95,021
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		261,000		240,281
United Rentals North America, Inc., 4.625% Sr. Unsec. Nts., 10/15/25		168,000		150,360

				576,959
Information Technology—3.4%
Communications Equipment—0.2%
Motorola Solutions, Inc., 4.60% Sr. Unsec. Nts., 2/23/28		241,000		236,217

Electronic Equipment, Instruments, & Components—0.4%
Arrow Electronics, Inc., 3.875% Sr.
Unsec. Nts., 1/12/28		232,000		211,849
CDW LLC/CDW Finance Corp., 5.50% Sr. Unsec. Nts., 12/1/24		54,000		53,595
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		264,000		248,340

				513,784
IT Services—0.8%
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		238,000		235,983
4.75% Sr. Unsec. Nts., 4/15/27		241,000		242,374
Fidelity National Information Services, Inc., 4.25% Sr. Unsec. Nts., 5/15/28		162,000		161,338
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		190,000		178,895
5.25% Sr. Unsec. Nts., 4/1/25		99,000		98,381

				916,971
Semiconductors & Semiconductor Equipment—0.6%
Intel Corp., 3.734% Sr. Unsec. Nts., 12/8/47		94,000		87,226
Microchip Technology, Inc., 3.922% Sr. Sec. Nts., 6/1/21¹		316,000		313,634
NXP BV/NXP Funding LLC, 4.125% Sr. Unsec. Nts., 6/1/21¹		292,000		289,080

				689,940


	Principal Amount		Value
Software—1.0%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25	$	98,000	$	99,199
Dell International LLC/EMC Corp.:
4.42% Sr. Sec. Nts., 6/15/21¹		251,000		250,886
6.02% Sr. Sec. Nts., 6/15/26¹		199,000		200,279
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23¹		236,000		236,000
Oracle Corp., 2.95% Sr. Unsec. Nts., 5/15/25		194,000		185,891
VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		104,000		101,886
3.90% Sr. Unsec. Nts., 8/21/27		161,000		143,144

				1,217,285
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		198,000		201,835
Hewlett Packard Enterprise Co., 3.60% Sr. Unsec. Nts., 10/15/20		323,000		323,911

				525,746
Materials—3.4%
Chemicals—1.8%
Dow Chemical Co. (The), 4.55% Sr. Unsec. Nts., 11/30/25¹		208,000		212,004
DowDuPont, Inc.:
3.766% Sr. Unsec. Nts., 11/15/20		279,000		281,744
5.419% Sr. Unsec. Nts., 11/15/48		125,000		130,525
Eastman Chemical Co., 3.50% Sr.
Unsec. Nts., 12/1/21		126,000		126,713
LyondellBasell Industries NV, 5.00% Sr. Unsec. Nts., 4/15/19		236,000		236,261
Nutrien Ltd.:
3.375% Sr. Unsec. Nts., 3/15/25		275,000		258,830
4.875% Sr. Unsec. Nts., 3/30/20		41,000		41,722
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		299,000		290,030
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22		285,000		282,544
6.125% Sr. Unsec. Nts., 10/15/19		162,000		164,983
Yara International ASA, 4.75% Sr. Unsec. Nts., 6/1/28¹		165,000		164,864

				2,190,220
Construction Materials—0.3%
James Hardie International Finance DAC, 4.75% Sr. Unsec. Nts., 1/15/25¹		193,000		176,354
Martin Marietta Materials, Inc., 3.50% Sr. Unsec. Nts., 12/15/27		161,000		147,151

				323,505
Containers & Packaging—0.5%
Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		94,000		92,480
4.50% Sr. Unsec. Nts., 11/1/23		242,000		248,307
Silgan Holdings, Inc., 4.75% Sr. Unsec.
Nts., 3/15/25		270,000		253,125

				593,912
Metals & Mining—0.6%
Anglo American Capital plc:
3.625% Sr. Unsec. Nts., 9/11/24¹		83,000		78,412
4.00% Sr. Unsec. Nts., 9/11/27¹		135,000		122,115
ArcelorMittal, 6.125% Sr. Unsec. Nts., 6/1/25		285,000		298,703
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		93,000		92,627
Steel Dynamics, Inc., 4.125% Sr. Unsec.
Nts., 9/15/25		229,000		211,539

				803,396

16 OPPENHEIMER TOTAL RETURN BOND FUND/VA


	Principal Amount		Value
Paper & Forest Products—0.2%
Georgia-Pacific LLC, 3.734% Sr. Unsec. Nts., 7/15/23¹	$	56,000	$	56,563
Louisiana-Pacific Corp., 4.875% Sr.
Unsec. Nts., 9/15/24		186,000		179,955

				236,518
Telecommunication Services—2.0%
Diversified Telecommunication Services—1.6%
AT&T, Inc.:
4.30% Sr. Unsec. Nts., 2/15/30		238,000		225,548
4.35% Sr. Unsec. Nts., 6/15/45		139,000		118,047
4.50% Sr. Unsec. Nts., 3/9/48		135,000		116,835
British Telecommunications plc:
4.50% Sr. Unsec. Nts., 12/4/23		201,000		203,930
9.625% Sr. Unsec. Nts., 12/15/30		270,000		365,882
Deutsche Telekom International Finance BV, 4.375% Sr. Unsec. Nts., 6/21/28¹		149,000		147,077
Telefonica Emisiones SA:
4.103% Sr. Unsec. Nts., 3/8/27		90,000		86,930
5.213% Sr. Unsec. Nts., 3/8/47		79,000		72,662
T-Mobile USA, Inc., 6.50% Sr. Unsec. Nts., 1/15/26		284,000		290,390
Verizon Communications, Inc.:
4.125% Sr. Unsec. Nts., 8/15/46		133,000		117,965
4.522% Sr. Unsec. Nts., 9/15/48		184,000		173,302

				1,918,568
Wireless Telecommunication Services—0.4%
Vodafone Group plc:
3.75% Sr. Unsec. Nts., 1/16/24		313,000		308,832
4.375% Sr. Unsec. Nts., 5/30/28		159,000		154,627

				463,459
Utilities—3.2%
Electric Utilities—2.3%
AEP Texas, Inc., 3.95% Sr. Unsec. Nts., 6/1/28¹		162,000		162,648
Duke Energy Corp.:
3.15% Sr. Unsec. Nts., 8/15/27		169,000		158,405
3.75% Sr. Unsec. Nts., 9/1/46		65,000		56,506
Edison International:
2.125% Sr. Unsec. Nts., 4/15/20		124,000		120,728
2.95% Sr. Unsec. Nts., 3/15/23		195,000		184,371
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/24¹		219,000		205,455
Electricite de France SA, 4.50% Sr. Unsec. Nts., 9/21/28¹		160,000		155,353
Emera US Finance LP, 2.70% Sr. Unsec. Nts., 6/15/21		168,000		163,754
Eversource Energy, 4.25% Sr. Unsec. Nts., 4/1/29		155,000		158,218
Exelon Corp.:
2.45% Sr. Unsec. Nts., 4/15/21		152,000		148,738
4.45% Sr. Unsec. Nts., 4/15/46		89,000		85,088
FirstEnergy Corp., 3.90% Sr. Unsec. Nts., 7/15/27		175,000		169,893
Indiana Michigan Power Co., 4.25% Sr. Unsec. Nts., 8/15/48		74,000		73,144
Mid-Atlantic Interstate Transmission LLC, 4.10% Sr. Unsec. Nts., 5/15/28¹		162,000		161,253
NextEra Energy Operating Partners LP, 4.25% Sr. Unsec. Nts., 9/15/24¹		30,000		27,862
Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		73,000		74,839
PPL WEM Ltd./Western Power
Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21¹		308,000		318,176
TECO Finance, Inc., 5.15% Sr. Unsec. Nts., 3/15/20		153,000		156,491


	Principal Amount			Value
Electric Utilities (Continued)
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25¹	$	181,000		$	180,568

					2,761,490
Independent Power and Renewable Electricity Producers—0.0%
PSEG Power LLC, 3.00%, 6/15/21		16,000			15,745

Multi-Utilities—0.9%
CenterPoint Energy Resources Corp., 4.50% Sr. Unsec. Nts., 1/15/21		116,000			118,379
CenterPoint Energy, Inc.:
3.60% Sr. Unsec. Nts., 11/1/21		190,000			190,516
4.25% Sr. Unsec. Nts., 11/1/28		147,000			149,345
Dominion Energy, Inc.:
2.579% Jr. Sub. Nts., 7/1/20		255,000			251,061
4.90% Sr. Unsec. Nts., 8/1/41		120,000			119,538
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		295,000			290,945

					1,119,784

Total Corporate Bonds and Notes (Cost $62,823,133)					61,337,648
Short-Term Notes—8.4%
Alliant Energy Corp., 2.501%, 1/4/19¹⁴		550,000			549,838
Ameren Illinois Co., 2.70%, 1/2/19¹⁴		550,000			549,917
Clorox Co. (The), 2.65%, 1/2/19^1,14,15		550,000			549,924
ENI Finance USA Co., 2.722%, 1/11/19^14,15		550,000			549,544
ERAC USA Finance Co., 2.903%, 1/10/19^1,14,15		550,000			549,584
Eversource Energy, 2.752%, 1/7/19^14,15		550,000			549,718
Glencore Funding LLC:
2.789%, 1/7/19^14,15		250,000			249,867
3.002%, 1/3/19^14,15		300,000			299,932
International Paper Co., 2.852%, 1/3/19^1,14,15		300,000			299,934
McKesson Corp., 3.157%, 1/22/19^1,14,15		550,000			549,045
Mohawk Industries, Inc., 2.913%, 1/2/19^1,14,15		550,000			549,920
NetApp Inc., 2.887%, 1/29/19^1,14,15		490,000			488,860
Northrop Grumman Corp., 2.698%, 1/16/19^1,14,15		250,000			249,692
Southern Company Funding Corp., 2.902%, 1/7/19^14,15		550,000			549,713
Telus Corp., 2.85%, 1/16/19^1,14		550,000			549,390
Tyco Electronics Group SA, 2.914%, 1/2/19^1,14,15		550,000			549,920
United Technologies Corp., 3.047%, 1/23/19^1,14,15		550,000			548,999
VF Corp., 2.853%, 1/11/19^1,14,15		480,000			479,609
Walgreens Boots Alliance, Inc., 2.925%, 1/7/19¹⁴		550,000			549,713
Western Union Co. (The), 2.801%, 1/3/19^1,14,15		490,000			489,893
Xcel Energy, Inc., 3.054%, 1/9/19^14,15		550,000			549,627

Total Short-Term Notes (Cost $10,253,054)					10,252,639
	Shares
Investment Company—1.5%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^16,17(Cost $1,840,843)		1,840,843			1,840,843
Total Investments, at Value (Cost $161,445,757)		131.1%			159,059,106
Net Other Assets (Liabilities)		(31.1	)		(37,738,699	)
Net Assets		100.0%		$	121,320,407

17 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Continued

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 $35,515,630 or 29.27% 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 $475,832, which represents 0.39% 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 Appreciation/ (Depreciation)
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/22		1/30/18	$	226,330	$	225,580	$	(750)
Marathon Petroleum Corp., 3.80% Sr. Unsec. Nts., 4/1/28		7/25/18		253,584		250,252		(3,332)

			$	479,914	$	475,832	$	(4,082)

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 $1,848,972 or 1.52% 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 $56,890 or 0.05% 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 value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

9. 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.

10. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $169,316. See Note 6 of the accompanying Notes.

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

13. Represents securities sold under Regulation S, which are exempt from registration under the Securities Act of 1933, as amended. These securities may not be offered or sold in the United States without and exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. These securities amount to $314,689 or 0.26% of the Fund’s net assets at period end.

14. Current yield as of period end.

15. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $8,053,781 or 6.64% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

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, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		2,772,340		73,947,308		74,878,805		1,840,843

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	1,840,843	$	57,521	$	—	$	—


Futures Contracts as of December 31, 2018
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
United States Treasury Long Bonds		Buy		3/20/19		7	USD		983	$	1,022,000	$	39,398
United States Treasury Nts., 10 yr.		Sell		3/20/19		24	USD		2,909		2,928,375		(18,991	)
United states Treasury Nts., 2 yr.		Sell		3/29/19		46	USD		9,716		9,766,375		(50,237	)
United States Treasury Nts., 5 yr.		Sell		3/29/19		27	USD		3,045		3,096,563		(51,078	)
United States Ultra Bonds		Buy		3/20/19		58	USD		8,830		9,318,063		487,756

												$	406,848


Glossary:
Definitions
H15T1Y		US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
ICE LIBOR		Intercontinental Exchange Benchmark Administration-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

18 OPPENHEIMER TOTAL RETURN BOND FUND/VA


Definitions (Continued)
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, 2018


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $159,604,914)	$	157,218,263
Affiliated companies (cost $1,840,843)		1,840,843

		159,059,106

Cash		480,143

Cash used for collateral on futures		220,000

Receivables and other assets:
Investments sold (including $14,465,989 sold on a when-issued or delayed delivery basis)		14,586,581
Interest, dividends and principal paydowns		763,811
Variation margin receivable		37,530
Shares of beneficial interest sold		1,337
Other		47,333

Total assets		175,195,841



Liabilities
Payables and other liabilities:
Investments purchased (including $52,194,245 purchased on a when-issued or delayed delivery basis)		52,743,635
Shares of beneficial interest redeemed		980,607
Trustees’ compensation		40,731
Variation margin payable		22,594
Shareholder communications		10,299
Distribution and service plan fees		10,133
Other		67,435

Total liabilities		53,875,434


Net Assets	$	121,320,407




Composition of Net Assets
Par value of shares of beneficial interest	$	16,283

Additional paid-in capital		125,892,614

Total accumulated loss		(4,588,490)

Net Assets	$	121,320,407




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 $74,929,188 and 10,003,612 shares of beneficial interest outstanding)		$7.49

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $46,391,219 and 6,279,311 shares of beneficial interest outstanding)		$7.39

See accompanying Notes to Financial Statements.

20 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018



Investment Income
Interest:
Unaffiliated companies (net of foreign withholding taxes of $ 775)	$	4,433,590

Fee income on when-issued securities		651,750

Dividends — affiliated companies		57,521

Total investment income		5,142,861



Expenses
Management fees		752,983

Distribution and service plan fees — Service shares		119,367

Transfer and shareholder servicing agent fees:
Non-Service shares		93,301
Service shares		57,296

Shareholder communications:
Non-Service shares		28,057
Service shares		17,327

Legal, auditing and other professional fees		75,105

Custodian fees and expenses		49,874

Trustees’ compensation		11,496

Borrowing fees		4,095

Other		10,885

Total expenses		1,219,786
Less reduction to custodian expenses		(282)
Less waivers and reimbursements of expenses		(154,813)

Net expenses		1,064,691


Net Investment Income		4,078,170



Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		(2,201,938)
Futures contracts		(412,188)
Swap contracts		(3,068)
Swaption contracts written		8,653

Net realized loss		(2,608,541)

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(3,316,860)
Futures contracts		287,387

Net change in unrealized appreciation/(depreciation)		(3,029,473)


Net Decrease in Net Assets Resulting from Operations	$	(1,559,844)

See accompanying Notes to Financial Statements.

21 OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	4,078,170	$	3,104,326

Net realized gain (loss)		(2,608,541)		716,249

Net change in unrealized appreciation/(depreciation)		(3,029,473)		2,175,523

Net increase (decrease) in net assets resulting from operations		(1,559,844)		5,996,098


Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(2,617,442)		(2,024,420)
Service shares		(1,481,742)		(1,136,931)

Total dividends and distributions declared		(4,099,184)		(3,161,351)


Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(3,043,103)		(3,666,983)
Service shares		(2,488,899)		(3,411,210)

Total beneficial interest transactions		(5,532,002)		(7,078,193)


Net Assets
Total decrease		(11,191,030)		(4,243,446)

Beginning of period		132,511,437		136,754,883

End of period	$	121,320,407	$	132,511,437

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

22 OPPENHEIMER TOTAL RETURN BOND FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$7.83		$7.67		$7.71		$7.96		$7.83

Income (loss) from investment operations:
Net investment income¹		0.25		0.19		0.23		0.27		0.30
Net realized and unrealized gain (loss)		(0.33)		0.16		0.02		(0.19)		0.26

Total from investment operations		(0.08)		0.35		0.25		0.08		0.56

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.19)		(0.29)		(0.33)		(0.43)

Net asset value, end of period		$7.49		$7.83		$7.67		$7.71		$7.96



Total Return, at Net Asset Value²		(1.02)%		4.59%		3.27%		0.96%		7.27%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$74,929		$81,481		$83,405		$85,160		$90,757

Average net assets (in thousands)		$77,723		$83,239		$87,039		$89,919		$94,336

Ratios to average net assets:³
Net investment income		3.35%		2.38%		2.96%		3.46%		3.72%
Expenses excluding specific expenses listed below		0.87%		0.85%		0.84%		0.82%		0.80%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.87%		0.85%		0.84%		0.82%		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		64%		86%		79%		73%		127%

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

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, 2018	0.87	%
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	%

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, 2018		$641,318,699		$653,537,737
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

See accompanying Notes to Financial Statements.

23 OPPENHEIMER TOTAL RETURN BOND FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$7.73		$7.57		$7.61		$7.86		$7.74

Income (loss) from investment operations:
Net investment income¹		0.23		0.16		0.21		0.25		0.27
Net realized and unrealized gain (loss)		(0.33)		0.17		0.02		(0.19)		0.26

Total from investment operations		(0.10)		0.33		0.23		0.06		0.53

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.24)		(0.17)		(0.27)		(0.31)		(0.41)

Net asset value, end of period		$7.39		$7.73		$7.57		$7.61		$7.86



Total Return, at Net Asset Value²		(1.31)%		4.38%		3.05%		0.70%		6.93%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$46,391		$51,030		$53,350		$52,519		$52,675

Average net assets (in thousands)		$47,731		$52,525		$52,738		$54,016		$55,215

Ratios to average net assets:³
Net investment income		3.10%		2.13%		2.70%		3.21%		3.47%
Expenses excluding specific expenses listed below		1.12%		1.10%		1.09%		1.07%		1.04%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.12%		1.10%		1.09%		1.07%		1.04%
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		64%		86%		79%		73%		127%

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

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, 2018	1.12	%
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	%

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, 2018		$641,318,699		$653,537,737
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

See accompanying Notes to Financial Statements.

24 OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

1. Organization

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

Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

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

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

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

Carryforward^1,2

Net Unrealized

Depreciation

Based on cost of

Securities and

Other Investments

for Federal Income

Tax Purposes

$4,124,124

$—

$6,272,272

$2,399,615

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.

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

Loss

$719

The tax character of distributions paid during the reporting periods:


	Year Ended December 31, 2018		Year Ended December 31, 2017
Distributions paid from:
Ordinary income	$	4,099,184	$	3,161,351


Federal tax cost of securities	$	161,458,720
Federal tax cost of other investments		(5,451,249)

Total federal tax cost	$	156,007,471

Gross unrealized appreciation	$	1,568,588
Gross unrealized depreciation		(3,968,203)

Net unrealized depreciation	$	(2,399,615)

26 OPPENHEIMER TOTAL RETURN BOND FUND/VA

3. Securities Valuation

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.

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

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

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

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

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

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
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	23,234,819	$	—	$	23,234,819
Mortgage-Backed Obligations		—		62,178,478		22,455		62,200,933
U.S. Government Obligation		—		192,224		—		192,224
Corporate Bonds and Notes		—		61,337,648		—		61,337,648
Short-Term Notes		—		10,252,639		—		10,252,639
Investment Company		1,840,843		—		—		1,840,843

Total Investments, at Value		1,840,843		157,195,808		22,455		159,059,106
Other Financial Instruments:
Futures contracts		527,154		—		—		527,154

Total Assets	$	2,367,997	$	157,195,808	$	22,455	$	159,586,260

Liabilities Table
Other Financial Instruments:
Futures contracts	$	(120,306)	$	—	$	—	$	(120,306)

Total Liabilities	$	(120,306)	$	—	$	—	$	(120,306)

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


	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Mortgage-Backed
Obligations	$	125,414	$	(125,414)

Total Assets	$	125,414	$	(125,414)

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

4. Investments and Risks

28 OPPENHEIMER TOTAL RETURN BOND FUND/VA

4. Investments and Risks (Continued)

considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

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


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$	52,194,245
Sold securities		14,465,989

At period end, the Fund pledged $22,907 of collateral to the counterparty for forward roll transactions.

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

5. Market Risk Factors

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

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

6. Use of Derivatives

29 OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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

During the reporting period, the Fund had an ending monthly average market value of $9,085,868 and $52,724,554 on futures contracts purchased and sold, respectively.

Swap Contracts

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

30 OPPENHEIMER TOTAL RETURN BOND FUND/VA

6. Use of Derivatives (Continued)

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.

For the reporting period, the Fund had ending monthly average notional amounts of $45,769 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.

Swaption Transactions

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.

At period end, the Fund had no purchased swaption contracts outstanding.

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.

The Fund may enter into currency swaption contracts with the obligation to pay an interest rate on the US dollar notional amount or various foreign currency notional amounts and receive an interest rate on various foreign currency notional amounts or US dollar notional amounts, with an option to replace the contractual currency as disclosed in the Statement of Investments. This is done in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. The US dollar swaption contracts seek to increase exposure to foreign exchange rate risk. The foreign currency swaption contracts seek to decrease exposure to foreign exchange rate risk.

During the reporting period, the Fund had an ending monthly average market value of $1,136 and $511 on purchased and written swaptions, respectively.

At period end, the Fund had no written swaption contracts 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

31 OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

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.

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

37,530

Variation margin payable

22,594

*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:

32 OPPENHEIMER TOTAL RETURN BOND FUND/VA

6. Use of Derivatives (Continued)


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written		Futures contracts			Swap contracts			Total
Credit contracts	$	(18,244	)	$	8,653	$	—		$	(3,068	)	$	(12,659)
Interest rate contracts		—			—		(412,188	)	$	—		$	(412,188)

Total	$	(18,244	)	$	8,653	$	(412,188	)	$	(3,068	)	$	(424,847	)

*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	Futures contracts
Interest rate contracts	$	287,387

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, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,820,955		$	14,050,401			1,035,605		$	8,035,937
Dividends and/or distributions reinvested		353,708			2,617,442			261,553			2,024,420
Redeemed		(2,572,646	)		(19,710,946	)		(1,765,201	)		(13,727,340	)

Net decrease		(397,983	)	$	(3,043,103	)		(468,043	)	$	(3,666,983	)


Service Shares
Sold		1,451,512		$	10,711,237			1,815,951		$	13,919,373
Dividends and/or distributions reinvested		202,701			1,481,742			148,618			1,136,931
Redeemed		(1,978,329	)		(14,681,878	)		(2,406,983	)		(18,467,514	)

Net decrease		(324,116	)	$	(2,488,899	)		(442,414	)	$	(3,411,210	)

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		$69,622,560		$68,144,898
U.S. government and government agency obligations		—		1,541,315
To Be Announced (TBA) mortgage-related securities		641,318,699		653,537,737

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.

33 OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

of Operations and Financial Highlights, respectively.

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	$	93,894
Service Shares		57,749

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

11. Pending Acquisition

The Reorganization is subject to the approval of shareholders of the Fund. Shareholders of record of the Fund on January 14, 2019 will be entitled to

34 OPPENHEIMER TOTAL RETURN BOND FUND/VA

11. Pending Acquisition (Continued)

vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Fund’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

35 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, a separate series of Oppenheimer Variable Account Funds, (the “Fund”), including the statement of investments, as of December 31, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

36 OPPENHEIMER TOTAL RETURN BOND FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

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

37 OPPENHEIMER TOTAL RETURN BOND FUND/VA

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

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

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 A. 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.

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). The Board considered that the Fund’s total expenses and contractual management fee were higher than their respective peer group medians and category medians. The Board considered that the Adviser has contractually agreed to waive fees and/or reimburse certain expenses so that the Fund’s total annual operating 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 Board also considered that the Adviser has 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.

38 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.

39 OPPENHEIMER TOTAL RETURN BOND FUND/VA

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

40 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

41 OPPENHEIMER TOTAL RETURN BOND FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued


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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).

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).

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).

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

42 OPPENHEIMER TOTAL RETURN BOND FUND/VA

Brian S. Petersen,

Treasurer and Principal Financial &

Accounting Officer (since 2016)

Year of Birth: 1970

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.

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		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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		December 31, 2018
		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, CFA¹

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/18


	Inception Date	1-Year		5-Year		10-Year
Non-Service Shares	11/12/90		-13.18%		4.77%		11.23	%
Service Shares	7/13/00		-13.39		4.52		10.94
MSCI All Country World Index			-9.42		4.26		9.46

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Alphabet, Inc., Cl. A		6.6%
LVMH Moet Hennessy Louis Vuitton SE		3.3
Airbus SE		3.3
Adobe, Inc.		2.8
Anthem, Inc.		2.8
Intuit, Inc.		2.8
S&P Global, Inc.		2.7
Facebook, Inc., Cl. A		2.6
SAP SE		2.4
Nidec Corp.		2.2

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of investments.

1. Effective March 31, 2019, Mr. Bhaman will retire as Portfolio Manager and Vice President and Mr. Delano will be the sole Portfolio Manager of the Fund.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER GLOBAL FUND/VA

Fund Performance Discussion

Volatility returned to global equity markets in 2018, as trade tariffs, rising interest rates, and politics, yielded a challenging environment. Against this backdrop, the Fund’s Non-Service shares produced a return of -13.18%, underperforming the MSCI All Country World Index (the “Index”), which returned -9.42%. The most significant underperforming sectors for the Fund were Health Care, Financials, Consumer Discretionary, and Real Estate. Stock selection detracted from performance in these sectors. The portfolio outperformed the Index in the Information Technology sector due to stock selection and in the Materials sector, where we have no exposure. We are perennially underweight Energy and Materials. We like certain companies for their technology or their access to a very scarce resource. However, we don’t believe that we can predict either energy or materials prices consistently, and so will continue to invest relatively little in those sectors.

MARKET OVERVIEW

Markets were volatile in 2018 and chaotic in the fourth quarter of the year. While some companies reported weaker than expected numbers for the third quarter, it seems to us to have been extrapolated into something much bigger than is likely to unfold, at least for now. Basically, we have the same conditions we have had, a good economic environment, though perhaps not as strong as before, and low interest rates. The declines in individual stocks, as is common, were often much worse than the broad averages, and as we are not broad market investors, the recent market creates some very attractive opportunities for us that the broad averages might not be much exposed to. This is apt to be particularly true of some of what we see in technology and health care. The 20th century made a comeback over the last several months, but our bet is that the future continues to devour the past, as it always has.

FUND REVIEW

Top contributors to performance this period included Adobe Systems Incorporated, Intuit, Inc., and Kering SA.

Adobe Systems Incorporated has risen by more than fourfold over the last five years as they have undergone a shift to a subscription based model. This model is preferred by many customers, as it offers no meaningful upfront costs, license flexibility, and seamless updates.

Intuit’s small business and tax platforms, QuickBooks and TurboTax, continued to gain share. We also see a sizable opportunity for Intuit to attach adjacent services to both platforms and to penetrate markets outside the U.S.

Kering SA continued the resurgence in its operations, which began in mid-2016. Gucci’s resurgence as a desirable brand has driven significant growth in sales and profits, and we believe it remains relevant for future growth as well.

Detractors from performance this period included JD.com, Inc., Citigroup, Inc., and Facebook, Inc.

JD.com had a difficult year. As the number two player in Chinese e-commerce, we believe it has immense long-term potential. However, it has struggled to become consistently profitable, as it has been investing in the future. An additional controversy with JD erupted during the period, when news reports indicated that its CEO was the subject of a sexual assault investigation in Minneapolis, Minnesota this summer. As with our style, we will be patient with this name. We believe it has very significant upside potential, and the valuation is very low by global standards for an e-commerce company with a market position such as it has.

Citigroup, Inc., along with bank shares generally, underperformed in the fourth quarter of 2018 as the U.S. yield curve flattened, which negatively impacts bank profitability.

Facebook has been weak this year, with the Cambridge Analytica controversy in the spring and lowered guidance following its second quarter earnings report. Despite this, we find appeal in the shares and see no reason to alter our thinking about its long-term potential. The shares are now very cheap. Some clarity about the durability of its business model will likely be seen in coming earnings releases and we expect the share price will likely respond accordingly.

POSITIONING AND OUTLOOK

Our thematic, long-term, investment style leads us towards quality businesses with sustainability of both enterprise and advantage. This, we believe, is an important buffer to rising chatter of protectionist trade policies. Our holdings are selected for the sustainability of their purpose and the sensibility of their price. If we have this combination well calibrated, and we believe we do, then our portfolio should be able to weather trade controversies relatively well.

3 OPPENHEIMER GLOBAL FUND/VA

As we have noted previously, trade has always been a key contributor to the advancement of prosperity. At its core, trade is about specialization and scale advantages. That makes for higher levels of productivity, and rising productivity is what creates higher living standards. The ability to produce more with the same or lower costs makes us collectively more prosperous. We have had an extended period with a lot of bark, and a little bit of bite surrounding trade. We believe that this will be resolved relatively soon, at least to such as degree that everyone can declare themselves a victor.

The standoff that the U.S. government seems to be in, regarding funding and a border wall, is the same brinksmanship narrative that we have seen too many times to recall. Each one has led to lots of media coverage and market anxiety, but have not been important market or economic events. This one, like all the others, will end, probably soon, and the world can move on to other things.

Top of mind for us as we enter 2019 is opportunity. We believe there are some very good opportunities to invest in best of breed companies in structurally ascendant industries. During the fourth quarter, a number of them sold off in indiscriminate fashion. So, in the present you can always find worry in markets, that is the norm, five years and ten years from now, we believe many of the names that sold off in the quarter will likely be much higher. That is what we are focused on as we open the year. Quarters like the fourth quarter of 2018 often create a good setting for patient, long-term investors.

The Fund’s performance is compared to the performance of the MSCI All Country World Index. The MSCI All Country World Index is 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:

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -13.18% 5-Year 4.77% 10-Year 11.23%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -13.39% 5-Year 4.52% 10-Year 10.94%

5 OPPENHEIMER GLOBAL FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	851.80	$	3.65
Service shares		1,000.00		850.80		4.82

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


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

6 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value

Common Stocks—98.7%

Consumer Discretionary—27.4%

Automobiles—2.7%

Bayerische Motoren Werke AG		455,466	$	32,415,483

Suzuki Motor Corp.		457,300		23,139,610

				55,555,093


Entertainment—2.2%

Capcom Co. Ltd.		608,000		12,119,961

Walt Disney Co. (The)		308,060		33,778,779

			45,898,740


Hotels, Restaurants & Leisure—0.5%

International Game Technology plc		724,261		10,595,938


Household Durables—0.9%

Newell Brands, Inc.		1,011,400		18,801,926


Interactive Media & Services—10.2%

Alphabet, Inc., Cl. A¹		130,890		136,774,815

Baidu, Inc., Sponsored ADR¹		126,560		20,072,416

Facebook, Inc., Cl. A¹		407,860		53,466,367

			210,313,598


Internet & Catalog Retail—2.3%

Amazon.com, Inc.¹		10,100		15,169,897

Farfetch Ltd., Cl. A¹		552,040		9,776,628

JD.com, Inc., ADR¹		1,087,577		22,762,987

			47,709,512


Specialty Retail—2.6%

Industria de Diseno Textil SA		1,182,023		30,133,398

Tiffany & Co.		291,690		23,483,962

			53,617,360


Textiles, Apparel & Luxury Goods—6.0%

Brunello Cucinelli SpA		164,542		5,655,079

Kering SA		97,600		45,678,227

LVMH Moet Hennessy Louis Vuitton SE		235,781		69,283,264

Puma SE		8,655		4,239,336

			124,855,906


Consumer Staples—4.0%

Food Products—2.2%

Unilever plc		864,070		45,223,407

Household Products—1.8%

Colgate-Palmolive Co.		654,270		38,942,150

Energy—0.7%

Energy Equipment & Services—0.7%

TechnipFMC plc		702,460		14,161,182

Financials—17.2%

Capital Markets—6.2%

Credit Suisse Group AG¹		1,824,385		20,104,983

Goldman Sachs Group, Inc. (The)		155,040		25,899,432

S&P Global, Inc.		323,430		54,963,694

UBS Group AG¹		2,161,861		26,986,428

			127,954,537


Commercial Banks—4.8%

Banco Bilbao Vizcaya Argentaria SA		1,621,743		8,554,716

Citigroup, Inc.		795,120		41,393,947

ICICI Bank Ltd., Sponsored ADR		3,130,204		32,209,799

Societe Generale SA		581,849		18,473,098

			100,631,560


Insurance—4.1%

Allianz SE		193,844		38,897,988

Dai-ichi Life Holdings, Inc.		817,600		12,668,951

Prudential plc		1,818,837		32,497,285

			84,064,224


Real Estate Management & Development—2.1%

DLF Ltd.		17,032,091		43,118,853


	Shares		Value

Health Care—14.3%

Biotechnology—7.8%

ACADIA Pharmaceuticals, Inc.¹		417,390	$	6,749,196

AnaptysBio, Inc.¹		123,230		7,860,842

Biogen, Inc.¹		68,000		20,462,560

Bluebird Bio, Inc.¹		92,840		9,209,728

Blueprint Medicines Corp.¹		196,170		10,575,525

Circassia Pharmaceuticals plc¹		4,006,224		2,453,532

Gilead Sciences, Inc.		259,020		16,201,701

GlycoMimetics, Inc.¹		545,010		5,161,245

Incyte Corp.¹		198,730		12,637,241

Ionis Pharmaceuticals, Inc.¹		232,180		12,551,651

Loxo Oncology, Inc.¹		105,860		14,827,810

MacroGenics, Inc.¹		511,180		6,491,986

Mirati Therapeutics, Inc.¹		93,783		3,978,275

Sage Therapeutics, Inc.¹		165,380		15,841,750

Shire plc		200,350		11,643,331

uniQure NV¹		161,820		4,663,652

				161,310,025


Health Care Equipment & Supplies—0.7%

Zimmer Biomet Holdings, Inc.		143,610		14,895,229


Health Care Providers & Services—3.7%

Anthem, Inc.		221,345		58,131,837

Centene Corp.¹		156,860		18,085,958

			76,217,795


Life Sciences Tools & Services—1.3%

Agilent Technologies, Inc.		395,150		26,656,819


Pharmaceuticals—0.8%

Bayer AG		241,985		16,779,523


Industrials—15.2%

Aerospace & Defense—3.3%

Airbus SE		706,830		67,601,897


Air Freight & Couriers—1.3%

United Parcel Service, Inc., Cl. B		268,790		26,215,089


Airlines—0.9%

International Consolidated Airlines Group SA		2,429,230		19,064,254


Building Products—1.2%

Assa Abloy AB, Cl. B		1,362,450		24,359,621


Construction & Engineering—0.5%

FLSmidth & Co. AS		244,997		11,007,629


Electrical Equipment—2.2%

Nidec Corp.		406,500		46,586,825


Industrial Conglomerates—2.7%

3M Co.		167,870		31,985,950

Siemens AG		207,853		23,181,696

			55,167,646


Machinery—2.2%

Atlas Copco AB, Cl. A		576,183		13,765,338

FANUC Corp.		127,400		19,153,021

Minebea Mitsumi, Inc.		950,000		13,642,004

			46,560,363


Professional Services—0.9%

Equifax, Inc.		197,710		18,412,732


Information Technology—19.9%

Electronic Equipment, Instruments, & Components—5.9%

Keyence Corp.		69,822		35,188,932

Murata Manufacturing Co. Ltd.		307,200		42,328,329

Omron Corp.		478,100		17,232,206

TDK Corp.		380,900		27,103,104
			121,852,571


IT Services—2.5%

Earthport plc¹		14,765,253		5,048,559

7 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS Continued


	Shares		Value

IT Services (Continued)

PayPal Holdings, Inc.¹		503,007	$	42,297,859

StoneCo Ltd., Cl. A¹		298,340		5,501,390

				52,847,808

Semiconductors & Semiconductor Equipment—2.7%

Maxim Integrated Products, Inc.		898,245		45,675,758

Renesas Electronics Corp.¹		2,167,400		9,941,139

			55,616,897

Software—8.8%

Adobe, Inc.¹		260,853		59,015,383

Intuit, Inc.		294,750		58,021,537

Nintendo Co. Ltd.		61,000		16,116,858

SAP SE		493,706		49,177,910

			182,331,688


	Shares		Value

Software (Continued)

Total Common Stocks (Cost $1,170,852,283)			$	2,044,928,397



Preferred Stock—0.0%

Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $—)		4,053,320		443,563



Investment Company—0.6%

Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^2,3(Cost $12,835,777)		12,835,777		12,835,777

Total Investments, at Value (Cost $1,183,688,060)		99.3%		2,058,207,737

Net Other Assets (Liabilities)		0.7		13,956,815

Net Assets		100.0%	$	2,072,164,552

Footnotes to Statement of Investments

1. Non-income producing security.

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


	Shares December 31, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		27,124,866		416,452,765		430,741,854		12,835,777

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	12,835,777	$	291,363	$	—	$	—

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


Geographic Holdings (Unaudited)	Value		Percent

United States	$	1,008,050,345		48.9%
Japan		275,220,941		13.3
France		201,036,485		9.8
Germany		164,691,936		8.0
United Kingdom		128,224,847		6.2
India		75,772,216		3.7
Switzerland		47,091,411		2.3
China		42,835,403		2.1
Spain		38,688,114		1.9
Sweden		38,124,959		1.9
Ireland		11,643,331		0.6
Denmark		11,007,628		0.5
Italy		5,655,079		0.3
Brazil		5,501,390		0.3
Netherlands		4,663,652		0.2

Total	$	2,058,207,737		100.0%

See accompanying Notes to Financial Statements.

8 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Decmber 31, 2018



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,170,852,283)	$	2,045,371,960
Affiliated companies (cost $12,835,777)		12,835,777

		2,058,207,737

Cash		2,026,072

Cash—foreign currencies (cost $8)		8

Receivables and other assets:
Dividends		6,121,873
Shares of beneficial interest sold		5,688,269
Investments sold		2,147,678
Other		182,662

Total assets		2,074,374,299

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		1,622,704
Distribution and service plan fees		197,655
Trustees’ compensation		152,462
Foreign capital gains tax		60,179
Shareholder communications		49,980
Other		126,767

Total liabilities		2,209,747

Net Assets	$	2,072,164,552



Composition of Net Assets
Par value of shares of beneficial interest	$	54,827

Additional paid-in capital		858,578,324

Total distributable earnings		1,213,531,401

Net Assets	$	2,072,164,552



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 $1,160,316,850 and 30,531,405 shares of beneficial interest outstanding)		$38.00


Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $911,847,702 and 24,295,264 shares of beneficial interest outstanding)		$37.53

See accompanying Notes to Financial Statements.

9 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,774,231)	$	41,353,418
Affiliated companies		291,363

Interest		14,695

Total investment income		41,659,476


Expenses
Management fees		16,562,044

Distribution and service plan fees - Service shares		3,042,370

Transfer and shareholder servicing agent fees:
Non-Service shares		1,684,071
Service shares		1,460,338

Shareholder communications:
Non-Service shares		107,629
Service shares		90,397

Custodian fees and expenses		156,196

Borrowing fees		84,418

Trustees’ compensation		73,980

Other		169,630

Total expenses		23,431,073
Less reduction to custodian expenses		(1,045)
Less waivers and reimbursements of expenses		(16,203)

Net expenses		23,413,825


Net Investment Income		18,245,651


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $136,498)		389,359,579
Foreign currency transactions		(187,862)

Net realized gain		389,171,717

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(723,643,838)
Translation of assets and liabilities denominated in foreign currencies		(112,159)

Net change in unrealized appreciation/(depreciation)		(723,755,997)


Net Decrease in Net Assets Resulting from Operations		$ (316,338,629)

See accompanying Notes to Financial Statements.

10 OPPENHEIMER GLOBAL FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	18,245,651	$	14,689,456

Net realized gain		389,171,717		221,558,318

Net change in unrealized appreciation/(depreciation)		(723,755,997)		558,931,074

Net increase (decrease) in net assets resulting from operations		(316,338,629)		795,178,848

Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(111,686,198)		(12,766,011)
Service shares		(97,522,940)		(8,799,180)

Total dividends and distributions declared		(209,209,138)		(21,565,191)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(34,187,598)		(179,504,173)
Service shares		(156,723,848)		(115,703,050)

Total beneficial interest transactions		(190,911,446)		(295,207,223)

Net Assets
Total increase (decrease)		(716,459,213)		478,406,434

Beginning of period		2,788,623,765		2,310,217,331

End of period	$	2,072,164,552	$	2,788,623,765

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

11 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$47.42		$35.02		$38.00		$39.50		$40.86

Income (loss) from investment operations:
Net investment income¹		0.37		0.29		0.26		0.37²		0.52²
Net realized and unrealized gain (loss)		(5.99)		12.50		(0.42)		1.38²		0.44²

Total from investment operations		(5.62)		12.79		(0.16)		1.75		0.96

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.47)		(0.39)		(0.38)		(0.54)		(0.46)
Distributions from net realized gain		(3.33)		0.00		(2.44)		(2.71)		(1.86)

Total dividends and/or distributions to shareholders		(3.80)		(0.39)		(2.82)		(3.25)		(2.32)

Net asset value, end of period		$38.00		$47.42		$35.02		$38.00		$39.50



Total Return, at Net Asset Value³		(13.18)%		36.66%		0.08%		3.94%		2.29%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,160,317		$1,479,034		$1,245,070		$1,406,001		$1,468,107

Average net assets (in thousands)		$1,401,836		$1,379,895		$1,270,049		$1,502,338		$1,532,383

Ratios to average net assets:⁴
Net investment income		0.81%		0.69%		0.75%		0.92%²		1.30%²
Expenses excluding specific expenses listed below		0.78%		0.76%		0.77%		0.76%		0.76%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%

Total expenses⁶		0.78%		0.76%		0.77%		0.76%		0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78%⁷		0.76%⁷		0.77%⁷		0.76%⁷		0.76%⁷

Portfolio turnover rate		16%		9%		14%		14%		13%

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, 2014 and 2015.

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, 2018	0.78	%
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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

12 OPPENHEIMER GLOBAL FUND/VA


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$46.88		$34.64		$37.59		$39.10		$40.47

Income (loss) from investment operations:
Net investment income¹		0.26		0.18		0.17		0.28²		0.42²
Net realized and unrealized gain (loss)		(5.92)		12.36		(0.41)		1.36²		0.42²

Total from investment operations		(5.66)		12.54		(0.24)		1.64		0.84

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.36)		(0.30)		(0.27)		(0.44)		(0.35)
Distributions from net realized gain		(3.33)		0.00		(2.44)		(2.71)		(1.86)

Total dividends and/or distributions to shareholders		(3.69)		(0.30)		(2.71)		(3.15)		(2.21)

Net asset value, end of period		$37.53		$46.88		$34.64		$37.59		$39.10



Total Return, at Net Asset Value³		(13.39)%		36.32%		(0.16)%		3.67%		2.06%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$911,848		$1,309,590		$1,065,147		$1,081,711		$1,204,379

Average net assets (in thousands)		$1,215,299		$1,207,002		$1,016,772		$1,219,501		$1,265,528

Ratios to average net assets:⁴
Net investment income		0.56%		0.43%		0.49%		0.70%²		1.05%²
Expenses excluding specific expenses listed below		1.03%		1.01%		1.02%		1.01%		1.01%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%

Total expenses⁶		1.03%		1.01%		1.02%		1.01%		1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.03%⁷		1.01%⁷		1.02%⁷		1.01%⁷		1.01%⁷

Portfolio turnover rate		16%		9%		14%		14%		13%

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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


Year Ended December 31, 2018	1.03	%
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	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

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 investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

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

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.

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

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.


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$18,602,380		$339,695,425		$—		$855,385,904

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

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

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 Earnings³

$41,445,526		$41,445,526

3. $41,445,526, including $41,433,466 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, 2018		Year Ended December 31, 2017

Distributions paid from:
Ordinary income	$	23,283,339	$	21,565,191
Long-term capital gain		185,925,799		—

Total	$	209,209,138	$	21,565,191


Federal tax cost of securities	$	1,202,560,358

Federal tax cost of other investments		8

Total federal tax cost	$	1,202,560,366

Gross unrealized appreciation	$	979,753,837

Gross unrealized depreciation		(124,367,933)

Net unrealized appreciation	$	855,385,904

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.

15 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

3. Securities Valuation

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.

Classifications

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

16 OPPENHEIMER GLOBAL FUND/VA

3. Securities Valuation (Continued)

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

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

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


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	344,683,715	$	222,664,358	$	—	$	567,348,073
Consumer Staples		38,942,150		45,223,407		—		84,165,557
Energy		—		14,161,182		—		14,161,182
Financials		154,466,872		201,302,302		—		355,769,174
Health Care		264,983,005		30,876,386		—		295,859,391
Industrials		76,613,771		238,362,285		—		314,976,056
Information Technology		210,511,927		202,137,037		—		412,648,964
Preferred Stock		443,563		—		—		443,563
Investment Company		12,835,777		—		—		12,835,777

Total Assets	$	1,103,480,780	$	954,726,957	$	—	$	2,058,207,737

For the reporting period, there were no transfers between levels.

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.

17 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

Shareholder Concentration. At period end, two 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 30% 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:

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

6. Shares of Beneficial Interest

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


	Year Ended December 31, 2018				Year Ended December 31, 2017
		Shares		Amount		Shares		Amount

Non-Service Shares
Sold		1,572,044	$	70,351,613		1,449,891	$	60,471,325
Dividends and/or distributions reinvested		2,449,259		111,686,198		305,626		12,766,011
Redeemed		(4,681,582)		(216,225,409)		(6,113,341)		(252,741,509)

Net decrease		(660,279)	$	(34,187,598)		(4,357,824)	$	(179,504,173)



Service Shares
Sold		2,224,972	$	100,346,158		2,582,124	$	107,475,911
Dividends and/or distributions reinvested		2,162,851		97,522,940		212,797		8,799,180
Redeemed		(8,029,064)		(354,592,946)		(5,605,593)		(231,978,141)

Net decrease		(3,641,241)	$	(156,723,848)		(2,810,672)	$	(115,703,050)

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	$	420,953,394		$797,389,581

18 OPPENHEIMER GLOBAL FUND/VA

8. Fees and Other Transactions with Affiliates

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


Fee Schedule

Up to $200 million		0.75%
Next $200 million		0.72
Next $200 million		0.69
Next $200 million		0.66
Next $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.

Waivers and Reimbursements of Expenses. 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 $16,203 for IGMMF management fees.

9. Borrowings and Other Financing

10. Pending Acquisition

19 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

10. Pending Acquisition (Continued)

Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of the Fund to a corresponding, newly formed fund (the “Acquiring Fund”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the Fund as of the close of business on the closing date. Although the Acquiring Fund will be managed by Invesco Advisers, Inc., the Acquiring Fund will, as of the closing date, have the same investment objective and substantially similar principal investment strategies and risks as the Fund. After the Reorganization, Invesco Advisers, Inc. will be the investment adviser to the Acquiring Fund, and the Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

20 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, 2018, 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, 2018, 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

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, 2018, by correspondence with the custodian 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

Denver, Colorado

February 14, 2019

21 OPPENHEIMER GLOBAL FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $3.33306 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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 61.73% 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 $2,618,221 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 $16,574,216 was derived from sources within foreign countries or possessions of the United States.

22 OPPENHEIMER GLOBAL FUND/VA

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

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

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.

23 OPPENHEIMER GLOBAL FUND/VA

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

24 OPPENHEIMER GLOBAL FUND/VA

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

25 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

26 OPPENHEIMER GLOBAL FUND/VA


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 in Denver and New York offices from 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. 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 Board’s deliberations.
INTERESTED TRUSTEE AND OFFICER Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex. Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
OTHER OFFICERS OF THE FUND Rajeev Bhaman, Vice President (since 2004) Year of Birth: 1963 John Delano, Vice President (since 2017) Year of Birth: 1972 Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		The addresses of the Officers in the chart below are as follows: for Messrs. 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. 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. 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 (April 2007 - October 2010). Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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		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

		*Effective March 31, 2019, Mr. Bhaman will retire as Portfolio Manager and Vice President and Mr. Delano will be the sole Portfolio Manager of the Fund.

		Before investing in any of the Oppenheimer funds, investors should carefully consider a Fund’s investment objective, 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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		December 31, 2018
		Oppenheimer
		Main Street Fund^®/VA		Annual Report
		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 12/31/18


	Inception Date		1-Year		5-Year		10-Year
Non-Service Shares		7/5/95		-7.89%		6.58%		12.17	%
Service Shares		7/13/00		-8.10		6.31		11.89
S&P 500 Index				-4.38		8.49		13.12

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Microsoft Corp.		6.3%
JPMorgan Chase & Co.		3.9
Merck & Co., Inc.		3.9
UnitedHealth Group, Inc.		3.6
Amazon.com, Inc.		3.3
Facebook, Inc., Cl. A		3.3
Motorola Solutions, Inc.		2.9
Prologis, Inc.		2.6
Lockheed Martin Corp.		2.4
Apple, Inc.		2.3

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER MAIN STREET FUND/VA

Fund Performance Discussion

During a volatile year, the Fund’s Non-Service shares produced a return of -7.89%. In comparison, the S&P 500 Index (the “Index”) returned -4.38%. On the heels of the largest quarterly return for the S&P 500 Index since 2013, the fourth quarter of 2018 experienced the largest quarterly decline since the fourth quarter of 2008. The Fund’s underperformance versus the Index for the one-year period ended December 31, 2018, stemmed largely from stock selection in the Information Technology, Communication Services, Consumer Staples, and Consumer Discretionary sectors. The Fund outperformed the Index in Financials and Materials due to stock selection.

MARKET OVERVIEW

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to performance this period included Merck & Co., Church & Dwight, and Motorola Solutions.

Merck had some Keytruda (immuno-oncology franchise and largest growth driver) approvals and positive data while their competitors’ data didn’t match up or failed. Also, pharmaceuticals performed relatively well in general as a more defensive industry during a sharp market selloff.

Church & Dwight, a consumer products company, saw third-quarter sales hold steady on a 1-year basis and accelerated slightly on a 2-year basis. Additionally, the margin outlook improved as pricing trends turned positive for the first time in nine quarters.

Motorola Solutions continued to display strong execution and to benefit from a favorable environment for public-safety spending. The company has recorded record backlogs with improved margins and return on invested capital.

TOP INDIVIDUAL DETRACTORS

Not owning Amazon, one of the largest index weights, through the end of April was the biggest relative detractor. We re-initiated a position in the company at the very end of April 2018 after previously selling the stock in early 2017. Other top detractors to relative performance that were owned in the portfolio included Kraft Heinz and DXC. Kraft stepped up reinvestment in 2018 – reinvesting tax reform windfall – which clipped industry-high margins and, although these investments seemingly resulted in the strongest organic sales growth in the company’s history in the third quarter, cost pressures took another step up in the order to deliver company record volumes. Shares of DXC declined sharply on a quarterly revenue shortfall. We believe the primary issues driving the revenue shortfall are company specific and self-inflicted and thus should be fixable. The company attributed the shortfall to a re-organization in the sales force that resulted in execution issues and a shortage of skilled labor to meet demand for digital transformation projects, both of which are being addressed.

STRATEGY & OUTLOOK

3 OPPENHEIMER MAIN STREET FUND/VA

We are afraid even established companies are addicted to low interest rates which is not sustainable for longer-term profitable growth. Once this corrects, it will be healthy in the longer-term because it will drive companies to generate profits. “Profitable Revenue Growth” is better, tougher and more sustainable than mere “Revenue Growth”. Over time, companies that generate such profitable growth are more durable investments with better down-side protection even though they may look a little short in a speculative environment. As a famous investor once said, you don’t know who has been swimming naked until the tide rolls out. At the moment, the tide is lower than it was a few months ago, but still relatively high. We know this won’t be the situation in perpetuity.

We fully believe that over a complete market cycle, the value of our strategy will become apparent again.

4 OPPENHEIMER MAIN STREET FUND/VA

The Fund’s performance is compared to the performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. 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:

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -7.89% 5-Year 6.58% 10-Year 12.17%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -8.10% 5-Year 6.31% 10-Year 11.89%

5 OPPENHEIMER MAIN STREET FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	921.60		$ 3.93
Service shares		1,000.00		920.50		5.15

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.12		4.13
Service shares		1,000.00		1,019.86		5.41


Class	Expense Ratios
Non-Service shares		0.81%
Service shares		1.06

6 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value

Common Stocks—98.5%
Consumer Discretionary—14.8%
Hotels, Restaurants & Leisure—1.1%
Starbucks Corp.		194,600	$	12,532,240
Interactive Media & Services—3.3%
Facebook, Inc., Cl. A¹		278,400		36,495,456
Internet & Catalog Retail—4.3%
Amazon.com, Inc.¹		24,390		36,633,048
Booking Holdings, Inc.¹		6,600		11,367,972
				48,001,020
Specialty Retail—6.1%
Best Buy Co., Inc.		363,700		19,261,552
Lowe’s Cos., Inc.		264,880		24,464,317
O’Reilly Automotive, Inc.¹		42,076		14,488,029
Ulta Beauty, Inc.¹		41,930		10,266,141
				68,480,039
Consumer Staples—7.0%
Beverages—2.5%
Constellation Brands, Inc., Cl. A		40,790		6,559,848
PepsiCo, Inc.		191,398		21,145,651
				27,705,499
Food Products—1.1%
Kraft Heinz Co. (The)		282,645		12,165,041
Household Products—1.6%
Church & Dwight Co., Inc.		270,730		17,803,205
Tobacco—1.8%
Philip Morris International, Inc.		306,449		20,458,535
Energy—5.2%
Energy Equipment & Services—1.1%
Schlumberger Ltd.		331,340		11,954,747
Oil, Gas & Consumable Fuels—4.1%
Magellan Midstream Partners LP²		385,810		22,014,319
Suncor Energy, Inc.		855,920		23,940,082
				45,954,401
Financials—19.9%
Capital Markets—5.3%
Bank of New York Mellon Corp. (The)		397,250		18,698,557
CME Group, Inc., Cl. A		52,790		9,930,855
Intercontinental Exchange, Inc.		193,690		14,590,668
S&P Global, Inc.		95,101		16,161,464
				59,381,544
Commercial Banks—6.2%
JPMorgan Chase & Co.		443,170		43,262,256
SunTrust Banks, Inc.		235,470		11,877,107
Wells Fargo & Co.		311,180		14,339,174
				69,478,537
Diversified Financial Services—4.0%
AXA Equitable Holdings, Inc.		1,186,006		19,723,280
Berkshire Hathaway, Inc., Cl. B¹		124,590		25,438,786
				45,162,066
Insurance—1.8%
Marsh & McLennan Cos., Inc.		90,370		7,207,008
Progressive Corp. (The)		216,270		13,047,569
				20,254,577
Real Estate Investment Trusts (REITs)—2.6%
Prologis, Inc.		484,873		28,471,742
Health Care—15.3%
Biotechnology—1.6%
Celgene Corp.¹		67,190		4,306,207
Gilead Sciences, Inc.		210,200		13,148,010
				17,454,217


	Shares		Value
Health Care Equipment & Supplies—2.5%
Align Technology, Inc.¹		20,370	$	4,266,089
Boston Scientific Corp.1		387,340		13,688,595
Zimmer Biomet Holdings, Inc.		101,130		10,489,204
				28,443,888
Health Care Providers & Services—4.4%
DaVita, Inc.¹		96,204		4,950,658
Laboratory Corp. of America Holdings¹		36,170		4,570,441
UnitedHealth Group, Inc.		159,630		39,767,026
				49,288,125
Health Care Technology—0.7%
Cerner Corp.¹		145,650		7,637,886
Life Sciences Tools & Services—1.9%
Agilent Technologies, Inc.		318,050		21,455,653
Pharmaceuticals—4.2%
AstraZeneca plc, Sponsored ADR		88,740		3,370,345
Merck & Co., Inc.		565,890		43,239,655
				46,610,000
Industrials—9.0%
Aerospace & Defense—2.4%
Lockheed Martin Corp.		101,940		26,691,970
Commercial Services & Supplies—1.2%
Republic Services, Inc., Cl. A		184,850		13,325,837
Machinery—1.4%
Illinois Tool Works, Inc.		126,960		16,084,562
Professional Services—0.6%
Nielsen Holdings plc		266,990		6,228,877
Road & Rail—2.1%
Union Pacific Corp.		168,210		23,251,668
Trading Companies & Distributors—1.3%
Fastenal Co.		288,400		15,080,436
Information Technology—21.0%
Communications Equipment—2.9%
Motorola Solutions, Inc.		277,070		31,874,133
IT Services—5.4%
Amdocs Ltd.		349,890		20,496,556
DXC Technology Co.		278,990		14,833,898
First Data Corp., Cl. A¹		758,030		12,818,287
Visa, Inc., Cl. A		92,560		12,212,367
				60,361,108
Semiconductors & Semiconductor Equipment—2.1%
Applied Materials, Inc.		423,910		13,878,813
Texas Instruments, Inc.		102,490		9,685,305
				23,564,118
Software—7.0%
Microsoft Corp.		689,950		70,078,221
ServiceNow, Inc.¹		46,080		8,204,544
				78,282,765
Technology Hardware, Storage & Peripherals—3.6%
Apple, Inc.		165,326		26,078,523
NetApp, Inc.		149,930		8,946,323
Western Digital Corp.		139,125		5,143,452
				40,168,298
Materials—1.8%
Chemicals—1.8%
Ecolab, Inc.		97,410		14,353,364
PPG Industries, Inc.		50,870		5,200,440
				19,553,804
Telecommunication Services—2.0%
Diversified Telecommunication Services—2.0%
Verizon Communications, Inc.		391,725		22,022,780

7 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Continued


	Shares		Value
Utilities—2.5%
Electric Utilities—1.5%
Duke Energy Corp.		196,900	$	16,992,470
Multi-Utilities—1.0%
National Grid plc		1,120,080		10,831,807
Total Common Stocks (Cost $1,007,072,194)				1,099,503,051


	Shares			Value
Investment Company—2.4%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^3,4(Cost $26,902,751)		26,902,751		$	26,902,751
Total Investments, at Value (Cost $1,033,974,945)		100.9	%		1,126,405,802
Net Other Assets (Liabilities)		(0.9	)		(9,778,266	)
Net Assets		100.0	%	$	1,116,627,536

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

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


	Shares December 31, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		19,085,774		325,607,323		317,790,346		26,902,751

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	26,902,751	$	330,605	$	—	$	—

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018




Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,007,072,194)	$	1,099,503,051
Affiliated companies (cost $26,902,751)		26,902,751

		1,126,405,802

Cash		750,000

Receivables and other assets:
Dividends		2,093,739
Shares of beneficial interest sold		1,029,035
Other		152,993

Total assets		1,130,431,569


Liabilities
Payables and other liabilities:
Investments purchased		11,908,490
Shares of beneficial interest redeemed		1,552,540
Distribution and service plan fees		139,246
Trustees’ compensation		135,396
Shareholder communications		31,688
Other		36,673

Total liabilities		13,804,033

Net Assets	$	1,116,627,536




Composition of Net Assets
Par value of shares of beneficial interest	$	41,910

Additional paid-in capital		812,993,122

Total distributable earnings		303,592,504

Net Assets	$	1,116,627,536




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 $485,229,394 and 18,095,402 shares of beneficial interest outstanding)		$26.82


Service Shares:

Net asset value, redemption price per share and offering price per share (based on net assets of $631,398,142 and 23,814,925 shares of beneficial interest outstanding)		$26.51

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018




Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $147,105)	$	23,160,343
Affiliated companies		330,605

Interest		2,341

Total investment income		23,493,289


Expenses
Management fees		8,493,002

Distribution and service plan fees — Service shares		1,853,682

Transfer and shareholder servicing agent fees:
Non-Service shares		652,233
Service shares		889,767

Shareholder communications:
Non-Service shares		44,768
Service shares		60,611

Borrowing fees		41,605

Trustees’ compensation		41,096

Custodian fees and expenses		8,218

Other		83,059

Total expenses		12,168,041
Less reduction to custodian expenses		(380)
Less waivers and reimbursements of expenses		(17,859)

Net expenses		12,149,802

Net Investment Income		11,343,487

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		222,507,418
Foreign currency transactions		(41,761)

Net realized gain		222,465,657

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(328,734,304)
Translation of assets and liabilities denominated in foreign currencies		(1,941)

Net change in unrealized appreciation/(depreciation)		(328,736,245)

Net Decrease in Net Assets Resulting from Operations	$	(94,927,101)

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018			Year Ended December 31, 2017¹

Operations
Net investment income	$	11,343,487		$	12,822,734

Net realized gain		222,465,657			121,840,022

Net change in unrealized appreciation/(depreciation)		(328,736,245	)		68,971,875

Net increase (decrease) in net assets resulting from operations		(94,927,101	)		203,634,631

Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(53,341,045	)		(15,660,180)
Service shares		(71,631,264	)		(21,519,046)

Total dividends and distributions declared		(124,972,309	)		(37,179,226)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		17,298,831			9,551,567
Service shares		(27,705,526	)		(86,863,753)

Total beneficial interest transactions		(10,406,695	)		(77,312,186)

Net Assets
Total increase (decrease)		(230,306,105	)		89,143,219

Beginning of period		1,346,933,641			1,257,790,422

End of period	$	1,116,627,536		$	1,346,933,641

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 – New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$32.25		$28.41		$29.24		$33.61		$31.24
Income (loss) from investment operations:
Net investment income¹		0.32		0.34		0.33		0.33		0.28
Net realized and unrealized gain (loss)		(2.55)		4.41		2.76		0.80		3.01

Total from investment operations		(2.23)		4.75		3.09		1.13		3.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.38)		(0.39)		(0.34)		(0.32)		(0.27)
Distributions from net realized gain		(2.82)		(0.52)		(3.58)		(5.18)		(0.65)

Total dividends and/or distributions to shareholders		(3.20)		(0.91)		(3.92)		(5.50)		(0.92)
Net asset value, end of period		$26.82		$32.25		$28.41		$29.24		$33.61




Total Return, at Net Asset Value²		(7.89)%		16.91%		11.62%		3.33%		10.70%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$485,230		$561,555		$485,196		$518,456		$559,933
Average net assets (in thousands)		$543,152		$535,770		$502,522		$541,020		$554,449
Ratios to average net assets:³
Net investment income		1.03%		1.12%		1.16%		1.05%		0.86%
Expenses excluding specific expenses listed below		0.80%		0.78%		0.79%		0.78%		0.77%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.80%		0.78%		0.79%		0.78%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%⁶		0.78%⁶		0.79%⁶		0.78%⁶		0.77%⁶
Portfolio turnover rate		65%		35%		33%		44%		43%

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

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, 2018			0.80%
		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%

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, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$31.91		$28.12		$28.98		$33.33		$30.99
Income (loss) from investment operations:
Net investment income¹		0.24		0.26		0.26		0.25		0.19
Net realized and unrealized gain (loss)		(2.53)		4.37		2.72		0.80		2.99

Total from investment operations		(2.29)		4.63		2.98		1.05		3.18
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.29)		(0.32)		(0.26)		(0.22)		(0.19)
Distributions from net realized gain		(2.82)		(0.52)		(3.58)		(5.18)		(0.65)

Total dividends and/or distributions to shareholders		(3.11)		(0.84)		(3.84)		(5.40)		(0.84)
Net asset value, end of period		$26.51		$31.91		$28.12		$28.98		$33.33




Total Return, at Net Asset Value²		(8.10)%		16.63%		11.30%		3.11%		10.40%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$631,398		$785,379		$772,594		$715,328		$806,023
Average net assets (in thousands)		$740,691		$788,342		$725,836		$757,218		$856,467
Ratios to average net assets:³
Net investment income		0.78%		0.87%		0.94%		0.80%		0.61%
Expenses excluding specific expenses listed below		1.05%		1.03%		1.04%		1.03%		1.02%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.05%		1.03%		1.04%		1.03%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%⁶		1.03%⁶		1.04%⁶		1.03%⁶		1.02%⁶
Portfolio turnover rate		65%		35%		33%		44%		43%

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

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, 2018			1.05%
		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%

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, 2018

1. Organization

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

Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

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

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.

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

14 OPPENHEIMER MAIN STREET FUND/VA

2. Significant Accounting Policies (Continued)

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

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

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2

Net Unrealized
Appreciation
Based on cost of
Securities and

Other Investments
for Federal Income
Tax Purposes

$15,018,484

$197,609,369

$—

$91,100,040

1.	During the reporting period, the Fund utilized $16,688 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.

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 Earnings³

$20,665,886

3.	$20,671,701 including $20,284,566 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, 2018		Year Ended December 31, 2017
Distributions paid from:
Ordinary income	$	27,663,938	$	14,838,310
Long-term capital gain		97,308,371		22,340,916

Total	$	124,972,309	$	37,179,226

15 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	1,035,299,452

Gross unrealized appreciation	$	180,226,403

Gross unrealized depreciation		(89,126,363)

Net unrealized appreciation	$	91,100,040

3. Securities Valuation

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.

16 OPPENHEIMER MAIN STREET FUND/VA

3. Securities Valuation (Continued)

Classifications

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

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

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

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


	Level 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	$	165,508,755	$	—	$	—	$	165,508,755
Consumer Staples		78,132,280		—		—		78,132,280
Energy		57,909,148		—		—		57,909,148
Financials		222,748,466		—		—		222,748,466
Health Care		170,889,769		—		—		170,889,769
Industrials		100,663,350		—		—		100,663,350
Information Technology		234,250,422		—		—		234,250,422
Materials		19,553,804		—		—		19,553,804
Telecommunication Services		22,022,780		—		—		22,022,780
Utilities		16,992,470		10,831,807		—		27,824,277
Investment Company		26,902,751		—		—		26,902,751

Total Assets	$	1,115,573,995	$	10,831,807	$	—	$	1,126,405,802

For the reporting period, there were no transfers between levels.

4. Investments and Risks

17 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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.

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:

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

6. Shares of Beneficial Interest

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


	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,272,402		$	37,785,582			2,189,995		$	66,648,162
Dividends and/or distributions reinvested		1,802,062			53,341,045			515,816			15,660,180
Acquisition—Note 10		—			—			14,913			454,099
Redeemed		(2,391,616	)		(73,827,796	)		(2,388,470	)		(73,210,874	)

Net increase		682,848		$	17,298,831			332,254		$	9,551,567



Service Shares
Sold		2,634,038		$	78,888,308			1,395,024		$	42,024,615
Dividends and/or distributions reinvested		2,444,753			71,631,264			715,394			21,519,046
Acquisition—Note 10		—			—			244,900			7,376,390
Redeemed		(5,873,057	)		(178,225,098	)		(5,216,278	)		(157,783,804	)

Net decrease		(794,266	)	$	(27,705,526	)		(2,860,960	)	$	(86,863,753	)

18 OPPENHEIMER MAIN STREET FUND/VA

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	$821,821,231	$940,074,382

8. Fees and Other Transactions with Affiliates

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


Fee Schedule
Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $200 million			0.60
Next $4 billion			0.58
Over $5 billion			0.56

The Fund’s effective management fee for the reporting period was 0.66% of average annual net assets before any applicable waivers.

9. Borrowings and Other Financing

19 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

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:


	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):

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.

11. Pending Acquisition

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, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

21 OPPENHEIMER MAIN STREET FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $2.4517 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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 100% to arrive at the amount eligible for the corporate dividend-received deduction.

22 OPPENHEIMER MAIN STREET FUND/VA

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

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

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 (“Mani”) 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 funds underlying variable insurance products. The Board considered that the Fund outperformed its category median during the three- and ten-year periods, though it underperformed its category median during the remaining periods. The Board also considered that the Fund ranked in the 4th and 34th percentiles of its category for the 2015 and 2016 calendar years, respectively, and that underperformance during 2017 affected the Fund’s performance record. In this regard, the Board noted that, when it reviewed the Fund’s performance and considered renewing the Agreements during the prior year, 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 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). 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 equal to its peer group median. The Board further considered that the Adviser has 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.

23 OPPENHEIMER MAIN STREET 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.

24 OPPENHEIMER MAIN STREET FUND/VA

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

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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

26 OPPENHEIMER MAIN STREET FUND/VA


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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
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.

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).

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.

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

27 OPPENHEIMER MAIN STREET FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued

Brian S. Petersen,

Treasurer and Principal Financial &

Accounting Officer (since 2016)

Year of Birth: 1970

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.

28 OPPENHEIMER MAIN STREET FUND/VA

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29 OPPENHEIMER MAIN STREET FUND/VA

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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 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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		December 31, 2018
		Oppenheimer
		Main Street Small Cap Fund/VA		Annual Report
		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 12/31/18


	Inception Date		1-Year		5-Year		10-Year
Non-Service Shares		5/1/98		-10.32%		4.94%		13.37%
Service Shares		7/16/01		-10.54		4.69		13.09
Russell 2000 Index				-11.01		4.41		11.97

TOP HOLDINGS AND ALLOCATIONS


TOP TEN COMMON STOCK HOLDINGS
Korn/Ferry International			2.1%
Four Corners Property Trust, Inc.			2.1
CACI International, Inc., Cl. A			2.0
ASGN, Inc.			1.9
Jack in the Box, Inc.			1.8
National Storage Affiliates Trust			1.8
Zynga, Inc., Cl. A			1.8
Generac Holdings, Inc.			1.7
j2 Global, Inc.			1.6
Visteon Corp.			1.6

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Performance Discussion

During a volatile year, the Fund’s Non-Service shares produced a return of -10.32%. In comparison, the Fund outperformed the Russell 2000 Index (the “Index”), which returned -11.01%. The Fund’s outperformance versus the Index for the one-year period ended December 31, 2018, stemmed largely from stock selection within the Energy, Health Care, and Information Technology sectors. The largest underperformer for the Fund was stock selection in the Financials sector. Stock selection in the Industrials and Materials sectors also detracted from performance this period.

MARKET OVERVIEW

Markets were volatile in 2018, particularly later in the year. Small caps, and equity markets in general, were under severe pressure during the fourth quarter of 2018 with the Russell 2000 Index declining by roughly 20%. The S&P 500 Index also experienced its worst quarterly return since the depths of the financial crises in 2008.

We continue to focus on the fundamentals of each business to drive our investment decisions versus getting caught up in the temporary emotions of the market, always with the long-term welfare of our shareholders in mind. Our philosophy is to focus on companies we believe have sustainable competitive advantages that can outperform in most market environments. We combine this with our valuation discipline to seek a margin of safety, with downside protection an important consideration. That being said, we do have a history of underperforming in go-go markets and out-performing in bear markets.

TOP INDIVIDUAL CONTRIBUTORS

Holdings that were contributors to the Fund’s performance this period included Renewable Energy Group, Amedisys, and Etsy.

Home health provider Amedisys posted several quarters of better-than-expected earnings due to operational improvements, notably in labor cost management. Investors also warmed to the home health space as the reimbursement environment has improved, which we have long expected based on the lower all-in cost and patient preference for treatment. Late in the year we exited the position at a significant profit due to valuation.

Renewable Energy Group rallied as investors cheered the company’s second quarter earnings report showing improved profitability and a strengthening balance sheet. These results were supported by regulatory measures enacted late last year reducing imports along with a retroactive extension of the biodiesel mixture excise tax credit for 2017, which boosted earnings and removed an uncertainty overhang to the stock. These developments have helped the company to continue emerging as a long-term leader in bio-based fuel.

Etsy’s stock moved substantially higher after instituting a significant price increase to narrow the “take rate” discount that was in place relative to other marketplaces. This was interpreted by the market as a sign of confidence that the marketplace has developed enough stickiness with sellers to support pricing power. Along with the pricing move helping top-line revenue growth and margins, the company will reinvest some of the proceeds to support more aggressive marketing to gain new buyers, enhance repeat purchase activity and improve conversion, which offers a lot of runway for continued strong growth for the foreseeable future.

TOP INDIVIDUAL DETRACTORS

Top detractors from performance included Visteon, Summit Materials, and Prestige Consumer Healthcare.

Visteon designs, engineers and manufactures cockpit electronics products and connected car solutions for most of the world’s major vehicle manufacturers. After a strong run over the past two to three years of meeting/beating analyst earnings estimates, the company reported had a disappointing 2018. Specifically, the company has been facing increasing headwinds related to softening vehicle production, diesel demand, and tariffs. While we acknowledge that the near-term outlook for the company has weakened, we think the company’s large backlog of $21 billion (roughly 7x annual sales), strong balance sheet and free cash flow, should help them weather a more challenging environment. After the recent pullback, we see the shares as having an attractive risk-reward given our two- to three-year outlook.

3 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Summit is one of the fastest growing construction materials companies that supplies aggregates, cement, ready-mix concrete and asphalt paving mix in the U.S. and western Canada. The company had a rough 2018 given the negative impact from poor weather in several of its key end markets combined with higher costs for raw materials, freight, labor, and fuel. Demand remains generally healthy and we are optimistic regarding the outlook for infrastructure spending over the next three to five years, which we believe should be beneficial for Summit. After the stock’s recent pullback, we see the shares as offering an attractive risk-reward over the intermediate-to-long term.

Prestige markets, sells, and distributes various over-the-counter healthcare and consumer products. In 2017 and into 2018, Consumer Staples as a group were under pressure due to a variety of factors, and Prestige was no exception. Organic sales trends slowed and cost pressures increased, especially for transportation. Despite an attractive valuation, we exited the stock during the second quarter of 2018 as we did not see a catalyst for fundamental improvement.

STRATEGY & OUTLOOK

We fully believe that over a complete market cycle, the value of our strategy will become apparent again.

4 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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.

5 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -10.32% 5-Year 4.94% 10-Year 13.37%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -10.54% 5-Year 4.69% 10-Year 13.09%

6 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	830.00	$	3.70
Service shares		1,000.00		829.10		4.85

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


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

7 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value
Common Stocks—97.9%
Consumer Discretionary—15.9%
Auto Components—2.9%
Dorman Products, Inc.¹		126,710	$	11,406,434
Visteon Corp.¹		217,910		13,135,615
				24,542,049

Diversified Consumer Services—2.0%
Houghton Mifflin Harcourt Co.¹		1,044,850		9,257,371
Weight Watchers International, Inc.¹		195,210		7,525,345
				16,782,716

Entertainment—1.8%
Zynga, Inc., Cl. A¹		3,882,937		15,259,942
Hotels, Restaurants & Leisure—4.3%
Jack in the Box, Inc.		201,510		15,643,222
Texas Roadhouse, Inc., Cl. A		178,600		10,662,420
Wendy’s Co. (The)		703,130		10,975,859
				37,281,501

Household Durables—0.8%
TopBuild Corp.¹		144,410		6,498,450
Internet & Catalog Retail—0.8%
Etsy, Inc.¹		147,920		7,036,554
Specialty Retail—3.3%
AutoNation, Inc.¹		275,140		9,822,498
Children’s Place, Inc. (The)		140,760		12,681,069
Michaels Cos., Inc. (The)¹		446,130		6,040,600
				28,544,167

Consumer Staples—2.6%
Household Products—1.5%
Energizer Holdings, Inc.		277,370		12,523,255
Personal Products—1.1%
Nu Skin Enterprises, Inc., Cl. A		159,160		9,761,283
Energy—2.8%
Oil, Gas & Consumable Fuels—2.8%
Matador Resources Co.¹		580,443		9,014,280
Noble Midstream Partners LP²		232,666		6,710,088
Renewable Energy Group, Inc.¹		335,269		8,616,413
				24,340,781

Financials—23.6%
Capital Markets—2.2%
Federated Investors, Inc., Cl. B		216,900		5,758,695
Focus Financial Partners, Inc., Cl. A¹		132,200		3,480,826
Stifel Financial Corp.		229,640		9,511,689
				18,751,210

Commercial Banks—8.9%
Bank of NT Butterfield & Son Ltd. (The)		267,720		8,393,022
BankUnited, Inc.		307,085		9,194,125
Berkshire Hills Bancorp, Inc.		237,940		6,417,242
Cathay General Bancorp		168,580		5,652,487
Chemical Financial Corp.		212,586		7,782,774
Columbia Banking System, Inc.		194,650		7,063,849
Customers Bancorp, Inc.¹		231,550		4,214,210
Heritage Financial Corp.		191,930		5,704,160
IBERIABANK Corp.		145,740		9,368,167
Pacific Premier Bancorp, Inc.¹		179,570		4,582,626
Sterling Bancorp		488,030		8,057,375
				76,430,037

Insurance—1.9%
James River Group Holdings Ltd.		169,632		6,198,353
ProAssurance Corp.		240,160		9,740,890
				15,939,243

Real Estate Investment Trusts (REITs)—7.7%
Brandywine Realty Trust		877,960		11,299,345
DiamondRock Hospitality Co.		1,440,900		13,083,372
EPR Properties		131,400		8,413,542


	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Four Corners Property Trust, Inc.		676,000	$	17,711,200
National Storage Affiliates Trust		583,246		15,432,689
				65,940,148

Thrifts & Mortgage Finance—2.9%
Beneficial Bancorp, Inc.		443,740		6,341,045
OceanFirst Financial Corp.		337,233		7,591,115
WSFS Financial Corp.		298,820		11,328,266
				25,260,426

Health Care—12.6%
Biotechnology—3.3%
Emergent BioSolutions, Inc.¹		176,370		10,455,214
Ligand Pharmaceuticals, Inc.¹		52,280		7,094,396
Repligen Corp.¹		152,710		8,053,925
uniQure NV¹		96,860		2,791,505
				28,395,040

Health Care Equipment & Supplies—3.4%
AtriCure, Inc.¹		174,770		5,347,962
CryoPort, Inc.¹		214,700		2,368,141
Inogen, Inc.¹		29,460		3,658,048
Quidel Corp.¹		140,650		6,866,533
Senseonics Holdings, Inc.¹		1,024,559		2,653,608
Wright Medical Group NV¹		296,120		8,060,386
				28,954,678

Health Care Providers & Services—2.9%
Addus HomeCare Corp.¹		108,312		7,352,219
Diplomat Pharmacy, Inc.¹		397,790		5,354,253
LHC Group, Inc.¹		132,770		12,464,448
				25,170,920

Health Care Technology—1.6%
Inspire Medical Systems, Inc.¹		133,243		5,629,517
Teladoc Health, Inc.¹		163,940		8,126,506
				13,756,023

Pharmaceuticals—1.4%
Intersect ENT, Inc.¹		207,210		5,839,178
TherapeuticsMD, Inc.¹		1,007,470		3,838,461
Zogenix, Inc.¹		67,060		2,445,007
				12,122,646

Industrials—18.8%
Airlines—1.3%
Spirit Airlines, Inc.¹		189,320		10,965,414
Building Products—1.1%
Masonite International Corp.¹		203,641		9,129,226
Commercial Services & Supplies—2.2%
ACCO Brands Corp.		1,219,957		8,271,309
Advanced Disposal Services, Inc.¹		443,077		10,607,263
				18,878,572

Construction & Engineering—1.9%
Dycom Industries, Inc.¹		129,610		7,004,125
KBR, Inc.		638,991		9,699,883
				16,704,008

Electrical Equipment—2.1%
Atkore International Group, Inc.¹		172,210		3,416,646
Generac Holdings, Inc.¹		302,390		15,028,783
				18,445,429

Machinery—5.0%
EnPro Industries, Inc.		123,600		7,428,360
Evoqua Water Technologies Corp.¹		640,040		6,144,384
Greenbrier Cos., Inc. (The)		237,170		9,377,702
Manitowoc Co., Inc. (The)¹		246,547		3,641,499
Navistar International Corp.¹		237,500		6,163,125
Rexnord Corp.¹		450,680		10,343,106
				43,098,176

8 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value
Professional Services—4.0%
ASGN, Inc.¹		303,316	$	16,530,722
Korn/Ferry International		461,865		18,262,142
				34,792,864

Road & Rail—1.2%
Genesee & Wyoming, Inc., Cl. A¹		138,520		10,253,250
Information Technology—12.1%
IT Services—2.9%
CACI International, Inc., Cl. A¹		122,909		17,702,583
Perspecta, Inc.		442,234		7,615,270
				25,317,853

Semiconductors & Semiconductor Equipment—2.3%
Brooks Automation, Inc.		311,810		8,163,186
MKS Instruments, Inc.		186,290		12,036,197
				20,199,383

Software—6.9%
Blackline, Inc.¹		207,430		8,494,259
Envestnet, Inc.¹		122,460		6,023,807
j2 Global, Inc.		199,503		13,841,518
Paylocity Holding Corp.¹		128,540		7,739,393
Pegasystems, Inc.		207,621		9,930,513
Q2 Holdings, Inc.¹		180,580		8,947,739
SendGrid, Inc.¹		109,089		4,709,372
				59,686,601


	Shares			Value
Materials—4.3%
Construction Materials—0.9%
Summit Materials, Inc., Cl. A¹		600,521		$	7,446,460
Metals & Mining—3.4%
Allegheny Technologies, Inc.¹		437,758			9,529,992
Compass Minerals International, Inc.		163,990			6,836,743
Kaiser Aluminum Corp.		143,579			12,820,169
					29,186,904
Utilities—5.2%
Gas Utilities—2.5%
South Jersey Industries, Inc.		301,570			8,383,646
Suburban Propane Partners LP²		671,450			12,938,841
					21,322,487
Multi-Utilities—2.7%
Black Hills Corp.		204,950			12,866,761
NorthWestern Corp.		168,300			10,003,752
					22,870,513
Total Common Stocks (Cost $811,713,260)					841,588,209

Investment Company—2.0%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^3,4(Cost $17,392,506)		17,392,506			17,392,506
Total Investments, at Value (Cost $829,105,766)		99.9	%		858,980,715

Net Other Assets (Liabilities)		0.1			950,648

Net Assets		100.0	%	$	859,931,363

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

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


	Shares December 31, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		20,455,339		309,074,983		312,137,816		17,392,506

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	17,392,506	$	277,052	$	—	$	—

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $811,713,260)	$	841,588,209
Affiliated companies (cost $17,392,506)		17,392,506

		858,980,715

Cash		1,000,000

Receivables and other assets:
Shares of beneficial interest sold		654,407
Dividends		465,444
Other		88,775

Total assets		861,189,341
Liabilities
Payables and other liabilities:
Investments purchased		637,583
Shares of beneficial interest redeemed		307,288
Distribution and service plan fees		163,820
Trustees’ compensation		70,440
Shareholder communications		44,093
Other		34,754

Total liabilities		1,257,978
Net Assets	$	859,931,363


Composition of Net Assets
Par value of shares of beneficial interest	$	42,826

Additional paid-in capital		744,638,476

Total distributable earnings		115,250,061

Net Assets	$	859,931,363


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 $123,961,720 and 6,087,111 shares of beneficial interest outstanding)		$20.36


Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $735,969,643 and 36,738,947 shares of beneficial interest outstanding)		$20.03

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018



Investment Income
Dividends:
Unaffiliated companies	$	11,260,249
Affiliated companies		277,052

Interest		38

Total investment income		11,537,339

Expenses
Management fees		7,205,624

Distribution and service plan fees — Service shares		2,282,289

Transfer and shareholder servicing agent fees:
Non-Service shares		180,576
Service shares		1,095,498

Shareholder communications:
Non-Service shares		25,797
Service shares		153,501

Trustees’ compensation		35,056

Borrowing fees		34,466

Custodian fees and expenses		6,999

Other		77,522

Total expenses		11,097,328
Less reduction to custodian expenses		(538)
Less waivers and reimbursements of expenses		(272,873)

Net expenses		10,823,917

Net Investment Income		713,422

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		96,680,793
Foreign currency transactions		(333)

Net realized gain		96,680,460

Net change in unrealized appreciation/(depreciation) on investment transactions in unaffiliated companies		(191,923,313)

Net Decrease in Net Assets Resulting from Operations	$	(94,529,431)

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	713,422	$	700,445

Net realized gain		96,680,460		146,346,143

Net change in unrealized appreciation/(depreciation)		(191,923,313)		(7,293,562)

Net increase (decrease) in net assets resulting from operations		(94,529,431)		139,753,026


Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(19,059,602)		(9,410,741)
Service shares		(117,234,118)		(55,255,007)

Total dividends and distributions declared		(136,293,720)		(64,665,748)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		4,916,454		(3,222,317)
Service shares		(2,571,998)		(50,919,555)

Total beneficial interest transactions		2,344,456		(54,141,872)


Net Assets
Total increase (decrease)		(228,478,695)		20,945,406

Beginning of period		1,088,410,058		1,067,464,652

End of period	$	859,931,363	$	1,088,410,058

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

12 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$25.79		$24.08		$21.32		$26.56		$27.80

Income (loss) from investment operations:
Net investment income¹		0.07		0.07		0.16		0.12		0.26
Net realized and unrealized gain (loss)		(2.07)		3.22		3.55		(1.28)		2.74

Total from investment operations		(2.00)		3.29		3.71		(1.16)		3.00

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.22)		(0.11)		(0.23)		(0.25)
Distributions from net realized gain		(3.35)		(1.36)		(0.84)		(3.85)		(3.99)

Total dividends and/or distributions to shareholders		(3.43)		(1.58)		(0.95)		(4.08)		(4.24)

Net asset value, end of period		$20.36		$25.79		$24.08		$21.32		$26.56



Total Return, at Net Asset Value²		(10.32)%		14.15%		18.05%		(5.90)%		11.93%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$123,962		$152,617		$145,428		$129,104		$136,402

Average net assets (in thousands)		$150,279		$150,376		$130,889		$134,932		$133,864

Ratios to average net assets:³
Net investment income		0.28%		0.28%		0.74%		0.49%		0.99%
Expenses excluding specific expenses listed below		0.83%		0.80%		0.81%		0.80%		0.80%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.83%		0.80%		0.81%		0.80%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%⁶		0.80%		0.80%⁶		0.79%

Portfolio turnover rate		45%		42%		65%		43%		65%

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

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, 2018	0.83	%
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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

13 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$25.42		$23.75		$21.05		$26.26		$27.53

Income (loss) from investment operations:
Net investment income¹		0.01		0.01		0.10		0.06		0.19
Net realized and unrealized gain (loss)		(2.03)		3.18		3.49		(1.25)		2.71

Total from investment operations		(2.02)		3.19		3.59		(1.19)		2.90

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.16)		(0.05)		(0.17)		(0.18)
Distributions from net realized gain		(3.35)		(1.36)		(0.84)		(3.85)		(3.99)

Total dividends and/or distributions to shareholders		(3.37)		(1.52)		(0.89)		(4.02)		(4.17)

Net asset value, end of period		$20.03		$25.42		$23.75		$21.05		$26.26



Total Return, at Net Asset Value²		(10.54)%		13.91%		17.67%		(6.09)%		11.66%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$735,969		$935,793		$922,037		$856,719		$968,637

Average net assets (in thousands)		$911,784		$919,475		$850,883		$927,514		$957,874

Ratios to average net assets:³
Net investment income		0.03%		0.03%		0.49%		0.24%		0.75%
Expenses excluding specific expenses listed below		1.08%		1.05%		1.06%		1.05%		1.05%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.08%		1.05%		1.06%		1.05%		1.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%⁶		1.05%		1.05%⁶		1.04%

Portfolio turnover rate		45%		42%		65%		43%		65%

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

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, 2018	1.08	%
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	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

14 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

1. Organization

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

Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

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

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.

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

15 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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.

Undistributed

Net Investment

Income

Undistributed

Long-Term

Gain

Accumulated

Loss

Carryforward^1,2

Net Unrealized

Appreciation

Based on cost of

Securities and

Other Investments

for Federal Income

Tax Purposes

$8,560,095

$76,676,963

$—

$30,083,441

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.

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

Earnings³

$8,899,249

3. $8,899,091, including $8,123,465 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, 2018		Year Ended December 31, 2017
Distributions paid from:
Ordinary income	$	29,120,771	$	7,234,432
Long-term capital gain		107,172,949		57,431,316

Total	$	136,293,720	$	64,665,748

unrealized gain or loss.


Federal tax cost of securities	$	828,897,274

Gross unrealized appreciation	$	131,490,605
Gross unrealized depreciation		(101,407,164)

Net unrealized appreciation	$	30,083,441

16 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

2. Significant Accounting Policies (Continued)

3. Securities Valuation

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.

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.

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

17 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

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


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	135,945,379	$	—	$	—	$	135,945,379
Consumer Staples		22,284,538		—		—		22,284,538
Energy		24,340,781		—		—		24,340,781
Financials		202,321,064		—		—		202,321,064
Health Care		108,399,307		—		—		108,399,307
Industrials		162,266,939		—		—		162,266,939
Information Technology		105,203,837		—		—		105,203,837
Materials		36,633,364		—		—		36,633,364
Utilities		44,193,000		—		—		44,193,000
Investment Company		17,392,506		—		—		17,392,506

Total Assets	$	858,980,715	$	—	$	—	$	858,980,715

For the reporting period, there were no transfers between levels.

4. Investments and Risks

18 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

4. Investments and Risks (Continued)

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.

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:

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

6. Shares of Beneficial Interest

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


	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		877,784		$	21,586,667			711,775		$	17,670,310
Dividends and/or distributions reinvested		754,537			19,059,602			392,769			9,410,741
Redeemed		(1,462,725	)		(35,729,815	)		(1,227,568	)		(30,303,368	)

Net increase (decrease)		169,596		$	4,916,454			(123,024	)	$	(3,222,317	)


Service Shares
Sold		2,340,038		$	56,752,666			2,321,546		$	56,712,198
Dividends and/or distributions reinvested		4,711,982			117,234,118			2,336,364			55,255,007
Redeemed		(7,125,127	)		(176,558,782)			(6,662,764	)		(162,886,760	)

Net decrease		(73,107	)	$	(2,571,998)			(2,004,854	)	$	(50,919,555	)

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	$463,481,479	$590,280,879

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:

19 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule
Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $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.

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


Non-Service Shares	$	36,964
Service Shares		220,857

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

20 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

9. Borrowings and Other Financing (Continued)

the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Pending Acquisition

21 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, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

22 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $2.65537 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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 86.18% to arrive at the amount eligible for the corporate dividend-received deduction.

23 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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

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

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 P. 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.

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). 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 waive fees and/or reimburse certain expenses so that the Fund’s total annual operating 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. The Board further considered that the Adviser has agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investments in funds managed by the Adviser or its affiliates.

24 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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

25 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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

26 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

27 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued


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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
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).

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.

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).

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).

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).

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).

28 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


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).

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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 MAIN STREET SMALL CAP FUND/VA

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30 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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31 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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO




		December 31, 2018
		Oppenheimer
		Government Money Fund/VA		Annual Report
		A Series of Oppenheimer Variable Account Funds

		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 12/31/18
With Compounding			2.01%
Without Compounding			1.99%
For the 12-Month Period Ended 12/31/18
With Compounding			1.35%
Without Compounding			1.35

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
Repurchase Agreements	68.0	%
U.S. Government Agencies	31.5
Investment Companies	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER GOVERNMENT MONEY FUND/VA

Fund Update

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. At its December meeting, the Federal Open Market Committee (FOMC) voted to lift the Federal Funds Rate to a range of 2.25% to 2.50%, completing its ninth hike in this cycle. The Fund continued to benefit from these rate hikes, with ongoing reinvestment at higher rates. With the current market conditions, the view towards continued rate hikes has diminished and there is now increased uncertainty around more hikes in 2019.

MARKET OVERVIEW

The current broader market view is for no more hikes in 2019; however, the FOMC consensus is indicating two more hikes in 2019. The median of the FOMC dots are projecting a target rate of 2.875% at year-end 2019. Recently the Federal Reserve (“Fed”) has stressed the importance of data dependence versus a rules-based strategy. Coupled with the past nine hikes, the Fed continues to shrink its balance sheet down from $4.5 trillion, a move it started in October 2017. While the Fed has not indicated a balance sheet level it intends to hit, it has denoted the holdings will not return to pre-recession levels (less than $1 trillion). While the tapering to date has had minimal impact on the market, upcoming roll offs and continued concerns in the market have caused some to ponder if the Fed will continue with the tapering well into 2019.

FUND REVIEW

The Fund’s weighted average maturity throughout the reporting period averaged 17 days with a range of 9-23 days. Supply continues to be available, notably in Federal Home Loan Bank paper. We are heavily weighted in government repurchase agreements and will occasionally ladder in some long-dated fixed paper to the portfolio.

STRATEGY & OUTLOOK

Our strategy continues to incorporate selective and incremental investing as we seek to provide shareholders stable and steady value. We intend to remain active in the auction market, with most of that weight going to fixed-rate instruments with durations of three months or less. When pricing allows, we will continue to layer in one- and three-month floating rate securities. Our outlook is for rate hikes to weigh heavily on the FOMC. While they are nearing a more neutral rate, the FOMC have voiced the importance of being data dependent. We believe the Fund is well-positioned to meet any large outflow while taking advantage of any continued rate hike in 2019.

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.

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, 2018.

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 6 Months Ended December 31, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

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


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018

	$	1,000.00	$	1,008.10	$	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, 2018 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, 2018


			Final Legal Maturity		Principal
	Maturity Date*		Date**		Amount		Value
U.S. Government Agencies—30.8%
Federal Farm Credit Bank:
2.186%¹		4/3/19		4/3/19	$	2,000,000	$	1,989,062
2.252%¹		2/21/19		2/21/19		1,000,000		996,869
2.252% [US0001M-13.5]²		1/8/19		3/8/19		5,000,000		4,999,867
2.256% [US0003M-18]²		1/15/19		10/15/19		9,500,000		9,498,845
2.265%¹		3/11/19		3/11/19		500,000		497,873
2.276%¹		3/19/19		3/19/19		500,000		497,615
2.30%¹		1/23/19		1/23/19		25,000,000		24,965,014
2.302% [US0001M-8.5]²		1/9/19		7/9/19		1,000,000		999,955
2.304% [US0001M-7.5]²		1/5/19		11/5/19		5,000,000		4,999,776
2.311% [US0001M-11]²		1/12/19		3/12/19		1,000,000		999,994
2.325%¹		1/22/19		1/22/19		25,000,000		24,966,167
2.325%¹		1/16/19		1/16/19		25,000,000		24,975,833
2.347%¹		1/29/19		1/29/19		25,000,000		24,954,500
2.376% [US0001M-13]²		1/27/19		3/27/19		1,000,000		999,942
2.38% [FCPR DLY-312]²		1/2/19		1/2/19		4,500,000		4,499,994
2.38%¹		2/14/19		2/14/19		20,000,000		19,942,067
2.38% [US0001M-6]²		1/14/19		8/14/19		3,000,000		2,999,963
2.421%¹		6/14/19		6/14/19		3,000,000		2,967,610
2.43% [FCPR DLY-307]²		1/2/19		2/20/19		1,000,000		999,993
2.441% [US0001M-6.5]²		1/28/19		3/28/19		2,000,000		2,000,000
2.481%¹		8/12/19		8/12/19		1,000,000		985,009
2.722%¹		10/4/19		10/4/19		2,000,000		1,959,367
5.125%		3/25/19		3/25/19		1,450,000		1,459,002
Federal Home Loan Bank:
1.125%		6/21/19		6/21/19		6,000,000		5,960,190
1.25%		1/16/19		1/16/19		1,000,000		999,655
1.375%		3/18/19		3/18/19		2,000,000		1,996,669
2.07% [US0003M-34]²		1/9/19		4/9/19		1,000,000		1,000,000
2.09% [US0003M-32]²		1/9/19		4/9/19		6,000,000		5,997,665
2.115% [US0003M-40.5]²		1/30/19		1/30/19		1,000,000		1,000,000
2.16% [US0003M-26]²		1/11/19		10/11/19		5,000,000		4,996,615
2.166%¹		3/28/19		3/28/19		1,000,000		994,936
2.209% [US0001M-14]²		1/2/19		1/2/19		1,000,000		1,000,000
2.232% [US0001M-11.5]²		1/4/19		6/4/19		6,165,000		6,163,790
2.25%¹		1/7/19		1/7/19		4,000,000		3,998,507
2.255%¹		1/3/19		1/3/19		25,000,000		24,996,875
2.262%¹		1/10/19		1/10/19		4,000,000		3,997,750
2.263%¹		1/2/19		1/2/19		15,000,000		14,999,060
2.266%¹		1/15/19		1/15/19		36,300,000		36,268,103
2.284%¹		1/16/19		1/16/19		22,090,000		22,069,098
2.29% [US0001M-9]²		1/6/19		4/5/19		2,000,000		2,000,000
2.29%¹		1/29/19		1/29/19		4,000,000		3,992,922
2.29%¹		1/4/19		1/4/19		50,000,000		49,990,478
2.297%¹		2/12/19		2/12/19		4,000,000		3,989,360
2.299%¹		1/22/19		1/22/19		4,000,000		3,994,668
2.305%¹		1/18/19		1/18/19		2,947,000		2,943,808
2.307%¹		1/11/19		1/11/19		23,400,000		23,385,056
2.307%¹		1/8/19		1/8/19		30,000,000		29,986,583
2.309%¹		1/23/19		1/23/19		6,915,000		6,905,293
2.31%¹		1/9/19		1/9/19		38,000,000		37,980,545
2.312%¹		1/14/19		1/14/19		50,000,000		49,958,382
2.318%¹		2/14/19		2/14/19		4,000,000		3,988,756
2.33%¹		1/25/19		1/25/19		14,000,000		13,978,367
2.33%¹		1/30/19		1/30/19		13,000,000		12,975,738
2.33% [US0001M-7]²		1/11/19		2/11/19		1,045,000		1,045,007
2.336%¹		2/1/19		2/1/19		4,997,000		4,987,004
2.337%¹		3/20/19		3/20/19		2,000,000		1,989,990
2.351%¹		1/17/19		1/17/19		18,800,000		18,780,406
2.352%¹		2/6/19		2/6/19		19,150,000		19,105,226
2.353%¹		3/15/19		3/15/19		4,000,000		3,981,101
2.361%¹		3/7/19		3/7/19		4,000,000		3,983,100
2.371% [US0001M-13.5]²		1/28/19		2/28/19		3,000,000		3,000,000
2.374%¹		2/13/19		2/13/19		25,000,000		24,929,528
2.376% [US0001M-13]²		1/25/19		1/25/19		2,000,000		2,000,000
2.376% [US0001M-13]²		1/25/19		2/25/19		4,000,000		4,000,025

5 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF INVESTMENTS Continued


			Final Legal Maturity		Principal
	Maturity Date*		Date**		Amount		Value
U.S. Government Agencies (Continued)
Federal Home Loan Bank: (Continued)
2.377%¹		2/8/19		2/8/19	$	5,875,000	$	5,860,344
2.38%¹		2/20/19		2/20/19		22,750,000		22,675,258
2.381%¹		3/18/19		3/18/19		7,000,000		6,965,124
2.382%¹		2/22/19		2/22/19		18,000,000		17,938,452
2.386% [US0001M-12]²		1/25/19		3/25/19		3,000,000		2,999,721
2.389%¹		2/15/19		2/15/19		20,076,000		20,016,381
2.39% [US0001M-13]²		1/2/19		3/1/19		1,000,000		1,000,000
2.39% [US0001M-6.5]²		1/17/19		10/17/19		2,000,000		2,000,000
2.391% [US0001M-11.5]²		1/26/19		4/26/19		3,000,000		3,000,000
2.394% [US0001M-11]²		1/22/19		4/22/19		2,000,000		1,999,891
2.394% [US0001M-11]²		1/22/19		2/22/19		2,000,000		1,999,993
2.399% [US0001M-10.5]²		1/24/19		7/24/19		1,000,000		1,000,000
2.401% [US0001M-10.5]²		1/28/19		5/28/19		3,000,000		2,999,961
2.401% [US0001M-10.5]²		1/26/19		5/24/19		1,000,000		1,000,000
2.401% [US0001M-10.5]²		1/26/19		7/26/19		10,000,000		10,000,000
2.401% [US0001M-10.5]²		1/27/19		8/27/19		4,000,000		4,000,000
2.408%¹		4/10/19		4/10/19		4,000,000		3,973,820
2.41% [US0001M-11]²		1/2/19		2/1/19		3,000,000		3,000,000
2.414%¹		3/13/19		3/13/19		4,000,000		3,981,067
2.414%^1,3		1/28/19		1/28/19		7,000,000		6,987,816
2.426% [US0001M-8]²		1/26/19		9/26/19		3,000,000		3,000,000
2.429%¹		4/12/19		4/12/19		4,000,000		3,973,067
2.446% [US0001M-6]²		1/26/19		4/26/19		1,000,000		1,000,000
2.452% [US0003M-34.5]²		1/2/19		4/1/19		1,000,000		999,572
2.459% [US0001M-4.5]²		1/20/19		6/20/19		13,000,000		13,000,000
2.48%¹		5/3/19		5/3/19		4,000,000		3,966,789
2.484%¹		5/6/19		5/6/19		4,000,000		3,965,972
2.507%¹		5/10/19		5/10/19		2,000,000		1,982,255
2.618% [US0003M-19.5]²		3/28/19		6/28/19		5,000,000		5,000,000
2.632% [US0003M-16]²		3/20/19		6/20/19		5,000,000		5,000,428
Federal Home Loan Mortgage Corp., 1.125%		4/15/19		4/15/19		3,526,000		3,513,258
Federal National Mortgage Assn.:
1.00%		2/26/19		2/26/19		4,790,000		4,780,563
1.875%		2/19/19		2/19/19		3,150,000		3,147,926
2.237%¹		1/7/19		1/7/19		20,100,000		20,092,530
2.26%¹		1/2/19		1/2/19		50,000,000		49,996,861
2.301%¹		1/23/19		1/23/19		5,500,000		5,492,303
2.54% [SOFRRATE+8]²		1/2/19		1/30/19		5,000,000		5,000,000
2.58% [SOFRRATE+12]²		1/2/19		7/30/19		6,000,000		6,000,000
Freddie Mac, 2.446%¹		4/17/19		4/17/19		4,000,000		3,971,510
Tennessee Valley Authority:
2.323%¹		1/2/19		1/2/19		9,000,000		8,999,420
2.33%¹		1/8/19		1/8/19		12,000,000		11,994,575
2.37%¹		1/22/19		1/22/19		20,000,000		19,972,408

Total U.S. Government Agencies (Cost $942,711,838)								942,711,838


Repurchase Agreements—66.6%
Repurchase Agreements⁴(Cost $2,034,100,000)						2,034,100,000		2,034,100,000

					Shares
Investment Company—0.5%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^5,6(Cost $15,554,790)						15,554,790		15,554,790
Total Investments, at Value (Cost $2,992,366,628)						97.9%		2,992,366,628
Net Other Assets (Liabilities)						2.1		63,358,947

Net Assets						100.0%	$	3,055,725,575

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.

6 OPPENHEIMER GOVERNMENT MONEY FUND/VA

Footnotes to Statement of Investments (Continued)

* 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. Zero coupon bond reflects effective yield on the original acquisition date.

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

3. 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.

4. Repurchase agreements:


Counterparty	Lending Rate		Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral Received, at Value^a		Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received^a
Amherst Pierpont Securities LLC		2.63%		12/31/18		1/9/19		$64,000,000	U.S. Treasury Nts., 2.75%, 7/31/23 and U.S. Government Agency Mortgages, 4.00%, 11/15/46		$(70,439,886)		$64,000,000		$64,042,124
ASL Capital Markets Inc.		3.00		12/31/18		1/2/19		473,000,000	U.S. Treasury Bonds, 2.75%-3.625%, 8/15/42- 8/15/48 and U.S. Treasury Nts., 1.625%-2.75%, 4/30/23-5/15/26		(482,540,479)		473,000,000		473,078,901
Cantor Fitzgerald Secured, LLC		3.05		12/31/18		1/2/19		473,000,000	U.S. Government Agency Mortgages, 3.00%- 8.00%, 5/1/26-2/1/56		(482,541,790)		473,000,000		473,080,186
Credit Agricole Corp. & Investment Bank		3.00		12/31/18		1/2/19		10,000,000	U.S. Government Agency Mortgages, 4.00%, 8/1/48		(10,201,700)		10,000,000		10,001,667
Deutsche Bank Securities, Inc.		2.45		12/26/18		1/2/19		54,000,000	U.S. Government Agency Mortgages, 3.00%, 1/15/56		(59,428,298)		54,000,000		54,025,726
Deutsche Bank Securities, Inc.		2.45		12/14/18		1/14/19		40,000,000	U.S. Government Agency Mortgages, 3.00%- 3.25%, 3/15/50-1/15/56		(44,056,895)		40,000,000		40,051,722
Deutsche Bank Securities, Inc.		2.95		12/31/18		1/2/19		100,000,000	U.S. Government Agency Mortgages, 3.00%, 1/15/56		(110,018,028)		100,000,000		100,016,389
INTL FCStone Financial, Inc.		2.50		12/26/18		1/2/19		76,000,000	U.S. Treasury Bills, 0.00%, 2/14/19-12/5/19; U.S. Treasury Nts., 1.00%-3.125%, 3/15/19-11/15/28 and U.S. Government Agency Mortgages, 2.50%- 8.50%, 3/1/19-12/1/48		(77,783,203)		76,000,000		76,036,973
INTL FCStone Financial, Inc.		2.80		12/31/18		1/7/19		10,000,000	U.S. Government Agency Mortgages, 2.50%- 5.50%, 2/1/28-12/1/48		(10,216,407)		10,000,000		10,016,085
RBC Dominion Securities, Inc.		2.97		12/31/18		1/2/19		300,000,000	U.S. Treasury Bills, 0.00%, 1/15/19-11/7/19; U.S. Treasury Bonds, 1.75%-4.50%, 1/15/28-11/15/47; U.S. Treasury Nts., 0.125%-3.00%, 4/30/19- 5/15/28 and U.S. Government Agency Mortgages, 3.00%-5.00%, 7/15/39-9/1/48		(306,050,490)		300,000,000		300,049,500
Royal Bank of Canada		2.95		12/31/18		1/2/19		14,100,000	U.S. Government Agency Mortgages, 3.058%- 5.00%, 6/1/47-6/1/51		(14,384,357)		14,100,000		14,102,311
South Street Securities LLC		2.53		12/27/18		1/3/19		20,000,000	U.S. Government Agency Mortgages, 2.50%- 5.905%, 11/1/19-9/1/48		(20,408,602)		20,000,000		20,008,433
South Street Securities LLC		2.62		12/31/18		1/7/19		20,000,000	U.S. Government Agency Mortgages, 1.973%- 5.50%, 6/1/19-9/1/48		(20,402,969)		20,000,000		20,002,911
South Street Securities LLC		2.95		12/31/18		1/2/19		366,000,000	U.S. Treasury Nts., 0.625%, 4/15/23 and U.S. Government Agency Mortgages, 1.75%-6.00%, 5/1/20-2/15/60		(373,381,236)		366,000,000		366,060,035
TD Securities (USA) LLC		3.00		12/31/18		1/2/19		14,000,000	U.S. Government Agency Mortgages, 3.50%, 7/1/48		(14,282,380)		14,000,000		14,002,333

											$(2,096,136,720)		$2,034,100,000		$2,034,575,296

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, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		15,295,885		258,905		—		15,554,790

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	15,554,790	$	273,851	$	—	$	—


Glossary:
Definitions
FCPR DLY		Federal Reserve Bank Prime Loan Rate US Daily

7 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF INVESTMENTS Continued


Definitions (Continued)
ICE LIBOR		Intercontinental Exchange London Interbank Offered Rate
SOFRRATE		United States Secured Overnight Financing Rate
US0001M		ICE LIBOR USD 1 Month
US0003M		ICE LIBOR USD 3 Month

See accompanying Notes to Financial Statements.

8 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $942,711,838)	$	942,711,838
Affiliated companies (cost $15,554,790)		15,554,790
Repurchase agreements (cost $2,034,100,000)		2,034,100,000

		2,992,366,628

Cash		50,039

Receivables and other assets:
Shares of beneficial interest sold		72,047,436
Interest and dividends		641,925
Other		92,897

Total assets		3,065,198,925

Liabilities
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis		6,987,816
Dividends		2,368,082
Trustees’ compensation		69,474
Shareholder communications		12,577
Shares of beneficial interest redeemed		4,668
Other		30,733

Total liabilities		9,473,350

Net Assets	$	3,055,725,575



Composition of Net Assets
Par value of shares of beneficial interest	$	3,055,700

Additional paid-in capital		3,052,710,785

Total accumulated loss		(40,910)

Net Assets—applicable to 3,055,700,242 shares of beneficial interest outstanding	$	3,055,725,575



Net Asset Value, Redemption Price Per Share and Offering Price Per Share		$1.00

See accompanying Notes to Financial Statements.

9 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018



Investment Income
Interest	$	19,093,791

Dividends from affiliated companies		273,851

Total investment income		19,367,642


Expenses
Management fees		3,999,278

Transfer and shareholder servicing agent fees		1,131,274

Shareholder communications		53,693

Trustees’ compensation		54,522

Custodian fees and expenses		7,883

Other		89,857

Total expenses		5,336,507
Less reduction to custodian expenses		(693)
Less waivers and reimbursements of expenses		(622,171)

Net expenses		4,713,643

Net Investment Income		14,653,999

Realized Gain on Investment Transactions in Unaffiliated Companies		155

Net Increase in Net Assets Resulting from Operations	$	14,654,154

See accompanying Notes to Financial Statements.

10 OPPENHEIMER GOVERNMENT MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	14,653,999	$	1,902,800

Net realized gain (loss)		155		(366)

Net increase in net assets resulting from operations		14,654,154		1,902,434


Dividends and/or Distributions to Shareholders
Dividends and distributions declared		(14,654,285)		(1,903,588)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions		2,630,121,422		(116,364,487)


Net Assets
Total increase (decrease)		2,630,121,291		(116,365,641)

Beginning of period		425,604,284		541,969,925

End of period	$	3,055,725,575	$	425,604,284

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 — New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

11 OPPENHEIMER GOVERNMENT MONEY FUND/VA

FINANCIAL HIGHLIGHTS


	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

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		0.01		0.00²		0.00²		0.00²		0.00²
Net realized and unrealized gain (loss)		0.00²		(0.00)²		(0.00)²		0.00²		0.00²

Total from investment operations		0.01		0.00²		0.00²		0.00²		0.00²

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(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		1.35%		0.39%		0.01%		0.01%		0.01%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,055,726		$425,604		$541,970		$2,648,636		$515,297

Average net assets (in thousands)		$952,018		$488,532		$1,470,447		$1,144,581		$329,045

Ratios to average net assets:⁴
Net investment income		1.54%		0.39%		0.01%		0.01%		0.01%
Total expenses⁵		0.56%		0.59%		0.55%		0.53%		0.57%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50%		0.50%		0.35%		0.19%		0.15%

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

2. Less than $0.005 per share.

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, 2018	0.56	%
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.

12 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

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.

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.

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended December 31, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2,3
$2,399,703		$—		$426

1. At period end, the Fund had $426 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

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.

13 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

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	Increase to Accumulated Net Loss
$33,955		$33,955

The tax character of distributions paid during the reporting periods:


	Year Ended December 31, 2018		Year Ended December 31, 2017
Distributions paid from:
Ordinary income	$	14,654,285	$	1,903,588

3. Securities Valuation

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.

14 OPPENHEIMER GOVERNMENT MONEY FUND/VA

3. Securities Valuation (Continued)

Classifications

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

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

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

The 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:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
U.S. Government Agencies	$	—	$	942,711,838	$	—	$	942,711,838
Repurchase Agreements		—		2,034,100,000		—		2,034,100,000
Investment Company		15,554,790		—		—		15,554,790

Total Assets	$	15,554,790	$	2,976,811,838	$	—	$	2,992,366,628

For the reporting period, there were no transfers between levels.

4. Investments and Risks

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

15 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$6,987,816

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:

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

6. Shares of Beneficial Interest

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


	Year Ended December 31, 2018					Year Ended December 31, 2017
		Shares			Amount		Shares			Amount

Sold		3,403,573,875		$	3,403,573,875		306,082,431		$	306,082,431
Dividends and/or distributions reinvested		12,421,877			12,421,877		1,769,951			1,769,951
Redeemed		(785,874,330	)		(785,874,330)		(424,216,869	)		(424,216,869)

Net increase (decrease)		2,630,121,422		$	2,630,121,422		(116,364,487	)	$	(116,364,487)

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 0.42% of average annual net assets before any applicable waivers.

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”),

16 OPPENHEIMER GOVERNMENT MONEY FUND/VA

7. Fees and Other Transactions with Affiliates (Continued)

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 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 $606,751. 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, 2019	$	2,982,813
December 31, 2020		427,655
December 31, 2021		606,751

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

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
Amherst Pierpont Securities LLC	$64,042,124		$(70,439,886)		$(6,397,762)
ASL Capital Markets Inc.	473,078,901		(482,540,479)		(9,461,578)
Cantor Fitzgerald Secured, LLC	473,080,186		(482,541,790)		(9,461,604)
Credit Agricole Corp. & Investment Bank	10,001,667		(10,201,700)		(200,033)
Deutsche Bank Securities, Inc.	54,025,726		(59,428,298)		(5,402,572)
Deutsche Bank Securities, Inc.	40,051,722		(44,056,895)		(4,005,173)
Deutsche Bank Securities, Inc.	100,016,389		(110,018,028)		(10,001,639)
INTL FCStone Financial, Inc.	76,036,973		(77,783,203)		(1,746,230)
INTL FCStone Financial, Inc.	10,016,085		(10,216,407)		(200,322)
RBC Dominion Securities, Inc.	300,049,500		(306,050,490)		(6,000,990)
Royal Bank of Canada	14,102,311		(14,384,357)		(282,046)
South Street Securities LLC	20,008,433		(20,408,602)		(400,169)

17 OPPENHEIMER GOVERNMENT MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

8. Repurchase Agreements (Continued)


Counterparty	Repurchase Agreement Proceeds to be Received ¹		Collateral Received¹		Net Exposure²

South Street Securities LLC		$20,002,911		$(20,402,969)		$(400,058)
South Street Securities LLC		366,060,035		(373,381,236)		(7,321,201)
TD Securities (USA) LLC		14,002,333		(14,282,380)		(280,047)

		$2,034,575,296		$(2,096,136,720)

1. Includes accrued interest.

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

9. Pending Acquisition

18 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, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

19 OPPENHEIMER GOVERNMENT MONEY FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

20 OPPENHEIMER GOVERNMENT MONEY FUND/VA

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

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

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 funds. The Board considered that the Fund outperformed its category median during the ten-year period, performed in line with its category median during the five-year period (ranking in the 45th percentile), and underperformed its category median during the more recent periods. It noted the Managers’ assertion that the Fund is grouped in a fairly homogenous category that is characterized by extremely tight return dispersion, and that despite its quintile rankings, the Fund has remained largely in line with its competitors. In this regard, the Board further noted that the Fund’s returns were only three basis points lower than the category median in the one-year period and one basis point lower in the three-year period. The Board also considered that the Fund ranked in the first or second quintiles of its category in eight of the last ten calendar years. The Board further noted that the Fund has three shareholders, including one that holds a majority of the Fund’s assets, and that, as a result, the Fund is positioned more defensively than peers that have a more diversified shareholder base.

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 money market-taxable 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). The Board considered that the Fund’s total expenses were higher 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.

21 OPPENHEIMER GOVERNMENT MONEY FUND/VA

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

22 OPPENHEIMER GOVERNMENT MONEY FUND/VA

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

23 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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 and July 2018-January 2019); 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

24 OPPENHEIMER GOVERNMENT MONEY FUND/VA



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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (Since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
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).

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.

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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.

25 OPPENHEIMER GOVERNMENT MONEY FUND/VA

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26 OPPENHEIMER GOVERNMENT MONEY FUND/VA

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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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

December 31, 2018

LOGO

ANNUAL REPORT

Listing of Top Holdings

Fund Performance Discussion

Financial Statements

PORTFOLIO MANAGERS: Hemant Baijal, Krishna Memani, Ruta Ziverte, and Chris Kelly, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/18


	Inception Date		1-Year			5-Year			10-Year
Non-Service Shares		5/3/93		-4.40	%		1.70	%		5.45	%
Service Shares		3/19/01		-4.54			1.46			5.18
Bloomberg Barclays U.S. Aggregate Bond Index				0.01			2.52			3.48

TOP HOLDINGS AND ALLOCATIONS

PORTFOLIO ALLOCATION


Non-Convertible Corporate Bonds and Notes	37.4	%
Investment Companies
Eaton Vance Floating-Rate Income Trust	0.1
Oppenheimer Institutional Government Money Market Fund	4.5
Oppenheimer Limited-Term Bond Fund	0.4
Oppenheimer Master Event-Linked Bond Fund, LLC	1.9
Oppenheimer Master Loan Fund, LLC	9.2
Oppenheimer Ultra-Short Duration Fund	3.2
Mortgage-Backed Obligations
Government Agency	11.8
Non-Agency	7.1
Foreign Government Obligations	18.2
Asset-Backed Securities	2.1
Preferred Stocks	1.2
Short-Term Notes	1.2
Structured Securities	0.5
Corporate Loans	0.4
Over-the-Counter Options Purchased	0.4
Over-the-Counter Interest Rate Swaptions Purchased	0.3
Common Stocks	0.1
Rights, Warrants and Certificates	—^*

*	Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on total market value of investments.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of -4.40% during the reporting period, versus the 0.01% return provided by the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

MARKET OVERVIEW

Markets were expecting a clear message that the Fed might consider a pause in any future rate increases, but that was not initially communicated. Equity markets sold off, bonds rallied, and the U.S. dollar weakened. The sell-offs were sizable, which led some to think a recession might be imminent. It was not just the Fed making headlines; some key economic data was also weaker in December. In the U.S., economic indicators within regional surveys from the Fed and the Institute for Supply Management (ISM) sentiment surveys decreased markedly, along with a cool-off in housing. Politics were once again a factor because there was little clarity from the Trump administration about the policies for tariffs on Chinese imports, and the U.S. government shutdown did not help in an environment where the appetite for risk declined.

Global economic data continued to soften, but current projections still point to global growth for 2018 and 2019, remaining around its historical average. As we enter 2019, U.S. growth momentum may slow as the boost from fiscal stimulus fades toward the second half of the year, while the Eurozone and emerging market (EM) growth should stabilize by the second half of the year, a development that could reduce the momentum gap between the U.S. and the rest of the world.

In December, the European Central Bank (ECB) ended its quantitative easing (QE) program, as widely expected, despite weakening data in the Eurozone throughout the year. ECB President Mario Draghi continued to express confidence in the Eurozone outlook with trend growth above potential and strong Eurozone fundamentals, albeit weakened data, which may be temporary. Eurozone data weaknesses seem to have stabilized in the second half of the year. The underlying forces of growth in the Eurozone, such as job creation and income growth, a revival of bank lending, and high levels of confidence, are intact and growth for the region should remain in the 1.5%–2% range.

A slowing China, tightening financial conditions, and uncertainty about the U.S.-China trade dispute were strong headwinds for Asian emerging markets for most of 2018. Third-quarter figures for gross domestic product (GDP) growth highlighted the increasing divergence between the still-robust U.S. growth and the rest of the world’s more moderate growth. Since then, the high-frequency indicators, such as Purchasing Managers’ Index (PMI) data and export numbers from Asia, point to continuing softer growth in the region, especially in China.

The emerging market economies of Latin America and select frontier African countries have seen lackluster growth, and uncertainties about global growth would prevent a meaningful appreciation in the growth cycle for these regions now. Nonetheless, we expect a growth recovery in Latin America for all countries, except for Mexico, where the U.S. slowdown, combined with uncertainties over Mexican government policy, will likely reduce growth in 2019. Growth in Latin America as a region is likely to double to 2% from last year provided Argentina’s economy stops contracting; in Argentina, we see the economic program on the right track. In Brazil, economic activity remains at a slow pace for now despite incipient signs of improvement, such as the widespread increase in consumer and business confidence indicators. We forecast a recovery toward 3% this year, assuming progress in the pension reform efforts now underway supports this more benign environment.

The U.S. economy continued to show strong growth momentum. As of the reporting period’s end, the tracking of fourth-quarter GDP data suggests the economy will finish the year at around 3% GDP growth. There are pockets of moderation, such as housing and investment expenditures that may have peaked in the second half of the year. Going forward, investment should continue to support growth. With increasingly less slack in the economy, strong profits, and the corporate tax cuts, the environment for investment is healthy. Consumers so far do not seem to be affected by market jitters and politics. At period end, early reports and anecdotes suggest that the holiday shopping period was good. Job growth is still strong, supporting both incomes and consumer confidence. Household finances are in good shape. If growth continues to be above trend, as expected, the Fed may resume its hiking cycle, but for the time being, this may be the time to take stock and observe the impact of the tightening delivered so far. In our view, it is most likely the case that the Fed has paused its rate increases and may not change rates for at least the next two to three of its Open Market Committee meetings.

3 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FUND REVIEW

The Fund’s underperformance relative to the Index this reporting period was largely the result of its allocation to emerging market local debt and emerging market credit. Monetary tightening in the U.S., the stronger U.S. dollar, and global trade tensions continued to provide headwinds for emerging markets during the reporting period, and countries with severe macro imbalances and high foreign currency funding needs such as Argentina and Turkey suffered heavy pressure in August 2018. In Argentina, the response to the sharp sell-off in the currency was a revised International Monetary Fund (IMF) program increasing its size and the speed of disbursement, which we believe will alleviate market concerns over financing and help stabilize asset prices. In Turkey’s case, the central bank hiked rates aggressively and the government announced a more realistic medium-term program with a tighter fiscal policy and steps to rebalance the economy. While emerging market local debt detracted for the overall period, performance improved in the fourth-quarter of 2018, which saw a transition from concerns over serial EM crises in Argentina and Turkey and key elections (Mexico and Brazil) to worries over a broader global growth slowdown, including the U.S., with weakening macroeconomic data, declining oil prices, and U.S.-China trade war tensions. The risk-off sentiment intensified in November and December, particularly in U.S. equities and high-yield credit, while emerging markets proved relatively resilient by comparison as expectations for Fed hikes in 2019 declined as the communication became more dovish.

The Fund’s high yield exposure was another top detractor from performance this period, which underperformed, particularly over the volatile fourth quarter of 2018. High-yield bonds struggled in 2018 amid headwinds from rising rates, U.S.-China trade tensions, and underlying concerns surrounding “peak” earnings and the duration of the economic cycle.

Contributing positively to performance this reporting period was our exposure to leveraged loans. In sharp contrast to the first three quarters of 2018, the fourth quarter saw a dramatic shift in investor sentiment. Solid corporate fundamentals and strong technical demand helped drive stable and steady positive performance in the loan market for the first 9.5 months of 2018. However, in the fourth quarter, heightened volatility returned to the broad markets as a confluence of macro factors surfaced in concert. Despite a weak Q4, overall leveraged loan contribution to performance was a positive.

STRATEGY & OUTLOOK

We ended 2018 with increased financial market volatility, as tighter U.S. financial conditions combined with trade concerns negatively impacted the U.S. equity market. Expectations throughout the year shifted from expecting synchronized global growth to slowing global growth, with materially tighter financial conditions. During the period of heightened financial market volatility, however, emerging market assets did better relative to their developed market counterparts, as their correction had occurred earlier, particularly in the second and third quarters.

From an asset valuation perspective, EM assets are still undervalued versus developed market assets, in our view. At period end, emerging market local bonds offer real yields that are at or close to 15-year highs when compared to developed market real yields. Similarly, emerging market currency levels remain attractive to us. In credit, we believe European financial subordinated debt offers value as do both emerging market hard currency sovereign debt and corporate debt. In our view, core European currency rates are on the expensive side of the spectrum versus the U.S. dollar.

4 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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.

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

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -4.40% 5-Year 1.70% 10-Year 5.45%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -4.54% 5-Year 1.46% 10-Year 5.18%

5 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	985.20	$	4.16
Service shares		1,000.00		985.60		5.42

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.02		4.24
Service shares		1,000.00		1,019.76		5.51


Class	Expense Ratios
Non-Service shares		0.83%
Service shares		1.08

6 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS December 31, 2018


	Principal Amount		Value
Asset-Backed Securities—2.3%
American Credit Acceptance Receivables Trust:
Series 2015-3, Cl. D, 5.86%, 7/12/22¹	$	275,000	$	276,258
Series 2017-3, Cl. B, 2.25%, 1/11/21¹		56,286		56,238
Series 2017-4, Cl. B, 2.61%, 5/10/21¹		180,000		179,733
Series 2017-4, Cl. C, 2.94%, 1/10/24¹		510,000		507,821
Series 2017-4, Cl. D, 3.57%, 1/10/24¹		673,000		669,158
AmeriCredit Automobile Receivables Trust:
Series 2017-2, Cl. D, 3.42%, 4/18/23		830,000		829,077
Series 2017-4, Cl. D, 3.08%, 12/18/23		375,000		370,066
Cabela’s Credit Card Master Note Trust:
Series 2016-1, Cl. A1, 1.78%, 6/15/22		870,000		865,036
Series 2016-1, Cl. A2, 3.305% [US0001M+85], 6/15/22²		1,690,000		1,694,786
Capital Auto Receivables Asset Trust,
Series 2017-1, Cl. D, 3.15%, 2/20/25¹		110,000		109,760
CarMax Auto Owner Trust:
Series 2015-2, Cl. D, 3.04%, 11/15/21		175,000		174,655
Series 2015-3, Cl. D, 3.27%, 3/15/22		610,000		609,304
Series 2016-1, Cl. D, 3.11%, 8/15/22		465,000		461,794
Series 2017-1, Cl. D, 3.43%, 7/17/23		630,000		629,865
Series 2017-4, Cl. D, 3.30%, 5/15/24		280,000		279,051
Series 2018-1, Cl. D, 3.37%, 7/15/24		195,000		192,865
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/23¹		635,000		627,307
Series 2018-1, Cl. B, 3.09%, 6/16/25¹		240,000		239,165
Series 2018-1, Cl. C, 3.42%, 6/16/25¹		70,000		69,758
CIG Auto Receivables Trust, Series 2017- 1A, Cl. A, 2.71%, 5/15/23¹		163,633		162,668
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		185,000		182,726
CPS Auto Receivables Trust:
Series 2017-C, Cl. A, 1.78%, 9/15/20¹		31,504		31,458
Series 2017-C, Cl. B, 2.30%, 7/15/21¹		275,000		273,764
Series 2017-D, Cl. B, 2.43%, 1/18/22¹		470,000		466,639
Series 2018-A, Cl. B, 2.77%, 4/18/22¹		370,000		367,104
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%, 5/17/21¹		60,000		59,812
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/26¹		565,000		562,624
Series 2018-1A, Cl. B, 3.60%, 4/15/27¹		360,000		359,721
Series 2018-1A, Cl. C, 3.77%, 6/15/27¹		510,000		510,053
Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/22¹		190,000		188,368
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/21¹		31,273		31,320
Series 2016-CA, Cl. D, 4.18%, 3/15/24¹		430,000		432,306
Series 2017-3, Cl. C, 2.80%, 7/15/22		315,000		314,249
Series 2017-BA, Cl. D, 3.72%, 10/17/22¹		610,000		611,314
Series 2018-1, Cl. D, 3.81%, 5/15/24		470,000		470,991
Series 2018-3, Cl. D, 4.30%, 9/16/24		175,000		177,538
DT Auto Owner Trust:
Series 2016-4A, Cl. E, 6.49%, 9/15/23¹		200,000		205,004
Series 2017-1A, Cl. D, 3.55%, 11/15/22¹		440,000		440,625
Series 2017-1A, Cl. E, 5.79%, 2/15/24¹		415,000		423,837
Series 2017-2A, Cl. D, 3.89%, 1/15/23¹		495,000		496,857
Series 2017-3A, Cl. E, 5.60%, 8/15/24¹		380,000		389,092
Series 2017-4A, Cl. D, 3.47%, 7/17/23¹		560,000		558,551
Series 2017-4A, Cl. E, 5.15%, 11/15/24¹		390,000		394,007
Series 2018-1A, Cl. B, 3.04%, 1/18/22¹		410,000		409,049
Element Rail Leasing I LLC, Series 2014- 1A, Cl. A1, 2.299%, 4/19/44¹		136,372		135,267
Exeter Automobile Receivables Trust, Series 2018-1A, Cl. B, 2.75%, 4/15/22¹		405,000		403,151
Flagship Credit Auto Trust, Series 2016- 1, Cl. C, 6.22%, 6/15/22¹		980,000		1,013,545
GLS Auto Receivables Trust, Series 2018- 1A, Cl. A, 2.82%, 7/15/22³		642,252		640,082


	Principal Amount		Value
Asset-Backed Securities (Continued)
GM Financial Automobile Leasing Trust, Series 2017-3, Cl. C, 2.73%, 9/20/21	$	320,000	$	317,705
Navistar Financial Dealer Note Master Owner Trust II:
Series 2017-1, Cl. C, 4.056% [US0001M+155], 6/27/22^1,2		160,000		160,392
Series 2017-1, Cl. D, 4.806%
[US0001M+230], 6/27/22^1,2		185,000		185,186
Santander Drive Auto Receivables Trust:
Series 2015-5, Cl. D, 3.65%, 12/15/21		915,000		917,215
Series 2016-2, Cl. D, 3.39%, 4/15/22		300,000		300,565
Series 2017-1, Cl. D, 3.17%, 4/17/23		440,000		438,738
Series 2017-1, Cl. E, 5.05%, 7/15/24¹		1,110,000		1,137,927
Series 2017-2, Cl. D, 3.49%, 7/17/23		190,000		189,092
Series 2017-3, Cl. D, 3.20%, 11/15/23		760,000		757,052
Series 2018-1, Cl. D, 3.32%, 3/15/24		290,000		288,180
Series 2018-2, Cl. D, 3.88%, 2/15/24		145,000		146,282
Santander Retail Auto Lease Trust, Series 2017-A, Cl. C, 2.96%, 11/21/22¹		505,000		501,788
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/22¹		285,000		284,123
United Auto Credit Securitization Trust, Series 2018-1, Cl. C, 3.05%, 9/10/21¹		625,000		622,752
Veros Automobile Receivables Trust, Series 2017-1, Cl. A, 2.84%, 4/17/23¹		134,703		134,317
Westlake Automobile Receivables Trust:
Series 2016-1A, Cl. E, 6.52%, 6/15/22¹		670,000		675,302
Series 2017-2A, Cl. E, 4.63%, 7/15/24¹		685,000		685,822
Series 2018-1A, Cl. C, 2.92%, 5/15/23¹		420,000		416,221
Series 2018-1A, Cl. D, 3.41%, 5/15/23¹		845,000		839,362
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		420,000		418,250
Series 2017-A, Cl. A, 2.12%, 3/15/24		1,125,000		1,110,081
Series 2017-C, Cl. A, 2.31%, 8/15/24		1,130,000		1,114,685
Series 2018-A, Cl. A, 3.07%, 12/16/24		1,440,000		1,436,482
Series 2018-C, Cl. A, 3.55%, 8/15/25		415,000		420,564
Total Asset-Backed Securities (Cost $33,131,944)				33,051,502

Mortgage-Backed Obligations—20.9%

Government Agency—13.1%

FHLMC/FNMA/FHLB/Sponsored—12.3%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 9/1/33		203,915		216,550
5.50%, 9/1/39		226,927		240,722
6.00%, 11/1/21		26,116		28,104
6.50%, 4/1/19-8/1/32		170,820		186,829
7.00%, 10/1/31-10/1/37		36,760		40,435
7.50%, 1/1/32		203,446		237,421
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192,Cl. IO, 99.999%, 2/1/28⁴		4,283		856
Series 205,Cl. IO, 58.037%, 9/1/29⁴		24,466		5,121
Series 243,Cl. 6, 0.00%, 12/15/32^4,5		54,598		10,397
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360,Cl. PZ, 7.50%, 9/15/22		160,003		168,380
Series 151,Cl. F, 9.00%, 5/15/21		959		979
Series 1674,Cl. Z, 6.75%, 2/15/24		80,243		84,820
Series 1897,Cl. K, 7.00%, 9/15/26		315,068		342,240
Series 2043,Cl. ZP, 6.50%, 4/15/28		131,809		145,320
Series 2106,Cl. FG, 2.905%
[LIBOR01M+45], 12/15/28²		229,426		230,029
Series 2122,Cl. F, 2.905%
[LIBOR01M+45], 2/15/29²		6,272		6,274
Series 2148,Cl. ZA, 6.00%, 4/15/29		130,652		141,575
Series 2195,Cl. LH, 6.50%, 10/15/29		92,361		101,100
Series 2326,Cl. ZP, 6.50%, 6/15/31		12,436		13,483
Series 2344,Cl. FP, 3.405%
[LIBOR01M+95], 8/15/31²		61,365		63,013
Series 2368,Cl. PR, 6.50%, 10/15/31		43,023		47,731

7 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2412,Cl. GF, 3.405% [LIBOR01M+95], 2/15/32²	$	75,176	$	77,241
Series 2449,Cl. FL, 3.005% [LIBOR01M+55], 1/15/32²		69,215		70,187
Series 2451,Cl. FD, 3.455%
[LIBOR01M+100], 3/15/32²		31,762		32,495
Series 2461,Cl. PZ, 6.50%, 6/15/32		156,706		171,145
Series 2464,Cl. FI, 3.455% [LIBOR01M+100], 2/15/32²		29,343		30,027
Series 2470,Cl. AF, 3.455% [LIBOR01M+100], 3/15/32²		54,495		56,071
Series 2470,Cl. LF, 3.455% [LIBOR01M+100], 2/15/32²		30,028		30,729
Series 2477,Cl. FZ, 3.005% [LIBOR01M+55], 6/15/31²		120,237		120,961
Series 2517,Cl. GF, 3.455% [LIBOR01M+100], 2/15/32²		26,108		26,717
Series 2635,Cl. AG, 3.50%, 5/15/32		39,617		39,728
Series 2676,Cl. KY, 5.00%, 9/15/23		350,677		357,991
Series 2770,Cl. TW, 4.50%, 3/15/19		354		354
Series 3025,Cl. SJ, 15.748% [-3.667 x LIBOR01M+2,475], 8/15/35²		74,581		106,592
Series 3815,Cl. BD, 3.00%, 10/15/20		17		17
Series 3848,Cl. WL, 4.00%, 4/15/40		94,329		95,293
Series 3857,Cl. GL, 3.00%, 5/15/40		4,651		4,705
Series 3917,Cl. BA, 4.00%, 6/15/38		55,120		56,287
Series 4221,Cl. HJ, 1.50%, 7/15/23		134,337		131,162
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		5,888		554
Series 2079,Cl. S, 99.999%, 7/17/28⁴		10,710		1,217
Series 2136,Cl. SG, 33.37%, 3/15/29⁴		332,952		45,380
Series 2399,Cl. SG, 99.999%, 12/15/26⁴		169,710		21,381
Series 2437,Cl. SB, 44.68%, 4/15/32⁴		570,445		77,142
Series 2526,Cl. SE, 52.359%, 6/15/29⁴		11,710		1,888
Series 2682,Cl. TQ, 99.999%, 10/15/33⁴		125,164		18,604
Series 2795,Cl. SH, 56.469%, 3/15/24⁴		200,778		12,430
Series 2920,Cl. S, 44.609%, 1/15/35⁴		131,200		18,519
Series 2922,Cl. SE, 18.046%, 2/15/35⁴		22,203		2,890
Series 2981,Cl. AS, 0.453%, 5/15/35⁴		200,734		24,129
Series 2981,Cl. BS, 99.999%, 5/15/35⁴		256,755		36,556
Series 3397,Cl. GS, 0.00%, 12/15/37^4,5		89,709		14,694
Series 3424,Cl. EI, 0.00%, 4/15/38^4,5		27,938		2,483
Series 3450,Cl. BI, 10.192%, 5/15/38⁴		145,680		19,804
Series 3606,Cl. SN, 11.375%, 12/15/39⁴		43,336		5,258
Series 3659,Cl. IE, 0.00%, 3/15/19^4,5		443		1
Federal National Mortgage Assn.:
2.50%, 1/1/34⁶		5,145,000		5,025,173
3.00%, 1/1/34-1/1/49⁶		10,425,000		10,268,553
3.50%, 1/1/34-1/1/49⁶		34,550,000		34,643,356
4.00%, 1/1/34-1/1/49⁶		20,860,000		21,287,223
4.50%, 1/1/49⁶		82,465,000		85,445,870
5.00%, 1/1/49⁶		8,605,000		9,017,549
Federal National Mortgage Assn. Pool:
5.00%, 7/1/19-7/1/33		232,305		245,982
5.50%, 4/1/21-5/1/36		129,379		138,106
6.50%, 12/1/29-1/1/34		376,627		418,637
7.00%, 1/1/30-6/1/34		481,993		544,890
7.50%, 2/1/27-3/1/33		644,083		742,957
8.50%, 7/1/32		484		490
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214,Cl. 2, 99.999%, 3/25/23⁴		55,311		5,867
Series 221,Cl. 2, 99.999%, 5/25/23⁴		6,790		790
Series 254,Cl. 2, 99.999%, 1/25/24⁴		117,319		15,685
Series 301,Cl. 2, 19.788%, 4/25/29⁴		25,451		5,188
Series 313,Cl. 2, 99.999%, 6/25/31⁴		268,093		60,608


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 319,Cl. 2, 1.114%, 2/25/32⁴	$	127,824	$	28,572
Series 321,Cl. 2, 28.744%, 4/25/32⁴		38,369		9,013
Series 324,Cl. 2, 0.00%, 7/25/32^4,5		37,998		8,861
Series 328,Cl. 2, 0.00%, 12/25/32^4,5		75,734		17,354
Series 331,Cl. 5, 2.464%, 2/25/33⁴		145,154		25,916
Series 332,Cl. 2, 0.00%, 3/25/33^4,5		618,310		143,140
Series 334,Cl. 12, 0.00%, 3/25/33^4,5		118,066		24,856
Series 339,Cl. 15, 6.304%, 10/25/33⁴		344,933		75,639
Series 345,Cl. 9, 0.00%, 1/25/34^4,5		109,562		24,796
Series 351,Cl. 10, 0.00%, 4/25/34^4,5		66,634		14,042
Series 351,Cl. 8, 0.00%, 4/25/34^4,5		120,574		23,554
Series 356,Cl. 10, 0.00%, 6/25/35^4,5		84,328		17,049
Series 356,Cl. 12, 0.00%, 2/25/35^4,5		41,622		9,002
Series 362,Cl. 13, 0.00%, 8/25/35^4,5		54,976		11,323
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates:
Series 1999-54,Cl. LH, 6.50%, 11/25/29		80,474		87,596
Series 2001-80,Cl. ZB, 6.00%, 1/25/32		67,920		72,751
Series 2002-29,Cl. F, 3.506% [LIBOR01M+100], 4/25/32²		33,065		33,862
Series 2002-64,Cl. FJ, 3.506% [LIBOR01M+100], 4/25/32²		10,182		10,427
Series 2002-68,Cl. FH, 2.955% [LIBOR01M+50], 10/18/32²		22,275		22,375
Series 2002-84,Cl. FB, 3.506% [LIBOR01M+100], 12/25/32²		141,353		144,894
Series 2002-90,Cl. FH, 3.006% [LIBOR01M+50], 9/25/32²		79,087		79,397
Series 2003-11,Cl. FA, 3.506% [LIBOR01M+100], 9/25/32²		141,356		144,077
Series 2003-116,Cl. FA, 2.906% [LIBOR01M+40], 11/25/33²		14,565		14,581
Series 2004-25,Cl. PC, 5.50%, 1/25/34		2,134		2,134
Series 2005-109,Cl. AH, 5.50%, 12/25/25		494,729		507,976
Series 2005-31,Cl. PB, 5.50%, 4/25/35		560,000		613,088
Series 2005-71,Cl. DB, 4.50%, 8/25/25		69,269		70,161
Series 2006-11,Cl. PS, 15.377% [-3.667 x LIBOR01M+2,456.67], 3/25/36²		72,310		103,934
Series 2006-46,Cl. SW, 15.01% [-3.667 x LIBOR01M+2,419.92], 6/25/36²		109,315		151,246
Series 2008-75,Cl. DB, 4.50%, 9/25/23		133		133
Series 2009-113,Cl. DB, 3.00%, 12/25/20		6,316		6,287
Series 2009-36,Cl. FA, 3.446% [LIBOR01M+94], 6/25/37²		18,007		18,416
Series 2009-70,Cl. TL, 4.00%, 8/25/19		223		223
Series 2010-43,Cl. KG, 3.00%, 1/25/21		6,999		6,986
Series 2011-122,Cl. EC, 1.50%, 1/25/20		3,959		3,924
Series 2011-15,Cl. DA, 4.00%, 3/25/41		43,058		43,444
Series 2011-3,Cl. EL, 3.00%, 5/25/20		6,148		6,125
Series 2011-3,Cl. KA, 5.00%, 4/25/40		120,181		125,271
Series 2011-38,Cl. AH, 2.75%, 5/25/20		5		5
Series 2011-6,Cl. BA, 2.75%, 6/25/20		3,350		3,366
Series 2011-82,Cl. AD, 4.00%, 8/25/26		26,553		26,497
Series 2012-20,Cl. FD, 2.906% [LIBOR01M+40], 3/25/42²		175,120		175,239
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 35.04%, 11/18/31⁴		36,317		6,050
Series 2001-63,Cl. SD, 47.484%, 12/18/31⁴		9,335		1,384
Series 2001-68,Cl. SC, 39.467%, 11/25/31⁴		6,771		1,058
Series 2001-81,Cl. S, 41.987%, 1/25/32⁴		7,964		1,384

8 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2002-28,Cl. SA, 29.978%, 4/25/32⁴	$	5,834	$	1,023
Series 2002-38,Cl. SO, 63.721%, 4/25/32⁴		39,738		6,093
Series 2002-48,Cl. S, 35.381%, 7/25/32⁴		8,622		1,642
Series 2002-52,Cl. SL, 28.049%, 9/25/32⁴		5,862		1,068
Series 2002-56,Cl. SN, 36.479%, 7/25/32⁴		11,848		2,257
Series 2002-77,Cl. IS, 51.864%, 12/18/32⁴		67,702		11,692
Series 2002-77,Cl. SH, 37.95%, 12/18/32⁴		11,234		1,796
Series 2002-9,Cl. MS, 27.535%, 3/25/32⁴		10,683		2,013
Series 2003-13,Cl. IO, 48.938%, 3/25/33⁴		117,536		27,636
Series 2003-26,Cl. DI, 53.764%, 4/25/33⁴		94,534		24,168
Series 2003-33,Cl. SP, 28.697%, 5/25/33⁴		63,730		12,277
Series 2003-4,Cl. S, 19.129%, 2/25/33⁴		18,199		3,315
Series 2004-56,Cl. SE, 1.947%, 10/25/33⁴		302,624		49,897
Series 2005-12,Cl. SC, 24.477%, 3/25/35⁴		9,977		1,365
Series 2005-14,Cl. SE, 39.168%, 3/25/35⁴		374,103		45,943
Series 2005-40,Cl. SA, 42.441%, 5/25/35⁴		324,904		48,029
Series 2005-40,Cl. SB, 99.999%, 5/25/35⁴		522,087		63,087
Series 2005-52,Cl. JH, 23.407%, 5/25/35⁴		188,531		24,009
Series 2005-63,Cl. SA, 28.045%, 10/25/31⁴		17,525		2,284
Series 2006-90,Cl. SX, 99.999%, 9/25/36⁴		360,745		62,180
Series 2007-88,Cl. XI, 0.00%, 6/25/37^4,5		344,645		52,419
Series 2008-55,Cl. SA, 0.00%, 7/25/38^4,5		24,027		2,433
Series 2009-8,Cl. BS, 0.00%, 2/25/24^4,5		853		44
Series 2010-95,Cl. DI, 0.00%, 11/25/20^4,5		20,856		234
Series 2011-96,Cl. SA, 4.21%, 10/25/41⁴		145,876		21,755
Series 2012-134,Cl. SA, 0.29%, 12/25/42⁴		482,900		87,000
Series 2012-40,Cl. PI, 10.751%, 4/25/41⁴		773,708		116,943
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6.00%, 5/1/29		3		1

				175,478,946



GNMA/Guaranteed—0.8%
Government National Mortgage Assn. I Pool:
7.00%, 4/15/28-7/15/28		45,850		49,569
8.00%, 5/15/26		7,855		7,868
Government National Mortgage Assn. II Pool:
3.125% [H15T1Y+150], 11/20/25²		1,941		1,993
3.50%, 1/1/49⁶		11,310,000		11,388,014
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17,Cl. AI, 35.389%, 4/16/37⁴		192,352		26,742


	Principal Amount		Value

GNMA/Guaranteed (Continued)
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2011-52,Cl. HS, 16.599%, 4/16/41⁴	$	323,519	$	44,921
				11,519,107


Non-Agency—7.8%

Commercial—3.5%
BCAP LLC Trust:
Series 2011-R11,Cl. 18A5, 4.79% [H15T1Y+210], 9/26/35^1,2		23,532		23,589
Series 2012-RR6,Cl. RR6, 2.054%, 11/26/36¹		27,427		27,354
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 0.00%, 1/15/51^4,5		5,737,781		211,785
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017- CD6, Cl. XA, 0.00%, 11/13/50^4,5		2,308,758		133,894
Chase Mortgage Finance Trust, Series 2005- A2, Cl. 1A3, 4.032%, 1/25/36⁷		11,290		10,666
Citigroup Commercial Mortgage Trust:
Series 2012-GC8,Cl. AAB, 2.608%, 9/10/45		243,633		241,747
Series 2014-GC21,Cl. AAB, 3.477%, 5/10/47		270,000		273,847
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C4, Cl. XA, 11.937%, 10/12/50⁴		6,126,835		424,562
COMM Mortgage Trust:
Series 2013-CR6,Cl. AM, 3.147%, 3/10/46¹		960,000		949,443
Series 2014-CR17,Cl. ASB, 3.598%, 5/10/47		870,000		883,355
Series 2014-CR20,Cl. ASB, 3.305%, 11/10/47		180,000		181,843
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		25,000		25,311
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		455,000		469,160
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		1,600,000		1,609,895
Series 2015-CR22,Cl. A2, 2.856%, 3/10/48		305,000		304,182
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/45^4,5		2,559,184		128,423
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Cl. A1, 5.307%, 6/25/36⁷		45,760		42,985
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 2.69% [US0001M+22], 7/22/36^1,2		5,060,144		4,911,038
FREMF Mortgage Trust:
Series 2012-K20,Cl. C, 3.87%, 5/25/45^1,7		4,165,000		4,138,571
Series 2013-K25,Cl. C, 3.619%, 11/25/45^1,7		135,000		132,738
Series 2013-K26,Cl. C, 3.598%, 12/25/45^1,7		95,000		93,307
Series 2013-K27,Cl. C, 3.496%, 1/25/46^1,7		1,460,000		1,427,730
Series 2013-K28,Cl. C, 3.49%, 6/25/46^1,7		2,330,000		2,276,908
Series 2013-K29,Cl. C, 3.481%, 5/25/46^1,7		2,300,000		2,211,665
Series 2013-K713,Cl. C, 3.154%, 4/25/46^1,7		535,000		532,968

9 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2014-K714,Cl. C, 3.854%, 1/25/47^1,7	$	400,000	$	402,832
Series 2015-K44,Cl. B, 3.683%, 1/25/48^1,7		2,310,000		2,255,272
Series 2015-K45,Cl. B, 3.591%, 4/25/48^1,7		4,646,000		4,517,326
Series 2017-K62,Cl. B, 3.875%, 1/25/50^1,7		280,000		271,794
Series 2017-K724,Cl. B, 3.487%, 11/25/23^1,7		1,535,000		1,524,082
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Cl. A, 2.933%, 6/5/31¹		1,200,000		1,197,676
GS Mortgage Securities Trust:
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46		83,598		82,753
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		160,000		168,756
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		235,000		237,581
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-C6,Cl. ASB, 3.144%, 5/15/45		335,820		334,730
Series 2012-LC9,Cl. A4, 2.611%, 12/15/47		28,642		28,559
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		855,000		846,383
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		820,000		848,767
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		235,000		230,763
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		630,000		635,979
Series 2016-JP3,Cl. A2, 2.435%, 8/15/49		543,707		532,853
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 4.327%, 7/25/35⁷		45,630		46,870
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 4.434%, 7/26/36^1,7		2,142,141		2,147,240
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17,Cl. ASB, 3.705%, 1/15/47		194,016		196,191
Series 2014-C18,Cl. A3, 3.578%, 2/15/47		295,000		296,065
Series 2014-C19,Cl. ASB, 3.584%, 4/15/47		110,000		110,667
Series 2014-C24,Cl. B, 4.116%, 11/15/47⁷		680,000		675,846
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		1,720,000		1,735,519
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		1,515,000		1,507,707
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7,Cl. AAB, 2.469%, 2/15/46		235,732		232,947
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		570,000		569,317
Series 2014-C14,Cl. B, 4.674%, 2/15/47⁷		240,000		250,994
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 0.00%, 12/15/50^4,5		2,013,393		112,504
Morgan Stanley Re-Remic Trust, Series 2012- R3, Cl. 1A, 3.667%, 11/26/36^1,7		3,732		3,721
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.60%, 6/26/46^1,7		48,897		48,798
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 4.30%, 8/25/34⁷		1,975,497		1,975,108
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 0.00%, 11/15/50^4,5		3,813,212		239,800


	Principal Amount		Value

Commercial (Continued)
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 4.892%, 5/10/63^1,7	$	930,000	$	789,285
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		940,000		934,507
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 0.00%, 12/15/50^4,5		2,798,996		178,245
WF-RBS Commercial Mortgage Trust:
Series 2013-C14,Cl. AS, 3.488%, 6/15/46		640,000		638,532
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		490,000		506,111
Series 2014-C22,Cl. A3, 3.528%, 9/15/57		120,000		121,197
Series 2014-LC14,Cl. AS, 4.351%, 3/15/47⁷		395,000		401,756
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/44^1,4,5		3,024,070		75,828
				49,577,827

Multi-Family—0.0%
Connecticut Avenue Securities, Series 2017- C04, Cl. 2M1, 3.356% [US0001M+85], 11/25/29²		609,314		609,491



Residential—4.3%
Banc of America Funding Trust, Series 2014- R7, Cl. 3A1, 4.607%, 3/26/36^1,7		23,669		23,741
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 4.91% [H15T1Y+225], 2/25/36²		34,654		34,930
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		499,645		491,873
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		480,061		478,679
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2,Cl. 1A3, 4.439%, 5/25/35⁷		545,383		548,955
Series 2006-AR1,Cl. 1A1, 4.28% [H15T1Y+240], 10/25/35²		158,212		159,860
Series 2009-8,Cl. 7A2, 4.608%, 3/25/36^1,7		6,700,659		6,678,108
Series 2014-8,Cl. 1A2, 2.76% [US0001M+29], 7/20/36^1,2		3,400,000		3,337,075
Connecticut Avenue Securities:
Series 2014-C03,Cl. 1M2, 5.506% [US0001M+300], 7/25/24²		827,158		870,401
Series 2016-C03,Cl. 1M1, 4.506% [US0001M+200], 10/25/28²		143,134		144,308
Series 2016-C07,Cl. 2M1, 3.806% [US0001M+130], 5/25/29²		182,949		183,169
Series 2017-C01,Cl. 1M2, 6.056% [US0001M+355], 7/25/29²		4,140,000		4,392,406
Series 2017-C02,Cl. 2M1, 3.656% [US0001M+115], 9/25/29²		905,658		907,948
Series 2017-C03,Cl. 1M1, 3.456% [US0001M+95], 10/25/29²		893,134		894,158
Series 2017-C06,Cl. 1M1, 3.256% [US0001M+75], 2/25/30²		196,701		196,559
Series 2017-C07,Cl. 1M1, 3.156% [US0001M+65], 5/25/30²		552,088		551,003
Series 2017-C07,Cl. 1M2, 4.906% [US0001M+240], 5/25/30²		580,000		585,002
Series 2017-C07,Cl. 2M1, 3.156% [US0001M+65], 5/25/30²		190,603		190,310
Series 2018-C01,Cl. 1M1, 3.106% [US0001M+60], 7/25/30²		752,589		750,220
Series 2018-C02,Cl. 2M1, 3.156% [US0001M+65], 8/25/30²		240,346		240,134

10 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Residential (Continued)
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G,Cl. 2A, 2.685% [US0001M+23], 12/15/35²	$	22,139	$	21,798
Series 2006-H,Cl. 2A1A, 2.605% [US0001M+15], 11/15/36²		18,012		13,888
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.332%, 7/25/35⁷		10,348		10,408
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.816% [US0001M+31], 7/25/35²		14,507		14,403
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 2.606% [US0001M+10], 8/25/36²		849,280		419,043
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		12,101		10,642
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		1,721,608		1,577,710
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2,Cl. M2, 6.756% [US0001M+425], 11/25/23²		891,140		971,204
Series 2014-DN1,Cl. M3, 7.006% [US0001M+450], 2/25/24²		815,000		914,712
Series 2014-DN2,Cl. M3, 6.106% [US0001M+360], 4/25/24²		840,000		906,610
Series 2014-HQ2,Cl. M3, 6.256% [US0001M+375], 9/25/24²		915,000		1,007,869
Series 2015-HQA2,Cl. M2, 5.306% [US0001M+280], 5/25/28²		252,298		257,340
Series 2016-DNA1,Cl. M2, 5.406% [US0001M+290], 7/25/28²		294,720		299,940
Series 2016-DNA3,Cl. M3, 7.506% [US0001M+500], 12/25/28²		3,845,000		4,329,290
Series 2016-DNA4,Cl. M1, 3.306% [US0001M+80], 3/25/29²		3,927		3,927
Series 2016-DNA4,Cl. M3, 6.306% [US0001M+380], 3/25/29²		5,570,000		6,015,650
Series 2016-HQA3,Cl. M1, 3.306% [US0001M+80], 3/25/29²		203,131		203,180
Series 2016-HQA3,Cl. M3, 6.356% [US0001M+385], 3/25/29²		3,400,000		3,720,817
Series 2016-HQA4,Cl. M3, 6.406% [US0001M+390], 4/25/29²		4,580,000		5,022,934
Series 2017-DNA1,Cl. M2, 5.756% [US0001M+325], 7/25/29²		4,400,000		4,633,767
Series 2017-HQA1,Cl. M1, 3.706% [US0001M+120], 8/25/29²		1,442,205		1,447,032
Series 2017-HQA2,Cl. M1, 3.306% [US0001M+80], 12/25/29²		418,499		418,348
Series 2017-HQA3,Cl. M1, 3.056% [US0001M+55], 4/25/30²		923,982		922,390
Series 2018-DNA1,Cl. M1, 2.956% [US0001M+45], 7/25/30²		1,556,582		1,549,481
Series 2018-DNA1,Cl. M2, 4.306% [US0001M+180], 7/25/30²		1,200,000		1,154,793
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 4.487%, 10/25/33⁷		53,444		54,129
Series 2005-AR16,Cl. 1A1, 4.28%, 12/25/35⁷		7,552		7,554
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 4.093%, 2/25/35⁷		707,956		725,512
Series 2005-AR15,Cl. 1A2, 4.671%, 9/25/35⁷		110,399		107,537
Series 2005-AR15,Cl. 1A6, 4.671%, 9/25/35⁷		1,336,467		1,292,122
Series 2005-AR4,Cl. 2A2, 4.252%, 4/25/35⁷		6,167		6,216
Series 2006-AR10,Cl. 1A1, 4.309%, 7/25/36⁷		136,374		133,460


	Principal Amount		Value

Residential (Continued)
Wells Fargo Mortgage-Backed Securities Trust: (Continued)
Series 2006-AR10,Cl. 5A5, 4.434%, 7/25/36⁷	$	242,520	$	242,426
Series 2006-AR2,Cl. 2A3, 4.607%, 3/25/36⁷		1,146,954		1,160,799
Series 2006-AR7,Cl. 2A4, 4.334%, 5/25/36⁷		642,475		658,216
				61,893,986
Total Mortgage-Backed Obligations (Cost $294,155,463)				299,079,357

Foreign Government Obligations—20.2%
Angola—0.3%
Republic of Angola:
8.25% Sr. Unsec. Nts., 5/9/28¹		850,000		802,744
9.375% Sr. Unsec. Nts., 5/8/48¹		4,290,000		4,028,010
				4,830,754

Argentina—1.3%
Argentine Republic:
2.937% Unsec. Nts., 4/30/20⁸	ARS	161,500,000		4,674,323
5.875% Sr. Unsec. Nts., 1/11/28		4,130,000		2,983,925
6.50% Sr. Unsec. Nts., 2/15/23¹		1,465,000		1,186,650
6.875% Sr. Unsec. Nts., 1/26/27		1,525,000		1,167,578
6.875% Sr. Unsec. Nts., 1/11/48		1,785,000		1,251,731
7.50% Sr. Unsec. Nts., 4/22/26		9,320,000		7,496,775
18.20% Unsec. Nts., 10/3/21	ARS	9,285,000		189,719
				18,950,701

Brazil—1.2%
Federative Republic of Brazil:
10.00% Unsec. Nts., 1/1/21	BRL	11,000,000		2,968,655
10.00% Unsec. Nts., 1/1/25	BRL	26,900,000		7,239,582
10.00% Unsec. Nts., 1/1/27	BRL	11,500,000		3,102,110
18.447% Unsec. Nts., 5/15/45¹⁶	BRL	4,350,000		4,065,014
				17,375,361

Chile—0.5%
Republic of Chile, 4.50% Bonds, 3/1/21	CLP	4,818,500,000		7,082,186

Colombia—0.8%
Republic of Colombia:
4.50% Sr. Unsec. Nts., 3/15/29		1,225,000		1,212,750
6.125% Sr. Unsec. Nts., 1/18/41		1,615,000		1,748,238
Series B, 6.25% Sr. Unsec. Nts.,
11/26/25	COP	8,700,000,000		2,659,877
Series B, 7.50% Bonds, 8/26/26	COP	12,830,000,000		4,182,347
Series B, 10.00% Bonds, 7/24/24	COP	5,146,000,000		1,868,092
				11,671,304

Dominican Republic—0.6%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/27¹		5,595,000		5,595,000
6.00% Sr. Unsec. Nts., 7/19/28¹		2,690,000		2,693,363
6.85% Sr. Unsec. Nts., 1/27/45¹		930,000		918,375
				9,206,738

Ecuador—0.2%
Republic of Ecuador:
7.875% Sr. Unsec. Nts., 1/23/28¹		815,000		665,753
8.875% Sr. Unsec. Nts., 10/23/27¹		1,660,000		1,433,825
9.65% Sr. Unsec. Nts., 12/13/26¹		985,000		900,044
				2,999,622

Egypt—0.5%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/26¹	EUR	1,900,000		1,982,086
6.125% Sr. Unsec. Nts., 1/31/22¹		965,000		948,800
6.588% Sr. Unsec. Nts., 2/21/28¹		1,445,000		1,293,275
7.903% Sr. Unsec. Nts., 2/21/48¹		625,000		540,095
8.50% Sr. Unsec. Nts., 1/31/47¹		1,450,000		1,313,759

11 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Egypt (Continued)
Arab Republic of Egypt: (Continued)
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP	29,000,000	$	1,540,234
				7,618,249

Gabon—0.2%
Gabonese Republic, 6.375% Bonds, 12/12/24¹		2,410,000		2,171,868
Ghana—0.2%
Republic of Ghana:
7.625% Sr. Unsec. Nts., 5/16/29¹		2,420,000		2,176,064
8.627% Sr. Unsec. Nts., 6/16/49¹		1,440,000		1,260,173
				3,436,237

Greece—2.2%
Hellenic Republic:
0.000%Bonds, 10/15/42⁷	EUR	30,230,000		106,852
3.375% Sr. Unsec. Nts., 2/15/25^1,9	EUR	5,070,000		5,623,084
3.90% Bonds, 1/30/33⁹	EUR	17,660,000		18,461,107
4.00% Bonds, 1/30/37⁹	EUR	7,215,000		7,294,179
				31,485,222

Hungary—0.1%
Hungary:
Series 25/B, 5.50% Bonds, 6/24/25	HUF	160,840,000		673,986
Series 27/A, 3.00% Bonds, 10/27/27	HUF	400,000,000		1,433,636
				2,107,622

India—1.6%
Republic of India:
7.59% Sr. Unsec. Nts., 1/11/26	INR	600,000,000		8,711,151
8.20% Sr. Unsec. Nts., 2/15/22	INR	600,000,000		8,811,805
8.20% Sr. Unsec. Nts., 9/24/25	INR	315,600,000		4,723,856
				22,246,812

Indonesia—1.4%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/24¹		525,000		523,031
4.55% Sr. Unsec. Nts., 3/29/26¹		790,000		785,260
Republic of Indonesia:
3.85% Sr. Unsec. Nts., 7/18/27¹		905,000		861,385
4.125% Sr. Unsec. Nts., 1/15/25¹		490,000		483,353
8.125% Sr. Unsec. Nts., 5/15/24	IDR	35,000,000,000		2,478,599
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR	104,095,000,000		7,372,662
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR	10,000,000,000		650,209
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR	112,480,000,000		7,340,923
				20,495,422

Iraq—0.1%
Republic of Iraq:
5.80% Unsec. Nts., 1/15/28¹		615,000		553,131
6.752% Sr. Unsec. Nts., 3/9/23¹		800,000		763,918
				1,317,049

Italy—0.6%
Italy Buoni Poliennali Del Tesoro, 1.45% Bonds, 11/15/24⁹	EUR	7,070,000		7,841,554

Kenya—0.0%
Republic of Kenya, 8.25% Sr. Unsec. Nts., 2/28/48¹		510,000		436,058

Mexico—2.3%
United Mexican States:
3.75% Sr. Unsec. Nts., 1/11/28		920,000		862,739
Series M, 5.75% Bonds, 3/5/26	MXN	54,445,000		2,343,032
Series M, 6.50% Bonds, 6/9/22	MXN	160,000,000		7,649,029
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN	340,000,000		16,899,004


	Principal Amount		Value

Mexico (Continued)
United Mexican States: (Continued)
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN	90,000,000	$	4,507,018
				32,260,822

Mongolia—0.1%
Development Bank of Mongolia LLC, 7.25% Unsec. Nts., 10/23/23¹		620,000		609,485

Mongolia, 5.625% Sr. Unsec. Nts., 5/1/23¹		1,455,000		1,382,325
				1,991,810

Nigeria—0.3%
Federal Republic of Nigeria:
7.143% Sr. Unsec. Nts., 2/23/30¹		1,570,000		1,393,438
7.696% Sr. Unsec. Nts., 2/23/38¹		1,610,000		1,410,235
9.248% Sr. Unsec. Nts., 1/21/49¹		1,060,000		1,032,198
				3,835,871

Oman—0.2%
Sultanate of Oman, 6.75% Sr. Unsec. Nts., 1/17/48¹		3,185,000		2,636,811
Peru—0.4%
Republic of Peru:
5.70% Unsec. Nts., 8/12/24¹	PEN	5,345,000		1,645,529
5.94% Sr. Unsec. Nts., 2/12/29^1,9	PEN	2,800,000		843,209
6.15% Sr. Unsec. Nts., 8/12/32^1,9	PEN	4,370,000		1,322,178
6.35% Sr. Unsec. Nts., 8/12/28¹	PEN	7,140,000		2,223,873
				6,034,789

Poland—0.5%
Republic of Poland, Series 0422
2.25% Bonds, 4/25/22	PLN	23,800,000		6,447,410

Russia—0.1%
Russian Federation, Series 6209, 7.60%
Bonds, 7/20/22	RUB	66,585,000		944,174

Senegal—0.1%
Republic of Senegal:
6.25% Unsec. Nts., 5/23/33¹		460,000		397,460
6.75% Sr. Unsec. Nts., 3/13/48¹		835,000		695,033
				1,092,493

South Africa—2.0%
Republic of South Africa:
5.65% Sr. Unsec. Nts., 9/27/47		605,000		539,908
Series 2023, 7.75% Bonds, 2/28/23	ZAR	22,500,000		1,544,497
Series 2030, 8.00% Bonds, 1/31/30	ZAR	77,000,000		4,844,233
Series 2037, 8.50% Bonds, 1/31/37	ZAR	107,000,000		6,616,843
Series 2048, 8.75% Bonds, 2/28/48	ZAR	60,000,000		3,711,951
Series R186, 10.50% Bonds, 12/21/26	ZAR	131,675,000		9,958,639
Series R214, 6.50% Bonds, 2/28/41	ZAR	25,000,000		1,212,203
				28,428,274

Sri Lanka—0.3%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/23¹		1,450,000		1,341,525
5.875% Sr. Unsec. Nts., 7/25/22¹		1,350,000		1,269,231
6.25% Sr. Unsec. Nts., 10/4/20¹		465,000		453,398
6.75% Sr. Unsec. Nts., 4/18/28¹		950,000		867,545
				3,931,699

Thailand—0.6%
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22	THB	65,400,000		2,000,577
2.125% Sr. Unsec. Nts., 12/17/26	THB	210,000,000		6,315,260
				8,315,837

Turkey—0.7%
Republic of Turkey:
7.25% Sr. Unsec. Nts., 12/23/23		1,825,000		1,878,755
10.60% Bonds, 2/11/26	TRY	5,000,000		735,002
10.70% Bonds, 2/17/21	TRY	22,045,000		3,611,340

12 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Turkey (Continued)
Republic of Turkey: (Continued)
11.00% Bonds, 2/24/27	TRY	4,750,000	$	698,252
12.40% Bonds, 3/8/28	TRY	17,500,000		2,775,036
				9,698,385

Ukraine—0.8%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/23⁹		2,050,000		1,848,844
7.75% Sr. Unsec. Nts., 9/1/24⁹		1,295,000		1,142,085
7.75% Sr. Unsec. Nts., 9/1/25⁹		900,000		781,573
7.75% Sr. Unsec. Nts., 9/1/26⁹		2,940,000		2,512,303
7.75% Sr. Unsec. Nts., 9/1/27⁹		2,720,000		2,306,370
8.994% Sr. Unsec. Nts., 2/1/24¹		1,565,000		1,464,071
9.75% Sr. Unsec. Nts., 11/1/28¹		730,000		686,065
				10,741,311

Uruguay—0.0%
Oriental Republic of Uruguay, 9.875%
Sr. Unsec. Nts., 6/20/22¹	UYU	13,555,000		414,250
Total Foreign Government Obligations (Cost $312,285,250)				288,046,695

Corporate Loans—0.4%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 5.522% [LIBOR4+300], 11/17/25²		273,052		259,741
Aleris International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.052% 2/27/23⁷		547,250		543,745
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.804% [LIBOR12+450], 4/6/24²		587,050		578,978
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 9.095% [LIBOR4+675], 1/30/19^2,10		800,000		541,112
JC Penney Corp., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.569% [LIBOR4+425], 6/23/23²		384,740		330,300
KIK Custom Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.522% 5/15/23⁷		570,000		539,365
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 8.303% [LIBOR4+550], 9/30/22²		272,906		244,763
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 9.326% [LIBOR12+725], 10/17/22²		1,575,063		1,342,741
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.568% [LIBOR12+325], 10/25/20²		1,043,988		885,761
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.32% [LIBOR12+300], 3/11/22²		273,582		217,107
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 6.31% [LIBOR12+400], 3/29/21²		306,086		274,712
Total Corporate Loans (Cost $6,206,518)				5,758,325

Corporate Bonds and Notes—41.4%

Consumer Discretionary—6.3%

Auto Components—0.2%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/25		1,100,000		1,005,125
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/26¹		250,000		221,250
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/26¹		705,000		679,444


	Principal Amount		Value

Auto Components (Continued)
Goodyear Tire & Rubber Co. (The), 5.00% Sr. Unsec. Nts., 5/31/26	$	520,000	$	469,950
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375% Sr. Sec. Nts., 12/15/23¹		345,000		335,512
Tenneco, Inc., 5.00% Sr. Unsec. Nts., 7/15/26		360,000		278,730
				2,990,011


Automobiles—0.3%
Ford Motor Credit Co. LLC, 5.75% Sr. Unsec. Nts., 2/1/21		1,460,000		1,489,726
General Motors Financial Co., Inc., 4.20% Sr. Unsec. Nts., 11/6/21		1,460,000		1,460,218
Jaguar Land Rover Automotive plc, 4.50% Sr. Unsec. Nts., 10/1/27¹		690,000		517,500
Tesla, Inc., 5.30% Sr. Unsec. Nts., 8/15/25¹		570,000		497,325
Williams Scotsman International, Inc., 6.875% Sr. Sec. Nts., 8/15/23³		560,000		539,000
				4,503,769


Distributors—0.0%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		387,000		369,585


Diversified Consumer Services—0.1%
Cengage Learning, Inc., 9.50% Sr. Unsec. Nts., 6/15/24¹		140,000		95,900
KCA Deutag UK Finance plc, 9.625% Sr. Sec. Nts., 4/1/23¹		275,000		222,750
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		290,000		273,687
				592,337


Entertainment—0.3%
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		705,000		623,044
5.875% Sr. Sub. Nts., 11/15/26		760,000		653,600
6.125% Sr. Sub. Nts., 5/15/27		520,000		447,200
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23		495,000		476,437
Lions Gate Capital Holdings LLC, 5.875% Sr. Unsec. Nts., 11/1/24¹		1,215,000		1,205,887
Live Nation Entertainment, Inc., 5.625% Sr. Unsec. Nts., 3/15/26¹		550,000		539,000
Netflix, Inc., 5.875% Sr. Unsec. Nts., 11/15/28¹		275,000		268,656
Sirius XM Radio, Inc., 5.375% Sr. Unsec. Nts., 7/15/26¹		665,000		624,269
				4,838,093


Hotels, Restaurants & Leisure—1.7%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/24¹		785,000		724,798
5.00% Sec. Nts., 10/15/25¹		1,335,000		1,231,537
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		745,000		702,162
5.00% Sr. Unsec. Nts., 2/1/28¹		815,000		762,025
Boyd Gaming Corp.:
6.00% Sr. Unsec. Nts., 8/15/26		690,000		647,737
6.375% Sr. Unsec. Nts., 4/1/26		220,000		213,675
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25% Sr. Unsec. Nts., 10/15/25¹		820,000		707,250
CEC Entertainment, Inc., 8.00% Sr. Unsec. Nts., 2/15/22		670,000		589,600
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/23¹		330,000		326,700
Eldorado Resorts, Inc., 6.00% Sr. Unsec. Nts., 4/1/25		540,000		523,606

13 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Hotels, Restaurants & Leisure (Continued)
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/24¹	$	390,000	$	396,825
Golden Nugget, Inc.:
6.75% Sr. Unsec. Nts., 10/15/24³		1,370,000		1,294,650
8.75% Sr. Sub. Nts., 10/1/25¹		1,160,000		1,119,400
Hilton Domestic Operating Co., Inc.:
4.25% Sr. Unsec. Nts., 9/1/24		425,000		402,687
5.125% Sr. Unsec. Nts., 5/1/26¹		550,000		529,375
Hilton Grand Vacations Borrower LLC/ Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/24		700,000		698,250
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/22¹		1,130,000		1,138,475
IRB Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/26¹		270,000		236,925
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC: 4.75% Sr. Unsec. Nts., 6/1/27¹		435,000		405,637
5.25% Sr. Unsec. Nts., 6/1/26¹		995,000		965,180
Marriott Ownership Resorts, Inc./ILG LLC, 6.50% Sr. Unsec. Nts., 9/15/26¹		280,000		271,250
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/25¹		1,230,000		1,132,537
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24		925,000		919,219
MGM Resorts International:
5.75% Sr. Unsec. Nts., 6/15/25		510,000		494,700
6.00% Sr. Unsec. Nts., 3/15/23		855,000		861,412
6.625% Sr. Unsec. Nts., 12/15/21		405,000		416,137
Mohegan Gaming & Entertainment, 7.875% Sr. Unsec. Nts., 10/15/24¹		780,000		732,225
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/27¹		725,000		650,688
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/20¹		875,000		805,000
Premier Cruises Ltd., 11.00% Sr. Unsec. Nts., 3/15/08^1,10,11		250,000		—
Scientific Games International, Inc.:
5.00% Sr. Sec. Nts., 10/15/25¹		1,000,000		895,000
10.00% Sr. Unsec. Nts., 12/1/22		1,712,000		1,739,803
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/24¹		500,000		472,500
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp., 5.875% Sr. Sec. Nts., 5/15/25¹		285,000		267,188
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/27¹		560,000		523,600
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% Sr. Unsec. Nts., 5/15/27¹		390,000		343,688
5.50% Sr. Unsec. Nts., 3/1/25¹		275,000		257,125
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/24¹		135,000		120,488
5.50% Sr. Unsec. Nts., 10/1/27¹		135,000		117,788
				24,636,842


Household Durables—0.8%
Arcelik AS, 5.00% Sr. Unsec. Nts., 4/3/23¹		495,000		450,935
Beazer Homes USA, Inc.:
5.875% Sr. Unsec. Nts., 10/15/27		935,000		743,325
6.75% Sr. Unsec. Nts., 3/15/25		1,680,000		1,451,100
7.25% Sr. Unsec. Nts., 2/1/23		43,000		40,205
KB Home, 7.625% Sr. Unsec. Nts., 5/15/23		430,000		437,525
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		95,000		90,012
4.75% Sr. Unsec. Nts., 4/1/21		1,465,000		1,455,844


	Principal Amount		Value

Household Durables (Continued)
Lennar Corp.: (Continued)
4.75% Sr. Unsec. Nts., 5/30/25	$	840,000	$	790,650
M/I Homes, Inc., 5.625% Sr. Unsec. Nts., 8/1/25		795,000		731,400
MDC Holdings, Inc., 6.00% Sr. Unsec. Nts., 1/15/43		800,000		628,000
PulteGroup, Inc., 5.50% Sr. Unsec. Nts., 3/1/26		740,000		715,025
Resideo Funding, Inc., 6.125% Sr. Unsec. Nts., 11/1/26¹		855,000		844,312
Taylor Morrison Communities, Inc., 6.625% Sr. Unsec. Nts., 5/15/22		1,240,000		1,243,100
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/23¹		560,000		543,200
Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23		180,000		169,650
William Lyon Homes, Inc.:
5.875% Sr. Unsec. Nts., 1/31/25		1,020,000		872,100
6.00% Sr. Unsec. Nts., 9/1/23		550,000		497,750
				11,704,133


Leisure Equipment & Products—0.0%
Mattel, Inc., 6.75% Sr. Unsec. Nts., 12/31/25¹		430,000		384,717


Media—2.0%
Altice Financing SA:
6.625% Sr. Sec. Nts., 2/15/23¹		205,000		197,312
7.50% Sr. Sec. Nts., 5/15/26¹		480,000		439,200
Altice Finco SA, 8.125% Sec. Nts., 1/15/24¹		695,000		649,825
Altice France SA:
7.375% Sr. Sec. Nts., 5/1/26¹		580,000		533,600
8.125% Sr. Sec. Nts., 2/1/27¹		560,000		529,200
Altice Luxembourg SA, 7.75% Sr. Unsec. Nts., 5/15/22¹		205,000		187,319
AMC Networks, Inc.:
4.75% Sr. Unsec. Nts., 8/1/25		530,000		482,300
5.00% Sr. Unsec. Nts., 4/1/24		275,000		261,250
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		1,362,000		1,416,480
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/25¹		460,000		463,450
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00% Sr. Unsec. Nts., 3/1/23¹		265,000		247,775
5.00% Sr. Unsec. Nts., 2/1/28¹		840,000		774,900
5.125% Sr. Unsec. Nts., 5/1/27¹		1,040,000		971,256
5.375% Sr. Unsec. Nts., 5/1/25¹		205,000		197,056
5.75% Sr. Unsec. Nts., 2/15/26¹		1,315,000		1,291,987
5.875% Sr. Unsec. Nts., 4/1/24¹		325,000		324,188
5.875% Sr. Unsec. Nts., 5/1/27¹		205,000		199,362
Clear Channel International BV, 8.75% Sr. Unsec. Nts., 12/15/20³		265,000		268,312
Clear Channel Worldwide Holdings, Inc.:
6.50% Sr. Unsec. Nts., Series B, 11/15/22		1,465,000		1,472,325
7.625% Sr. Sub. Nts., Series B, 3/15/20		1,505,000		1,473,019
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		715,000		656,906
5.50% Sr. Sec. Nts., 5/15/26¹		205,000		193,725
5.50% Sr. Unsec. Nts., 4/15/27¹		750,000		699,375
10.875% Sr. Unsec. Nts., 10/15/25¹		722,000		812,553
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24		2,280,000		1,843,950
7.75% Sr. Unsec. Nts., 7/1/26		250,000		207,500
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/24¹		760,000		702,620
5.875% Sr. Unsec. Nts., 7/15/26¹		1,370,000		1,280,676

14 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Media (Continued)
iHeartCommunications, Inc., 9.00% Sr. Sec. Nts., 12/15/19	$	1,455,000	$	982,125
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/24¹		255,000		233,325
Meredith Corp., 6.875% Sr. Unsec. Nts., 2/1/26¹		250,000		245,000
Nexstar Broadcasting, Inc., 5.625% Sr. Unsec. Nts., 8/1/24¹		1,095,000		1,026,563
Salem Media Group, Inc., 6.75% Sr. Sec. Nts., 6/1/24¹		775,000		691,688
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/24¹		715,000		672,100
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/24¹		650,000		632,125
Townsquare Media, Inc., 6.50% Sr. Unsec. Nts., 4/1/23¹		265,000		244,794
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22		725,000		732,250
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/23¹		245,000		220,500
5.125% Sr. Sec. Nts., 2/15/25¹		1,435,000		1,262,800
UPCB Finance IV Ltd., 5.375% Sr. Sec. Nts., 1/15/25¹		135,000		126,579
Virgin Media Secured Finance plc, 5.50% Sr. Sec. Nts., 8/15/26¹		705,000		653,782
Ziggo BV, 5.50% Sr. Sec. Nts., 1/15/27¹		1,590,000		1,427,025
				27,928,077


Multiline Retail—0.1%
JC Penney Corp., Inc.:
5.875% Sr. Sec. Nts., 7/1/23¹		525,000		422,625
7.40% Sr. Unsec. Nts., 4/1/37		270,000		91,800
8.625% Sec. Nts., 3/15/25¹		865,000		467,100
Neiman Marcus Group Ltd. LLC, 8.00% Sr. Unsec. Nts., 10/15/21¹		280,000		116,900
				1,098,425


Specialty Retail—0.7%
Claire’s Stores, Inc., 9.00%, 3/15/19^10,12		405,000		255,604
Freedom Mortgage Corp.:
8.125% Sr. Unsec. Nts., 11/15/24¹		400,000		345,000
8.25% Sr. Unsec. Nts., 4/15/25¹		825,000		709,500
GameStop Corp.:
5.50% Sr. Unsec. Nts., 10/1/19¹		685,000		684,144
6.75% Sr. Unsec. Nts., 3/15/21¹		1,180,000		1,180,000
L Brands, Inc.:
5.25% Sr. Unsec. Nts., 2/1/28		270,000		231,187
6.875% Sr. Unsec. Nts., 11/1/35		1,775,000		1,491,355
Lithia Motors, Inc., 5.25% Sr. Unsec. Nts., 8/1/25¹		530,000		489,588
Party City Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/1/26¹		560,000		511,000
PetSmart, Inc.:
5.875% Sr. Sec. Nts., 6/1/25¹		700,000		509,250
7.125% Sr. Unsec. Nts., 3/15/23¹		285,000		167,437
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/27		650,000		572,000
Staples, Inc., 8.50% Sr. Unsec. Nts., 9/15/25¹		3,330,000		3,020,976
				10,167,041


Textiles, Apparel & Luxury Goods—0.1%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/24¹		380,000		358,150
4.875% Sr. Unsec. Nts., 5/15/26¹		495,000		448,594
				806,744


Consumer Staples—1.2%

Beverages—0.0%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/24¹		445,000		417,757


	Principal Amount		Value

Food & Staples Retailing—0.4%
Albertsons Cos. LLC/Safeway, Inc./New Albertson LP/Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/24	$	1,035,000	$	965,137
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/23¹		820,000		594,500
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		688,000		682,840
New Albertsons LP, 7.45% Sr. Unsec. Nts., 8/1/29		740,000		595,700
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/24¹		495,000		480,769
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/23¹		1,345,000		1,067,594
Simmons Foods, Inc.:
5.75% Sec. Nts., 11/1/24¹		1,870,000		1,337,050
7.75% Sr. Sec. Nts., 1/15/24¹		275,000		277,750
				6,001,340


Food Products—0.6%
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		260,000		242,775
BRF SA, 3.95% Sr. Unsec. Nts., 5/22/23¹		495,000		446,738
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/23¹		530,000		425,325
JBS USA LUX SA/JBS USA Finance, Inc.:
5.75% Sr. Unsec. Nts., 6/15/25¹		1,315,000		1,260,756
6.75% Sr. Unsec. Nts., 2/15/28¹		1,360,000		1,331,100
MARB BondCo plc, 6.875% Sr. Unsec. Nts., 1/19/25¹		510,000		474,241
MHP Lux SA, 6.95% Sr. Unsec. Nts., 4/3/26¹		485,000		419,331
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/26¹		1,905,000		1,781,194
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/25¹		860,000		810,550
5.875% Sr. Unsec. Nts., 9/30/27¹		265,000		241,150
Post Holdings, Inc.:
5.00% Sr. Unsec. Nts., 8/15/26¹		325,000		297,375
5.75% Sr. Unsec. Nts., 3/1/27¹		795,000		749,288
				8,479,823


Household Products—0.1%
Kronos Acquisition Holdings, Inc., 9.00% Sr. Unsec. Nts., 8/15/23¹		645,000		496,650
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		280,000		270,900
				767,550


Personal Products—0.1%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/22¹		910,000		900,900


Energy—6.3%

Energy Equipment & Services—1.5%
Basic Energy Services, Inc., 10.75% Sr. Sec. Nts., 10/15/23¹		285,000		246,525
Bristow Group, Inc.:
6.25% Sr. Unsec. Nts., 10/15/22		135,000		47,925
8.75% Sr. Sec. Nts., 3/1/23¹		455,000		327,600
Calfrac Holdings LP, 8.50% Sr. Unsec. Nts., 6/15/26¹		1,135,000		811,525
CGG Holding US, Inc., 9.00% Sr. Sec. Nts., 5/1/23¹		140,000		138,600
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50% Sr. Sec. Nts., 4/1/25¹		285,000		266,475
Ensco plc:
5.20% Sr. Unsec. Nts., 3/15/25		685,000		458,950
7.75% Sr. Unsec. Nts., 2/1/26		135,000		100,575
Eterna Capital Pte Ltd.:
7.50% Sr. Sec. Nts., 12/11/22^9,13		794,395		775,518

15 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Energy Equipment & Services (Continued)
Eterna Capital Pte Ltd.: (Continued) 8.00% Sr. Sec. Nts., 12/11/22¹³	$	2,912,870	$	2,607,517
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/25		260,000		250,250
Hi-Crush Partners LP, 9.50% Sr. Unsec. Nts., 8/1/26¹		420,000		310,800
KCA Deutag UK Finance plc, 7.25% Sr. Sec. Nts., 5/15/21¹		200,000		163,000
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625% Sr. Unsec. Nts., 5/1/24¹		2,935,000		2,487,412
Nabors Industries, Inc., 5.75% Sr. Unsec. Nts., 2/1/25		480,000		364,730
Nine Energy Service, Inc., 8.75% Sr. Unsec. Nts., 11/1/23¹		285,000		272,175
Noble Holding International Ltd., 7.875% Sr. Unsec. Nts., 2/1/26¹		540,000		462,375
Parker Drilling Co.:
6.75% Sr. Unsec. Nts., 7/15/22		685,000		352,775
7.50% Sr. Unsec. Nts., 8/1/20		140,000		76,300
Pertamina Persero PT, 5.625% Sr. Unsec. Nts., 5/20/43¹		6,755,000		6,413,879
Pioneer Energy Services Corp., 6.125% Sr. Unsec. Nts., 3/15/22		1,655,000		1,017,825
Precision Drilling Corp., 7.125% Sr. Unsec. Nts., 1/15/26¹		330,000		285,450
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25		610,000		492,575
SESI LLC, 7.75% Sr. Unsec. Nts., 9/15/24		435,000		348,000
Tervita Escrow Corp., 7.625% Sec. Nts., 12/1/21¹		275,000		263,312
Transocean Pontus Ltd., 6.125% Sr. Sec. Nts., 8/1/25¹		275,000		266,750
Transocean, Inc.:
7.50% Sr. Unsec. Nts., 1/15/26¹		265,000		233,863
9.00% Sr. Unsec. Nts., 7/15/23¹		995,000		993,756
Trinidad Drilling Ltd., 6.625% Sr. Unsec. Nts., 2/15/25¹		385,000		390,198
Unit Corp., 6.625% Sr. Sub. Nts., 5/15/21		135,000		123,525
Weatherford International Ltd., 9.875%
Sr. Unsec. Nts., 2/15/24		1,572,000		974,640
				22,324,800


Oil, Gas & Consumable Fuels—4.8%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.875% Sr. Unsec. Nts., 12/15/24		265,000		165,625
Ardagh Packaging Finance plc/Ardagh
Holdings USA, Inc., 6.00% Sr. Unsec. Nts., 2/15/25¹		955,000		883,967
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/22¹		275,000		282,645
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/24¹		505,000		439,350
Berry Petroleum Co. LLC, 7.00% Sr. Unsec. Nts., 2/15/26¹		135,000		122,175
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.625% Sr. Unsec. Nts., 7/15/26¹		550,000		514,250
California Resources Corp., 8.00% Sec. Nts., 12/15/22¹		658,000		447,440
Calumet Specialty Products Partners LP/ Calumet Finance Corp.:
6.50% Sr. Unsec. Nts., 4/15/21		415,000		347,562
7.625% Sr. Unsec. Nts., 1/15/22		755,000		611,550
Centennial Resource Production LLC, 5.375% Sr. Unsec. Nts., 1/15/26¹		430,000		402,050


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)
Cheniere Corpus Christi Holdings LLC:
5.125% Sr. Sec. Nts., 6/30/27	$	525,000	$	497,595
7.00% Sr. Sec. Nts., 6/30/24		940,000		994,050
Chesapeake Energy Corp.:
6.125% Sr. Unsec. Nts., 2/15/21		493,000		465,885
7.00% Sr. Unsec. Nts., 10/1/24		1,405,000		1,222,350
7.50% Sr. Unsec. Nts., 10/1/26		570,000		490,200
8.00% Sr. Unsec. Nts., 1/15/25		265,000		235,187
8.00% Sr. Unsec. Nts., 6/15/27		425,000		359,125
Citadel LP, 5.375% Sr. Unsec. Nts., 1/17/23¹		280,000		277,700
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/22¹		70,000		68,075
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22		195,000		187,687
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/1/25		100,000		93,250
CrownRock LP/CrownRock Finance, Inc., 5.625% Sr. Unsec. Nts., 10/15/25¹		1,080,000		976,050
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		1,155,000		1,143,450
DCP Midstream Operating LP, 2.70% Sr. Unsec. Nts., 4/1/19		345,000		343,059
Denbury Resources, Inc.:
9.00% Sec. Nts., 5/15/21¹		555,000		521,700
9.25% Sec. Nts., 3/31/22¹		611,000		566,702
Endeavor Energy Resources LP/EER Finance, Inc., 5.75% Sr. Unsec. Nts., 1/30/28¹		275,000		281,930
Energy Transfer Equity LP, 7.50% Sr. Sec. Nts., 10/15/20		290,000		302,325
Energy Transfer LP, 5.875% Sr. Sec. Nts., 1/15/24		565,000		578,210
Energy Transfer Operating LP, 6.625% [US0003M+415.5] Jr. Sub. Perpetual Bonds^2,14		684,000		565,582
Enviva Partners LP/Enviva Partners Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/21		1,090,000		1,121,337
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Sec. Nts., 5/15/26¹		415,000		368,831
8.00% Sr. Sec. Nts., 11/29/24¹		425,000		318,750
8.00% Sec. Nts., 2/15/25¹		1,692,000		706,410
9.375% Sec. Nts., 5/1/24³		3,042,000		1,368,900
Extraction Oil & Gas, Inc., 7.375% Sr. Unsec. Nts., 5/15/24¹		265,000		219,950
Foresight Energy LLC/Foresight Energy Finance Corp., 11.50% Sec. Nts., 4/1/23¹		210,000		179,550
Frontera Energy Corp., 9.70% Sr. Unsec. Nts., 6/25/23¹		985,000		975,150
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00% Sr. Unsec. Nts., 5/15/23		725,000		672,437
6.25% Sr. Unsec. Nts., 5/15/26		1,005,000		866,812
6.50% Sr. Unsec. Nts., 10/1/25		795,000		703,575
6.75% Sr. Unsec. Nts., 8/1/22		140,000		137,200
Gulfport Energy Corp.:
6.00% Sr. Unsec. Nts., 10/15/24		275,000		244,750
6.375% Sr. Unsec. Nts., 5/15/25		275,000		244,406
Halcon Resources Corp., 6.75% Sr. Unsec. Nts., 2/15/25		530,000		389,550
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625% Sr. Unsec. Nts., 2/15/26¹		275,000		267,437
HighPoint Operating Corp., 8.75% Sr. Unsec. Nts., 6/15/25		188,000		179,540

16 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75% Sr. Unsec. Nts., 10/1/25¹	$	165,000	$	147,675
Holly Energy Partners LP/Holly Energy Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/24¹		265,000		261,025
Indigo Natural Resources LLC, 6.875% Sr. Unsec. Nts., 2/15/26¹		455,000		393,575
Indika Energy Capital III Pte Ltd., 5.875% Sr. Sec. Nts., 11/9/24¹		1,190,000		1,040,613
Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.75% Sr. Unsec. Nts., 4/1/22		818,000		159,510
KazMunayGas National Co. JSC:
4.75% Sr. Unsec. Nts., 4/24/25¹		1,025,000		1,018,594
5.375% Sr. Unsec. Nts., 4/24/30¹		1,915,000		1,887,734
6.375% Sr. Unsec. Nts., 10/24/48¹		1,720,000		1,735,910
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/27¹		1,155,000		1,074,627
Laredo Petroleum, Inc.:
5.625% Sr. Unsec. Nts., 1/15/22		285,000		257,212
6.25% Sr. Unsec. Nts., 3/15/23		165,000		148,912
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23¹		235,000		211,500
Medco Platinum Road Pte Ltd., 6.75% Sr. Sec. Nts., 1/30/25¹		2,115,000		1,814,031
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/25¹		520,000		529,750
7.00% Sr. Unsec. Nts., 3/31/24¹		615,000		590,400
Moss Creek Resources Holdings, Inc., 7.50% Sr. Unsec. Nts., 1/15/26¹		575,000		500,250
Murphy Oil Corp., 6.875% Sr. Unsec. Nts., 8/15/24		390,000		388,841
Murray Energy Corp., 12.00% Sec. Nts., 4/15/24^1,13		2,418,173		1,317,904
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		290,000		294,350
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25		1,295,000		1,120,175
7.50% Sr. Unsec. Nts., 11/1/23		705,000		680,325
Northern Oil & Gas, Inc., 9.50% Sec. Nts., 5/15/23¹³		145,000		140,287
NuStar Logistics LP, 5.625% Sr. Unsec. Nts., 4/28/27		330,000		308,962
Oasis Petroleum, Inc.:
6.25% Sr. Unsec. Nts., 5/1/26¹		275,000		231,688
6.875% Sr. Unsec. Nts., 1/15/23		355,000		328,819
Parkland Fuel Corp., 6.00% Sr. Unsec. Nts., 4/1/26¹		275,000		259,188
Parsley Energy LLC/Parsley Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/27¹		400,000		365,500
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Sec. Nts., 11/15/23		375,000		360,000
7.25% Sr. Unsec. Nts., 6/15/25		420,000		396,900
PBF Logistics LP/PBF Logistics Finance Corp., 6.875% Sr. Unsec. Nts., 5/15/23		430,000		424,625
PDC Energy, Inc., 5.75% Sr. Unsec. Nts., 5/15/26		535,000		477,488
Peabody Energy Corp., 6.375% Sr. Sec. Nts., 3/31/25¹		275,000		256,438
Petrobras Global Finance BV:
5.299% Sr. Unsec. Nts., 1/27/25		1,475,000		1,412,313
5.999% Sr. Unsec. Nts., 1/27/28		2,660,000		2,511,067
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/24⁹	EUR	505,000		557,258
3.75% Sr. Unsec. Nts., 4/16/26⁹	EUR	895,000		939,987
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/26¹		1,045,000		815,185


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)
QEP Resources, Inc., 5.625% Sr. Unsec. Nts., 3/1/26	$	665,000	$	554,444
Reliance Industries Ltd.:
6.78% Unsec. Nts., 9/16/20	INR	70,000,000		991,273
7.00% Unsec. Nts., 8/31/22	INR	210,000,000		2,934,616
Repsol International Finance BV, 4.50% [EUSA10+420] Jr. Sub. Nts., 3/25/75^2,9	EUR	1,410,000		1,657,915
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20		2,015,000		1,987,294
Rio Oil Finance Trust Series 2018-1, 8.20% Sr. Sec. Nts., 4/6/28¹		740,000		777,000
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/24¹		600,000		550,384
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		1,600,000		296,000
7.25% Sr. Sec. Nts., 2/15/23¹		570,000		467,400
7.75% Sr. Unsec. Nts., 6/15/21		755,000		181,200
SemGroup Corp./Rose Rock Finance Corp.:
5.625% Sr. Unsec. Nts., 7/15/22		165,000		156,338
5.625% Sr. Unsec. Nts., 11/15/23		545,000		498,675
SM Energy Co.:
6.625% Sr. Unsec. Nts., 1/15/27		280,000		250,600
6.75% Sr. Unsec. Nts., 9/15/26		170,000		153,000
Southern Gas Corridor CJSC, 6.875% Sr. Unsec. Nts., 3/24/26¹		1,015,000		1,099,736
Southwestern Energy Co.:
6.20% Sr. Unsec. Nts., 1/23/25		137,000		123,129
7.50% Sr. Unsec. Nts., 4/1/26		265,000		251,750
SRC Energy, Inc., 6.25% Sr. Unsec. Nts., 12/1/25		305,000		254,675
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25		780,000		721,500
Sunoco LP/Sunoco Finance Corp.:
4.875% Sr. Unsec. Nts., 1/15/23		335,000		327,463
5.50% Sr. Unsec. Nts., 2/15/26		180,000		171,000
5.875% Sr. Unsec. Nts., 3/15/28		404,000		378,904
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.:
5.50% Sr. Unsec. Nts., 9/15/24¹		555,000		548,063
5.50% Sr. Unsec. Nts., 1/15/28¹		335,000		323,275
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.00% Sr. Unsec. Nts., 1/15/28		635,000		576,263
5.875% Sr. Unsec. Nts., 4/15/26¹		550,000		537,625
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/22¹		480,000		483,413
TransMontaigne Partners LP/TLP Finance Corp., 6.125% Sr. Unsec. Nts., 2/15/26		135,000		121,500
Ultra Resources, Inc.:
6.875% Sr. Unsec. Nts., 4/15/22¹		390,000		140,400
7.125% Sr. Unsec. Nts., 4/15/25¹		295,000		94,400
USA Compression Partners LP/USA Compression Finance Corp., 6.875% Sr. Unsec. Nts., 4/1/26¹		415,000		400,475
W&T Offshore, Inc., 9.75% Sec. Nts., 11/1/23¹		70,000		61,950
Whiting Petroleum Corp., 6.625% Sr. Unsec. Nts., 1/15/26		550,000		474,375
WildHorse Resource Development Corp., 6.875% Sr. Unsec. Nts., 2/1/25		275,000		261,250
WPX Energy, Inc.:
5.75% Sr. Unsec. Nts., 6/1/26		275,000		250,250
8.25% Sr. Unsec. Nts., 8/1/23		415,000		435,750
				68,203,214

17 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Financials—12.3%

Capital Markets—1.8%
Charles Schwab Corp. (The), 5.00% [US0003M+257.5] Jr. Sub. Perpetual Bonds^2,14	$	1,343,000	$	1,130,135
Credit Suisse Group AG:
7.125% [USSW5+510.8] Jr. Sub. Perpetual Bonds^2,9,14		1,260,000		1,245,825
7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds^2,9,14		4,280,000		4,363,460
Diamond Resorts International, Inc.:
7.75% Sr. Sec. Nts., 9/1/23¹		265,000		255,394
10.75% Sr. Unsec. Nts., 9/1/24¹		590,000		532,475
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds^2,14		1,258,000		1,135,345
Eagle Intermediate Global Holding BV/ Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/25³		285,000		267,686
European Bank for Reconstruction & Development, 28.50%, 7/10/19	TRY	10,100,000		1,955,249
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/25¹		1,530,000		1,369,350
Goldman Sachs Group, Inc. (The):
5.00% [US0003M+287.4] Jr. Sub. Perpetual Bonds^2,14		681,000		575,871
5.375% [US0003M+392.2] Jr. Sub. Perpetual Bonds^2,14		645,000		624,051
Huarong Finance 2017 Co. Ltd., 4.25% Sr. Unsec. Nts., 11/7/27⁹		1,015,000		914,840
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375% Sr. Unsec. Nts., 12/15/25		545,000		525,925
Macquarie Bank Ltd. (London), 6.125% [USSW5+370.3] Jr. Sub. Perpetual Bonds^1,2,14		1,268,000		1,085,725
MSCI, Inc., 5.375% Sr. Unsec. Nts., 5/15/27¹		275,000		269,844
NCI Building Systems, Inc., 8.00% Sec. Nts., 4/15/26¹		135,000		124,031
Prime Security Services Borrower LLC/ Prime Finance, Inc., 9.25% Sec. Nts., 5/15/23¹		867,000		896,261
Refinitiv US Holdings, Inc.:
6.25% Sr. Sec. Nts., 5/15/26¹		285,000		275,381
8.25% Sr. Unsec. Nts., 11/15/26¹		285,000		261,131
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/21¹		375,000		364,688
State Street Corp., 5.625% [US0003M+253.9] Jr. Sub. Perpetual Bonds^2,14		609,000		576,266
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75% Sr. Unsec. Nts., 6/1/25¹		805,000		748,650
TerraForm Power Operating LLC:
4.25% Sr. Unsec. Nts., 1/31/23¹		510,000		478,125
5.00% Sr. Unsec. Nts., 1/31/28¹		195,000		172,331
Trident Merger Sub, Inc., 6.625% Sr. Unsec. Nts., 11/1/25¹		805,000		720,475
UBS Group Funding Switzerland AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds^2,9,14		3,905,000		3,917,367
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds^2,9,14		1,220,000		1,240,603
				26,026,484


Commercial Banks—6.1%
Abanca Corp. Bancaria SA, 7.50% [EUSA5+732.6] Jr. Sub. Perpetual Bonds^2,9,14,15	EUR	1,600,000		1,736,407


	Principal Amount		Value

Commercial Banks (Continued)
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/22/24^10,11	$	315,159	$	—
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% [USISDA05+516.8] Jr. Sub. Perpetual Bonds^1,2,14		105,000		103,294
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/28^2,9	EUR	4,239,000		2,851,195
Banco Bilbao Vizcaya Argentaria SA: 5.875% [EUSA5+566] Jr. Sub. Perpetual Bonds^2,9,14,15	EUR	2,190,000		2,335,674
6.125% [USSW5+387] Jr. Sub. Perpetual Bonds^2,14		1,290,000		1,083,600
6.75% [EUSA5+660.4] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,450,000		1,648,902
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds^2,9,14	EUR	2,860,000		3,559,080
Banco do Brasil SA (Cayman), 3.875% Sr. Unsec. Nts., 10/10/22		1,370,000		1,323,762
Banco Mercantil del Norte SA (Grand Cayman), 7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds^1,2,14		395,000		384,141
Banco Santander SA: 6.375% [USSW5+478.8] Jr. Sub. Perpetual Bonds^2,9,14		1,290,000		1,238,239
6.75% [EUSA5+680.3] Jr. Sub. Perpetual Bonds^2,9,14	EUR	4,235,000		4,946,264
Bank of America Corp., 6.30% [US0003M+455.3] Jr. Sub. Perpetual Bonds^2,14		1,478,000		1,504,826
Barclays plc:
7.75% [USSW5+484.2] Jr. Sub. Perpetual Bonds^2,14		1,165,000		1,123,549
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds^2,9,14		1,225,000		1,229,594
BBVA Bancomer SA, 5.35% [H15T5Y+300] Sub. Nts., 11/12/291,2		865,000		800,125
BNP Paribas SA:
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds^1,2,14		1,210,000		1,235,712
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds^2,9,14		4,535,000		4,631,369
Caixa Geral de Depositos SA, 5.75% [EUSA5+550] Sub. Nts., 6/28/28^2,9	EUR	1,455,000		1,700,749
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds^2,9,14	EUR	2,915,000		3,384,392
CIT Group, Inc.:
4.125% Sr. Unsec. Nts., 3/9/21		460,000		454,250
5.00% Sr. Unsec. Nts., 8/15/22		140,000		138,425
5.25% Sr. Unsec. Nts., 3/7/25		285,000		279,300
5.80% [US0003M+397.2] Jr. Sub. Perpetual Bonds^2,14		1,308,000		1,187,010
Citigroup, Inc., 6.125% [US0003M+447.8] Jr. Sub. Perpetual Bonds^2,14		947,000		925,692
Citizens Financial Group, Inc., 6.00% [US0003M+300.3] Jr. Sub. Perpetual Bonds^2,14		635,000		585,787
Credit Agricole SA, 8.125% [USSW5+618.5] Jr. Sub. Perpetual Bonds^1,2,14		1,390,000		1,433,437
Fidelity Bank plc, 10.50% Sr. Unsec. Nts., 10/16/22¹		560,000		562,958
Fifth Third Bancorp, 5.10% [US0003M+303.33] Jr. Sub. Perpetual Bonds^2,14		335,000		291,869

18 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Commercial Banks (Continued)
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds^2,9,14	EUR	5,215,000	$	5,945,181
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,745,000		2,120,147
Huntington Bancshares, Inc., 5.70% [US0003M+288] Jr. Sub. Perpetual Bonds^2,14		674,000		599,439
IDBI Bank Ltd. (GIFT-IFC), 5.00% Sr. Unsec. Nts., 9/25/19⁹		430,000		430,739
ING Groep NV, 6.875% [USSW5+512.4] Jr. Sub. Perpetual Bonds^2,9,14		1,210,000		1,206,975
Intesa Sanpaolo SpA: 3.875% Sr. Unsec. Nts., 1/12/28¹		1,465,000		1,254,187
7.00% [EUSA5+688.4] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,405,000		1,633,075
7.70% [USSW5+546.15] Jr. Sub. Perpetual Bonds^1,2,14		2,931,000		2,630,573
JPMorgan Chase & Co.: 6.125% [US0003M+333] Jr. Sub. Perpetual Bonds^2,14		1,231,000		1,223,306
5.99% [US0003M+347] Jr. Sub. Perpetual Bonds, Series 1^2,14		1,136,000		1,124,640
KBC Group NV, 5.625% [EUSA5+475.9] Jr. Sub. Perpetual Bonds^2,9,14	EUR	2,145,000		2,455,331
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/23¹		965,000		928,813
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/32^7,9		2,825,000		2,278,283
Lloyds Banking Group plc:
6.375% [EUSA5+529] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,820,000		2,062,296
7.50% [USSW5+449.6] Jr. Sub. Perpetual Bonds^2,14		1,239,000		1,198,980
Royal Bank of Scotland Group plc, 7.50% [USSW5+580] Jr. Sub. Perpetual Bonds^2,14		2,250,000		2,233,125
Societe Generale SA:
6.75% [EUSA5+553.8] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,255,000		1,459,363
7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds^1,2,14		5,460,000		5,330,325
SunTrust Banks, Inc.:
5.05% [US0003M+310.2] Jr. Sub. Perpetual Bonds^2,14		992,000		872,960
5.125% [US0003M+278.6] Jr. Sub. Perpetual Bonds^2,14		694,000		590,077
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/32	BRL	5,250,000		1,364,736
UBS Group Funding Switzerland AG:
5.00% [USSW5+243.2] Jr. Sub. Perpetual Bonds^2,9,14		435,000		362,953
5.75% [EUSA5+528.7] Jr. Sub. Perpetual Bonds^2,9,14	EUR	2,925,000		3,559,352
Wachovia Capital Trust III, 5.57% [US0003M+93] Jr. Sub. Perpetual Bonds^2,14		1,323,000		1,198,307
Wells Fargo & Co., 6.558%
[US0003M+377] Jr. Sub. Perpetual Bonds, Series K^2,14		270,000		268,650
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/22¹		550,000		547,528
				87,558,943
Consumer Finance—1.0%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/23¹		605,000		487,025
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22		440,000		433,950
5.75% Sub. Nts., 11/20/25		1,070,000		1,068,662


	Principal Amount		Value
Consumer Finance (Continued)
Ally Financial, Inc.: (Continued)
8.00% Sr. Unsec. Nts., 11/1/31	$	415,000	$	462,725
American Express Co., 4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds^2,14		974,000		933,822
Discover Financial Services, 5.50% [US0003M+307.6] Jr. Sub. Perpetual Bonds^2,14		652,000		542,516
Enova International, Inc., 8.50% Sr. Unsec. Nts., 9/15/25¹		855,000		698,963
Minejesa Capital BV:
4.625% Sr. Sec. Nts., 8/10/30³		2,660,000		2,380,923
5.625% Sr. Sec. Nts., 8/10/37³		4,285,000		3,771,160
Navient Corp.:
5.875% Sr. Unsec. Nts., 10/25/24		790,000		663,600
6.50% Sr. Unsec. Nts., 6/15/22		535,000		499,176
6.625% Sr. Unsec. Nts., 7/26/21		505,000		488,588
6.75% Sr. Unsec. Nts., 6/25/25		685,000		585,675
6.75% Sr. Unsec. Nts., 6/15/26		415,000		345,488
Terraform Global Operating LLC, 6.125% Sr. Unsec. Nts., 3/1/26¹		820,000		764,650
TMX Finance LLC/TitleMax Finance Corp., 11.125% Sr. Sec. Nts., 4/1/23¹		555,000		448,690
				14,575,613
Diversified Financial Services—0.4%
Export-Import Bank of India, 7.35% Sr. Unsec. Nts., 5/18/22	INR	70,000,000		981,095
Fidelity & Guaranty Life Holdings, Inc., 5.50% Sr. Unsec. Nts., 5/1/25¹		385,000		369,715
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35^1,11	MXN	5,808,600		26,602
Park Aerospace Holdings Ltd.:
5.25% Sr. Unsec. Nts., 8/15/22¹		135,000		131,119
5.50% Sr. Unsec. Nts., 2/15/24¹		570,000		551,475
Rural Electrification Corp. Ltd.:
7.24% Sr. Unsec. Nts., 10/21/21	INR	140,000,000		1,972,788
7.60% Sr. Unsec. Nts., 4/17/21	INR	100,000,000		1,419,830
Voya Financial, Inc., 4.70%
[US0003M+208.4] Jr. Sub. Nts., 1/23/48²		686,000		541,165
				5,993,789
Insurance—0.9%
AXA SA, 3.875% [EUSA11+325] Jr. Sub. Perpetual Bonds^2,9,14	EUR	2,825,000		3,293,791
Credivalores-Crediservicios SAS, 9.75% Sr. Unsec. Nts., 7/27/22¹		670,000		586,250
Genworth Holdings, Inc.:
7.625% Sr. Unsec. Nts., 9/24/21		330,000		327,525
7.70% Sr. Unsec. Nts., 6/15/20		430,000		436,450
Hartford Financial Services Group, Inc. (The), 4.741% [US0003M+212.5] Jr. Sub. Nts., 2/12/47^2,3		689,000		552,922
HUB International Ltd., 7.00% Sr. Unsec. Nts., 5/1/26¹		275,000		250,250
Liberty Mutual Group, Inc., 5.693% [US0003M+290.5] Jr. Sub. Nts., 3/15/37^1,2		323,000		301,197
Lincoln National Corp., 4.998% [US0003M+235.75] Jr. Sub. Nts., 5/17/66²		704,000		576,013
MetLife, Inc., 5.25% [US0003M+357.5] Jr. Sub. Perpetual Bonds^2,14		647,000		622,738
Power Finance Corp. Ltd.:
7.27% Sr. Unsec. Nts., 12/22/21	INR	140,000,000		1,989,382
7.42% Sr. Unsec. Nts., 6/26/20	INR	85,000,000		1,212,216
7.50% Sr. Unsec. Nts., 8/16/21	INR	140,000,000		1,963,660
				12,112,394

19 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Real Estate Investment Trusts (REITs)—0.8%
AHP Health Partners, Inc., 9.75% Sr. Unsec. Nts., 7/15/26¹	$	275,000	$	279,812
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/34^10,11,16	MXN	4,830,531		—
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 5/15/27		780,000		764,400
5.875% Sr. Unsec. Nts., 1/15/26		945,000		954,450
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23		410,000		417,154
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/26¹		995,000		910,425
Iron Mountain, Inc., 4.875% Sr. Unsec. Nts., 9/15/27¹		410,000		359,775
iStar, Inc.:
5.00% Sr. Unsec. Nts., 7/1/19		197,000		196,508
5.25% Sr. Unsec. Nts., 9/15/22		800,000		749,920
6.00% Sr. Unsec. Nts., 4/1/22		1,165,000		1,130,050
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		620,000		630,075
MPT Operating Partnership LP/MPT Finance Corp.:
5.00% Sr. Unsec. Nts., 10/15/27		795,000		728,916
6.375% Sr. Unsec. Nts., 3/1/24		250,000		257,500
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		720,000		709,200
SBA Communications Corp., 4.00% Sr. Unsec. Nts., 10/1/22		690,000		660,675
Starwood Property Trust, Inc.:
4.75% Sr. Unsec. Nts., 3/15/25		805,000		726,513
5.00% Sr. Unsec. Nts., 12/15/21		760,000		748,600
Uniti Group LP/Uniti Group Finance, Inc./ CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23		780,000		682,500
				10,906,473
Real Estate Management & Development—0.7%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/20⁹		2,620,000		2,693,158
CIFI Holdings Group Co. Ltd., 7.75% Sr. Unsec. Nts., 6/5/20⁹		1,555,000		1,577,084
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/20⁹		1,555,000		1,577,631
Greystar Real Estate Partners LLC, 5.75% Sr. Sec. Nts., 12/1/25¹		805,000		788,900
Hunt Cos., Inc., 6.25% Sr. Sec. Nts., 2/15/26¹		815,000		698,374
Mattamy Group Corp., 6.875% Sr. Unsec. Nts., 12/15/23¹		505,000		474,069
New Metro Global Ltd., 6.50% Sr. Unsec. Nts., 4/23/21⁹		490,000		476,171
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.875% Sr. Unsec. Nts., 6/1/23¹		965,000		844,375
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr. Unsec. Nts., 4/1/25¹		745,000		663,050
Times China Holdings Ltd., 6.25% Sr. Sec. Nts., 1/23/20⁹		490,000		485,183
				10,277,995
Thrifts & Mortgage Finance—0.6%
Export-Import Bank of India, 8.00% Sr. Unsec. Nts., 5/27/21	INR	280,000,000		4,013,062
LIC Housing Finance Ltd., 7.45% Sr. Sec. Nts., 10/17/22	INR	70,000,000		989,485
Nationstar Mortgage Holdings, Inc., 8.125% Sr. Unsec. Nts., 7/15/23¹		415,000		405,663
Provident Funding Associates LP/PFG Finance Corp., 6.375% Sr. Unsec. Nts., 6/15/25¹		395,000		359,450


	Principal Amount		Value
Thrifts & Mortgage Finance (Continued)
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/28¹	$	1,075,000	$	955,406
5.75% Sr. Unsec. Nts., 5/1/25¹		1,150,000		1,081,000
Radian Group, Inc., 4.50% Sr. Unsec. Nts., 10/1/24		545,000		496,631
				8,300,697
Health Care—2.9%
Biotechnology—0.1%
WeWork Cos, Inc., 7.875% Sr. Unsec. Nts., 5/1/25¹		1,380,000		1,231,650
Health Care Equipment & Supplies—0.1%
DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/21¹		480,000		495,600
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/23¹		495,000		496,856
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/25¹		145,000		135,575
				1,128,031
Health Care Providers & Services—1.5%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		305,000		290,512
6.50% Sr. Unsec. Nts., 3/1/24		250,000		242,500
Agiliti Health, Inc., 7.625% Sec. Nts., 8/15/20		755,000		750,281
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		655,000		649,269
5.375% Sr. Unsec. Nts., 6/1/26¹		825,000		804,375
6.125% Sr. Unsec. Nts., 2/15/24		245,000		251,431
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		1,695,000		1,546,772
6.875% Sr. Unsec. Nts., 2/1/22		549,000		252,540
8.125% Sec. Nts., 6/30/24³		60,000		44,100
DaVita, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		275,000		250,594
5.125% Sr. Unsec. Nts., 7/15/24		1,285,000		1,207,900
Encompass Health Corp., 5.75% Sr. Unsec. Nts., 11/1/24		1,235,000		1,227,281
Envision Healthcare Corp., 8.75% Sr. Unsec. Nts., 10/15/26¹		855,000		741,712
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		680,000		664,700
5.375% Sr. Unsec. Nts., 9/1/26		1,415,000		1,379,625
5.50% Sr. Sec. Nts., 6/15/47		365,000		346,750
5.625% Sr. Unsec. Nts., 9/1/28		1,415,000		1,369,013
5.875% Sr. Unsec. Nts., 2/15/26		275,000		274,313
7.50% Sr. Unsec. Nts., 2/15/22		1,425,000		1,517,625
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/25¹		960,000		922,299
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		1,765,000		1,822,503
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75% Sr. Unsec. Nts., 12/1/26¹		855,000		812,250
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		770,000		770,963
Tenet Healthcare Corp.:
4.375% Sr. Sec. Nts., 10/1/21		520,000		505,700
6.75% Sr. Unsec. Nts., 6/15/23		1,685,000		1,588,113
7.50% Sec. Nts., 1/1/22¹		505,000		513,206
8.125% Sr. Unsec. Nts., 4/1/22		765,000		769,781
TPC Group, Inc., 8.75% Sr. Sec. Nts., 12/15/20¹		420,000		401,100
				21,917,208
Health Care Technology—0.1%
Telenet Finance Luxembourg Notes Sarl, 5.50% Sr. Sec. Nts., 3/1/28¹		805,000		732,550

20 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Life Sciences Tools & Services—0.0%
West Street Merger Sub, Inc., 6.375% Sr. Unsec. Nts., 9/1/25¹	$	415,000	$	369,350
Pharmaceuticals—1.1%
Bausch Health Cos., Inc.:
5.50% Sr. Unsec. Nts., 3/1/23¹		355,000		324,981
5.50% Sr. Sec. Nts., 11/1/25¹		935,000		875,394
5.875% Sr. Unsec. Nts., 5/15/23¹		1,025,000		951,969
6.125% Sr. Unsec. Nts., 4/15/25¹		1,480,000		1,295,000
7.00% Sr. Sec. Nts., 3/15/24¹		655,000		663,188
9.00% Sr. Unsec. Nts., 12/15/25¹		1,220,000		1,218,475
Endo Dac/Endo Finance LLC/Endo Finco,
Inc.:
5.875% Sr. Sec. Nts., 10/15/24¹		275,000		261,250
6.00% Sr. Unsec. Nts., 7/15/23¹		1,255,000		963,212
6.00% Sr. Unsec. Nts., 2/1/25¹		540,000		390,150
Endo Finance LLC/Endo Finco, Inc.:
5.375% Sr. Unsec. Nts., 1/15/23¹		1,745,000		1,334,925
7.25% Sr. Unsec. Nts., 1/15/22¹		275,000		239,250
Mallinckrodt International Finance SA/
Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/20¹		835,000		809,950
5.50% Sr. Unsec. Nts., 4/15/25¹		1,320,000		917,400
5.625% Sr. Unsec. Nts., 10/15/23¹		285,000		218,025
5.75% Sr. Unsec. Nts., 8/1/22¹		930,000		804,450
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/24¹		325,000		315,250
Teva Pharmaceutical Finance Co. BV, 3.65% Sr. Unsec. Nts., 11/10/21		485,000		459,804
Teva Pharmaceutical Finance Netherlands II BV, 0.375% Sr. Unsec. Nts., 7/25/20⁹	EUR	1,460,000		1,634,804
Teva Pharmaceutical Finance Netherlands III BV:
1.70% Sr. Unsec. Nts., 7/19/19		235,000		231,942
3.15% Sr. Unsec. Nts., 10/1/26		275,000		210,336
6.00% Sr. Unsec. Nts., 4/15/24		875,000		844,943
Valeant Pharmaceuticals International, 8.50% Sr. Unsec. Nts., 1/31/27¹		825,000		802,313
				15,767,011
Industrials—3.5%
Aerospace & Defense—0.6%
Arconic, Inc., 5.125% Sr. Unsec. Nts., 10/1/24		535,000		517,947
Bombardier, Inc.:
6.00% Sr. Unsec. Nts., 10/15/22¹		475,000		447,687
7.50% Sr. Unsec. Nts., 12/1/24¹		1,140,000		1,077,300
7.50% Sr. Unsec. Nts., 3/15/25¹		805,000		761,731
8.75% Sr. Unsec. Nts., 12/1/21¹		1,170,000		1,209,488
DAE Funding LLC:
4.50% Sr. Unsec. Nts., 8/1/22¹		590,000		567,875
5.00% Sr. Unsec. Nts., 8/1/24¹		265,000		257,050
Kratos Defense & Security Solutions, Inc., 6.50% Sr. Sec. Nts., 11/30/25¹		400,000		407,500
TransDigm, Inc.:
6.375% Sr. Sub. Nts., 6/15/26		655,000		611,606
6.50% Sr. Sub. Nts., 7/15/24		535,000		522,294
Triumph Group, Inc.:
5.25% Sr. Unsec. Nts., 6/1/22		785,000		686,875
7.75% Sr. Unsec. Nts., 8/15/25		2,435,000		2,154,975
				9,222,328
Airlines—0.2%
American Airlines Group, Inc., 4.625% Sr. Unsec. Nts., 3/1/20¹		645,000		644,193
Controladora Mabe SA de CV, 5.60% Sr. Unsec. Nts., 10/23/28¹		830,000		781,030
Gol Finance, Inc., 7.00% Sr. Unsec. Nts., 1/31/25¹		515,000		458,994


	Principal Amount		Value
Airlines (Continued)
United Continental Holdings, Inc., 4.25% Sr. Unsec. Nts., 10/1/22	$	800,000	$	773,000
				2,657,217
Building Products—0.1%
JELD-WEN, Inc.:
4.625% Sr. Unsec. Nts., 12/15/25¹		120,000		105,300
4.875% Sr. Unsec. Nts., 12/15/27¹		120,000		101,700
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/24¹		915,000		862,388
				1,069,388
Commercial Services & Supplies—0.6%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/24¹		815,000		731,462
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/22^3,13		1,004,830		764,927
ARD Finance SA, 7.125% Sr. Sec. Nts., 9/15/23¹³		775,000		699,437
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/27¹		870,000		796,250
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		830,000		830,000
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 3/1/24		850,000		801,125
5.875% Sr. Unsec. Nts., 7/1/25		310,000		286,363
6.00% Sr. Unsec. Nts., 1/1/27		570,000		513,000
GFL Environmental, Inc., 5.625% Sr. Unsec. Nts., 5/1/22¹		720,000		667,800
Hulk Finance Corp., 7.00% Sr. Unsec. Nts., 6/1/26¹		825,000		721,875
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		371,000		372,855
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/25¹		265,000		248,438
Waste Pro USA, Inc., 5.50% Sr. Unsec. Nts., 2/15/26¹		125,000		115,625
West Corp.:
5.375% Sr. Unsec. Nts., 7/15/22¹		685,000		653,319
8.50% Sr. Unsec. Nts., 10/15/25¹		665,000		528,675
				8,731,151
Construction & Engineering—0.1%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		535,000		460,100
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35¹		510,000		535,500
New Enterprise Stone & Lime Co., Inc., 6.25% Sr. Sec. Nts., 3/15/26¹		275,000		250,937
Tutor Perini Corp., 6.875% Sr. Unsec. Nts., 5/1/25¹		565,000		526,863
				1,773,400
Electrical Equipment—0.2%
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/24¹		1,090,000		1,077,737
Vertiv Group Corp., 9.25% Sr. Unsec. Nts., 10/15/24¹		760,000		703,000
Vertiv Intermediate Holding Corp., 12.00% Sr. Unsec. Nts., 2/15/22^1,13		570,000		526,538
				2,307,275
Industrial Conglomerates—0.3%
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/20¹		570,000		582,825
General Electric Co., 5.00% [US0003M+333] Jr. Sub. Perpetual Bonds^2,14		2,594,000		1,987,652
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		385,000		378,744

21 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Industrial Conglomerates (Continued)
Tupras Turkiye Petrol Rafinerileri AS, 4.50% Sr. Unsec. Nts., 10/18/24¹	$	460,000	$	403,724
Wind Tre SpA, 5.00% Sr. Sec. Nts., 1/20/26		805,000		667,152
				4,020,097


Machinery—0.4%
Allison Transmission, Inc.:
4.75% Sr. Unsec. Nts., 10/1/27¹		265,000		237,175
5.00% Sr. Unsec. Nts., 10/1/24¹		500,000		481,875
Amsted Industries, Inc., 5.00% Sr. Unsec. Nts., 3/15/22¹		1,120,000		1,094,800
EnPro Industries, Inc., 5.75% Sr. Unsec. Nts., 10/15/26¹		285,000		275,737
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		570,000		566,437
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		150,000		144,000
Navistar International Corp., 6.625% Sr. Unsec. Nts., 11/1/25¹		915,000		887,550
Stevens Holding Co., Inc., 6.125% Sr. Unsec. Nts., 10/1/26¹		570,000		564,300
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/25¹		525,000		489,563
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/23³		990,000		891,000
Wabash National Corp., 5.50% Sr. Unsec. Nts., 10/1/25¹		270,000		232,538
				5,864,975


Professional Services—0.1%
Brand Industrial Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/25¹		795,000		681,712
IHS Markit Ltd., 4.00% Sr. Unsec. Nts., 3/1/26¹		270,000		251,775
				933,487


Road & Rail—0.2%
Algeco Global Finance plc, 8.00% Sr. Sec. Nts., 2/15/23¹		270,000		253,125
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/25¹		520,000		451,750
DAE Funding LLC, 4.00% Sr. Unsec. Nts., 8/1/20¹		265,000		259,038
Hertz Corp. (The):
5.50% Sr. Unsec. Nts., 10/15/24¹		420,000		308,700
5.875% Sr. Unsec. Nts., 10/15/20		660,000		642,675
7.375% Sr. Unsec. Nts., 1/15/21		265,000		258,706
7.625% Sec. Nts., 6/1/22¹		570,000		538,650
				2,712,644


Trading Companies & Distributors—0.5%
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/23¹		340,000		337,450
Fly Leasing Ltd., 5.25% Sr. Unsec. Nts., 10/15/24		530,000		480,975
H&E Equipment Services, Inc., 5.625% Sr. Unsec. Nts., 9/1/25		800,000		737,000
Herc Rentals, Inc., 7.50% Sec. Nts., 6/1/22¹		473,000		496,650
ILFC E-Capital Trust I, 4.55% [30YR CMT+155] Jr. Sub. Nts., 12/21/65^1,2		1,355,000		1,056,900
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR	55,000,000		795,257
Standard Industries, Inc., 6.00% Sr. Unsec. Nts., 10/15/25¹		740,000		712,509


	Principal Amount		Value

Trading Companies & Distributors (Continued)
United Rentals North America, Inc.:
4.625% Sr. Unsec. Nts., 10/15/25	$	265,000	$	237,175
4.875% Sr. Unsec. Nts., 1/15/28		690,000		607,200
5.875% Sr. Unsec. Nts., 9/15/26		1,235,000		1,168,619
6.50% Sr. Unsec. Nts., 12/15/26		570,000		562,875
				7,192,610


Transportation Infrastructure—0.2%
Aeropuerto Internacional de Tocumen SA, 6.00% Sr. Sec. Nts., 11/18/48¹		425,000		423,385
DP World Ltd., 5.625% Sr. Unsec. Nts., 9/25/48¹		1,010,000		953,440
GMR Hyderabad International Airport Ltd., 4.25% Sr. Sec. Nts., 10/27/27¹		965,000		797,275
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/20¹	IDR	9,160,000,000		600,632
				2,774,732


Information Technology—1.5%

Communications Equipment—0.2%
CommScope Technologies LLC, 6.00% Sr. Unsec. Nts., 6/15/25¹		570,000		521,550
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/22³		455,000		463,872
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22		920,000		893,228
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/23¹		435,000		405,637
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/23¹		295,000		219,038
ViaSat, Inc., 5.625% Sr. Unsec. Nts., 9/15/25¹		265,000		245,125
				2,748,450


Electronic Equipment, Instruments, & Components—0.1%
APX Group, Inc., 7.875% Sr. Sec. Nts., 12/1/22		275,000		261,250
CDW LLC/CDW Finance Corp., 5.00% Sr. Unsec. Nts., 9/1/23		485,000		478,937
TTM Technologies, Inc., 5.625% Sr. Unsec. Nts., 10/1/25¹		800,000		746,000
				1,486,187


Internet Software & Services—0.1%

Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/24¹		1,395,000		1,091,588

IT Services—0.5%
Alliance Data Systems Corp., 5.375% Sr. Unsec. Nts., 8/1/22¹		275,000		269,156
Booz Allen Hamilton, Inc., 5.125% Sr. Unsec. Nts., 5/1/25¹		280,000		267,400
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/25¹		1,075,000		1,019,906
Exela Intermediate LLC/Exela Finance, Inc., 10.00% Sr. Sec. Nts., 7/15/23¹		770,000		738,237
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/24¹		455,000		439,644
5.75% Sec. Nts., 1/15/24¹		910,000		892,109
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/25¹		780,000		760,648
GTT Communications, Inc., 7.875% Sr. Unsec. Nts., 12/31/24¹		140,000		121,800
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/20¹		835,000		816,213
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/23¹		825,000		818,813
VeriSign, Inc., 4.75% Sr. Unsec. Nts., 7/15/27		590,000		555,515
				6,699,441

22 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Semiconductors & Semiconductor Equipment—0.1%
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/23¹	$	1,350,000	$	1,326,375
Qorvo, Inc., 5.50% Sr. Unsec. Nts., 7/15/26¹		555,000		531,413
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/24¹		250,000		248,125
				2,105,913


Software—0.3%
Dell International LLC/EMC Corp.:
5.875% Sr. Unsec. Nts., 6/15/21¹		215,000		215,298
7.125% Sr. Unsec. Nts., 6/15/24¹		745,000		758,611
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/23¹		595,000		582,440
j2 Cloud Services LLC/j2 Global Co.- Obligor, Inc., 6.00% Sr. Unsec. Nts., 7/15/25¹		790,000		775,187
Symantec Corp., 5.00% Sr. Unsec. Nts., 4/15/25¹		495,000		463,103
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/21¹		625,000		656,250
Uber Technologies, Inc.:
7.50% Sr. Unsec. Nts., 11/1/23¹		285,000		276,450
8.00% Sr. Unsec. Nts., 11/1/26¹		285,000		275,737
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/23¹		1,125,000		922,500
				4,925,576


Technology Hardware, Storage & Peripherals—0.2%
Banff Merger Sub, Inc., 9.75% Sr. Unsec. Nts., 9/1/26¹		850,000		779,875
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/22¹		920,000		842,950
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		520,000		505,289
				2,128,114


Materials—3.3%

Chemicals—1.1%
Ashland LLC:
4.75% Sr. Unsec. Nts., 8/15/22		285,000		281,794
6.875% Sr. Unsec. Nts., 5/15/43		295,000		292,050
Avantor, Inc.:
6.00% Sr. Sec. Nts., 10/1/24¹		415,000		408,775
9.00% Sr. Unsec. Nts., 10/1/25¹		835,000		837,087
Blue Cube Spinco LLC, 9.75% Sr. Unsec. Nts., 10/15/23		285,000		314,212
Celanese US Holdings LLC, 5.875% Sr. Unsec. Nts., 6/15/21		1,285,000		1,351,499
CF Industries, Inc.:
3.40% Sr. Sec. Nts., 12/1/21¹		1,460,000		1,432,472
5.15% Sr. Unsec. Nts., 3/15/34		335,000		283,075
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23		233,000		236,204
Consolidated Energy Finance SA, 6.50% Sr. Unsec. Nts., 5/15/26¹		275,000		264,688
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25% Sec. Nts., 6/15/23¹		185,000		193,094
Hexion, Inc.:
6.625% Sr. Sec. Nts., 4/15/20		1,850,000		1,480,000
10.375% Sr. Sec. Nts., 2/1/22¹		240,000		192,600
Huntsman International LLC, 4.875% Sr. Unsec. Nts., 11/15/20		285,000		287,138
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/25¹		510,000		451,350
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00% Sr. Unsec. Nts., 4/15/25¹		260,000		240,500
LSB Industries, Inc., 9.625% Sr. Sec. Nts., 5/1/23¹		135,000		137,700


	Principal Amount		Value
Chemicals (Continued)
NOVA Chemicals Corp.:
4.875% Sr. Unsec. Nts., 6/1/24¹	$	260,000	$	235,625
5.25% Sr. Unsec. Nts., 8/1/23¹		340,000		322,575
Olin Corp.:
5.00% Sr. Unsec. Nts., 2/1/30		240,000		211,200
5.125% Sr. Unsec. Nts., 9/15/27		300,000		277,500
Petkim Petrokimya Holding AS, 5.875% Sr. Unsec. Nts., 1/26/23¹		800,000		731,118
Platform Specialty Products Corp.:
5.875% Sr. Unsec. Nts., 12/1/25¹		305,000		286,700
6.50% Sr. Unsec. Nts., 2/1/22¹		195,000		195,731
PQ Corp.:
5.75% Sr. Unsec. Nts., 12/15/25¹		270,000		251,100
6.75% Sr. Sec. Nts., 11/15/22¹		285,000		294,975
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/25¹		980,000		891,800
Starfruit Finco BV/Starfruit US Holdco LLC:
6.50% Sr. Unsec. Nts., 10/1/26¹	EUR	1,455,000		1,547,124
8.00% Sr. Unsec. Nts., 10/1/26¹		430,000		398,825
Tronox Finance plc, 5.75% Sr. Unsec. Nts., 10/1/25¹		535,000		435,356
Venator Finance Sarl/Venator Materials LLC, 5.75% Sr. Unsec. Nts., 7/15/25¹		790,000		635,950
				15,399,817


Construction Materials—0.2%
CIMPOR Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/24¹		2,040,000		1,700,850
James Hardie International Finance DAC, 4.75% Sr. Unsec. Nts., 1/15/25¹		130,000		118,788
Summit Materials LLC/Summit Materials Finance Corp., 5.125% Sr. Unsec. Nts., 6/1/25¹		260,000		237,250
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24		715,000		661,375
				2,718,263


Containers & Packaging—0.7%
ARD Securities Finance Sarl, 8.75% Sr. Sec. Nts., 1/31/23^1,13		852,240		724,404
Ball Corp., 4.375% Sr. Unsec. Nts., 12/15/20		1,460,000		1,469,125
BWAY Holding Co., 7.25% Sr. Unsec. Nts., 4/15/25¹		555,000		500,194
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		605,000		592,144
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75% Sr. Unsec. Nts., 2/1/26¹		270,000		256,837
Flex Acquisition Co., Inc., 7.875% Sr. Unsec. Nts., 7/15/26¹		555,000		500,887
Graphic Packaging International LLC, 4.75% Sr. Unsec. Nts., 4/15/21		770,000		770,962
Intertape Polymer Group, Inc., 7.00% Sr. Unsec. Nts., 10/15/26¹		570,000		564,300
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/27¹		350,000		318,500
OI European Group BV, 4.00% Sr. Unsec. Nts., 3/15/23¹		535,000		501,563
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/22¹		500,000		496,875
Plastipak Holdings, Inc., 6.25% Sr. Unsec. Nts., 10/15/25¹		800,000		712,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/23¹		745,000		710,544
7.00% Sr. Unsec. Nts., 7/15/24¹		995,000		949,603

23 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Containers & Packaging (Continued)
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/22¹	$	585,000	$	581,344
6.875% Sr. Unsec. Nts., 7/15/33¹		270,000		270,675
				9,919,957


Metals & Mining—1.2%
AK Steel Corp.:
6.375% Sr. Unsec. Nts., 10/15/25		1,000,000		775,000
7.00% Sr. Unsec. Nts., 3/15/27		405,000		317,925
Alcoa Nederland Holding BV:
6.125% Sr. Unsec. Nts., 5/15/28¹		510,000		489,600
6.75% Sr. Unsec. Nts., 9/30/24¹		245,000		249,900
7.00% Sr. Unsec. Nts., 9/30/26¹		240,000		246,000
Aleris International, Inc., 10.75% Sec.
Nts., 7/15/23¹		280,000		286,804
Allegheny Technologies, Inc., 7.875% Sr. Unsec. Nts., 8/15/23		530,000		542,587
ArcelorMittal:
6.75% Sr. Unsec. Nts., 3/1/41		295,000		311,303
7.00% Sr. Unsec. Nts., 10/15/39		145,000		153,213
Coeur Mining, Inc., 5.875% Sr. Unsec. Nts., 6/1/24		785,000		693,744
Constellium NV, 6.625% Sr. Unsec. Nts., 3/1/25¹		510,000		474,300
Eldorado Gold Corp., 6.125% Sr. Unsec. Nts., 12/15/20¹		590,000		538,375
Ferroglobe plc/Globe Specialty Metals, Inc., 9.375% Sr. Unsec. Nts., 3/1/22¹		750,000		618,750
First Quantum Minerals Ltd.:
6.50% Sr. Unsec. Nts., 3/1/24¹		275,000		229,281
6.875% Sr. Unsec. Nts., 3/1/26¹		275,000		221,719
7.00% Sr. Unsec. Nts., 2/15/21¹		285,000		274,134
7.25% Sr. Unsec. Nts., 4/1/23¹		780,000		689,325
Freeport-McMoRan, Inc.:
3.10% Sr. Unsec. Nts., 3/15/20		340,000		333,200
4.00% Sr. Unsec. Nts., 11/14/21		1,460,000		1,425,325
4.55% Sr. Unsec. Nts., 11/14/24		530,000		490,913
5.40% Sr. Unsec. Nts., 11/14/34		310,000		245,675
5.45% Sr. Unsec. Nts., 3/15/43		350,000		268,187
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/25¹		850,000		835,125
Indonesia Asahan Aluminium Persero PT:
6.53% Sr. Unsec. Nts., 11/15/28¹		310,000		325,927
6.757% Sr. Unsec. Nts., 11/15/48¹		250,000		256,883
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19⁹		950,000		948,219
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/27		450,000		389,813
Metinvest BV, 7.75% Sr. Unsec. Nts., 4/23/23¹		465,000		424,756
Mountain Province Diamonds, Inc., 8.00% Sec. Nts., 12/15/22¹		335,000		337,261
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125% Sec. Nts., 11/1/22¹		715,000		708,586
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		900,000		1,055,250
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/25¹		330,000		313,500
Teck Resources Ltd., 5.20% Sr. Unsec. Nts., 3/1/42		685,000		578,825
United States Steel Corp.:
6.25% Sr. Unsec. Nts., 3/15/26		140,000		123,025
6.875% Sr. Unsec. Nts., 8/15/25		845,000		777,400
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/23¹		275,000		290,813
				17,240,643


	Principal Amount		Value

Paper & Forest Products—0.1%
Clearwater Paper Corp., 5.375% Sr. Unsec. Nts., 2/1/25¹	$	245,000	$	222,337
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		255,000		246,712
Mercer International, Inc.:
5.50% Sr. Unsec. Nts., 1/15/26		250,000		225,000
6.50% Sr. Unsec. Nts., 2/1/24		165,000		162,113
Suzano Austria GmbH, 7.00% Sr. Unsec. Nts., 3/16/47¹		845,000		869,083
				1,725,245


Telecommunication Services—2.6%

Diversified Telecommunication Services—1.3%
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/24¹		965,000		918,912
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		785,000		692,762
6.15% Sr. Unsec. Nts., Series Q, 9/15/19		340,000		345,195
6.45% Sr. Unsec. Nts., Series S, 6/15/21		615,000		615,769
7.50% Sr. Unsec. Nts., Series Y, 4/1/24		940,000		909,450
Cincinnati Bell, Inc., 8.00% Sr. Unsec. Nts., 10/15/25¹		265,000		219,950
Eldorado Resorts, Inc., 6.00% Sr. Unsec. Nts., 9/15/26¹		425,000		402,687
Frontier Communications Corp.:
8.50% Sec. Nts., 4/1/26¹		1,100,000		965,250
8.75% Sr. Unsec. Nts., 4/15/22		590,000		376,125
10.50% Sr. Unsec. Nts., 9/15/22		1,315,000		920,500
GCI LLC, 6.75% Sr. Unsec. Nts., 6/1/21		140,000		140,669
Intelsat Connect Finance SA, 9.50% Sr. Unsec. Nts., 2/15/23¹		420,000		363,300
Intelsat Jackson Holdings SA:
5.50% Sr. Unsec. Nts., 8/1/23		255,000		223,125
8.00% Sr. Sec. Nts., 2/15/24¹		615,000		634,987
8.50% Sr. Unsec. Nts., 10/15/24¹		565,000		550,875
9.75% Sr. Unsec. Nts., 7/15/25¹		790,000		796,162
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21		565,000		516,975
Level 3 Financing, Inc., 5.25% Sr. Unsec. Nts., 3/15/26		1,195,000		1,096,412
Oi SA, 10.00% Sr. Unsec. Nts., 7/27/25¹³		2,500,000		2,484,400
Qwest Capital Funding, Inc., 7.75% Sr. Unsec. Nts., 2/15/31		260,000		213,200
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		785,000		703,720
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		780,000		762,450
4.50% Sr. Unsec. Nts., 2/1/26		245,000		225,706
4.75% Sr. Unsec. Nts., 2/1/28		250,000		227,188
5.125% Sr. Unsec. Nts., 4/15/25		780,000		760,500
5.375% Sr. Unsec. Nts., 4/15/27		390,000		377,813
6.00% Sr. Unsec. Nts., 4/15/24		710,000		711,775
Windstream Services LLC / Windstream Finance Corp., 9.00% Sec. Nts., 6/30/25		298,000		203,385
Windstream Services LLC/Windstream Finance Corp., 8.625% Sr. Sec. Nts., 10/31/25		772,000		690,940
Zayo Group LLC/Zayo Capital, Inc.:
5.75% Sr. Unsec. Nts., 1/15/27¹		265,000		237,175
6.00% Sr. Unsec. Nts., 4/1/23		895,000		851,369
				19,138,726


Wireless Telecommunication Services—1.3%
C&W Senior Financing DAC, 6.875% Sr. Unsec. Nts., 9/15/27¹		550,000		510,262
Empresa Nacional del Petroleo, 5.25% Sr. Unsec. Nts., 11/6/29¹		835,000		850,985
Fortress Transportation & Infrastructure Investors LLC, 6.50% Sr. Unsec. Nts., 10/1/25¹		850,000		796,875

24 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Wireless Telecommunication Services (Continued)
Gogo Intermediate Holdings LLC/Gogo
Finance Co., Inc., 12.50% Sr. Sec. Nts., 7/1/22¹	$	140,000	$	150,231
GTH Finance BV, 7.25% Sr. Unsec. Nts., 4/26/23¹		940,000		965,742
Springleaf Finance Corp.:
5.625% Sr. Unsec. Nts., 3/15/23		805,000		744,625
6.125% Sr. Unsec. Nts., 5/15/22		785,000		765,147
6.875% Sr. Unsec. Nts., 3/15/25		560,000		502,600
7.125% Sr. Unsec. Nts., 3/15/26		850,000		760,219
8.25% Sr. Unsec. Nts., 12/15/20		490,000		508,375
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28		1,192,158		1,129,570
Sprint Communications, Inc.:
6.00% Sr. Unsec. Nts., 11/15/22		1,979,000		1,947,000
7.00% Sr. Unsec. Nts., 3/1/20¹		850,000		873,375
Sprint Corp.:
7.125% Sr. Unsec. Nts., 6/15/24		2,505,000		2,488,868
7.625% Sr. Unsec. Nts., 3/1/26		830,000		821,700
7.875% Sr. Unsec. Nts., 9/15/23		2,075,000		2,134,656
Telefonica Europe BV, 5.875%
[EUSA10+430.1] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,410,000		1,724,251
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/22¹		685,000		664,450
				18,338,931


Utilities—1.5%

Electric Utilities—0.4%
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/24¹		450,000		375,750
Eskom Holdings SOC Ltd.:
5.75% Sr. Unsec. Nts., 1/26/21¹		995,000		940,488
6.75% Sr. Unsec. Nts., 8/6/23¹		2,335,000		2,136,128
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/27¹		865,000		804,459
Light Servicos de Eletricidade SA/Light Energia SA, 7.25% Sr. Unsec. Nts., 5/3/23¹		965,000		925,203
NextEra Energy Capital Holdings, Inc., 4.80% [US0003M+240.9] Jr. Sub. Nts., 12/1/77²		665,000		562,553
NextEra Energy Operating Partners LP, 4.50% Sr. Unsec. Nts., 9/15/27¹		125,000		111,719
PPL Capital Funding, Inc., 5.468% [US0003M+266.5] Jr. Sub. Nts., 3/30/67²		352,000		306,240
				6,162,540


Gas Utilities—0.2%

AmeriGas Partners LP/AmeriGas Finance Corp., 5.50% Sr. Unsec. Nts., 5/20/25		550,000		506,000

Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.625% Sr. Unsec. Nts., 6/15/20		85,000		61,094

Naturgy Finance BV, 4.125%
[EUSA8+335.3] Jr. Sub. Perpetual Bonds^2,9,14	EUR	1,410,000		1,655,040
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27		645,000		574,050
Superior Plus LP/Superior General Partner, Inc., 7.00% Sr. Unsec. Nts., 7/15/26¹		275,000		266,750
				3,062,934


	Principal Amount		Value

Independent Power and Renewable Electricity Producers—0.4%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/26¹	$	490,000	$	497,350
AES Corp.:
4.00% Sr. Unsec. Nts., 3/15/21		275,000		270,875
6.00% Sr. Unsec. Nts., 5/15/26		540,000		550,800
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/26¹		1,090,000		998,713
5.75% Sr. Unsec. Nts., 1/15/25		855,000		784,463
5.875% Sr. Sec. Nts., 1/15/24¹		275,000		270,187
Clearway Energy Operating LLC, 5.75% Sr. Unsec. Nts., 10/15/25¹		285,000		273,244
Drax Finco plc, 6.625% Sr. Sec. Nts., 11/1/25¹		275,000		270,875
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 1/15/27		665,000		672,481
7.25% Sr. Unsec. Nts., 5/15/26		620,000		647,900
Talen Energy Supply LLC, 4.60% Sr. Unsec. Nts., 12/15/21		8,000		7,240
Vistra Operations Co. LLC, 5.50% Sr. Unsec. Nts., 9/1/26¹		280,000		270,550
				5,514,678


Multi-Utilities—0.5%
AssuredPartners, Inc., 7.00% Sr. Unsec. Nts., 8/15/25¹		330,000		299,072
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp., 6.25% Sr. Unsec. Nts., 4/1/23		265,000		256,388
Eskom Holdings SOC Ltd., 6.35% Sr. Unsec. Nts., 8/10/28¹		5,750,000		5,554,132
NGPL PipeCo LLC:
4.875% Sr. Unsec. Nts., 8/15/27¹		395,000		373,769
7.768% Sr. Unsec. Nts., 12/15/37¹		210,000		240,450
Rockpoint Gas Storage Canada Ltd., 7.00% Sr. Sec. Nts., 3/31/23¹		365,000		344,925
WEC Energy Group, Inc., 4.729% [US0003M+211.25] Jr. Sub. Nts., 5/15/67²		22,000		18,060
				7,086,796
Total Corporate Bonds and Notes (Cost $644,171,464)				590,766,449

		Shares
Preferred Stocks—1.3%
American Homes 4 Rent, 6.35% Cum., Non- Vtg.		4,200		93,030
Citigroup Capital XIII, 7.75% Cum., Non-Vtg. [US0003M+637]²		61,700		1,630,731
Digital Realty Trust, Inc., 6.625% Cum., Series C, Non-Vtg.		3,900		103,272
Digital Realty Trust, Inc., 7.375% Cum., Non-Vtg.		25,600		645,376
DTE Energy Co., 5.375% Jr. Sub., Non-Vtg.		25,000		569,250
eBay, Inc., 6.00% Cv.		25,700		654,836
Fifth Third Bancorp, 6.625% Non-Cum., Non- Vtg. [US0003M+371]²		21,900		566,553
GMAC Capital Trust I, 7.20% Jr. Sub., Non-Vtg. [US0003M+578.5]²		61,325		1,554,589
Goldman Sachs Group, Inc. (The), 6.30% Non- Cum., Series N, Non-Vtg.		49,575		1,257,222
Huntington Bancshares, Inc., 6.25% Non- Cum., Non-Vtg.		24,925		618,638
KeyCorp, 6.125% Non-Cum., Non-Vtg. [US0003M+389.2]²		53,125		1,371,687
Morgan Stanley, 5.85% Non-Cum., Non-Vtg. [US0003M+349.1]²		35,475		861,333
Morgan Stanley, 6.375% Non-Cum., Non-Vtg. [US0003M+370.8]²		49,650		1,252,669

25 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Shares		Value
Preferred Stocks (Continued)
NiSource, Inc., 6.50%, Non-Vtg. [H15T5Y+363.2]^2,17		23,493	$	588,265
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.		13,150		326,251
PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg. [US0003M+406.7]²		49,500		1,274,130
Prudential Financial, Inc., 5.75% Jr. Sub.		5,200		123,448
Public Storage, 5.20% Cum., Series X, Non- Vtg.		25,450		561,173
Qwest Corp., 7.00% Sr. Unsec.		17,350		358,972
Senior Housing Properties Trust, 5.625% Sr. Unsec.		13,925		281,146
Senior Housing Properties Trust, 6.25% Sr. Unsec., Non-Vtg.		6,375		144,713
Synovus Financial Corp., 6.30% Non-Cum., Series D, Non-Vtg. [US0003M+335.2]²		24,374		585,951
US Bancorp, 6.50% Non-Cum., Non-Vtg. [US0003M+446.8]²		57,900		1,533,192
Ventas Realty LP/Ventas Capital Corp., 5.45% Sr. Unsec.		26,825		649,165
Wells Fargo & Co., 6.625% Non-Cum Non- Vtg. [US0003M+369]²		26,450		695,106
Total Preferred Stocks (Cost $19,595,246)				18,300,698


Common Stocks—0.1%
Advanz Pharma Corp.¹⁷		2,103		40,167
Alcoa Corp.¹⁷		11,035		293,310
Arco Capital Corp. Ltd.^1,11,12,17		690,638		—
Avaya Holdings Corp.¹⁷		11,857		172,638
Bausch Health Cos, Inc.¹⁷		4,376		80,825
Carrizo Oil & Gas, Inc.¹⁷		17,605		198,761
CyrusOne, Inc.		3,571		188,835
First Data Corp., Cl. A¹⁷		10,218		172,786
Herc Holdings, Inc.¹⁷		6,075		157,889
JSC Astana Finance, GDR^1,11,17		446,838		—
Kinross Gold Corp.¹⁷		52,267		169,345
Newfield Exploration Co.17		7,806		114,436
Premier Holdings Ltd.^11,17		18,514		—
Quicksilver Resources, Inc.^11,17		4,151,000		—
Sabine Oil^11,17		837		38,084
Targa Resources Corp.		2,631		94,769
United Rentals, Inc.¹⁷		1,791		183,631
United States Steel Corp.		14,256		260,029
Total Common Stocks (Cost $7,793,201)				2,165,505


	Units		Value
Rights, Warrants and Certificates—0.0%
Affinion Group Wts., Strike Price $1, Exp. 11/10/22^11,17		8,816	$	74,848
Sabine Oil Tranche 1 Wts., Strike Price $4.49,
Exp. 8/11/26^11,17		2,612		11,101
Sabine Oil Tranche 2 Wts., Strike Price $2.72,
Exp. 8/11/26^11,17		549		1,715
Total Rights, Warrants and Certificates (Cost $420,786)				87,664

	Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/25^1,8		881,750		783,396
3.054% Sr. Sec. Nts., 4/30/25^1,8		1,123,486		998,167
3.098% Sr. Sec. Nts., 4/30/25^1,8		969,950		861,758
3.131% Sr. Sec. Nts., 4/30/25^1,8		867,013		770,302
3.179% Sr. Sec. Nts., 4/30/25^1,8		1,079,501		959,089
3.231% Sr. Sec. Nts., 4/30/25^1,8		1,232,087		1,094,654
3.265% Sr. Sec. Nts., 4/30/25^1,8		984,293		874,501
3.346% Sr. Sec. Nts., 4/30/25^1,8		925,194		821,994
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.00%, 8/22/34¹¹	RUB	25,388,281		74,171
Total Structured Securities (Cost $7,668,140)				7,238,032
Short-Term Notes—1.3%
Arab Republic of Egypt Treasury Bills:
16.013%, 3/5/19⁸	EGP	50,000,000		2,714,779
18.432%, 2/5/19⁸	EGP	87,000,000		4,800,374
Argentine Republic Treasury Bills:
0.00%, 3/29/19⁸	ARS	8,200,000		242,669
0.00%, 1/31/19⁸	ARS	371,000,000		11,302,398
Total Short-Term Notes (Cost $18,900,130)				19,060,220
		Shares
Investment Companies—21.4%
Eaton Vance Floating-Rate Income Trust		117,200		1,483,751
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^18,19		70,746,424		70,746,424
Oppenheimer Limited-Term Bond Fund, Cl. I¹⁹		1,654,825		7,363,973
Oppenheimer Master Event-Linked Bond Fund, LLC¹⁹		1,954,233		29,797,284
Oppenheimer Master Loan Fund, LLC¹⁹		8,607,367		144,969,978
Oppenheimer Ultra-Short Duration Fund, Cl. Y¹⁹		10,238,165		51,088,443
Total Investment Companies (Cost $320,011,537)				305,449,853

Counterparty

Exercise Price

Expiration
Date

Contracts

Notional
Amount
(000’s)

Value

Over-the-Counter Options Purchased—0.5%

AUD Currency Call¹⁷

BOA

USD

0.748

3/1/19

AUD

25,500,000

AUD 200,000

26,339

BRL Currency Call¹⁷

JPM

BRL

3.200

4/25/19

BRL

48,000,000

BRL 482,560

12,192

BRL Currency Put¹⁷

GSCO-OT

BRL

3.350

12/6/19

BRL

586,000

BRL 5,000

104,813

BRL Currency Call¹⁷

GSCO-OT

BRL

3.734

2/14/19

BRL

54,550,000

BRL 373,400

78,338

BRL Currency Call¹⁷

JPM

BRL

3.200

10/17/19

BRL

1,414,000

BRL 32,000

53,425

BRL Currency Call¹⁷

JPM

BRL

3.354

9/25/19

BRL

600,000

BRL 5,150

83,164

BRL Currency Call¹⁷

GSCO-OT

BRL

3.400

12/10/19

BRL

586,000

BRL 5,300

132,811

BRL Currency Call¹⁷

JPM

BRL

3.150

5/20/19

BRL

424,096

BRL 5,000

8,449

BRL Currency Call¹⁷

CITNA-B

BRL

3.200

4/25/19

BRL

48,000,000

BRL 512,000

12,192

BRL Currency Call¹⁷

JPM

BRL

3.000

5/16/19

BRL

550,000

BRL 5,000

4,148

BRL Currency Call¹⁷

GSCO-OT

BRL

3.150

5/20/19

BRL

424,096

BRL 5,000

8,449

CAD Currency Call¹⁷

SCB

CAD

1.295

2/1/19

CAD

56,980,000

CAD 194,250

7,806

CAD Currency Call¹⁷

SCB

CAD

1.298

1/18/19

CAD

9,170,000

CAD 129,750

871

CLP Currency Call¹⁷

GSCO-OT

CLP

665.000

2/11/19

CLP

10,714,000,000

CLP 133,000,000

42,535

CLP Currency Call¹⁷

CITNA-B

CLP

643.700

11/4/19

CLP

18,914,000,000

CLP 64,370,000

416,108

CLP Currency Call¹⁷

CITNA-B

CLP

650.000

2/21/19

CLP

11,336,500,000

CLP 97,500,000

22,673

EUR Currency Put¹⁷

BOA

SEK

9.250

4/29/20

EUR

2,800,000

EUR 10,000

670,628

EUR Currency Put¹⁷

JPM

JPY

126.400

1/25/19

EUR

21,000,000

EUR 200,000

297,028

26 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Notional

Expiration

Amount

Counterparty

Exercise Price

Date

Contracts

(000’s)

Value

Over-the-Counter Options Purchased (Continued)

IDR Currency Call¹⁷

SCB

IDR

15050.000

9/5/19

IDR

361,682,350,000

IDR 2,558,500,000

723,365

INR Currency Call¹⁷

GSCO-OT

INR

74.050

1/23/19

INR

555,375,000

INR 7,405,000

467,070

INR Currency Call¹⁷

GSCO-OT

INR

68.400

10/21/19

INR

565,000

INR 5,000

385,807

MXN Currency Call¹⁷

CITNA-B

MXN

18.578

8/15/19

MXN

139,332,500

MXN 1,393,328

75,936

MXN Currency Call^17,20

CITNA-B

MXN

18.000

10/23/19

MXN

750,000

MXN 5,500

91,413

MXN Currency Call¹⁷

GSCO-OT

MXN

19.500

10/29/19

MXN

382,000,000

MXN 3,900,000

479,028

NOK Currency Call¹⁷

BOA

NOK

8.424

3/8/19

NOK

483,011,000

NOK 3,664,223

384,849

NOK Currency Call¹⁷

JPM

NOK

8.240

2/4/19

NOK

296,410,000

NOK 2,529,680

27,270

PLN Currency Call¹⁷

GSCO-OT

PLN

3.489

8/19/19

PLN

98,630,000

PLN 872,125

233,358

RUB Currency Call¹⁷

JPM

RUB

59.500

6/7/19

RUB

1,682,200,000

RUB 14,875,000

42,055

RUB Currency Call¹⁷

GSCO-OT

RUB

63.979

8/12/19

RUB

452,220,000

RUB 6,397,900

37,534

SEK Currency Call¹⁷

GSCO-OT

SEK

8.882

2/4/19

SEK

351,243,000

SEK 2,398,140

560,935

TRY Currency Put¹⁷

CITNA-B

TRY

4.000

5/23/19

TRY

710,000

TRY 10,000

6,869

TRY Currency Call¹⁷

GSCO-OT

TRY

6.000

10/16/19

TRY

90,000,000

TRY 600,000

969,930

ZAR Currency Call¹⁷

GSCO-OT

ZAR

13.597

8/15/19

ZAR

11,972,500

ZAR 1,019,738

17,707

ZAR Currency Call¹⁷

GSCO-OT

ZAR

13.250

8/12/19

ZAR

93,654,000

ZAR 1,325,000

95,714

Total Over-the-Counter Options Purchased (Cost $8,567,928)

6,580,809

Pay / Receive

Expiration

Counterparty

Floating Rate

Fixed Rate

Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.4%

Interest Rate Floor maturing 11/8/22 Call¹⁷

JPM

Receive

MAX[(( 0.656%-1y))
* 10 * notional, 0]
EUR EURIBOR

0.656%

11/8/22

36,600

2,020,402

Interest Rate Swap maturing 12/16/49 Put¹⁷

MSCO

Receive

Three-Month
USD-LIBOR-BBA

3.762

12/12/19

29,240

184,192

Interest Rate Swap maturing 3/16/21 Put¹⁷

GSCO-OT

Receive

Three-Month
USD-LIBOR-BBA

2.975

3/12/19

146,200

39,475

Interest Rate Swap maturing 8/19/20 Put¹⁷

GSCOI

Receive

Three-Month
USD-LIBOR-BBA

3.350

5/14/19

146,500

7,023

If USISDA02 is less

than or equal to

2.905%, then the

greater of: (INDEX

Interest Rate Cap maturing 12/12/19 Put¹⁷

GSCOI

Pay

minus 0.095%) * 10
Or Zero, Otherwise
zero

9.500

12/12/19

29,240

597,081

Interest Rate Cap maturing 5/14/20 Put¹⁷

GSCOI

Pay

The greater of: 10 x
(INDEX minus 0.6%)
or Zero

60.000

5/14/20

29,300

233,521

Interest Rate Swap maturing 12/16/49 Call¹⁷

MSCO

Pay

Three-Month
USD-LIBOR-BBA

2.262

12/12/19

29,240

441,885

Interest Rate Swap maturing 5/13/21 Call¹⁷

BAC

Pay

Three-Month
USD-LIBOR-BBA

3.045

5/9/19

228,755

2,031,193

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $3,845,090)

5,554,772

Total Investments, at Value (Cost $1,676,752,697)

110.7%

1,581,139,881

Net Other Assets (Liabilities)

(10.7)

(152,600,349

)

Net Assets

100.0%

1,428,539,532

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 $389,215,362 or 27.25% 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 $13,247,534, which represents 0.93% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation/
Security	Dates		Cost		Value		(Depreciation)
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/22		1/15/13-11/10/18	$	899,049	$	764,927	$	(134,122	)
CHS/Community Health Systems, Inc., 8.125% Sec. Nts., 6/30/24		6/22/18		49,861		44,100		(5,761	)
Clear Channel International BV, 8.75% Sr. Unsec. Nts., 12/15/20		8/9/17		269,522		268,312		(1,210	)
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/25		9/27/18		280,163		267,686		(12,477	)
EP Energy LLC/Everest Acquisition Finance, Inc., 9.375% Sec. Nts., 5/1/24		1/29/13-10/23/18		2,697,661		1,368,900		(1,328,761	)

27 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Consolidated Footnotes to Statement of Investments (Continued)


							Unrealized
	Acquisition						Appreciation/
Security	Dates		Cost		Value		(Depreciation)
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/22		1/30/18	$	642,210	$	640,082	$	(2,128	)
Golden Nugget, Inc., 6.75% Sr. Unsec. Nts., 10/15/24		9/20/16-9/12/17		1,366,832		1,294,650		(72,182	)
Hartford Financial Services Group, Inc. (The), 4.741% [US0003M+212.5] Jr. Sub. Nts., 2/12/47		1/18/18-1/22/18		670,914		552,922		(117,992	)
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/22		3/1/17-3/7/18		458,796		463,872		5,076
Minejesa Capital BV, 4.625% Sr. Sec. Nts., 8/10/30		11/9/17-5/11/18		2,605,058		2,380,923		(224,135	)
Minejesa Capital BV, 5.625% Sr. Sec. Nts., 8/10/37		7/25/18-8/1/18		4,094,181		3,771,160		(323,021	)
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/23		11/9/17		990,000		891,000		(99,000	)
Williams Scotsman International, Inc., 6.875% Sr. Sec. Nts., 8/15/23		7/31/18		560,000		539,000		(21,000	)

			$	15,584,247	$	13,247,534	$	(2,336,713	)

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 $3,099,741 or 0.22% 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. Zero coupon bond reflects effective yield on the original acquisition date.

9. Represents securities sold under Regulation S, which are exempt from registration under the Securities Act of 1933, as amended. These securities may not be offered or sold in the United States without an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. These securities amount to $134,430,151 or 9.41% of the Fund’s net assets at period end.

10. 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.

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

12. Security received as the result of issuer reorganization.

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

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

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

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

17. Non-income producing security.

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

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


	Shares		Gross			Gross			Shares
	December 31, 2017		Additions			Reductions			December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		41,765,253		698,423,057			669,441,886		70,746,424
Oppenheimer Limited-Term Bond Fund, Cl. I		—		1,654,825			—		1,654,825
Oppenheimer Master Event-Linked Bond Fund, LLC		2,520,983		—			566,750		1,954,233
Oppenheimer Master Loan Fund, LLC		14,397,097		—			5,789,730		8,607,367
Oppenheimer Ultra-Short Duration Fund, Cl. Y		27,024,582		253,583			17,040,000		10,238,165

	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	70,746,424	$	1,619,058		$	—		$ —
Oppenheimer Limited-Term Bond Fund, Cl. I		7,363,973		21,470			—		16,503
Oppenheimer Master Event-Linked Bond Fund, LLC		29,797,284		2,399,000	^a		(723,081	)^a	(1,408,559)^a
Oppenheimer Master Loan Fund, LLC		144,969,978		12,440,975	^b		3,277,211	^b	(11,799,913)^b
Oppenheimer Ultra-Short Duration Fund, Cl. Y		51,088,443		1,274,377			(170,400	)	(201,633)

Total	$	303,966,102	$	17,754,880		$	2,383,730		$ (13,393,602)

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.

20. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 18 MXN per 1 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	$	1,014,127,291		63.8%
India		44,538,584		2.8
Indonesia		41,756,255		2.6
Mexico		37,315,255		2.4
South Africa		37,172,443		2.4
Brazil		32,597,157		2.2
Greece		31,485,222		2.0

28 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Geographic Holdings (Unaudited) (Continued)	Value		Percent
Argentina	$	30,871,517		2.0	%
Spain		24,969,763		1.6
United Kingdom		21,309,379		1.3
Canada		19,547,384		1.2
France		18,585,398		1.2
Italy		16,877,735		1.1
Egypt		15,133,403		1.0
Switzerland		14,689,560		0.9
Peru		13,431,906		0.9
Colombia		12,793,054		0.8
Turkey		12,678,717		0.8
Ukraine		11,585,398		0.7
Netherlands		10,528,112		0.7
Dominican Republic		9,704,088		0.7
Chile		8,414,487		0.6
Thailand		8,315,837		0.5
China		6,914,373		0.4
Luxembourg		6,878,613		0.4
Poland		6,680,768		0.4
Kazakhstan		5,716,865		0.4
Nigeria		4,946,356		0.3
Angola		4,830,754		0.3
Israel		4,031,655		0.3
Sri Lanka		3,931,699		0.3
Ghana		3,436,237		0.2
Belgium		3,399,381		0.2
Ireland		3,367,461		0.2
Ecuador		2,999,622		0.2
Eurozone		2,988,058		0.2
Oman		2,636,811		0.2
United Arab Emirates		2,520,815		0.2
Gabon		2,171,868		0.1
Hungary		2,107,622		0.1
Mongolia		1,991,811		0.1
Supranational		1,955,249		0.1
Bermuda		1,779,099		0.1
Cayman Islands		1,708,750		0.1
Portugal		1,700,749		0.1
New Zealand		1,660,147		0.1
Iraq		1,317,049		0.1
Australia		1,215,358		0.1
Hong Kong		1,132,537		0.1
Azerbaijan		1,099,736		0.1
Russia		1,097,934		0.1
Senegal		1,092,493		0.1
Morocco		922,299		0.1
Singapore		815,185		0.1
Sweden		560,935		0.0
Mauritius		463,873		0.0
Zambia		451,000		0.0
Kenya		436,058		0.0
Panama		423,385		0.0
Uruguay		414,250		0.0
Norway		412,118		0.0
Trinidad and Tobago		264,688		0.0
Macau		238,275		0.0

Total	$	1,581,139,881		100.0	%


Forward Currency Exchange Contracts as of December 31, 2018
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		02/2019	IDR	260,657,000	USD		18,139	$	—	$	112,952
BAC		03/2019	KRW	2,937,600	USD		2,622		22,969		—
BAC		03/2019	MYR	760	USD		182		2,408		—
BAC		02/2019	USD	25,470	EUR		22,200		—		57,342
BAC		01/2019	USD	11,840	MXN		238,700		—		287,294
BAC		02/2019	USD	13,803	NOK		119,852		—		80,703
BAC		03/2019	USD	6,411	PLN		24,160		—		56,538
BAC		03/2019	USD	29,316	ZAR		419,790		405,175		—

29 OPPENHEIMER GLOBAL STRATEGIC INCOME 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
BAC		03/2019	ZAR	114,990	USD		8,030	$	—	$	110,987
BOA		02/2019	EUR	75	USD		86		—		179
BOA		03/2019	INR	276,100	USD		3,773		164,048		—
BOA		02/2019	JPY	1,847,000	USD		16,492		416,938		—
BOA		02/2019	USD	32,270	EUR		27,981		99,459		—
BOA		03/2019	USD	1,918	HUF		542,000		—		26,446
BOA		03/2019	USD	17,732	IDR		262,024,000		—		277,797
BOA		03/2019	USD	40,712	INR		2,979,300		—		1,770,185
BOA		02/2019	USD	28,077	NOK		239,533		328,997		—
BOA		03/2019	USD	8,255	THB		269,400		—		36,201
CITNA-B		02/2019 - 06/2019	BRL	86,853	USD		22,525		767,362		1,088,441
CITNA-B		03/2019	COP	23,809,000	USD		7,301		3,615		—
CITNA-B		02/2019	EUR	910	USD		1,075		—		28,226
CITNA-B		03/2019	RUB	251,100	USD		3,573		—		5,423
CITNA-B		04/2019	USD	2,716	BRL		9,750		222,658		—
CITNA-B		03/2019	USD	9,204	COP		29,419,000		178,291		—
CITNA-B		02/2019	USD	884	EUR		775		—		6,747
CITNA-B		02/2019 - 03/2019	USD	27,202	JPY		3,019,800		17,165		501,376
CITNA-B		01/2019	USD	18,009	MXN		365,500		—		560,588
CITNA-B		03/2019	USD	6,238	PEN		21,070		—		92
CITNA-B		10/2019	USD	3,466	TRY		22,230		—		185,520
DEU		02/2019	EUR	2,150	USD		2,473		1,547		2,530
DEU		02/2019	USD	38,489	EUR		33,435		110,049		70,161
GSCO-OT		01/2019 - 06/2019	BRL	68,496	USD		18,146		—		631,673
GSCO-OT		01/2019	COP	24,240,000	USD		7,551		—		92,424
GSCO-OT		02/2019	EUR	310	USD		357		—		526
GSCO-OT		02/2019 - 03/2019	JPY	1,457,982	USD		14,029		28,078		669,555
GSCO-OT		02/2019	NOK	448,183	USD		52,102		—		183,183
GSCO-OT		02/2019	SEK	160,580	USD		17,869		301,822		—
GSCO-OT		01/2019 - 06/2019	USD	20,225	BRL		78,526		547,232		421,496
GSCO-OT		02/2019	USD	4,966	EUR		4,320		—		1,199
GSCO-OT		02/2019	USD	3,500	IDR		51,957,000		—		93,176
GSCO-OT		01/2019	USD	8,570	MXN		173,241		—		240,051
GSCO-OT		10/2019	USD	5,475	TRY		39,450		—		1,004,808
GSCO-OT		08/2019	USD	3,039	ZAR		44,824		9,802		—
GSCO-OT		05/2019	ZAR	10,470	USD		730		—		15,618
HSBC		02/2019	AUD	6,500	USD		4,694		—		111,883
HSBC		02/2019	EUR	5,775	USD		6,631		8,670		428
HSBC		02/2019	USD	16,532	EUR		14,215		240,220		54,584
JPM		01/2019 - 02/2019	BRL	163,096	USD		42,780		22,940		743,389
JPM		02/2019	EUR	17,456	USD		20,410		193		339,599
JPM		09/2019	IDR	188,087,000	USD		11,898		707,222		—
JPM		02/2019	JPY	1,636,000	USD		14,726		248,421		—
JPM		02/2019	NOK	99,642	USD		11,952		—		408,636
JPM		03/2019	RUB	498,200	USD		7,207		—		128,734
JPM		01/2019 - 04/2019	USD	56,260	BRL		212,815		1,420,314		—
JPM		03/2019	USD	7,254	CLP		4,940,000		130,262		—
JPM		01/2019	USD	7,537	COP		24,240,000		78,336		—
JPM		02/2019	USD	18,507	EUR		15,925		195,704		—
JPM		02/2019	USD	14,002	IDR		208,700,000		—		430,862
JPM		02/2019	USD	14,690	JPY		1,636,000		—		283,596
JPM		02/2019	USD	26,036	NOK		219,980		670,922		117,817
JPM		03/2019	USD	1,367	RUB		91,600		65,254		—
JPM		03/2019	USD	8,836	TRY		49,820		—		202,449
JPM		08/2019	ZAR	44,824	USD		3,039		—		9,802
SCB		02/2019	EUR	1,460	USD		1,691		—		12,292
SCB		09/2019	USD	11,553	IDR		188,087,000		—		1,052,182

Total Unrealized Appreciation and Depreciation								$	7,416,073	$	12,515,690


Futures Contracts as of December 31, 2018
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Euro-BUND		Sell		3/07/19		110	EUR		20,436	$	20,611,355	$ (175,310)
Euro-BUXL		Sell		3/07/19		67	EUR		13,524		13,865,339	(340,914)
Euro-OAT		Sell		3/07/19		78	EUR		13,471		13,476,770	(5,451)
United States Treasury Long Bonds		Buy		3/20/19		10	USD		1,444		1,460,000	16,483

30 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Futures Contracts (Continued)
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
United States Treasury Long Bonds		Sell		3/20/19		106	USD		14,845	$	15,476,000	$ (631,069)
United States Treasury Nts., 10 yr.		Buy		3/20/19		153	USD		18,268		18,668,391	400,699
United States Treasury Nts., 10 yr.		Sell		3/20/19		296	USD		35,448		36,116,625	(669,000)
United States Treasury Nts., 2 yr.		Buy		3/29/19		94	USD		19,834		19,957,375	123,848
United States Treasury Nts., 2 yr.		Sell		3/29/19		571	USD		120,519		121,230,438	(711,474)
United States Treasury Nts., 5 yr.		Buy		3/29/19		133	USD		15,010		15,253,438	243,523
United States Ultra 10 yr.		Sell		3/20/19		8	USD		1,030		1,040,625	(10,763)
United States Ultra Bonds		Buy		3/20/19		68	USD		10,353		10,924,625	571,777

												$ (1,187,651)


Over-the-Counter Options Written at December 31, 2018
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Notional Amount (000’s)		Premiums Received		Value
AUD Currency Call		BOA	USD		0.772		3/1/19	AUD		(25,500,000	)		AUD 200,000	$	60,042	$	(6,274	)
AUD Currency Put		BOA	USD		0.719		3/1/19	AUD		(25,500,000	)		AUD 200,000		127,153		(675,658	)
BRL Currency Put¹		GSCO-OT	BRL		4.500		12/10/19	BRL		(586,000	)		BRL 5,300		121,888		(100,326	)
BRL Currency Put²		GSCO-OT	BRL		4.500		12/6/19	BRL		(586,000	)		BRL 5,000		103,839		(99,854	)
BRL Currency Call		GSCO-OT	BRL		3.559		2/14/19	BRL		(52,000,000	)		BRL 355,900		68,861		(12,606	)
BRL Currency Put		GSCO-OT	BRL		4.018		2/14/19	BRL		(58,700,000	)		BRL 401,750		194,488		(142,179	)
CAD Currency Call		SCB	CAD		1.260		2/1/19	CAD		(55,440,000	)		CAD 189,000		119,284		(2,439	)
CAD Currency Put		SCB	CAD		1.341		1/18/19	CAD		(9,480,000	)		CAD 134,050		37,043		(132,597	)
CAD Currency Call		SCB	CAD		1.264		1/18/19	CAD		(8,930,000	)		CAD 126,400		18,249		(116	)
CAD Currency Put		SCB	CAD		1.339		2/1/19	CAD		(58,916,000	)		CAD 200,850		238,832		(917,676	)
CLP Currency Put		CITNA-B	CLP		710.000		2/21/19	CLP		(12,383,000,000	)		CLP 106,500,000		216,534		(160,979	)
CLP Currency Call		CITNA-B	CLP		615.000		2/21/19	CLP		(10,726,000,000	)		CLP 92,250,000		94,479		(10,726	)
CLP Currency Put		CITNA-B	CLP		785.750		11/4/19	CLP		(23,088,000,000	)		CLP 78,575,000		504,513		(392,496	)
CLP Currency Put		GSCO-OT	CLP		707.500		2/11/19	CLP		(11,399,000,000	)		CLP 141,500,000		168,705		(138,840	)
CLP Currency Call		GSCO-OT	CLP		635.000		2/11/19	CLP		(10,230,500,000	)		CLP 127,000,000		72,838		(7,570	)
COP Currency Put		CITNA-B	COP		3256.000		2/13/19	COP		(47,689,000,000	)		COP 325,600,000		247,672		(245,598	)
COP Currency Put		CITNA-B	COP		3162.000		1/15/19	COP		(44,700,000,000	)		COP 316,200,000		267,071		(402,300	)
COP Currency Put		GSCO-OT	COP		3340.000		3/4/19	COP		(58,560,000,000	)		COP 501,000,000		141,473		(203,789	)
COP Currency Call		GSCO-OT	COP		3065.000		3/4/19	COP		(53,700,000,000	)		COP 459,750,000		155,984		(55,311	)
COP Currency Call		JPM	COP		3162.000		1/15/19	COP		(44,700,000,000	)		COP 316,200,000		179,097		(44,700	)
COP Currency Put		JPM	COP		3316.000		3/12/19	COP		(48,482,000,000	)		COP 331,600,000		176,152		(222,532	)
COP Currency Call		JPM	COP		3038.000		3/12/19	COP		(44,417,500,000	)		COP 303,800,000		95,570		(42,641	)
EUR Currency Call		BOA	EUR		1.157		5/29/19	EUR		(29,290,000	)		EUR 100,000		703,561		(606,008	)
EUR Currency Put		GSCO-OT	ZAR		15.750		7/10/19	EUR		(7,120,000	)		EUR 75,000		233,186		(118,251	)
EUR Currency Call		JPM	JPY		131.800		1/25/19	EUR		(21,000,000	)		EUR 200,000		150,909		(14,538	)
EUR Currency Call		JPM	ZAR		17.438		7/10/19	EUR		(7,120,000	)		EUR 75,000		391,297		(354,006	)
EUR Currency Put		JPM	JPY		120.600		1/25/19	EUR		(21,000,000	)		EUR 200,000		102,757		(25,131	)
EUR Currency Call		SCB	EUR		1.156		5/29/19	EUR		(43,940,000	)		EUR 250,000		1,044,893		(929,841	)
IDR Currency Put		GSCO-OT	IDR		15000.000		7/10/19	IDR		(390,000,000,000	)		IDR 3,005,250,000		949,000		(390,000	)
IDR Currency Put		SCB	IDR		17550.000		9/5/19	IDR		(421,762,500,000	)		IDR 2,983,500,000		693,205		—
INR Currency Call		GSCO-OT	INR		72.000		1/23/19	INR		(540,000,000	)		INR 7,200,000		21,226		(251,640	)
INR Currency Put		GSCO-OT	INR		76.950		1/23/19	INR		(577,125,000	)		INR 7,695,000		48,007		(1,154	)
INR Currency Put		GSCO-OT	INR		80.050		10/14/19	INR		(1,131,600,000	)		INR 8,005,000		282,723		(84,870	)
MXN Currency Put		CITNA-B	MXN		22.828		8/15/19	MXN		(171,202,500	)		MXN 1,712,108		192,431		(117,274	)
MXN Currency Put		GSCO-OT	MXN		19.500		1/4/19	MXN		(257,300,000	)		MXN 2,730,000		192,751		(133,539	)
MXN Currency Put		GSCO-OT	MXN		24.500		10/29/19	MXN		(479,900,000	)		MXN 4,900,000		438,766		(261,545	)
MXN Currency Call		JPM	MXN		20.000		1/3/19	MXN		(235,000,000	)		MXN 3,200,000		157,285		(224,895	)
NOK Currency Put		BOA	NOK		8.787		3/8/19	NOK		(503,854,000	)		NOK 3,822,345		417,269		(498,755	)
NOK Currency Call		BOA	NOK		8.153		3/8/19	NOK		(467,500,000	)		NOK 3,546,555		205,510		(84,417	)
NOK Currency Call		JPM	NOK		7.975		2/4/19	NOK		(286,870,000	)		NOK 2,448,325		114,449		(8,319	)
NOK Currency Put		JPM	NOK		8.600		2/4/19	NOK		(309,360,000	)		NOK 2,640,200		262,890		(492,192	)
PLN Currency Put		GSCO-OT	PLN		4.104		8/19/19	PLN		(116,018,000	)		PLN 1,025,875		566,590		(255,356	)
RUB Currency Call		CITNA-B	RUB		67.000		2/13/19	RUB		(981,000,000	)		RUB 6,700,000		235,952		(52,003	)
RUB Currency Put		GSCO-OT	RUB		83.540		8/12/19	RUB		(590,480,000	)		RUB 8,354,000		148,808		(92,115	)
RUB Currency Put		JPM	RUB		70.000		6/7/19	RUB		(1,979,100,000	)		RUB 17,500,000		793,217		(1,236,937	)
SEK Currency Put		GSCO-OT	SEK		9.285		2/4/19	SEK		(367,159,500	)		SEK 2,506,815		295,404		(33,411	)
SEK Currency Call		GSCO-OT	SEK		8.587		2/4/19	SEK		(339,557,000	)		SEK 2,318,355		133,664		(93,039	)
SEK Currency Put		JPM	SEK		9.080		1/23/19	SEK		(149,000,000	)		SEK 454,000		215,459		(24,138	)
TRY Currency Put		GSCO-OT	TRY		8.800		10/16/19	TRY		(132,000,000	)		TRY 568,080		667,170		(174,504	)
ZAR Currency Call		CITNA-B	ZAR		13.500		5/7/19	ZAR		(98,900,000	)		ZAR 1,350,000		160,804		(84,955	)
ZAR Currency Call		GSCO-OT	ZAR		13.286		2/26/19	ZAR		(97,296,000	)		ZAR 996,450		101,573		(22,408	)
ZAR Currency Put		GSCO-OT	ZAR		17.916		8/12/19	ZAR		(126,631,000	)		ZAR 1,791,550		173,483		(96,113	)
ZAR Currency Put		GSCO-OT	ZAR		18.208		8/15/19	ZAR		(136,560,000	)		ZAR 1,365,600		284,250		(92,178	)

31 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of

Contracts

Notional

Amount

(000’s)

Premiums Received

Value

ZAR Currency Put

GSCO-OT

ZAR

14.978

2/26/19

ZAR

(109,683,600)

ZAR 1,123,313

83,272

$ (122,740)

ZAR Currency Put

GSCO-OT

ZAR

14.646

5/27/19

ZAR

(102,522,000)

ZAR 1,464,600

187,628

(322,022)

Total Over-the-Counter Options Written

14,059,156

$ (11,315,501)

1. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.6 BRL per 1 USD.

2. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.6 BRL per 1 USD.


Centrally Cleared Credit Default Swaps at December 31, 2018
Reference Asset			Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)		Value		Unrealized Appreciation/ (Depreciation)
CDX.EM.30				Buy		1.000%		12/20/23	USD		2,000	$	(95,222)	$	93,232	$ (1,990)
CDX.EM.30				Buy		1.000		12/20/23	USD		2,000		(97,622)		93,232	(4,390)
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(47,956)		46,616	(1,340)
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(48,811)		46,616	(2,195)
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(44,311)		46,616	2,305
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(45,311)		46,616	1,305
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(46,856)		46,616	(240)
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(46,911)		46,616	(295)
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(47,111)		46,616	(495)
CDX.EM.30				Buy		1.000		12/20/23	USD		1,000		(45,411)		46,616	1,205
CDX.HY.31				Sell		5.000		12/20/23	USD		3,000		(174,373)		63,293	(111,080)
Federative Republic of Brazil				Buy		1.000		12/20/23	USD		1,750		(159,965)		81,719	(78,246)
Federative Republic of Brazil				Sell		1.000		6/20/22	USD		2,500		154,768		(48,407)	106,361
People’s Republic of China				Buy		1.000		12/20/23	USD		4,500		81,048		(70,608)	10,440
Petrobras Global Finance BV				Sell		1.000		12/20/20	USD		1,000		10,092		(9,633)	459
Petrobras Global Finance BV				Sell		1.000		12/20/20	USD		1,000		10,178		(9,633)	545
Republic of South Africa				Buy		1.000		12/20/23	USD		1,000		(61,012)		53,574	(7,438)
Russian Federation				Buy		1.000		12/20/23	USD		2,000		(68,304)		46,893	(21,411)
Turkey Government International				Buy		1.000		12/20/23	USD		1,000		(122,432)		109,209	(13,223)
Turkey Government International				Buy		1.000		12/20/23	USD		1,000		(114,057)		109,209	(4,848)
United Mexican States				Buy		1.000		12/20/23	USD		3,250		(51,730)		78,554	26,824
Total Cleared Credit Default Swaps												$	(1,061,309)	$	963,562	$ (97,747)


Over-the-Counter Credit Default Swaps at December 31, 2018
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)		Value		Unrealized Appreciation/ (Depreciation)
Hellenic Republic		BAC		Sell		1.000%		6/20/25	USD		1,414	$	235,247	$	(272,347)	$ (37,100)
Hellenic Republic		BAC		Sell		1.000		6/20/25	USD		3,534		529,497		(680,674)	(151,177)
Hellenic Republic		BAC		Sell		1.000		12/20/25	USD		3,400		528,719		(700,057)	(171,338)
Hellenic Republic		BAC		Sell		1.000		12/20/19	USD		2,350		35,260		(31,527)	3,733
Hellenic Republic		GSCOI		Sell		1.000		6/20/25	USD		1,410		222,469		(271,576)	(49,107)
Idbi Bank Ltd./difc Dubai		BAC		Sell		1.000		12/20/22	USD		1,000		32,421		(27,427)	4,994
Idbi Bank Ltd./difc Dubai		BNP		Sell		1.000		12/20/22	USD		1,000		30,175		(27,427)	2,748
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD		2,697		48,742		15,642	64,384
Republic Of Italy Government I		BAC		Buy		1.000		12/20/23	USD		7,070		(523,946)		327,404	(196,542)
State Bank of India		BNP		Sell		1.000		9/20/19	USD		1,740		71,791		9,634	81,425
Total Over-the-Counter Credit Default Swaps												$	1,210,375	$	(1,658,355)	$ (447,980)

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 Indexes	$ 3,000,000	$ —	BB
Non-Investment Grade Single Name 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	14,608,000	1,750,000	BB- to BB

Total USD	$ 26,045,000	$ 1,750,000

*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

32 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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, 2018
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation/ (Depreciation)
BAC		Receive	Six-Month JPY BBA LIBOR		0.296%		11/29/27	JPY		4,654,000	$	59	$	(632,916)	$ (632,857)
BAC		Receive	Six-Month EUR EURIBOR		1.123		3/8/28	EUR		2,475		—		(129,206)	(129,206)
BNP		Pay	Six-Month HUF-BUBOR-Reuters		1.210		10/26/20	HUF		2,101,000		—		59,849	59,849
BNP		Receive	Six-Month HUF-BUBOR-Reuters		3.280		10/26/28	HUF		475,700		—		(180,632)	(180,632)
BNP		Pay	MXN TIIE BANXICO		8.000		8/13/20	MXN		311,315		—		(86,042)	(86,042)
BOA		Pay	Three-Month USD BBA LIBOR		2.905		12/17/20	USD		146,500		—		645,013	645,013
BOA		Pay	Three-Month USD BBA LIBOR		2.915		12/17/20	USD		131,800		—		605,837	605,837
CITNA-B		Pay	CLICP		2.901		8/9/19	CLP		9,271,500		—		(5,973)	(5,973)
CITNA-B		Pay	Six-Month PLN WIBOR WIBO		2.990		11/17/27	PLN		5,770		—		73,443	73,443
CITNA-B		Pay	Six-Month HUF BUBOR		2.205		3/8/28	HUF		825,000		—		62,897	62,897
CITNA-B		Receive	JIBA3M		7.250		7/10/20	ZAR		104,000		—		291	291
DEU		Pay	MXN TIIE BANXICO		8.140		10/19/20	MXN		322,900		—		(66,573)	(66,573)
DEU		Pay	JIBA3M		8.420		8/29/28	ZAR		62,800		—		78,759	78,759
DEU		Receive	JIBA3M		7.500		8/15/20	ZAR		136,300		—		(36,322)	(36,322)
DEU		Pay	Three-Month ZAR JIBAR SAFEX		7.675		2/21/22	ZAR		26,465		—		12,505	12,505
DEU		Receive	JIBA3M		7.120		6/29/19	ZAR		202,850		—		4,116	4,116
GSCOI		Receive	BZDI		8.235		1/2/20	BRL		45,400		—		(256,390)	(256,390)
GSCOI		Pay	EUR006M		1.413		7/4/44	EUR		1,980		—		12,328	12,328
GSCOI		Pay	EUR006M		1.482		7/4/44	EUR		3,200		—		107,751	107,751
GSCOI		Pay	MXN TIIE BANXICO		8.770		10/29/20	MXN		324,700		—		42,184	42,184
GSCOI		Pay	EUR006M		0.861		8/15/27	EUR		8,030		—		184,792	184,792
GSCOI		Pay	MXN TIIE BANXICO		7.995		10/15/20	MXN		300,000		—		(81,849)	(81,849)
GSCOI		Receive	SORF6M		2.335		10/16/21	SGD		22,600		—		(251,673)	(251,673)
GSCOI		Pay	Three-Month COP IBR OIS Compound		6.500		11/9/28	COP		6,000,000		—		53,034	53,034
GSCOI		Pay	MXN TIIE BANXICO		8.015		10/9/20	MXN		320,000		—		(84,508)	(84,508)
GSCOI		Pay	MXN TIIE BANXICO		7.760		9/25/20	MXN		312,000		—		(134,703)	(134,703)
GSCOI		Pay	COOVIBR		4.610		6/7/20	COP		20,710,000		—		17,629	17,629
GSCOI		Pay	BZDI		11.730		1/2/25	BRL		17,600		—		423,452	423,452
GSCOI		Pay	EUR006M		1.553		7/4/44	EUR		4,331		—		224,423	224,423
GSCOI		Pay	MXN TIIE BANXICO		8.210		1/30/19	MXN		538,000		—		(11,102)	(11,102)
GSCOI		Pay	MXN TIIE BANXICO		8.480		10/27/20	MXN		155,730		—		(19,377)	(19,377)
GSCOI		Pay	IRS P00.00R00.00 10/15/25 GOLDMAN SACH SHORT		3.450		10/15/25	GBP		6,930		—		(46,118)	(46,118)
JPM		Pay	MXN TIIE BANXICO		8.880		10/26/28	MXN		83,200		—		15,224	15,224
JPM		Pay	MXN TIIE BANXICO		8.750		10/29/20	MXN		649,000		—		72,935	72,935
JPM		Pay	BZDI		10.940		1/2/23	BRL		22,770		—		396,878	396,878
JPM		Pay	BZDI		8.245		1/4/21	BRL		31,950		—		137,370	137,370
JPM		Pay	COOVIBR		4.890		10/17/20	COP		46,900,000		—		109,354	109,354
			Six-Month HUF
JPM		Pay	BUBOR		1.865		1/24/28	HUF		375,735		—		(9,221)	(9,221)
JPM		Pay	Three-Month ZAR JIBAR SAFEX		7.930		11/27/22	ZAR		15,000		—		14,302	14,302
JPM		Pay	MXN TIIE BANXICO		8.600		10/27/20	MXN		158,670		—		(3,090)	(3,090)
MSCO		Pay	EUR006M		0.791		2/15/28	EUR		9,650		—		46,729	46,729
MSCO		Pay	Three-Month USD BBA LIBOR		2.856		12/9/22	USD		44,000		—		299,535	299,535
SIB		Pay	MXN TIIE BANXICO		9.280		11/22/28	MXN		90,500		—		139,929	139,929
SIB		Pay	BZDI		9.825		7/1/20	BRL		500,000		—		1,141,307	1,141,307

Total of Centrally Cleared Interest Rate Swaps											$	59	$	2,946,171	$ 2,946,230

33 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


Over-the-Counter Interest Rate Swaps at December 31, 2018
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation/ (Depreciation)
BOA		Pay	Six-Month INR FBIL MIBOR OIS Compound		6.330%		1/31/22	INR		210,000	$	—	$	4,012	$ 4,012
BOA		Pay	Six-Month THB THBFIX		2.200		3/20/22	THB		99,500		—		34,818	34,818
BOA		Pay	NSERO		6.623		3/20/20	INR		2,035,500		—		80,988	80,988
BOA		Receive	Six-Month INR FBIL MIBOR OIS Compound		6.620		3/20/23	INR		458,000		—		(85,355)	(85,355)
GSCOI		Pay	Six-Month CLP TNA		3.620		2/8/23	CLP		1,822,500		—		11,582	11,582
GSCOI		Receive	KWCDC		1.970		8/22/20	KRW		42,846,005		—		(67,388)	(67,388)
JPM		Receive	Three-Month MYR KLIBOR BNM		4.005		2/21/22	MYR		13,230		—		(30,878)	(30,878)
SCB		Pay	Three-Month MYR KLIBOR BNM		3.310		8/19/21	MYR		45,000		—		(103,906)	(103,906)

Total of Over-the-Counter Interest Rate Swaps											$	—	$	(156,127)	$ (156,127)

Over-the-Counter Total Return Swaps at December 31, 2018

Reference Asset

Counterparty

Pay/Receive Total
Return*

Floating Rate

Maturity Date

Notional
Amount
(000’s)

Value

Unrealized
Appreciation/
(Depreciation)

IBOXX EUR Liquid High Yield

Index Series 1 Version 1

JPM

Receive

EUR-EURIBOR

6/26/19

EUR

7,068

(265,388

)

$ (265,388)

IBOXX EUR Liquid High Yield

Index Series 1 Version 1

BOA

Receive

EUR-EURIBOR

6/26/19

EUR

3,657

(135,533

)

(135,533)

IBOXX EUR Liquid High Yield

Index Series 1 Version 1

JPM

Receive

EUR-EURIBOR

6/26/19

EUR

22,000

(321,251

)

(321,251)

Total Over-the-Counter Total Return Swaps

(722,172)

$ (722,172)

* 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 Credit Default Swaptions Written at December 31, 2018

Description

Counterparty

Buy/Sell
Protection

Reference Asset

Fixed Rate

Expiration Date

Notional
Amount
(000’s)

Premiums Received

Value

Credit Default Swap maturing

ITRAXX Europe
Crossover Series

12/20/23 Put

JPM

Sell

30 Version 2

5.000

2/20/19

EUR

18,300

234,170

(154,214)

Over-the-Counter Interest Rate Swaptions Written at December 31, 2018

Description

Counterparty

Pay/Receive
Floating Rate

Floating Rate

Fixed
Rate

Expiration
Date

Notional

Amount
(000’s)

Premiums
Received

Value

Interest Rate Swap maturing 5/14/29 Call

BAC

Receive

Three-Month
USD-LIBOR-BBA

3.103%

5/9/19

USD

49,420

1,088,935

(1,817,358)

Interest Rate Swap maturing 9/22/22 Call

BOA

Receive

Three-Month
USD-LIBOR-BBA

3.118

9/18/20

USD

72,910

575,989

(1,113,333)

Interest Rate Swap maturing 3/6/29 Put

BOA

Pay

Three-Month
USD-LIBOR-BBA

3.150

3/4/19

USD

33,700

150,918

(26,118)

Interest Rate Swap maturing 11/19/22 Call

BOA

Receive

Three-Month
USD-LIBOR-BBA

3.112

11/15/19

USD

146,500

1,133,544

(2,748,980)

Interest Rate Swap maturing 2/14/29 Call

BOA

Receive

Three-Month
CAD-BA-CDOR

2.888

2/14/19

CAD

33,700

226,696

(888,553)

Interest Rate Swap maturing 3/16/21 Put

GSCOI

Pay

Three-Month
USD-LIBOR-BBA

3.095

3/12/19

USD

146,200

84,796

(26,363)

Interest Rate Swap maturing 3/16/21 Put

GSCOI

Pay

Three-Month
USD-LIBOR-BBA

3.215

3/12/19

USD

146,200

43,860

(18,998)

Interest Rate Swap maturing 8/19/20 Put

GSCOI

Pay

Three-Month
USD-LIBOR-BBA

3.350

2/14/19

USD

146,500

43,950

(466)

Interest Rate Swap maturing 3/6/29 Put

JPM

Pay

Three-Month
USD-LIBOR-BBA

3.125

3/4/19

USD

65,900

342,863

(59,670)

Interest Rate Floor maturing 11/9/22 Call

JPM

Receive

3 month,
MAX[(-0.034%
minus EUR
EURIBOR)
* 10 * Notional, 0]

0.034

11/9/22

EUR

36,600

503,605

(869,301)

34 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Over-the-Counter Interest Rate Swaptions Written (Continued)

Description

Counterparty

Pay/Receive
Floating Rate

Floating Rate

Fixed
Rate

Expiration
Date

Notional

Amount
(000’s)

Premiums
Received

Value

Interest Rate Floor maturing 11/9/22 Call

JPM

Receive

3 month,
MAX[(0.306%
minus EUR
EURIBOR) * 10 *
Notional, 0]

0.306%

11/9/22

EUR

36,600

923,275

(1,570,865)

Interest Rate Swap maturing 2/12/24 Call

JPM

Receive

Six-Month
AUD-BBR-BBSW

2.620

2/11/19

AUD

44,000

129,186

(573,719)

Interest Rate Swap maturing 2/11/24 Call

JPM

Receive

Six-Month
AUD-BBR-BBSW

2.620

2/8/19

AUD

44,000

133,106

(573,896)

Interest Rate Swap maturing 1/22/21 Put

JPM

Pay

MXN TIIE
BANXICO

8.730

1/24/19

MXN

637,000

132,888

(54,666)

Interest Rate Swap maturing 9/21/21 Call

JPM

Receive

Three-Month
USD-LIBOR-BBA

3.145

9/18/19

USD

145,820

371,841

(926,839)

Interest Rate Swap maturing 12/9/22 Call

MSCO

Receive

Three-Month
USD-LIBOR-BBA

2.356

12/7/20

USD

167,000

801,600

(1,329,080)

Interest Rate Swap maturing 1/16/49 Call

MSCO

Receive

Three-Month
USD-LIBOR-BBA

3.009

1/14/19

USD

8,050

100,625

(291,542)

Interest Rate Swap maturing 1/16/49 Put

MSCO

Pay

Three-Month
USD-LIBOR-BBA

3.009

1/14/19

USD

8,050

100,625

(8,128)

Interest Rate Swap maturing 11/19/21 Put

NOM

Pay

Three-Month
USD-LIBOR-BBA

3.165

11/15/19

USD

73,200

366,000

(103,256)

Interest Rate Swap maturing 11/19/21 Call

NOM

Receive

Three-Month
USD-LIBOR-BBA

2.915

11/15/19

USD

124,500

402,794

(1,172,926)

Interest Rate Swap maturing 11/8/22 Call

NOM

Receive

Three-Month
USD-LIBOR-BBA

3.000

11/6/19

USD

109,800

538,020

(1,771,253)

Interest Rate Swap maturing 11/8/22 Put

NOM

Pay

Three-Month
USD-LIBOR-BBA

3.263

11/6/19

USD

54,900

425,475

(92,394)

Total Over-the-Counter Interest Rate Swaptions Written

8,620,591

(16,037,704)


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
MSCO		Morgan Stanley Capital Services, Inc.
NOM		Nomura Global Financial Products, Inc.
SCB		Standard Chartered Bank
SIB		Banco Santander SA

Currency abbreviations indicate amounts reporting in currencies
ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chilean Peso
COP		Colombian Peso
EGP		Egyptian Pounds
EUR		Euro
GBP		British Pound Sterling
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
PEN		Peruvian New Sol
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thailand Baht
TRY		New Turkish Lira

35 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


Currency abbreviations indicate amounts reporting in currencies (Continued)
UYU		Uruguay Peso
ZAR		South African Rand

Definitions
30YR CMT		30 Year Constant Maturity Treasury
BA-CDOR		Canada Bankers Acceptances Deposit Offering Rate
BANXICO		Banco de Mexico
BBA		British Bankers’ Association
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BBR		Bank Bill Rate
BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BNM		Bank Negra Malaysia
BUBOR		Budapest Interbank Offered Rate
BUND		German Federal Obligation
BUXL		German Federal Obligation
BZDI		Brazil Interbank Deposit Rate
CDOR		Canada Bankers Acceptances Rate
CDX.IM.23		Market CDX Emerging Markets Index
CDX.HY.31		Market CDX High Yield Index
CLICP		Sinacofi Chile Interbank Rate Average
COOVIBR		Colombia IBR Overnight Nominal interbank Reference Rate
EURIBOR		Euro Interbank Offered Rate
EUR006M		EURIBOR 6 Month ACT/360
EUSA5		EUR Swap Annual 5 Year
EUSA8		EUR Swap Annual 8 Year
EUSA10		EUR Swap Annual 10 Year
EUSA11		EUR Swap Annual 11 Year
FBIL		Financial Benchmarks India Private Ltd.
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
INDEX		10 year USD CMS minus 2 year USD CMS
ITRAXX Europe Crossover Series 30 Version 2		Credit Default Swap Trading Index for a Specific Basket of Securities
JIBA3M		South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX		South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR		Kuala Lumpur Interbank Offered Rate
KWCDC		South Korean Won Index
LIBOR		London Interbank Offered Rate
LIBOR01M		ICE LIBOR USD 1 Month
LIBOR4		London Interbank Offered Rate-Quarterly
LIBOR12		London Interbank Offered Rate-Monthly
MIBOR		Mumbai Interbank Offered Rate
NSERO		India Rupee Floating Rate
OAT		French Government Bonds
OIS		Overnight Index Swap
SORF6M		Association of Banks in Singapore Swap Offer Rate Fixing 6 Month
THBFIX		Thai Baht Interest Rate Fixing
TIIE		Interbank Equilibrium Interest Rate
TNA		Non-Deliverable CLP Camara
US0001M		ICE LIBOR USD 1 Month
US0003M		ICE LIBOR USD 3 Month
USISDA02		USD ICE Swap Rate 2 Year
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, 2018


Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,358,218,880)	$	1,277,173,779
Affiliated companies (cost $318,533,817)		303,966,102
		1,581,139,881
Cash		16,347,124
Cash—foreign currencies (cost $1,540,466)		1,442,807
Cash used for collateral on futures		2,219,000
Cash used for collateral on OTC derivatives		23,029,000
Cash used for collateral on centrally cleared swaps		6,721,882
Cash used for collateral on forward roll transactions		93,000
Unrealized appreciation on forward currency exchange contracts		7,416,073
Swaps, at value (net premiums paid $403,413)		484,080
Centrally cleared swaps, at value (premiums paid $1,317,395)		6,083,709
Receivables and other assets:
Investments sold (including $30,128,739 sold on a when-issued or delayed delivery basis)		30,704,718
Interest, dividends and principal paydowns		18,533,873
Variation margin receivable		73,625
Shares of beneficial interest sold		43,183
Other		473,201
Total assets		1,694,805,156
Liabilities
Unrealized depreciation on forward currency exchange contracts		12,515,690
Options written, at value (premiums received $14,059,156)		11,315,501
Swaps, at value (premiums received $1,613,788)		3,020,734
Centrally cleared swaps, at value (premiums received $256,145)		2,173,976
Swaptions written, at value (premiums received $8,854,761)		16,191,918
Payables and other liabilities:
Investments purchased (including $205,787,303 purchased on a when-issued or delayed delivery basis)		206,800,857
Shares of beneficial interest redeemed		13,328,331
Distribution and service plan fees		233,167
Variation margin payable		172,244
Trustees’ compensation		134,336
Shareholder communications		59,145
Other		319,725
Total liabilities		266,265,624
Net Assets	$	1,428,539,532


Composition of Net Assets
Par value of shares of beneficial interest	$	299,811
Additional paid-in capital		1,647,796,481
Total accumulated loss		(219,556,760	)
Net Assets	$	1,428,539,532


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 $346,706,274 and 74,357,124 shares of beneficial interest outstanding)		$4.66

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,081,833,258 and 225,453,677 shares of beneficial interest outstanding)		$4.80

See accompanying Notes to Consolidated Financial Statements.

37 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended December 31, 2018


Allocation of Income and Expenses from Master Funds¹
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	2,378,221
Dividends		20,779
Net expenses		(147,112	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		2,251,888
Net investment income allocated from Oppenheimer Master Loan Fund, LLC
Interest		12,180,676
Dividends		260,299
Net expenses		(795,865	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		11,645,110
Total allocation of net investment income from master funds		13,896,998
Investment Income
Interest — unaffiliated companies (net of foreign withholding taxes of $636,862)		72,289,122
Fee income on when-issued securities		1,703,225
Dividends:
Unaffiliated companies		1,239,002
Affiliated companies		2,914,905
Total investment income		78,146,254
Expenses
Management fees		9,817,868
Distribution and service plan fees — service shares		2,994,145
Transfer and shareholder servicing agent fees:
Non-Service shares		462,335
Service shares		1,437,190
Shareholder communications:
Non-Service shares		58,244
Service shares		180,618
Custodian fees and expenses		187,542
Trustees’ compensation		58,693
Borrowing fees		51,162
Other		655,366
Total expenses		15,903,163
Less reduction to custodian expenses		(6,761	)
Less waivers and reimbursements of expenses		(1,094,392	)
Net expenses		14,802,010
Net Investment Income		77,241,242

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 $63,121)	$	(36,366,957	)
Affiliated companies		(170,400	)
Option contracts written		(10,098,095	)
Futures contracts		(4,393,486	)
Foreign currency transactions		(563,751	)
Forward currency exchange contracts		12,345,407
Swap contracts		121,196
Swaption contracts written		6,029,807
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(723,081	)
Oppenheimer Master Loan Fund, LLC		3,277,211
Net realized loss		(30,542,149	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies		(96,495,492	)
Affiliated companies		(185,130	)
Translation of assets and liabilities denominated in foreign currencies		191,463
Forward currency exchange contracts		(3,914,697	)
Futures contracts		(2,143,659	)
Option contracts written		2,455,973
Swap contracts		686,096
Swaption contracts written		(7,729,374	)
Net change in unrealized appreciation/(depreciation) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(1,408,559	)
Oppenheimer Master Loan Fund, LLC		(11,799,913	)
Net change in unrealized appreciation/(depreciation)		(120,343,292	)
Net Decrease in Net Assets Resulting from Operations	$	(73,644,199	)

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			Year Ended
	December 31, 2018			December 31, 2017¹
Operations
Net investment income	$	77,241,242		$	71,440,901
Net realized gain (loss)		(30,542,149	)		6,249,553
Net change in unrealized appreciation/(depreciation)		(120,343,292	)		22,696,681
Net increase (decrease) in net assets resulting from operations		(73,644,199	)		100,387,135
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(18,866,160	)		(9,178,475	)
Service shares		(54,450,673	)		(25,692,448	)
Total dividends and distributions declared		(73,316,833	)		(34,870,923	)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(10,549,208	)		(23,313,057	)
Service shares		(84,976,296	)		(56,507,178	)
Total beneficial interest transactions		(95,525,504	)		(79,820,235	)
Net Assets
Total decrease		(242,486,536	)		(14,304,023	)
Beginning of period		1,671,026,068			1,685,330,091
End of period	$	1,428,539,532		$	1,671,026,068

1. Prior period amounts have been conformed to current year presentation. See Notes to Consolidated Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Consolidated Financial Statements.

40 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$5.13		$4.94		$4.88		$5.30		$5.38
Income (loss) from investment operations:
Net investment income¹		0.25		0.22		0.20		0.23		0.26
Net realized and unrealized gain (loss)		(0.47)		0.09		0.11		(0.34)		(0.11)
Total from investment operations		(0.22)		0.31		0.31		(0.11)		0.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.25)		(0.12)		(0.25)		(0.31)		(0.23)
Net asset value, end of period		$4.66		$5.13		$4.94		$4.88		$5.30


Total Return, at Net Asset Value²		(4.40)%		6.27%		6.53%		(2.26)%		2.84%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$346,707		$393,337		$401,308		$429,710		$586,951
Average net assets (in thousands)		$385,157		$400,945		$416,054		$510,765		$707,673
Ratios to average net assets:^3,4
Net investment income		5.07%		4.40%		4.00%		4.51%		4.73%
Expenses excluding specific expenses listed below		0.88%		0.82%		0.79%		0.76%		0.74%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%
Total expenses⁶		0.88%		0.82%		0.79%		0.76%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.81%		0.76%		0.74%		0.73%		0.71%
Portfolio turnover rate⁷		68%		74%		80%		79%		93%

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

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, 2018	0.90	%
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	%

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, 2018		$2,370,164,194		$2,399,236,376
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

See accompanying Notes to Consolidated Financial Statements.

41 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$5.27		$5.07		$5.00		$5.42		$5.50
Income (loss) from investment operations:
Net investment income¹		0.24		0.22		0.19		0.23		0.25
Net realized and unrealized gain (loss)		(0.48)		0.08		0.12		(0.35)		(0.11)
Total from investment operations		(0.24)		0.30		0.31		(0.12)		0.14
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)		(0.10)		(0.24)		(0.30)		(0.22)
Net asset value, end of period		$4.80		$5.27		$5.07		$5.00		$5.42


Total Return, at Net Asset Value²		(4.54)%		6.04%		6.27%		(2.49)%		2.49%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,081,833		$1,277,689		$1,284,022		$1,375,143		$1,551,247
Average net assets (in thousands)		$1,196,988		$1,295,999		$1,332,343		$1,496,350		$1,646,615
Ratios to average net assets:^3,4
Net investment income		4.82%		4.15%		3.75%		4.26%		4.48%
Expenses excluding specific expenses listed below		1.13%		1.07%		1.04%		1.01%		0.99%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%
Total expenses⁶		1.13%		1.07%		1.04%		1.01%		0.99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.06%		1.01%		0.99%		0.98%		0.96%
Portfolio turnover rate⁷		68%		74%		80%		79%		93%

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

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, 2018	1.15	%
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	%

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, 2018		$2,370,164,194		$2,399,236,376
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

See accompanying Notes to Consolidated Financial Statements.

42 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2018

1. Organization

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

2. Significant Accounting Policies

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

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd. (the “Subsidiary”), which is wholly-owned and controlled by the Fund. 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 88,909 shares with net assets of $7,163,082 in the Subsidiary.

Other financial information at period end:


Total market value of investments	$	4,072,081
Net assets	$	7,163,082
Net income (loss)	$	36,663
Net realized gain (loss)	$	(306,519	)
Net change in unrealized appreciation/depreciation	$	(409,095	)

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.

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

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.

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.

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.

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2,3,4

Net Unrealized
Depreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$51,756,881

$—

$174,013,686

$96,120,115

1. At period end, the Fund had $173,076,585 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. The Fund has $937,101 of straddle 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 utilized $3,016,001 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

44 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

2. Significant Accounting Policies (Continued)

Increase

to Paid-in Capital

Increase to
Accumulated Net
Loss

$132

The tax character of distributions paid during the reporting periods:


	Year Ended December 31, 2018		Year Ended December 31, 2017
Distributions paid from:
Ordinary income	$	73,316,833	$	34,870,923


Federal tax cost of securities	$	1,674,141,574
Federal tax cost of other investments		(181,945,254	)

Total federal tax cost	$	1,492,196,320

Gross unrealized appreciation	$	59,297,790
Gross unrealized depreciation		(155,417,905	)

Net unrealized depreciation	$	(96,120,115	)

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Consolidated Statement of Assets and Liabilities and Consolidated Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Consolidated Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

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:

45 OPPENHEIMER GLOBAL STRATEGIC INCOME 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.

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.

Classifications

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

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

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

46 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)

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	$	—		$	33,051,502		$	—	$	33,051,502
Mortgage-Backed Obligations		—			299,079,357			—		299,079,357
Foreign Government Obligations		—			288,046,695			—		288,046,695
Corporate Loans		—			5,758,325			—		5,758,325
Corporate Bonds and Notes		—			590,739,847			26,602		590,766,449
Preferred Stocks		18,300,698			—			—		18,300,698
Common Stocks		2,127,421			—			38,084		2,165,505
Rights, Warrants and Certificates		—			—			87,664		87,664
Structured Securities		—			7,163,861			74,171		7,238,032
Short-Term Notes		—			19,060,220			—		19,060,220
Investment Companies		130,682,591			174,767,262			—		305,449,853
Over-the-Counter Options Purchased		—			6,580,809			—		6,580,809
Over-the-Counter Interest Rate Swaptions Purchased		—			5,554,772			—		5,554,772
Total Investments, at Value		151,110,710			1,429,802,650			226,521		1,581,139,881

Other Financial Instruments:
Swaps, at value		—			484,080			—		484,080
Centrally cleared swaps, at value		—			6,083,709			—		6,083,709
Futures contracts		1,356,330			—			—		1,356,330
Forward currency exchange contracts		—			7,416,073			—		7,416,073

Total Assets	$	152,467,040		$	1,443,786,512		$	226,521	$	1,596,480,073


Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(3,020,734	)	$	—	$	(3,020,734)
Centrally cleared swaps, at value		—			(2,173,976	)		—		(2,173,976)
Options written, at value		—			(11,315,501	)		—		(11,315,501)
Futures contracts		(2,543,981	)		—			—		(2,543,981)
Forward currency exchange contracts		—			(12,515,690	)		—		(12,515,690)
Swaptions written, at value		—			(16,191,918	)		—		(16,191,918)

Total Liabilities	$	(2,543,981	)	$	(45,217,819	)	$	—		$ (47,761,800)

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


	Transfers into Level 2*		Transfers out of Level 2**			Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	51,559	$	–		$	–	$	(51,559)
Common Stocks		–		(39,045	)		39,045		–
Rights, Warrants and Certificates		–		(21,067	)		21,067		–

Total Assets	$	51,559	$	(60,112	)	$	60,112	$	(51,559)

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

**Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

4. Investments and Risks

47 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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

Investment in Oppenheimer 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 13.4% of Master Loan and 8.4% of Master Event-Linked Bond at period end.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Consolidated Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

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.

48 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. Investments and Risks (Continued)

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		$205,787,303

Sold securities		30,128,739

At period end, the counterparty pledged $572,549 of collateral to the Fund for forward roll transactions.

At period end, the Fund pledged $93,000 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 Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest and/or principal payment.

Information concerning securities not accruing interest at period end is as follows:


Cost	$	2,966,073
Market Value	$	796,716
Market Value as % of Net Assets		0.06%

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.

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

49 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

broker dealers, fund of funds, and directors or employees. The related party owned 22% 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:

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

6. Use of Derivatives

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, 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 $272,409,303 and $459,354,497, 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.

50 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

Futures Contracts

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

During the reporting period, the Fund had an ending monthly average market value of $104,691,785 and $210,627,356 on futures contracts purchased and sold, respectively.

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 $2,515,484 and $1,061,162 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

51 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

contract. 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 $1,743,703 and $9,558,845 on written call options and written put options, respectively.

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

Swap Contracts

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.

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 $27,988,462 and $21,067,538 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 $180,148,007 and $429,900,062 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.

52 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)

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 $12,950,002 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

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 may enter into currency swaption contracts with the obligation to pay an interest rate on the US dollar notional amount or various foreign currency notional amounts and receive an interest rate on various foreign currency notional amounts or US dollar notional amounts, with an option to replace the contractual currency as disclosed in the Consolidated Statement of Investments. This is done in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. The US dollar swaption contracts seek to increase exposure to foreign exchange rate risk. The foreign currency swaption contracts seek to decrease exposure to foreign exchange rate risk.

During the reporting period, the Fund had an ending monthly average market value of $2,935,559 and $5,998,881 on purchased and written swaptions, respectively.

53 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

At period end, the Fund has required certain counterparties to post collateral of $477,762.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at 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	$	2,226,718	$	(2,226,718	)	$	–	$	–		$	–
Barclays Bank plc		2,789,149		(2,789,149	)		–		–			–
BNP Paribas		9,634		(9,634	)		–		–			–
Citibank NA		1,814,282		(1,814,282	)		–		–			–
Deutsche Bank AG		111,596		(72,691	)		–		(38,905	)		–
Goldman Sachs Bank USA		4,540,438		(4,540,438	)		–		–			–
Goldman Sachs International		849,207		(384,791	)		–		–			464,416

54 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
HSBC Bank USA NA	$	248,890	$	(166,895	)	$	(81,995	)	$	–		$	–
JPMorgan Chase Bank NA		6,087,701		(6,087,701	)		–			–			–
Morgan Stanley Capital Services, Inc.		626,077		(626,077	)		–			–			–
Standard Chartered Bank		732,042		(732,042	)		–			–			–

	$	20,035,734	$	(19,450,418	)	$	(81,995	)	$	(38,905	)	$	464,416

*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, if any, 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	$	(8,979,792)	$	2,226,718	$	–	$	5,650,000	$	(1,103,074)
Barclays Bank plc		(4,235,206)		2,789,149		–		1,120,000		(326,057)
BNP Paribas		(27,427)		9,634		–		–		(17,793)
Citibank NA		(3,842,744)		1,814,282		–		1,910,000		(118,462)
Deutsche Bank AG		(72,691)		72,691		–		–		–
Goldman Sachs Bank USA		(6,659,069)		4,540,438		–		2,118,631		–
Goldman Sachs International		(384,791)		384,791		–		–		–
HSBC Bank USA, NA		(166,895)		166,895		–		–		–
JPMorgan Chase Bank NA		(10,755,600)		6,087,701		–		4,667,899		–
Morgan Stanley Capital Services, Inc.		(1,628,750)		626,077		–		870,000		(132,673)
Nomura Global Financial Products, Inc.		(3,139,829)		–		–		2,710,000		(429,829)
Standard Chartered Bank		(3,151,049)		732,042		–		2,184,000		(235,007)

	$	(43,043,843)	$	19,450,418	$	–	$	21,230,530	$	(2,362,895)

*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, if any, are excluded from these reported amounts.
**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Consolidated

Statement of Assets

and Liabilities Location

Value

Consolidated

Statement of Assets

and Liabilities Location

Value

Credit contracts

Swaps, at value

352,680

Swaps, at value

2,733,207

Interest rate contracts

Swaps, at value

131,400

Swaps, at value

287,527

Credit contracts

Centrally cleared swaps,
at value

1,101,843

Centrally cleared swaps,
at value

138,281

55 OPPENHEIMER GLOBAL STRATEGIC INCOME 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

Centrally cleared swaps,
at value

4,981,866

Centrally cleared swaps,
at value

2,035,695

Interest contracts

Variation margin receivable

73,625*

Variation margin payable

172,244*

Forward currency exchange contracts

Unrealized appreciation on
forward currency exchange contracts

7,416,073

Unrealized depreciation on
forward currency exchange contracts

12,515,690

Currnecy contracts

Options written, at value

11,315,501

Credit contracts

Swaptions written, at value

154,214

Interest rate contracts

Swaptions written, at value

16,037,704

Currency contracts

Investments, at value

6,580,809**

Interest rate contracts

Investments, at value

5,554,772**

Total

26,193,068

45,390,063

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

**Amounts relate to purchased option contracts and purchased swaption contracts, if any.

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


Amount of Realized Gain or (Loss) Recognized on Derivatives
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	$	(1,269,155)	$	987,709	$	—	$	—	$	—	$	(1,544,707)	$	(1,826,153)
Currency Contracts		(3,907,131)		—		(9,570,137)		—		—		—		(13,477,268)
Equity contracts		612,646		—		(635,679)		—		—		39,257		16,224
Forward currency exchange contracts		—		—		—		—		12,345,407		—		12,345,407
Interest rate contracts		(2,276,424)		5,042,098		107,721		(4,393,486)		—		1,626,646		106,555

Total	$	(6,840,064)	$	6,029,807	$	(10,098,095)	$	(4,393,486)	$	12,345,407	$	121,196	$	(2,835,235)

*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	$	—	$	—	$	79,956	$	—	$	—	$	(1,454,956)	$	(1,375,000)
Currency contracts		(1,683,402)		2,455,973		—		—		—		—		772,571
Equity contracts		412,524		—		—		—		—		—		412,524
Forward currency exchange contracts		—		—		—		—		(3,914,697)		—		(3,914,697)
Interest rate contracts		2,317,763		—		(7,809,330)		(2,143,659)		—		2,141,052		(5,494,174)

Total	$	1,046,885	$	2,455,973	$	(7,729,374)	$	(2,143,659)	$	(3,914,697)	$	686,096	$	(9,598,776)

*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, 2018				Year Ended December 31, 2017
	Shares		Amount		Shares		Amount
Non-Service Shares
Sold		8,490,294	$	42,380,338		4,936,516	$	24,907,153
Dividends and/or distributions reinvested		3,988,617		18,866,160		1,828,381		9,178,475
Redeemed		(14,761,302)		(71,795,706)		(11,338,330)		(57,398,685)

Net decrease		(2,282,391)	$	(10,549,208)		(4,573,433)	$	(23,313,057)

56 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

7. Shares of Beneficial Interest (Continued)


	Year Ended December 31, 2018				Year Ended December 31, 2017
	Shares		Amount		Shares		Amount
Service Shares
Sold		9,208,135	$	46,798,575		12,450,513	$	64,464,791
Dividends and/or distributions reinvested		11,180,836		54,450,673		4,979,157		25,692,448
Redeemed		(37,228,166)		(186,225,544)		(28,206,027)		(146,664,417)

Net decrease		(16,839,195)	$	(84,976,296)		(10,776,357)	$	(56,507,178)

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	$965,760,387	$1,125,856,667
U.S. government and government agency obligations	—	1,586,013
To Be Announced (TBA) mortgage-related securities	2,370,164,194	2,399,236,376

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 0.62% of average annual net assets before any Subsidiary management fees or any applicable waivers.

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

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

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

57 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

Service shares of the Fund. The Distributor currently uses all of those fees to compensate sponsors of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares, which results in lower performance compared to the Fund’s shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Consolidated Statement of Operations.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive 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 $63,128. 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 $1,031,264 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 $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Acquisition

58 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 Consolidated 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, and subsidiary (the “Fund”), including the consolidated statement of investments, as of December 31, 2018, 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 consolidated financial position of the Fund as of December 31, 2018, 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 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, 2018, 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

Denver, Colorado

February 19, 2019

59 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

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 3.50% to arrive at the amount eligible for the corporate dividend-received deduction.

60 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

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

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 Hemant Baijal, 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 funds underlying variable insurance products. The Board considered that the Fund underperformed its category median during all periods. The Board considered that, as a result of the Board’s conversations with the Adviser, and in an effort to address performance, the Adviser added two portfolio managers to the Fund’s investment team in January 2017. The Board further noted that a portfolio manager of the Fund was replaced in January 2018. It also considered the Fund’s performance against its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which the Managers stated is a good comparison for Fund performance, and noted that the Fund outperformed its benchmark 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 multisector 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). The Board considered that the Fund’s total expenses 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 category median and equal to its peer group median. The Board further considered the Fund’s current contractual fee waivers, specifically that (a) the Adviser has contractually 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 for one year from the date of the Fund’s prospectus, unless approved by the Board and (b) the Adviser 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 Fund’s subsidiary, which will continue to be in effect for so long as the Fund invests in the subsidiary and may not be terminated unless approved by the Board.

61 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

62 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

63 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

64 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Baijal, 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.

Hemant Baijal, Vice President (since 2015) Year of Birth: 1962		Senior Vice President of the Sub-Adviser (since January 2016); Senior Portfolio Manager of the Sub-Adviser (since July 2011); Co-Head of the Global Debt Team (since January 2015); Vice President of the Sub-Adviser (July 2011-January 2016). Co- founder, Partner and Portfolio Manager of Six Seasons Global Asset Management (January 2009-December 2010); Partner and Portfolio Manager of Aravali Partners, LLC (September 2006-December 2008); Partner and Portfolio Manager at Havell Capital Management, LLC (November 1996-August 2006).

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).

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).

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).

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

65 OPPENHEIMER GLOBAL STRATEGIC INCOME 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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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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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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

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December 31, 2018 Annual ReportANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements

PORTFOLIO MANAGERS: Ben Rockmuller, CFA and Alessio de Longis, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/18


	Inception Date		1-Year			5-Year			Since Inception
Non-Service Shares		11/14/13		-3.21	%		0.66	%		0.51	%
Service Shares		11/14/13		-3.30			0.45			0.29
ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index				1.87			0.63			0.61

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Alphabet, Inc., Cl. A		3.7%
Microsoft Corp.		2.2
Energy Transfer LP		1.1
Chubb Ltd.		0.8
Imperva, Inc.		0.8
Esterline Technologies Corp.		0.8
Navigators Group, Inc. (The)		0.8
Integrated Device Technology, Inc.		0.8
Investment Technology Group, Inc.		0.8
Electro Scientific Industries, Inc.		0.8

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

PORTFOLIO ALLOCATION


Common Stocks	49.5	%
Event-Linked Bonds
Multiple Event	7.7
Earthquake	5.2
Windstorm	3.0
Other	0.8
Longevity	0.1
Pandemic	0.1
Fire	—*
Short-Term Notes	13.1
Foreign Government Obligations	6.2
Investment Companies
Highland/iBoxx Senior Loan Exchange Traded Fund	0.6
Oppenheimer Institutional Government Money Market Fund	2.1
SPDR Gold Trust Exchange Traded Fund	1.3
Corporate Loans	3.8
Asset-Backed Securities	2.8
Non-Convertible Corporate Bonds and Notes	2.0
Mortgage-Backed Obligations
Non-Agency	0.7
Preferred Stocks	0.6
Structured Securities	0.3
Over-the-Counter Interest Rate Swaptions Purchased	0.1
Rights, Warrants and Certificates	—^*
Over-the-Counter Options Purchased	—^*
Exchange-Traded Options Purchased	—^*

*Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned -3.21% 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 1.87% during the same period.

FUND REVIEW

The Fund’s underperformance versus the Index stemmed largely from its exposure to income alternatives and select Alpha alternatives strategies.

In income alternatives, the largest detractor was our exposure to master-limited partnerships (MLPs). Despite a move higher in energy prices earlier in the period, MLPs struggled during the period and underperformed. We believe they are increasingly supported by crude and natural gas volume increases, stable energy markets, and cheap valuations. Furthermore, we believe the restructuring of the sector (incentive distribution rights elimination or simplification) should improve prospects for distributable cash flow. Our exposure to event-linked bonds and leveraged loans detracted from performance to a lesser degree. Also, the Fund’s risk management overlays detracted from performance. In particular, our relative value positioning between equity markets was a detractor.

In Alpha alternatives, our Currency Alpha, Fundamental Alternatives, and Direct Volatility strategies detracted from performance. Our Direct Volatility strategy systematically rides on the Volatility Risk Premium and continuously extracts value from the spread between implied variance and realized variance of S&P 500 index. In Currency Alpha, our recent overweight positions to safe-haven currencies like the Swiss Franc and underweight positions to emerging market currencies like the Brazilian Real detracted from performance. Also, our underweight to the U.S. Dollar worked against us as this currency appreciated against most developed and emerging currencies. We did have positive results in Alpha Alternatives within our Alternative Risk Premia strategies. In particular, our foreign currency gamma strategy and our merger arbitrage strategy were contributors for the year. Also, our long and short oil positions worked quite well throughout the year and added to performance as well as our Funding Markets relative value strategies.

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.

Global growth continues to slow, led by the deceleration of economic activity in Europe and most recently the U.S. However, we see early signs of stabilization in emerging markets (EM), which is tentatively confirmed by the recent market price action. Emerging market equities have outperformed developed markets during the global equity sell-off of the fourth quarter of 2018. Similarly, our global risk appetite framework suggests improving market sentiment for the first time since April. As a result, we have increased risk in our portfolio overlays after being underweight risk. In addition, we have tilt to emerging market equities versus developed markets. 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. We are paying close attention to the policy backdrop and the inflation picture; both are potential headwinds to derail the advanced cycle.

3 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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 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:

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -3.21% 5-Year 0.66% Since Inception (11/14/13) 0.51%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -3.30% 5-Year 0.45% Since Inception (11/14/13) 0.29%

5 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	July 1, 2018		December 31, 2018		December 31, 2018
Non-Service shares	$	1,000.00	$	970.30	$	7.38
Service shares		1,000.00		970.30		8.58

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,017.74		7.55
Service shares		1,000.00		1,016.53		8.78

6 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value
Common Stocks—48.3%
Consumer Discretionary—5.7%
Entertainment—0.2%
Live Nation Entertainment, Inc.¹		15,170	$	747,123
Hotels, Restaurants & Leisure—0.3%
Choice Hotels International, Inc.		11,620		831,760
McDonald’s Corp.		2,020		358,691
				1,190,451
Household Durables—0.2%
DR Horton, Inc.		5,170		179,192
Lennar Corp., Cl. A		4,500		176,175
Mohawk Industries, Inc.¹		2,580		301,757
				657,124
Interactive Media & Services—3.7%
Alphabet, Inc., Cl. A^1,2		12,896		13,475,804
Media—0.8%
DISH Network Corp., Cl. A¹		20,363		508,464
Media General, Inc.^1,3,4		1,099		59
Tribune Media Co., Cl. A		56,249		2,552,580
				3,061,103
Specialty Retail—0.5%
Children’s Place, Inc. (The)		3,990		359,459
Lowe’s Cos., Inc.		10,930		1,009,495
Ross Stores, Inc.		3,910		325,312
				1,694,266
Consumer Staples—1.2%
Beverages—0.6%
Coca-Cola Co. (The) ²		46,970		2,224,029
Tobacco—0.6%
Philip Morris International, Inc.²		29,730		1,984,775
Energy—8.3%
Energy Equipment & Services—0.3%
Halliburton Co.		7,405		196,825
Schlumberger Ltd.		8,265		298,201
USA Compression Partners LP⁵		34,586		448,926
				943,952
Oil, Gas & Consumable Fuels—8.0%
Antero Midstream GP LP		54,169		605,609
Buckeye Partners LP⁵		47,769		1,384,823
Chevron Corp.		4,400		478,676
Concho Resources, Inc.¹		2,690		276,505
ConocoPhillips		8,262		515,136
DCP Midstream LP⁵		15,444		409,112
Energy Transfer LP^5,2		309,580		4,089,552
Enterprise Products Partners LP⁵		97,904		2,407,459
EOG Resources, Inc.		2,962		258,316
EQM Midstream Partners LP⁵		29,336		1,268,782
Magellan Midstream Partners LP⁵		25,955		1,480,992
MPLX LP⁵		58,587		1,775,186
Occidental Petroleum Corp.		10,770		661,063
Phillips 66 Partners LP⁵		53		2,232
Pioneer Natural Resources Co.		2,100		276,192
Plains All American Pipeline LP⁵		10,056		201,522
Plains GP Holdings LP, Cl. A¹		17,231		346,343
Sunoco LP⁵		6,737		183,179
Tallgrass Energy LP, Cl. A		91,205		2,219,930
Targa Resources Corp.		31,183		1,123,212
TC PipeLines LP⁵		48,396		1,554,480
TOTAL SA, Sponsored ADR		12,820		668,948
TransMontaigne Partners LP⁵		23,197		941,334
Valero Energy Corp.		7,331		549,605
Valero Energy Partners LP⁵		64,389		2,715,284
Western Gas Partners LP⁵		7,852		331,590
Williams Cos., Inc. (The)		103,509		2,282,373
				29,007,435


	Shares		Value
Financials—10.6%
Capital Markets—1.3%
Goldman Sachs Group, Inc. (The)		5,740	$	958,867
Investment Technology Group, Inc.		90,189		2,727,315
Raymond James Financial, Inc.		5,760		428,602
State Street Corp.		8,170		515,282
				4,630,066
Commercial Banks—0.9%
BNP Paribas SA		10,100		454,886
M&T Bank Corp.		10,085		1,443,466
PNC Financial Services Group, Inc. (The)		3,640		425,553
Wells Fargo & Co.		20,590		948,787
				3,272,692
Diversified Financial Services—0.0%
NewStar Financial, Inc.^1,3		409		—
Insurance—2.5%
Allstate Corp. (The)		6,300		520,569
Aspen Insurance Holdings Ltd.		64,683		2,716,039
Chubb Ltd.		22,815		2,947,242
Navigators Group, Inc. (The)		39,568		2,749,580
Travelers Cos., Inc. (The)		2,720		325,720
				9,259,150
Real Estate Investment Trusts (REITs)—4.5%
Agree Realty Corp.		7,760		458,771
Allied Properties Real Estate Investment Trust		10,380		336,977
AvalonBay Communities, Inc.		2,420		421,201
Blackstone Mortgage Trust, Inc., Cl. A		45,445		1,447,878
Boston Properties, Inc.		4,030		453,576
Chesapeake Lodging Trust		600		14,610
Cousins Properties, Inc.		28,910		228,389
Crown Castle International Corp.		920		99,940
Derwent London plc		1,780		64,605
Dexus		26,799		200,422
Digital Realty Trust, Inc.		7,170		763,963
Equinix, Inc.		470		165,703
Equity Residential		8,460		558,445
Extra Space Storage, Inc.		4,950		447,876
First Industrial Realty Trust, Inc.		8,740		252,236
Fortune Real Estate Investment Trust		104,000		119,273
Gaming & Leisure Properties, Inc.		4,800		155,088
Gecina SA		1,580		203,965
GLP J-REIT		296		302,357
Goodman Group		45,300		339,069
Green REIT plc		93,771		144,806
Hammerson plc		12,870		53,896
Hoshino Resorts REIT, Inc.		35		165,833
Host Hotels & Resorts, Inc.		10,970		182,870
ICADE		2,040		155,081
InfraREIT, Inc.		6,730		141,465
Inmobiliaria Colonial Socimi SA		22,787		211,803
Invesco Office J-Reit, Inc.		1,622		226,562
Invincible Investment Corp.		240		99,068
Keppel REIT		388,300		324,928
Kilroy Realty Corp.		8,500		534,480
Land Securities Group plc		18,581		190,476
Link REIT		38,000		382,683
LondonMetric Property plc		40,080		88,776
Mapletree Logistics Trust		210,700		194,547
Medical Properties Trust, Inc.		13,510		217,241
National Retail Properties, Inc.		7,280		353,153
New Residential Investment Corp.		8,850		125,759
Park Hotels & Resorts, Inc.		7,790		202,384
Physicians Realty Trust		10,070		161,422
Prologis, Inc.		9,510		558,427
Regency Centers Corp.		8,292		486,575
Scentre Group		106,999		293,896

7 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Segro plc		19,380	$	145,369
Simon Property Group, Inc.		3,080		517,409
Starwood Property Trust, Inc.		30,590		602,929
STORE Capital Corp.		10,200		288,762
Sun Communities, Inc.		2,480		252,241
UDR, Inc.		15,390		609,752
Unibail-Rodamco-Westfield		2,193		338,750
Unite Group plc (The)		23,400		240,072
VICI Properties, Inc.		10,240		192,307
Weingarten Realty Investors		4,390		108,916
Welltower, Inc.		6,030		418,542
				16,245,524
Real Estate Management & Development—1.3%
Castellum AB		14,788		272,211
China Overseas Land & Investment Ltd.		98,000		337,291
China Resources Land Ltd.		82,000		313,081
City Developments Ltd.		22,700		134,711
CK Asset Holdings Ltd.		74,500		541,746
Deutsche Wohnen SE		2,543		116,563
Fabege AB		11,610		154,562
Hulic Co. Ltd.		16,900		151,230
KWG Group Holdings Ltd.		195,500		171,200
Mitsubishi Estate Co. Ltd.		15,100		236,631
Mitsui Fudosan Co. Ltd.		19,400		429,853
Shimao Property Holdings Ltd.		92,500		244,683
Shurgard Self Storage S.A.¹		2,544		70,640
SM Prime Holdings, Inc.		126,000		85,770
StorageVault Canada, Inc.		70,058		121,621
Sumitomo Realty & Development Co. Ltd.		5,400		197,228
Swire Properties Ltd.		43,600		152,356
Vonovia SE		18,351		832,877
Wharf Real Estate Investment Co. Ltd.		38,000		225,882
				4,790,136
Thrifts & Mortgage Finance—0.1%
WSFS Financial Corp.		6,980		264,612
Health Care—4.5%
Biotechnology—0.7%
TESARO, Inc.¹		35,057		2,602,982
Health Care Equipment & Supplies—0.5%
Abbott Laboratories		8,800		636,504
Medtronic plc		13,492		1,227,232
				1,863,736
Health Care Providers & Services—1.4%
AMN Healthcare Services, Inc.¹		5,950		337,127
Cigna Corp.		5,984		1,136,481
Civitas Solutions, Inc.¹		33,026		578,285
HCA Healthcare, Inc.		2,675		332,904
Premier, Inc., Cl. A¹		16,410		612,914
Quest Diagnostics, Inc.		5,520		459,650
UnitedHealth Group, Inc.²		6,985		1,740,103
				5,197,464
Life Sciences Tools & Services—0.7%
Pacific Biosciences of California, Inc.¹		342,696		2,535,951
Pharmaceuticals—1.2%
Allergan plc²		3,210		429,049
Ambit Biosciences Corp.^1,3		10,347		—
Merck & Co., Inc.		17,375		1,327,624
Mylan NV¹		20,450		560,330
Novartis AG, Sponsored ADR		11,973		1,027,403
Roche Holding AG		3,699		914,667
Teva Pharmaceutical Industries Ltd.¹		10		—
				4,259,073


	Shares		Value
Industrials—4.7%
Aerospace & Defense—2.2%
Esterline Technologies Corp.¹		22,688	$	2,755,458
L3 Technologies, Inc.		3,480		604,337
Lockheed Martin Corp.		5,365		1,404,772
Northrop Grumman Corp.		4,640		1,136,336
Raytheon Co.		6,410		982,973
Sparton Corp.¹		51,323		933,565
				7,817,441
Air Freight & Couriers—0.1%
FedEx Corp.		2,260		364,606
Airlines—0.0%
CHC Group LLC^1,4		697		—
Commercial Services & Supplies—0.3%
Republic Services, Inc., Cl. A		15,680		1,130,371
Construction & Engineering—0.1%
Granite Construction, Inc.		6,490		261,417
Electrical Equipment—0.7%
Emerson Electric Co.		40,000		2,390,000
Industrial Conglomerates—0.3%
Honeywell International, Inc.²		8,290		1,095,275
Machinery—0.3%
Stanley Black & Decker, Inc.		9,320		1,115,977
Professional Services—0.7%
Dun & Bradstreet Corp. (The)		19,097		2,725,905
Information Technology—10.1%
Communications Equipment—1.2%
ARRIS International plc¹		86,626		2,648,157
Cisco Systems, Inc.		42,450		1,839,358
				4,487,515
Electronic Equipment, Instruments, & Components—0.8%
Electro Scientific Industries, Inc.¹		90,679		2,716,743
IT Services—0.8%
ConvergeOne Holdings, Inc.		31,372		388,386
Travelport Worldwide Ltd.		164,944		2,576,425
				2,964,811
Semiconductors & Semiconductor Equipment—1.8%
Hanergy Thin Film Power Group Ltd.^1,4		161,121		—
Integrated Device Technology, Inc.¹		56,689		2,745,448
QUALCOMM, Inc.²		13,769		783,594
Taiwan Semiconductor Manufacturing
Co. Ltd., Sponsored ADR		23,583		870,448
Xilinx, Inc.		24,245		2,064,947
				6,464,437
Software—5.1%
Apptio, Inc., Cl. A¹		72,038		2,734,563
Imperva, Inc.¹		49,863		2,776,870
Microsoft Corp.²		80,000		8,125,600
MINDBODY, Inc., Cl. A¹		66,254		2,411,646
Red Hat, Inc.¹		14,352		2,520,785
				18,569,464
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc.		8,600		1,356,564
Materials—1.1%
Chemicals—0.5%
Celanese Corp., Cl. A²		11,190		1,006,765
Westlake Chemical Partners LP⁵		31,010		748,271
				1,755,036
Containers & Packaging—0.5%
Packaging Corp. of America		6,620		552,505
Sonoco Products Co.²		25,310		1,344,720
				1,897,225

8 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


	Shares		Value
Metals & Mining—0.1%
Steel Dynamics, Inc.		7,670	$	230,407
Telecommunication Services—0.6%
Diversified Telecommunication Services—0.6%
BCE, Inc.		30,545		1,207,444
Verizon Communications, Inc.		17,190		966,422
				2,173,866
Utilities—1.5%
Electric Utilities—0.6%
American Electric Power Co., Inc.		18,160		1,357,278
Duke Energy Corp.		740		63,862
Edison International		8,195		465,230
Exelon Corp.		1,420		64,042
Xcel Energy, Inc.		1,250		61,588
				2,012,000
Independent Power and Renewable Electricity Producers—0.6%
NRG Energy, Inc.		58,000		2,296,800
Multi-Utilities—0.3%
CMS Energy Corp.		17,050		846,532
Consolidated Edison, Inc.		810		61,933
Dominion Energy, Inc.		880		62,885
Public Service Enterprise Group, Inc.		1,200		62,460
				1,033,810
Total Common Stocks (Cost $168,987,197)				174,767,118
Preferred Stocks—0.6%
Citigroup Capital XIII, 7.75% Cum., Non-Vtg. [US0003M+637]⁶		48,625		1,285,159
Kinesis 2017 Sidecar, Preferred^1,4		32,412		105,921
M&T Bank Corp., 6.375% Cum., Series A, Non-Vtg.		340		344,246
M&T Bank Corp., 6.375% Cum., Series C, Non-Vtg.		475		479,406
Total Preferred Stocks (Cost $2,444,298)				2,214,732

	Units
Rights, Warrants and Certificates—0.0%
Kaisa Group Holdings Ltd. Rts., Strike Price $1, Exp. 12/31/49, 0.00%¹(Cost $0)		231		—

	Principal Amount
Asset-Backed Securities—2.8%
Bear Stearns Structured Products Trust, Series 2007-EMX1, Cl. A2, 3.806% [US0001M+130], 3/25/37^6,7	$	1,600,000		1,601,928
GSAMP Trust, Series 2005-HE4, Cl. M3, 3.286% [US0001M+78], 7/25/45⁶		1,400,000		1,391,684
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-NC1, Cl. M1, 2.886% [US0001M+38], 12/25/35⁶		1,780,000		1,768,282
New Century Home Equity Loan Trust, Series 2005-1, Cl. M2, 3.226% [US0001M+72], 3/25/35⁶		397,953		383,970
Raspro Trust, Series 2005-1A, Cl. G, 3.192% [LIBOR03M+40], 3/23/24^6,7		591,639		596,587
SG Mortgage Securities Trust, Series 2005-OPT1, Cl. M2, 2.956% [US0001M+45], 10/25/35⁶		4,250,000		4,220,923
Total Asset-Backed Securities (Cost $8,921,227)				9,963,374
Mortgage-Backed Obligation—0.6%
RAMP Trust, Series 2005-RS6, Cl. M4, 3.481% [US0001M+97.5], 6/25/35⁶(Cost $2,098,602)		2,300,000		2,300,788



	Principal Amount		Value
Foreign Government Obligation—6.1%
Federative Republic of Brazil, 5.825%, 4/1/19¹¹(Cost $22,105,168) BRL		86,800,000	$	22,063,134
Non-Convertible Corporate Bonds and Notes—1.9%
Amphenol Corp., 2.55% Sr. Unsec. Nts., 1/30/19		500,000		499,681
Bank of America Corp., 6.25% [US0003M+370.5] Jr. Sub. Perpetual Bonds^6,8		1,290,000		1,276,133
Daimler Finance North America LLC, 3.132% [US0003M+55] Sr. Unsec. Nts., 5/4/21^6,7		500,000		495,713
Goldman Sachs Capital II, 4.00% [US0003M+76.75] Jr. Sub. Perpetual Bonds^6,8		8,000		5,460
Goldman Sachs Group, Inc. (The): 5.375% [US0003M+392.2] Jr. Sub. Perpetual Bonds^6,8		999,000		966,552
5.70% [US0003M+388.4] Jr. Sub. Perpetual Bonds, Series L^6,8		580,000		566,283
Lukoil International Finance BV, 6.125% Sr. Unsec. Nts., 11/9/20⁷		1,284,000		1,325,602
Nutrien Ltd., 6.75%, 1/15/19		300,000		300,338
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20		600,000		591,750
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/20^3,4,9		300,000		—
SandRidge Energy, Inc., 7.50% Sr. Unsec. Nts., 3/15/21^3,4,9		500,000		—
United States Cellular Corp., 6.70% Sr. Unsec. Nts., 12/15/33		590,000		576,200
Wells Fargo Bank NA, 2.987% [US0003M+51] Sr. Unsec. Nts., 10/22/21⁶		425,000		420,135
Total Non-Convertible Corporate Bonds and Notes (Cost $7,289,606)				7,023,847
Corporate Loans—3.7%
Axalta Coating Systems US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.136% [LIBOR4+175], 6/1/24⁶		3,217,172		3,041,563
Delos Finance Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.553% [LIBOR4+175], 10/6/23⁶		3,165,000		3,087,457
Hilton Worldwide Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.031% [LIBOR12+175], 10/25/23⁶		2,892,137		2,799,169
Live Nation Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.313% [LIBOR4+175], 10/31/23⁶		797,970		781,675
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.568% [LIBOR12+325], 10/25/20⁶		755,179		640,724
Vistra Operations Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.595% [LIBOR12+225], 12/14/23⁶		3,300,326		3,182,076
Total Corporate Loans (Cost $14,136,584)				13,532,664
Event-Linked Bonds—16.4%
Earthquake—5.0%
Acorn Re Ltd. Catastrophe Linked Nts., 4.986% [US0003M+275], 11/10/21^6,7		500,000		494,875
Azzurro RE I DAC Catastrophe Linked Nts., 2.15% [EUR003M+215], 1/16/19^6,10 EUR		800,000		916,531

9 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Earthquake (Continued)
Buffalo Re Ltd. Catastrophe Linked Nts.:
6.051% [US0006M+348], 4/7/20^6,7	$	500,000	$	500,675
9.731% [US0006M+716], 4/7/20^6,7		250,000		249,262
Golden State Re II Ltd. Catastrophe Linked Nts., 4.637% [T-BILL 3MO+220], 1/8/19^6,7		1,250,000		1,254,687
Golden State RE II Ltd. Catastrophe Linked Nts., 4.982% [US0003M+220], 1/8/23^6,7		500,000		497,775
International Bank for Reconstruction & Development Catastrophe Linked Nts.:
4.916% [US0003M+250], 2/14/20-2/15/21^6,7		1,500,000		1,495,525
5.416% [US0003M+300], 2/15/21^6,7		1,250,000		1,242,563
8.416% [US0003M+600], 2/15/21^6,7		900,000		895,815
10.666% [US0003M+825], 2/14/20^6,7		500,000		496,313
Kilimanjaro Re Ltd. Catastrophe Linked Nts., 6.195% [T-BILL 3MO+375], 11/25/19^6,7		750,000		739,387
Kizuna Re II Ltd. Catastrophe Linked Nts.:
4.32% [T-BILL 3MO+187.5], 4/11/23^6,7		750,000		730,762
4.945% [T-BILL 3MO+250], 4/11/23^6,7		250,000		244,212
Merna Re Ltd. Catastrophe Linked Nts.:
4.445% [T-BILL 3MO+200], 4/8/20-4/8/21^6,7		1,250,000		1,248,737
Nakama Re Ltd. Catastrophe Linked Nts.:
3.25% [US0006M+325], 10/13/21^6,7		750,000		740,813
4.236% [US0003M+200], 4/13/23^6,7		500,000		493,375
4.429% [US0006M+220], 10/13/21^6,7		650,000		640,868
4.567% [T-BILL 3MO+212.5], 1/16/19^6,7		750,000		752,062
5.236% [US0003M+300], 4/13/23^6,7		500,000		491,925
5.317% [T-BILL 3MO+287.5], 1/16/20-1/14/21^6,7		1,000,000		993,975
5.692% [T-BILL 3MO+325], 1/14/21^6,7		250,000		247,738
Torrey Pines Re Ltd. Catastrophe Linked Nts.:
5.472% [US0006M+303], 6/9/20^6,7		375,000		369,769
6.289% [US0006M+380], 6/9/20^6,7		250,000		248,313
9.039% [US0006M+655], 6/9/20^6,7		500,000		503,675
Ursa Re Ltd. Catastrophe Linked Nts.:
4.00% [ZERO+400], 12/10/19^6,7		500,000		490,875
5.25% [T-BILL 3MO+525], 12/10/20^6,7		500,000		495,225
6.452% [T-BILL 3MO+400], 12/10/20^6,7		250,000		246,488
8.452% [T-BILL 3MO+600], 5/27/20^6,7		500,000		494,375
				18,216,595
Fire—0.0%
Cal Phoenix Re Ltd. Catastrophe Linked Nts., 9.918% [US0003M+750], 8/13/21^6,7		850,000		85,000
Longevity—0.1%
Vita Capital VI Ltd. Catastrophe Linked Nts., 5.24% [US0006M+290], 1/8/21^6,7		250,000		252,362
Multiple Event—7.5%
Alamo Re Ltd. Catastrophe Linked Nts., 5.692% [T-BILL 1MO+325], 6/7/21^6,7		250,000		247,787
Armor Re II Ltd. Catastrophe Linked Nts., 5.945% [T-BILL 3MO+350], 6/8/20^6,7		750,000		744,487
Atlas Capital UK 2018 plc Catastrophe Linked Nts., 8.578% [US0003M+600], 6/7/22^6,7		250,000		249,987
Atlas IX Capital DAC Catastrophe Linked Nts., 10.677% [US0003M+788], 1/7/19^6,7		500,000		370,000
Blue Halo Re Ltd. Catastrophe Linked Nts.:
10.695% [T-BILL 3MO+825], 7/26/19^6,7		250,000		251,187


		Principal Amount		Value
Multiple Event (Continued)
Blue Halo Re Ltd. Catastrophe Linked Nts.: (Continued)
16.445% [T-BILL 3MO+1,400], 6/21/19^6,7		$	500,000	$	488,750
Bonanza Re Ltd. Catastrophe Linked Nts.:
6.141% [US0006M+398], 12/31/19^6,7			250,000		245,387
7.391% [US0006M+523], 12/31/19^6,7			250,000		244,962
Bowline Re Ltd. Series 2018-1 Catastrophe Linked Nts., 6.945% [T-BILL 3MO+450], 5/23/22^6,7			750,000		729,937
Caelus Re IV Ltd. Catastrophe Linked Nts., 7.972% [T-BILL 3MO+553], 3/6/20^6,7			500,000		485,000
Caelus Re V Ltd. Catastrophe Linked Nts.:
2.942% [T-BILL 1MO+50], 6/5/20^6,7			1,000,000		122,550
5.652% [T-BILL 3MO+321], 6/5/20^6,7			750,000		657,975
5.942% [T-BILL 3MO+350], 6/7/21^6,7			250,000		235,937
9.942% [T-BILL 3MO+750], 6/7/21^6,7			250,000		191,250
12.942% [T-BILL 3MO+1,050], 6/7/21^6,7			250,000		88,437
Citrus Re Ltd. Catastrophe Linked Nts., 7.371% [US0006M+523], 3/18/20^6,7			127,052		125,146
Cranberry Re Ltd. Catastrophe Linked Nts., 4.481% [US0006M+200], 7/13/20^6,7			750,000		741,412
East Lane Re VI Ltd. Catastrophe Linked Nts., 5.842% [T-BILL 3MO+339], 3/13/20^6,7			500,000		500,575
Eclipse Re Ltd. Catastrophe Linked Nts., 0.00%, 7/1/19⁷			250,000		245,102
FloodSmart Re Ltd. Catastrophe Linked Nts.:
13.728% [T-BILL 3MO+1,125], 8/6/21^6,7			250,000		248,362
15.978% [T-BILL 3MO+1,350], 8/6/21^6,7			250,000		248,612
Fortius Re II Ltd. Catastrophe Linked Nts., 4.803% [US0006M+375], 7/7/21^6,7			750,000		749,138
Galilei Re Ltd. Catastrophe Linked Nts.:
6.84% [US0006M+466], 1/8/20^6,7			500,000		500,175
6.86% [US0006M+466], 1/8/21^6,7			500,000		491,875
10.61% [US0006M+841], 1/8/21^6,7			250,000		245,862
16.06% [US0006M+1,388], 1/8/20^6,7			250,000		249,137
16.08% [US0006M+1,388], 1/8/21^6,7			500,000		495,075
Galileo Re Ltd. Catastrophe Linked Nts.:
15.947% [T-BILL 3MO+1,351], 1/8/19^6,7			500,000		501,875
19.912% [US0003M+1,750], 11/6/20^6,7			250,000		251,512
Kendall Re Ltd. Catastrophe Linked
Nts., 7.682% [US0003M+525], 5/6/21^6,7			750,000		741,188
Kilimanjaro II Re Ltd. Catastrophe Linked Nts.:
9.713% [US0006M+714], 4/20/21^6,7			250,000		248,563
12.063% [US0006M+949], 4/20/21^6,7			750,000		745,613
Kilimanjaro Re Ltd. Catastrophe Linked Nts.:
6.858% [US0003M+465], 5/6/22^6,7			500,000		485,075
6.878% [US0003M+465], 5/5/23^6,7			500,000		483,025
9.195% [T-BILL 3MO+675], 12/6/19^6,7			250,000		250,163
11.695% [T-BILL 3MO+925], 12/6/19^6,7			250,000		249,388
14.708% [US0003M+1,250], 5/6/22^6,7			500,000		487,525
14.728% [US0003M+1,250], 5/5/23^6,7			500,000		481,225
Lion II Re DAC Catastrophe Linked Nts., 3.17% [EUR003M+317], 7/15/21^6,7	EUR		750,000		856,885
Loma Reinsurance Bermuda Ltd. Catastrophe Linked Nts., 0.50% [T-BILL 3MO+50], 1/8/19^6,7			500,000		227,500

10 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


		Principal Amount		Value
Multiple Event (Continued)
MetroCat Re Ltd. Catastrophe Linked Nts., 6.145% [T-BILL 3MO+370], 5/8/20^6,7		$	500,000	$	498,075
Northshore Re II Ltd. Catastrophe Linked Nts., 10.363% [US0003M+770], 7/8/22^6,7			500,000		498,625
Panthera Re Ltd. Catastrophe Linked Nts., 5.945% [T-BILL 3MO+350], 3/9/20^6,7			250,000		252,025
Residential Reinsurance 2013 Ltd. Catastrophe Linked Nts., 2.952% [T-BILL 3MO+50], 3/6/19^6,7			125,000		121,875
Residential Reinsurance 2014 Ltd. Catastrophe Linked Nts., 2.952% [T-BILL 3MO+50], 3/6/19^6,7			750,000		75
Residential Reinsurance 2015 Ltd. Catastrophe Linked Nts., 13.422% [T-BILL 3MO+1097], 6/6/19^6,7			500,000		30,000
Residential Reinsurance 2016 Ltd. Catastrophe Linked Nts.:
5.702% [T-BILL 3MO+325], 6/6/20^6,7			1,000,000		990,250
6.272% [T-BILL 3MO+382], 12/6/20^6,7			250,000		249,763
13.972% [T-BILL 3MO+1,152], 6/6/20^6,7			750,000		41,250
Residential Reinsurance 2017 Ltd. Catastrophe Linked Nts.:
5.502% [T-BILL 3MO+305], 6/6/21^6,7			375,000		367,856
18.364%, 3/6/19^7,11			250,000		231,875
Residential Reinsurance 2018 Ltd. Catastrophe Linked Nts.:
5.702% [T-BILL 3MO+325], 6/6/22^6,7			500,000		489,375
12.376%, 6/6/19^7,11			500,000		90,000
13.952% [T-BILL 3MO+1,150], 12/6/22^6,7			500,000		495,175
22.565%, 12/6/19^7,11			750,000		600,675
Resilience Re Ltd. Catastrophe Linked Nts.:
7.50%, 2/8/19¹¹			250,000		249,025
10.63%, 4/8/19^7,11			250,000		248,488
Riverfront Re Ltd. Catastrophe Linked Nts.:
7.172% [T-BILL 3MO+472], 1/15/21^6,7			750,000		748,238
9.202% [T-BILL 3MO+675], 1/15/21^6,7			500,000		498,125
Sanders Re Ltd. Catastrophe Linked Nts.:
5.624% [US0006M+311], 6/5/20^6,7			750,000		743,138
5.644% [US0006M+307], 12/6/21^6,7			750,000		741,263
7.952% [T-BILL 3MO+550], 4/7/22^6,7			750,000		740,738
SD Re Ltd. Catastrophe Linked Nts., 6.276% [US0003M+400], 10/19/21^6,7			850,000		833,808
Spectrum Capital Ltd. Catastrophe Linked Nts.:
6.085% [US0006M+350], 6/8/21^6,7			250,000		249,088
8.335% [US0006M+575], 6/8/21^6,7			250,000		246,963
Tailwind Re Ltd. 2017-1 Catastrophe
Linked Nts., 13.452% [T-BILL 3MO+1100], 1/8/22^6,7			250,000		250,688
Tramline Re II Ltd. Catastrophe Linked Nts., 10.702% [T-BILL 3MO+825], 1/4/19^6,7			400,000		401,300
					27,111,397
Other—0.8%
Benu Capital DAC Catastrophe Linked Nts.:
2.55% [EUR003M+255], 1/8/20^6,7	EUR		250,000		289,066
3.35% [EUR003M+335], 1/8/20^6,7	EUR		500,000		579,334
Horse Capital I DAC Catastrophe Linked Nts., 12.00% [EUR003M+1200], 6/15/20^6,7	EUR		750,000		872,417
Vitality Re V Ltd. Catastrophe Linked Nts., 4.952% [T-BILL 3MO+250], 1/7/19^6,7			250,000		250,937
Vitality Re VII Ltd. Catastrophe Linked Nts., 5.102% [T-BILL 3MO+265], 1/7/20^6,7			250,000		252,613


		Principal Amount		Value
Other (Continued)
Vitality Re VIII Ltd. Catastrophe Linked Nts., 4.452% [T-BILL 3MO+200], 1/8/21^6,7		$	500,000	$	503,575
					2,747,942
Pandemic—0.1%
International Bank for Reconstruction & Development Catastrophe Linked Nts., 7.957% [US0006M-40+690], 7/15/20			250,000		251,637
Windstorm—2.9%
Akibare Re Ltd. Catastrophe Linked Nts.:
4.286% [US0003M+190], 4/7/22^6,7			250,000		244,587
4.296% [US0003M+190], 4/7/22^6,7			500,000		490,625
4.781% [US0006M+234], 4/7/20^6,7			500,000		495,100
Alamo Re Ltd. Catastrophe Linked Nts.,
7.292% [T-BILL 3MO+485], 6/8/20^6,7			250,000		249,587
Aozora Re Ltd. Catastrophe Linked Nts.:
4.323% [US0006M+200], 4/7/21^6,7			750,000		743,287
4.681% [US0006M+224], 4/7/20^6,7			500,000		497,675
Casablanca Re Ltd. Catastrophe Linked Nts.:
5.25% [US0006M+525], 6/4/20⁷			250,000		253,375
17.258% [US0006M+1,600], 6/4/20^4,7			250,000		122,500
Citrus Re Ltd. Catastrophe Linked Nts., 10.292% [T-BILL 3MO+785], 2/25/19^6,7			363,396		307,069
Everglades Re II Ltd. Catastrophe Linked Nts., 7.372% [T-BILL 3MO+492], 5/8/20^6,7			250,000		248,812
First Coast Re 2017-1 Ltd. Catastrophe Linked Nts., 6.528% [T-BILL 3MO+405], 6/7/21^6,7			250,000		246,162
Frontline Re Ltd. Catastrophe Linked Nts., 9.478% [T-BILL 3MO+700], 7/6/22^6,7			250,000		241,937
Hexagon Reinsurance DAC Catastrophe Linked Nts.:
6.50% [EUR003M+650], 1/19/22^6,7	EUR		250,000		285,922
8.00% [EUR003M+800], 1/19/22^6,7	EUR		250,000		285,063
Integrity Re Ltd. Catastrophe Linked Nts., 5.884% [US0003M+375], 6/10/22^6,7			750,000		736,238
International Bank for Reconstruction & Development Catastrophe Linked Nts.:
8.034% [US0006M+590], 12/20/19^6,7			775,000		778,759
11.434% [US0006M+930], 12/20/19^6,7			250,000		250,200
Long Point Re III Ltd. Catastrophe Linked Nts., 5.195% [T-BILL 3MO+275], 6/1/22^6,7			1,100,000		1,096,535
Manatee Re II Ltd. Catastrophe Linked Nts.:
6.695% [T-BILL 3MO+425], 6/7/21^6,7			750,000		741,713
10.195% [T-BILL 3MO+775], 6/7/21⁶			550,000		549,258
Manatee Re Ltd. Catastrophe Linked Nts., 1.899% [T-BILL 3MO+50], 3/10/19^4,7			500,000		12,550
Pelican IV Re Ltd. Catastrophe Linked Nts., 4.716% [US0003M+225], 5/7/21^6,7			750,000		742,013
Queen Street XI Re DAC Catastrophe
Linked Nts., 8.602% [T-BILL 3MO+615], 6/7/19^6,7			250,000		250,488
Queen Street XII Re Designated Activity Co. Catastrophe Linked Nts., 7.966% [US0006M+525], 4/8/20^6,7			750,000		747,938
					10,617,393
Total Event-Linked Bonds (Cost $65,042,156)					59,282,326

11 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


		Principal Amount	Value
Structured Securities—0.3%
Toronto-Dominion Bank (The), Enterprise Products Partners LP Equity Linked Nts.:
Sr. Unsec. Nts., 6/6/19-11/20/19		$ 1,254,000	$	1,133,996
Total Structured Securities (Cost $1,255,603)				1,133,996
Short-Term Notes—12.7%
Canada—0.1%
Bell Canada, Inc., 2.704%, 2/4/19^12,13	USD	500,000		498,633
Italy—0.1%
ENI Finance USA, Inc., 2.675%, 1/8/19^12,13	USD	500,000		499,696
Japan—4.1%
Japan Treasury Discount Bills, 0.00%, 2/12/19¹¹	JPY	1,630,000,000		14,874,187
Mexico—3.8%
United Mexican States Treasury Bills, 8.26%, 2/14/19^11,13	MXN	272,000,000		13,699,690
United States—4.6%
Air Liquide US LLC, 2.684%, 2/15/19^7,12,13	USD	500,000		498,386
AT&T, Inc.:
2.902%, 5/28/19^7,12,13	USD	250,000		246,760
3.093%, 5/30/19^7,12,13	USD	300,000		296,056
Eastman Chemical Co., 2.756%, 1/3/19^12,13	USD	500,000		499,890
General Electric Co., 2.814%, 1/11/19¹³	USD	500,000		499,539
Glencore Funding LLC, 2.779%, 1/7/19^12,13	USD	500,000		499,734
United States Treasury Bills, 2.212%, 1/31/19^11,14,15	USD	13,500,000		13,474,758
Walgreens Boots Alliance, Inc., 2.759%, 1/29/19¹³	USD	500,000		498,837
				16,513,960
Total Short-Term Notes (Cost $44,974,088)				46,086,166

		Shares
Investment Companies—4.0%
Highland/iBoxx Senior Loan Exchange Traded Fund		125,133		2,149,785
Oppenheimer Institutional Government
Money Market Fund, Cl. E, 2.35%^16,17,18		7,565,931		7,565,931
SPDR Gold Trust Exchange Traded Fund^1,18		37,684		4,569,185
Total Investment Companies (Cost $14,289,986)				14,284,901

Exercise Price

Expiration

Date

Contracts

Notional

Amount

(000’s)

Value

Exchange-Traded Options Purchased—0.0%

S&P 500 Index Call¹

USD

2,795.000

1/18/19

USD

USD 2,005

$ 320

S&P 500 Index Call¹

USD

2,840.000

2/15/19

USD

USD 3,510

2,170

Total Exchange-Traded Options Purchased (Cost $93,124)

2,490

Counterparty

Exercise Price

Expiration

Date

Contracts

Notional

Amount

(000’s)

Over-the-Counter Option Purchased—0.0%

CNH Currency Put (Cost $45,591)¹

GSCO-OT

CNH

6.869

8/27/19

CNH

12,000,000

CNH

397,000

33,648

Counterparty

Pay / Receive
Floating Rate

Floating Rate

Fixed Rate

Expiration
Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.1%

Interest Rate Swap maturing

Six-Month JPY BBA

1/28/31 Put¹

GSCOI

Receive

LIBOR

0.523%

1/26/21

JPY

196,000

10,613

Interest Rate Swap maturing

Six-Month JPY BBA

4/30/31 Put¹

GSCOI

Receive

LIBOR

0.485

4/27/21

JPY

525,000

38,569

Interest Rate Swap maturing

Three-Month USD

9/29/31 Put¹

MSCO

Receive

BBA LIBOR

3.178

9/27/21

USD

650

17,989

12 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 (Continued)

Interest Rate Swap maturing

Three-Month USD

9/29/31 Put¹

MSCO

Receive

BBA LIBOR

3.253%

10/21/21

USD

10,500

$ 271,783

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $546,492)

338,954

Total Investments, at Value (Cost $352,229,722)

97.5%

353,028,138

Net Other Assets (Liabilities)

2.5

9,088,182

Net Assets

100.0%

$ 362,116,320

Footnotes to Consolidated Statement of Investments

1. Non-income producing security.

2. All or portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to securities sold short. The aggregate market value of such securities is $7,555,155. See Note 10 of accompanying Consolidated Notes.

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

7. 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 $62,376,907 or 17.23% of the Fund’s net assets at period end.

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

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. Restricted security. The aggregate value of restricted securities at period end was $916,531, which represents 0.25% 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)
Azzurro RE I DAC Catastrophe Linked Nts., 2.15% [EUR003M+215], 1/16/19		6/12/15-10/5/18	$	907,586	$	916,531	$	8,945

11. Zero coupon bond reflects effective yield on the original acquisition date.

12. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $3,039,155 or 0.84% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

13. Current yield as of period end.

14. 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 $1,710,795. See Note 6 of the accompanying Consolidated Notes.

15. 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 $3,397,635. See Note 6 of the accompanying Consolidated Notes.


	Shares December 31, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		17,082,111		467,519,266		477,035,446		7,565,931

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	7,565,931	$	989,934	$	—	$	—

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

18. 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	$	227,956,148		64.6	%
Bermuda		29,509,324		8.4
Brazil		22,063,134		6.2
Japan		21,061,793		6.0
Mexico		14,728,649		4.2
Supranational		7,245,890		2.1
Cayman Islands		6,551,216		1.9
Ireland		6,449,081		1.8
Canada		2,813,752		0.8
France		2,690,029		0.8
Switzerland		1,942,071		0.5
Hong Kong		1,666,623		0.5
Germany		1,445,152		0.4
Russia		1,325,602		0.4
United Kingdom		1,071,750		0.3
Taiwan		870,449		0.2

13 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


Geographic Holdings (Unaudited) (Continued)	Value		Percent
Australia	$	833,387		0.2	%
China		821,572		0.2
Singapore		654,186		0.2
Italy		499,697		0.1
Sweden		426,772		0.1
Spain		211,803		0.1
Philippines		85,770		0.0
Luxembourg		70,640		0.0
China Offshore		33,648		0.0
Finland		—		–
Netherlands		—		–
Israel		—		–
Denmark		—		–
Total	$	353,028,138		100.0	%


	Shares Sold Short			Value
Securities Sold Short—(10.6)%
Common Stock Securities Sold Short—(10.6)%
AbbVie, Inc.		(8,132	)	$	(749,689)
Air Lease Corp., Cl. A		(14,015	)		(423,393)
Aircastle Ltd.		(34,250	)		(590,470)
Ally Financial, Inc.		(59,460	)		(1,347,364)
Apache Corp.		(27,130	)		(712,162)
AvalonBay Communities, Inc.		(1,690	)		(294,144)
Boeing Co. (The)		(2,942	)		(948,795)
Camden Property Trust		(17,580	)		(1,547,919)
Caterpillar, Inc.		(5,610	)		(712,863)
Church & Dwight Co., Inc.		(23,660	)		(1,555,882)
Cie Financiere Richemont SA		(10,579	)		(679,885)
CNH Industrial NV		(38,850	)		(357,808)
Colgate-Palmolive Co.		(17,590	)		(1,046,957)
Corning, Inc.		(27,990	)		(845,578)
Darden Restaurants, Inc.		(6,060	)		(605,152)
Digital Realty Trust, Inc.		(10,720	)		(1,142,216)
Dril-Quip, Inc.¹		(13,930	)		(418,318)
Equity Residential		(8,800	)		(580,888)
Fastenal Co.		(11,800	)		(617,022)
General Mills, Inc.		(29,040	)		(1,130,818)
GlaxoSmithKline plc, Sponsored ADR		(10,817	)		(413,317)
HP, Inc.		(41,880	)		(856,865)
Intel Corp.		(29,490	)		(1,383,966)
International Business Machines Corp.		(2,630	)		(298,952)
Ipsen SA		(4,370	)		(563,616)
Jones Lang LaSalle, Inc.		(11,096	)		(1,404,754)
Kirby Corp.¹		(9,580	)		(645,309)
Koninklijke Ahold Delhaize NV		(48,948	)		(1,234,840)
Louisiana-Pacific Corp.		(50,450	)		(1,120,999)
Nokia OYJ, Sponsored ADR		(229,144	)		(1,333,618)
Novo Nordisk AS, Sponsored ADR		(26,336	)		(1,213,299)
Oceaneering International, Inc.¹		(27,450	)		(332,145)
Oil States International, Inc.¹		(40,960	)		(584,909)
Pennsylvania Real Estate Investment Trust		(211,436	)		(1,255,930)
Procter & Gamble Co. (The)		(6,570	)		(603,914)
ResMed, Inc.		(12,070	)		(1,374,411)
Rio Tinto plc, Sponsored ADR		(9,090	)		(440,683)
SAP SE, Sponsored ADR		(13,902	)		(1,383,944)
Starbucks Corp.		(13,420	)		(864,248)
Target Corp.		(8,230	)		(543,921)
W.W. Grainger, Inc.		(2,625	)		(741,195)
Weingarten Realty Investors		(48,040	)		(1,191,872)
West Fraser Timber Co. Ltd.		(15,976	)		(789,204)
Western Union Co. (The)		(62,200	)		(1,061,132)
William Demant Holding AS¹		(31,455	)		(891,687)

Total Securities Sold Short (Proceeds $42,016,029)				$	(38,836,053)

Forward Currency Exchange Contracts as of December 31, 2018

Unrealized

Counterparty

Settlement Month(s)

Currency Purchased (000’s)

Currency Sold (000’s)

Appreciation

Depreciation

BAC

01/2019

BRL

86,800

USD

22,401

—

5,491

14 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		01/2019	CHF	1,740	USD	1,835	$	—	$ 62,185
BAC		01/2019	MXN	36,900	USD	1,844		29,896	—
BAC		01/2019	MYR	7,920	USD	1,896		20,532	—
BAC		01/2019	USD	20,840	BRL	86,800		—	1,555,629
BAC		01/2019	USD	1,330	THB	43,000		9,462	—
BOA		01/2019	GBP	735	USD	931		6,501	—
BOA		01/2019	USD	1,859	ILS	6,990		—	12,458
CITNA-B		01/2019	IDR	13,436,000	USD	918		13,506	—
CITNA-B		01/2019	USD	1,805	CHF	1,740		32,254	—
CITNA-B		01/2019	USD	663	COP	2,000,000		47,560	—
CITNA-B		02/2019	USD	14,405	JPY	1,630,000		—	514,380
DEU		01/2019	EUR	250	USD	284		3,245	—
DEU		01/2019	USD	1,707	CAD	2,200		94,629	—
DEU		01/2019	USD	4,199	EUR	3,550		126,487	—
GSCO-OT		01/2019	JPY	207,000	USD	1,864		26,825	—
GSCO-OT		01/2019	USD	921	AUD	1,305		1,859	—
GSCO-OT		11/2019	USD	1,822	CNH	12,750		—	33,683
GSCO-OT		01/2019	USD	1,840	NZD	2,740		470	—
JPM		01/2019 - 02/2019	BRL	90,370	USD	23,176		139,377	—
JPM		01/2019	INR	130,000	USD	1,850		17,664	—
JPM		01/2019	TRY	9,760	USD	1,820		8,984	—
JPM		01/2019 - 04/2019	USD	44,512	BRL	173,600		5,491	135,841
JPM		01/2019	USD	924	CHF	915		—	8,069
JPM		01/2019	USD	2,139	EUR	1,870		3,197	9,204
JPM		02/2019	USD	13,064	MXN	272,000		—	683,763
JPM		01/2019	ZAR	26,780	USD	1,844		13,835	—
Total Unrealized Appreciation and Depreciation							$	601,774	$ 3,020,703


Futures Contracts as of December 31, 2018
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Brent Crude Oil^*		Sell		1/31/19		65	USD		3,742		$ 3,497,000		$ 245,021
E-Mini Russell 2000 Index		Buy		3/15/19		315	USD		21,647		21,246,750		(399,993)
Euro-BONO		Sell		3/07/19		10	EUR		1,642		1,657,327		(14,936)
Euro-BTP		Sell		3/07/19		26	EUR		3,673		3,807,694		(134,372)
Euro-BUND		Buy		3/07/19		67	EUR		12,479		12,554,189		75,587
Euro-OAT		Sell		3/07/19		10	EUR		1,731		1,727,791		2,739
MSCI Emerging Market Index		Buy		3/15/19		369	USD		17,839		17,837,460		(1,798)
Nikkei 225 Index		Sell		3/07/19		8	JPY		1,536		1,459,788		75,970
S&P 500 E-Mini Index		Sell		3/15/19		148	USD		18,617		18,538,850		78,082
S&P MID 400 E-Mini Index		Buy		3/15/19		9	USD		1,562		1,495,980		(66,126)
S&P/TSX 60 Index		Sell		3/14/19		4	CAD		503		502,373		442
SPI 200 Index		Sell		3/21/19		7	AUD		678		685,456		(7,560)
Stoxx Europe 600 Index		Sell		3/15/19		359	EUR		6,993		6,865,002		128,099
United States Treasury Long Bonds		Sell		3/20/19		99	USD		14,400		14,454,000		(53,993)
United States Treasury Nts., 10 yr.		Sell		3/20/19		26	USD		3,097		3,172,406		(75,809)
United States Treasury Nts., 5 yr.		Sell		3/29/19		42	USD		4,736		4,816,875		(80,785)
													$ (229,432)

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


Over-the-Counter Options Written at December 31, 2018
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Notional Amount (000’s)		Premiums Received		Value

JPY Currency Call		JPM	JPY		110.310		1/4/19	JPY		(531,000,000	)		JPY 576,000	$	21,373	$	(35,322)

JPY Currency Put		JPM	JPY		110.310		1/4/19	JPY		(531,000,000	)		JPY 576,000		22,432		(4,142)

JPY Currency Put		JPM	JPY		109.940		1/7/19	JPY		(529,000,000	)		JPY 574,000		22,238		(13,394)

JPY Currency Call		JPM	JPY		109.940		1/7/19	JPY		(529,000,000	)		JPY 574,000		21,660		(28,762)

Total Over-the-Counter Options Written														$	87,703	$	(81,620)

Centrally Cleared Credit Default Swaps at December 31, 2018


Reference Asset	Buy/Sell Protection	Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)		Value			Unrealized Appreciation/ (Depreciation)
CDX.HY.29	Buy		5.000%		12/20/22	USD		100	$	6,785		$ (3,521	)	$ 3,264
CDX.HY.30	Buy		5.000		6/20/23	USD		2,000		136,044		(64,029	)	72,015

15 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


Centrally Cleared Credit Default Swaps (Continued)
Reference Asset			Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
CDX.IG.30				Sell		1.000%		6/20/23	USD		5,750	$	(102,256	)	$	48,394		$	(53,862)
CDX.IG.30				Sell		1.000		6/20/23	USD		550		(9,826	)		4,629			(5,197)
CDX.IG.31				Sell		1.000		12/20/23	USD		300		(5,768	)		1,773			(3,995)
CDX.IG.31				Sell		1.000		12/20/23	USD		120		(1,838	)		709			(1,129)
Federation of Malaysia				Buy		1.000		12/20/22	USD		80		1,620			(448	)		1,172
iTraxx.Main.27				Buy		1.000		6/20/22	EUR		5,040		107,520			(91,302	)		16,218
iTraxx.Main.28				Buy		1.000		12/20/22	EUR		170		4,961			(2,578	)		2,383
iTraxx.Main.29				Buy		1.000		6/20/23	EUR		350		6,671			(4,165	)		2,506
iTraxx.Main.30				Buy		1.000		12/20/23	EUR		250		3,842			(1,827	)		2,015
The Neiman Marcus Group LLC				Buy		5.000		12/20/20	USD		715		41,433			207,782			249,215
Total Cleared Credit Default Swaps												$	189,188		$	95,417		$	284,605


Over-the-Counter Credit Default Swaps at December 31, 2018
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
BNP Paribas		GSCOI		Buy		1.000%		12/20/23	EUR		1,400	$	(36,612	)	$	72,755		$	36,143
CDX.NA.HY.25		GSCOI		Buy		5.000		12/20/20	USD		1,125		(194,688	)		(84,640	)		(279,328)
Federation of Malaysia		BNP		Buy		1.000		12/20/20	USD		1,700		(110,693	)		(19,373	)		(130,066)
Federation of Malaysia		BNP		Buy		1.000		6/20/21	USD		775		(22,856	)		(8,552	)		(31,408)
Federation of Malaysia		MOS-A		Buy		1.000		12/20/20	USD		1,700		(85,394	)		(19,373	)		(104,767)
Total Over-the-Counter Credit Default Swaps												$	(450,243	)	$	(59,183)		$	(509,426)

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Type of Reference Asset on which the Fund Sold Protection

Total Maximum
Potential Payments
for Selling Credit
Protection
(Undiscounted)

Amount Recoverable*

Reference Asset Rating
Range**

Investment Grade Corporate Debt Indexes

$6,720,000

$ —

BBB to BBB-

Total

$6,720,000

$—

* 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.

Over-the-Counter Total Return Swaps at December 31, 2018

Reference Asset

Counterparty

Pay/Receive Total
Return*

Floating Rate

Maturity
Date

Notional
Amount
(000’s)

Value

Unrealized
Appreciation/
(Depreciation)

One-Month HKD-

HIBOR-HKAB minus 50

0998.HK-China Citic Bank Corp.

GSCOI

Pay

basis points

5/24/19

HKD

4,167

62,392

One-Month HKD-

1988.HK China Minsheng

HIBOR-HKAB minus 50

Banking Corp. Ltd.

GSCOI

Pay

basis points

5/24/19

HKD

4,237

64,575

One-Month HKD-

3328.HK Bank of

HIBOR-HKAB minus 50

Communications-HK BR

GSCOI

Pay

basis points

5/24/19

HKD

4,227

(2,567

)

(2,567)

One-Month HKD-

HIBOR-HKAB minus 50

3968.HK China Merchants Bank

GSCOI

Pay

basis points

5/24/19

HKD

4,269

77,809

One-Month HKD-

HIBOR-HKAB minus 50

6818.HK China Everbriight Bank

GSCOI

Pay

basis points

5/24/19

HKD

2,105

28,648

One-Month USD BBA

EMR.N - Emerson Electric Co.

GSCOI

Pay

LIBOR plus 60 bps

1/18/19

USD

2,418

30,472

One-Month USD BBA

GOOGL.OQ - Alphabet Inc.

GSCOI

Pay

LIBOR plus 60 bps

1/18/19

USD

11,569

87,994

One-Month USD BBA

MSFT.OQ - Microsoft Corp.

GSCOI

Pay

LIBOR plus 60 bps

1/18/19

USD

8,482

366,878

One-Month USD BBA

NRG.N - NRG Energy, Inc.

GSCOI

Pay

LIBOR plus 60 bps

1/18/19

USD

2,455

160,676

16 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Over-the-Counter Total Return Swaps (Continued)

Notional

Unrealized

Pay/Receive Total

Amount

Appreciation/

Reference Asset

Counterparty

Return*

Floating Rate

Maturity Date

(000’s)

Value

(Depreciation)

SRLN.P - SPDR Blackstone/GSO

One-Month USD BBA

Senior Loan

GSCOI

Receive

LIBOR plus 45 bps

12/31/19

USD

56,313

$ (1,879,362

)

$ (1,879,362)

Total Over-the-Counter Total Return Swaps

$ (1,002,485

)

$ (1,002,485)


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
JPM		JPMorgan Chase Bank NA
MOS-A		Morgan Stanley
MSCO		Morgan Stanley Capital Services, Inc.
Currency abbreviations indicate amounts reporting in currencies
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNH		Offshore ChineseRenminbi
COP		Colombian Peso
DKK		Danish Krone
EUR		Euro
GBP		British Pound Sterling
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
THB		Thailand Baht
TRY		New Turkish Lira
ZAR		South African Rand
Definitions
BBA		British Bankers’ Association
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BONO		Spanish Government Bonds
BTP		Italian Treasury Bonds
BUND		German Federal Obligation
CDX.HY.29		Markit CDX High Yield Index
CDX.HY.30		Markit CDX High Yield Index
CDX.IG.30		Markit CDX Investment Grade Index
CDX.IG.31		Markit CDX Investment Grade Index
CDX.NA.HY.25		Markit CDX North American High Yield
EUR003M		EURIBOR 3 Month ACT/360
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
iTraxx.Main.28		Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx.Main.29		Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx.Main.30		Credit Default Swap Trading Index for a Specific Basket of Securities
LIBOR		London Interbank Offered Rate
LIBOR03M		ICE LIBOR USD 3 Month
LIBOR4		London Interbank Offered Rate-Quarterly
LIBOR12		London Interbank Offered Rate-Monthly
MLHKOPCB		Custom Basket of Securities

17 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Continued


Definitions (Continued)
OAT		French Government Bonds
S&P		Standard & Poor’s
T-BILL 1MO		US Treasury Bill 1 Month
T-BILL 3MO		US Treasury Bill 3 Month
US0001M		ICE LIBOR USD 1 Month
US0003M		ICE LIBOR USD 3 Month
US0006M		ICE LIBOR USD 6 Month
ZERO		ZERO Constant Index

See accompanying Notes to Consolidated Financial Statements.

18 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES December 31, 2018


Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $344,663,791)	$	345,462,207
Affiliated companies (cost $7,565,931)		7,565,931

	353,028,138
Cash		4,754,375
Cash used for collateral on futures		2,976,000
Cash used for collateral on OTC derivatives		11,000
Cash used for collateral on centrally cleared swaps		167,311
Deposits with broker for securities sold short		38,268,859
Deposits with broker for foreign securities sold short (cost $4,468,481)		4,385,254
Unrealized appreciation on forward currency exchange contracts		601,774
Swaps, at value (premiums paid $36,612)		952,199
Centrally cleared swaps, at value (net premiums paid $78,255)		263,287
Receivables and other assets:
Interest and dividends		926,143
Investments sold		566,683
Variation margin receivable		147,925
Shares of beneficial interest sold		2,712
Other		400,533

Total assets		407,452,193
Liabilities
Securities sold short, at value (proceeds $42,016,029)—see accompanying consolidated statement of investments		38,836,053
Unrealized depreciation on forward currency exchange contracts		3,020,703
Options written, at value (premiums received $87,703)		81,620
Swaps, at value (premiums paid $413,631)		2,013,867
Centrally cleared swaps, at value (premiums received $267,443)		167,870
Payables and other liabilities:
Investments purchased		521,692
Variation margin payable		315,062
Dividends on short sales		35,585
Shares of beneficial interest redeemed		20,469
Trustees’ compensation		16,150
Shareholder communications		9,012
Distribution and service plan fees		857
Other		296,933

Total liabilities		45,335,873
Net Assets	$	362,116,320


Composition of Net Assets
Par value of shares of beneficial interest	$	38,141
Additional paid-in capital		388,554,414
Total accumulated loss		(26,476,235)

Net Assets	$	362,116,320


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 $358,148,675 and 37,721,571 shares of beneficial interest outstanding)		$9.49
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $3,967,645 and 419,045 shares of beneficial interest outstanding)		$9.47

See accompanying Notes to Consolidated Financial Statements.

19 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended December 31, 2018


Investment Income
Interest (net of foreign withholding taxes of $2,201)	$	8,258,907
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $53,345)		2,660,101
Affiliated companies		989,934

Total investment income		11,908,942
Expenses
Management fees		4,221,425
Distribution and service plan fees —Service shares		9,739
Transfer and shareholder servicing agent fees:
Non-Service shares		487,763
Service shares		4,675
Shareholder communications:
Non-Service shares		47,128
Service shares		477
Dividends on short sales		787,819
Custodian fees and expenses		133,449
Financing expense from short sales		78,019
Trustees’ compensation		28,951
Borrowing fees		13,022
Other		247,949

Total expenses		6,060,416
Less reduction to custodian expenses		(1,132)
Less waivers and reimbursements of expenses		(221,494)

Net expenses		5,837,790
Net Investment Income		6,071,152
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $3,683)		4,781,531
Option contracts written		4,927,608
Futures contracts		(2,575,207)
Foreign currency transactions		362,677
Forward currency exchange contracts		(1,416,713)
Short Positions		(2,731,106)
Swap contracts		(1,290,479)

Net realized gain		2,058,311
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(25,252,540)
Translation of assets and liabilities denominated in foreign currencies		(302,568)
Forward currency exchange contracts		(1,397,897)
Futures contracts		(923,620)
Option contracts written		6,083
Short positions		7,478,985
Swap contracts		(42,372)

Net change in unrealized appreciation/(depreciation)		(20,433,929)
Net Decrease in Net Assets Resulting from Operations	$	(12,304,466)

See accompanying Notes to Consolidated Financial Statements.

20 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹
Operations
Net investment income	$	6,071,152	$	4,888,490
Net realized gain (loss)		2,058,311		(12,625,099)
Net change in unrealized appreciation/(depreciation)		(20,433,929)		9,719,277
Net increase (decrease) in net assets resulting from operations		(12,304,466)		1,982,668
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(1,458,889)		(3,921,732)
Service shares		(6,755)		(24,086)
Total dividends and distributions declared		(1,465,644)		(3,945,818)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(44,039,495)		17,307,626
Service shares		648,158		940,121
Total beneficial interest transactions		(43,391,337)		18,247,747
Net Assets
Total increase (decrease)		(57,161,447)		16,284,597
Beginning of period		419,277,767		402,993,170
End of period	$	362,116,320	$	419,277,767

1. Prior period amounts have been conformed to current year presentation. See Notes to Consolidated Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Consolidated Financial Statements.

21 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015¹		Year Ended December 31, 2014¹
Per Share Operating Data
Net asset value, beginning of period		$9.84		$9.88		$9.66		$10.04		$9.92
Income (loss) from investment operations:
Net investment income²		0.15		0.12		0.11		0.11		0.08
Net realized and unrealized gain (loss)		(0.46)		(0.06)		0.25		(0.46)		0.52
Total from investment operations		(0.31)		0.06		0.36		(0.35)		0.60
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.10)		(0.14)		(0.03)		(0.25)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.21)
Tax return of capital distribution		0.00		0.00		0.00		0.00		(0.02)
Total dividends and/or distributions to shareholders		(0.04)		(0.10)		(0.14)		(0.03)		(0.48)
Net asset value, end of period		$9.49		$9.84		$9.88		$9.66		$10.04


Total Return, at Net Asset Value³		(3.21)%		0.56%		3.71%		(3.45)%		6.02%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$358,149		$415,811		$400,449		$406,286		$262,573
Average net assets (in thousands)		$406,201		$408,282		$408,810		$363,975		$161,988
Ratios to average net assets:⁴
Net investment income		1.48%		1.19%		1.11%		1.11%		0.77%⁵
Expenses excluding specific expenses listed below		1.27%		1.24%		1.23%		1.24%		1.33%
Dividends and/or interest expense on securities sold short		0.19%		0.11%		0.22%		0.17%		0.08%
Borrowing expenses on securities sold short		0.02%		0.00%		0.02%		0.05%		0.02%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%
Total expenses⁷		1.48%		1.35%		1.47%		1.46%		1.43%⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.43%		1.32%		1.43%		1.41%		1.31%⁵
Portfolio turnover rate		155%		129%		93%		67%		147%

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.

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

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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


Year Ended December 31, 2018	1.49	%
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	%

See accompanying Notes to Consolidated Financial Statements.

22 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015¹		Year Ended December 31, 2014¹
Per Share Operating Data
Net asset value, beginning of period		$9.81		$9.87		$9.65		$10.03		$9.92
Income (loss) from investment operations:
Net investment income²		0.12		0.09		0.08		0.08		0.08
Net realized and unrealized gain (loss)		(0.44)		(0.07)		0.26		(0.45)		0.50
Total from investment operations		(0.32)		0.02		0.34		(0.37)		0.58
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.08)		(0.12)		(0.01)		(0.25)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.21)
Tax return of capital distribution		0.00		0.00		0.00		0.00		(0.01)
Total dividends and/or distributions to shareholders		(0.02)		(0.08)		(0.12)		(0.01)		(0.47)
Net asset value, end of period		$9.47		$9.81		$9.87		$9.65		$10.03


Total Return, at Net Asset Value³		(3.30)%		0.19%		3.49%		(3.68)%		5.90%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,967		$3,467		$2,544		$1,845		$1,332
Average net assets (in thousands)		$3,899		$3,063		$2,054		$1,695		$335
Ratios to average net assets:⁴
Net investment income		1.23%		0.92%		0.85%		0.85%		0.78%⁵
Expenses excluding specific expenses listed below		1.53%		1.49%		1.48%		1.48%		1.68%
Dividends and/or interest expense on securities sold short		0.19%		0.11%		0.22%		0.17%		0.08%
Borrowing expenses on securities sold short		0.02%		0.00%		0.02%		0.05%		0.02%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%
Total expenses⁷		1.74%		1.60%		1.72%		1.70%		1.78%⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.67%		1.57%		1.68%		1.65%		1.67%⁵
Portfolio turnover rate		155%		129%		93%		67%		147%

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

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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


Year Ended December 31, 2018	1.75	%
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	%

See accompanying Notes to Consolidated Financial Statements.

23 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2018

1. Organization

Oppenheimer Global Multi-Alternatives 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.

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.

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., (the “Subsidiary”), which is wholly-owned and controlled by the Fund. 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 23,736 shares with net assets of $13,069,459 in the Subsidiary.

Other financial information at period end:


Total market value of investments	$	12,135,116
Net assets	$	13,069,459
Net income (loss)	$	(53,741)
Net realized gain (loss)	$	333,038
Net change in unrealized appreciation/depreciation	$	(13,741)

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.

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

24 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

2. Significant Accounting Policies (Continued)

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair 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.

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.

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2,3,4

Net Unrealized
Depreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$1,924,435

$—

$22,136,325

$3,364,050

1. At period end, the Fund had $22,059,913 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. The Fund had $76,412 of straddle losses which were deferred.

25 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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.

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 Realized Loss
$19,550		$19,550

The tax character of distributions paid during the reporting periods:


	Year Ended December 31, 2018		Year Ended December 31, 2017
Distributions paid from:
Ordinary income	$	1,465,644	$	3,945,818


Federal tax cost of securities	$	358,222,165
Federal tax cost of other investments		(47,870,304)

Total federal tax cost	$	310,351,861

Gross unrealized appreciation	$	22,691,856
Gross unrealized depreciation		(26,055,906)

Net unrealized depreciation	$	(3,364,050)

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Consolidated Statement of Assets and Liabilities and Consolidated Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Consolidated Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

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

26 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

3. Securities Valuation (Continued)

determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at 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:

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.

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.

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

27 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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)

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

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

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


	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	20,825,812		$	—		$	59	$	20,825,871
Consumer Staples		4,208,804			—			—		4,208,804
Energy		29,951,387			—			—		29,951,387
Financials		28,852,542			9,609,638			—		38,462,180
Health Care		15,544,539			914,667			—		16,459,206
Industrials		16,900,992			—			—		16,900,992
Information Technology		36,559,534			—			—		36,559,534
Materials		3,882,668			—			—		3,882,668
Telecommunication Services		2,173,866			—			—		2,173,866
Utilities		5,342,610			—			—		5,342,610
Preferred Stocks		1,285,159			823,652			105,921		2,214,732
Rights, Warrants and Certificates		—			—			—		—
Asset-Backed Securities		—			9,963,374			—		9,963,374
Mortgage-Backed Obligation		—			2,300,788			—		2,300,788
Foreign Government Obligation		—			22,063,134			—		22,063,134
Non-Convertible Corporate Bonds and Notes		—			7,023,847			—		7,023,847
Corporate Loans		—			13,532,664			—		13,532,664
Event-Linked Bonds		—			59,147,276			135,050		59,282,326
Structured Securities		—			1,133,996			—		1,133,996
Short-Term Notes		—			46,086,166			—		46,086,166
Investment Companies		14,284,901			—			—		14,284,901
Exchange-Traded Options Purchased		2,490			—			—		2,490
Over-the-Counter Option Purchased		—			33,648			—		33,648
Over-the-Counter Interest Rate Swaptions Purchased		—			338,954			—		338,954

Total Investments, at Value		179,815,304			172,971,804			241,030		353,028,138
Other Financial Instruments:
Swaps, at value		—			952,199			—		952,199
Centrally cleared swaps, at value		—			263,287			—		263,287
Futures contracts		605,940			—			—		605,940
Forward currency exchange contracts		—			601,774			—		601,774

Total Assets	$	180,421,244		$	174,789,064		$	241,030	$	355,451,338


Liabilities Table
Other Financial Instruments:
Common Stock Securities Sold Short	$	(35,466,025	)	$	(3,370,028	)	$	—	$	(38,836,053	)
Other Financial Instruments:
Swaps, at value		—			(2,013,867	)		—		(2,013,867	)
Centrally cleared swaps, at value		—			(167,870	)		—		(167,870	)
Options written, at value		—			(81,620	)		—		(81,620	)
Futures contracts		(835,372	)		—			—		(835,372	)
Forward currency exchange contracts		—			(3,020,703	)		—		(3,020,703	)

Total Liabilities	$	(36,301,397	)	$	(8,654,088	)	$	—	$	(44,955,485	)

28 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

3. Securities Valuation (Continued)

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


	Transfers out of Level 2*		Transfers into Level 3*
Assets Table
Investments, at Value:
Common Stocks
Information Technology	$	(2)	$	2
Industrials		(6,273)		6,273
Preferred Stocks		(240,517)		240,517
Event-Linked Bonds		(13,000)		13,000

Total Assets	$	(259,792)	$	259,792

* Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

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 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.

29 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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.

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Information concerning securities not accruing interest at period end is as follows:


Cost	$5,761
Market Value	$–
Market Value as % of Net Assets	Less than 0.005	%

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 95% 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:

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,

30 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

5. Market Risk Factors (Continued)

lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

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

6. Use of Derivatives

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 objective, 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

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $88,902,396 and $165,409,403, respectively.

Futures Contracts

31 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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.

During the reporting period, the Fund had an ending monthly average market value of 82,489,865 and $54,124,776 on futures contracts purchased and sold, respectively.

Option Activity

During the reporting period, the Fund had an ending monthly average market value of $107,940 and $70,579 on purchased call options and purchased put options, respectively.

During the reporting period, the Fund had an ending monthly average market value of $55,369 and $107,278 on written call options and written put options, respectively.

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

Swap Contracts

32 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

For the reporting period, the Fund had ending monthly average notional amounts of $23,253,019 and 7,007,506 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.

For the reporting period, the Fund had ending monthly average notional amounts of $6,163,245 and $6,176,570 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.

At period end, the Fund had no interest rate swap agreements outstanding.

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.

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.

33 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

For the reporting period, the Fund had ending monthly average notional amounts of $64,411,000 and $8,767,381 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 $12,969 and $6,980 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.

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

Swaption Transactions

During the reporting period, the Fund had an ending monthly average market value of $412,700 on purchased swaptions.

During the reporting period end, the Fund had no written swaption contracts outstanding.

34 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

6. Use of Derivatives (Continued)

typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

At period end, the Fund has required certain counterparties to post collateral of $440,000.

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

6,501

(6,501)

–

Barclays Bank plc

59,890

(59,890)

–

Citibank NA

93,320

(93,320)

–

Deutsche Bank AG

224,361

–

224,361

35 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Gross Amounts Not Offset in the Consolidated
Statement of Assets & Liabilities

Counterparty

Gross Amounts
Not Offset in the
Consolidated
Statement
of Assets &
Liabilities*

Financial
Instruments
Available for
Offset

Financial
Instruments
Collateral
Received**

Cash Collateral
Received**

Net Amount

Goldman Sachs Bank

USA

62,802

(33,683)

–

29,119

Goldman Sachs

International

1,001,381

(1,001,381)

–

JPMorgan Chase Bank

188,548

(188,548)

–

Morgan Stanley Capital

Services, Inc.

289,772

–

(289,772)

–

1,926,575

(1,383,323)

–

(289,772)

253,480

*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, if any, 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	$	(12,458)	$	6,501	$	–	$	–	$	(5,957)
Barclays Bank plc		(1,623,305)		59,890		1,563,415		–		–
BNP Paribas		(27,925)		–		–		11,000		(16,925)
Citibank NA		(514,380)		93,320		331,379		–		(89,681)
Goldman Sachs Bank
USA		(33,683)		33,683		–		–		–
Goldman Sachs
International		(1,966,569)		1,001,381		622,833		–		(342,355)
JPMorgan Chase Bank
NA		(918,497)		188,548		702,684		–		(27,265)
Morgan Stanley		(19,373)		–		–		–		(19,373)

	$	(5,116,190)	$	1,383,323	$	3,220,311	$	11,000	$	(501,556)

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, if any, are excluded from these reported amounts. *Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Consolidated
Statement of Assets
and Liabilities Location

Value

Consolidated
Statement of Assets
and Liabilities Location

Value

Credit contracts

Swaps, at value

72,755

Swaps,
at value

2,011,300

Equity contracts

Swaps, at value

879,444

Swaps,
at value

2,567

Credit contracts

Centrally cleared swaps,

at value

263,287

Centrally
cleared
swaps,

at value

167,870

Commodity contracts

Variation
margin
payable

38,350

Equity contracts

Variation margin receivable

147,925

Variation
margin
payable

209,649

Interest rate contracts

Variation
margin
payable

67,063

36 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES 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

Forward currency exchange contracts

Unrealized appreciation on foreign currency exchange contracts

$ 601,774

Unrealized depreciation on foreign currency exchange contracts

$ 3,020,703

Currency contracts

Options written, at value

81,620

Equity contracts

Investments, at value

2,490**

Currency contracts

Investments, at value

33,648**

Interest rate contracts

Investments, at value

338,954**

Total

2,340,277

5,599,122

*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	$	—		$	—	$	643,306		$	—		$	—		$	643,306
Credit contracts		—			—		—			—			(953,486)			(953,486)
Currency contracts		(98,177)			5,625,409		—			—			—			5,527,232
Equity contracts		687,764			(697,801)		(4,223,295)			—			(352,760)			(4,586,092)
Forward currency exchange contracts		—			—		—			(1,416,713)			—			(1,416,713)
Interest rate contracts		(124,138)			—		1,004,782			—			178,014			1,058,658
Volatility contracts		—			—		—			—			(162,247)			(162,247)

Total	$	465,449		$	4,927,608	$	(2,575,207)		$	(1,416,713)		$	(1,290,479)		$	110,658


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	$	—		$	—	$	96,922		$	—		$	—		$	96,922
Credit contracts		—			—		—			—			(1,526,796	)		(1,526,796)
Currency contracts		25,607			6,083		—			—			—			31,690
Equity contracts		(78,204	)		—		(525,359	)		—			1,268,772			665,209
Forward currency exchange contracts		—			—		—			(1,397,897	)		—			(1,397,897)
Interest rate contracts		140,666			—		(450,420	)		—			135,284			(174,470)
Volatility contracts		—			—		(44,763	)		—			80,368			35,605

Total	$	88,069		$	6,083	$	(923,620	)	$	(1,397,897	)	$	(42,372	)	$	(2,269,737)

*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, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		294,457		$	2,964,146			1,734,875		$	17,157,352
Dividends and/or distributions reinvested		148,527			1,458,889			397,645			3,921,732
Redeemed		(4,989,113	)		(48,462,530	)		(380,193	)		(3,771,458)

Net increase (decrease)		(4,546,129	)	$	(44,039,495	)		1,752,327		$	17,307,626

37 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

7. Shares of Beneficial Interest (Continued)


	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Service Shares
Sold		151,472		$	1,489,983			151,036		$	1,490,635
Dividends and/or distributions reinvested		688			6,755			2,437			24,086
Redeemed		(86,324	)		(848,580	)		(58,070	)		(574,600	)
Net increase		65,836		$	648,158			95,403		$	940,121

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		$330,749,057		$328,740,200

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:

The Fund’s effective management fee for the reporting period was 1.00% of average annual net assets before any Subsidiary management fees or any applicable waivers.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-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.

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.

38 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

9. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (excluding any applicable dividends tied to short sales expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses will not exceed the annual rate of 1.20% for Non-Service shares and 1.45% for Service shares as calculated on the daily net assets of the Fund.

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


Non-Service Shares	$	43,955
Service Shares		1,145

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 $117,689. 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 $45,824,014. 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 $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Acquisition

39 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

11. Pending Acquisition (Continued)

distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

12. Subsequent Event

On February 12, 2019, the Board of Trustees of the Fund, upon the recommendation of the Fund’s investment adviser, OFI Global Asset Management, Inc., approved a plan to liquidate the Fund (the “Liquidation”), such Liquidation to take place on or about April 29, 2019 (the “Liquidation Date”).

40 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 Consolidated 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, and subsidiary (the “Fund”), including the consolidated statement of investments, as of December 31, 2018, 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 consolidated financial position of the Fund as of December 31, 2018, 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.

Emphasis of Matter

As discussed in Note 12 to the consolidated financial statements, on February 12, 2019, the Board of Trustees of Oppenheimer Variable Account Funds approved a plan to liquidate the Fund. The liquidation is expected to conclude on or about April 29, 2019. Our opinion is not modified with respect to this matter.

Basis for Opinion

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, 2018, 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

Denver, Colorado

February 19, 2019

41 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

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 100% to arrive at the amount eligible for the corporate dividend-received deduction.

42 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 Barings and OFI SteelPath provide investment sub-sub advisory services to the Fund (collectively, all the investment advisory agreements are referred to as the “Agreements,” and OFI Global and OFI are referred to as the “Managers” and Barings and OFI SteelPath 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, 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 Sub-Sub Advisers’ key personnel who provide such services. The Managers’ and Sub-Sub Advisers’ duties include providing the Fund with the services of the portfolio managers and investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and, for OFI SteelPath, securities trading services. 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 Benjamin Rockmuller and Alessio de Longis, the portfolio managers for the Fund, and the Sub-Sub Adviser’s 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 multialternative funds. The Board considered that while the Fund underperformed its category median for the one- and three-year periods, this was largely due to the Fund’s underperformance in 2017. The Board also considered that the Fund was launched on November 14, 2013, and ranked in the 16th percentile of its category in the 2014 calendar year and in the 31st percentile in the 2016 calendar year. The Board took into consideration that, when it reviewed the Fund’s performance and considered renewing the Agreements during the prior year, the Fund had outperformed its category median for the one- and three-year periods.

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 multialternative 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). The Board considered that the Fund’s total expenses were lower than the category median and equal to the peer group median. The Board noted that the Fund’s contractual management fee was lower than the category median and peer group median. The Board further considered the Fund’s current contractual fee waivers,

43 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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

AGREEMENTS Unaudited / Continued

specifically that (a) the Adviser has contractually agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investments in funds managed by the Adviser or its affiliates, which may not be amended or withdrawn for one year from the date of this prospectus, unless approved by the Board and (b) the Adviser 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 Fund’s subsidiary, which will continue to be in effect for so long as the Fund invests in the subsidiary and may not be terminated unless approved by the Board. Finally, the Board took into account that the Adviser has voluntarily 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.

Economies of Scale and Profits Realized by the Managers and 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.

44 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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

45 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES 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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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. 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 Board’s deliberations.

Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

46 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA



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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. 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.

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).

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).

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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.

47 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.

		© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		December 31, 2018
		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 12/31/18


	Inception Date	1-Year		5-Year		10-Year
Non-Service Shares	5/13/92		-19.42%		-0.90%		8.11	%
Service Shares	3/19/01		-19.55		-1.08		7.87
MSCI AC World ex-U.S. Index			-14.20		0.68		6.57

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


SAP SE		2.3%
Infineon Technologies AG		2.3
ICICI Bank Ltd., Sponsored ADR		2.2
Bunzl plc		2.0
Nokia OYJ		1.9
Novo Nordisk AS, Cl. B		1.9
Temenos AG		1.9
Hermes International		1.7
ASML Holding NV		1.7
Keyence Corp.		1.6

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on net assets.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

2 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Performance Discussion

In a volatile market environment, the Fund’s Non-Service shares returned -19.42% over the one-year reporting period ended December 31, 2018. In relative terms, the Fund underperformed the MSCI AC World ex-U.S. Index (the “Index”), which returned -14.20%.

During the reporting period, our portfolio continued to underperform due to positions in the automobile industry, mostly due to tariff concerns, and in the semiconductor sector, due to worries over slower growth. We continue to have frequent discussions with the management of the companies we own in both the automobile and semiconductor value chains. We are also meeting with other companies and analysts to cross-check the information we receive. Our conversations, and the earnings reports and announcements these companies are making, give us confidence that our long-term investment theses are intact, and that their current valuations are compelling. We are invested in automobile component companies that we believe are well-placed to benefit from the car’s electronification as it evolves into a computer on wheels. The value of the auto component market is growing rapidly, and at a pace that far outstrips the effect of a potential slowdown in global car sales. We are invested in the semiconductor value chain seeking to benefit from the demand for more chips for more uses as we continue to integrate technology more deeply into our lives.

Outperforming sectors included Financials and Health Care. Stock selection in both sectors contributed positively to performance, along with an underweight position in Financials and an overweight position in Health Care.

MARKET OVERVIEW

During the fourth quarter of 2018, equity markets experienced a significant correction. The year ended with negative returns in all major equity markets. Amidst the negative sentiment, it is worth remembering that investors in equity markets had strong returns in 2017. It was unusual for the upward trend to continue for as long as it did. The catalysts for this correction are concerns over U.S. trade policy, political and macroeconomic uncertainty on several fronts in Europe, and a slowdown in Chinese growth.

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Fund this period included NEX Group plc, Nokia Oyj, and Edenred SA.

NEX Group plc, a UK company, is a “broker’s broker.” It is the intermediary between professional participants in many over-the-counter financial markets such as those for foreign exchange, bonds and some derivative instruments. During the year, the Chicago Mercantile Exchange (“CME”) bid for NEX and the share price rose to reflect a significant acquisition premium. We exited our position.

Nokia Oyj has successfully transformed itself from a handset manufacturer to one of the few telecom equipment providers left in the world. In our opinion, it is the leader in the integrated software and equipment solutions that 5G networks require. Build-out of 5G networks has begun in earnest this year and Nokia is positioned to be a beneficiary.

Edenred SA is a French company that operates in several countries around the world offering prepaid vouchers for products and services. Their clients are companies who use these to compensate employees or to reward loyal customers, and governments who use them to deliver aid. The increasing digitization of the world is driving both Edenred’s top line growth and their operating leverage.

TOP INDIVIDUAL DETRACTORS

Top detractors from Portfolio performance included ams AG, Valeo SA, and Continental AG.

ams AG is an Austrian company that we believe is well-positioned to be one of the winners in the 3D sensor market. Demand for 3D sensors is growing faster than the semiconductor market as a whole. They are increasingly required for facial recognition, factory process automation, and augmented reality applications. After rising to record highs earlier in the year, the stock price has suffered from profit taking and concerns over its position in the Apple supply chain. In our opinion, ams has the wherewithal to diversify away from Apple.

Valeo SA is a French auto component supplier that is on the right side of the trend towards more complex auto components. Demand for Valeo’s products, which include driver assist features, electric powertrains, and thermal regulators, is increasing at a multiple of car volumes. In the short term, the tariff talk this reporting period has prompted profit taking in Valeo’s shares, which reached record highs earlier in 2018.

3 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Continental AG is the German automobile component supplier better known for its tires. We have owned the company for several years as part of our “Evolution of the Car” theme. Uncertainty over U.S. trade policy in general, and potential automobile tariffs in particular, have negatively affected the share prices of auto suppliers, Continental included. In our opinion, regardless of where they are made, the automobiles of the future will have more and more expensive components than at present, and Continental is well poised to benefit from that trend.

STRATEGY & OUTLOOK

Looking ahead, we see reason for optimism, particularly in international equity markets. The equity risk premium, which has increased on the back of uncertainty, can decline as those uncertainties dissipate. The form of Brexit will become clear. The Italian budget dispute with the European Union (EU) is likely to be resolved. Trade disputes between the U.S. and China may be settled if the U.S. Administration wants to declare a trade war victory before the U.S. presidential campaign season begins. Most importantly, while these political and macroeconomic issues command headlines and effect sentiment, deeper fundamental trends are continuing to restructure the world economy.

The Internet of Things is becoming a reality. Automation of industrial production continues. People are demanding safer and less polluting cars. Newly affluent consumers in emerging markets are buying packaged food, branded drinks, and luxury goods. The companies that we own can monetize these growth streams for a long time to come. The value of a company is the return it provides to its investors on the capital they invest in it. A share price can be driven by sentiment in the short term, but must reflect fundamental earning power in the long term.

The Fund’s performance is compared to the performance of the MSCI AC World ex-U.S. Index. The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

4 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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

LOGO

Average Annual Total Returns of Non-Service Shares of the Fund at 12/31/18

1-Year -19.42% 5-Year -0.90% 10-Year 8.11%

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

LOGO

Average Annual Total Returns of Service Shares of the Fund at 12/31/18

1-Year -19.55% 5-Year -1.08% 10-Year 7.87%

5 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Non-Service shares	$	1,000.00	$	828.60	$	4.62
Service shares		1,000.00		831.40		5.79

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


Class	Expense Ratios
Non-Service shares		1.00%
Service shares		1.25

6 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS December 31, 2018


	Shares		Value

Common Stocks—95.9%

Consumer Discretionary—22.6%

Auto Components—3.5%

Continental AG		38,170	$	5,278,084

Koito Manufacturing Co. Ltd.		125,100		6,381,679

Valeo SA		155,643		4,513,154

				16,172,917


Automobiles—3.7%

Bayerische Motoren Werke AG		61,427		4,974,795

Hero MotoCorp Ltd.		168,227		7,468,882

Subaru Corp.		218,000		4,653,804

				17,097,481


Entertainment—0.1%


Ubisoft Entertainment SA¹		6,110		490,175


Hotels, Restaurants & Leisure—3.3%

Carnival Corp.		132,528		6,533,630

Domino’s Pizza Group plc		1,034,444		3,063,514

Whitbread plc		97,976		5,703,392

				15,300,536


Household Durables—1.2%

SEB SA²		3,520		453,003

SEB SA²		39,200		5,044,801

				5,497,804


Interactive Media & Services—2.3%

Baidu, Inc., Sponsored ADR¹		31,520		4,999,072

Scout24 AG³		125,307		5,767,273

				10,766,345


Internet & Catalog Retail—1.4%

Alibaba Group Holding Ltd., Sponsored
ADR¹		28,236		3,870,308

JD.com, Inc., ADR¹		135,314		2,832,122

				6,702,430


Media—1.4%

SES SA, Cl. A, FDR		350,360		6,710,749


Multiline Retail—0.7%

Dollarama, Inc.		142,711		3,394,247


Specialty Retail—1.1%

Nitori Holdings Co. Ltd.		40,400		5,018,327


Textiles, Apparel & Luxury Goods—3.9%

Cie Financiere Richemont SA		60,907		3,914,337

Hermes International		14,256		7,884,233

LVMH Moet Hennessy Louis Vuitton SE		21,370		6,279,485

				18,078,055


Consumer Staples—10.2%

Beverages—2.3%

Heineken NV		56,860		5,011,491

Pernod Ricard SA		35,040		5,753,479

				10,764,970


Food & Staples Retailing—2.4%


Alimentation Couche-Tard, Inc., Cl. B		132,388		6,585,459

CP ALL PCL		2,170,000		4,565,101

				11,150,560


Food Products—3.1%

Barry Callebaut AG		2,773		4,312,205

Saputo, Inc.		169,552		4,867,230

WH Group Ltd.³		7,050,000		5,375,809

				14,555,244


Household Products—1.6%

Reckitt Benckiser Group plc		98,714		7,538,395


Tobacco—0.8%

Swedish Match AB		90,576		3,570,941


	Shares		Value

Energy—0.9%

Energy Equipment & Services—0.9%

TechnipFMC plc		215,012	$	4,334,516


Financials—4.4%

Commercial Banks—2.2%

ICICI Bank Ltd., Sponsored ADR		1,001,303		10,303,408


Insurance—2.2%

Legal & General Group plc		1,524,986		4,474,735

Prudential plc		315,601		5,638,865

				10,113,600


Health Care—14.4%

Biotechnology—3.1%

CSL Ltd.		54,312		7,092,936

Grifols SA		287,299		7,504,332

				14,597,268


Health Care Equipment & Supplies—5.4%

EssilorLuxottica SA		33,433		4,221,659

Hoya Corp.		107,193		6,551,881

Medtronic plc		10,400		945,984

ResMed, Inc.		8,620		981,560

Siemens Healthineers AG^1,3		143,270		5,998,650

Sonova Holding AG		21,792		3,553,216

William Demant Holding AS¹		110,528		3,133,250

				25,386,200


Health Care Providers & Services—0.2%

Fresenius Medical Care AG & Co. KGaA		14,208		922,896


Life Sciences Tools & Services—1.6%

Lonza Group AG¹		28,012		7,282,474


Pharmaceuticals—4.1%

Bayer AG		62,453		4,330,564

Novo Nordisk AS, Cl. B		190,863		8,773,535

Roche Holding AG		24,031		5,942,248

				19,046,347


Industrials—17.2%

Aerospace & Defense—1.3%

Airbus SE		61,980		5,927,826


Commercial Services & Supplies—2.9%

Edenred		186,094		6,821,682

Prosegur Cash SA³		1,212,557		2,671,381

Prosegur Cia de Seguridad SA		816,094		4,135,221

				13,628,284


Construction & Engineering—1.3%

Boskalis Westminster		240,169		5,944,943


Electrical Equipment—3.0%

Legrand SA		92,390		5,200,041

Melrose Industries plc		1,519,210		3,145,898

Nidec Corp.		50,200		5,753,158

				14,099,097


Machinery—5.3%

Aalberts Industries NV		110,168		3,647,501

Atlas Copco AB, Cl. A		205,152		4,901,198

Epiroc AB, Cl. A¹		362,445		3,442,119

Kubota Corp.		391,900		5,518,275

VAT Group AG^1,3		53,256		4,689,605

Weir Group plc (The)		169,676		2,789,776

				24,988,474


Professional Services—0.7%

Intertek Group plc		56,970		3,468,332


Trading Companies & Distributors—2.7%

Bunzl plc		299,989		9,026,301

Ferguson plc		52,576		3,367,279

				12,393,580

7 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS Continued


	Shares		Value

Information Technology—20.9%

Communications Equipment—1.9%

Nokia OYJ		1,570,863	$	9,076,306


Electronic Equipment, Instruments, & Components—3.0%

Hitachi Ltd.		238,600		6,342,418


Keyence Corp.		15,112		7,616,155

				13,958,573


Internet Software & Services—1.0%

United Internet AG		105,636		4,621,067


IT Services—2.8%

Amadeus IT Group SA		73,054		5,086,687

Atos SE		55,050		4,479,083

EPAM Systems, Inc.¹		29,380		3,408,374

				12,974,144


Semiconductors & Semiconductor Equipment—6.0%

ams AG		116,157		2,800,925

ASML Holding NV		50,432		7,868,752

Infineon Technologies AG		550,201		10,948,293

STMicroelectronics NV		467,530		6,671,934

				28,289,904


Software—6.2%

Atlassian Corp. plc, Cl. A¹		11,060		984,119

Dassault Systemes SE		31,967		3,774,245

SAP SE		109,982		10,955,275

Temenos AG¹		71,922		8,667,468


	Shares		Value

Software (Continued)

Xero Ltd.¹		150,707	$	4,441,067

				28,822,174


Materials—3.7%

Chemicals—2.1%

Novozymes AS, Cl. B		88,472		3,954,571

Sika AG		45,965		5,841,848

				9,796,419


Construction Materials—0.5%

James Hardie Industries plc		217,747		2,318,826


Containers & Packaging—1.1%

CCL Industries, Inc., Cl. B		145,568		5,337,777


Telecommunication Services—1.6%

Diversified Telecommunication Services—1.6%

Nippon Telegraph & Telephone Corp.		180,600		7,353,319

Total Common Stocks (Cost $357,909,309)				447,794,930

Preferred Stock—0.0%

Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $—)		599,541		65,609


Investment Company—3.8%

Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.35%^4,5(Cost $17,692,763)		17,692,763		17,692,763

Total Investments, at Value (Cost $375,602,072)		99.7%		465,553,302

Net Other Assets (Liabilities)		0.3		1,302,597

Net Assets		100.0%	$	466,855,899

Footnotes to Statement of Investments

1. Non-income producing security.

2. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

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 $24,502,718 or 5.25% of the Fund’s net assets at period end.

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

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


	Shares December 31, 2017		Gross Additions		Gross Reductions		Shares December 31, 2018

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		1,843,768		144,286,201		128,437,206		17,692,763

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)

Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	17,692,763	$	318,389	$	—	$	—


Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings (Unaudited)	Value		Percent
France	$	60,842,867		13.1	%
Japan		55,189,015		11.9
Germany		53,796,897		11.6
Switzerland		50,875,335		10.9
United Kingdom		49,183,722		10.6
United States		32,929,589		7.0
Netherlands		22,472,686		4.8
Canada		20,184,715		4.3
Spain		19,397,623		4.2
India		17,837,899		3.8
Denmark		15,861,356		3.4
Sweden		11,914,258		2.6
China		11,701,503		2.5
Finland		9,076,306		1.9
Australia		8,077,055		1.7
Luxembourg		6,710,749		1.4
Hong Kong		5,375,808		1.2

8 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA


Geographic Holdings (Unaudited) (Continued)	Value		Percent
Thailand	$	4,565,101		1.0%
New Zealand		4,441,067		1.0
Austria		2,800,925		0.6
Ireland		2,318,826		0.5

Total	$	465,553,302		100.0%

See accompanying Notes to Financial Statements.

9 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $357,909,309)	$	447,860,539
Affiliated companies (cost $17,692,763)		17,692,763

		465,553,302

Cash		502,487

Cash—foreign currencies (cost $21)		21

Receivables and other assets:
Shares of beneficial interest sold		1,935,389
Dividends		1,783,162
Investments sold		45,519
Other		48,021

Total assets		469,867,901


Liabilities
Payables and other liabilities:
Investments purchased		2,508,277
Foreign capital gains tax		244,782
Shares of beneficial interest redeemed		108,338
Distribution and service plan fees		42,594
Trustees’ compensation		37,303
Shareholder communications		8,898
Other		61,810

Total liabilities		3,012,002


Net Assets	$	466,855,899



Composition of Net Assets
Par value of shares of beneficial interest	$	225,607

Additional paid-in capital		356,564,376

Total distributable earnings		110,065,916

Net Assets	$	466,855,899



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 $267,220,333 and 131,439,239 shares of beneficial interest outstanding)		$2.03

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $199,635,566 and 94,167,704 shares of beneficial interest outstanding)		$2.12

See accompanying Notes to Financial Statements.

10 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Year Ended December 31, 2018



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $983,683)	$	9,875,501
Affiliated companies		318,389

Total investment income		10,193,890


Expenses
Management fees		5,229,829

Distribution and service plan fees - Service shares		578,191

Transfer and shareholder servicing agent fees:
Non-Service shares		390,537
Service shares		277,532

Shareholder communications:
Non-Service shares		23,918
Service shares		17,357

Custodian fees and expenses		59,508

Trustees’ compensation		20,595

Borrowing fees		17,754

Other		70,332

Total expenses		6,685,553
Less reduction to custodian expenses		(259)
Less waivers and reimbursements of expenses		(520,056)

Net expenses		6,165,238


Net Investment Income		4,028,652


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $153,215)		25,037,688
Foreign currency transactions		(11,396)

Net realized gain		25,026,292

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		(139,715,193)
Translation of assets and liabilities denominated in foreign currencies		(48,724)

Net change in unrealized appreciation/(depreciation)		(139,763,917)

Net Decrease in Net Assets Resulting from Operations		$ (110,708,973)

See accompanying Notes to Financial Statements.

11 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended December 31, 2018		Year Ended December 31, 2017¹

Operations
Net investment income	$	4,028,652	$	4,255,911
Net realized gain		25,026,292		14,279,372
Net change in unrealized appreciation/(depreciation)		(139,763,917)		108,297,137

Net increase (decrease) in net assets resulting from operations		(110,708,973)		126,832,420

Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Non-Service shares		(9,134,490)		(4,868,321)
Service shares		(5,690,284)		(2,425,707)

Total dividends and distributions declared		(14,824,774)		(7,294,028)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(20,815,884)		(14,779,318)
Service shares		13,746,754		17,507,241

Total beneficial interest transactions		(7,069,130)		2,727,923

Net Assets
Total increase (decrease)		(132,602,877)		122,266,315
Beginning of period		599,458,776		477,192,461

End of period	$	466,855,899	$	599,458,776

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

12 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$2.59		$2.08		$2.20		$2.31		$2.57

Income (loss) from investment operations:
Net investment income¹		0.02		0.02		0.03		0.03		0.03
Net realized and unrealized gain (loss)		(0.51)		0.52		(0.08)		0.06		(0.21)

Total from investment operations		(0.49)		0.54		(0.05)		0.09		(0.18)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.03)		(0.02)		(0.03)		(0.03)
Distributions from net realized gain		(0.05)		0.00		(0.05)		(0.17)		(0.05)

Total dividends and/or distributions to shareholders		(0.07)		(0.03)		(0.07)		(0.20)		(0.08)

Net asset value, end of period		$2.03		$2.59		$2.08		$2.20		$2.31



Total Return, at Net Asset Value²		(19.42)%		26.29%		(2.12)%		3.43%		(7.22)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$267,220		$360,417		$301,559		$317,547		$358,756

Average net assets (in thousands)		$325,080		$339,999		$305,269		$343,347		$400,556

Ratios to average net assets:³
Net investment income		0.83%		0.87%		1.24%		1.08%		1.13%
Expenses excluding specific expenses listed below		1.10%		1.08%		1.09%		1.08%		1.07%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.10%		1.08%		1.09%		1.08%		1.07%
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		25%		27%		15%		24%		41%

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

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, 2018	1.10	%
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	%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$2.70		$2.16		$2.29		$2.40		$2.66
Income (loss) from investment operations:
Net investment income¹		0.01		0.01		0.02		0.02		0.02
Net realized and unrealized gain (loss)		(0.52)		0.56		(0.08)		0.06		(0.21)

Total from investment operations		(0.51)		0.57		(0.06)		0.08		(0.19)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.03)		(0.02)		(0.02)		(0.02)
Distributions from net realized gain		(0.05)		0.00		(0.05)		(0.17)		(0.05)

Total dividends and/or distributions to shareholders		(0.07)		(0.03)		(0.07)		(0.19)		(0.07)
Net asset value, end of period		$2.12		$2.70		$2.16		$2.29		$2.40


Total Return, at Net Asset Value²		(19.55)%		26.44%		(2.72)%		3.11%		(7.15)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$199,636		$239,042		$175,633		$169,292		$145,515
Average net assets (in thousands)		$231,130		$213,440		$174,834		$165,226		$128,694
Ratios to average net assets:³
Net investment income		0.58%		0.60%		0.99%		0.79%		0.85%
Expenses excluding specific expenses listed below		1.35%		1.33%		1.34%		1.33%		1.32%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.35%		1.33%		1.34%		1.33%		1.32%
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		25%		27%		15%		24%		41%

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

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, 2018	1.35	%
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	%

See accompanying Notes to Financial Statements.

14 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS December 31, 2018

1. Organization

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

2. Significant Accounting Policies

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

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.

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

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)


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$3,849,308		$22,072,630		$—		$84,181,282

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

2. During the previous reporting period, the Fund utilized $417,148 of capital loss carryforward to offset capital gains realized in that fiscal year.

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 Earnings³

$2,199,217		$2,199,217

3. $2,198,404, 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, 2018		Year Ended December 31, 2017

Distributions paid from:
Ordinary income	$	4,584,335	$	7,294,028
Long-term capital gain		10,240,439		—

Total	$	14,824,774	$	7,294,028


Federal tax cost of securities	$	381,104,843
Federal tax cost of other investments		(277)

Total federal tax cost	$	381,104,566

Gross unrealized appreciation	$	141,615,225
Gross unrealized depreciation		(57,433,943)

Net unrealized appreciation	$	84,181,282

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)

3. Securities Valuation

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.

Classifications

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

17 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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

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

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


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	21,629,379	$	83,599,687	$	—	$	105,229,066
Consumer Staples		11,452,689		36,127,421		—		47,580,110
Energy		—		4,334,516		—		4,334,516
Financials		10,303,408		10,113,600		—		20,417,008
Health Care		1,927,544		65,307,641		—		67,235,185
Industrials		—		80,450,536		—		80,450,536
Information Technology		4,392,493		93,349,675		—		97,742,168
Materials		5,337,777		12,115,245		—		17,453,022
Telecommunication Services		—		7,353,319		—		7,353,319
Preferred Stock		65,609		—		—		65,609
Investment Company		17,692,763		—		—		17,692,763

Total Assets	$	72,801,662	$	392,751,640	$	—	$	465,553,302

For the reporting period, there were no transfers between levels.

4. Investments and Risks

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

18 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

4. Investments and Risks (Continued)

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

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 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:

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

6. Shares of Beneficial Interest

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


	Year Ended December 31, 2018				Year Ended December 31, 2017
		Shares		Amount		Shares		Amount

Non-Service Shares
Sold		21,532,426	$	51,243,851		22,026,198	$	51,090,812
Dividends and/or distributions reinvested		3,639,212		9,134,490		2,045,409		4,868,321
Redeemed		(32,856,876)		(81,194,225)		(30,252,278)		(70,738,451)

Net decrease		(7,685,238)	$	(20,815,884)		(6,180,671)	$	(14,779,318)




Service Shares
Sold		19,920,360	$	51,115,122		23,171,844	$	56,773,388
Dividends and/or distributions reinvested		2,171,864		5,690,284		978,108		2,425,707
Redeemed		(16,510,354)		(43,058,652)		(16,813,549)		(41,691,854)

Net increase		5,581,870	$	13,746,754		7,336,403	$	17,507,241

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:

19 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Continued

7. Purchases and Sales of Securities (Continued)


	Purchases		Sales

Investment securities	$	136,268,957		$162,936,301

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.

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	$	293,471
Service Shares		210,344

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

10. Pending Acquisition

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, 2018, 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, 2018, 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

KPMG LLP

Denver, Colorado

February 14, 2019

22 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $0.04704 per share were paid to Non-Service and Service shareholders, respectively, on June 19, 2018. 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).

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

23 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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

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

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 R. Evans and Robert B. 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.

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 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). The Board considered that the Fund’s total expenses and contractual management fee were higher than their respective peer group medians and its category medians. The Board noted that the Adviser has contractually agreed to waive fees and/or reimburse certain expenses so that the Fund’s total annual operating 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 fee waiver and/or expense reimbursement may not be amended or withdrawn until one year from the date of the Fund’s prospectus, unless approved by the Board. The Board further noted that the Adviser has agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investments in funds managed by the Adviser or its affiliates.

24 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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

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.

25 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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

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 Director in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Director serves for an indefinite term, or until his or her resignation, retirement, death or removal. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.

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		Director, Mutual Fund Directors Forum (since February 2018); 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). 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 Board’s 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). 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 Board’s 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 of the Board (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). 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 Board’s deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of 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). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

27 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

TRUSTEES AND OFFICERS Unaudited / Continued



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 in Denver and New York offices from 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. 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 Board’s 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed- Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
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 OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973		Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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.

28 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.

		^© 2019 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

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 $486,600 in fiscal 2018 and $453,400 in fiscal 2017.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $64,174 in fiscal 2018 and $35,000 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $297,836 in fiscal 2018 and $386,986 in fiscal 2017 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, custody audits, CP Conduit fees, incremental, and additional, audit services.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $34,209 in fiscal 2018 and $14,903 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $534,826 in fiscal 2018 and $591,136 in fiscal 2017 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 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 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 $931,045 in fiscal 2018 and $1,028,025 in fiscal 2017 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 12/31/2018, 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: 2/15/2019

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: 2/15/2019



By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer

Date: 2/15/2019