STATEMENT OF INVESTMENTS March 31, 2019 Unaudited
	Principal Amount		Value		Principal Amount		Value
Asset-Backed Securities—13.1%				Auto Loan (Continued)
Auto Loan—11.2%				GM Financial Automobile Leasing Trust:
American Credit Acceptance Receivables Trust:				Series 2017-3,Cl. C, 2.73%, 9/20/21	$	120,000 $	119,419
Series 2015-3,Cl. D, 5.86%, 7/12/221	$	125,000 $	125,131	Series 2018-2,Cl. C, 3.50%, 4/20/22		135,000	135,679
Series 2017-4,Cl. B, 2.61%, 5/10/211		39,121	39,107	GMF Floorplan Owner Revolving Trust:
Series 2017-4,Cl. C, 2.94%, 1/10/241		183,000	182,745	Series 2018-3,Cl. B, 3.49%, 9/15/221		240,000	242,129
Series 2017-4,Cl. D, 3.57%, 1/10/241		227,000	227,187	Series 2018-3,Cl. C, 3.68%, 9/15/221		200,000	201,815
Series 2018-2,Cl. C, 3.70%, 7/10/241		255,000	256,248	Series 2018-4,Cl. B, 3.68%, 9/15/231		200,000	203,493
Series 2018-3,Cl. B, 3.49%, 6/13/221		80,000	80,220	Series 2018-4,Cl. C, 3.88%, 9/15/231		250,000	254,403
Series 2018-4,Cl. C, 3.97%, 1/13/251		180,000	182,521	Navistar Financial Dealer Note Master Owner Trust II:
AmeriCredit Automobile Receivables Trust:				Series 2017-1,Cl. C, 4.036%
Series 2017-2,Cl. D, 3.42%, 4/18/23		300,000	301,733	[US0001M+155], 6/27/221,3		60,000	60,074
Series 2017-4,Cl. D, 3.08%, 12/18/23		190,000	190,209	Series 2017-1,Cl. D, 4.786%
Series 2018-3,Cl. C, 3.74%, 10/18/24		260,000	266,206	[US0001M+230], 6/27/221,3		70,000	70,035
Capital Auto Receivables Asset Trust:				Series 2018-1,Cl. A, 3.116%
Series 2017-1,Cl. D, 3.15%, 2/20/251		40,000	39,802	[US0001M+63], 9/25/231,3		110,000	110,204
Series 2018-2,Cl. B, 3.48%, 10/20/231		120,000	121,086	Series 2018-1,Cl. B, 3.286%
Series 2018-2,Cl. C, 3.69%, 12/20/231		115,000	115,979	[US0001M+80], 9/25/231,3		125,000	125,164
CarMax Auto Owner Trust:				Santander Drive Auto Receivables Trust:
Series 2015-2,Cl. D, 3.04%, 11/15/21		100,000	100,015	Series 2017-1,Cl. D, 3.17%, 4/17/23		160,000	160,200
Series 2015-3,Cl. D, 3.27%, 3/15/22		295,000	294,506	Series 2017-1,Cl. E, 5.05%, 7/15/241		355,000	363,202
Series 2016-1,Cl. D, 3.11%, 8/15/22		185,000	184,474	Series 2017-2,Cl. D, 3.49%, 7/17/23		70,000	70,393
Series 2017-1,Cl. D, 3.43%, 7/17/23		230,000	230,793	Series 2017-3,Cl. D, 3.20%, 11/15/23		280,000	279,873
Series 2017-4,Cl. D, 3.30%, 5/15/24		100,000	99,652	Series 2018-1,Cl. D, 3.32%, 3/15/24		100,000	100,349
Series 2018-4,Cl. C, 3.85%, 7/15/24		85,000	87,064	Series 2018-2,Cl. D, 3.88%, 2/15/24		165,000	167,456
CIG Auto Receivables Trust, Series 2017-1A, Cl.				Series 2018-3,Cl. C, 3.51%, 8/15/23		415,000	417,592
A, 2.71%, 5/15/231		46,946	46,852	Series 2018-4,Cl. C, 3.56%, 7/15/24		290,000	292,999
CPS Auto Receivables Trust:				Series 2018-5,Cl. C, 3.81%, 12/16/24		215,000	218,350
Series 2018-A,Cl. B, 2.77%, 4/18/221		125,000	124,623	Santander Retail Auto Lease Trust, Series
Series 2018-B,Cl. B, 3.23%, 7/15/221		150,000	150,337	2017-A, Cl. C, 2.96%, 11/21/221		180,000	179,680
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%,				TCF Auto Receivables Owner Trust, Series
5/17/211		25,600	25,576	2015-1A, Cl. D, 3.53%, 3/15/221		160,000	159,990
Credit Acceptance Auto Loan Trust:				United Auto Credit Securitization Trust, Series
Series 2017-3A,Cl. C, 3.48%, 10/15/261		205,000	205,108	2018-1, Cl. C, 3.05%, 9/10/211		255,000	255,147
Series 2018-1A,Cl. B, 3.60%, 4/15/271		125,000	125,995	Veros Automobile Receivables Trust, Series
Series 2018-1A,Cl. C, 3.77%, 6/15/271		180,000	181,403	2017-1, Cl. A, 2.84%, 4/17/231		32,393	32,343
Series 2018-2A,Cl. C, 4.16%, 9/15/271		150,000	153,453	Westlake Automobile Receivables Trust:
Series 2018-3A,Cl. C, 4.04%, 12/15/271		210,000	213,325	Series 2016-1A,Cl. E, 6.52%, 6/15/221		260,000	261,184
Drive Auto Receivables Trust:				Series 2017-2A,Cl. E, 4.63%, 7/15/241		305,000	307,292
Series 2015-BA,Cl. D, 3.84%, 7/15/211		9,833	9,845	Series 2018-1A,Cl. D, 3.41%, 5/15/231		160,000	160,435
Series 2016-CA,Cl. D, 4.18%, 3/15/241		160,000	162,063	Series 2018-3A,Cl. B, 3.32%, 10/16/231		245,000	245,856
Series 2017-1,Cl. D, 3.84%, 3/15/23		225,000	226,812				14,138,602
Series 2018-1,Cl. D, 3.81%, 5/15/24		180,000	181,561	Credit Card—1.2%
Series 2018-2,Cl. D, 4.14%, 8/15/24		295,000	300,119	GE Capital Credit Card Master Note Trust,
Series 2018-3,Cl. C, 3.72%, 9/16/24		115,000	116,108	Series 2012-7, Cl. B, 2.21%, 9/15/22		185,000	184,292
Series 2018-3,Cl. D, 4.30%, 9/16/24		200,000	204,310	World Financial Network Credit Card Master Trust:
Series 2018-5,Cl. C, 3.99%, 1/15/25		210,000	214,554	Series 2018-A,Cl. A, 3.07%, 12/16/24		495,000	497,842
Series 2019-1,Cl. C, 3.78%, 4/15/25		345,000	350,311	Series 2018-B,Cl. A, 3.46%, 7/15/25		230,000	234,125
DT Auto Owner Trust:				Series 2018-C,Cl. A, 3.55%, 8/15/25		470,000	478,733
Series 2016-4A,Cl. E, 6.49%, 9/15/231		120,000	122,890	Series 2019-A,Cl. A, 3.14%, 12/15/25		160,000	161,639
Series 2017-1A,Cl. D, 3.55%, 11/15/221		125,000	125,394				1,556,631
Series 2017-1A,Cl. E, 5.79%, 2/15/241		285,000	292,549
Series 2017-2A,Cl. D, 3.89%, 1/15/231		175,000	176,060	Equipment—0.5%
Series 2017-3A,Cl. D, 3.58%, 5/15/231		70,000	70,375	CCG Receivables Trust:
Series 2017-3A,Cl. E, 5.60%, 8/15/241		155,000	160,147	Series 2017-1,Cl. B, 2.75%, 11/14/231		230,000	229,349
Series 2017-4A,Cl. D, 3.47%, 7/17/231		190,000	190,513	Series 2018-1,Cl. B, 3.09%, 6/16/251		85,000	85,261
Series 2017-4A,Cl. E, 5.15%, 11/15/241		135,000	137,920	Series 2018-1,Cl. C, 3.42%, 6/16/251		20,000	20,065
Series 2018-3A,Cl. B, 3.56%, 9/15/221		250,000	251,923	Series 2018-2,Cl. C, 3.87%, 12/15/251		60,000	61,032
Series 2018-3A,Cl. C, 3.79%, 7/15/241		100,000	101,129	CNH Equipment Trust:
Exeter Automobile Receivables Trust:				Series 2017-C,Cl. B, 2.54%, 5/15/25		65,000	64,512
Series 2018-1A,Cl. B, 2.75%, 4/15/221		140,000	139,847	Series 2019-A,Cl. A4, 3.22%, 1/15/26		125,000	126,744
Series 2018-4A,Cl. B, 3.64%, 11/15/221		210,000	211,819	Dell Equipment Finance Trust, Series 2018-1,
				Cl. B, 3.34%, 6/22/231		80,000	80,668
Series 2019-1A,Cl. D, 4.13%, 12/16/241		195,000	199,456	FRS I LLC, Series 2013-1A, Cl. A1, 1.80%,
Flagship Credit Auto Trust, Series 2016-1, Cl. C,				4/15/431		1,610	1,609
6.22%, 6/15/221		345,000	357,166				669,240
GLS Auto Receivables Trust:
Series 2018-1A,Cl. A, 2.82%, 7/15/222		192,131	191,854
Series 2018-3A,Cl. A, 3.35%, 8/15/221		97,614	97,771
		1	OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount			Value		Principal Amount		Value
Loans:  Other—0.2%					FHLMC/FNMA/FHLB/Sponsored (Continued)
Ameriquest Mortgage Securities, Inc. Asset-					Federal Home Loan Mortgage Corp. , Real Estate Mtg. Investment Conduit Multiclass
Backed Pass-Through Certificates, Series 2005-					Pass-Through Certificates: (Continued)
R5, Cl. M2, 3.176% [US0001M+69], 7/25/353 $		74,033	$	74,305	Series 4221,Cl. HJ, 1.50%, 7/15/23	$	47,845 $	46,972
Dell Equipment Finance Trust, Series 2017-2,					Federal Home Loan Mortgage Corp. , Real Estate Mtg. Investment Conduit Multiclass
Cl. B, 2.47%, 10/24/221		70,000		69,698	Pass-Through Certificates, Interest-Only Stripped Mtg. -Backed Security:
Element Rail Leasing I LLC, Series 2014-1A, Cl.					Series 2074,Cl. S, 99.999%, 7/17/284		701	66
A1, 2.299%, 4/19/441		125,521		125,137	Series 2079,Cl. S, 99.999%, 7/17/284		1,320	150
				269,140	Series 2130,Cl. SC, 99.999%, 3/15/294		45,175	5,984
Total Asset-Backed Securities (Cost $16,505,149)				16,633,613	Series 2526,Cl. SE, 72.15%, 6/15/294		1,826	301
					Series 2796,Cl. SD, 99.999%, 7/15/264		89,887	10,382
Mortgage-Backed Obligations—44.5%					Series 2920,Cl. S, 32.789%, 1/15/354		382,805	61,509
Government Agency—29.4%					Series 2922,Cl. SE, 17.115%, 2/15/354		44,424	7,314
FHLMC/FNMA/FHLB/Sponsored—25.8%					Series 2981,Cl. AS, 0.177%, 5/15/354		56,111	7,788
Federal Home Loan Mortgage Corp. , Series					Series 3004,Cl. SB, 0.00%, 7/15/354,5		16,767	1,690
2018-HQA2, Cl. M1, 3.236% [US0001M+75],					Series 3397,Cl. GS, 2.60%, 12/15/374		9,131	1,596
10/25/481,3		380,000		379,849	Series 3424,Cl. EI, 0.00%, 4/15/384,5		6,157	612
Federal Home Loan Mortgage Corp. Gold Pool:					Series 3450,Cl. BI, 9.062%, 5/15/384		233,235	34,182
5.00%, 12/1/34		3,114		3,337	Series 3606,Cl. SN, 10.465%, 12/15/394		59,961	7,791
5.50%, 9/1/39		203,998		221,885	Series 4057,Cl. QI, 4.56%, 6/15/274		416,785	31,446
6.00%, 10/1/22-10/1/29		250,389		272,728	Series 4146,Cl. AI, 10.738%, 12/15/274		182,107	14,157
6.50%, 7/1/28-4/1/34		95,233		105,540	Series 4205,Cl. AI, 7.963%, 5/15/284		107,138	7,918
7.00%, 10/1/31-10/1/37		75,977		83,780	Series 4818,Cl. BI, 0.00%, 3/15/454,5		163,688	27,403
9.00%, 8/1/22-5/1/25		3,917		4,196	Federal Home Loan Mortgage Corp. , STACR
Federal Home Loan Mortgage Corp. Non Gold					Trust, Series 2019-DNA1, Cl. M2, 5.136%
Pool, 10.50%, 10/1/20		179		179	[US0001M+265], 1/25/491,3		275,000	279,885
Federal Home Loan Mortgage Corp. , Interest-Only Stripped Mtg. -Backed Security:					Federal National Mortgage Assn.:
Series 205,Cl. IO, 79.13%, 9/1/294		3,777		760	2.50%, 4/1/347		1,540,000	1,531,107
Series 206,Cl. IO, 0.793%, 12/15/294		68,472		18,983	3.00%, 4/1/34-4/1/497		1,465,000	1,476,481
Series 243,Cl. 6, 0.662%, 12/15/324		43,340		8,142	3.50%, 4/1/497		8,605,000	8,724,999
Series 304,Cl. C31, 9.481%, 12/15/274		143,107		11,617	4.00%, 4/1/497		10,270,000	10,565,262
Series 304,Cl. C45, 6.833%, 12/15/274		72,313		5,831	4.50%, 4/1/497		3,345,000	3,485,774
Series 304,Cl. C47, 5.551%, 12/15/274		67,182		5,666	5.00%, 4/1/497		2,065,000	2,183,697
Federal Home Loan Mortgage Corp. , Mtg. -					Federal National Mortgage Assn. Pool:
Linked Amortizing Global Debt Securities,					5.00%, 3/1/21-7/1/22		898	920
Series 2012-1, Cl. A10, 2.06%, 1/15/22		212,438		210,462	5.50%, 2/1/35-5/1/36		93,261	102,654
Federal Home Loan Mortgage Corp. , Multifamily Structured Pass-Through Certificates,					6.50%, 10/1/19-1/1/34		5,957	6,678
Interest-Only Stripped Mtg. -Backed Security:					7.00%, 1/1/30-12/1/32		13,561	15,557
Series KC02,Cl. X1, 0.00%, 3/25/244,5		4,570,733		79,759	7.50%, 1/1/33		2,741	3,191
Series KC03,Cl. X1, 0.00%, 11/25/244,5		2,755,000		69,961	8.50%, 7/1/32		3,154	3,190
Federal Home Loan Mortgage Corp. , Principal-					Federal National Mortgage Assn. , Interest-Only Stripped Mtg. -Backed Security:
Only Stripped Mtg. -Backed Security, Series					Series 221,Cl. 2, 99.999%, 5/25/234		1,011	111
176, Cl. PO, 4.108%, 6/1/266		20,009		18,372	Series 222,Cl. 2, 99.999%, 6/25/234		117,307	12,379
Federal Home Loan Mortgage Corp. , Real Estate Mtg. Investment Conduit Multiclass					Series 252,Cl. 2, 0.00%, 11/25/234,5		99,851	11,924
Pass-Through Certificates:					Series 294,Cl. 2, 99.999%, 2/25/284		16,403	3,396
Series 151,Cl. F, 9.00%, 5/15/21		474		482	Series 301,Cl. 2, 22.677%, 4/25/294		1,313	263
Series 1674,Cl. Z, 6.75%, 2/15/24		5,534		5,862	Series 303,Cl. IO, 63.593%, 11/25/294		29,300	6,620
Series 2034,Cl. Z, 6.50%, 2/15/28		1,111		1,210	Series 320,Cl. 2, 71.352%, 4/25/324		122,151	28,245
Series 2042,Cl. N, 6.50%, 3/15/28		2,471		2,675	Series 321,Cl. 2, 28.966%, 4/25/324		304,206	70,290
Series 2043,Cl. ZP, 6.50%, 4/15/28		142,681		158,190	Series 324,Cl. 2, 16.515%, 7/25/324		2,979	682
Series 2046,Cl. G, 6.50%, 4/15/28		4,771		5,286	Series 331,Cl. 5, 0.00%, 2/25/334,5		4,227	811
Series 2053,Cl. Z, 6.50%, 4/15/28		1,210		1,345	Series 331,Cl. 9, 20.006%, 2/25/334		97,954	19,924
Series 2066,Cl. Z, 6.50%, 6/15/28		141,292		155,852	Series 334,Cl. 12, 0.00%, 3/25/334,5		7,017	1,489
Series 2195,Cl. LH, 6.50%, 10/15/29		106,360		117,181	Series 334,Cl. 17, 47.089%, 2/25/334		61,681	13,074
Series 2220,Cl. PD, 8.00%, 3/15/30		827		957	Series 339,Cl. 12, 0.00%, 6/25/334,5		96,865	21,800
Series 2326,Cl. ZP, 6.50%, 6/15/31		26,618		29,096	Series 339,Cl. 7, 0.00%, 11/25/334,5		206,076	45,006
Series 2461,Cl. PZ, 6.50%, 6/15/32		122,430		134,907	Series 343,Cl. 13, 0.00%, 9/25/334,5		102,895	21,768
Series 2470,Cl. LF, 3.484%					Series 343,Cl. 18, 0.00%, 5/25/344,5		25,150	4,873
[LIBOR01M+100], 2/15/323		1,030		1,058	Series 345,Cl. 9, 0.00%, 1/25/344,5		75,512	15,893
Series 2635,Cl. AG, 3.50%, 5/15/32		19,473		19,716	Series 351,Cl. 10, 0.00%, 4/25/344,5		32,521	7,309
Series 3010,Cl. WB, 4.50%, 7/15/20		1,602		1,604	Series 351,Cl. 8, 0.00%, 4/25/344,5		57,004	12,796
Series 3025,Cl. SJ, 15.643% [-3.667 x					Series 356,Cl. 10, 0.00%, 6/25/354,5		39,722	8,113
LIBOR01M+2,475], 8/15/353		10,792		15,677	Series 356,Cl. 12, 0.00%, 2/25/354,5		19,532	4,034
Series 3030,Cl. FL, 2.884%					Series 362,Cl. 13, 0.00%, 8/25/354,5		76,750	17,160
[LIBOR01M+40], 9/15/353		1,659		1,659	Series 364,Cl. 15, 0.00%, 9/25/354,5		4,102	873
Series 3645,Cl. EH, 3.00%, 12/15/20		4,476		4,463	Series 364,Cl. 16, 0.00%, 9/25/354,5		85,069	17,333
Series 3822,Cl. JA, 5.00%, 6/15/40		1,556		1,584	Series 365,Cl. 16, 0.00%, 3/25/364,5		104,793	21,043
Series 3848,Cl. WL, 4.00%, 4/15/40		11,954		12,111
Series 3857,Cl. GL, 3.00%, 5/15/40		2,951		3,007
		2		OPPENHEIMER TOTAL RETURN BOND FUND/VA

		Principal Amount		Value		Principal Amount			Value
	FHLMC/FNMA/FHLB/Sponsored (Continued)				FHLMC/FNMA/FHLB/Sponsored (Continued)
	Federal National Mortgage Assn. , Real Estate Mtg. Investment Conduit Multiclass Pass-				Federal National Mortgage Assn. , Real Estate Mtg. Investment Conduit Multiclass Pass-
	Through Certificates:				Through Certificates, Interest-Only Stripped Mtg. -Backed Security: (Continued)
	Series 1993-87,Cl. Z, 6.50%, 6/25/23	$	82,048 $	86,572	Series 2002-9,Cl. MS, 33.216%,
	Series 1998-58,Cl. PC, 6.50%, 10/25/28		76,281	83,595	3/25/324	$	1,437	$	275
	Series 1998-61,Cl. PL, 6.00%, 11/25/28		38,447	42,041	Series 2002-90,Cl. SN, 19.64%,
	Series 1999-54,Cl. LH, 6.50%, 11/25/29		64,568	70,770	8/25/324		6,058		982
	Series 2001-51,Cl. OD, 6.50%, 10/25/31		3,846	4,075	Series 2002-90,Cl. SY, 25.23%, 9/25/324		4,520		732
	Series 2001-74,Cl. QE, 6.00%, 12/25/31		90,391	100,107	Series 2003-26,Cl. DI, 80.823%,
	Series 2003-28,Cl. KG, 5.50%, 4/25/23		217,954	224,290	4/25/334		4,304		1,093
	Series 2005-73,Cl. DF, 2.736%				Series 2003-33,Cl. SP, 31.404%,
	[LIBOR01M+25], 8/25/353		1,840	1,838	5/25/334		94,709		18,469
	Series 2006-11,Cl. PS, 15.453% [-3.667				Series 2003-4,Cl. S, 25.58%, 2/25/334		58,078		11,596
	x LIBOR01M+2,456.67], 3/25/363		59,473	87,802	Series 2004-54,Cl. DS, 99.999%,
	Series 2006-46,Cl. SW, 15.086%				11/25/304		82,405		12,025
[	-3.667 x LIBOR01M+2,419.92],				Series 2005-12,Cl. SC, 28.492%,
	6/25/363		40,625	58,058	3/25/354		20,489		3,082
	Series 2006-50,Cl. KS, 15.087% [-3.667				Series 2005-14,Cl. SE, 34.686%,
	x LIBOR01M+2,420], 6/25/363		50,603	73,153	3/25/354		66,078		8,587
	Series 2008-75,Cl. DB, 4.50%, 9/25/23		1	1	Series 2005-40,Cl. SA, 99.999%,
	Series 2009-113,Cl. DB, 3.00%,				5/25/354		190,886		30,564
	12/25/20		2,430	2,420	Series 2005-40,Cl. SB, 62.455%,
	Series 2009-36,Cl. FA, 3.426%				5/25/354		8,795		1,107
	[LIBOR01M+94], 6/25/373		22,801	23,372	Series 2005-52,Cl. JH, 28.692%,
	Series 2009-70,Cl. TL, 4.00%, 8/25/19		15	15	5/25/354		50,068		7,522
	Series 2010-43,Cl. KG, 3.00%, 1/25/21		1,787	1,785	Series 2005-93,Cl. SI, 2.844%,
	Series 2011-3,Cl. EL, 3.00%, 5/25/20		1,962	1,955	10/25/354		138,755		20,863
	Series 2011-38,Cl. AH, 2.75%, 5/25/20		1	1	Series 2008-55,Cl. SA, 0.00%,
	Series 2011-82,Cl. AD, 4.00%, 8/25/26		7,467	7,470	7/25/384,5		7,523		910
	Federal National Mortgage Assn. , Real Estate Mtg. Investment Conduit Multiclass Pass-				Series 2009-8,Cl. BS, 99.999%,
	Through Certificates, Interest-Only Stripped Mtg. -Backed Security:				2/25/244		736		39
	Series 2001-61,Cl. SH, 24.237%,				Series 2011-96,Cl. SA, 5.212%,
	11/18/314		3,820	646	10/25/414		47,671		7,602
	Series 2001-63,Cl. SD, 45.212%,				Series 2012-121,Cl. IB, 8.076%,
	12/18/314		1,228	188	11/25/274		175,552		14,247
	Series 2001-65,Cl. S, 37.651%,				Series 2012-134,Cl. SA, 0.00%,
	11/25/314		95,833	18,111	12/25/424,5		130,541		24,676
	Series 2001-68,Cl. SC, 49.947%,				Series 2012-40,Cl. PI, 26.501%,
	11/25/314		902	167	4/25/414		93,162		11,581
	Series 2001-81,Cl. S, 36.382%, 1/25/324		27,701	4,854	Series 2015-57,Cl. LI, 5.983%, 8/25/354		413,384		60,139
	Series 2002-28,Cl. SA, 40.27%,				Series 2016-45,Cl. MI, 8.547%,
	4/25/324		886	158	7/25/464		121,188		27,196
	Series 2002-38,Cl. SO, 99.13%,				Series 2017-66,Cl. AS, 0.00%, 9/25/474,5		1,025,612		150,159
	4/25/324		2,712	461	Series 2018-16,Cl. NI, 0.156%,
	Series 2002-39,Cl. SD, 63.714%,				12/25/444		84,367		12,838
	3/18/324		1,793	341	Series 2018-69,Cl. CI, 0.00%,
	Series 2002-47,Cl. NS, 40.942%,				10/25/464,5		184,099		18,660
	4/25/324		88,136	16,256	Federal National Mortgage Assn. , Real Estate
	Series 2002-48,Cl. S, 42.399%, 7/25/324		1,367	263	Mtg. Investment Conduit Multiclass Pass-
	Series 2002-51,Cl. S, 39.703%, 8/25/324		80,909	14,924	Through Certificates, Principal-Only Stripped
	Series 2002-52,Cl. SD, 87.202%,				Mtg. -Backed Security, Series 1993-184, Cl. M,
	9/25/324		126,200	24,344	5.195%, 9/25/236		36,764		34,678
	Series 2002-52,Cl. SL, 40.184%,								32,649,013
	9/25/324		915	169	GNMA/Guaranteed—3.6%
	Series 2002-53,Cl. SK, 86.627%,				Government National Mortgage Assn. I Pool:
	4/25/324		6,247	1,215	7.00%, 12/15/23-3/15/26		3,242		3,348
	Series 2002-56,Cl. SN, 38.961%,				Government National Mortgage Assn. II Pool,
	7/25/324		1,863	358	3.50%, 4/1/497		4,265,000		4,359,297
	Series 2002-60,Cl. SM, 19.408%,				Government National Mortgage Assn. , Interest-Only Stripped Mtg. -Backed Security:
	8/25/324		11,776	1,749	Series 2002-15,Cl. SM, 99.999%,
	Series 2002-7,Cl. SK, 25.71%, 1/25/324		5,520	911	2/16/324		116,780		788
	Series 2002-77,Cl. BS, 25.10%,				Series 2007-17,Cl. AI, 45.305%,
	12/18/324		7,985	1,381	4/16/374		51,925		7,603
	Series 2002-77,Cl. IS, 59.292%,				Series 2011-52,Cl. HS, 18.864%,
	12/18/324		4,620	908	4/16/414		342,210		50,089
	Series 2002-77,Cl. SH, 32.743%,				Series 2017-136,Cl. LI, 6.988%,
	12/18/324		36,956	6,123	9/16/474		329,638		64,074
	Series 2002-84,Cl. SA, 30.94%,
	12/25/324		90,313	17,710
			3	OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount			Value		Principal Amount			Value
GNMA/Guaranteed (Continued)					Commercial (Continued)
Government National Mortgage Assn. , Interest-Only Stripped Mtg. -Backed Security:					FREMF Mortgage Trust: (Continued)
(Continued)					Series 2012-K711,Cl. C, 3.519%,
Series 2017-149,Cl. GS, 0.00%,					8/25/451,9	$	130,000	$	129,840
10/16/474,5	$	390,442	$	59,922	Series 2013-K25,Cl. C, 3.623%,
				4,545,121	11/25/451,9		90,000		90,579
Non-Agency—15.1%					Series 2013-K26,Cl. C, 3.598%,
Commercial—7.5%					12/25/451,9		60,000		60,356
BANK, Interest-Only Stripped Mtg. -Backed					Series 2013-K27,Cl. C, 3.496%,
Security, Series 2019-BN16, Cl. XA, 10.805%,					1/25/461,9		95,000		95,268
2/15/524		1,584,136		117,320	Series 2013-K28,Cl. C, 3.49%,
BCAP LLC Trust, Series 2011-R11, Cl. 18A5,					6/25/461,9		285,000		285,897
4.69% [H15T1Y+210], 9/26/351,3		11,096		11,144	Series 2013-K712,Cl. C, 3.359%,
Benchmark Mortgage Trust, Interest-Only					5/25/451,9		70,000		69,941
Commercial Mtg. Pass-Through Certificates,					Series 2013-K713,Cl. C, 3.155%,
Series 2018-B1, Cl. XA, 10.646%, 1/15/514		1,783,218		65,417	4/25/461,9		245,000		244,534
Capital Lease Funding Securitization LP,					Series 2014-K715,Cl. C, 4.122%,
Interest-Only Commercial Mtg. Pass-Through					2/25/461,9		190,000		192,367
Certificates, Series 1997-CTL1, Cl. IO, 0.00%,					GS Mortgage Securities Trust:
6/22/241,4,5,8		160,402		2,901	Series 2012-GC6,Cl. A3, 3.482%,
CD Mortgage Trust, Interest-Only Commercial					1/10/45		59,774		60,660
Mtg. Pass-Through Certificates, Series 2017-					Series 2013-GC12,Cl. AAB, 2.678%,
CD6, Cl. XA , 12.622%, 11/13/504		746,251		42,785	6/10/46		28,939		28,807
Chase Mortgage Finance Trust, Series 2005-					Series 2013-GC16,Cl. AS, 4.649%,
A2, Cl . 1A3, 4.349%, 1/25/369		78,236		76,512	11/10/46		45,000		48,042
Citigroup Commercial Mortgage Trust:					Series 2014-GC18,Cl. AAB, 3.648%,
Series 2012-GC8,Cl. AAB, 2.608%,					1/10/47		82,119		83,566
9/10/45		80,158		79,902	GSMSC Pass-Through Trust, Series 2009-3R, Cl.
Series 2014-GC21,Cl. AAB, 3.477%,					1A2, 6.00%, 4/25/371,9		181,963		174,302
5/10/47		95,000		96,722	JP Morgan Chase Commercial Mortgage Securities Trust:
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through					Series 2012-LC9,Cl. A4, 2.611%,
Certificates:					12/15/47		9,547		9,538
Series 2013-GC17,Cl. XA, 0.00%,					Series 2013-C10,Cl. AS, 3.372%,
11/10/464,5		394,368		16,105	12/15/47		315,000		318,129
Series 2017-C4,Cl. XA, 11.938%,					Series 2013-C16,Cl. AS, 4.517%,
10/12/504		2,063,715		141,677	12/15/46		300,000		317,454
COMM Mortgage Trust:					Series 2013-LC11,Cl. AS, 3.216%,
Series 2013-CR6,Cl. AM, 3.147%,					4/15/46		40,000		40,126
3/10/461		245,000		245,636	Series 2014-C20,Cl. AS, 4.043%,
Series 2014-CR17,Cl. ASB, 3.598%,					7/15/47		220,000		228,423
5/10/47		265,000		270,451	Series 2016-JP3,Cl. A2, 2.435%,
Series 2014-CR20,Cl. ASB, 3.305%,					8/15/49		194,305		192,550
11/10/47		65,000		66,028	JP Morgan Mortgage Trust, Series 2007-A1, Cl.
Series 2014-CR21,Cl. AM, 3.987%,					5A1, 4.687%, 7/25/359		52,359		53,966
12/10/47		715,000		736,139	JP Morgan Resecuritization Trust, Series 2009-
Series 2014-LC15,Cl. AM, 4.198%,					5, Cl . 1A2, 4.542%, 7/26/361,9		160,011		160,208
4/10/47		170,000		177,091	JPMBB Commercial Mortgage Securities Trust:
Series 2014-UBS6,Cl. AM, 4.048%,					Series 2014-C18,Cl. A3, 3.578%,
12/10/47		475,000		485,523	2/15/47		60,295		60,864
Series 2015-CR22,Cl. A2, 2.856%,					Series 2014-C19,Cl. ASB, 3.584%,
3/10/48		119,370		119,279	4/15/47		38,017		38,724
COMM Mortgage Trust, Interest-Only Stripped					Series 2014-C24,Cl. B, 4.116%,
Mtg. -Backed Security, Series 2012-CR5, Cl. XA,					11/15/479		245,000		250,818
21.513%, 12/10/454		2,015,444		95,205	Series 2014-C25,Cl. AS, 4.065%,
CSMC Mortgage-Backed Trust, Series 2006-6,					11/15/47		200,000		207,466
Cl. 1A4, 6.00%, 7/25/36		142,137		116,436	JPMBB Commercial Mortgage Securities Trust. ,
Federal Home Loan Mortgage Corp. ,					Interest-Only Stripped Mtg. -Backed Security,
Series 2019-HQA1, Cl. M2, 4.836%					Series 2015-C27, Cl. XA, 24.311%, 2/15/484		2,838,789		132,250
[US0001M+235], 2/25/491,3		70,000		70,565	LB Commercial Conduit Mortgage Trust,
First Horizon Alternative Mortgage Securities					Interest-Only Stripped Mtg. -Backed Security,
Trust, Series 2005-FA8, Cl. 1A6, 3.136%					Series 1998-C1, Cl. IO, 0.00%, 2/18/304,5		64,511		4
[US0001M+65], 11/25/353		111,182		79,714	Lehman Structured Securities Corp. , Series
FREMF Mortgage Trust:					2002-GE1, Cl. A, 0.00%, 7/26/241,8,9		25,313		17,597
Series 2010-K6,Cl. B, 5.375%,					Morgan Stanley Bank of America Merrill Lynch Trust:
12/25/461,9		55,000		55,889	Series 2013-C7,Cl. AAB, 2.469%,
Series 2012-K710,Cl. B, 3.933%,					2/15/46		78,055		77,646
6/25/471,9		40,000		39,931	Series 2013-C9,Cl. AS, 3.456%, 5/15/46		225,000		228,248
Series 2012-K711,Cl. B, 3.519%,					Series 2014-C19,Cl. AS, 3.832%,
8/25/451,9		15,000		14,990	12/15/47		595,000		610,215
		4		OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount			Value		Principal Amount			Value
Commercial (Continued)					Residential (Continued)
Morgan Stanley Capital I Trust:					Connecticut Avenue Securities: (Continued)
Series 2011-C1,Cl. A4, 5.033%,					Series 2017-C03,Cl. 1M1, 3.436%
9/15/471,9	$	58,650	$	60,137	[US0001M+95], 10/25/293	$	274,462	$	275,041
Series 2011-C2,Cl. A4, 4.661%,					Series 2017-C07,Cl. 1M2, 4.886%
6/15/441		75,000		77,272	[US0001M+240], 5/25/303		210,000		214,684
Morgan Stanley Capital I, Inc. , Interest-Only					Series 2018-C01,Cl. 1M1, 3.086%
Commercial Mtg. Pass-Through Certificates,					[US0001M+60], 7/25/303		409,124		408,345
Series 2017-HR2, Cl. XA, 10.363%, 12/15/504		680,462		37,842	Series 2018-C02,Cl. 2M2, 4.686%
Morgan Stanley Re-Remic Trust, Series 2012-					[US0001M+220], 8/25/303		250,000		249,590
R3, Cl . 1B, 3.644%, 11/26/361,9		439,881		409,567	Series 2018-C03,Cl. 1M1, 3.166%
Morgan Stanley Resecuritization Trust, Series					[US0001M+68], 10/25/303		267,649		267,629
2013-R9, Cl. 3A, 3.912%, 6/26/461,9		46,345		46,434	Series 2018-C03,Cl. 1M2, 4.636%
RBSSP Resecuritization Trust, Series 2010-1, Cl.					[US0001M+215], 10/25/303		285,000		284,989
2A1, 4.433%, 7/26/451,9		10,377		10,663	Series 2018-C04,Cl. 2M2, 5.036%
UBS Commercial Mortgage Trust, Interest-Only					[US0001M+255], 12/25/303		275,000		277,130
Commercial Mtg. Pass-Through Certificates,					Series 2018-C05,Cl. 1M1, 3.206%
Series 2017-C5, Cl. XA, 12.272%, 11/15/504		1,248,837		76,930	[US0001M+72], 1/25/313		98,353		98,364
Wells Fargo Commercial Mortgage Trust, Series					Series 2018-C05,Cl. 1M2, 4.836%
2015-NXS1, Cl. ASB, 2.934%, 5/15/48		305,000		305,549	[US0001M+235], 1/25/313		120,000		120,670
Wells Fargo Commercial Mortgage Trust,					Series 2018-C06,Cl. 2M1, 3.036%
Interest-Only Commercial Mtg. Pass-Through					[US0001M+55], 3/25/313		39,695		39,648
Certificates, Series 2017-C42, Cl. XA,					Series 2018-C06,Cl. 2M2, 4.586%
10.338%, 12/15/504		895,368		56,822	[US0001M+210], 3/25/313		325,000		321,303
Wells Fargo Mortgage Backed Securities Trust,					Connecticut Avenue Securities Trust:
Series 2019-1, Cl. A7, 4.00%, 11/25/481,9		155,392		158,193	Series 2019-R01,Cl. 2M2, 4.936%
WF-RBS Commercial Mortgage Trust:					[US0001M+245], 7/25/311,3		305,000		305,893
Series 2013-C14,Cl. AS, 3.488%,					Series 2019-R02,Cl. 1M1, 3.336%
6/15/46		150,000		151,527	[US0001M+85], 8/25/311,3		305,000		305,791
Series 2014-C20,Cl. AS, 4.176%,					GSR Mortgage Loan Trust, Series 2005-AR4,
5/15/47		130,000		134,888	Cl. 6A1, 4.329%, 7/25/359		44,919		45,377
Series 2014-C22,Cl. A3, 3.528%,					HomeBanc Mortgage Trust, Series 2005-3, Cl.
9/15/57		45,000		45,711	A2, 2.796% [US0001M+31], 7/25/353		18,540		18,466
Series 2014-LC14,Cl. AS, 4.351%,					MASTR Asset Backed Securities Trust, Series
3/15/479		145,000		152,219	2006-WMC3, Cl. A3, 2.586% [US0001M+10],
				9,455,501	8/25/363		44,867		21,693
Residential—7.6%					RALI Trust:
Banc of America Funding Trust:					Series 2006-QS13,Cl. 1A8, 6.00%,
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		75,681		70,476	9/25/36		598		531
Series 2007-C,Cl. 1A4, 4.622%,					Series 2007-QS6,Cl. A28, 5.75%,
5/20/369		27,965		27,760	4/25/37		7,392		6,825
Series 2014-R7,Cl. 3A1, 4.954%,					STACR Trust:
3/26/361,9		39,886		39,991	Series 2018-DNA2,Cl. M1, 3.286%
Banc of America Mortgage Trust, Series 2007-					[US0001M+80], 12/25/301,3		380,000		380,052
1, Cl . 1A24, 6.00%, 3/25/37		47,392		44,060	Series 2018-DNA3,Cl. M1, 3.236%
Bear Stearns ARM Trust:					[US0001M+75], 9/25/481,3		70,000		69,957
Series 2005-9,Cl. A1, 4.73%					Series 2018-DNA3,Cl. M2, 4.586%
[H15T1Y+230], 10/25/353		84,088		85,346	[US0001M+210], 9/25/481,3		300,000		296,459
Series 2006-1,Cl. A1, 4.91%					Series 2018-HRP2,Cl. M2, 3.736%
[H15T1Y+225], 2/25/363		104,580		105,750	[US0001M+125], 2/25/471,3		215,000		216,003
CHL Mortgage Pass-Through Trust:					Structured Agency Credit Risk Debt Nts.:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		10,437		10,347	Series 2013-DN2,Cl. M2, 6.736%
Series 2005-26,Cl. 1A8, 5.50%,					[US0001M+425], 11/25/233		251,665		275,058
11/25/35		65,495		59,119	Series 2014-DN1,Cl. M2, 4.686%
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		8,553		8,539	[US0001M+220], 2/25/243		32,389		32,953
Citigroup Mortgage Loan Trust, Inc. , Series					Series 2014-DN1,Cl. M3, 6.986%
2006-AR1, Cl. 1A1, 4.97% [H15T1Y+240],					[US0001M+450], 2/25/243		210,000		234,223
10/25/353		265,517		269,487	Series 2014-DN2,Cl. M3, 6.086%
Connecticut Avenue Securities:					[US0001M+360], 4/25/243		225,000		243,168
Series 2014-C02,Cl. 1M2, 5.086%					Series 2014-HQ2,Cl. M3, 6.236%
[US0001M+260], 5/25/243		170,000		178,368	[US0001M+375], 9/25/243		335,000		371,001
Series 2014-C03,Cl. 1M2, 5.486%					Series 2015-HQA2,Cl. M2, 5.286%
[US0001M+300], 7/25/243		285,419		303,241	[US0001M+280], 5/25/283		36,052		36,779
Series 2014-C03,Cl. 2M2, 5.386%					Series 2016-DNA1,Cl. M2, 5.39%
[US0001M+290], 7/25/243		52,946		55,479	[US0001M+290], 7/25/283		64,742		65,886
Series 2016-C02,Cl. 1M2, 8.486%					Series 2016-DNA4,Cl. M3, 6.286%
[US0001M+600], 9/25/283		133,927		152,723	[US0001M+380], 3/25/293		325,000		357,591
Series 2016-C03,Cl. 1M1, 4.486%					Series 2016-HQA3,Cl. M3, 6.336%
[US0001M+200], 10/25/283		48,419		48,799	[US0001M+385], 3/25/293		110,000		121,517
		5		OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount			Value		Principal Amount		Value
Residential (Continued)					Entertainment (Continued)
Structured Agency Credit Risk Debt Nts. : (Continued)					Viacom, Inc. , 4.375% Sr. Unsec. Nts.,
Series 2016-HQA4,Cl. M3, 6.386%					3/15/43	$	100,000 $	89,915
[US0001M+390], 4/25/293	$	320,000	$	353,724	Walt Disney Co. (The), 4.75% Sr. Unsec.
Series 2017-HQA1,Cl. M1, 3.686%					Nts. , 11/15/461		86,000	100,232
[US0001M+120], 8/25/293		415,694		416,866				445,258
Series 2018-DNA1,Cl. M1, 2.936%					Hotels, Restaurants & Leisure—0.6%
[US0001M+45], 7/25/303		400,058		398,386	Aramark Services, Inc. , 5.00% Sr. Unsec.
Series 2018-DNA1,Cl. M2, 4.286%					Nts. , 4/1/251		303,000	311,029
[US0001M+180], 7/25/303		420,000		410,650	Marriott International, Inc. , 3.245%
WaMu Mortgage Pass-Through Certificates Trust:					[US0003M+65] Sr. Unsec. Nts. , 3/8/213		208,000	208,580
Series 2003-AR10,Cl. A7, 4.481%,					Royal Caribbean Cruises Ltd. , 2.65% Sr.
10/25/339		59,325		60,386	Unsec. Nts. , 11/28/20		287,000	286,806
Series 2005-AR14,Cl. 1A4, 4.193%,								806,415
12/25/359		117,820		116,895
Series 2005-AR16,Cl. 1A1, 4.256%,					Household Durables—1.2%
12/25/359		54,295		54,245	DR Horton, Inc. , 2.55% Sr. Unsec. Nts.,
Wells Fargo Mortgage-Backed Securities Trust:					12/1/20		320,000	318,065
Series 2005-AR15,Cl. 1A2, 4.667%,					Lennar Corp. , 4.75% Sr. Unsec. Nts.,
9/25/359		54,265		53,170	5/30/25		314,000	322,243
Series 2005-AR15,Cl. 1A6, 4.667%,					Newell Brands, Inc. :
9/25/359		21,039		20,436	5.00% Sr. Unsec. Nts. , 11/15/23		171,000	171,630
Series 2005-AR4,Cl. 2A2, 5.086%,					5.50% Sr. Unsec. Nts. , 4/1/46		108,000	97,716
4/25/359		111,101		112,488	PulteGroup, Inc. , 5.00% Sr. Unsec. Nts.,
Series 2006-AR10,Cl. 1A1, 4.704%,					1/15/27		241,000	241,301
7/25/369		39,383		39,658	Toll Brothers Finance Corp.:
Series 2006-AR10,Cl. 5A5, 4.542%,					4.375% Sr. Unsec. Nts. , 4/15/23		257,000	258,606
7/25/369		102,593		103,106	4.875% Sr. Unsec. Nts. , 3/15/27		75,000	74,039
Series 2006-AR2,Cl. 2A3, 4.954%,								1,483,600
3/25/369		43,141		43,917	Internet & Catalog Retail—0.5%
Series 2006-AR7,Cl. 2A4, 4.42%,					Amazon. com, Inc. , 4.95% Sr. Unsec.
5/25/369		10,272		10,567	Nts. , 12/5/44		113,000	135,463
Series 2007-16,Cl. 1A1, 6.00%,					QVC, Inc. , 4.45% Sr. Sec. Nts. , 2/15/25		520,000	519,933
12/28/37		33,188		33,012				655,396
				9,649,607
Total Mortgage-Backed Obligations (Cost $57,058,033)				56,299,242	Media—1.6%
					CBS Corp. , 4.20% Sr. Unsec. Nts. , 6/1/29		160,000	161,417
					Charter Communications Operating LLC/
U. S. Government Obligation—0.1%					Charter Communications Operating
United States Treasury Nts. , 1.50%, 5/31/1910					Capital, 5.375% Sr. Sec. Nts. , 5/1/47		65,000	64,860
(Cost $193,043)		193,000		192,695	Comcast Corp.:
					3.95% Sr. Unsec. Nts. , 10/15/25		207,000	216,771
Corporate Bonds and Notes—47.6%					4.00% Sr. Unsec. Nts. , 3/1/48		105,000	103,281
Consumer Discretionary—8.0%					Interpublic Group of Cos. , Inc. (The):
Automobiles—1.9%					3.75% Sr. Unsec. Nts. , 10/1/21		251,000	255,528
Daimler Finance North America LLC,					4.20% Sr. Unsec. Nts. , 4/15/24		311,000	320,242
3.75% Sr. Unsec. Nts. , 11/5/211		269,000		273,846	Sky Ltd. , 3.75% Sr. Unsec. Nts. , 9/16/241		152,000	157,604
General Motors Co. , 6.25% Sr. Unsec.					Time Warner Cable LLC, 4.50% Sr.
Nts. , 10/2/43		78,000		78,171	Unsec. Unsub. Nts. , 9/15/42		106,000	93,182
General Motors Financial Co. , Inc.:					Virgin Media Secured Finance plc,
4.15% Sr. Unsec. Nts. , 6/19/23		310,000		313,223	5.25% Sr. Sec. Nts. , 1/15/261		319,000	322,190
4.20% Sr. Unsec. Nts. , 11/6/21		250,000		254,884	WPP Finance 2010, 3.75% Sr. Unsec.
Harley-Davidson Financial Services, Inc. ,					Nts. , 9/19/24		321,000	316,943
2.40% Sr. Unsec. Nts. , 6/15/201		323,000		319,388				2,012,018
Hyundai Capital America:
1.75% Sr. Unsec. Nts. , 9/27/191		243,000		241,799	Specialty Retail—1.1%
4.125% Sr. Unsec. Nts. , 6/8/231		315,000		321,229	AutoNation, Inc. , 5.50% Sr. Unsec. Nts.,
Nissan Motor Acceptance Corp. , 3.65%					2/1/20		291,000	296,840
Sr. Unsec. Nts. , 9/21/211		310,000		311,815	AutoZone, Inc. , 1.625% Sr. Unsec. Nts.,
Volkswagen Group of America Finance					4/21/19		64,000	63,940
LLC, 4.00% Sr. Unsec. Nts. , 11/12/211		298,000		304,210	L Brands, Inc. , 5.625% Sr. Unsec. Nts.,
				2,418,565	2/15/22		297,000	309,623
					Penske Truck Leasing Co. LP/PTL Finance
Diversified Consumer Services—0.3%					Corp. , 3.65% Sr. Unsec. Nts. , 7/29/211		110,000	111,547
Service Corp. International, 4.625% Sr.					Ross Stores, Inc. , 3.375% Sr. Unsec. Nts.,
Unsec. Nts. , 12/15/27		325,000		324,187	9/15/24		324,000	330,108
Entertainment—0.3%					Signet UK Finance plc, 4.70% Sr. Unsec.
Fox Corp. , 3.666% Sr. Unsec. Nts.,					Nts. , 6/15/24		342,000	292,410
1/25/221		250,000		255,111				1,404,468
		6		OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount			Value		Principal Amount			Value
Textiles, Apparel & Luxury Goods—0.5%					Oil, Gas & Consumable Fuels—3.3%
Hanesbrands, Inc. , 4.875% Sr. Unsec.					Anadarko Petroleum Corp. , 4.50% Sr.
Nts. , 5/15/261	$	316,000	$	313,346	Unsec. Nts. , 7/15/44	$	64,000	$	60,518
Levi Strauss & Co. , 5.00% Sr. Unsec.					Andeavor Logistics LP/Tesoro Logistics
Nts. , 5/1/25		307,000		317,745	Finance Corp. , 4.25% Sr. Unsec. Nts.,
				631,091	12/1/27		195,000		196,795
Consumer Staples—4.8%					Apache Corp. , 4.375% Sr. Unsec. Nts.,
Beverages—1.1%					10/15/28		237,000		239,206
					Cimarex Energy Co. , 4.375% Sr. Unsec.
Anheuser-Busch InBev Worldwide, Inc. ,					Nts. , 3/15/29		160,000		165,095
8.20% Sr. Unsec. Unsub. Nts. , 1/15/39		186,000		259,282
Bacardi Ltd. , 4.70% Sr. Unsec. Nts.,					Columbia Pipeline Group, Inc. , 3.30% Sr.
5/15/281		163,000		163,389	Unsec. Nts. , 6/1/20		302,000		303,344
					Devon Energy Corp. , 4.75% Sr. Unsec.
Keurig Dr Pepper, Inc. , 4.057% Sr. Unsec.					Nts. , 5/15/42		64,000		64,735
Nts. , 5/25/231		304,000		312,995
Molson Coors Brewing Co. , 2.10% Sr.					Energy Transfer Operating LP:
Unsec. Nts. , 7/15/21		311,000		305,204	4.25% Sr. Unsec. Nts. , 3/15/23		245,000		251,851
Pernod Ricard SA, 4.25% Sr. Unsec. Nts.,					5.30% Sr. Unsec. Nts. , 4/15/47		94,000		92,797
7/15/221		307,000		318,858	Enterprise Products Operating LLC:
				1,359,728	4.85% Sr. Unsec. Nts. , 8/15/42		79,000		83,163
					4.90% Sr. Unsec. Nts. , 5/15/46		27,000		29,051
Food & Staples Retailing—0.0%					EQT Corp. , 2.50% Sr. Unsec. Nts.,
Kroger Co. (The), 4.45% Sr. Unsec. Nts.,					10/1/20		340,000		335,653
2/1/47		89,000		81,121	Kinder Morgan Energy Partners LP,
Food Products—2.7%					5.80% Sr. Unsec. Nts. , 3/1/21		124,000		130,565
Bunge Ltd. Finance Corp.:					Kinder Morgan, Inc. , 5.20% Sr. Unsec.
3.25% Sr. Unsec. Nts. , 8/15/26		216,000		194,284	Nts. , 3/1/48		221,000		233,435
3.50% Sr. Unsec. Nts. , 11/24/20		313,000		314,672	Marathon Petroleum Corp. , 3.80% Sr.
Campbell Soup Co. , 3.30% Sr. Unsec.					Unsec. Nts. , 4/1/282		138,000		136,890
Nts. , 3/15/21		311,000		313,108	Midwest Connector Capital Co. LLC,
Conagra Brands, Inc.:					3.625% Sr. Unsec. Nts. , 4/1/221		316,000		320,777
3.80% Sr. Unsec. Nts. , 10/22/21		240,000		244,565	ONEOK, Inc. , 4.35% Sr. Unsec. Nts.,
4.60% Sr. Unsec. Nts. , 11/1/25		302,000		318,060	3/15/29		161,000		164,199
Kraft Heinz Foods Co.:					Pioneer Natural Resources Co. , 3.45%
2.80% Sr. Unsec. Nts. , 7/2/20		316,000		315,588	Sr. Unsec. Nts. , 1/15/21		318,000		321,454
4.375% Sr. Unsec. Nts. , 6/1/46		207,000		180,173	Sabine Pass Liquefaction LLC:
Lamb Weston Holdings, Inc. , 4.875% Sr.					4.20% Sr. Sec. Nts. , 3/15/28		166,000		167,652
Unsec. Nts. , 11/1/261		308,000		313,775	5.625% Sr. Sec. Nts. , 2/1/21		237,000		246,327
Mondelez International Holdings					Sunoco Logistics Partners Operations LP,
Netherlands BV, 2.00% Sr. Unsec. Nts.,					4.00% Sr. Unsec. Nts. , 10/1/27		194,000		192,746
10/28/211		319,000		311,141	Valero Energy Corp. , 4.00% Sr. Unsec.
Smithfield Foods, Inc.:					Nts. , 4/1/29		153,000		154,580
2.70% Sr. Unsec. Nts. , 1/31/201		137,000		136,068	Williams Cos. , Inc. (The), 3.70% Sr.
3.35% Sr. Unsec. Nts. , 2/1/221		174,000		170,379	Unsec. Unsub. Nts. , 1/15/23		318,000		324,037
5.20% Sr. Unsec. Nts. , 4/1/291		255,000		256,731					4,214,870
Tyson Foods, Inc.:					Financials—13.2%
3.90% Sr. Unsec. Nts. , 9/28/23		255,000		262,968	Capital Markets—2.6%
5.10% Sr. Unsec. Nts. , 9/28/48		89,000		90,891	Blackstone Holdings Finance Co. LLC,
				3,422,403	3.15% Sr. Unsec. Nts. , 10/2/271		121,000		117,741
Tobacco—1.0%					Brookfield Asset Management, Inc. ,
					4.00% Sr. Unsec. Nts. , 1/15/25		252,000		254,747
Altria Group, Inc. , 3.49% Sr. Unsec. Nts.,					Credit Suisse AG (New York), 3.625% Sr.
2/14/22		209,000		212,460	Unsec. Nts. , 9/9/24		189,000		192,583
BAT Capital Corp.:					Credit Suisse Group Funding Guernsey
2.297% Sr. Unsec. Nts. , 8/14/20		330,000		326,831	Ltd. , 4.55% Sr. Unsec. Nts. , 4/17/26		147,000		153,792
3.557% Sr. Unsec. Nts. , 8/15/27		169,000		160,315	E*TRADE Financial Corp. , 5.875%
Imperial Brands Finance plc, 3.75% Sr.					[US0003M+443.5] Jr. Sub. Perpetual
Unsec. Nts. , 7/21/221		308,000		312,330	Bonds3,11		308,000		312,235
Imperial Tobacco Finance plc, 2.95% Sr.					Goldman Sachs Group, Inc. (The):
Unsec. Nts. , 7/21/201		233,000		232,358	3.50% Sr. Unsec. Nts. , 11/16/26		172,000		170,006
				1,244,294	3.75% Sr. Unsec. Nts. , 2/25/26		170,000		170,911
Energy—3.5%					4.017% [US0003M+137.3] Sr. Unsec.
Energy Equipment & Services—0.2%					Nts. , 10/31/383		136,000		130,646
Halliburton Co. , 5.00% Sr. Unsec. Nts.,					Morgan Stanley:
11/15/45		70,000		74,700	4.431% [US0003M+162.8] Sr. Unsec.
Schlumberger Holdings Corp. , 4.00% Sr.					Nts. , 1/23/303		238,000		251,418
Unsec. Nts. , 12/21/251		184,000		189,995	5.00% Sub. Nts. , 11/24/25		264,000		283,412
				264,695	MSCI, Inc. , 4.75% Sr. Unsec. Nts.,
					8/1/261		311,000		320,330
					Northern Trust Corp. , 3.375%
					[US0003M+113.1] Sub. Nts. , 5/8/323		119,000		116,778
		7		OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount			Value		Principal Amount			Value
Capital Markets (Continued)					Commercial Banks (Continued)
Plains All American Pipeline LP/PAA					Nordea Bank Abp, 4.625%
Finance Corp. , 4.50% Sr. Unsec. Nts.,					[USSW5+169] Sub. Nts. , 9/13/331,3	$	112,000	$	113,266
12/15/26	$	195,000	$	200,116	PNC Financial Services Group, Inc. (The),
Raymond James Financial, Inc. , 3.625%					3.15% Sr. Unsec. Nts. , 5/19/27		235,000		235,806
Sr. Unsec. Nts. , 9/15/26		157,000		155,656	Regions Financial Corp. , 2.75% Sr.
TD Ameritrade Holding Corp. , 3.30% Sr.					Unsec. Nts. , 8/14/22		177,000		175,783
Unsec. Nts. , 4/1/27		191,000		192,092	Royal Bank of Canada, 3.70% Sr. Unsec.
UBS Group Funding Switzerland AG:					Nts. , 10/5/23		272,000		281,314
4.125% Sr. Unsec. Nts. , 4/15/261		153,000		158,480	Societe Generale SA, 3.875% Sr. Unsec.
4.253% Sr. Unsec. Nts. , 3/23/281		135,000		140,628	Nts. , 3/28/241		248,000		249,055
				3,321,571	SunTrust Bank (Atlanta GA):
Commercial Banks—6.7%					3.30% Sub. Nts. , 5/15/26		112,000		111,197
ABN AMRO Bank NV, 4.40%					4.05% Sr. Unsec. Nts. , 11/3/25		135,000		142,451
[USSW5+219.7] Sub. Nts. , 3/27/283,12		321,000		324,097	Synovus Financial Corp. , 3.125% Sr.
Bank of America Corp.:					Unsec. Nts. , 11/1/22		180,000		178,065
3.248% Sr. Unsec. Nts. , 10/21/27		262,000		256,992	US Bancorp, 3.10% Sub. Nts. , 4/27/26		204,000		203,973
3.824% [US0003M+157.5] Sr. Unsec.					Wells Fargo & Co.:
Nts. , 1/20/283		185,000		187,875	3.584% [US0003M+131] Sr. Unsec.
4.271% [US0003M+131] Sr. Unsec.					Nts. , 5/22/283		257,000		258,532
Nts. , 7/23/293		253,000		263,903	4.75% Sub. Nts. , 12/7/46		160,000		167,841
7.75% Jr. Sub. Nts. , 5/14/38		232,000		322,912					8,496,223
Bank of Ireland Group plc, 4.50% Sr.					Consumer Finance—0.6%
Unsec. Nts. , 11/25/231		250,000		254,570	Capital One Financial Corp. :
Bank of Montreal, Series E, 3.30% Sr.					3.75% Sr. Unsec. Nts. , 3/9/27		103,000		101,502
Unsec. Nts. , 2/5/24		247,000		249,840	3.90% Sr. Unsec. Nts. , 1/29/24		157,000		160,601
BNP Paribas SA, 4.375%					Discover Bank, 4.65% Sr. Unsec. Nts.,
[USSW5+148.3] Sub. Nts. , 3/1/331,3		176,000		172,922	9/13/28		116,000		121,638
BPCE SA, 4.50% Sub. Nts. , 3/15/251		185,000		186,312	Discover Financial Services, 3.75% Sr.
Canadian Imperial Bank of Commerce,					Unsec. Nts. , 3/4/25		137,000		136,726
3.10% Sr. Unsec. Nts. , 4/2/247		315,000		314,348	Synchrony Financial, 4.25% Sr. Unsec.
Citigroup, Inc.:					Nts. , 8/15/24		252,000		253,800
4.075% [US0003M+119.2] Sr. Unsec.									774,267
Nts. , 4/23/293		256,000		262,926	Diversified Financial Services—0.4%
4.281% [US0003M+183.9] Sr. Unsec.
Nts. , 4/24/483		334,000		342,784	Berkshire Hathaway Energy Co. , 3.80%
					Sr. Unsec. Nts. , 7/15/48		75,000		71,947
Citizens Bank NA (Providence RI),					Peachtree Corners Funding Trust,
2.65% Sr. Unsec. Nts. , 5/26/22		65,000		64,503	3.976% Sr. Unsec. Nts. , 2/15/251		121,000		122,878
Compass Bank, 2.875% Sr. Unsec. Nts.,
6/29/22		285,000		282,246	Voya Financial, Inc. , 5.65%
					[US0003M+358] Jr. Sub. Nts. , 5/15/533		300,000		295,943
Credit Agricole SA, 4.375% Sub. Nts.,									490,768
3/17/251		310,000		316,219
Fifth Third Bank (Cincinnati OH), 3.85%					Insurance—1.8%
Sub. Nts. , 3/15/26		168,000		171,259	Aflac, Inc. , 4.75% Sr. Unsec. Nts.,
First Republic Bank, 4.375% Sub. Nts.,					1/15/49		106,000		117,508
8/1/46		127,000		124,733	AXA Equitable Holdings, Inc. , 4.35% Sr.
Fortis, Inc. , 3.055% Sr. Unsec. Nts.,					Unsec. Nts. , 4/20/28		165,000		167,814
10/4/26		202,000		193,558	Boardwalk Pipelines LP, 4.95% Sr.
HSBC Holdings plc:					Unsec. Nts. , 12/15/24		156,000		162,019
3.95% [US0003M+98.72] Sr. Unsec.					Brighthouse Financial, Inc. , 3.70% Sr.
Nts. , 5/18/243		103,000		105,157	Unsec. Nts. , 6/22/27		67,000		60,495
4.041% [US0003M+154.6] Sr. Unsec.					CNA Financial Corp. , 3.45% Sr. Unsec.
Nts. , 3/13/283		125,000		126,167	Nts. , 8/15/27		239,000		233,724
4.583% [US0003M+153.46] Sr. Unsec.					Hartford Financial Services Group, Inc.
Nts. , 6/19/293		171,000		180,099	(The), 4.40% Sr. Unsec. Nts. , 3/15/48		192,000		194,757
Huntington Bancshares, Inc. , 4.00% Sr.					Lincoln National Corp. , 3.80% Sr. Unsec.
Unsec. Nts. , 5/15/25		317,000		330,175	Nts. , 3/1/28		193,000		195,949
JPMorgan Chase & Co. :					Manulife Financial Corp. , 4.061%
3.54% [US0003M+138] Sr. Unsec. Nts.,					[USISDA05+164.7] Sub. Nts. , 2/24/323		193,000		187,898
5/1/283		259,000		259,628	Marsh & McLennan Cos. , Inc. , 4.35% Sr.
3.782% [US0003M+133.7] Sr. Unsec.					Unsec. Nts. , 1/30/47		106,000		107,800
Nts. , 2/1/283		337,000		343,880	Prudential Financial, Inc.:
3.797% [US0003M+89] Sr. Unsec. Nts.,					4.35% Sr. Unsec. Nts. , 2/25/50		125,000		129,606
7/23/243		315,000		323,743	5.20% [US0003M+304] Jr. Sub. Nts.,
KeyCorp, 4.15% Sr. Unsec. Nts.,					3/15/443		243,000		245,989
10/29/25		101,000		106,492	Swiss Re Finance Luxembourg SA,
Lloyds Banking Group plc, 6.657%					5.00% [H15T5Y+358.2] Sub. Nts.,
[US0003M+127] Jr. Sub. Perpetual					4/2/491,3,7		387,000		391,674
Bonds1,3,11		304,000		311,600					2,195,233
		8		OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value		Principal Amount			Value
Real Estate Investment Trusts (REITs)—1.1%				Industrials—3.4%
American Tower Corp.:				Aerospace & Defense—1.0%
3.00% Sr. Unsec. Nts. , 6/15/23	$	262,000 $	261,381	BAE Systems Holdings, Inc. , 3.85% Sr.
4.00% Sr. Unsec. Nts. , 6/1/25		168,000	173,112	Unsec. Nts. , 12/15/251	$	246,000	$	248,910
5.05% Sr. Unsec. Unsub. Nts. , 9/1/20		160,000	164,920	Huntington Ingalls Industries, Inc. ,
Crown Castle International Corp. , 3.65%				3.483% Sr. Unsec. Nts. , 12/1/27		176,000		172,550
Sr. Unsec. Nts. , 9/1/27		170,000	167,475	L3 Technologies, Inc. , 3.85% Sr. Unsec.
Digital Realty Trust LP, 3.40% Sr. Unsec.				Nts. , 6/15/23		317,000		327,022
Nts. , 10/1/20		29,000	29,219	Northrop Grumman Corp. , 4.75% Sr.
Lamar Media Corp. , 5.75% Sr. Unsec.				Unsec. Nts. , 6/1/43		175,000		189,807
Nts. , 2/1/26		292,000	306,235	United Technologies Corp.:
VEREIT Operating Partnership LP,				3.35% Sr. Unsec. Nts. , 8/16/21		77,000		78,080
4.625% Sr. Unsec. Nts. , 11/1/25		305,000	315,934	3.95% Sr. Unsec. Nts. , 8/16/25		193,000		200,758
			1,418,276					1,217,127
Health Care—4.3%				Air Freight & Couriers—0.1%
Biotechnology—0.9%				FedEx Corp. , 3.40% Sr. Unsec. Nts.,
AbbVie, Inc.:				1/14/22		106,000		107,495
3.75% Sr. Unsec. Nts. , 11/14/23		312,000	320,615	Building Products—0.4%
4.875% Sr. Unsec. Nts. , 11/14/48		131,000	129,260	Allegion US Holding Co. , Inc. , 3.55%
Amgen, Inc. , 4.563% Sr. Unsec. Nts.,				Sec. Nts. , 10/1/27		246,000		234,224
6/15/48		89,000	89,586	Fortune Brands Home & Security, Inc. ,
Biogen, Inc. , 5.20% Sr. Unsec. Nts.,				4.00% Sr. Unsec. Nts. , 9/21/23		297,000		305,507
9/15/45		98,000	104,124					539,731
Gilead Sciences, Inc. , 4.75% Sr. Unsec.
Nts. , 3/1/46		133,000	139,669	Electrical Equipment—0.2%
Shire Acquisitions Investments Ireland				Sensata Technologies BV:
DAC, 2.40% Sr. Unsec. Nts. , 9/23/21		321,000	317,484	5.00% Sr. Unsec. Nts. , 10/1/251		170,000		175,100
			1,100,738	5.625% Sr. Unsec. Nts. , 11/1/241		128,000		136,960
Health Care Equipment & Supplies—0.7%								312,060
Becton Dickinson & Co. , 3.70% Sr.				Industrial Conglomerates—0.1%
Unsec. Nts. , 6/6/27		252,000	251,531	GE Capital International Funding Co.
Boston Scientific Corp. , 4.00% Sr. Unsec.				Unlimited Co. , 3.373% Sr. Unsec. Nts.,
Nts. , 3/1/28		306,000	315,136	11/15/25		99,000		96,222
Hologic, Inc. , 4.375% Sr. Unsec. Nts.,				Machinery—0.3%
10/15/251		318,000	317,936	Fortive Corp. , 1.80% Sr. Unsec. Nts.,
			884,603	6/15/19		37,000		36,847
Health Care Providers & Services—1.2%				Ingersoll-Rand Luxembourg Finance SA,
Cigna Corp. , 4.125% Sr. Unsec. Nts.,				3.80% Sr. Unsec. Nts. , 3/21/29		152,000		154,337
11/15/251		246,000	254,921	Nvent Finance Sarl, 4.55% Sr. Unsec.
CVS Health Corp.:				Nts. , 4/15/28		162,000		163,079
2.125% Sr. Unsec. Nts. , 6/1/21		334,000	328,264					354,263
5.05% Sr. Unsec. Nts. , 3/25/48		286,000	288,704	Professional Services—0.2%
Fresenius Medical Care US Finance II,				IHS Markit Ltd. , 4.125% Sr. Unsec. Nts.,
Inc. , 5.875% Sr. Unsec. Nts. , 1/31/221		295,000	312,247	8/1/23		198,000		202,176
McKesson Corp. , 3.65% Sr. Unsec. Nts.,
11/30/20		287,000	290,616	Road & Rail—0.5%
			1,474,752	Penske Truck Leasing Co. LP/PTL Finance
				Corp. , 3.40% Sr. Unsec. Nts. , 11/15/261		276,000		264,587
Life Sciences Tools & Services—0.5%				Ryder System, Inc.:
IQVIA, Inc. , 5.00% Sr. Unsec. Nts.,				3.50% Sr. Unsec. Nts. , 6/1/21		74,000		74,938
10/15/261		312,000	320,387	3.75% Sr. Unsec. Nts. , 6/9/23		314,000		321,809
Life Technologies Corp. , 6.00% Sr.								661,334
Unsec. Nts. , 3/1/20		237,000	243,475
Thermo Fisher Scientific, Inc. , 4.15% Sr.				Trading Companies & Distributors—0.6%
Unsec. Nts. , 2/1/24		121,000	126,578	Air Lease Corp. :
			690,440	3.25% Sr. Unsec. Nts. , 3/1/25		99,000		95,343
				3.625% Sr. Unsec. Nts. , 4/1/27		106,000		99,927
Pharmaceuticals—1.0%				GATX Corp. , 3.50% Sr. Unsec. Nts.,
Bayer US Finance II LLC, 3.875% Sr.				3/15/28		201,000		191,907
Unsec. Nts. , 12/15/231		313,000	315,705	Mitsubishi UFJ Financial Group, Inc. ,
Elanco Animal Health, Inc. , 4.90% Sr.				3.741% Sr. Unsec. Nts. , 3/7/29		196,000		201,492
Unsec. Nts. , 8/28/281		137,000	145,706	United Rentals North America, Inc. ,
Mylan NV, 3.15% Sr. Unsec. Nts.,				4.625% Sr. Unsec. Nts. , 10/15/25		168,000		166,320
6/15/21		303,000	302,455					754,989
Takeda Pharmaceutical Co. Ltd.:
4.00% Sr. Unsec. Nts. , 11/26/211		279,000	286,276	Information Technology—3.6%
5.00% Sr. Unsec. Nts. , 11/26/281		159,000	172,676	Communications Equipment—0.2%
			1,222,818	Motorola Solutions, Inc. , 4.60% Sr.
				Unsec. Nts. , 2/23/28		241,000		243,405
		9	OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount		Value		Principal Amount		Value
Electronic Equipment, Instruments, & Components—0.4%				Construction Materials (Continued)
Arrow Electronics, Inc. , 3.875% Sr.				Martin Marietta Materials, Inc. , 3.50%
Unsec. Nts. , 1/12/28	$	232,000 $	223,767	Sr. Unsec. Nts. , 12/15/27	$	161,000 $	155,429
CDW LLC/CDW Finance Corp. , 5.50% Sr.							346,499
Unsec. Nts. , 12/1/24		54,000	57,037	Containers & Packaging—0.3%
Tech Data Corp. , 4.95% Sr. Unsec. Nts.,				Packaging Corp. of America, 3.65% Sr.
2/15/27		264,000	267,512	Unsec. Nts. , 9/15/24		94,000	94,622
			548,316	Silgan Holdings, Inc. , 4.75% Sr. Unsec.
IT Services—0.7%				Nts. , 3/15/25		270,000	266,288
DXC Technology Co.:							360,910
2.875% Sr. Unsec. Nts. , 3/27/20		238,000	237,923	Metals & Mining—0.6%
4.75% Sr. Unsec. Nts. , 4/15/27		241,000	245,200	Anglo American Capital plc, 3.625% Sr.
Fidelity National Information Services,				Unsec. Nts. , 9/11/241		83,000	82,343
Inc. , 4.25% Sr. Unsec. Nts. , 5/15/28		162,000	166,866	ArcelorMittal, 6.125% Sr. Unsec. Nts.,
VeriSign, Inc.:				6/1/25		285,000	316,355
4.75% Sr. Unsec. Nts. , 7/15/27		190,000	190,735	Steel Dynamics, Inc. , 4.125% Sr. Unsec.
5.25% Sr. Unsec. Nts. , 4/1/25		99,000	104,074	Nts. , 9/15/25		326,000	320,295
			944,798				718,993
Semiconductors & Semiconductor Equipment—1.3%				Paper & Forest Products—0.1%
Broadcom, Inc.:				Louisiana-Pacific Corp. , 4.875% Sr.
3.125% Sr. Unsec. Nts. , 4/15/211,7		452,000	451,467	Unsec. Nts. , 9/15/24		186,000	186,000
4.25% Sr. Unsec. Nts. , 4/15/261,7		370,000	367,266
4.75% Sr. Unsec. Nts. , 4/15/291,7		144,000	143,316	Telecommunication Services—2.0%
Microchip Technology, Inc. , 3.922% Sr.				Diversified Telecommunication Services—1.6%
Sec. Nts. , 6/1/211		316,000	318,949	AT&T, Inc.:
NXP BV/NXP Funding LLC, 4.125% Sr.				4.30% Sr. Unsec. Nts. , 2/15/30		238,000	241,285
Unsec. Nts. , 6/1/211		292,000	298,208	4.35% Sr. Unsec. Nts. , 6/15/45		126,000	116,021
			1,579,206	4.50% Sr. Unsec. Nts. , 3/9/48		135,000	127,350
				British Telecommunications plc:
Software—0.3%				4.50% Sr. Unsec. Nts. , 12/4/23		201,000	210,420
Autodesk, Inc. , 4.375% Sr. Unsec. Nts.,				9.625% Sr. Unsec. Nts. , 12/15/30		270,000	386,533
6/15/25		98,000	101,358	Deutsche Telekom International Finance
Open Text Corp. , 5.625% Sr. Unsec. Nts.,				BV, 4.375% Sr. Unsec. Nts. , 6/21/281		149,000	155,200
1/15/231		158,000	162,740	Telefonica Emisiones SA:
VMware, Inc. , 3.90% Sr. Unsec. Nts.,				4.103% Sr. Unsec. Nts. , 3/8/27		90,000	91,282
8/21/27		161,000	155,043	5.213% Sr. Unsec. Nts. , 3/8/47		79,000	80,361
			419,141	T-Mobile USA, Inc. , 6.50% Sr. Unsec.
Technology Hardware, Storage & Peripherals—0.7%				Nts. , 1/15/26		284,000	303,880
Apple, Inc. , 4.375% Sr. Unsec. Nts.,				Verizon Communications, Inc.:
5/13/45		188,000	205,194	4.125% Sr. Unsec. Nts. , 8/15/46		133,000	129,329
Dell International LLC/EMC Corp. ,				4.522% Sr. Unsec. Nts. , 9/15/48		184,000	189,380
5.30% Sr. Sec. Nts. , 10/1/291		317,000	319,679				2,031,041
Hewlett Packard Enterprise Co. , 3.60%				Wireless Telecommunication Services—0.4%
Sr. Unsec. Nts. , 10/15/20		323,000	326,126
			850,999	Vodafone Group plc:
				3.75% Sr. Unsec. Nts. , 1/16/24		313,000	315,975
Materials—2.4%				7.00% [USSW5+487.3] Sub. Nts.,
Chemicals—1.1%				4/4/793,7		122,000	124,129
Dow Chemical Co. (The), 4.55% Sr.							440,104
Unsec. Nts. , 11/30/251		208,000	219,822
DowDuPont, Inc. , 5.419% Sr. Unsec.				Utilities—2.4%
Nts. , 11/15/48		125,000	142,133	Electric Utilities—1.8%
Eastman Chemical Co. , 3.50% Sr. Unsec.				AEP Texas, Inc. , 3.95% Sr. Unsec. Nts.,
Nts. , 12/1/21		126,000	127,979	6/1/281		162,000	169,085
Nutrien Ltd.:				Duke Energy Corp. , 3.75% Sr. Unsec.
4.875% Sr. Unsec. Nts. , 3/30/20		41,000	41,821	Nts. , 9/1/46		65,000	61,018
5.00% Sr. Unsec. Nts. , 4/1/497		84,000	87,935	Edison International:
PolyOne Corp. , 5.25% Sr. Unsec. Nts.,				2.125% Sr. Unsec. Nts. , 4/15/20		124,000	123,081
3/15/23		299,000	310,212	2.95% Sr. Unsec. Nts. , 3/15/23		195,000	181,243
RPM International, Inc. , 3.45% Sr.				EDP Finance BV, 3.625% Sr. Unsec. Nts.,
Unsec. Unsub. Nts. , 11/15/22		335,000	335,470	7/15/241		219,000	217,764
Yara International ASA, 4.75% Sr. Unsec.				Emera US Finance LP, 2.70% Sr. Unsec.
Nts. , 6/1/281		165,000	172,473	Nts. , 6/15/21		168,000	166,570
			1,437,845	Exelon Corp. :
				2.45% Sr. Unsec. Nts. , 4/15/21		152,000	150,319
Construction Materials—0.3%				4.45% Sr. Unsec. Nts. , 4/15/46		89,000	92,024
James Hardie International Finance DAC,				FirstEnergy Corp. , 3.90% Sr. Unsec. Nts.,
4.75% Sr. Unsec. Nts. , 1/15/251		193,000	191,070	7/15/27		175,000	177,864
				Mid-Atlantic Interstate Transmission LLC,
				4.10% Sr. Unsec. Nts. , 5/15/281		162,000	166,455
		10	OPPENHEIMER TOTAL RETURN BOND FUND/VA

	Principal Amount		Value		Principal Amount			Value
Electric Utilities (Continued)				Food Products—0.4%
NextEra Energy Operating Partners LP,				General Mills, Inc. , 2.601%, 4/3/1913,14	$	250,000	$	249,908
4.25% Sr. Unsec. Nts. , 9/15/241	$	324,000 $	322,785	McCormick & Co, Inc. , 2.623%,
PPL WEM Ltd. /Western Power				4/8/1913,14		250,000		249,814
Distribution Ltd. , 5.375% Sr. Unsec.								499,722
Unsub. Nts. , 5/1/211		308,000	318,119	Hotels, Restaurants & Leisure—0.3%
TECO Finance, Inc. , 5.15% Sr. Unsec.				Marriott International, Inc. , 2.717%,
Nts. , 3/15/20		153,000	156,172	5/3/1913,14		370,000		369,014
			2,302,499	Household Durables—1.2%
Independent Power and Renewable Electricity Producers—0.0%				Leggett & Platt, Inc. , 2.724%,
PSEG Power LLC, 3.00% Sr. Unsec. Nts.,				4/12/191,13,14		550,000		549,430
6/15/21		16,000	15,934	Mohawk Industries, Inc. , 2.737%,
				4/22/191,13,14		550,000		549,003
Multi-Utilities—0.6%				Whirlpool Corp. , 2.663%, 4/10/1914		560,000		559,506
CenterPoint Energy, Inc.:								1,657,939
3.60% Sr. Unsec. Nts. , 11/1/21		190,000	192,935	Household Products—0.9%
4.25% Sr. Unsec. Nts. , 11/1/28		147,000	152,533	Church & Dwight Co, Inc. , 2.571%,
Dominion Energy, Inc.:				4/3/191,13,14		560,000		559,795
2.579% Jr. Sub. Nts. , 7/1/20		255,000	253,667	Clorox Co. (The), 2.685%, 4/22/191,13,14		560,000		558,985
4.60% Sr. Unsec. Nts. , 3/15/49		79,000	82,386					1,118,780
			681,521	Industrial Conglomerates—0.4%
Total Corporate Bonds and Notes (Cost $59,343,905)			60,190,406	Johnson Controls International plc,
Short-Term Notes—18.3%				2.701%, 4/1/191,13,14		490,000		489,892
Auto Components—0.5%				Leasing & Factoring—0.7%
Magna International, Inc. , 2.651%,				Harley-Davidson Financial Services, Inc. ,
4/1/191,13,14		560,000	559,878	2.636%, 4/25/1913,14		370,000		369,243
Building Products—0.4%				Hitachi Capital America Corp. , 2.706%,
Assa Abloy Financial AB, 2.681%,				4/17/1914		550,000		549,217
4/2/191,13,14		500,000	499,854					918,460
Chemicals—2.1%				Machinery—1.1%
Air Liquide US LLC, 2.602%, 4/4/191,13,14		560,000	559,776	Parker-Hannifin Corp. , 2.656%,
Albemarle Corp. , 2.664%, 4/8/191,13,14		550,000	549,564	4/25/191,13,14		560,000		558,971
Alliant Energy Corp. , 2.671%, 4/3/1914		560,000	559,795	Snap-on, Inc. , 2.551%, 4/2/191,13,14		560,000		559,836
Eastman Chemical Co. , 2.706%,				Xylem, Inc. , 2.684%, 4/10/1913,14		250,000		249,778
4/2/1913,14		370,000	369,892					1,368,585
Ecolab, Inc. , 2.603%, 4/9/1914		550,000	549,554	Metals & Mining—0.4%
			2,588,581	Glencore Funding, 3.109%, 4/8/1913,14		560,000		559,579
Commercial Services & Supplies—0.4%				Multiline Retail—0.4%
Cintas Executive Service, 2.622%,				Dollar General Corp. , 2.727%,
4/10/191,13,14		560,000	559,500	4/22/191,13,14		550,000		549,003
Computers & Peripherals—0.4%				Multi-Utilities—1.1%
NetApp, Inc. , 2.635%, 4/16/191,13,14		490,000	489,341	CenterPoint Energy Resources Corp. ,
Containers & Packaging—0.3%				2.704%, 4/15/191,13,14		310,000		309,613
International Paper Co. , 2.653%,				DTE Capital Corp. , 2.612%, 4/2/1914		550,000		549,839
4/9/191,13,14		310,000	309,749	Xcel Energy, Inc. , 2.663%, 4/12/1913,14		560,000		559,420
Electric Utilities—2.3%								1,418,872
Ameren Illinois Co. , 2.651%, 4/1/1914		560,000	559,877	Oil, Gas & Consumable Fuels—0.4%
Commonwealth Edison Co. , 2.704%,				ENI Finance USA, Inc. , 2.777%,
4/9/1913,14		250,000	249,798	4/15/1913,14		550,000		549,302
Duke Energy Corp. , 2.651%, 4/3/191,13,14		200,000	199,927	Paper, Containers & Packaging—0.4%
Eversource Energy, 2.633%, 4/10/1913,14		560,000	559,500	Avery Dennison, 2.613%, 4/3/1913,14		550,000		549,805
Nextera Energy Capital Holdings,				Specialty Retail—0.4%
2.671%, 4/4/191,13,14		560,000	559,753	Relx, Inc. , 2.633%, 4/3/191,13,14		550,000		549,798
Southern Company Funding Corp. ,				Telephone Utilities—0.9%
2.777%, 4/8/191,13,14		570,000	569,580	Bell Canada, Inc. , 2.686%, 4/8/1913,14		570,000		569,577
			2,698,435	Telus Corp. , 2.706%, 4/18/191,14		550,000		549,173
Electrical Equipment—0.4%								1,118,750
Eaton Corp. , 2.642%, 4/5/191,13,14		560,000	559,712	Textiles, Apparel & Luxury Goods—0.4%
Electronic Equipment & Instruments—0.9%				VF Corp. , 2.694%, 4/12/191,13,14		490,000		489,489
Amphenol Corp. , 2.601%, 4/1/1914		550,000	549,881	Water Utilities—0.4%
Tyco Electronics Group SA, 2.57%,				American Water Capital Corp. , 2.666%,
4/1/191,13,14		560,000	559,877	4/5/1913,14		560,000		559,710
			1,109,758	Total Short-Term Notes (Cost $23,135,575)				23,130,539
Energy Equipment & Services—0.3%
TransCanada PipeLines Ltd, 2.746%,
4/24/191,13,14		430,000	429,154
Food & Staples Retailing—0.5%
Walgreens Boots Alliance, Inc. , 2.60%,
4/1/1914		560,000	559,877
		11	OPPENHEIMER TOTAL RETURN BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued
	Shares	Value
Investment Company—1.2%
Oppenheimer Institutional Government
Money Market Fund, Cl. E, 2.42%15,16 (Cost
$1,521,753)	1,521,753	$                   1,521,753
Total Investments, at Value (Cost
$157,757,458)	124.8%	157,968,248
Net Other Assets (Liabilities)	(24.8)	(31,396,187)
Net Assets	100.0%	$                 126,572,061

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 $43,251,543 or 34.17% of the Fund's net assets at period end.
2. Restricted security. The aggregate value of restricted securities at period end was $328,744, which represents 0.26% of the Fund's net assets. See Note 3 of the accompanying Notes.
Information concerning restricted securities is as follows:

						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                       $	192,119	$	191,854	$	(265)
Marathon Petroleum Corp. , 3.80% Sr. Unsec. Nts.,
4/1/28	7/25/18	131,698		136,890		5,192
	$	323,817	$	328,744	$	4,927

3. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period.  The interest rate is, or will be as of an established date,
determined as [Referenced Rate + Basis-point spread].
4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline.
Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is
calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest
rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $2,312,132 or 1.83% 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 $53,050 or 0.04% 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 3 of the accompanying Notes.
8. The value of this security was determined using significant unobservable inputs. See Note 2 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 $169,731. See Note 5 of the accompanying Notes.
11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
12. 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 $324,097 or 0.26% of the Fund's
net assets at period end.
13. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $18,143,820 or 14.33% of the Fund’s net assets, and have been
determined to be liquid pursuant to guidelines adopted by the Board of Trustees.
14. Current yield as of 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		Gross		Gross		Shares
		December 31, 2018		Additions		Reductions		March 31, 2019
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		1,840,843		38,460,769		38,779,859		1,521,753
						Realized		Change in Unrealized
		Value		Income		Gain (Loss)		Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	1,521,753	$	6,073	$	—	$	—

Futures Contracts as of March 31, 2019
					Notional			Unrealized
			Number of		Amount			Appreciation/
Description	Buy/Sell	Expiration Date	Contracts		(000's)	Value		(Depreciation)
United States Treasury Long Bonds	Buy	6/19/19	31	USD	4,550 $	4,639,344	$	89,783
United States Treasury Nts. , 10 yr.	Buy	6/19/19	55	USD	6,785	6,832,031		46,697
United States Treasury Nts. , 2 yr.	Sell	6/28/19	16	USD	3,406	3,409,500		(3,227)
United States Treasury Nts. , 5 yr.	Sell	6/28/19	28	USD	3,222	3,243,187		(20,895)
	12	OPPENHEIMER TOTAL RETURN BOND FUND/VA

Futures Contracts (Continued)
					Notional				Unrealized
				Number of	Amount				Appreciation/
Description		Buy/Sell                          Expiration Date		Contracts	(000’s)		Value		(Depreciation)
United States Ultra Bonds		Buy	6/19/19	58	USD                    9,390	$	9,744,000	$	354,135
								$	466,493
1
Over-the-Counter Total Return Swaps at March 31, 2019
					Notional				Unrealized
		Pay/Receive Total			Amount				Appreciation/
Reference Asset	Counterparty	Return*	Floating Rate	Maturity Date	(000's)		Value		(Depreciation)
iBoxx USD Liquid IG Series 1
Version 1	GSCO-OT	Pay	USD-LIBOR-BBA	9/26/19	USD                    5,189	$	(112,413	) $	(112,413	)

* 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.

Glossary:
Counterparty Abbreviations
GSCO-OT	Goldman Sachs Bank USA
Currency abbreviations indicate amounts reporting in currencies
Definitions
BBA LIBOR	British Bankers' Association London - Interbank Offered Rate
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
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
USSW5	USD Swap Semi 30/360 5 Year
	13	OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS March 31, 2019 Unaudited

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 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. 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:
    Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
    Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities,
collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices
obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services
generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes,
sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported
trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other
appropriate factors.
    Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing
services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying
reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads,
credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency
rates, or the occurrence of other specific events.
    Futures contracts and futures options traded on a commodities or futures exchange will be valued at the final settlement price or official closing price
on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's
assets are valued.
    Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of
the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously
approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation
Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when
determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale
price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities
index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When
possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency
rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those
securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.  
    To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day
prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued
by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and
affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all
relevant information that is reasonably available.

Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation.
Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are
categorized in the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets

14 OPPENHEIMER TOTAL RETURN BOND FUND/VA

2. Securities Valuation (Continued)
and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing
the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
    The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly
offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts at period end based on valuation input level:
						Level 3—
		Level 1—		Level 2—		Significant
		Unadjusted		Other Significant		Unobservable
		Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	16,633,613	$	—	$	16,633,613
Mortgage-Backed Obligations		—		56,278,744		20,498		56,299,242
U. S. Government Obligation		—		192,695		—		192,695
Corporate Bonds and Notes		—		60,190,406		—		60,190,406
Short-Term Notes		—		23,130,539		—		23,130,539
Investment Company		1,521,753		—		—		1,521,753
Total Investments, at Value		1,521,753		156,425,997		20,498		157,968,248
Other Financial Instruments:
Futures contracts		490,615		—		—		490,615
Total Assets	$	2,012,368	$	156,425,997	$	20,498	$	158,458,863
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(112,413)              $		—	$	(112,413)
Futures contracts		(24,122)		—		—		(24,122)
Total Liabilities	$	(24,122)                       $		(112,413)            $		—	$	(136,535)

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.

3. 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.

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

15 OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. 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:

The Fund may enter into “forward roll” transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-
related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price.
During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that
have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on
investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.
    Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement
dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund’s market value of investments
relative to its net assets which can incrementally increase the volatility of the Fund’s performance. Forward roll transactions can be replicated over
multiple settlement periods.
    Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of
the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.
    At period end, the Fund did not have any forward roll 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 Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

		When-Issued or
		Delayed Delivery
		Basis Transactions
Purchased securities	$	47,723,534
Sold securities		13,846,327

4. Market Risk Factors
The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in
the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil,
metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general,
lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a
foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the
U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between
price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and
a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields,
are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over
a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk,
while small increases or decreases in its price typically indicate lower volatility risk.

5. 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

16 OPPENHEIMER TOTAL RETURN BOND FUND/VA

5. Use of Derivatives (Continued)
market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is
using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may
not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of
the size of the Fund’s initial investment.
    Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and
the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives,
but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be
able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its
obligation to the Fund.
    The Fund's actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type,
below.

Futures Contracts
A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated
future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and
options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.
    Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain
percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid
to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains
and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to
satisfy the Fund’s payment obligations.
    Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial
margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial
margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the
Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the
Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and
semiannual reports 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 $157,829,445 and $17,000 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 in the annual and semiannual reports.
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 in the annual and semiannual reports. 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 in the annual and semiannual reports.
    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.
Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of
asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of
a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation
or depreciation on the reference asset, plus any interest or dividend payments.
    Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less
standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk,

17 OPPENHEIMER TOTAL RETURN BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

5. Use of Derivatives (Continued)
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 $1,297,202 on total return swaps which are short the
reference asset.
    Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends
to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.
    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 Statement of Assets and Liabilities in the annual and semiannual reports. 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 in the annual and semiannual reports 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.

18 OPPENHEIMER TOTAL RETURN BOND FUND/VA

6. 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.
    As of 5 p.m. Eastern Standard Time on April 12, 2019, the Reorganization has been approved by shareholders of record of the Fund as of January 14,
2019. Accordingly, if certain other closing conditions are satisfied or waived, the Reorganization is currently expected to close on or about May 24, 2019,
or as soon as practicable thereafter. This is subject to change.

19 OPPENHEIMER TOTAL RETURN BOND FUND/VA