CONSOLIDATED STATEMENT OF INVESTMENTS March 31, 2019 Unaudited
	Principal Amount				Value		Principal Amount		Value
Asset-Backed Securities—2.4%						Asset-Backed Securities (Continued)
American Credit Acceptance Receivables Trust:						Santander Drive Auto Receivables Trust: (Continued)
Series 2015-3, Cl. D, 5.86%, 7/12/221	$	275,000		$	275,287	Series 2017-2, Cl. D, 3.49%, 7/17/23	$	190,000 $	191,066
Series 2017-4, Cl. B, 2.61%, 5/10/211		110,028			109,988	Series 2017-3, Cl. D, 3.20%, 11/15/23		760,000	759,654
Series 2017-4, Cl. C, 2.94%, 1/10/241		510,000			509,290	Series 2018-1, Cl. D, 3.32%, 3/15/24		290,000	291,011
Series 2017-4, Cl. D, 3.57%, 1/10/241		673,000			673,555	Series 2018-2, Cl. D, 3.88%, 2/15/24		145,000	147,159
AmeriCredit Automobile Receivables Trust:						Santander Retail Auto Lease Trust, Series
Series 2017-2, Cl. D, 3.42%, 4/18/23		830,000			834,793	2017-A, Cl. C, 2.96%, 11/21/221		505,000	504,102
Series 2017-4, Cl. D, 3.08%, 12/18/23		375,000			375,412	SLM Student Loan Trust, Series 2004-
Cabela's Credit Card Master Note						5X, Cl. A6, 0.092% [EUR003M+40],
Trust, Series 2016-1, Cl. A2, 3.334%						10/25/392,4	EUR	7,781,119	8,478,836
[US0001M+85], 6/15/222		1,690,000			1,692,795	TCF Auto Receivables Owner Trust, Series
Capital Auto Receivables Asset Trust,						2015-1A, Cl. D, 3.53%, 3/15/221		285,000	284,982
Series 2017-1, Cl. D, 3.15%, 2/20/251		110,000			109,455	United Auto Credit Securitization Trust,
CarMax Auto Owner Trust:						Series 2018-1, Cl. C, 3.05%, 9/10/211		625,000	625,360
Series 2015-2, Cl. D, 3.04%, 11/15/21		175,000			175,026	Veros Automobile Receivables Trust,
Series 2015-3, Cl. D, 3.27%, 3/15/22		610,000			608,979	Series 2017-1, Cl. A, 2.84%, 4/17/231		89,080	88,944
Series 2016-1, Cl. D, 3.11%, 8/15/22		465,000			463,679	Westlake Automobile Receivables Trust:
Series 2017-1, Cl. D, 3.43%, 7/17/23		630,000			632,172	Series 2016-1A, Cl. E, 6.52%, 6/15/221		670,000	673,051
Series 2017-4, Cl. D, 3.30%, 5/15/24		280,000			279,025	Series 2017-2A, Cl. E, 4.63%, 7/15/241		685,000	690,148
Series 2018-1, Cl. D, 3.37%, 7/15/24		195,000			195,276	Series 2018-1A, Cl. D, 3.41%, 5/15/231		845,000	847,295
CCG Receivables Trust:						World Financial Network Credit Card Master Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/231		635,000			633,204	Series 2012-D, Cl. A, 2.15%, 4/17/23		420,000	419,453
Series 2018-1, Cl. B, 3.09%, 6/16/251		240,000			240,735	Series 2018-A, Cl. A, 3.07%, 12/16/24		1,440,000	1,448,270
Series 2018-1, Cl. C, 3.42%, 6/16/251		70,000			70,228	Series 2018-C, Cl. A, 3.55%, 8/15/25		415,000	422,711
CIG Auto Receivables Trust, Series 2017-						Total Asset-Backed Securities (Cost $34,413,409)			34,466,530
1A, Cl. A, 2.71%, 5/15/231		130,005			129,745
CNH Equipment Trust, Series 2017-C, Cl.						Mortgage-Backed Obligations—20.0%
B, 2.54%, 5/15/25		185,000			183,611	Government Agency—11.9%
CPS Auto Receivables Trust, Series 2018-						FHLMC/FNMA/FHLB/Sponsored—11.1%
A, Cl. B, 2.77%, 4/18/221		370,000			368,884	Federal Home Loan Mortgage Corp. Gold Pool:
CPS Auto Trust, Series 2017-A, Cl. B,						5.00%, 9/1/33		196,054	211,405
2.68%, 5/17/211		51,201			51,153	5.50%, 9/1/39		222,060	241,531
Credit Acceptance Auto Loan Trust:						6.00%, 11/1/21		23,210	25,138
Series 2017-3A, Cl. C, 3.48%, 10/15/261		565,000			565,296	6.50%, 4/1/19-8/1/32		163,228	181,195
Series 2018-1A, Cl. B, 3.60%, 4/15/271		360,000			362,866	7.00%, 10/1/31-10/1/37		36,055	39,978
Series 2018-1A, Cl. C, 3.77%, 6/15/271		510,000			513,976	7.50%, 1/1/32		196,926	231,798
Dell Equipment Finance Trust, Series
2017-2, Cl. B, 2.47%, 10/24/221		190,000			189,181	Federal Home Loan Mortgage Corp. , Interest-Only Stripped Mtg. -Backed Security:
Drive Auto Receivables Trust:						Series 192,Cl. IO, 99.999%, 2/1/285		3,885	760
Series 2015-BA, Cl. D, 3.84%, 7/15/211		22,123			22,152	Series 205,Cl. IO, 62.338%, 9/1/295		23,332	4,698
Series 2016-CA, Cl. D, 4.18%, 3/15/241		430,000			435,544	Series 243,Cl. 6, 2.709%, 12/15/325		52,627	9,886
Series 2018-1, Cl. D, 3.81%, 5/15/24		470,000			474,076	Federal Home Loan Mortgage Corp. , Real Estate Mtg. Investment Conduit Multiclass
						Pass-Through Certificates:
Series 2018-3, Cl. D, 4.30%, 9/16/24		175,000			178,771	Series 1360,Cl. PZ, 7.50%, 9/15/22		147,031	154,786
DT Auto Owner Trust:						Series 151,Cl. F, 9.00%, 5/15/21		710	723
Series 2016-4A, Cl. E, 6.49%, 9/15/231		200,000			204,816	Series 1674,Cl. Z, 6.75%, 2/15/24		74,708	79,134
Series 2017-1A, Cl. D, 3.55%, 11/15/221		440,000			441,387	Series 1897,Cl. K, 7.00%, 9/15/26		276,095	301,004
Series 2017-1A, Cl. E, 5.79%, 2/15/241		415,000			425,993	Series 2043,Cl. ZP, 6.50%, 4/15/28		126,828	140,613
Series 2017-2A, Cl. D, 3.89%, 1/15/231		495,000			497,998	Series 2106,Cl. FG, 2.934%
Series 2017-3A, Cl. E, 5.60%, 8/15/241		380,000			392,620	[LIBOR01M+45], 12/15/282		220,346	221,339
Series 2017-4A, Cl. D, 3.47%, 7/17/231		560,000			561,512	Series 2122,Cl. F, 2.934%
Series 2017-4A, Cl. E, 5.15%, 11/15/241		390,000			398,434	[LIBOR01M+45], 2/15/292		5,920	5,772
Element Rail Leasing I LLC, Series 2014-						Series 2148,Cl. ZA, 6.00%, 4/15/29		120,248	131,094
1A, Cl. A1, 2.299%, 4/19/441		114,486			114,136	Series 2195,Cl. LH, 6.50%, 10/15/29		85,031	93,682
Exeter Automobile Receivables Trust,						Series 2326,Cl. ZP, 6.50%, 6/15/31		10,238	11,191
Series 2018-1A, Cl. B, 2.75%, 4/15/221		405,000			404,557	Series 2344,Cl. FP, 3.434%
Flagship Credit Auto Trust, Series 2016-						[LIBOR01M+95], 8/15/312		58,627	60,084
1, Cl. C, 6.22%, 6/15/221		980,000			1,014,559	Series 2368,Cl. PR, 6.50%, 10/15/31		41,356	46,290
GLS Auto Receivables Trust, Series 2018-
1A, Cl. A, 2.82%, 7/15/223		545,172			544,386	Series 2412,Cl. GF, 3.434%
						[LIBOR01M+95], 2/15/322		72,415	74,262
GM Financial Automobile Leasing Trust,						Series 2449,Cl. FL, 3.034%
Series 2017-3, Cl. C, 2.73%, 9/20/21		320,000			318,449	[LIBOR01M+55], 1/15/322		65,872	66,500
Navistar Financial Dealer Note Master Owner Trust II:						Series 2451,Cl. FD, 3.484%
Series 2017-1, Cl. C, 4.036%						[LIBOR01M+100], 3/15/322		30,736	31,576
[US0001M+155], 6/27/221,2		160,000			160,197	Series 2461,Cl. PZ, 6.50%, 6/15/32		147,475	162,505
Series 2017-1, Cl. D, 4.786%
[US0001M+230], 6/27/221,2		185,000			185,093	Series 2464,Cl. FI, 3.484%
						[LIBOR01M+100], 2/15/322		28,486	29,268
Santander Drive Auto Receivables Trust:						Series 2470,Cl. AF, 3.484%
Series 2017-1, Cl. D, 3.17%, 4/17/23		440,000			440,551	[LIBOR01M+100], 3/15/322		52,734	54,177
Series 2017-1, Cl. E, 5.05%, 7/15/241		1,110,000			1,135,646
		1	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value			Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)							FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp. , Real Estate Mtg. Investment Conduit Multiclass							Federal National Mortgage Assn. , Real Estate Mtg. Investment Conduit Multiclass Pass-
Pass-Through Certificates: (Continued)							Through Certificates:
Series 2470,Cl. LF, 3.484%							Series 1999-54,Cl. LH, 6.50%, 11/25/29	$	77,745 $	85,213
[LIBOR01M+100], 2/15/322	$	29,151		$	29,952		Series 2001-80,Cl. ZB, 6.00%, 1/25/32		63,501	68,679
Series 2477,Cl. FZ, 3.034%							Series 2002-29,Cl. F, 3.486%
[LIBOR01M+55], 6/15/312		115,550			116,595		[LIBOR01M+100], 4/25/322		31,369	32,235
Series 2517,Cl. GF, 3.484%							Series 2002-64,Cl. FJ, 3.486%
[LIBOR01M+100], 2/15/322		25,345			26,042		[LIBOR01M+100], 4/25/322		9,659	9,926
Series 2635,Cl. AG, 3.50%, 5/15/32		37,693			38,163		Series 2002-68,Cl. FH, 2.982%
Series 2676,Cl. KY, 5.00%, 9/15/23		320,444			331,300		[LIBOR01M+50], 10/18/322		21,523	21,679
Series 3025,Cl. SJ, 15.643% [-3.6667 x							Series 2002-84,Cl. FB, 3.486%
LIBOR01M+2,475], 8/15/352		72,135			104,789		[LIBOR01M+100], 12/25/322		134,645	138,348
Series 3848,Cl. WL, 4.00%, 4/15/40		87,815			88,967		Series 2002-90,Cl. FH, 2.986%
Series 3857,Cl. GL, 3.00%, 5/15/40		4,427			4,511		[LIBOR01M+50], 9/25/322		75,333	75,910
Series 3917,Cl. BA, 4.00%, 6/15/38		54,364			56,108		Series 2003-11,Cl. FA, 3.486%
Series 4221,Cl. HJ, 1.50%, 7/15/23		123,507			121,254		[LIBOR01M+100], 9/25/322		134,648	138,351
Federal Home Loan Mortgage Corp. , Real Estate Mtg. Investment Conduit Multiclass							Series 2003-116,Cl. FA, 2.886%
Pass-Through Certificates, Interest-Only Stripped Mtg. -Backed Security:							[LIBOR01M+40], 11/25/332		14,004	14,051
Series 2074,Cl. S, 99.999%, 7/17/285		5,377			504		Series 2005-109,Cl. AH, 5.50%,
Series 2079,Cl. S, 99.999%, 7/17/285		9,927			1,128		12/25/25		457,970	471,292
Series 2136,Cl. SG, 32.548%, 3/15/295		305,663			44,250		Series 2005-31,Cl. PB, 5.50%, 4/25/35		560,000	617,206
Series 2399,Cl. SG, 99.999%, 12/15/265		159,656			20,616		Series 2005-71,Cl. DB, 4.50%, 8/25/25		62,734	63,675
Series 2437,Cl. SB, 47.427%, 4/15/325		549,933			74,888		Series 2006-11,Cl. PS, 15.453%
Series 2526,Cl. SE, 55.968%, 6/15/295		11,218			1,848	[	-3.6667 x LIBOR01M+2,456.67],
Series 2682,Cl. TQ, 99.999%, 10/15/335		121,953			18,580		3/25/362		68,893	101,709
Series 2795,Cl. SH, 56.46%, 3/15/245		186,061			11,802		Series 2006-46,Cl. SW, 15.086%
Series 2920,Cl. S, 44.659%, 1/15/355		124,753			20,045	[	-3.6665 x LIBOR01M+2,419.92],
Series 2922,Cl. SE, 16.926%, 2/15/355		20,578			3,388		6/25/362		107,091	153,044
Series 2981,Cl. AS, 0.668%, 5/15/355		186,377			25,869		Series 2008-75,Cl. DB, 4.50%, 9/25/23		2	2
Series 2981,Cl. BS, 99.999%, 5/15/355		249,243			38,951		Series 2009-113,Cl. DB, 3.00%,
Series 3397,Cl. GS, 3.696%, 12/15/375		84,888			14,840		12/25/20		3,636	3,622
Series 3424,Cl. EI, 0.00%, 4/15/385,6		23,835			2,368		Series 2009-36,Cl. FA, 3.426%
Series 3450,Cl. BI, 10.174%, 5/15/385		138,768			20,337		[LIBOR01M+94], 6/25/372		15,583	15,974
Series 3606,Cl. SN, 10.905%, 12/15/395		40,852			5,308		Series 2009-70,Cl. TL, 4.00%, 8/25/19		61	61
Federal National Mortgage Assn.:							Series 2010-43,Cl. KG, 3.00%, 1/25/21		4,667	4,661
2.50%, 4/1/347		4,545,000			4,518,753		Series 2011-122,Cl. EC, 1.50%, 1/25/20		2,270	2,255
3.00%, 4/1/34-4/1/497		7,670,000			7,689,879		Series 2011-15,Cl. DA, 4.00%, 3/25/41		39,581	40,394
3.50%, 4/1/497		25,675,000			26,033,046		Series 2011-3,Cl. EL, 3.00%, 5/25/20		2,937	2,926
4.00%, 4/1/497		29,450,000			30,296,687		Series 2011-3,Cl. KA, 5.00%, 4/25/40		113,081	118,378
4.50%, 4/1/497		72,910,000			75,978,414		Series 2011-38,Cl. AH, 2.75%, 5/25/20		2	2
5.00%, 4/1/497		5,590,000			5,911,316		Series 2011-6,Cl. BA, 2.75%, 6/25/20		1,799	1,805
Federal National Mortgage Assn. Pool:							Series 2011-82,Cl. AD, 4.00%, 8/25/26		20,029	20,037
5.00%, 7/1/19-7/1/33		221,119			237,125		Series 2012-20,Cl. FD, 2.886%
5.50%, 4/1/21-5/1/36		121,361			132,025		[LIBOR01M+40], 3/25/422		170,870	171,071
6.50%, 12/1/29-1/1/34		360,847			403,755		Federal National Mortgage Assn. , Real Estate Mtg. Investment Conduit Multiclass Pass-
7.00%, 1/1/30-4/1/34		455,591			518,696		Through Certificates, Interest-Only Stripped Mtg. -Backed Security:
7.50%, 2/1/27-3/1/33		613,251			712,258		Series 2001-61,Cl. SH, 39.127%,
8.50%, 7/1/32		462			467		11/18/315		35,092	5,938
Federal National Mortgage Assn. , Interest-Only Stripped Mtg. -Backed Security:							Series 2001-63,Cl. SD, 48.979%,
							12/18/315		8,818	1,350
Series 214,Cl. 2, 99.999%, 3/25/235		50,806			5,100		Series 2001-68,Cl. SC, 43.14%,
Series 221,Cl. 2, 99.999%, 5/25/235		6,056			666		11/25/315		6,464	1,198
Series 254,Cl. 2, 99.999%, 1/25/245		109,271			13,897		Series 2001-81,Cl. S, 45.963%, 1/25/325		7,536	1,321
Series 301,Cl. 2, 21.436%, 4/25/295		24,043			4,817		Series 2002-28,Cl. SA, 34.265%,
Series 313,Cl. 2, 99.999%, 6/25/315		253,686			56,293		4/25/325		5,627	1,001
Series 319,Cl. 2, 1.231%, 2/25/325		120,849			26,688		Series 2002-38,Cl. SO, 78.285%,
Series 321,Cl. 2, 31.768%, 4/25/325		37,007			8,551		4/25/325		38,173	6,496
Series 324,Cl. 2, 0.00%, 7/25/325,6		36,366			8,324		Series 2002-48,Cl. S, 39.272%, 7/25/325		8,252	1,586
Series 328,Cl. 2, 0.00%, 12/25/325,6		72,236			16,291		Series 2002-52,Cl. SL, 32.045%,
Series 331,Cl. 5, 2.477%, 2/25/335		138,281			26,522		9/25/325		5,654	1,043
Series 332,Cl. 2, 0.00%, 3/25/335,6		595,490			135,259		Series 2002-56,Cl. SN, 40.406%,
Series 334,Cl. 12, 0.00%, 3/25/335,6		112,726			23,925		7/25/325		11,339	2,179
Series 339,Cl. 15, 7.448%, 10/25/335		329,079			69,587		Series 2002-77,Cl. IS, 55.377%,
Series 345,Cl. 9, 0.00%, 1/25/345,6		105,725			22,252		12/18/325		65,035	12,787
Series 351,Cl. 10, 0.00%, 4/25/345,6		63,848			14,349		Series 2002-77,Cl. SH, 39.614%,
Series 351,Cl. 8, 0.00%, 4/25/345,6		116,163			26,075		12/18/325		10,612	1,758
Series 356,Cl. 10, 0.00%, 6/25/355,6		81,242			16,593		Series 2002-9,Cl. MS, 30.419%,
Series 356,Cl. 12, 0.00%, 2/25/355,6		40,041			8,269		3/25/325		10,100	1,934
Series 362,Cl. 13, 0.00%, 8/25/355,6		53,046			11,860
		2	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored (Continued)						Commercial (Continued)
Federal National Mortgage Assn. , Real Estate Mtg. Investment Conduit Multiclass Pass-						Chase Mortgage Finance Trust, Series 2005-
Through Certificates, Interest-Only Stripped Mtg. -Backed Security: (Continued)						A2, Cl . 1A3, 4.349%, 1/25/368	$	10,848	$	10,609
Series 2003-13,Cl. IO, 52.267%,						Citigroup Commercial Mortgage Trust:
3/25/335	$	112,848		$	26,328	Series 2012-GC8,Cl. AAB, 2.608%,
Series 2003-26,Cl. DI, 57.401%,						9/10/45		226,533		225,809
4/25/335		87,288			22,163	Series 2014-GC21,Cl. AAB, 3.477%,
Series 2003-33,Cl. SP, 31.817%,						5/10/47		270,000		274,893
5/25/335		61,717			12,035	Citigroup Commercial Mortgage Trust,
Series 2003-4,Cl. S, 21.627%, 2/25/335		17,359			3,466	Interest-Only Commercial Mtg. Pass-Through
Series 2004-56,Cl. SE, 3.526%,						Certificates, Series 2017-C4, Cl. XA, 11.938%,
10/25/335		292,967			54,779	10/12/505		6,116,733		419,923
Series 2005-12,Cl. SC, 25.44%,						COMM Mortgage Trust:
3/25/355		9,493			1,428	Series 2013-CR6,Cl. AM, 3.147%,
Series 2005-14,Cl. SE, 40.638%,						3/10/461		960,000		962,494
3/25/355		357,682			46,479	Series 2014-CR17,Cl. ASB, 3.598%,
Series 2005-40,Cl. SA, 43.959%,						5/10/47		870,000		887,896
5/25/355		310,890			49,779	Series 2014-CR20,Cl. ASB, 3.305%,
Series 2005-40,Cl. SB, 99.999%,						11/10/47		180,000		182,846
5/25/355		502,473			63,255	Series 2014-CR21,Cl. AM, 3.987%,
Series 2005-52,Cl. JH, 26.081%,						12/10/47		25,000		25,739
5/25/355		186,072			27,955	Series 2014-LC15,Cl. AM, 4.198%,
Series 2005-63,Cl. SA, 30.376%,						4/10/47		455,000		473,980
10/25/315		16,912			2,273	Series 2014-UBS6,Cl. AM, 4.048%,
Series 2006-90,Cl. SX, 99.999%,						12/10/47		1,600,000		1,635,447
9/25/365		349,002			61,098	Series 2015-CR22,Cl. A2, 2.856%,
Series 2007-88,Cl. XI, 0.00%, 6/25/375,6		334,214			54,200	3/10/48		303,400		303,166
Series 2008-55,Cl. SA, 0.00%,						COMM Mortgage Trust, Interest-Only Stripped
7/25/385,6		23,006			2,782	Mtg. -Backed Security, Series 2012-CR5, Cl. XA,
Series 2009-8,Cl. BS, 0.00%, 2/25/245,6		728			38	20.604%, 12/10/455		2,540,595		120,012
Series 2010-95,Cl. DI, 0.00%,						Deutsche Alt-B Securities, Inc. Mortgage Loan
11/25/205,6		8,133			85	Trust, Series 2006-AB2, Cl. A1, 5.276%,
Series 2011-96,Cl. SA, 4.863%,						6/25/368		44,101		42,091
10/25/415		140,094			22,342	Deutsche Mortgage Securities, Inc. , Series
Series 2012-134,Cl. SA, 0.00%,						2013-RS1, Cl. 1A2, 2.708% [US0001M+22],
12/25/425,6		467,976			88,462	7/22/361,2		4,645,949		4,552,299
Series 2012-40,Cl. PI, 24.707%,						FREMF Mortgage Trust:
4/25/415		745,294			92,650	Series 2012-K20,Cl. C, 3.871%,
Federal National Mortgage Assn. , Stripped						5/25/451,8		4,165,000		4,232,852
Mtg. -Backed Security, Series 302, Cl. 2, 6.00%,						Series 2013-K25,Cl. C, 3.623%,
5/1/29		3			—	11/25/451,8		135,000		135,869
					159,803,225	Series 2013-K26,Cl. C, 3.598%,
						12/25/451,8		95,000		95,563
GNMA/Guaranteed—0.8%						Series 2013-K27,Cl. C, 3.496%,
Government National Mortgage Assn. I Pool:						1/25/461,8		1,460,000		1,464,119
7.00%, 4/15/28-7/15/28		44,736			48,686	Series 2013-K28,Cl. C, 3.49%,
8.00%, 5/15/26		7,661			7,675	6/25/461,8		2,330,000		2,337,331
Government National Mortgage Assn. II Pool:						Series 2013-K29,Cl. C, 3.481%,
3.50%, 4/1/497		11,310,000			11,560,057	5/25/461,8		2,300,000		2,304,933
4.125% [H15T1Y+150], 11/20/252		1,807			1,857	Series 2013-K713,Cl. C, 3.155%,
Government National Mortgage Assn. , Interest-Only Stripped Mtg. -Backed Security:						4/25/461,8		535,000		533,982
Series 2007-17,Cl. AI, 35.352%,						Series 2014-K714,Cl. C, 3.855%,
4/16/375		185,262			27,127	1/25/471,8		400,000		404,024
Series 2011-52,Cl. HS, 16.353%,						Series 2015-K44,Cl. B, 3.683%,
4/16/415		311,481			45,591	1/25/481,8		2,310,000		2,336,705
					11,690,993	Series 2015-K45,Cl. B, 3.591%,
Non-Agency—8.1%						4/25/481,8		4,646,000		4,665,955
Commercial—3.2%						Series 2017-K62,Cl. B, 3.875%,
BCAP LLC Trust:						1/25/501,8		280,000		282,466
Series 2011-R11,Cl. 18A5, 4.69%						Series 2017-K724,Cl. B, 3.487%,
[H15T1Y+210], 9/26/351,2		12,114			12,166	11/25/231,8		1,535,000		1,518,883
Series 2012-RR6,Cl. RR6, 2.054%,						GS Mortgage Securities Trust:
11/26/361		3,635			3,641	Series 2013-GC12,Cl. AAB, 2.678%,
Benchmark Mortgage Trust, Interest-Only						6/10/46		78,548		78,191
Commercial Mtg. Pass-Through Certificates,						Series 2013-GC16,Cl. AS, 4.649%,
Series 2018-B1, Cl. XA, 10.646%, 1/15/515		5,733,410			210,330	11/10/46		160,000		170,818
CD Mortgage Trust, Interest-Only Commercial						Series 2014-GC18,Cl. AAB, 3.648%,
Mtg. Pass-Through Certificates, Series 2017-						1/10/47		227,035		231,035
CD6, Cl. XA , 12.622%, 11/13/505		2,303,001			132,037
		3	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value		Principal Amount			Value
Commercial (Continued)						Multi-Family—0.0%
JP Morgan Chase Commercial Mortgage Securities Trust:						Connecticut Avenue Securities, Series 2017-
Series 2012-LC9,Cl. A4, 2.611%,						C04, Cl . 2M1, 3.336% [US0001M+85],
12/15/47	$	28,642		$	28,615	11/25/292	$	538,237	$	539,006
Series 2013-C10,Cl. AS, 3.372%,						Residential—4.9%
12/15/47		855,000			863,493	Alba plc, Series 2007-1, Cl. F, 4.096%
Series 2013-C16,Cl. AS, 4.517%,						[BP0003M+325], 3/17/392,4		557,545		698,327
12/15/46		820,000			867,706	Banc of America Funding Trust, Series 2014-
Series 2013-LC11,Cl. AS, 3.216%,						R7, Cl . 3A1, 4.954%, 3/26/361,8		16,398		16,441
4/15/46		235,000			235,740	Bear Stearns ARM Trust, Series 2006-1, Cl. A1,
Series 2014-C20,Cl. AS, 4.043%,						4.91% [H15T1Y+225], 2/25/362		32,629		32,994
7/15/47		630,000			654,120	CHL Mortgage Pass-Through Trust:
Series 2016-JP3,Cl. A2, 2.435%,						Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		487,946		483,734
8/15/49		529,923			525,136	Series 2005-J4,Cl. A7, 5.50%, 11/25/35		451,149		450,436
JP Morgan Mortgage Trust, Series 2007-A1, Cl.						Citigroup Mortgage Loan Trust, Inc. :
5A1, 4.687%, 7/25/358		42,676			43,986	Series 2005-2,Cl. 1A3, 4.893%,
JP Morgan Resecuritization Trust, Series 2009-						5/25/358		505,134		510,736
5, Cl . 1A2, 4.542%, 7/26/361,8		2,025,596			2,028,091	Series 2006-AR1,Cl. 1A1, 4.97%
JPMBB Commercial Mortgage Securities Trust:						[H15T1Y+240], 10/25/352		143,336		145,479
Series 2014-C18,Cl. A3, 3.578%,						Series 2009-8,Cl. 7A2, 4.954%,
2/15/47		169,400			170,998	3/25/361,8		5,981,848		5,982,108
Series 2014-C19,Cl. ASB, 3.584%,						Series 2014-8,Cl. 1A2, 2.778%
4/15/47		104,547			106,490	[US0001M+29], 7/20/361,2		3,400,000		3,353,571
Series 2014-C24,Cl. B, 4.116%,						Connecticut Avenue Securities:
11/15/478		680,000			696,148	Series 2014-C03,Cl. 1M2, 5.486%
Series 2014-C25,Cl. AS, 4.065%,						[US0001M+300], 7/25/242		805,137		855,412
11/15/47		1,720,000			1,784,204	Series 2016-C03,Cl. 1M1, 4.486%
Morgan Stanley Bank of America Merrill Lynch Trust:						[US0001M+200], 10/25/282		121,049		121,997
Series 2013-C7,Cl. AAB, 2.469%,						Series 2017-C01,Cl. 1M2, 6.036%
2/15/46		222,456			221,290	[US0001M+355], 7/25/292		4,140,000		4,451,460
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		570,000			578,228	Series 2017-C02,Cl. 2M1, 3.636%
Series 2014-C14,Cl. B, 4.764%,						[US0001M+115], 9/25/292		796,355		798,854
2/15/478		240,000			254,924	Series 2017-C03,Cl. 1M1, 3.436%
Morgan Stanley Capital I, Inc. , Interest-Only						[US0001M+95], 10/25/292		815,314		817,034
Commercial Mtg. Pass-Through Certificates,						Series 2017-C06,Cl. 1M1, 3.236%
Series 2017-HR2, Cl. XA, 10.363%, 12/15/505		2,011,586			111,870	[US0001M+75], 2/25/302		168,608		168,669
Morgan Stanley Re-Remic Trust, Series 2012-						Series 2017-C07,Cl. 1M1, 3.136%
R3, Cl . 1A, 3.644%, 11/26/361,8		1,474			1,472	[US0001M+65], 5/25/302		511,270		510,923
Morgan Stanley Resecuritization Trust, Series						Series 2017-C07,Cl. 1M2, 4.886%
2013-R9, Cl. 3A, 3.912%, 6/26/461,8		40,864			40,941	[US0001M+240], 5/25/302		580,000		592,938
Structured Adjustable Rate Mortgage Loan						Series 2018-C01,Cl. 1M1, 3.086%
Trust, Series 2004-10, Cl. 2A, 4.493%,						[US0001M+60], 7/25/302		736,423		735,021
8/25/348		1,899,176			1,909,139	Series 2018-C02,Cl. 2M1, 3.136%
UBS Commercial Mortgage Trust, Interest-Only						[US0001M+65], 8/25/302		217,955		217,906
Commercial Mtg. Pass-Through Certificates,
Series 2017-C5, Cl. XA, 12.272%, 11/15/505		3,805,979			234,454	Series 2018-C06,Cl. 2M2, 4.586%
						[US0001M+210], 3/25/312		1,280,000		1,265,441
Wells Fargo Commercial Mortgage Trust, Series						CWHEQ Revolving Home Equity Loan Trust:
2015-NXS1, Cl. ASB, 2.934%, 5/15/48		940,000			941,692
Wells Fargo Commercial Mortgage Trust,						Series 2005-G,Cl. 2A, 2.714%
Interest-Only Commercial Mtg. Pass-Through						[US0001M+23], 12/15/352		20,518		20,279
Certificates, Series 2017-C42, Cl. XA,						Series 2006-H,Cl. 2A1A, 2.634%
10.338%, 12/15/505		2,795,539			177,411	[US0001M+15], 11/15/362		17,347		13,357
WF-RBS Commercial Mortgage Trust:						GSR Mortgage Loan Trust, Series 2005-AR4,
Series 2013-C14,Cl. AS, 3.488%,						Cl. 6A1, 4.329%, 7/25/358		9,427		9,524
6/15/46		640,000			646,515	HomeBanc Mortgage Trust, Series 2005-3, Cl.
Series 2014-C20,Cl. AS, 4.176%,						A2, 2.796% [US0001M+31], 7/25/352		12,786		12,735
5/15/47		490,000			508,425	Marble Arch Residential Securitisation
Series 2014-C22,Cl. A3, 3.528%,						No 4 plc, Series 4X, Cl. E1C, 4.74%
9/15/57		120,000			121,897	[BP0003M+390], 3/20/402,4		1,741,000		2,205,704
Series 2014-LC14,Cl. AS, 4.351%,						MASTR Asset Backed Securities Trust, Series
3/15/478		395,000			414,665	2006-WMC3, Cl. A3, 2.586% [US0001M+10],
						8/25/362		839,652		405,961
WF-RBS Commercial Mortgage Trust,						RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%,
Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2011-C3, Cl. XA, 25.227%,						9/25/36		11,953		10,629
3/15/441,5		2,996,332			64,794	Residential Asset Securitization Trust, Series
					45,500,548	2005-A6CB, Cl. A7, 6.00%, 6/25/35		1,682,414		1,545,587
						Structured Agency Credit Risk Debt Nts. :
						Series 2013-DN2,Cl. M2, 6.736%
						[US0001M+425], 11/25/232		874,205		955,464
						Series 2014-DN1,Cl. M3, 6.986%
						[US0001M+450], 2/25/242		815,000		909,007
		4	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount					Value		Principal Amount		Value
Residential (Continued)							Argentina—2.2%
Structured Agency Credit Risk Debt Nts. : (Continued)							Argentine Republic:
Series 2014-DN2,Cl. M3, 6.086%							0.000% Unsec. Nts. , 4/30/209	ARS	257,200,000 $	6,517,012
[US0001M+360], 4/25/242	$		840,000		$	907,827	0.236% Unsec. Nts. , 7/31/209	ARS	642,000,000	14,264,051
Series 2014-HQ2,Cl. M3, 6.236%							4.625% Sr. Unsec. Nts. , 1/11/23		530,000	435,395
[US0001M+375], 9/25/242			915,000			1,013,331	5.875% Sr. Unsec. Nts. , 1/11/28		2,025,000	1,559,503
Series 2015-HQA2,Cl. M2, 5.286%							6.875% Sr. Unsec. Nts. , 1/26/27		2,585,000	2,099,343
[US0001M+280], 5/25/282			227,697			232,287	6.875% Sr. Unsec. Nts. , 1/11/48		1,785,000	1,318,669
Series 2016-DNA1,Cl. M2, 5.39%							7.50% Sr. Unsec. Nts. , 4/22/26		6,535,000	5,562,102
[US0001M+290], 7/25/282			262,206			266,839	18.20% Unsec. Nts. , 10/3/21	ARS	9,285,000	151,983
Series 2016-DNA3,Cl. M3, 7.486%										31,908,058
[US0001M+500], 12/25/282		3,845,000				4,363,554
Series 2016-DNA4,Cl. M3, 6.286%							Brazil—1.8%
[US0001M+380], 3/25/292		5,570,000				6,128,555	Federative Republic of Brazil:
Series 2016-HQA3,Cl. M1, 3.286%							10.00% Unsec. Nts. , 1/1/21	BRL	11,000,000	2,932,392
[US0001M+80], 3/25/292			56,377			56,379	10.00% Unsec. Nts. , 1/1/25	BRL	26,900,000	7,286,989
Series 2016-HQA3,Cl. M3, 6.336%							10.00% Unsec. Nts. , 1/1/27	BRL	35,000,000	9,476,434
[US0001M+385], 3/25/292		3,400,000				3,755,980	10.00% Unsec. Nts. , 1/1/29	BRL	4,500,000	1,225,687
Series 2016-HQA4,Cl. M3, 6.386%							13.288% Unsec. Nts. , 8/15/50	BRL	900,000	907,414
[US0001M+390], 4/25/292		4,580,000				5,062,678	18.447% Unsec. Nts. , 5/15/4514	BRL	4,350,000	4,299,416
Series 2017-DNA1,Cl. M2, 5.736%										26,128,332
[US0001M+325], 7/25/292		1,980,000				2,127,068	Colombia—0.8%
Series 2017-HQA1,Cl. M1, 3.686%							Republic of Colombia:
[US0001M+120], 8/25/292		1,276,084				1,279,681	6.125% Sr. Unsec. Nts. , 1/18/41		1,615,000	1,912,176
Series 2017-HQA2,Cl. M1, 3.286%							Series B, 6.25% Bonds, 11/26/25	COP                            8,700,000,000		2,767,008
[US0001M+80], 12/25/292			376,518			376,753	Series B, 7.50% Bonds, 8/26/26	COP                          12,830,000,000		4,352,983
Series 2017-HQA3,Cl. M1, 3.036%							Series B, 10.00% Bonds, 7/24/24	COP                            5,146,000,000		1,926,250
[US0001M+55], 4/25/302			774,359			773,385				10,958,417
Series 2018-DNA1,Cl. M1, 2.936%
[US0001M+45], 7/25/302		1,522,947				1,516,583	Dominican Republic—0.3%
Series 2018-DNA1,Cl. M2, 4.286%							Dominican Republic:
[US0001M+180], 7/25/302		1,200,000				1,173,284	5.95% Sr. Unsec. Nts. , 1/25/271		2,770,000	2,915,425
Towd Point Mortgage Funding 2019-Granite4 plc:							6.85% Sr. Unsec. Nts. , 1/27/451		930,000	998,587
2.23%, 10/20/517		2,920,000				3,804,675				3,914,012
2.58%, 10/20/517		4,400,000				5,733,072	Ecuador—0.3%
WaMu Mortgage Pass-Through Certificates Trust:							Republic of Ecuador:
Series 2003-AR10,Cl. A7, 4.481%,							8.875% Sr. Unsec. Nts. , 10/23/271		3,250,000	3,262,188
10/25/338			48,825			49,699	9.65% Sr. Unsec. Nts. , 12/13/261		985,000	1,035,481
Series 2005-AR16,Cl. 1A1, 4.256%,										4,297,669
12/25/358			7,048			7,042
Wells Fargo Mortgage-Backed Securities Trust:							Egypt—0.7%
Series 2005-AR1,Cl. 1A1, 5.083%,							Arab Republic of Egypt:
2/25/358			622,737			642,691	4.75% Sr. Unsec. Nts. , 4/16/261	EUR	1,900,000	2,108,686
Series 2005-AR15,Cl. 1A2, 4.667%,							6.125% Sr. Unsec. Nts. , 1/31/221		965,000	978,353
9/25/358			104,912			102,795	8.50% Sr. Unsec. Nts. , 1/31/471		1,450,000	1,483,769
Series 2005-AR15,Cl. 1A6, 4.667%,							8.70% Sr. Unsec. Nts. , 3/1/491		1,575,000	1,641,991
9/25/358		1,270,042				1,233,633	18.15% Unsec. Nts. , 12/11/21	EGP	45,000,000	2,688,214
Series 2005-AR4,Cl. 2A2, 5.086%,							Series 3YR, 16.00% Unsec. Nts. ,
4/25/358			5,352			5,419	12/12/20	EGP	29,000,000	1,651,845
Series 2006-AR10,Cl. 1A1, 4.704%,										10,552,858
7/25/368			127,281			128,171	Fiji—0.1%
Series 2006-AR10,Cl. 5A5, 4.542%,							Republic of Fiji, 6.625% Sr. Unsec. Nts. ,
7/25/368			229,325			230,472	10/2/204		1,535,000	1,538,543
Series 2006-AR2,Cl. 2A3, 4.954%,
3/25/368		1,023,389				1,041,791	France—1.3%
Series 2006-AR7,Cl. 2A4, 4.42%,							French Republic, 4.00% Bonds,
5/25/368			598,385			615,611	10/25/384	EUR	11,050,000	19,300,061
						70,926,983	Gabon—0.1%
Total Mortgage-Backed Obligations (Cost $282,756,361)						288,460,755	Gabonese Republic, 6.375% Bonds,
							12/12/241		1,665,000	1,599,679
U. S. Government Obligations—6.9%							Ghana—0.3%
United States Treasury Inflation-Protected Securities:							Republic of Ghana:
1.00%, 2/15/46-2/15/4914		96,263,307				98,784,383	8.125% Sr. Unsec. Nts. , 3/26/321		2,020,000	2,017,160
Total U. S. Government Obligations (Cost $95,659,772)						98,784,383	8.627% Sr. Unsec. Nts. , 6/16/491		1,440,000	1,408,536
							8.95% Sr. Unsec. Nts. , 3/26/511		870,000	875,825
Foreign Government Obligations—23.5%										4,301,521
Angola—0.1%							Greece—3.7%
Republic of Angola, 9.375% Sr. Unsec.							Hellenic Republic:
Nts. , 5/8/481		1,750,000				1,896,825	0.00% Bonds, 10/15/428	EUR	30,230,000	119,704
			5	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value		Principal Amount				Value
Greece (Continued)						Saudi Arabia—0.2%
Hellenic Republic: (Continued)						Kingdom of Saudi Arabia, 4.375% Sr.
3.45% Sr. Unsec. Nts. , 4/2/241,4	EUR	8,000,000		$	9,336,100	Unsec. Nts. , 4/16/291	$	2,465,000		$	2,573,154
3.875% Sr. Unsec. Nts. , 3/12/291,4	EUR	12,360,000			14,035,298	Senegal—0.1%
3.90% Bonds, 1/30/334	EUR	17,005,000			18,642,100	Republic of Senegal:
4.00% Bonds, 1/30/374	EUR	9,975,000			10,642,728	6.25% Unsec. Nts. , 5/23/331		460,000			442,868
					52,775,930	6.75% Sr. Unsec. Nts. , 3/13/481		835,000			772,792
India—1.6%											1,215,660
Republic of India:						Serbia—0.1%
7.17% Sr. Unsec. Nts. , 1/8/28	INR	235,000,000			3,335,443	Republic of Serbia, 4.875% Sr. Unsec.
7.59% Sr. Unsec. Nts. , 1/11/26	INR	600,000,000			8,806,103	Nts. , 2/25/201		1,050,000			1,062,672
7.72% Sr. Unsec. Nts. , 5/25/25	INR	15,000,000			222,760
8.20% Sr. Unsec. Nts. , 2/15/22	INR	365,000,000			5,474,373	South Africa—2.3%
8.20% Sr. Unsec. Nts. , 9/24/25	INR	315,600,000			4,794,669	Republic of South Africa:
					22,633,348	Series 2023, 7.75% Bonds, 2/28/23	ZAR	22,500,000			1,560,882
						Series 2030, 8.00% Bonds, 1/31/30	ZAR	144,100,000			9,204,144
Indonesia—1.9%						Series 2037, 8.50% Bonds, 1/31/37	ZAR	107,000,000			6,657,022
Perusahaan Penerbit SBSN Indonesia III:						Series 2048, 8.75% Bonds, 2/28/48	ZAR	60,000,000			3,753,336
4.35% Sr. Unsec. Nts. , 9/10/241		525,000			543,769	Series R186, 10.50% Bonds, 12/21/26	ZAR	131,675,000			10,075,124
4.55% Sr. Unsec. Nts. , 3/29/261		790,000			822,587	Series R214, 6.50% Bonds, 2/28/41	ZAR	25,000,000			1,227,294
Republic of Indonesia:											32,477,802
3.85% Sr. Unsec. Nts. , 7/18/271		440,000			440,470
4.125% Sr. Unsec. Nts. , 1/15/251		490,000			503,402	Sri Lanka—0.2%
8.125% Sr. Unsec. Nts. , 5/15/24	IDR                    86,000,000,000				6,306,222	Democratic Socialist Republic of Sri Lanka:
Series FR53, 8.25% Sr. Unsec. Nts. ,						5.75% Sr. Unsec. Nts. , 4/18/231		1,450,000			1,432,712
7/15/21	IDR                    43,000,000,000				3,119,946	5.875% Sr. Unsec. Nts. , 7/25/221		1,350,000			1,356,385
Series FR56, 8.375% Sr. Unsec. Nts. ,						6.25% Sr. Unsec. Nts. , 10/4/201		465,000			473,062
9/15/26	IDR                  104,095,000,000				7,688,337						3,262,159
Series FR59, 7.00% Sr. Unsec. Nts. ,						Thailand—0.6%
5/15/27	IDR                    10,000,000,000				677,704	Kingdom of Thailand:
Series FR74, 7.50% Sr. Unsec. Nts. ,						1.875% Sr. Unsec. Nts. , 6/17/22	THB	65,400,000			2,061,129
8/15/32	IDR                  112,480,000,000				7,583,632	2.125% Sr. Unsec. Nts. , 12/17/26	THB	210,000,000			6,525,988
					27,686,069						8,587,117
Iraq—0.1%						Turkey—0.5%
Republic of Iraq:						Republic of Turkey:
5.80% Sr. Unsec. Nts. , 1/15/281		615,000			592,067	8.50% Bonds, 9/14/22	TRY	15,200,000			1,911,075
6.752% Sr. Unsec. Nts. , 3/9/231		800,000			812,743	10.60% Bonds, 2/11/26	TRY	5,000,000			616,985
					1,404,810	10.70% Bonds, 2/17/21	TRY	22,045,000			3,269,880
Ivory Coast—0.3%						12.40% Bonds, 3/8/28	TRY	13,500,000			1,796,610
Republic of Cote d'Ivoire, 5.25% Sr.											7,594,550
Unsec. Nts. , 3/22/301	EUR	3,685,000			3,968,737	Ukraine—0.5%
Mexico—2.9%						Ukraine:
United Mexican States:						7.75% Sr. Unsec. Nts. , 9/1/234		1,520,000			1,481,392
Series M, 5.75% Bonds, 3/5/26	MXN	54,445,000			2,480,483	7.75% Sr. Unsec. Nts. , 9/1/244		1,295,000			1,249,351
Series M, 6.50% Bonds, 6/9/22	MXN	160,000,000			7,946,482	7.75% Sr. Unsec. Nts. , 9/1/254		900,000			859,518
Series M, 8.00% Sr. Unsec. Nts. , 12/7/23	MXN	340,000,000			17,647,192	7.75% Sr. Unsec. Nts. , 9/1/264		2,410,000			2,269,882
Series M20, 8.50% Sr. Unsec. Nts. ,						8.994% Sr. Unsec. Nts. , 2/1/241		1,565,000			1,575,453
5/31/29	MXN	256,700,000			13,605,586						7,435,596
					41,679,743	Uruguay—0.0%
Nigeria—0.1%						Oriental Republic of Uruguay, 9.875%
Federal Republic of Nigeria:						Sr. Unsec. Nts. , 6/20/221	UYU	13,555,000			403,037
7.143% Sr. Unsec. Nts. , 2/23/301		625,000			626,465	Total Foreign Government Obligations (Cost $355,655,983)					338,321,182
7.696% Sr. Unsec. Nts. , 2/23/381		550,000			547,153
					1,173,618	Corporate Loans—0.5%
Oman—0.2%						Albertson's LLC, Sr. Sec. Credit Facilities
Sultanate of Oman, 6.75% Sr. Unsec.						1st Lien Term Loan, Tranche B7, 5.499%
Nts. , 1/17/481		3,185,000			2,837,596	[LIBOR4+300], 11/17/252		272,370			269,333
Paraguay—0.0%						Aleris International, Inc. , Sr. Sec. Credit
						Facilities 1st Lien Term Loan, 7.249%
Republic of Paraguay, 5.40% Sr. Unsec.						[LIBOR6+475], 2/27/232		545,875			546,830
Nts. , 3/30/501		530,000			556,831	American Greetings Corp. , Sr. Sec. Credit
Russia—0.2%						Facilities 1st Lien Term Loan, Tranche B,
Russian Federation:						6.999% [LIBOR12+450], 4/6/242		540,688			541,364
5.10% Sr. Unsec. Nts. , 3/28/351,7		1,565,000			1,589,098	Claire's Stores, Inc. , Sr. Sec. Credit
Series 6209, 7.60% Bonds, 7/20/22	RUB	66,585,000			1,007,680	Facilities Term Loan, 9.938% 10/12/388			37,137		37,137
					2,596,778
		6	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value		Principal Amount			Value
Corporate Loans (Continued)						Diversified Consumer Services—0.0%
Clear Channel Communications, Inc. ,						Cengage Learning, Inc. , 9.50% Sr.
Extended Sr. Sec. Credit Facilities 1st						Unsec. Nts. , 6/15/241	$	140,000	$	116,550
Lien Term Loan, Tranche D, 11.252%						KCA Deutag UK Finance plc, 9.625% Sr.
[LIBOR12+875], 1/30/192,10	$	800,000		$	572,800	Sec. Nts. , 4/1/231		275,000		231,344
Dun & Bradstreet Corp. (The), Sr. Sec.						Service Corp. International, 4.625% Sr.
Credit Facilities 1st Lien Term Loan,						Unsec. Nts. , 12/15/27		290,000		289,275
Tranche B, 7.513% 2/6/268		860,000			851,937					637,169
JC Penney Corp. , Inc. , Sr. Sec. Credit						Entertainment—0.3%
Facilities 1st Lien Term Loan, Tranche B,
6.956% [LIBOR4+425], 6/23/232		382,175			340,453	AMC Entertainment Holdings, Inc.:
KIK Custom Products, Inc. , Sr. Sec. Credit						5.75% Sr. Sub. Nts. , 6/15/25		705,000		661,678
Facilities 1st Lien Term Loan, Tranche B,						5.875% Sr. Sub. Nts. , 11/15/26		760,000		687,800
6.493% [LIBOR12+400], 5/15/232		570,000			533,902	Cinemark USA, Inc. , 4.875% Sr. Unsec.
Monitronics International, Inc. , Sr. Sec.						Nts. , 6/1/23		495,000		504,554
Credit Facilities 1st Lien Term Loan,						Lions Gate Capital Holdings LLC,
Tranche B2, 8.101% [LIBOR4+550],						5.875% Sr. Unsec. Nts. , 11/1/241		930,000		962,550
9/30/222		272,208			228,946	Live Nation Entertainment, Inc. , 5.625%
Murray Energy Corp. , Sr. Sec. Credit						Sr. Unsec. Nts. , 3/15/261		550,000		569,250
Facilities 1st Lien Term Loan, Tranche B2,						Netflix, Inc. , 5.875% Sr. Unsec. Nts. ,
9.879% [LIBOR12+725], 10/17/222		1,571,103			1,303,034	11/15/281		275,000		291,156
Neiman Marcus Group Ltd. LLC, Sr. Sec.						Sirius XM Radio, Inc. , 5.375% Sr. Unsec.
Credit Facilities 1st Lien Term Loan,						Nts. , 7/15/261		665,000		679,131
5.763% [LIBOR12+325], 10/25/202		841,248			784,552					4,356,119
PetSmart, Inc. , Sr. Sec. Credit Facilities						Hotels, Restaurants & Leisure—1.8%
1st Lien Term Loan, Tranche B, 5.52%						1011778 B. C. ULC/New Red Finance,
[LIBOR12+300], 3/11/222		272,874			245,451	Inc.:
Scientific Games International, Inc. , Sr.						4.25% Sr. Sec. Nts. , 5/15/241		785,000		779,113
Sec. Credit Facilities 1st Lien Term Loan,						5.00% Sec. Nts. , 10/15/251		1,335,000		1,322,051
Tranche B5, 4.449% [LIBOR6+275],						Aramark Services, Inc.:
8/14/242,7		852,846			832,058	4.75% Sr. Unsec. Nts. , 6/1/26		745,000		745,000
Windstream Services LLC, Sr. Sec. Credit						5.00% Sr. Unsec. Nts. , 2/1/281		815,000		813,680
Facilities Term Loan, Tranche B6, 8.50%						Boyd Gaming Corp.:
[PRIME4+500], 3/29/212,10		306,086			307,664	6.00% Sr. Unsec. Nts. , 8/15/26		690,000		709,837
Total Corporate Loans (Cost $7,710,294)					7,395,461	6.375% Sr. Unsec. Nts. , 4/1/26		220,000		228,525
						Caesars Resort Collection LLC/CRC
Corporate Bonds and Notes—41.9%						Finco, Inc. , 5.25% Sr. Unsec. Nts. ,
Consumer Discretionary—6.5%						10/15/251		820,000		793,350
Auto Components—0.3%						CEC Entertainment, Inc. , 8.00% Sr.
American Axle & Manufacturing, Inc. ,						Unsec. Nts. , 2/15/22		670,000		623,100
6.25% Sr. Unsec. Nts. , 4/1/25		1,100,000			1,076,625	Downstream Development Authority of
Cooper-Standard Automotive, Inc. ,						the Quapaw Tribe of Oklahoma, 10.50%
5.625% Sr. Unsec. Nts. , 11/15/261		250,000			220,750	Sr. Sec. Nts. , 2/15/231		330,000		342,787
Dana Financing Luxembourg Sarl,						Eldorado Resorts, Inc. , 6.00% Sr. Unsec.
6.50% Sr. Unsec. Nts. , 6/1/261		705,000			722,625	Nts. , 4/1/25		540,000		549,450
Goodyear Tire & Rubber Co. (The),						Gateway Casinos & Entertainment Ltd. ,
5.00% Sr. Unsec. Nts. , 5/31/26		520,000			497,770	8.25% Sec. Nts. , 3/1/241		390,000		410,962
Grinding Media, Inc. /Moly-Cop AltaSteel						Golden Nugget, Inc.:
Ltd. , 7.375% Sr. Sec. Nts. , 12/15/231		345,000			332,925	6.75% Sr. Unsec. Nts. , 10/15/243		1,370,000		1,380,275
Panther BF Aggregator 2 LP/Panther						8.75% Sr. Sub. Nts. , 10/1/251		1,160,000		1,220,900
Finance Co. , Inc.:						Hilton Domestic Operating Co. , Inc.:
6.25% Sr. Sec. Nts. , 5/15/261,7		265,000			270,647	4.25% Sr. Unsec. Nts. , 9/1/24		425,000		425,263
8.50% Sr. Unsec. Nts. , 5/15/271,7		570,000			572,563	5.125% Sr. Unsec. Nts. , 5/1/261		550,000		559,625
Tenneco, Inc. , 5.00% Sr. Unsec. Nts. ,						Hilton Grand Vacations Borrower LLC/
7/15/26		360,000			289,800	Hilton Grand Vacations Borrower, Inc. ,
					3,983,705	6.125% Sr. Unsec. Nts. , 12/1/24		700,000		729,750
						International Game Technology plc,
Automobiles—0.3%						6.25% Sr. Sec. Nts. , 2/15/221		2,595,000		2,708,531
Ford Motor Credit Co. LLC, 5.75% Sr.						IRB Holding Corp. , 6.75% Sr. Unsec.
Unsec. Nts. , 2/1/21		1,460,000			1,504,330	Nts. , 2/15/261		270,000		254,475
General Motors Financial Co. , Inc. ,						KFC Holding Co. /Pizza Hut Holdings LLC/
4.20% Sr. Unsec. Nts. , 11/6/21		1,460,000			1,488,524	Taco Bell of America LLC:
Tesla, Inc. , 5.30% Sr. Unsec. Nts. ,						4.75% Sr. Unsec. Nts. , 6/1/271		435,000		428,475
8/15/251		570,000			495,900	5.25% Sr. Unsec. Nts. , 6/1/261		995,000		1,006,816
Williams Scotsman International, Inc. ,						Marriott Ownership Resorts, Inc. /ILG LLC,
6.875% Sr. Sec. Nts. , 8/15/233		525,000			526,313	6.50% Sr. Unsec. Nts. , 9/15/261		280,000		294,406
					4,015,067	Melco Resorts Finance Ltd. , 4.875% Sr.
Distributors—0.0%						Unsec. Nts. , 6/6/251		1,230,000		1,221,336
LKQ Corp. , 4.75% Sr. Unsec. Nts. ,
5/15/23		387,000			391,218
		7	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value		Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)						Media—2.0%
MGM Growth Properties Operating						Altice Financing SA:
Partnership LP/MGP Finance Co. -Issuer,						6.625% Sr. Sec. Nts. , 2/15/231	$	205,000 $	210,125
Inc. , 5.625% Sr. Unsec. Nts. , 5/1/24	$	925,000		$	970,094	7.50% Sr. Sec. Nts. , 5/15/261		770,000	764,225
MGM Resorts International:						Altice Finco SA, 8.125% Sec. Nts. ,
5.75% Sr. Unsec. Nts. , 6/15/25		510,000			531,038	1/15/241		695,000	707,162
6.00% Sr. Unsec. Nts. , 3/15/23		855,000			904,162	Altice France SA:
6.625% Sr. Unsec. Nts. , 12/15/21		405,000			433,856	7.375% Sr. Sec. Nts. , 5/1/261		1,025,000	1,007,063
Mohegan Gaming & Entertainment,						8.125% Sr. Sec. Nts. , 2/1/271		560,000	567,000
7.875% Sr. Unsec. Nts. , 10/15/241		700,000			698,250	Altice Luxembourg SA:
Penn National Gaming, Inc. , 5.625% Sr.						7.625% Sr. Unsec. Nts. , 2/15/251		285,000	250,800
Unsec. Nts. , 1/15/271		725,000			706,875	7.75% Sr. Unsec. Nts. , 5/15/221		205,000	205,512
Premier Cruises Ltd. , 11.00% Sr. Unsec.						AMC Networks, Inc.:
Nts. , 3/15/081,10,11		250,000			—	4.75% Sr. Unsec. Nts. , 8/1/25		530,000	527,350
Scientific Games International, Inc.:						5.00% Sr. Unsec. Nts. , 4/1/24		275,000	277,035
8.25% Sr. Unsec. Nts. , 3/15/261		570,000			582,825	Belo Corp. , 7.75% Sr. Unsec. Nts. ,
10.00% Sr. Unsec. Nts. , 12/1/22		1,712,000			1,808,300	6/1/27		1,362,000	1,494,795
Six Flags Entertainment Corp. , 4.875%						Block Communications, Inc. , 6.875% Sr.
Sr. Unsec. Nts. , 7/31/241		500,000			493,438	Unsec. Nts. , 2/15/251		460,000	478,975
Viking Cruises Ltd. , 5.875% Sr. Unsec.						CCO Holdings LLC/CCO Holdings Capital
Nts. , 9/15/271		385,000			375,375	Corp.:
William Hill plc, 4.25% Sr. Unsec. Nts. ,						4.00% Sr. Unsec. Nts. , 3/1/231		265,000	265,411
6/5/204	GBP	295,000			392,148	5.00% Sr. Unsec. Nts. , 2/1/281		840,000	832,650
Wynn Las Vegas LLC/Wynn Las Vegas						5.125% Sr. Unsec. Nts. , 5/1/271		1,040,000	1,049,100
Capital Corp. :						5.375% Sr. Unsec. Nts. , 5/1/251		205,000	212,175
5.25% Sr. Unsec. Nts. , 5/15/271		390,000			369,525	5.75% Sr. Unsec. Nts. , 2/15/261		1,315,000	1,380,750
5.50% Sr. Unsec. Nts. , 3/1/251		275,000			272,250	5.875% Sr. Unsec. Nts. , 4/1/241		325,000	340,473
Wynn Macau Ltd.:						5.875% Sr. Unsec. Nts. , 5/1/271		205,000	213,262
4.875% Sr. Unsec. Nts. , 10/1/241		135,000			132,042	Clear Channel International BV, 8.75%
5.50% Sr. Unsec. Nts. , 10/1/271		135,000			129,600	Sr. Unsec. Nts. , 12/15/203		265,000	273,281
					26,347,485	Clear Channel Worldwide Holdings,
Household Durables—0.9%						Inc. , Series B, 6.50% Sr. Unsec. Nts. ,
Arcelik AS, 5.00% Sr. Unsec. Nts. ,						11/15/22		1,465,000	1,503,456
4/3/231		495,000			462,301	CSC Holdings LLC:
Beazer Homes USA, Inc.:						5.25% Sr. Unsec. Nts. , 6/1/24		715,000	727,512
5.875% Sr. Unsec. Nts. , 10/15/27		365,000			320,287	5.50% Sr. Sec. Nts. , 5/15/261		205,000	211,211
6.75% Sr. Unsec. Nts. , 3/15/25		1,610,000			1,529,500	5.50% Sr. Unsec. Nts. , 4/15/271		560,000	573,244
7.25% Sr. Unsec. Nts. , 2/1/23		43,000			41,495	6.50% Sr. Unsec. Nts. , 2/1/291		285,000	303,881
Lennar Corp. :						10.875% Sr. Unsec. Nts. , 10/15/251		722,000	835,354
4.50% Sr. Unsec. Nts. , 4/30/24		405,000			411,764	DISH DBS Corp. :
4.75% Sr. Unsec. Nts. , 4/1/21		2,925,000			2,987,156	5.875% Sr. Unsec. Nts. , 7/15/22		145,000	140,875
4.75% Sr. Unsec. Nts. , 5/30/25		840,000			862,050	5.875% Sr. Unsec. Nts. , 11/15/24		2,280,000	1,923,750
5.00% Sr. Unsec. Nts. , 6/15/27		430,000			432,688	7.75% Sr. Unsec. Nts. , 7/1/26		250,000	218,125
5.25% Sr. Unsec. Nts. , 6/1/26		295,000			304,588	Gray Television, Inc.:
LGI Homes, Inc. , 6.875% Sr. Unsec. Nts. ,						5.125% Sr. Unsec. Nts. , 10/15/241		575,000	577,875
7/15/261		285,000			285,712	5.875% Sr. Unsec. Nts. , 7/15/261		1,150,000	1,173,230
M/I Homes, Inc. , 5.625% Sr. Unsec. Nts. ,						iHeartCommunications, Inc. , 9.00% Sr.
8/1/25		795,000			765,188	Sec. Nts. , 12/15/19		1,455,000	1,040,325
PulteGroup, Inc. , 5.50% Sr. Unsec. Nts. ,						Lamar Media Corp. , 5.75% Sr. Unsec.
3/1/26		740,000			766,825	Nts. , 2/1/261		285,000	298,894
Resideo Funding, Inc. , 6.125% Sr. Unsec.						MDC Partners, Inc. , 6.50% Sr. Unsec.
Nts. , 11/1/261		615,000			636,525	Nts. , 5/1/241		255,000	212,288
Taylor Morrison Communities, Inc. ,						Meredith Corp. , 6.875% Sr. Unsec. Nts. ,
6.625% Sr. Unsec. Nts. , 5/15/22		1,240,000			1,286,500	2/1/26		250,000	264,375
Taylor Morrison Communities, Inc. /Taylor						Nexstar Broadcasting, Inc. , 5.625% Sr.
Morrison Holdings II, Inc. , 5.875% Sr.						Unsec. Nts. , 8/1/241		990,000	1,007,325
Unsec. Nts. , 4/15/231		560,000			574,000	Salem Media Group, Inc. , 6.75% Sr. Sec.
William Lyon Homes, Inc.:						Nts. , 6/1/241		575,000	523,250
5.875% Sr. Unsec. Nts. , 1/31/25		775,000			732,375	Sinclair Television Group, Inc. , 5.625%
6.00% Sr. Unsec. Nts. , 9/1/23		550,000			534,875	Sr. Unsec. Nts. , 8/1/241		715,000	723,044
					12,933,829	TEGNA, Inc. , 5.50% Sr. Unsec. Nts. ,
						9/15/241		650,000	658,938
Internet & Catalog Retail—0.0%						Townsquare Media, Inc. , 6.50% Sr.
Getty Images, Inc. , 9.75% Sr. Unsec.						Unsec. Nts. , 4/1/231		265,000	254,731
Nts. , 3/1/271		70,000			70,612	Tribune Media Co. , 5.875% Sr. Unsec.
Leisure Equipment & Products—0.1%						Nts. , 7/15/22		725,000	743,578
Mattel, Inc. , 6.75% Sr. Unsec. Nts. ,						Univision Communications, Inc. :
12/31/251		715,000			705,169	5.125% Sr. Sec. Nts. , 5/15/231		245,000	233,975
						5.125% Sr. Sec. Nts. , 2/15/251		1,435,000	1,343,519
		8	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value		Principal Amount			Value
Media (Continued)						Food Products—0.3%
UPCB Finance IV Ltd. , 5.375% Sr. Sec.						Darling Ingredients, Inc. , 5.25% Sr.
Nts. , 1/15/251	$	135,000		$	137,363	Unsec. Nts. , 4/15/271,7	$	285,000	$	289,507
Virgin Media Secured Finance plc,						JBS USA LUX SA/JBS USA Finance, Inc.:
5.50% Sr. Sec. Nts. , 8/15/261		705,000			719,100	5.75% Sr. Unsec. Nts. , 6/15/251		910,000		936,163
Ziggo BV, 5.50% Sr. Sec. Nts. , 1/15/271		1,190,000			1,181,075	6.75% Sr. Unsec. Nts. , 2/15/281		845,000		877,744
					28,587,437	Minerva Luxembourg SA, 6.50% Sr.
Multiline Retail—0.1%						Unsec. Nts. , 9/20/261		510,000		508,037
JC Penney Corp. , Inc.:						Pilgrim's Pride Corp.:
5.875% Sr. Sec. Nts. , 7/1/231		525,000			444,937	5.75% Sr. Unsec. Nts. , 3/15/251		860,000		872,900
8.625% Sec. Nts. , 3/15/251		585,000			345,150	5.875% Sr. Unsec. Nts. , 9/30/271		265,000		267,650
					790,087	Post Holdings, Inc.:
						5.00% Sr. Unsec. Nts. , 8/15/261		325,000		317,281
Specialty Retail—0.6%						5.75% Sr. Unsec. Nts. , 3/1/271		795,000		801,956
Freedom Mortgage Corp.:										4,871,238
8.125% Sr. Unsec. Nts. , 11/15/241		400,000			357,000
8.25% Sr. Unsec. Nts. , 4/15/251		825,000			736,312	Household Products—0.1%
GameStop Corp.:						Kronos Acquisition Holdings, Inc. , 9.00%
5.50% Sr. Unsec. Nts. , 10/1/191		685,000			687,569	Sr. Unsec. Nts. , 8/15/231		645,000		556,313
6.75% Sr. Unsec. Nts. , 3/15/211		1,180,000			1,191,800	Spectrum Brands, Inc. , 6.125% Sr.
L Brands, Inc.:						Unsec. Nts. , 12/15/24		280,000		284,200
5.25% Sr. Unsec. Nts. , 2/1/28		270,000			240,975					840,513
6.875% Sr. Unsec. Nts. , 11/1/35		1,775,000			1,542,031	Personal Products—0.1%
Lithia Motors, Inc. , 5.25% Sr. Unsec.						Avon International Operations, Inc. ,
Nts. , 8/1/251		530,000			534,638	7.875% Sr. Sec. Nts. , 8/15/221		910,000		947,538
Party City Holdings, Inc. , 6.625% Sr.						Energy—6.4%
Unsec. Nts. , 8/1/261		560,000			558,600	Energy Equipment & Services—1.3%
PetSmart, Inc.:						Basic Energy Services, Inc. , 10.75% Sr.
5.875% Sr. Sec. Nts. , 6/1/251		700,000			589,750	Sec. Nts. , 10/15/231		285,000		229,425
7.125% Sr. Unsec. Nts. , 3/15/231		285,000			213,750	Bristow Group, Inc. , 8.75% Sr. Sec. Nts. ,
Sonic Automotive, Inc. , 6.125% Sr. Sub.						3/1/231		215,000		155,875
Nts. , 3/15/27		650,000			593,125	Calfrac Holdings LP, 8.50% Sr. Unsec.
Staples, Inc. , 8.50% Sr. Unsec. Nts. ,						Nts. , 6/15/261		715,000		557,700
9/15/251		1,665,000			1,823,175	CGG Holding US, Inc. , 9.00% Sr. Sec.
					9,068,725	Nts. , 5/1/231		140,000		148,750
Textiles, Apparel & Luxury Goods—0.1%						CSI Compressco LP/CSI Compressco
Hanesbrands, Inc.:						Finance, Inc. , 7.50% Sr. Sec. Nts. ,
4.625% Sr. Unsec. Nts. , 5/15/241		380,000			382,926	4/1/251		285,000		273,600
4.875% Sr. Unsec. Nts. , 5/15/261		405,000			401,598	Ensco plc:
William Carter Co. (The), 5.625% Sr.						5.20% Sr. Unsec. Nts. , 3/15/25		685,000		534,505
Unsec. Nts. , 3/15/271		285,000			295,687	7.75% Sr. Unsec. Nts. , 2/1/26		135,000		114,581
					1,080,211	Eterna Capital Pte Ltd.:
						7.50% Sr. Sec. Nts. , 12/11/224,12		726,204		712,746
Consumer Staples—1.0%						8.00% Sr. Sec. Nts. , 12/11/2212		2,966,596		2,694,915
Beverages—0.0%						Exterran Energy Solutions LP/EES
Coca-Cola Icecek AS, 4.215% Sr. Unsec.						Finance Corp. , 8.125% Sr. Unsec. Nts. ,
Nts. , 9/19/241		445,000			416,556	5/1/25		260,000		266,500
Food & Staples Retailing—0.5%						KCA Deutag UK Finance plc, 7.25% Sr.
Albertsons Cos. LLC/Safeway, Inc. /New						Sec. Nts. , 5/15/211		100,000		86,500
Albertsons LP/Albertson's LLC:						McDermott Technology Americas,
5.75% Sr. Unsec. Nts. , 3/15/25		315,000			300,431	Inc. /McDermott Technology US, Inc. ,
6.625% Sr. Unsec. Nts. , 6/15/24		1,035,000			1,050,525	10.625% Sr. Unsec. Nts. , 5/1/241		2,935,000		2,450,725
7.50% Sr. Unsec. Nts. , 3/15/261		285,000			294,619	Nabors Industries, Inc. , 5.75% Sr. Unsec.
Fresh Market, Inc. (The), 9.75% Sr. Sec.						Nts. , 2/1/25		655,000		590,306
Nts. , 5/1/231		820,000			619,100	Pertamina Persero PT, 5.625% Sr. Unsec.
Ingles Markets, Inc. , 5.75% Sr. Unsec.						Nts. , 5/20/431		3,840,000		3,999,291
Nts. , 6/15/23		688,000			704,340	Pioneer Energy Services Corp. , 6.125%
New Albertsons LP, 7.45% Sr. Unsec.						Sr. Unsec. Nts. , 3/15/22		1,095,000		689,850
Nts. , 8/1/29		740,000			658,600	Precision Drilling Corp. , 7.125% Sr.
Par Pharmaceutical, Inc. , 7.50% Sr. Sec.						Unsec. Nts. , 1/15/261		480,000		478,350
Nts. , 4/1/271		1,430,000			1,453,237	Rowan Cos. , Inc. , 7.375% Sr. Unsec.
Rite Aid Corp. , 6.125% Sr. Unsec. Nts. ,						Nts. , 6/15/25		610,000		536,800
4/1/231		1,345,000			1,119,712	SESI LLC, 7.75% Sr. Unsec. Nts. , 9/15/24		435,000		362,137
Simmons Foods, Inc.:						Tervita Escrow Corp. , 7.625% Sec. Nts. ,
5.75% Sec. Nts. , 11/1/241		1,145,000			1,010,463	12/1/211		275,000		274,312
7.75% Sr. Sec. Nts. , 1/15/241		275,000			294,250	Transocean Pontus Ltd. , 6.125% Sr. Sec.
					7,505,277	Nts. , 8/1/251		259,875		264,423
						Transocean Poseidon Ltd. , 6.875% Sr.
						Sec. Nts. , 2/1/271		145,000		151,163
		9	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value		Principal Amount		Value
Energy Equipment & Services (Continued)						Oil, Gas & Consumable Fuels (Continued)
Transocean, Inc.:						Ecopetrol SA, 5.375% Sr. Unsec. Nts. ,
7.50% Sr. Unsec. Nts. , 1/15/261	$	265,000		$	263,013	6/26/26	$	735,000 $	793,800
9.00% Sr. Unsec. Nts. , 7/15/231		845,000			904,150	Energy Transfer Operating LP:
Unit Corp. , 6.625% Sr. Sub. Nts. ,						5.875% Sr. Unsec. Nts. , 1/15/24		565,000	618,939
5/15/21		285,000			275,025	6.625% [US0003M+415.5] Jr. Sub.
USA Compression Partners LP/USA						Perpetual Bonds2,13		684,000	651,253
Compression Finance Corp. , 6.875% Sr.						7.50% Sr. Unsec. Nts. , 10/15/20		290,000	308,869
Unsec. Nts. , 9/1/271		430,000			439,138	Enviva Partners LP/Enviva Partners
Weatherford International Ltd. , 9.875%						Finance Corp. , 8.50% Sr. Unsec. Nts. ,
Sr. Unsec. Nts. , 2/15/24		862,000			624,950	11/1/21		815,000	852,694
					18,078,730	EP Energy LLC/Everest Acquisition
Oil, Gas & Consumable Fuels—5.1%						Finance, Inc.:
Alta Mesa Holdings LP/Alta Mesa						7.75% Sr. Sec. Nts. , 5/15/261		415,000	340,300
Finance Services Corp. , 7.875% Sr.						8.00% Sr. Sec. Nts. , 11/29/241		1,440,000	802,800
Unsec. Nts. , 12/15/24		265,000			100,700	8.00% Sec. Nts. , 2/15/251		262,000	91,700
Ardagh Packaging Finance plc/Ardagh						9.375% Sec. Nts. , 5/1/243		2,852,000	1,040,980
Holdings USA, Inc. , 6.00% Sr. Unsec.						Extraction Oil & Gas, Inc.:
Nts. , 2/15/251		955,000			957,387	5.625% Sr. Unsec. Nts. , 2/1/261		430,000	332,175
Ascent Resources Utica Holdings LLC/						7.375% Sr. Unsec. Nts. , 5/15/241		265,000	222,600
ARU Finance Corp. , 10.00% Sr. Unsec.						Foresight Energy LLC/Foresight Energy
Nts. , 4/1/221		705,000			775,711	Finance Corp. , 11.50% Sec. Nts. , 4/1/231		210,000	171,150
Baytex Energy Corp. , 5.625% Sr. Unsec.						Fortress Transportation & Infrastructure
Nts. , 6/1/241		505,000			471,544	Investors LLC, 6.75% Sr. Unsec. Nts. ,
Berry Petroleum Co. LLC, 7.00% Sr.						3/15/221		285,000	290,700
Unsec. Nts. , 2/15/261		135,000			134,325	Genesis Energy LP/Genesis Energy
Blue Racer Midstream LLC/Blue Racer						Finance Corp. :
Finance Corp. , 6.625% Sr. Unsec. Nts. ,						6.00% Sr. Unsec. Nts. , 5/15/23		380,000	383,800
7/15/261		550,000			563,750	6.25% Sr. Unsec. Nts. , 5/15/26		1,005,000	954,750
Brazos Valley Longhorn LLC/Brazos						6.50% Sr. Unsec. Nts. , 10/1/25		715,000	698,913
Valley Longhorn Finance Corp. , 6.875%						6.75% Sr. Unsec. Nts. , 8/1/22		115,000	118,162
Sr. Unsec. Nts. , 2/1/25		275,000			278,781	Gulfport Energy Corp.:
California Resources Corp. :						6.00% Sr. Unsec. Nts. , 10/15/24		420,000	383,309
5.00% Sr. Unsec. Nts. , 1/15/20		285,000			269,325	6.375% Sr. Unsec. Nts. , 5/15/25		275,000	249,906
8.00% Sec. Nts. , 12/15/221		1,003,000			790,163	Halcon Resources Corp. , 6.75% Sr.
Calumet Specialty Products Partners LP/						Unsec. Nts. , 2/15/25		245,000	148,225
Calumet Finance Corp.:						Hess Infrastructure Partners LP/Hess
6.50% Sr. Unsec. Nts. , 4/15/21		415,000			407,737	Infrastructure Partners Finance Corp. ,
7.625% Sr. Unsec. Nts. , 1/15/22		480,000			445,200	5.625% Sr. Unsec. Nts. , 2/15/261		275,000	281,188
Carrizo Oil & Gas, Inc.:						HighPoint Operating Corp. , 8.75% Sr.
6.25% Sr. Unsec. Nts. , 4/15/23		145,000			143,190	Unsec. Nts. , 6/15/25		188,000	181,420
8.25% Sr. Unsec. Nts. , 7/15/25		290,000			301,600	Hilcorp Energy I LP/Hilcorp Finance Co. ,
Centennial Resource Production LLC:						5.75% Sr. Unsec. Nts. , 10/1/251		165,000	162,938
5.375% Sr. Unsec. Nts. , 1/15/261		145,000			139,744	Holly Energy Partners LP/Holly Energy
6.875% Sr. Unsec. Nts. , 4/1/271		285,000			288,505	Finance Corp. , 6.00% Sr. Unsec. Nts. ,
Cheniere Corpus Christi Holdings LLC:						8/1/241		265,000	274,805
5.125% Sr. Sec. Nts. , 6/30/27		525,000			551,906	Indigo Natural Resources LLC, 6.875%
7.00% Sr. Sec. Nts. , 6/30/24		865,000			978,574	Sr. Unsec. Nts. , 2/15/261		455,000	404,950
Chesapeake Energy Corp.:						Jones Energy Holdings LLC/Jones Energy
6.125% Sr. Unsec. Nts. , 2/15/21		493,000			510,255	Finance Corp. , 6.75% Sr. Unsec. Nts. ,
7.00% Sr. Unsec. Nts. , 10/1/24		645,000			645,806	4/1/22		818,000	28,630
						KazMunayGas National Co. JSC, 6.375%
7.50% Sr. Unsec. Nts. , 10/1/26		570,000			562,761	Sr. Unsec. Nts. , 10/24/481		1,985,000	2,175,715
8.00% Sr. Unsec. Nts. , 6/15/27		425,000			420,750	KazTransGas JSC, 4.375% Sr. Unsec.
CITGO Petroleum Corp. , 6.25% Sr. Sec.						Nts. , 9/26/271		1,890,000	1,837,346
Nts. , 8/15/221		70,000			69,825	Kinder Morgan Energy Partners LP,
CNX Resources Corp. , 5.875% Sr. Unsec.						3.45% Sr. Unsec. Nts. , 2/15/23		1,455,000	1,473,033
Nts. , 4/15/22		128,000			128,320	Laredo Petroleum, Inc.:
Crestwood Midstream Partners LP/						5.625% Sr. Unsec. Nts. , 1/15/22		285,000	261,844
Crestwood Midstream Finance Corp. ,
5.75% Sr. Unsec. Nts. , 4/1/25		100,000			103,000	6.25% Sr. Unsec. Nts. , 3/15/23		115,000	103,213
CrownRock LP/CrownRock Finance, Inc. ,						LBC Tank Terminals Holding Netherlands
5.625% Sr. Unsec. Nts. , 10/15/251		720,000			693,900	BV, 6.875% Sr. Unsec. Nts. , 5/15/231		235,000	223,838
CVR Refining LLC/Coffeyville Finance,						MEG Energy Corp. :
Inc. , 6.50% Sr. Unsec. Nts. , 11/1/22		1,155,000			1,172,325	6.50% Sec. Nts. , 1/15/251		715,000	706,956
DCP Midstream Operating LP, 2.70% Sr.						7.00% Sr. Unsec. Nts. , 3/31/241		760,000	712,500
Unsec. Nts. , 4/1/19		345,000			345,000	Moss Creek Resources Holdings, Inc. ,
Denbury Resources, Inc.:						7.50% Sr. Unsec. Nts. , 1/15/261		525,000	486,938
9.00% Sec. Nts. , 5/15/211		555,000			542,512	Murphy Oil Corp. , 6.875% Sr. Unsec.
9.25% Sec. Nts. , 3/31/221		611,000			592,670	Nts. , 8/15/24		110,000	116,529
		10	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

		Principal Amount				Value		Principal Amount			Value
Oil, Gas & Consumable Fuels (Continued)							Oil, Gas & Consumable Fuels (Continued)
Murray Energy Corp. , 12.00% Sec. Nts. ,							Summit Midstream Holdings LLC/Summit
4/15/241,12		$	2,318,173		$	985,224	Midstream Finance Corp. , 5.75% Sr.
Newfield Exploration Co. , 5.625% Sr.							Unsec. Nts. , 4/15/25	$	995,000	$	944,006
Unsec. Nts. , 7/1/24			290,000			317,201	Sunoco LP/Sunoco Finance Corp. :
NGL Energy Partners LP/NGL Energy							4.875% Sr. Unsec. Nts. , 1/15/23		335,000		341,164
Finance Corp. :							5.50% Sr. Unsec. Nts. , 2/15/26		180,000		178,650
6.125% Sr. Unsec. Nts. , 3/1/25			1,295,000			1,256,150	5.875% Sr. Unsec. Nts. , 3/15/28		404,000		401,980
7.50% Sr. Unsec. Nts. , 11/1/23			705,000			732,918	6.00% Sr. Unsec. Nts. , 4/15/271		285,000		286,425
Northern Oil & Gas, Inc. , 9.50% Sec.							Tallgrass Energy Partners LP/Tallgrass
Nts. , 5/15/2312			145,362			151,176	Energy Finance Corp.:
Oasis Petroleum, Inc.:							5.50% Sr. Unsec. Nts. , 9/15/241		555,000		571,650
6.25% Sr. Unsec. Nts. , 5/1/261			275,000			262,625	5.50% Sr. Unsec. Nts. , 1/15/281		335,000		337,094
6.875% Sr. Unsec. Nts. , 1/15/23			610,000			611,525	Targa Resources Partners LP/Targa
Parkland Fuel Corp. , 6.00% Sr. Unsec.							Resources Partners Finance Corp.:
Nts. , 4/1/261			275,000			278,864	5.00% Sr. Unsec. Nts. , 1/15/28		610,000		601,613
Parsley Energy LLC/Parsley Finance							5.875% Sr. Unsec. Nts. , 4/15/261		550,000		584,100
Corp. , 5.625% Sr. Unsec. Nts. , 10/15/271			400,000			401,000	6.50% Sr. Unsec. Nts. , 7/15/271		285,000		308,156
PBF Holding Co. LLC/PBF Finance Corp.:							Topaz Marine SA, 9.125% Sr. Unsec.
7.00% Sr. Sec. Nts. , 11/15/23			375,000			387,563	Nts. , 7/26/221		480,000		488,158
7.25% Sr. Unsec. Nts. , 6/15/25			420,000			433,230	Transcanada Trust, 5.875%
PBF Logistics LP/PBF Logistics Finance							[US0003M+464] Jr. Sub. Nts. , 8/15/762		1,455,000		1,478,316
Corp. , 6.875% Sr. Unsec. Nts. , 5/15/23			430,000			439,675	TransMontaigne Partners LP/TLP Finance
PDC Energy, Inc. , 5.75% Sr. Unsec. Nts. ,							Corp. , 6.125% Sr. Unsec. Nts. , 2/15/26		135,000		127,575
5/15/26			535,000			524,300	USA Compression Partners LP/USA
Peabody Energy Corp. , 6.375% Sr. Sec.							Compression Finance Corp. , 6.875% Sr.
Nts. , 3/31/251			275,000			268,538	Unsec. Nts. , 4/1/26		415,000		426,413
Petrobras Global Finance BV:							W&T Offshore, Inc. , 9.75% Sec. Nts. ,
5.75% Sr. Unsec. Nts. , 2/1/29			845,000			839,085	11/1/231		70,000		70,088
5.999% Sr. Unsec. Nts. , 1/27/28			1,595,000			1,618,128	Whiting Petroleum Corp. , 6.625% Sr.
6.90% Sr. Unsec. Nts. , 3/19/49			3,155,000			3,127,867	Unsec. Nts. , 1/15/26		550,000		541,750
Petroleos Mexicanos:							WPX Energy, Inc. , 8.25% Sr. Unsec. Nts. ,
3.75% Sr. Unsec. Nts. , 4/16/264	EUR		1,400,000			1,535,217	8/1/23		285,000		322,050
6.375% Sr. Unsec. Nts. , 2/4/21			2,915,000			3,030,143					74,048,059
6.375% Sr. Unsec. Nts. , 1/23/45			1,165,000			1,033,413	Financials—13.7%
6.50% Sr. Unsec. Nts. , 1/23/29			1,055,000			1,047,351	Capital Markets—1.6%
Puma International Financing SA, 5.00%							Charles Schwab Corp. (The), 5.00%
Sr. Unsec. Nts. , 1/24/261			1,045,000			909,682	[US0003M+257.5] Jr. Sub. Perpetual
QEP Resources, Inc. , 5.625% Sr. Unsec.							Bonds2,13		1,343,000		1,264,401
Nts. , 3/1/26			665,000			605,150	Credit Suisse Group AG:
Range Resources Corp. , 5.00% Sr.							7.125% [USSW5+510.8] Jr. Sub.
Unsec. Nts. , 3/15/23			285,000			280,369	Perpetual Bonds2,4,13		1,260,000		1,293,661
Reliance Industries Ltd.:							7.50% [USSW5+459.8] Jr. Sub.
6.78% Unsec. Nts. , 9/16/20	INR		70,000,000			1,010,433	Perpetual Bonds2,4,13		3,410,000		3,614,395
7.00% Unsec. Nts. , 8/31/22	INR		210,000,000			3,022,063	Diamond Resorts International, Inc.:
Repsol International Finance BV, 4.50%							7.75% Sr. Sec. Nts. , 9/1/231		265,000		265,994
[EUSA10+420] Jr. Sub. Nts. , 3/25/752,4	EUR		1,410,000			1,734,132	10.75% Sr. Unsec. Nts. , 9/1/241		255,000		241,294
Resolute Energy Corp. , 8.50% Sr. Unsec.							E*TRADE Financial Corp. , 5.875%
Nts. , 5/1/20			1,520,000			1,520,000	[US0003M+443.5] Jr. Sub. Perpetual
Saka Energi Indonesia PT, 4.45% Sr.							Bonds2,13		1,258,000		1,275,298
Unsec. Nts. , 5/5/241			600,000			593,172	Eagle Intermediate Global Holding BV/
Sanchez Energy Corp.:							Ruyi US Finance LLC, 7.50% Sr. Sec. Nts. ,
6.125% Sr. Unsec. Nts. , 1/15/23			1,600,000			224,000	5/1/253		285,000		282,150
7.25% Sr. Sec. Nts. , 2/15/231			285,000			230,850	European Bank for Reconstruction &
7.75% Sr. Unsec. Nts. , 6/15/21			755,000			108,531	Development, 28.50%, 7/10/19	TRY	10,100,000		1,785,103
SemGroup Corp. /Rose Rock Finance							Flex Acquisition Co. , Inc. , 6.875% Sr.
Corp.:							Unsec. Nts. , 1/15/251		1,435,000		1,377,600
5.625% Sr. Unsec. Nts. , 7/15/22			315,000			313,031	Goldman Sachs Group, Inc. (The), 5.00%
5.625% Sr. Unsec. Nts. , 11/15/23			545,000			514,535	[US0003M+287.4] Jr. Sub. Perpetual
SM Energy Co. :							Bonds2,13		681,000		630,078
6.625% Sr. Unsec. Nts. , 1/15/27			280,000			267,400	Icahn Enterprises LP/Icahn Enterprises
6.75% Sr. Unsec. Nts. , 9/15/26			455,000			438,506	Finance Corp. , 6.375% Sr. Unsec. Nts. ,
Southern Gas Corridor CJSC, 6.875% Sr.							12/15/25		545,000		559,306
Unsec. Nts. , 3/24/261			1,540,000			1,730,573	Macquarie Bank Ltd. (London), 6.125%
Southwestern Energy Co.:							[USSW5+370.3] Jr. Sub. Perpetual
6.20% Sr. Unsec. Nts. , 1/23/25			137,000			135,288	Bonds1,2,13		1,268,000		1,171,930
7.50% Sr. Unsec. Nts. , 4/1/26			560,000			574,000	Martin Midstream Partners LP/Martin
SRC Energy, Inc. , 6.25% Sr. Unsec. Nts. ,							Midstream Finance Corp. , 7.25% Sr.
12/1/25			305,000			273,829	Unsec. Nts. , 2/15/21		290,000		282,750
			11	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value		Principal Amount			Value
Capital Markets (Continued)						Commercial Banks (Continued)
MSCI, Inc. , 5.375% Sr. Unsec. Nts. ,						Bank of America Corp. , 6.30%
5/15/271	$	275,000		$	291,500	[US0003M+455.3] Jr. Sub. Perpetual
NCI Building Systems, Inc. , 8.00% Sec.						Bonds2,13	$	1,478,000	$	1,606,874
Nts. , 4/15/261		425,000			383,252	Bank of China Ltd. , 5.00% Sub. Nts. ,
Prime Security Services Borrower LLC/						11/13/241		1,050,000		1,110,430
Prime Finance, Inc. , 9.25% Sec. Nts. ,						Bankinter SA, 8.625% [EUSA5+886.7]
5/15/231		764,000			804,110	Jr. Sub. Perpetual Bonds2,4,13	EUR	1,345,000		1,683,330
Refinitiv US Holdings, Inc.:						Barclays plc:
6.25% Sr. Sec. Nts. , 5/15/261		285,000			289,631	7.75% [USSW5+484.2] Jr. Sub.
8.25% Sr. Unsec. Nts. , 11/15/261		285,000			280,369	Perpetual Bonds2,13		580,000		581,325
Rivers Pittsburgh Borrower LP/Rivers						7.875% [USSW5+677.2] Jr. Sub.
Pittsburgh Finance Corp. , 6.125% Sr.						Perpetual Bonds2,4,13		1,225,000		1,269,577
Sec. Nts. , 8/15/211		375,000			376,875	8.00% [H15T5Y+567.2] Jr. Sub.
State Street Corp. , 5.625%						Perpetual Bonds2,13		1,432,000		1,467,516
[US0003M+253.9] Jr. Sub. Perpetual						BBVA Bancomer SA, 5.35%
Bonds2,13		609,000			613,924	[H15T5Y+300] Sub. Nts. , 11/12/291,2		865,000		833,946
Tempo Acquisition LLC/Tempo						BNP Paribas SA:
Acquisition Finance Corp. , 6.75% Sr.						6.625% [USSW5+414.9] Jr. Sub.
Unsec. Nts. , 6/1/251		545,000			551,813	Perpetual Bonds1,2,13		1,165,000		1,168,630
TerraForm Power Operating LLC:						7.625% [USSW5+631.4] Jr. Sub.
4.25% Sr. Unsec. Nts. , 1/31/231		510,000			506,425	Perpetual Bonds1,2,13		1,630,000		1,710,098
5.00% Sr. Unsec. Nts. , 1/31/281		195,000			188,906	7.625% [USSW5+631.4] Jr. Sub.
Trident Merger Sub, Inc. , 6.625% Sr.						Perpetual Bonds2,4,13		3,665,000		3,845,098
Unsec. Nts. , 11/1/251		580,000			545,200	CaixaBank SA, 6.75% [EUSA5+649.8]
UBS Group Funding Switzerland AG:						Jr. Sub. Perpetual Bonds2,4,13	EUR	4,370,000		5,103,821
6.875% [USISDA05+549.65] Jr. Sub.						CIT Group, Inc.:
Perpetual Bonds2,4,13		3,175,000			3,259,439	4.125% Sr. Unsec. Nts. , 3/9/21		460,000		466,900
7.00% [USSW5+434.4] Jr. Sub.						5.00% Sr. Unsec. Nts. , 8/15/22		140,000		146,125
Perpetual Bonds1,2,13		468,000			475,308	5.25% Sr. Unsec. Nts. , 3/7/25		285,000		303,967
7.125% [USSW5+588.3] Jr. Sub.						5.80% [US0003M+397.2] Jr. Sub.
Perpetual Bonds2,4,13		799,000			831,571	Perpetual Bonds2,13		1,308,000		1,296,849
					23,442,283	Citigroup, Inc. , 6.125%
Commercial Banks—7.1%						[US0003M+447.8] Jr. Sub. Perpetual
Abanca Corp. Bancaria SA, 6.125%						Bonds2,13		947,000		966,309
[EUSA5+592.7] Sub. Nts. , 1/18/292,4	EUR	1,500,000			1,695,505	Citizens Financial Group, Inc. , 6.00%
ABN AMRO Bank NV, 5.75%						[US0003M+300.3] Jr. Sub. Perpetual
[EUSA5+545.2] Jr. Sub. Perpetual						Bonds2,13		635,000		631,682
Bonds2,4,13	EUR	2,050,000			2,385,859	Clear Channel Worldwide Holdings, Inc. ,
Astana Finance JSC, 9.16% Sr. Unsec.						9.25% Sr. Sub. Nts. , 2/15/241		570,000		605,625
Nts. , 12/22/2410,11		315,159			—	Cooperatieve Rabobank UA, 6.625%
Australia & New Zealand Banking						[EUSA5+669.7] Jr. Sub. Perpetual
Group Ltd. (United Kingdom), 6.75%						Bonds2,4,13	EUR	2,915,000		3,570,078
[USISDA05+516.8] Jr. Sub. Perpetual						Credit Agricole SA:
Bonds1,2,13		105,000			111,268	7.875% [USSW5+489.8] Jr. Sub.
Banca Monte dei Paschi di Siena SpA,						Perpetual Bonds2,4,13		290,000		312,095
5.375% [EUSA5+500.5] Sub. Nts. ,						8.125% [USSW5+618.5] Jr. Sub.
1/18/282,4	EUR	3,939,000			2,605,067	Perpetual Bonds1,2,13		1,010,000		1,137,210
Banco Bilbao Vizcaya Argentaria SA:						Credit Suisse AG, 6.50% Sub. Nts. ,
5.875% [EUSA5+566] Jr. Sub. Perpetual						8/8/234		2,920,000		3,135,645
Bonds2,4,13	EUR	2,190,000			2,392,008	Fifth Third Bancorp, 5.10%
6.75% [EUSA5+660.4] Jr. Sub. Perpetual						[US0003M+303.33] Jr. Sub. Perpetual
Bonds2,4,13	EUR	4,580,000			5,276,217	Bonds2,13		335,000		321,257
8.875% [EUSA5+917.7] Jr. Sub.						HSBC Holdings plc:
Perpetual Bonds2,4,13	EUR	1,695,000			2,095,914	5.25% [EUSA5+438.3] Jr. Sub. Perpetual
Banco Comercial Portugues SA, 4.50%						Bonds2,4,13	EUR	5,215,000		6,194,633
[EUSA5+426.7] Sub. Nts. , 12/7/272,4	EUR	730,000			789,865	6.00% [EUSA5+533.8] Jr. Sub. Perpetual
Banco do Brasil SA (Cayman):						Bonds2,4,13	EUR	1,745,000		2,185,354
3.875% Sr. Unsec. Nts. , 10/10/22		1,370,000			1,358,012	Huntington Bancshares, Inc. , 5.70%
4.75% Sr. Unsec. Nts. , 3/20/241		1,053,000			1,057,212	[US0003M+288] Jr. Sub. Perpetual
Banco Mercantil del Norte SA (Grand						Bonds2,13		674,000		657,544
Cayman), 7.625% [H15T10Y+535.3] Jr.						IDBI Bank Ltd. (GIFT-IFC), 5.00% Sr.
Sub. Perpetual Bonds1,2,13		395,000			396,975	Unsec. Nts. , 9/25/194		430,000		431,157
Banco Santander SA:						ING Groep NV, 6.875% [USSW5+512.4]
5.25% [EUSA5+499.9] Jr. Sub. Perpetual						Jr. Sub. Perpetual Bonds2,4,13		1,685,000		1,741,581
Bonds2,4,13	EUR	1,455,000			1,558,047	Intesa Sanpaolo SpA, 7.70%
						[USSW5+546.15] Jr. Sub. Perpetual
6.75% [EUSA5+680.3] Jr. Sub. Perpetual						Bonds1,2,13		4,336,000		4,101,618
Bonds2,4,13	EUR	2,780,000			3,314,772
		12	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value			Principal Amount		Value
Commercial Banks (Continued)						Consumer Finance (Continued)
JPMorgan Chase & Co. , 6.125%						Dresdner Funding Trust I, 8.151% Jr.
[US0003M+333] Jr. Sub. Perpetual						Sub. Nts. , 6/30/314		$	875,000 $	1,108,321
Bonds2,13	$	1,231,000		$	1,291,793	Enova International, Inc. , 8.50% Sr.
Kenan Advantage Group, Inc. (The),						Unsec. Nts. , 9/15/251			495,000	464,681
7.875% Sr. Unsec. Nts. , 7/31/231		965,000			938,462	Lions Gate Capital Holdings LLC,
Lloyds Bank plc, 7.50% Sr. Unsec. Nts. ,						6.375% Sr. Unsec. Nts. , 2/1/241			285,000	299,250
4/2/324,8		2,825,000			2,192,954	MGM Growth Properties Operating
Lloyds Banking Group plc, 7.50%						Partnership LP/MGP Finance Co. -Issuer,
[USSW5+449.6] Jr. Sub. Perpetual						Inc. , 5.75% Sr. Unsec. Nts. , 2/1/271			285,000	295,331
Bonds2,13		1,239,000			1,258,384	Minejesa Capital BV, 4.625% Sr. Sec.
NatWest Markets plc, 3.625% Sr. Unsec.						Nts. , 8/10/303			1,170,000	1,138,238
Nts. , 9/29/221		2,915,000			2,918,947	Navient Corp. :
Nordea Bank Abp, 6.625%						5.875% Sr. Unsec. Nts. , 10/25/24			790,000	768,275
[H15T5Y+411] Jr. Sub. Perpetual						6.50% Sr. Unsec. Nts. , 6/15/22			535,000	558,908
Bonds1,2,13		874,000			873,060	6.625% Sr. Unsec. Nts. , 7/26/21			505,000	528,987
Novo Banco SA, 8.50% [EUSA5+823.3]						6.75% Sr. Unsec. Nts. , 6/25/25			685,000	680,924
Sub. Nts. , 7/6/282,4	EUR	1,500,000			1,690,702	6.75% Sr. Unsec. Nts. , 6/15/26			415,000	398,400
Royal Bank of Scotland Group plc,						Springleaf Finance Corp. , 6.125% Sr.
7.50% [USSW5+580] Jr. Sub. Perpetual						Unsec. Nts. , 3/15/24			570,000	584,239
Bonds2,13		1,695,000			1,731,019	Termocandelaria Power Ltd. , 7.875% Sr.
Societe Generale SA:						Unsec. Nts. , 1/30/291			530,000	561,143
7.375% [USSW5+623.8] Jr. Sub.						Terraform Global Operating LLC, 6.125%
Perpetual Bonds1,2,13		4,445,000			4,595,019	Sr. Unsec. Nts. , 3/1/261			820,000	801,550
8.00% [USISDA05+587.3] Jr. Sub.						TMX Finance LLC/TitleMax Finance
Perpetual Bonds1,2,13		1,465,000			1,557,947	Corp. , 11.125% Sr. Sec. Nts. , 4/1/231			270,000	254,812
SunTrust Banks, Inc. :						Vistra Operations Co. LLC, 5.625% Sr.
5.05% [US0003M+310.2] Jr. Sub.						Unsec. Nts. , 2/15/271			575,000	599,438
Perpetual Bonds2,13		992,000			972,433					15,056,867
5.125% [US0003M+278.6] Jr. Sub.
Perpetual Bonds2,13		694,000			653,009	Diversified Financial Services—0.4%
Swiss Insured Brazil Power Finance Sarl,						Export-Import Bank of India, 7.35% Sr.
9.85% Sr. Sec. Nts. , 7/16/32	BRL	5,250,000			1,407,920	Unsec. Nts. , 5/18/22	INR		70,000,000	1,005,569
Turkiye Vakiflar Bankasi TAO, 8.125% Sr.						Fidelity & Guaranty Life Holdings, Inc. ,
Unsec. Nts. , 3/28/241		1,050,000			992,208	5.50% Sr. Unsec. Nts. , 5/1/251			385,000	388,369
UBS Group Funding Switzerland AG:						JP Morgan/Hipotecaria su Casita, 6.47%
5.00% [USSW5+243.2] Jr. Sub.						Sec. Nts. , 8/26/351,11	MXN		5,808,600	28,429
Perpetual Bonds2,4,13		435,000			379,828	Park Aerospace Holdings Ltd.:
5.75% [EUSA5+528.7] Jr. Sub. Perpetual						5.25% Sr. Unsec. Nts. , 8/15/221			135,000	138,699
Bonds2,4,13	EUR	2,200,000			2,697,187	5.50% Sr. Unsec. Nts. , 2/15/241			570,000	592,800
UniCredit SpA:						Rural Electrification Corp. Ltd.:
6.625% [EUSA5+638.7] Jr. Sub.						7.24% Sr. Unsec. Nts. , 10/21/21	INR		140,000,000	2,007,082
Perpetual Bonds2,4,13	EUR	440,000			481,231	7.60% Sr. Unsec. Nts. , 4/17/21	INR		100,000,000	1,447,773
6.75% [EUSA5+610] Jr. Sub. Perpetual						Voya Financial, Inc. , 4.70%
Bonds2,4,13	EUR	440,000			486,712	[US0003M+208.4] Jr. Sub. Nts. ,
Wachovia Capital Trust III, 5.57%						1/23/482			686,000	592,175
[US0003M+93] Jr. Sub. Perpetual										6,200,896
Bonds2,13		1,323,000			1,307,819	Insurance—0.9%
					102,049,629	AXA SA, 3.875% [EUSA11+325] Jr. Sub.
Consumer Finance—1.0%						Perpetual Bonds2,4,13	EUR		2,825,000	3,391,777
Ahern Rentals, Inc. , 7.375% Sec. Nts. ,						Genworth Holdings, Inc.:
5/15/231		605,000			560,381	7.625% Sr. Unsec. Nts. , 9/24/21			330,000	320,100
Ally Financial, Inc.:						7.70% Sr. Unsec. Nts. , 6/15/20			430,000	431,066
4.625% Sr. Unsec. Nts. , 5/19/22		440,000			449,900	Hartford Financial Services Group, Inc.
5.75% Sub. Nts. , 11/20/25		1,070,000			1,143,680	(The), 4.809% [US0003M+212.5] Jr.
8.00% Sr. Unsec. Nts. , 11/1/31		415,000			517,194	Sub. Nts. , 2/12/472,3			689,000	595,279
American Express Co. , 4.90%						Lincoln National Corp. , 5.04%
[US0003M+328.5] Jr. Sub. Perpetual						[US0003M+235.75] Jr. Sub. Nts. ,
Bonds2,13		974,000			964,723	5/17/662			581,000	500,517
Colfax Corp.:						MetLife, Inc. , 5.875%
6.00% Sr. Unsec. Nts. , 2/15/241		575,000			600,875	[US0003M+295.9] Jr. Sub. Perpetual
6.375% Sr. Unsec. Nts. , 2/15/261		290,000			309,030	Bonds2,13			580,000	597,995
Comstock Resources, Inc. , 9.75% Sr.						NN Group NV, 4.375% [EUR003M+390]
Unsec. Nts. , 8/15/261		290,000			268,250	Jr. Sub. Perpetual Bonds2,4,13	EUR		1,465,000	1,741,671
Credit Acceptance Corp. , 6.625% Sr.						Power Finance Corp. Ltd.:
Unsec. Nts. , 3/15/261		570,000			579,975	7.27% Sr. Unsec. Nts. , 12/22/21	INR		140,000,000	1,985,405
Discover Financial Services, 5.50%						7.42% Sr. Unsec. Nts. , 6/26/20	INR		43,000,000	619,476
[US0003M+307.6] Jr. Sub. Perpetual						7.50% Sr. Unsec. Nts. , 8/16/21	INR		140,000,000	1,998,701
Bonds2,13		652,000			620,362					12,181,987
		13	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
		Principal Amount				Value		Principal Amount		Value
Real Estate Investment Trusts (REITs)—0.8%							Thrifts & Mortgage Finance (Continued)
Banco Invex SA/Hipotecaria Credito							Quicken Loans, Inc.:
y Casa SA de CV, 6.45% Sec. Nts. ,							5.25% Sr. Unsec. Nts. , 1/15/281	$	690,000 $	648,600
3/13/3410,11,14	MXN		4,830,531		$	—	5.75% Sr. Unsec. Nts. , 5/1/251		615,000	619,612
Brookfield Residential Properties, Inc. /							Radian Group, Inc. , 4.50% Sr. Unsec.
Brookfield Residential US Corp. , 6.125%							Nts. , 10/1/24		545,000	539,550
Sr. Unsec. Nts. , 7/1/221			285,000			287,494				7,315,773
Equinix, Inc.:
5.375% Sr. Unsec. Nts. , 5/15/27			780,000			819,000	Health Care—2.4%
5.875% Sr. Unsec. Nts. , 1/15/26			945,000			997,873	Biotechnology—0.1%
GLP Capital LP/GLP Financing II, Inc. ,							WeWork Cos, Inc. , 7.875% Sr. Unsec.
5.375% Sr. Unsec. Nts. , 11/1/23			410,000			433,140	Nts. , 5/1/251		855,000	790,875
Iron Mountain US Holdings, Inc. ,							Health Care Equipment & Supplies—0.1%
5.375% Sr. Unsec. Nts. , 6/1/261			995,000			985,050	Hill-Rom Holdings, Inc. , 5.75% Sr. Unsec.
Iron Mountain, Inc. , 4.875% Sr. Unsec.							Nts. , 9/1/231		495,000	512,325
Nts. , 9/15/271			410,000			395,650	Hologic, Inc. , 4.375% Sr. Unsec. Nts. ,
iStar, Inc.:							10/15/251		430,000	429,914
5.25% Sr. Unsec. Nts. , 9/15/22			800,000			790,000				942,239
6.00% Sr. Unsec. Nts. , 4/1/22			1,165,000			1,172,281	Health Care Providers & Services—1.4%
Lamar Media Corp. , 5.75% Sr. Unsec.							Acadia Healthcare Co. , Inc.:
Nts. , 2/1/26			520,000			545,350	5.625% Sr. Unsec. Nts. , 2/15/23		305,000	308,431
MPT Operating Partnership LP/MPT							6.50% Sr. Unsec. Nts. , 3/1/24		250,000	257,500
Finance Corp. :							Centene Corp. :
5.00% Sr. Unsec. Nts. , 10/15/27			565,000			576,300	4.75% Sr. Unsec. Nts. , 5/15/22		655,000	668,100
6.375% Sr. Unsec. Nts. , 3/1/24			250,000			261,875	5.375% Sr. Unsec. Nts. , 6/1/261		825,000	862,125
Outfront Media Capital LLC/Outfront							6.125% Sr. Unsec. Nts. , 2/15/24		565,000	592,713
Media Capital Corp. , 5.875% Sr. Unsec.							CHS/Community Health Systems, Inc.:
Nts. , 3/15/25			720,000			739,800
SBA Communications Corp. , 4.00% Sr.							6.25% Sr. Sec. Nts. , 3/31/23		1,255,000	1,182,837
Unsec. Nts. , 10/1/22			690,000			695,934	6.875% Sr. Unsec. Nts. , 2/1/22		404,000	270,680
Starwood Property Trust, Inc.:							8.00% Sr. Sec. Nts. , 3/15/261		570,000	546,801
4.75% Sr. Unsec. Nts. , 3/15/25			805,000			802,988	DaVita, Inc.:
5.00% Sr. Unsec. Nts. , 12/15/21			760,000			782,800	5.00% Sr. Unsec. Nts. , 5/1/25		275,000	264,550
Uniti Group LP/Uniti Group Finance, Inc. /							5.125% Sr. Unsec. Nts. , 7/15/24		1,285,000	1,272,150
CSL Capital LLC, 8.25% Sr. Unsec. Nts. ,							Encompass Health Corp. , 5.75% Sr.
10/15/23			515,000			467,362	Unsec. Nts. , 11/1/24		775,000	787,594
						10,752,897	Envision Healthcare Corp. , 8.75% Sr.
							Unsec. Nts. , 10/15/261		635,000	567,531
Real Estate Management & Development—1.4%							HCA, Inc.:
Agile Group Holdings Ltd. , 9.00% Sr.							5.375% Sr. Unsec. Nts. , 2/1/25		680,000	722,500
Sec. Nts. , 5/21/204			2,620,000			2,707,152	5.375% Sr. Unsec. Nts. , 9/1/26		1,130,000	1,192,150
China Aoyuan Group Ltd. , 7.50% Sr. Sec.							5.50% Sr. Sec. Nts. , 6/15/47		365,000	390,068
Nts. , 5/10/214			1,456,000			1,496,800	5.625% Sr. Unsec. Nts. , 9/1/28		1,285,000	1,362,100
CIFI Holdings Group Co. Ltd.:							5.875% Sr. Unsec. Nts. , 2/15/26		275,000	297,688
7.625% Sr. Unsec. Nts. , 3/2/214			4,004,000			4,141,742	7.50% Sr. Unsec. Nts. , 2/15/22		1,125,000	1,243,463
7.75% Sr. Unsec. Nts. , 6/5/204			1,555,000			1,595,618	OCP SA, 4.50% Sr. Unsec. Nts. ,
Country Garden Holdings Co. Ltd. ,							10/22/251		960,000	952,740
7.50% Sr. Sec. Nts. , 3/9/204			1,555,000			1,586,986	Omnicare, Inc. , 4.75% Sr. Unsec. Nts. ,
Greystar Real Estate Partners LLC,							12/1/22		1,765,000	1,858,040
5.75% Sr. Sec. Nts. , 12/1/251			370,000			371,850	RegionalCare Hospital Partners Holdings,
Mattamy Group Corp. , 6.875% Sr.							Inc. /LifePoint Health, Inc. , 9.75% Sr.
Unsec. Nts. , 12/15/231			505,000			517,625	Unsec. Nts. , 12/1/261		855,000	889,200
New Metro Global Ltd. , 6.50% Sr.							Select Medical Corp. , 6.375% Sr. Unsec.
Unsec. Nts. , 4/23/214			490,000			495,422	Nts. , 6/1/21		770,000	773,850
Realogy Group LLC/Realogy Co. -Issuer							Tenet Healthcare Corp.:
Corp. , 9.375% Sr. Unsec. Nts. , 4/1/271			285,000			292,481	4.375% Sr. Sec. Nts. , 10/1/21		520,000	531,648
Times China Holdings Ltd.:							6.25% Sec. Nts. , 2/1/271		285,000	296,044
6.25% Sr. Sec. Nts. , 1/23/204			490,000			492,661	6.75% Sr. Unsec. Nts. , 6/15/23		1,150,000	1,188,813
7.85% Sr. Sec. Nts. , 6/4/214			4,732,000			4,865,225	8.125% Sr. Unsec. Nts. , 4/1/22		705,000	761,118
Yuzhou Properties Co. Ltd. , 6.375% Sr.							TPC Group, Inc. , 8.75% Sr. Sec. Nts. ,
Sec. Nts. , 3/6/214			1,456,000			1,460,959	12/15/201		420,000	415,800
						20,024,521				20,456,234
Thrifts & Mortgage Finance—0.5%							Health Care Technology—0.1%
Export-Import Bank of India, 8.00% Sr.							Telenet Finance Luxembourg Notes Sarl,
Unsec. Nts. , 5/27/21	INR		280,000,000			4,082,689	5.50% Sr. Sec. Nts. , 3/1/281		805,000	793,330
LIC Housing Finance Ltd. , 7.45% Sr. Sec.
Nts. , 10/17/22	INR		70,000,000			996,834	Life Sciences Tools & Services—0.0%
Nationstar Mortgage Holdings, Inc. ,							West Street Merger Sub, Inc. , 6.375% Sr.
8.125% Sr. Unsec. Nts. , 7/15/231			415,000			428,488	Unsec. Nts. , 9/1/251		415,000	405,662
			14	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value		Principal Amount		Value
Pharmaceuticals—0.7%						Building Products—0.1%
Bausch Health Americas, Inc. , 8.50% Sr.						JELD-WEN, Inc. :
Unsec. Nts. , 1/31/271	$	685,000		$	727,813	4.625% Sr. Unsec. Nts. , 12/15/251	$	120,000 $	114,300
Bausch Health Cos. , Inc.:						4.875% Sr. Unsec. Nts. , 12/15/271		120,000	113,400
5.50% Sr. Unsec. Nts. , 3/1/231		171,000			172,467	Standard Industries, Inc. , 5.375% Sr.
5.50% Sr. Sec. Nts. , 11/1/251		790,000			809,750	Unsec. Nts. , 11/15/241		915,000	941,306
5.75% Sr. Sec. Nts. , 8/15/271		285,000			292,837				1,169,006
5.875% Sr. Unsec. Nts. , 5/15/231		493,000			499,779	Commercial Services & Supplies—0.6%
6.125% Sr. Unsec. Nts. , 4/15/251		910,000			903,175	ACCO Brands Corp. , 5.25% Sr. Unsec.
7.00% Sr. Sec. Nts. , 3/15/241		635,000			673,417	Nts. , 12/15/241		815,000	800,737
9.00% Sr. Unsec. Nts. , 12/15/251		935,000			1,019,197	Affinion Group, Inc. , 12.50% Sr. Unsec.
Endo Dac/Endo Finance LLC/Endo Finco,						Nts. , 11/10/223,12		1,004,830	673,236
Inc.:						ARD Finance SA, 7.125% Sr. Sec. Nts. ,
5.875% Sr. Sec. Nts. , 10/15/241		275,000			271,219	9/15/2312		575,000	575,719
6.00% Sr. Unsec. Nts. , 7/15/231		1,350,000			1,046,250	Brink's Co. (The), 4.625% Sr. Unsec.
6.00% Sr. Unsec. Nts. , 2/1/251		540,000			394,200	Nts. , 10/15/271		870,000	843,900
Mallinckrodt International Finance SA/						Clean Harbors, Inc. , 5.125% Sr. Unsec.
Mallinckrodt CB LLC:						Nts. , 6/1/21		830,000	833,112
4.875% Sr. Unsec. Nts. , 4/15/201		535,000			535,000	Covanta Holding Corp.:
5.50% Sr. Unsec. Nts. , 4/15/251		570,000			447,450	5.875% Sr. Unsec. Nts. , 3/1/24		530,000	544,575
5.625% Sr. Unsec. Nts. , 10/15/231		285,000			237,975	5.875% Sr. Unsec. Nts. , 7/1/25		310,000	316,587
5.75% Sr. Unsec. Nts. , 8/1/221		455,000			429,975	6.00% Sr. Unsec. Nts. , 1/1/27		570,000	571,425
Prestige Brands, Inc. , 6.375% Sr. Unsec.						GFL Environmental, Inc. , 5.625% Sr.
Nts. , 3/1/241		325,000			332,312	Unsec. Nts. , 5/1/221		720,000	700,200
Teva Pharmaceutical Finance Co. BV,						Hulk Finance Corp. , 7.00% Sr. Unsec.
3.65% Sr. Unsec. Nts. , 11/10/21		460,000			451,103	Nts. , 6/1/261		670,000	636,500
Teva Pharmaceutical Finance						RR Donnelley & Sons Co. , 7.875% Sr.
Netherlands III BV:						Unsec. Nts. , 3/15/21		371,000	382,594
1.70% Sr. Unsec. Nts. , 7/19/19		235,000			234,501	TMS International Corp. , 7.25% Sr.
3.15% Sr. Unsec. Nts. , 10/1/26		275,000			225,104	Unsec. Nts. , 8/15/251		265,000	257,320
6.00% Sr. Unsec. Nts. , 4/15/24		875,000			878,854	Waste Pro USA, Inc. , 5.50% Sr. Unsec.
					10,582,378	Nts. , 2/15/261		125,000	120,938
Industrials—3.4%						West Corp.:
Aerospace & Defense—0.4%						5.375% Sr. Unsec. Nts. , 7/15/221		685,000	693,563
Arconic, Inc. , 5.125% Sr. Unsec. Nts. ,						8.50% Sr. Unsec. Nts. , 10/15/251		665,000	575,225
10/1/24		535,000			549,212				8,525,631
Bombardier, Inc.:						Construction & Engineering—0.1%
6.00% Sr. Unsec. Nts. , 10/15/221		475,000			481,531	AECOM, 5.125% Sr. Unsec. Nts. ,
7.50% Sr. Unsec. Nts. , 12/1/241		860,000			895,475	3/15/27		535,000	519,619
7.50% Sr. Unsec. Nts. , 3/15/251		585,000			604,744	Fideicomiso PA Pacifico Tres, 8.25% Sr.
7.875% Sr. Unsec. Nts. , 4/15/271		570,000			588,525	Sec. Nts. , 1/15/351		510,000	552,075
DAE Funding LLC, 4.50% Sr. Unsec. Nts. ,						New Enterprise Stone & Lime Co. , Inc. ,
8/1/221		590,000			596,638	6.25% Sr. Sec. Nts. , 3/15/261		275,000	268,155
Kratos Defense & Security Solutions, Inc. ,						Tutor Perini Corp. , 6.875% Sr. Unsec.
6.50% Sr. Sec. Nts. , 11/30/251		400,000			422,500	Nts. , 5/1/251		535,000	534,401
TransDigm, Inc.:									1,874,250
6.25% Sr. Sec. Nts. , 3/15/261		285,000			296,400
6.375% Sr. Sub. Nts. , 6/15/26		655,000			650,808	Electrical Equipment—0.2%
6.50% Sr. Sub. Nts. , 7/15/24		535,000			551,719	Sensata Technologies BV, 5.625% Sr.
Triumph Group, Inc. , 5.25% Sr. Unsec.						Unsec. Nts. , 11/1/241		1,030,000	1,102,100
Nts. , 6/1/22		245,000			236,425	Vertiv Group Corp. , 9.25% Sr. Unsec.
					5,873,977	Nts. , 10/15/241		670,000	670,000
						Vertiv Intermediate Holding Corp. ,
Air Freight & Couriers—0.1%						12.00% Sr. Unsec. Nts. , 2/15/221,12		570,000	552,188
XPO Logistics, Inc.:									2,324,288
6.125% Sr. Unsec. Nts. , 9/1/231		285,000			287,850	Industrial Conglomerates—0.4%
6.75% Sr. Unsec. Nts. , 8/15/241		570,000			582,825	General Electric Co. , 5.00%
					870,675	[US0003M+333] Jr. Sub. Perpetual
Airlines—0.1%						Bonds2,13		2,743,000	2,560,659
American Airlines Group, Inc. , 4.625%						Icahn Enterprises LP/Icahn Enterprises
Sr. Unsec. Nts. , 3/1/201		645,000			651,063	Finance Corp. , 5.875% Sr. Unsec. Nts. ,
GOL Equity Finance SA, 3.75% Cv. Sr.						2/1/22		385,000	391,210
Unsec. Nts. , 7/15/241		315,000			297,304	KOC Holding AS, 6.50% Sr. Unsec. Nts. ,
Gol Finance, Inc. , 7.00% Sr. Unsec. Nts. ,						3/11/251		1,540,000	1,494,110
1/31/251		515,000			479,594	Tupras Turkiye Petrol Rafinerileri AS,
United Continental Holdings, Inc. ,						4.50% Sr. Unsec. Nts. , 10/18/241		460,000	406,352
4.25% Sr. Unsec. Nts. , 10/1/22		800,000			803,248	Turkiye Sise ve Cam Fabrikalari AS,
					2,231,209	6.95% Sr. Unsec. Nts. , 3/14/261		675,000	653,893
		15	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
		Principal Amount				Value			Principal Amount			Value
Industrial Conglomerates (Continued)							Transportation Infrastructure—0.2%
Wind Tre SpA, 5.00% Sr. Sec. Nts. ,							DP World plc, 5.625% Sr. Unsec. Nts. ,
1/20/26		$	805,000		$	736,575	9/25/481		$	1,010,000	$	1,053,706
						6,242,799	GMR Hyderabad International Airport
Machinery—0.4%							Ltd. , 4.25% Sr. Sec. Nts. , 10/27/271			965,000		879,090
Allison Transmission, Inc.:							Jasa Marga Persero Tbk PT, 7.50% Sr.
5.00% Sr. Unsec. Nts. , 10/1/241			500,000			500,625	Unsec. Nts. , 12/11/201	IDR	9,160,000,000			626,779
5.875% Sr. Unsec. Nts. , 6/1/291			285,000			288,938						2,559,575
Amsted Industries, Inc. , 5.00% Sr. Unsec.							Information Technology—1.7%
Nts. , 3/15/221			1,100,000			1,108,250	Communications Equipment—0.2%
Icahn Enterprises LP/Icahn Enterprises							Chaparral Energy, Inc. , 8.75% Sr. Unsec.
Finance Corp. , 6.75% Sr. Unsec. Nts. ,							Nts. , 7/15/231			430,000		296,700
2/1/24			570,000			596,362	CommScope Technologies LLC, 6.00%
Manitowoc Co. , Inc. (The), 9.00% Sec.							Sr. Unsec. Nts. , 6/15/251			570,000		556,292
Nts. , 4/1/261			570,000			578,550	HTA Group Ltd. , 9.125% Sr. Unsec. Nts. ,
Meritor, Inc. , 6.25% Sr. Unsec. Nts. ,							3/8/223			455,000		476,116
2/15/24			150,000			154,875	Infor US, Inc. , 6.50% Sr. Unsec. Nts. ,
Navistar International Corp. , 6.625% Sr.							5/15/22			920,000		936,100
Unsec. Nts. , 11/1/251			865,000			883,381	Plantronics, Inc. , 5.50% Sr. Unsec. Nts. ,
Terex Corp. , 5.625% Sr. Unsec. Nts. ,							5/31/231			435,000		437,175
2/1/251			525,000			523,031	Riverbed Technology, Inc. , 8.875% Sr.
Titan International, Inc. , 6.50% Sr. Sec.							Unsec. Nts. , 3/1/231			295,000		225,675
Nts. , 11/30/233			815,000			754,894	ViaSat, Inc.:
Wabash National Corp. , 5.50% Sr.							5.625% Sr. Unsec. Nts. , 9/15/251			265,000		255,062
Unsec. Nts. , 10/1/251			270,000			253,125	5.625% Sr. Sec. Nts. , 4/15/271			430,000		439,608
						5,642,031						3,622,728
Professional Services—0.1%							Electronic Equipment, Instruments, & Components—0.1%
Brand Industrial Services, Inc. , 8.50% Sr.							APX Group, Inc. , 7.875% Sr. Sec. Nts. ,
Unsec. Nts. , 7/15/251			795,000			717,488	12/1/22			275,000		277,035
Nielsen Finance LLC/Nielsen Finance Co. ,							CDW LLC/CDW Finance Corp. , 5.00% Sr.
5.00% Sr. Unsec. Nts. , 4/15/221			285,000			283,575	Unsec. Nts. , 9/1/23			485,000		497,731
						1,001,063	TTM Technologies, Inc. , 5.625% Sr.
Road & Rail—0.2%							Unsec. Nts. , 10/1/251			800,000		771,000
Algeco Global Finance plc, 8.00% Sr.												1,545,766
Sec. Nts. , 2/15/231			270,000			272,025	Internet Software & Services—0.1%
Avis Budget Car Rental LLC/Avis Budget							Rackspace Hosting, Inc. , 8.625% Sr.
Finance, Inc. , 5.25% Sr. Unsec. Nts. ,							Unsec. Nts. , 11/15/241			1,395,000		1,246,265
3/15/251			520,000			498,550	IT Services—0.5%
DAE Funding LLC, 4.00% Sr. Unsec. Nts. ,
8/1/201			265,000			266,325	Alliance Data Systems Corp. , 5.375% Sr.
							Unsec. Nts. , 8/1/221			275,000		279,606
Hertz Corp. (The):							Booz Allen Hamilton, Inc. , 5.125% Sr.
5.50% Sr. Unsec. Nts. , 10/15/241			420,000			354,375	Unsec. Nts. , 5/1/251			280,000		280,700
5.875% Sr. Unsec. Nts. , 10/15/20			660,000			660,660	Everi Payments, Inc. , 7.50% Sr. Unsec.
7.375% Sr. Unsec. Nts. , 1/15/21			265,000			265,000	Nts. , 12/15/251			1,075,000		1,118,000
7.625% Sec. Nts. , 6/1/221			535,000			548,910	Exela Intermediate LLC/Exela Finance,
						2,865,845	Inc. , 10.00% Sr. Sec. Nts. , 7/15/231			770,000		786,940
Trading Companies & Distributors—0.5%							First Data Corp. :
American Builders & Contractors							5.00% Sr. Sec. Nts. , 1/15/241			455,000		466,205
Supply Co. , Inc. , 5.75% Sr. Unsec. Nts. ,							5.75% Sec. Nts. , 1/15/241			910,000		939,120
12/15/231			340,000			349,775	Gartner, Inc. , 5.125% Sr. Unsec. Nts. ,
Fly Leasing Ltd. , 5.25% Sr. Unsec. Nts. ,							4/1/251			780,000		790,296
10/15/24			530,000			511,450	GTT Communications, Inc. , 7.875% Sr.
H&E Equipment Services, Inc. , 5.625%							Unsec. Nts. , 12/31/241			140,000		123,200
Sr. Unsec. Nts. , 9/1/25			800,000			801,000	Harland Clarke Holdings Corp. , 6.875%
Herc Rentals, Inc. , 7.50% Sec. Nts. ,							Sr. Sec. Nts. , 3/1/201			835,000		826,650
6/1/221			473,000			494,285	Sabre GLBL, Inc. , 5.25% Sr. Sec. Nts. ,
ILFC E-Capital Trust I, 4.57% [30YR							11/15/231			825,000		845,625
CMT+155] Jr. Sub. Nts. , 12/21/651,2			1,355,000			1,072,449	VeriSign, Inc. , 4.75% Sr. Unsec. Nts. ,
National Bank for Agriculture & Rural							7/15/27			590,000		592,283
Development, 8.39% Sr. Unsec. Nts. ,												7,048,625
7/19/21	INR		55,000,000			806,481	Semiconductors & Semiconductor Equipment—0.0%
Standard Industries, Inc. , 6.00% Sr.
Unsec. Nts. , 10/15/251			740,000			778,546	Qorvo, Inc. , 5.50% Sr. Unsec. Nts. ,
							7/15/261			555,000		574,480
United Rentals North America, Inc.:							Versum Materials, Inc. , 5.50% Sr. Unsec.
4.875% Sr. Unsec. Nts. , 1/15/28			690,000			672,888	Nts. , 9/30/241			250,000		263,438
5.875% Sr. Unsec. Nts. , 9/15/26			1,235,000			1,281,312						837,918
6.50% Sr. Unsec. Nts. , 12/15/26			570,000			601,350
						7,369,536
			16	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value		Principal Amount			Value
Software—0.6%						Chemicals (Continued)
Dell International LLC/EMC Corp.:						Olin Corp. : (Continued)
4.42% Sr. Sec. Nts. , 6/15/211	$	2,916,000		$	2,993,212	5.125% Sr. Unsec. Nts. , 9/15/27	$	300,000	$	304,875
7.125% Sr. Unsec. Nts. , 6/15/241		745,000			790,001	Petkim Petrokimya Holding AS, 5.875%
Informatica LLC, 7.125% Sr. Unsec. Nts. ,						Sr. Unsec. Nts. , 1/26/231		800,000		731,605
7/15/231		595,000			609,131	PQ Corp.:
j2 Cloud Services LLC/j2 Global Co. -						5.75% Sr. Unsec. Nts. , 12/15/251		270,000		264,263
Obligor, Inc. , 6.00% Sr. Unsec. Nts. ,						6.75% Sr. Sec. Nts. , 11/15/221		285,000		296,756
7/15/251		790,000			823,575	Rain CII Carbon LLC/CII Carbon Corp. ,
Symantec Corp. , 5.00% Sr. Unsec. Nts. ,						7.25% Sec. Nts. , 4/1/251		980,000		872,200
4/15/251		495,000			496,370	Starfruit Finco BV/Starfruit US Holdco
TIBCO Software, Inc. , 11.375% Sr.						LLC:
Unsec. Nts. , 12/1/211		625,000			665,703	6.50% Sr. Unsec. Nts. , 10/1/261	EUR	1,455,000		1,640,782
Uber Technologies, Inc.:						8.00% Sr. Unsec. Nts. , 10/1/261		430,000		435,375
7.50% Sr. Unsec. Nts. , 11/1/231		285,000			297,825	Tronox Finance plc, 5.75% Sr. Unsec.
8.00% Sr. Unsec. Nts. , 11/1/261		285,000			304,238	Nts. , 10/1/251		535,000		498,219
Veritas US, Inc. /Veritas Bermuda Ltd. ,						Venator Finance Sarl/Venator Materials
7.50% Sr. Sec. Nts. , 2/1/231		1,125,000			1,080,000	LLC, 5.75% Sr. Unsec. Nts. , 7/15/251		790,000		697,175
					8,060,055					17,615,776
Technology Hardware, Storage & Peripherals—0.2%						Construction Materials—0.2%
Banff Merger Sub, Inc. , 9.75% Sr. Unsec.						CIMPOR Financial Operations BV, 5.75%
Nts. , 9/1/261		850,000			826,625	Sr. Unsec. Nts. , 7/17/241		2,040,000		1,807,970
Harland Clarke Holdings Corp. , 8.375%						James Hardie International Finance DAC,
Sr. Sec. Nts. , 8/15/221		920,000			834,164	4.75% Sr. Unsec. Nts. , 1/15/251		130,000		128,700
NCR Corp. , 6.375% Sr. Unsec. Nts. ,						Summit Materials LLC/Summit Materials
12/15/23		520,000			535,954	Finance Corp. , 5.125% Sr. Unsec. Nts. ,
Western Digital Corp. , 4.75% Sr. Unsec.						6/1/251		260,000		251,550
Nts. , 2/15/26		570,000			545,062	US Concrete, Inc. , 6.375% Sr. Unsec.
					2,741,805	Nts. , 6/1/24		600,000		612,000
Materials—3.5%										2,800,220
Chemicals—1.2%						Containers & Packaging—0.8%
Ashland LLC:						ARD Securities Finance Sarl, 8.75% Sr.
4.75% Sr. Unsec. Nts. , 8/15/22		285,000			294,263	Sec. Nts. , 1/31/231,12		889,525		847,273
6.875% Sr. Unsec. Nts. , 5/15/43		295,000			306,800	Ball Corp. , 4.375% Sr. Unsec. Nts. ,
Avantor, Inc.:						12/15/20		1,460,000		1,485,550
6.00% Sr. Sec. Nts. , 10/1/241		415,000			431,600	BWAY Holding Co.:
9.00% Sr. Unsec. Nts. , 10/1/251		725,000			787,531	5.50% Sr. Sec. Nts. , 4/15/241		290,000		288,999
Blue Cube Spinco LLC, 9.75% Sr. Unsec.						7.25% Sr. Unsec. Nts. , 4/15/251		555,000		537,307
Nts. , 10/15/23		285,000			317,775	Crown Americas LLC/Crown Americas
Celanese US Holdings LLC, 5.875% Sr.						Capital Corp. IV, 4.50% Sr. Unsec. Nts. ,
Unsec. Nts. , 6/15/21		1,419,000			1,493,869	1/15/23		605,000		612,562
CF Industries, Inc.:						Crown Americas LLC/Crown Americas
3.40% Sr. Sec. Nts. , 12/1/211		2,590,000			2,591,911	Capital Corp. VI, 4.75% Sr. Unsec. Nts. ,
5.15% Sr. Unsec. Nts. , 3/15/34		335,000			319,925	2/1/26		270,000		271,971
Chemours Co. (The), 6.625% Sr. Unsec.						Flex Acquisition Co. , Inc. , 7.875% Sr.
Nts. , 5/15/23		233,000			241,758	Unsec. Nts. , 7/15/261		555,000		536,962
Consolidated Energy Finance SA, 6.50%						Graphic Packaging International LLC,
Sr. Unsec. Nts. , 5/15/261		275,000			275,000	4.75% Sr. Unsec. Nts. , 4/15/21		1,460,000		1,483,725
CVR Partners LP/CVR Nitrogen Finance						Greif, Inc. , 6.50% Sr. Unsec. Nts. , 3/1/271		285,000		292,125
Corp. , 9.25% Sec. Nts. , 6/15/231		185,000			194,481	Intertape Polymer Group, Inc. , 7.00% Sr.
Element Solutions, Inc. , 5.875% Sr.						Unsec. Nts. , 10/15/261		570,000		585,675
Unsec. Nts. , 12/1/251		305,000			307,242	OI European Group BV, 4.00% Sr. Unsec.
Hexion, Inc.:						Nts. , 3/15/231		535,000		526,306
6.625% Sr. Sec. Nts. , 4/15/20		1,020,000			854,250	Owens-Brockway Glass Container, Inc. ,
10.375% Sr. Sec. Nts. , 2/1/221		240,000			202,200	5.00% Sr. Unsec. Nts. , 1/15/221		500,000		514,375
Koppers, Inc. , 6.00% Sr. Unsec. Nts. ,						Plastipak Holdings, Inc. , 6.25% Sr.
2/15/251		510,000			501,075	Unsec. Nts. , 10/15/251		800,000		752,000
Kraton Polymers LLC/Kraton Polymers						Reynolds Group Issuer, Inc. /Reynolds
Capital Corp. , 7.00% Sr. Unsec. Nts. ,						Group Issuer LLC/Reynolds Group Issuer
4/15/251		260,000			263,900	Luxembourg SA:
LSB Industries, Inc. , 9.625% Sr. Sec. Nts. ,						5.125% Sr. Sec. Nts. , 7/15/231		745,000		758,038
5/1/231		135,000			140,427	7.00% Sr. Unsec. Nts. , 7/15/241		995,000		1,026,840
Mexichem SAB de CV, 4.875% Sr. Unsec.						Sealed Air Corp. :
Nts. , 9/19/221		1,455,000			1,515,019	4.875% Sr. Unsec. Nts. , 12/1/221		585,000		605,908
NOVA Chemicals Corp.:						6.875% Sr. Unsec. Nts. , 7/15/331		270,000		292,950
4.875% Sr. Unsec. Nts. , 6/1/241		260,000			256,425					11,418,566
5.25% Sr. Unsec. Nts. , 8/1/231		340,000			342,975	Metals & Mining—1.2%
Olin Corp.:						AK Steel Corp. :
5.00% Sr. Unsec. Nts. , 2/1/30		240,000			236,100	6.375% Sr. Unsec. Nts. , 10/15/25		940,000		784,900
		17	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
	Principal Amount				Value		Principal Amount		Value
Metals & Mining (Continued)						Diversified Telecommunication Services (Continued)
AK Steel Corp. : (Continued)						CenturyLink, Inc. : (Continued)
7.00% Sr. Unsec. Nts. , 3/15/27	$	405,000		$	341,334	6.15% Sr. Unsec. Nts. , Series Q, 9/15/19	$	340,000 $	343,825
Alcoa Nederland Holding BV:						6.45% Sr. Unsec. Nts. , Series S, 6/15/21		615,000	641,906
6.125% Sr. Unsec. Nts. , 5/15/281		510,000			526,575	7.50% Sr. Unsec. Nts. , Series Y, 4/1/24		940,000	996,400
6.75% Sr. Unsec. Nts. , 9/30/241		245,000			260,312	Cincinnati Bell, Inc. , 8.00% Sr. Unsec.
7.00% Sr. Unsec. Nts. , 9/30/261		240,000			259,949	Nts. , 10/15/251		265,000	243,137
Aleris International, Inc. , 10.75% Sec.						Digicel International Finance Ltd. /
Nts. , 7/15/231		280,000			294,700	Digicel Holdings Bermuda Ltd. , 8.75%
Allegheny Technologies, Inc. , 7.875% Sr.						Sr. Sec. Nts. , 5/25/241		285,000	282,150
Unsec. Nts. , 8/15/23		530,000			576,375	Eldorado Resorts, Inc. , 6.00% Sr. Unsec.
ArcelorMittal:						Nts. , 9/15/26		425,000	433,500
6.75% Sr. Unsec. Nts. , 3/1/41		295,000			329,868	Frontier Communications Corp. :
7.00% Sr. Unsec. Nts. , 10/15/39		145,000			165,579	8.00% Sr. Sec. Nts. , 4/1/271		855,000	884,925
Coeur Mining, Inc. , 5.875% Sr. Unsec.						8.50% Sec. Nts. , 4/1/261		795,000	740,344
Nts. , 6/1/24		785,000			758,506	8.75% Sr. Unsec. Nts. , 4/15/22		590,000	421,850
Constellium NV, 6.625% Sr. Unsec. Nts. ,						10.50% Sr. Unsec. Nts. , 9/15/22		735,000	564,112
3/1/251		510,000			521,475	GCI LLC, 6.75% Sr. Unsec. Nts. , 6/1/21		140,000	140,875
Eldorado Gold Corp. , 6.125% Sr. Unsec.						Intelsat Connect Finance SA, 9.50% Sr.
Nts. , 12/15/201		590,000			578,908	Unsec. Nts. , 2/15/231		420,000	373,926
Ferroglobe plc/Globe Specialty Metals,						Intelsat Jackson Holdings SA:
Inc. , 9.375% Sr. Unsec. Nts. , 3/1/221		750,000			648,750	5.50% Sr. Unsec. Nts. , 8/1/23		255,000	227,587
First Quantum Minerals Ltd.:						8.00% Sr. Sec. Nts. , 2/15/241		615,000	642,675
6.875% Sr. Unsec. Nts. , 3/1/261		505,000			470,281	8.50% Sr. Unsec. Nts. , 10/15/241		565,000	552,288
7.00% Sr. Unsec. Nts. , 2/15/211		76,000			77,425	9.75% Sr. Unsec. Nts. , 7/15/251		790,000	806,037
7.25% Sr. Unsec. Nts. , 4/1/231		780,000			764,400	Intelsat Luxembourg SA, 7.75% Sr.
Freeport-McMoRan, Inc.:						Unsec. Nts. , 6/1/21		565,000	509,559
4.00% Sr. Unsec. Nts. , 11/14/21		2,920,000			2,945,550	Level 3 Financing, Inc. , 5.25% Sr. Unsec.
4.55% Sr. Unsec. Nts. , 11/14/24		530,000			520,725	Nts. , 3/15/26		1,175,000	1,175,000
5.40% Sr. Unsec. Nts. , 11/14/34		310,000			283,650	Oi SA, 10.00% Sr. Unsec. Nts. , 7/27/2512		2,500,000	2,646,250
5.45% Sr. Unsec. Nts. , 3/15/43		350,000			308,003	Qwest Capital Funding, Inc. , 7.75% Sr.
Hudbay Minerals, Inc. , 7.625% Sr.						Unsec. Nts. , 2/15/31		260,000	235,950
Unsec. Nts. , 1/15/251		850,000			875,500	Qwest Corp. , 6.875% Sr. Unsec. Nts. ,
JSW Steel Ltd. , 4.75% Sr. Unsec. Nts. ,						9/15/33		785,000	782,818
11/12/194		950,000			952,223	Telecom Italia SpA, 5.303% Sr. Unsec.
Kinross Gold Corp. , 4.50% Sr. Unsec.						Nts. , 5/30/241		435,000	438,806
Nts. , 7/15/27		450,000			428,625	T-Mobile USA, Inc.:
Metinvest BV, 7.75% Sr. Unsec. Nts. ,						4.00% Sr. Unsec. Nts. , 4/15/22		780,000	790,725
4/23/231		465,000			456,218	5.125% Sr. Unsec. Nts. , 4/15/25		345,000	354,488
Mountain Province Diamonds, Inc. ,						6.00% Sr. Unsec. Nts. , 4/15/24		710,000	741,950
8.00% Sec. Nts. , 12/15/221		200,000			200,250	Windstream Services LLC/Windstream
Northwest Acquisitions ULC/Dominion						Finance Corp. , 8.625% Sr. Sec. Nts. ,
Finco, Inc. , 7.125% Sec. Nts. , 11/1/221		435,000			383,888	10/31/25		537,000	512,164
Southern Copper Corp. , 7.50% Sr.						Zayo Group LLC/Zayo Capital, Inc.:
Unsec. Nts. , 7/27/35		480,000			605,856	5.75% Sr. Unsec. Nts. , 1/15/271		265,000	265,080
SunCoke Energy Partners LP/SunCoke						6.00% Sr. Unsec. Nts. , 4/1/23		815,000	829,263
Energy Partners Finance Corp. , 7.50% Sr.									19,307,369
Unsec. Nts. , 6/15/251		330,000			334,950
Teck Resources Ltd. , 5.20% Sr. Unsec.						Wireless Telecommunication Services—1.2%
Nts. , 3/1/42		685,000			663,413	Bharti Airtel Ltd. , 4.375% Sr. Unsec.
United States Steel Corp.:						Nts. , 6/10/251		525,000	517,826
6.25% Sr. Unsec. Nts. , 3/15/26		140,000			131,438	C&W Senior Financing DAC, 6.875% Sr.
						Unsec. Nts. , 9/15/271		550,000	554,125
6.875% Sr. Unsec. Nts. , 8/15/25		745,000			731,963	Fortress Transportation & Infrastructure
Zekelman Industries, Inc. , 9.875% Sr.						Investors LLC, 6.50% Sr. Unsec. Nts. ,
Sec. Nts. , 6/15/231		275,000			293,047	10/1/251		850,000	841,500
					17,474,636	Gogo Intermediate Holdings LLC/Gogo
Paper & Forest Products—0.1%						Finance Co. , Inc. , 12.50% Sr. Sec. Nts. ,
Louisiana-Pacific Corp. , 4.875% Sr.						7/1/221		140,000	151,550
Unsec. Nts. , 9/15/24		255,000			255,000	GTH Finance BV, 7.25% Sr. Unsec. Nts. ,
Mercer International, Inc.:						4/26/231		940,000	1,004,428
5.50% Sr. Unsec. Nts. , 1/15/26		250,000			246,250	Springleaf Finance Corp.:
6.50% Sr. Unsec. Nts. , 2/1/24		165,000			169,538	6.125% Sr. Unsec. Nts. , 5/15/22		785,000	816,400
					670,788	6.875% Sr. Unsec. Nts. , 3/15/25		560,000	579,600
Telecommunication Services—2.5%						7.125% Sr. Unsec. Nts. , 3/15/26		850,000	866,996
Diversified Telecommunication Services—1.3%						8.25% Sr. Unsec. Nts. , 12/15/20		490,000	527,362
Axtel SAB de CV, 6.375% Sr. Unsec. Nts. ,						Sprint Capital Corp. , 6.875% Sr. Unsec.
11/14/241		965,000			968,329	Nts. , 11/15/28		1,192,158	1,148,942
CenturyLink, Inc.:						Sprint Communications, Inc.:
5.625% Sr. Unsec. Nts. , 4/1/25		785,000			761,450	6.00% Sr. Unsec. Nts. , 11/15/22		1,484,000	1,499,285
		18	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

	Principal Amount				Value		Principal Amount			Value
Wireless Telecommunication Services (Continued)						Multi-Utilities (Continued)
Sprint Communications, Inc. : (Continued)						NGPL PipeCo LLC:
7.00% Sr. Unsec. Nts. , 3/1/201	$	850,000		$	874,437	4.875% Sr. Unsec. Nts. , 8/15/271	$	395,000	$	400,432
Sprint Corp.:						7.768% Sr. Unsec. Nts. , 12/15/371		210,000		253,050
7.125% Sr. Unsec. Nts. , 6/15/24		2,250,000			2,289,375	Rockpoint Gas Storage Canada Ltd. ,
7.625% Sr. Unsec. Nts. , 3/1/26		830,000			844,525	7.00% Sr. Sec. Nts. , 3/31/231		365,000		363,631
7.875% Sr. Unsec. Nts. , 9/15/23		2,075,000			2,183,938					1,290,063
Telefonica Europe BV, 5.875%						Total Corporate Bonds and Notes (Cost $620,382,245)				603,109,747
[EUSA10+430.1] Jr. Sub. Perpetual								Shares
Bonds2,4,13	EUR	1,410,000			1,762,096	Preferred Stocks—0.8%
Trilogy International Partners LLC/Trilogy
International Finance, Inc. , 8.875% Sr.						American Homes 4 Rent, 6.35% Cum. , Non-
Sec. Nts. , 5/1/221		685,000			666,163	Vtg.		2,300		60,030
Vodafone Group plc, 7.00%						Claire's Holdings LLC, 0.00%, Series A15		62		9,817
[USSW5+487.3] Sub. Nts. , 4/4/792,7		222,000			225,875	CMS Energy Corp. , 5.875%, Jr. Sub.		3,596		94,314
					17,354,423	Digital Realty Trust, Inc. , 6.625% Cum. , Series
						C, Non-Vtg.		3,500		91,980
Utilities—0.8%						DTE Energy Co. , 5.375% Jr. Sub. , Non-Vtg.		18,850		473,512
Electric Utilities—0.1%						eBay, Inc. , 6.00% Cv.		25,700		674,882
Eskom Holdings SOC Ltd. , 6.75% Sr.						Entergy Louisiana LLC , 5.25%, Sec.		17,780		451,256
Unsec. Nts. , 8/6/231		850,000			840,991	Fifth Third Bancorp, 6.625% Non-Cum. , Non-
Inkia Energy Ltd. , 5.875% Sr. Unsec.						Vtg. [US0003M+371]2		19,325		520,809
Nts. , 11/9/271		865,000			847,708	GMAC Capital Trust I, 7.20% Jr. Sub. , Non-Vtg.
NextEra Energy Capital Holdings, Inc. ,						[US0003M+578.5]2		46,000		1,197,840
4.80% [US0003M+240.9] Jr. Sub. Nts. ,						Goldman Sachs Group, Inc. (The), 6.30% Non-
12/1/772		665,000			596,006	Cum. , Series N, Non-Vtg.		26,223		683,371
NextEra Energy Operating Partners LP,						Huntington Bancshares, Inc. , 6.25% Non-
4.50% Sr. Unsec. Nts. , 9/15/271		125,000			122,344	Cum. , Non-Vtg.		17,450		455,968
					2,407,049	JPMorgan Chase & Co. , 6% Non-Cum. , Series
Gas Utilities—0.2%						EE, Non-Vtg.15		23,200		614,104
AmeriGas Partners LP/AmeriGas Finance						KeyCorp, 6.125% Non-Cum. , Non-Vtg.
Corp. , 5.50% Sr. Unsec. Nts. , 5/20/25		550,000			550,687	[US0003M+389.2]2		47,290		1,260,751
Naturgy Finance BV, 4.125%						Morgan Stanley, 5.85% Non-Cum. , Non-Vtg.
[EUSA8+335.3] Jr. Sub. Perpetual						[US0003M+349.1]2		20,350		520,349
Bonds2,4,13	EUR	1,410,000			1,679,416	Morgan Stanley, 6.375% Non-Cum. , Non-Vtg.
Suburban Propane Partners LP/Suburban						[US0003M+370.8]2		20,147		537,522
Energy Finance Corp. , 5.875% Sr. Unsec.						NiSource, Inc. , 6.50%, Non-Vtg.
Nts. , 3/1/27		645,000			614,363	[H15T5Y+363.2]2		16,386		431,771
Superior Plus LP/Superior General						PNC Financial Services Group, Inc.
Partner, Inc. , 7.00% Sr. Unsec. Nts. ,						(The), 6.125% Non-Cum. , Non-Vtg.
7/15/261		275,000			280,844	[US0003M+406.7]2		21,150		566,820
					3,125,310	PPL Capital Funding, Inc. , 5.90%, Jr. Sub.		10,025		255,337
						Prudential Financial, Inc. , 5.75% Jr. Sub.		1,225		31,115
Independent Power and Renewable Electricity Producers—0.4%						Public Storage, 5.20% Cum. , Series X, Non-
AES Andres BV/Dominican Power						Vtg.		22,900		569,065
Partners/Empresa Generadora de						Qwest Corp. , 7.00% Sr. Unsec.		15,297		397,722
Electricidad Itabo SA, 7.95% Sr. Unsec.						Senior Housing Properties Trust, 5.625% Sr.
Nts. , 5/11/261		490,000			522,462	Unsec.		8,575		198,769
AES Corp.:						Senior Housing Properties Trust, 6.25% Sr.
4.00% Sr. Unsec. Nts. , 3/15/21		275,000			279,375	Unsec. , Non-Vtg.		6,375		169,320
6.00% Sr. Unsec. Nts. , 5/15/26		380,000			404,692	Synovus Financial Corp. , 6.30% Non-Cum. ,
Calpine Corp. :						Series D, Non-Vtg. [US0003M+335.2]2		17,691		458,551
5.25% Sr. Sec. Nts. , 6/1/261		965,000			963,794	US Bancorp, 6.50% Non-Cum. , Non-Vtg.
5.75% Sr. Unsec. Nts. , 1/15/25		720,000			718,200	[US0003M+446.8]2		36,325		972,784
5.875% Sr. Sec. Nts. , 1/15/241		275,000			282,562	Vornado Realty Trust, 5.70%, Cum.		1,271		32,080
Clearway Energy Operating LLC, 5.75%						Wells Fargo & Co. , 6.625% Non-Cum. , Non-
Sr. Unsec. Nts. , 10/15/251		285,000			287,138	Vtg. [US0003M+369]2		3,986		110,133
Drax Finco plc, 6.625% Sr. Sec. Nts. ,						Total Preferred Stocks (Cost $12,036,682)				11,839,972
11/1/251		275,000			279,813
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts. , 1/15/27		665,000			718,200	Common Stocks—0.2%
7.25% Sr. Unsec. Nts. , 5/15/26		520,000			574,049	Advanced Micro Devices, Inc.15		7,285		185,913
Vistra Operations Co. LLC, 5.50% Sr.						Alcoa Corp.15		1,726		48,604
Unsec. Nts. , 9/1/261		280,000			291,900	Arco Capital Corp. Ltd.1,11,15,16		690,638		—
					5,322,185	Claire's Holdings LLC15		235		158,625
						Concho Resources, Inc.		1,803		200,061
Multi-Utilities—0.1%						CVS Health Corp.		3,962		213,671
Crestwood Midstream Partners LP/						Freeport-McMoRan, Inc.		6,771		87,278
Crestwood Midstream Finance Corp. ,						Intelsat SA15		21,150		331,209
6.25% Sr. Unsec. Nts. , 4/1/23		265,000			272,950	International Game Technology plc		18,841		244,745
						JSC Astana Finance, GDR1,11,15		446,838		—
		19	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
		Shares	Value		Principal Amount		Value
Common Stocks (Continued)				Structured Securities (Continued)
Micron Technology, Inc.15		4,613 $	190,655	Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds: (Continued)
Premier Holdings Ltd.11,15		18,514	—	3.098% Sr. Sec. Nts. , 4/30/251,9	$	969,950 $	882,703
Quicksilver Resources, Inc.11,15		4,151,000	—	3.131% Sr. Sec. Nts. , 4/30/251,9		867,013	789,025
Sabine Oil11,15		837	24,273	3.179% Sr. Sec. Nts. , 4/30/251,9		1,079,501	982,400
Targa Resources Corp.		1,315	54,638	3.231% Sr. Sec. Nts. , 4/30/251,9		1,232,087	1,121,260
Teck Resources Ltd. , Cl. B		7,945	184,165	3.265% Sr. Sec. Nts. , 4/30/251,9		984,293	895,756
Western Digital Corp.		3,991	191,808	3.346% Sr. Sec. Nts. , 4/30/251,9		925,194	841,973
XPO Logistics, Inc.15		1,681	90,337	Morgan Stanley, Russian Federation
Total Common Stocks (Cost $6,724,813)			2,205,982	Total Return Linked Bonds, Series 007,
				Cl. VR, 2.66%, 8/22/3411	RUB	24,807,284	76,239
Rights, Warrants and Certificates—0.0%		Units		Total Structured Securities (Cost $7,698,454)			7,414,220
Affinion Group Wts. , Strike Price $1, Exp.				Short-Term Notes—0.7%
11/10/2211,15		8,816	14,974	Arab Republic of Egypt Treasury Bills,
Sabine Oil Tranche 1 Wts. , Strike Price $4.49,				17.657%, 8/6/199	EGP	89,700,000	4,929,007
Exp. 8/11/2611,15		2,612	11,101	Argentine Republic Treasury Bills:
Sabine Oil Tranche 2 Wts. , Strike Price $2.72,				0.00% Unsec. Nts. , 4/30/19-6/28/199	ARS	214,200,000	5,545,600
Exp. 8/11/2611,15		549	1,922	Total Short-Term Notes (Cost $11,354,141)			10,474,607
Total Rights, Warrants and Certificates (Cost $420,786)			27,997			Shares
	Principal Amount			Investment Companies—11.4%
Structured Securities—0.5%				OFI Carlyle Private Credit Fund, Cl. I17		132,653	1,280,127
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:				Oppenheimer Limited-Term Bond Fund, Cl. I17		1,667,604	7,537,568
3.003% Sr. Sec. Nts. , 4/30/251,9	$	881,750	802,436	Oppenheimer Master Event-Linked Bond Fund,
3.054% Sr. Sec. Nts. , 4/30/251,9		1,123,486	1,022,428	LLC17		1,954,233	30,389,028
				Oppenheimer Master Loan Fund, LLC17		4,197,582	73,203,397
				Oppenheimer Ultra-Short Duration Fund, Cl.
				Y17		10,308,002	51,540,008
				Total Investment Companies (Cost $174,512,258)			163,950,128

								Notional
					Expiration			Amount
	Counterparty			Exercise Price	Date		Contracts	(000's)	Value
Over-the-Counter Options Purchased—1.0%
AUD Currency Call15	BOA		USD	0.717	6/3/19	AUD	25,500,000	AUD 200,000 $	231,469
BRL Currency Call15	JPM		BRL	3.200	4/25/19	BRL	48,000,000	BRL 482,560	672
BRL Currency Call15	CITNA-B		BRL	3.200	4/25/19	BRL	48,000,000	BRL 512,000	672
BRL Currency Put15	GSCO-OT		BRL	3.430	3/30/20	BRL	1,457,000	BRL 10,000	313,294
BRL Currency Call15	JPM		BRL	3.000	5/16/19	BRL	550,000	BRL 5,000	261
BRL Currency Call15	GSCO-OT		BRL	3.150	5/20/19	BRL	424,096	BRL 5,000	318
BRL Currency Call15	JPM		BRL	3.150	5/20/19	BRL	424,096	BRL 5,000	318
BRL Currency Put15	GSCO-OT		BRL	3.430	3/30/20	BRL	1,457,000	BRL 10,000	313,294
BRL Currency Put15	GSCO-OT		BRL	3.432	3/27/20	BRL	1,460,000	BRL 10,500	314,146
BRL Currency Call15	JPM		BRL	3.354	9/25/19	BRL	600,000	BRL 5,150	26,957
BRL Currency Call15,18	JPM		BRL	3.200	10/17/19	BRL	1,414,000	BRL 32,000	33,904
BRL Currency Call15	GSCO-OT		BRL	3.629	5/2/19	BRL	52,976,100	BRL 362,850	9,471
BRL Currency Put15	GSCO-OT		BRL	3.350	12/6/19	BRL	586,000	BRL 5,000	49,885
BRL Currency Call15	GSCO-OT		BRL	3.400	12/10/19	BRL	586,000	BRL 5,300	73,759
CAD Currency Call15	RBC		CAD	1.310	5/21/19	CAD	36,500,000	CAD 250,000	70,268
CLP Currency Call15	CITNA-B		CLP	642.000	5/2/19	CLP	11,267,100,000	CLP 96,300,000	7,887
CLP Currency Call15	GSCO-OT		CLP	641.000	8/5/19	CLP	10,256,000,000 CLP 128,200,000		62,254
CLP Currency Call15	CITNA-B		CLP	643.700	11/4/19	CLP	18,914,000,000	CLP 64,370,000	264,796
EUR Currency Put15	GSCO-OT		NOK	8.360	1/6/21	EUR	3,650,000	EUR 12,500	274,965
EUR Currency Put15	GSCO-OT		NOK	8.648	1/6/21	EUR	3,650,000	EUR 12,500	541,723
EUR Currency Put15	CITNA-B		ZAR	16.450	6/27/19	EUR	29,100,000	EUR 200,000	977,843
EUR Currency Call15	SCB		USD	1.180	4/4/19	EUR	90,000,000	EUR 300,000	1,165
EUR Currency Put15	JPM		ZAR	16.378	1/6/20	EUR	7,300,000	EUR 75,000	259,879
EUR Currency Call15	CITNA-B		USD	1.168	5/9/19	EUR	87,600,000	EUR 600,000	20,498
EUR Currency Put15	JPM		RUB	73.550	6/27/19	EUR	26,317,000	EUR 200,000	386,819
EUR Currency Put15	BOA		SEK	9.250	4/29/20	EUR	2,800,000	EUR 10,000	205,534
Federal Republic of
Germany Government
Bonds Put15	MSCO		EUR	100.468	3/30/20	EUR	24,285,000	EUR 62,264,174	9,732
Federal Republic of
Germany Government
Bonds Put15	MSCO		EUR	100.468	3/19/20	EUR	24,285,000	EUR 62,264,174	9,074
Federal Republic of
Germany Government
Bonds Put15	MSCO		EUR	100.468	4/2/20	EUR	24,300,000	EUR 62,274,721	9,956
		20	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

								Notional
					Expiration			Amount
	Counterparty		Exercise Price		Date		Contracts	(000’s)			Value
Over-the-Counter Options Purchased (Continued)
French Republic
Government Bonds Call15	MSCO	EUR	116.740		6/25/19	EUR	10,000,000	EUR 28,117,920 $			202,468
INR Currency Call15	GSCO-OT	INR	68.950		6/21/19	INR	504,050,000	INR 6,895,000			54,679
JPY Currency Call15	BOA	JPY	109.000		8/22/19	JPY	3,187,300,000	JPY 10,900,000			423,337
JPY Currency Call15	BOA	JPY	107.850		4/24/19	JPY	6,312,732,000	JPY 21,570,000			57,635
JPY Currency Call15	SCB	JPY	109.000		8/22/19	JPY	3,187,000,000	JPY 10,900,000			423,297
KRW Currency Call15	GSCO-OT	KRW	1125.000		7/18/19	KRW	16,425,000,000	KRW112,500,000			143,390
MXN Currency Call15	BOA	MXN	18.553		1/14/20	MXN	542,710,000	MXN 1,855,250			225,046
MXN Currency Call15	CITNA-B	MXN	18.578		8/15/19	MXN	139,332,500	MXN 1,393,328			38,456
MXN Currency Call15	GSCO-OT	MXN	19.733		3/4/20	MXN	384,700,000	MXN 3,946,500			484,033
MXN Currency Call15	SCB	MXN	19.050		6/18/19	MXN	554,355,000	MXN 2,857,500			221,143
MXN Currency Call15,19	CITNA-B	MXN	18.000		10/23/19	MXN	750,000	MXN 5,500			63,555
RUB Currency Call15	JPM	RUB	59.500		6/7/19	RUB	1,682,200,000	RUB 14,875,000			20,186
RUB Currency Call15	GSCO-OT	RUB	57.300		3/30/20	RUB	2,914,000	RUB 20,500			341,916
RUB Currency Call15	JPM	RUB	70.000		2/25/21	RUB	1,535,200,000	RUB 5,250,000			1,231,537
RUB Currency Call15	GSCO-OT	RUB	70.000		2/5/21	RUB	511,000,000	RUB 7,350,000			411,631
S&P 500 Index Put15	BOA	USD	2632.590		2/21/20	USD	21,973	USD 62,281			2,024,725
S&P 500 Index Put15	GSCOI	USD	2679.690		3/13/20	USD	20,733	USD 58,766			2,249,716
S&P 500 Index Put15	JPM	USD	2658.670		2/26/20	USD	15,621	USD 44,276			1,551,090
SGD Currency Put15	GSCO-OT	CNY	4.948		5/17/19	SGD	21,900,000	SGD 150,000			43,477
TRY Currency Put15	JPM	TRY	4.000		5/23/19	TRY	710,000	TRY 10,000			6,757
ZAR Currency Call15	GSCO-OT	ZAR	13.613		1/27/20	ZAR	99,512,000	ZAR 1,020,938			144,768
Total Over-the-Counter Options Purchased (Cost $21,395,127)											14,833,655
		Buy /Sell				Expiration
	Counterparty	Protection Reference Asset			Fixed Rate	Date	Notional Amount (000's)
Over-the-Counter Credit Default Swaptions Purchased—0.0%
Credit Default Swap
maturing 12/20/23 Put15	JPM	Buy	CDX. NA. HY. 31		5.000%	4/17/19	USD	36,500			31,171
			ITraxx Europe
Credit Default Swap		Crossover Series 30
maturing 12/20/23 Put15	JPM	Buy	Version 2		3.000	4/17/19	EUR	25,620			63,341
Credit Default Swap
maturing 12/20/23 Put15	JPM	Buy	CDX. NA. HY. 31		3.000	5/15/19	EUR	36,600			209,304
Credit Default Swap
maturing 12/20/23 Put15	JPM	Buy	CDX. NA. HY. 31		5.000	5/15/19	USD	29,100			62,099
Total Over-the-Counter Credit Default Swaptions Purchased (Cost $795,789)											365,915
		Pay / Receive				Expiration
	Counterparty	Floating Rate	Floating Rate		Fixed Rate	Date	Notional Amount (000's)
Over-the-Counter Interest Rate Swaptions Purchased—0.2%
		MAX [((CMS10 minus
Interest Rate Cap maturing		CMS2) minus 0.32%),
2/22/21 Put15	MSCO	Receive	0.00	%] * 10	32.000%	2/25/21	USD	35,000			630,000
Interest Rate Swap maturing			Three-Month
2/2/21 Put15	MSCO	Receive	USD-LIBOR-BBA		2.860	2/21/20	USD	45,800			471,740
Interest Rate Swap maturing			Six-Month EUR
3/31/26 Put15	JPM	Receive	EURIBOR		1.122	3/29/21	EUR	146,200			275,920
Interest Rate Swap maturing			Three-Month
5/30/25 Put15	BOA	Receive	CAD-BA-CDOR		2.588	3/30/20	CAD	195,000			678,399
Interest Rate Swap maturing			Six-Month EUR
8/12/29 Put15	JPM	Receive	EURIBOR		0.718	8/8/19	EUR	54,800			188,245
Interest Rate Swap maturing			Three-Month
8/19/20 Put15	GSCOI	Receive	USD-LIBOR-BBA		3.350	5/14/19	USD	146,500			—
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $2,531,943)											2,244,304
Total Investments, at Value (Cost $1,634,048,057)								110.0	%		1,583,894,838
Net Other Assets (Liabilities)								(10.0	)		(144,492,951)
Net Assets								100.0%		$	1,439,401,887

Footnotes to Consolidated 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 $385,027,371 or 26.75% of the Fund's net assets at period end.
2. 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].

21 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

3. Restricted security. The aggregate value of restricted securities at period end was $7,685,148, which represents 0.53% of the Fund's net assets. See Note 4 of the accompanying
Consolidated Notes. Information concerning restricted securities is as follows:

						Unrealized
	Acquisition					Appreciation/
Security	Dates	Cost		Value		(Depreciation)
Affinion Group, Inc. , 12.50% Sr. Unsec. Nts. , 11/10/22	1/15/13-11/10/18 $	905,067	$	673,236	$	(231,831)
Clear Channel International BV, 8.75% Sr. Unsec. Nts. ,
12/15/20	8/9/17	268,370		273,281		4,911
Eagle Intermediate Global Holding BV/Ruyi US Finance
LLC, 7.50% Sr. Sec. Nts. , 5/1/25	9/27/18	280,311		282,150		1,839
EP Energy LLC/Everest Acquisition Finance, Inc. ,
9.375% Sec. Nts. , 5/1/24	1/29/13-10/23/18	2,460,829		1,040,980		(1,419,849)
GLS Auto Receivables Trust, Series 2018-1A, Cl. A,
2.82%, 7/15/22	1/30/18	545,136		544,386		(750)
Golden Nugget, Inc. , 6.75% Sr. Unsec. Nts. , 10/15/24	9/20/16-9/12/17	1,366,434		1,380,275		13,841
Hartford Financial Services Group, Inc. (The), 4.809%
[US0003M+212.5] Jr. Sub. Nts. , 2/12/47	1/18/18-1/22/18	670,914		595,279		(75,635)
HTA Group Ltd. , 9.125% Sr. Unsec. Nts. , 3/8/22	3/1/17-3/7/18	458,312		476,116		17,804
Minejesa Capital BV, 4.625% Sr. Sec. Nts. , 8/10/30	11/9/17-5/11/18	1,102,082		1,138,238		36,156
Titan International, Inc. , 6.50% Sr. Sec. Nts. , 11/30/23	11/9/17	815,000		754,894		(60,106)
Williams Scotsman International, Inc. , 6.875% Sr. Sec.
Nts. , 8/15/23	7/31/2018	525,000		526,313		1,313
	$	9,397,455	$	7,685,148	$	(1,712,307)

4. 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 $193,103,455 or 13.42% of the
Fund's net assets at period end.
5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline.
Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is
calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest
rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,029,121 or 0.21% of the
Fund’s net assets at period end.
6. Interest rate is less than 0.0005%.
7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.
8. 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.
9. Zero coupon bond reflects effective yield on the original acquisition date.
10. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is
the contractual interest rate.  See Note 4 of the accompanying Consolidated Notes.
11. The value of this security was determined using significant unobservable inputs.  See Note 3 of the accompanying Consolidated Notes.
12. Interest or dividend is paid-in-kind, when applicable.
13. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
14. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.
15. Non-income producing security.
16. Security received as the result of issuer reorganization.
17. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities
of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

		Shares		Gross		Gross		Shares
		December 31, 2018		Additions		Reductions		March 31, 2019
Investment Company
OFI Carlyle Private Credit Fund, Cl. I		—		132,653		—		132,653
Oppenheimer Institutional Government Money Market Fund, Cl. E		70,746,424		169,146,233		239,892,657		—
Oppenheimer Limited-Term Bond Fund, Cl. I		1,654,825		12,779		—		1,667,604
Oppenheimer Master Event-Linked Bond Fund, LLC		1,954,233		—		—		1,954,233
Oppenheimer Master Loan Fund, LLC		8,607,367		—		4,409,785		4,197,582
Oppenheimer Ultra-Short Duration Fund, Cl. Y		10,238,165		69,837		—		10,308,002
						Realized		Change in Unrealized
		Value		Income		Gain (Loss)		Gain (Loss)
Investment Company
OFI Carlyle Private Credit Fund, Cl. I	$	1,280,127	$	23,853	$	—	$	(19,873)
Oppenheimer Institutional Government Money Market Fund, Cl. E		—		331,882		—		—
Oppenheimer Limited-Term Bond Fund, Cl. I		7,537,568		57,460		—		116,136
Oppenheimer Master Event-Linked Bond Fund, LLC		30,389,028		610,542a		(13,208)a		26,665a
Oppenheimer Master Loan Fund, LLC		73,203,397		1,607,756b		(1,019,433)b		3,780,276b
Oppenheimer Ultra-Short Duration Fund, Cl. Y		51,540,008		347,972		—		102,382
Total	$	163,950,128	$	2,979,465	$	(1,032,641)	$	4,005,586

a. Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.
b. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.
18. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 3.2 BRL per 1USD
19. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to18 MXN per 1USD

22 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings			Value	Percent
United States		$	952,210,759	60.1%
Mexico			53,100,798	3.3
Greece			52,775,930	3.3
India			44,450,829	2.8
Brazil			42,311,135	2.7
France			38,943,216	2.5
Argentina			37,453,658	2.4
Indonesia			37,451,210	2.4
United Kingdom			34,838,792	2.2
South Africa			33,463,560	2.1
Spain			28,295,260	1.8
Canada			20,176,114	1.3
China			19,135,096	1.2
Switzerland			15,687,034	1.0
Egypt			15,481,865	1.0
Netherlands			13,901,657	0.9
Colombia			12,865,435	0.8
Turkey			12,758,332	0.8
Italy			8,850,009	0.6
Thailand			8,587,117	0.5
Ukraine			7,891,815	0.5
Luxembourg			7,378,089	0.5
Peru			7,101,864	0.4
Russia			4,678,288	0.3
Dominican Republic			4,436,475	0.3
Ghana			4,301,521	0.3
Ecuador			4,297,669	0.3
Kazakhstan			4,013,061	0.2
Ivory Coast			3,968,737	0.2
Ireland			3,586,435	0.2
Sri Lanka			3,262,159	0.2
Eurozone			3,129,316	0.2
Oman			2,837,596	0.2
Saudi Arabia			2,573,154	0.2
Israel			2,496,724	0.2
Portugal			2,480,566	0.1
United Arab Emirates			2,404,827	0.1
Angola			1,896,825	0.1
Cayman Islands			1,876,848	0.1
Supranational			1,785,103	0.1
New Zealand			1,784,878	0.1
Azerbaijan			1,730,573	0.1
Gabon			1,599,679	0.1
Fiji			1,538,543	0.1
Australia			1,514,667	0.1
Bermuda			1,472,659	0.1
Iraq			1,404,810	0.1
Hong Kong			1,221,336	0.1
Senegal			1,215,660	0.1
Nigeria			1,173,618	0.1
Germany			1,137,084	0.1
Serbia			1,062,672	0.1
Belgium			1,017,167	0.1
Singapore			953,159	0.1
Morocco			952,741	0.1
Japan			904,270	0.1
Finland			873,060	0.0
Paraguay			556,831	0.0
Mauritius			476,116	0.0
Zambia			470,281	0.0
Uruguay			403,037	0.0
Chile			334,937	0.0
St. Lucia			282,150	0.0
Trinidad and Tobago			275,000	0.0
Macau			261,642	0.0
South Korea			143,390	0.0
Total		$	1,583,894,838	100.0%
23	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Forward Currency Exchange Contracts as of March 31, 2019
						Unrealized		Unrealized
Counterparty	Settlement Month(s)	Currency Purchased (000's)			Currency Sold (000's)	Appreciation		Depreciation
BAC	04/2019	BRL	4,570	USD	1,173 $	—	$	5,586
BAC	05/2019	EUR	175	USD	199	—		2,463
BAC	06/2019	KRW	2,937,600	USD	2,604	—		16,611
BAC	06/2019	MYR	760	USD	186	410		—
BAC	04/2019	USD	1,220	BRL	4,570	53,093		—
BAC	06/2019	USD	16,437	MXN	320,720	121,993		—
BAC	05/2019	USD	11,527	NOK	98,905	42,158		—
BOA	05/2019	AUD	19,000	USD	13,486	21,913		6,721
BOA	05/2019 - 06/2019	EUR	28,685	USD	32,800	—		453,354
BOA	06/2019	INR	276,100	USD	3,915	21,096		—
BOA	05/2019	USD	52,823	EUR	46,390	609,693		—
BOA	06/2019	USD	25,616	IDR	369,851,000	—		28,597
BOA	06/2019	USD	46,505	INR	3,276,200	27,570		223,892
BOA	08/2019	USD	6,414	PLN	24,400	31,017		—
BOA	06/2019	USD	2,203	ZAR	32,460	—		25,337
CITNA-B	04/2019 - 06/2019	BRL	318,459	USD	81,774	834,556		1,375,024
CITNA-B	06/2019	COP	23,809,000	USD	7,539	—		102,091
CITNA-B	05/2019	EUR	3,790	USD	4,299	—		33,398
CITNA-B	05/2019	NOK	112,820	USD	13,314	—		213,869
CITNA-B	06/2019	RUB	749,300	USD	11,304	—		9,541
CITNA-B	05/2019	SEK	160,600	USD	17,759	—		435,621
CITNA-B	04/2019 - 05/2019	USD	79,150	BRL	305,610	1,256,551		99,962
CITNA-B	06/2019	USD	9,478	COP	29,934,000	128,354		—
CITNA-B	05/2019	USD	708	GBP	545	—		2,966
CITNA-B	06/2019	USD	34,348	MXN	674,700	25,842		—
CITNA-B	06/2019	USD	1,267	RUB	84,000	1,070		—
CITNA-B	06/2019	USD	8,638	THB	272,800	24,549		—
CITNA-B	10/2019	USD	3,466	TRY	22,230	26,525		—
CITNA-B	06/2019	USD	32,657	ZAR	474,980	49,489		—
CITNA-B	06/2019	ZAR	32,460	USD	2,232	—		3,382
DEU	05/2019	EUR	14,605	USD	16,669	—		232,673
DEU	05/2019	USD	79,075	EUR	69,180	1,220,567		—
GSCO-OT	04/2019 - 03/2021	BRL	88,215	USD	22,400	3,751		636,309
GSCO-OT	08/2019	CLP	4,545,900	USD	6,960	—		281,084
GSCO-OT	01/2021	EUR	23,500	USD	28,433	—		707,668
GSCO-OT	08/2019	PLN	24,400	USD	6,557	—		174,592
GSCO-OT	10/2019	TRY	65,350	USD	10,836	—		725,089
GSCO-OT	05/2019 - 03/2021	USD	43,591	BRL	178,310	198,169		676,861
GSCO-OT	01/2021	USD	28,912	NOK	243,000	295,297		—
GSCO-OT	10/2019	USD	5,475	TRY	39,450	—		628,506
GSCO-OT	08/2019	USD	9,624	ZAR	137,824	253,917		16,822
GSCO-OT	05/2019	ZAR	10,470	USD	730	—		9,793
HSBC	04/2019	ARS	61,700	USD	1,453	—		32,521
HSBC	05/2019	EUR	2,055	USD	2,344	—		31,153
HSBC	04/2019	INR	437,000	USD	6,358	—		80,242
HSBC	04/2019	USD	1,424	ARS	61,700	2,989		—
HSBC	05/2019	USD	1,511	EUR	1,340	3,264		—
HSBC	06/2019	USD	366	TRY	2,110	13,593		—
JPM	04/2019	ARS	60,000	USD	1,435	—		62,824
JPM	04/2019	BRL	25,980	USD	6,667	—		31,758
JPM	05/2019	EUR	7,220	USD	8,194	—		69,113
JPM	04/2019	GBP	7,320	USD	9,721	—		180,167
JPM	06/2019	HUF	23,000	USD	83	—		2,394
JPM	09/2019	IDR	188,087,000	USD	11,898	994,954		—
JPM	05/2019	JPY	143,000	USD	1,313	—		17,728
JPM	05/2019	NOK	50,000	USD	5,815	—		8,976
JPM	06/2019	PLN	370	USD	98	—		892
JPM	04/2019	USD	1,476	ARS	60,000	103,432		—
JPM	05/2019	USD	13,436	AUD	19,000	25,200		90,350
JPM	04/2019	USD	10,067	BRL	37,373	526,319		—
JPM	08/2019	USD	6,993	CLP	4,545,900	313,737		—
JPM	05/2019	USD	75,616	EUR	66,135	1,169,857		—
JPM	05/2019	USD	12,486	GBP	9,390	232,078		—
JPM	05/2019	USD	1,803	NOK	15,500	2,783		—
JPM	06/2019	USD	9,527	TRY	54,920	354,767		—
JPM	08/2019	ZAR	44,824	USD	3,039	16,822		—
RBC	05/2019	EUR	13,390	USD	15,237	—		167,260
	24	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Forward Currency Exchange Contracts (Continued)
						Unrealized		Unrealized
Counterparty	Settlement Month(s)	Currency Purchased (000’s)			Currency Sold (000’s)	Appreciation		Depreciation
RBC	05/2019	JPY	142,000	USD	1,304 $	—	$	18,162
RBC	05/2019	NOK	48,905	USD	5,652	26,700		—
RBC	05/2019	USD	18,534	EUR	16,260	232,874		—
RBC	05/2019	USD	1,854	NOK	16,040	—		8,757
SCB	09/2019	IDR	305,067,000	USD	21,200	—		287,902
SCB	05/2019	USD	25,403	EUR	22,000	598,401		—
SCB	09/2019	USD	11,553	IDR	188,087,000	—		1,339,915
SCB	05/2019	USD	747	ZAR	10,470	26,228		—
SCB	08/2019	ZAR	93,000	USD	6,560	—		229,213
Total Unrealized Appreciation and Depreciation					$	9,891,578 $		9,787,139
1

Futures Contracts as of March 31, 2019
					Notional			Unrealized
			Number of		Amount			Appreciation/
Description	Buy/Sell	Expiration Date	Contracts		(000's)	Value		(Depreciation)
Euro-BUND	Sell	6/06/19	179	EUR	33,285 $	33,399,949	$	(114,751)
United States Treasury Long Bonds	Buy	6/19/19	23	USD	3,387	3,442,094		54,832
United States Treasury Long Bonds	Sell	6/19/19	173	USD	25,089	25,890,531		(802,007)
United States Treasury Nts. , 10 yr.	Buy	6/19/19	151	USD	18,488	18,757,031		269,264
United States Treasury Nts. , 10 yr.	Sell	6/19/19	173	USD	21,165	21,489,844		(324,596)
United States Treasury Nts. , 2 yr.	Buy	6/28/19	86	USD	18,252	18,326,063		74,408
United States Treasury Nts. , 2 yr.	Sell	6/28/19	506	USD	107,425	107,825,438		(400,527)
United States Treasury Nts. , 5 yr.	Buy	6/28/19	133	USD	15,281	15,405,141		124,511
United States Ultra Bonds	Buy	6/19/19	68	USD	11,009	11,424,000		415,040
							$	(703,826)
1

Over-the-Counter Options Written at March 31, 2019
							Notional
						Number of	Amount
Description	Counterparty		Exercise Price	Expiration Date		Contracts	(000's)                            Premiums Received		Value
AUD Currency Call	BOA	USD	0.749	6/3/19	AUD	(25,500,000)	AUD 200,000 $	35,506 $	(19,413)
AUD Currency Put	BOA	USD	0.689	6/3/19	AUD	(25,500,000)	AUD 200,000	128,867	(94,532)
BRL Currency Put1	GSCO-OT	BRL	4.500	3/30/20	BRL	(1,457,000)	BRL 10,000	254,684	(332,045)
BRL Currency Put1	GSCO-OT	BRL	4.500	3/30/20	BRL	(1,457,000)	BRL 10,000	254,684	(332,045)
BRL Currency Put1	GSCO-OT	BRL	4.500	3/27/20	BRL	(1,460,000)	BRL 10,500	254,624	(334,717)
BRL Currency Put	GSCO-OT	BRL	3.880	5/2/19	BRL	(56,640,700)	BRL 387,950	163,359	(343,762)
BRL Currency Put2	GSCO-OT	BRL	4.500	12/6/19	BRL	(586,000)	BRL 5,000	103,839	(86,098)
BRL Currency Put3	GSCO-OT	BRL	4.500	12/10/19	BRL	(586,000)	BRL 5,300	121,888	(86,377)
BRL Currency Put1	GSCO-OT	BRL	4.230	3/4/21	BRL	(61,600,000)	BRL 423,000	689,978	(833,595)
BRL Currency Call	GSCO-OT	BRL	3.463	5/2/19	BRL	(50,559,800)	BRL 346,300	69,540	(4,202)
BRL Currency Put	JPM	BRL	3.850	4/4/19	BRL	(56,200,000)	BRL 385,000	120,613	(287,012)
BRL Currency Call	JPM	BRL	3.700	4/4/19	BRL	(54,000,000)	BRL 370,000	84,831	(7,172)
BRL Currency Put2	JPM	BRL	4.250	3/4/21	BRL	(61,900,000)	BRL 425,000	653,227	(816,096)
CAD Currency Put	RBC	CAD	1.345	5/21/19	CAD	(36,500,000)	CAD 250,000	145,270	(158,330)
CAD Currency Call	RBC	CAD	1.280	5/21/19	CAD	(36,500,000)	CAD 250,000	81,030	(9,815)
CLP Currency Put	CITNA-B	CLP	678.000	5/2/19	CLP	(11,898,900,000)	CLP 101,700,000	130,744	(224,294)
CLP Currency Put	CITNA-B	CLP	785.750	11/4/19	CLP	(23,088,000,000)	CLP 78,575,000	504,513	(115,440)
CLP Currency Call	CITNA-B	CLP	621.000	5/2/19	CLP	(10,898,550,000)	CLP 93,150,000	77,448	(4,251)
CLP Currency Put	GSCO-OT	CLP	691.000	8/5/19	CLP	(11,056,000,000)	CLP 138,200,000	193,872	(267,998)
CLP Currency Call	GSCO-OT	CLP	607.000	8/5/19	CLP	(9,712,000,000)	CLP 121,400,000	88,928	(15,636)
COP Currency Put	BOA	COP	3268.000	5/23/19	COP	(23,850,000,000)	COP 163,400,000	60,063	(57,240)
COP Currency Call	BOA	CLP	3008.000	5/23/19	CLP	(21,950,000,000)	CLP 150,400,000	57,940	(11,195)
COP Currency Call	CITNA-B	COP	2981.000	5/2/19	COP	(43,523,000,000)	COP 298,100,000	105,902	(9,575)
COP Currency Put	CITNA-B	COP	3227.000	5/2/19	COP	(47,114,000,000)	COP 322,700,000	113,389	(112,131)
COP Currency Put	GSCO-OT	COP	3285.000	5/13/19	COP	(57,500,000,000)	COP 492,750,000	118,011	(90,850)
COP Currency Call	GSCO-OT	COP	3040.000	5/13/19	COP	(53,200,000,000)	COP 456,000,000	144,638	(25,536)
COP Currency Put	JPM	COP	3300.000	4/15/19	COP	(48,290,000,000)	COP 330,000,000	128,202	(21,248)
COP Currency Call	JPM	COP	3020.000	4/15/19	COP	(44,200,000,000)	COP 302,000,000	97,006	(7,956)
COP Currency Put	MSCO	COP	3280.560	6/26/19	COP	(47,800,000,000)	COP 328,056,000	90,083	(166,344)
COP Currency Call	MSCO	COP	3053.080	6/26/19	COP	(44,486,000,000)	COP 305,308,000	90,084	(56,052)
EUR Currency Call	BOA	INR	80.750	6/20/19	EUR	(11,700,000)	EUR 100,000	150,012	(107,267)
EUR Currency Put	CITNA-B	ZAR	15.750	6/27/19	EUR	(29,100,000)	EUR 200,000	253,457	(370,545)
EUR Currency Call	GSCO-OT	INR	81.200	7/18/19	EUR	(29,300,000)	EUR 150,000	635,130	(341,747)
EUR Currency Call4	GSCO-OT	NOK	11.000	1/6/21	EUR	(2,925,000)	EUR 10,000	586,026	(389,414)
EUR Currency Call5	GSCO-OT	ZAR	20.000	3/30/20	EUR	(2,593,460)	EUR 18,245	508,741	(643,138)
EUR Currency Call	GSCO-OT	INR	85.340	9/3/19	EUR	(14,600,000)	EUR 110,000	285,950	(76,196)
EUR Currency Call	GSCO-OT	KRW	1303.350	9/30/19	EUR	(21,860,000)	EUR 150,000	297,000	(362,888)
		25	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Over-the-Counter Options Written (Continued)
							Notional
						Number of	Amount
Description	Counterparty		Exercise Price	Expiration Date		Contracts	(000’s)                            Premiums Received		Value
EUR Currency Put	GSCO-OT	ZAR	15.750	7/10/19	EUR	(7,120,000)	EUR 75,000 $	233,186 $	(98,224)
EUR Currency Call	JPM	INR	83.000	8/5/19	EUR	(14,600,000)	EUR 105,000	244,777	(115,940)
EUR Currency Put	JPM	RUB	73.800	8/5/19	EUR	(14,600,000)	EUR 105,000	163,059	(258,775)
EUR Currency Call	JPM	ZAR	16.793	5/31/19	EUR	(14,650,000)	EUR 75,000	226,983	(289,745)
EUR Currency Put	JPM	ZAR	15.035	5/31/19	EUR	(14,650,000)	EUR 75,000	174,502	(30,246)
EUR Currency Call	JPM	CLP	796.350	7/15/19	EUR	(7,300,000)	EUR 50,000	145,405	(72,665)
EUR Currency Call	JPM	ZAR	17.438	7/10/19	EUR	(7,120,000)	EUR 75,000	391,297	(132,733)
EUR Currency Call	JPM	ZAR	19.700	1/6/20	EUR	(7,300,000)	EUR 75,000	268,025	(164,370)
EUR Currency Call	JPM	ZAR	17.825	8/13/19	EUR	(7,300,000)	EUR 50,000	135,958	(146,424)
EUR Currency Put	JPM	RUB	71.400	6/27/19	EUR	(26,317,000)	EUR 200,000	178,290	(153,013)
EUR Currency Call	JPM	INR	80.400	6/21/19	EUR	(13,110,000)	EUR 100,000	171,113	(142,294)
EUR Currency Put	JPM	ZAR	14.713	1/6/20	EUR	(7,300,000)	EUR 75,000	96,532	(51,586)
EUR Currency Put	JPM	ZAR	15.300	8/13/19	EUR	(7,300,000)	EUR 50,000	135,958	(61,303)
French Republic Government
Bonds Call	MSCO	EUR	104.030	6/25/19	EUR	(27,800,000)	EUR 70,373,856	238,780	(275,711)
IDR Currency Put	GSCO-OT	IDR	15000.000	7/10/19	IDR	(390,000,000,000)	IDR 3,005,250,000	949,000	—
INR Currency Put	GSCO-OT	INR	80.050	10/14/19	INR	(1,131,600,000)	INR 8,005,000	282,723	(27,158)
INR Currency Call	GSCO-OT	INR	67.000	6/21/19	INR	(489,800,000)	INR 6,700,000	21,171	(13,068)
INR Currency Put	GSCO-OT	INR	71.650	6/21/19	INR	(523,780,000)	INR 7,165,000	44,512	(61,382)
JPY Currency Put	BOA	JPY	111.300	4/24/19	JPY	(6,514,669,000)	JPY 22,260,000	289,151	(189,577)
JPY Currency Call	BOA	JPY	104.150	4/24/19	JPY	(6,096,161,000)	JPY 20,830,000	203,108	(5,609)
JPY Currency Put	BOA	JPY	113.000	8/22/19	JPY	(4,956,400,000)	JPY 16,950,000	235,188	(214,959)
JPY Currency Call	BOA	JPY	105.000	8/22/19	JPY	(4,605,500,000)	JPY 15,750,000	341,465	(245,565)
JPY Currency Call	SCB	JPY	105.000	8/22/19	JPY	(4,605,500,000)	JPY 15,750,000	341,903	(245,565)
JPY Currency Put	SCB	JPY	113.000	8/22/19	JPY	(4,956,500,000)	JPY 16,950,000	249,799	(214,963)
KRW Currency Call6	GSCO-OT	KRW	1115.000	7/18/19	KRW	(16,279,000,000)	KRW 111,500,000	94,900	(57,790)
KRW Currency Put	GSCO-OT	KRW	1155.000	7/18/19	KRW	(16,863,000,000)	KRW 115,500,000	100,740	(119,896)
MXN Currency Put	BOA	MXN	22.363	1/14/20	MXN	(654,160,000)	MXN 2,236,250	661,254	(406,384)
MXN Currency Put	CITNA-B	MXN	19.625	4/16/19	MXN	(571,811,250)	MXN 1,962,500	134,976	(189,830)
MXN Currency Call	CITNA-B	MXN	19.000	4/16/19	MXN	(553,600,701)	MXN 1,900,000	134,977	(52,670)
MXN Currency Put	CITNA-B	MXN	22.828	8/15/19	MXN	(171,202,500)	MXN 1,712,108	192,431	(22,770)
MXN Currency Put	GSCO-OT	MXN	22.562	3/4/20	MXN	(439,800,000)	MXN 4,512,300	431,544	(323,600)
MXN Currency Call	GSCO-OT	MXN	18.099	3/4/20	MXN	(352,820,000)	MXN 3,619,700	173,033	(105,835)
MXN Currency Put	SCB	MXN	20.250	6/18/19	MXN	(589,275,000)	MXN 3,037,500	172,039	(305,863)
MXN Currency Call	SCB	MXN	18.550	6/18/19	MXN	(539,805,000)	MXN 2,782,500	109,649	(85,068)
RUB Currency Call	GSCO-OT	RUB	60.000	2/5/21	RUB	(438,000,000)	RUB 6,300,000	65,510	(62,222)
RUB Currency Put	GSCO-OT	RUB	80.000	2/5/21	RUB	(584,000,000)	RUB 8,400,000	335,194	(300,193)
RUB Currency Put	JPM	RUB	70.000	6/7/19	RUB	(1,979,100,000)	RUB 17,500,000	793,217	(193,952)
RUB Currency Call	JPM	RUB	60.000	2/25/21	RUB	(1,315,900,000)	RUB 4,500,000	238,946	(190,924)
RUB Currency Put	JPM	RUB	80.000	2/25/21	RUB	(1,754,500,000)	RUB 6,000,000	977,717	(932,324)
S&P 500 Index Put	BOA	USD	2335.470	2/21/20	USD	(21,973)	USD 62,281	1,274,951	(982,760)
S&P 500 Index Put	GSCO-OT	USD	2397.620	3/13/20	USD	(20,733)	USD 58,766	1,128,715	(1,168,197)
S&P 500 Index Put	JPM	USD	2378.810	2/26/20	USD	(15,621)	USD 44,276	873,033	(793,985)
SGD Currency Call	GSCO-OT	CNY	5.052	5/17/19	SGD	(21,900,000)	SGD 150,000	53,506	(16,687)
SGD Currency Put	GSCO-OT	CNY	4.862	5/17/19	SGD	(21,900,000)	SGD 150,000	28,374	(11,019)
TRY Currency Call	GSCO-OT	TRY	5.250	10/16/19	TRY	(77,000,000)	TRY 536,650	181,793	(191,270)
TRY Currency Put	GSCO-OT	TRY	6.750	1/15/20	TRY	(98,690,000)	TRY 702,000	686,181	(1,527,999)
TRY Currency Call	GSCO-OT	TRY	5.367	2/27/20	TRY	(78,325,000)	TRY 536,650	148,564	(270,654)
ZAR Currency Put	GSCO-OT	ZAR	16.208	1/27/20	ZAR	(118,482,000)	ZAR 1,215,563	214,236	(262,476)
ZAR Currency Call	GSCO-OT	ZAR	12.283	1/27/20	ZAR	(89,793,000)	ZAR 921,225	77,387	(26,311)
ZAR Currency Put	GSCO-OT	ZAR	15.000	8/23/19	ZAR	(548,300,000)	ZAR 5,250,000	906,925	(1,252,081)
ZAR Currency Put	GSCO-OT	ZAR	14.738	5/16/19	ZAR	(429,472,846)	ZAR 1,473,800	562,441	(538,954)
ZAR Currency Put	GSCO-OT	ZAR	14.646	5/27/19	ZAR	(102,522,000)	ZAR 1,464,600	187,628	(168,341)
Total Over-the-Counter Options Written							$	24,580,825 $	(20,993,082)

1. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.70 BRL/USD
2. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.60 BRL/USD
3. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.61 BRL/USD
4. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 9.40 NOK/EUR
5. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 15.50 ZAR/EUR
6. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 1,085.00 KRW/USD.
1

Centrally Cleared Credit Default Swaps at March 31, 2019

Unrealized

Buy/Sell

Notional Amount

Premiums

Appreciation/

Reference Asset

Protection

Fixed Rate

Maturity Date

(000's)

Received/(Paid)

Value

(Depreciation)

Brazilian Government International

Buy

1.000

%

6/20/24

USD

1,000 $

(36,276

) $

35,079

$

(1,197

)

Centrally Cleared Credit Default Swaps (Continued)
									Unrealized
		Buy/Sell				Notional Amount	Premiums		Appreciation/
Reference Asset		Protection	Fixed Rate	Maturity Date		(000’s)	Received/(Paid)	Value	(Depreciation)
Brazilian Government International		Buy	1.000%	6/20/24	USD	2,000 $	(75,684) $	70,266 $	(5,418)
Brazilian Government International		Buy	1.000	6/20/24	USD	1,750	(66,887)	61,483	(5,404)
CDX. EM. 31		Buy	1.000	6/20/24	USD	2,250	(78,550)	81,683	3,133
CDX. EM. 31		Buy	1.000	6/20/24	USD	2,000	(69,822)	72,697	2,875
CDX. HY. 32		Buy	5.000	6/20/24	USD	44,000	2,633,596	(3,013,181)	(379,585)
Federative Republic of Brazil		Sell	1.000	6/20/22	USD	2,500	154,768	(14,949)	139,819
Mexico Government International		Buy	1.000	6/20/24	USD	3,750	(80,097)	37,393	(42,704)
Mexico Government International		Buy	1.000	6/20/24	USD	3,250	(69,417)	32,263	(37,154)
Mexico Government International		Buy	1.000	6/20/24	USD	1,500	(21,658)	14,891	(6,767)
Republic Of South Africa Gover		Buy	1.000	6/20/24	USD	1,750	(78,888)	81,405	2,517
Republic Of South Africa Gover		Buy	1.000	6/20/24	USD	2,500	(112,697)	116,293	3,596
Russian Foreign Bond - Eurobon		Buy	1.000	6/20/24	USD	1,500	(28,307)	24,602	(3,705)
Total Cleared Credit Default Swaps						$	2,070,081 $	(2,400,075) $	(329,994)
Over-the-Counter Credit Default Swaps at March 31, 2019
									Unrealized
		Buy/Sell				Notional Amount	Premiums		Appreciation/
Reference Asset	Counterparty	Protection	Fixed Rate	Maturity Date		(000's)	Received/(Paid)	Value	(Depreciation)
Hellenic Republic	BAC	Sell	1.000%	6/20/25	USD	1,414 $	235,247 $	(210,336) $	24,911
Hellenic Republic	BAC	Sell	1.000	6/20/25	USD	3,534	529,497	(525,692)	3,805
Hellenic Republic	BAC	Sell	1.000	12/20/25	USD	3,400	528,719	(554,534)	(25,815)
Hellenic Republic	BAC	Sell	1.000	12/20/19	USD	2,350	35,260	165	35,425
Hellenic Republic	GSCOI	Sell	1.000	6/20/25	USD	1,410	222,469	(209,741)	12,728
iTraxx Europe Crossover Series 24
Version 1	JPM	Sell	5.000	12/20/20	EUR	2,900	(209,609)	224,039	14,430
Oriental Republic of Uruguay	BOA	Sell	1.000	12/20/21	USD	2,697	48,743	38,897	87,640
State Bank of India	BNP	Sell	1.000	9/20/19	USD	1,740	71,791	7,553	79,344
Total Over-the-Counter Credit Default Swaps						$	1,462,117 $	(1,229,649) $	232,468
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
		Total Maximum Potential
			Payments for Selling
Type of Reference Asset on			Credit Protection					Reference Asset
which the Fund Sold Protection			(Undiscounted)			Amount Recoverable*		Rating Range**
Investment Grade Single Name Corporate Debt		$	1,740,000			$	—		BBB-
Non-Investment Grade Corporate Debt			2,900,000				—		C
Investment Grade Sovereign Debt			2,697,000				—		BBB
Non-Investment Grade Sovereign Debt			14,608,000				3,750,000		BB- to BB
Total USD		$	21,945,000			$	3,750,000

*Amounts recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of protection. In addition, the Fund has no recourse provisions
under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents
the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Centrally Cleared Interest Rate Swaps at March 31, 2019
						Notional			Unrealized
	Pay/Receive					Amount	Premiums		Appreciation/
Counterparty	Floating Rate	Floating Rate	Fixed Rate	Maturity Date		(000's)	Received / (Paid)	Value	(Depreciation)
		Six-Month EUR
BAC	Receive	EURIBOR	1.123%	3/8/28	EUR	2,475 $	— $	(186,619) $	(186,619)
		Six-Month
BNP	Receive	HUF-BUBOR-Reuters	3.280	10/26/28	HUF	475,700	—	(228,844)	(228,844)
BNP	Pay	MXN TIIE BANXICO	8.000	8/13/20	MXN	311,315	—	(13,686)	(13,686)
		Six-Month
BNP	Pay	HUF-BUBOR-Reuters	1.210	10/26/20	HUF	2,101,000	—	109,299	109,299
BOA	Pay	BZDI	9.160	7/1/22	BRL	144,900	—	(35,288)	(35,288)
		Three-Month USD
BOA	Receive	BBA LIBOR	2.304	5/30/22	USD	84,755	—	(68,484)	(68,484)
BOA	Pay	BBSW3M	1.560	3/22/22	AUD	20,750	—	(299,163)	(299,163)
		Three-Month USD
BOA	Receive	BBA LIBOR	2.410	3/26/22	USD	14,600	—	(41,065)	(41,065)
		Three-Month USD
BOA	Receive	BBA LIBOR	2.320	3/28/22	USD	10,000	—	(3,858)	(3,858)
BOA	Pay	BBSW3M	1.470	3/26/22	AUD	13,900	—	(5,133)	(5,133)
27 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Centrally Cleared Interest Rate Swaps (Continued)
						Notional			Unrealized
	Pay/Receive					Amount	Premiums		Appreciation/
Counterparty	Floating Rate	Floating Rate	Fixed Rate	Maturity Date		(000’s)	Received / (Paid)	Value	(Depreciation)
		Three-Month USD
BOA	Receive	BBA LIBOR	2.320%	3/28/22	USD	25,150 $	— $	(9,704) $	(9,704)
BOA	Pay	BBSW3M	1.500	3/26/22	AUD	34,500	—	8,857	8,857
BOA	Receive	BZDI	6.550	1/2/20	BRL	33,530	—	(3,681)	(3,681)
		Six-Month HUF
CITNA-B	Pay	BUBOR	2.205	3/8/28	HUF	825,000	—	85,575	85,575
CITNA-B	Receive	JIBA3M	8.050	2/22/29	ZAR	29,200	—	(11,655)	(11,655)
CITNA-B	Receive	JIBA3M	7.250	7/10/20	ZAR	104,000	—	(13,616)	(13,616)
DEU	Pay	MXN TIIE BANXICO	8.525	1/15/24	MXN	70,450	—	104,237	104,237
		Three-Month ZAR
DEU	Pay	JIBAR SAFEX	7.675	2/21/22	ZAR	26,465	—	23,088	23,088
DEU	Pay	JIBA3M	8.420	8/29/28	ZAR	62,800	—	144,339	144,339
DEU	Receive	JIBA3M	7.500	8/15/20	ZAR	136,300	—	(51,713)	(51,713)
DEU	Receive	JIBA3M	7.120	6/29/19	ZAR	202,850	—	1,292	1,292
GSCOI	Pay	COOVIBR	4.380	3/5/20	COP	46,300,000	—	22,699	22,699
GSCOI	Pay	SORF6M	1.980	3/4/21	SGD	50,200	—	53,016	53,016
GSCOI	Receive	SORF6M	2.073	3/4/24	SGD	20,600	—	(101,133)	(101,133)
GSCOI	Pay	MXN TIIE BANXICO	8.055	3/2/22	MXN	208,200	—	48,055	48,055
GSCOI	Pay	COOVIBR	4.380	2/26/20	COP	93,400,000	—	33,843	33,843
GSCOI	Receive	COOVIBR	4.925	3/5/22	COP	16,000,000	—	(32,062)	(32,062)
GSCOI	Pay	COOVIBR	4.380	1/10/20	COP	49,450,000	—	22,930	22,930
GSCOI	Pay	MXN TIIE BANXICO	8.620	12/26/28	MXN	37,300	—	67,847	67,847
		Six-Month
GSCOI	Pay	GBP-LIBOR-BBA	3.450	10/15/25	GBP	6,930	—	77,977	77,977
GSCOI	Pay	COOVIBR	4.610	6/7/20	COP	20,710,000	—	29,632	29,632
GSCOI	Pay	BZDI	11.730	1/2/25	BRL	17,600	—	494,237	494,237
GSCOI	Receive	BZDI	8.235	1/2/20	BRL	45,400	—	(264,036)	(264,036)
GSCOI	Pay	MXN TIIE BANXICO	7.760	9/25/20	MXN	312,000	—	(52,902)	(52,902)
GSCOI	Pay	MXN TIIE BANXICO	8.480	10/27/20	MXN	155,730	—	40,760	40,760
GSCOI	Pay	MXN TIIE BANXICO	8.770	10/29/20	MXN	324,700	—	160,171	160,171
		Three-Month USD
GSCOI	Receive	BBA LIBOR	2.281	5/30/22	USD	94,000	—	(13,955)	(13,955)
		Three-Month COP IBR
GSCOI	Pay	OIS Compound	6.500	11/9/28	COP	6,000,000	—	86,365	86,365
HSBC	Receive	MXN TIIE BANXICO	8.600	1/18/29	MXN	40,600	—	(70,535)	(70,535)
HSBC	Pay	MXN TIIE BANXICO	8.320	1/28/21	MXN	151,000	—	33,999	33,999
JPM	Pay	MXN TIIE BANXICO	8.750	10/29/20	MXN	649,000	—	309,886	309,886
		Three-Month USD
JPM	Pay	BBA LIBOR	2.275	9/3/24	USD	25,900	—	24,458	24,458
		Three-Month ZAR
JPM	Pay	JIBAR SAFEX	7.930	11/27/22	ZAR	15,000	—	21,869	21,869
JPM	Pay	BUBOR06M	1.185	1/8/22	HUF	1,400,000	—	63,950	63,950
JPM	Pay	BZDI	10.940	1/2/23	BRL	22,770	—	465,453	465,453
JPM	Pay	BZDI	9.230	7/1/22	BRL	153,000	—	(27,658)	(27,658)
JPM	Pay	COOVIBR	4.890	10/17/20	COP	46,900,000	—	149,370	149,370
JPM	Pay	BZDI	9.280	7/1/22	BRL	119,900	—	(16,303)	(16,303)
JPM	Pay	MXN TIIE BANXICO	8.600	10/27/20	MXN	158,670	—	56,585	56,585
JPM	Receive	BUBOR06M	2.265	1/8/29	HUF	450,000	—	(49,114)	(49,114)
SIB	Receive	BZDI	6.560	1/2/20	BRL	58,700	—	(7,933)	(7,933)
SIB	Pay	BZDI	9.825	7/1/20	BRL	148,000	—	429,195	429,195
UBS	Receive	BBSW6M	1.823	3/21/24	AUD	43,100	—	(176,121)	(176,121)
UBS	Pay	BBSW3M	1.560	3/21/21	AUD	105,600	—	83,156	83,156
Total of Centrally Cleared Interest Rate Swaps						$	— $	1,467,879 $	1,467,879

Over-the-Counter Interest Rate Swaps at March 31, 2019
						Notional			Unrealized
	Pay/Receive					Amount                                Premiums			Appreciation/
Counterparty	Floating Rate	Floating Rate	Fixed Rate	Maturity Date		(000's)	Received / (Paid)	Value	(Depreciation)
		Six-Month INR
		FBIL MIBOR OIS
BOA	Pay	Compound	6.330%	1/31/22	INR	210,000 $	— $	47,204 $	47,204
		Six-Month INR
		FBIL MIBOR OIS
BOA	Receive	Compound	5.790	3/6/21	INR	1,383,000	—	(11,936)	(11,936)
GSCOI	Receive	KWCDC	1.800	3/5/24	KRW	16,748,000	—	(123,538)	(123,538)
GSCOI	Pay	KWCDC	1.875	3/5/20	KRW	82,252,000	—	50,041	50,041
28 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Over-the-Counter Interest Rate Swaps (Continued)
							Notional			Unrealized
	Pay/Receive						Amount                    Premiums Received			Appreciation/
Counterparty	Floating Rate	Floating Rate	Fixed Rate		Maturity Date		(000’s)	/ (Paid)	Value	(Depreciation)
		Six-Month INR
		FBIL MIBOR OIS
SCB	Receive	Compound	6.438	%	1/10/24	INR	250,000 $	— $	(99,761) $	(99,761)
Total of Over-the-Counter Interest Rate Swaps							$	— $	(137,990) $	(137,990)

Over-the-Counter Credit Default Swaptions Written at March 31, 2019
								Notional
		Buy/Sell						Amount
Description	Counterparty	Protection        Reference Asset		Fixed Rate Expiration Date				(000	's)	Premiums Received		Value
Credit Default Swap maturing
12/20/23 Put	JPM	Sell	CDX. NA. HY. 31	5.000	%	4/17/19	USD	36,500	$	66,174	$	(6,972	)
Credit Default Swap maturing
12/20/23 Put	JPM	Sell	CDX. NA. HY. 31	5.000		4/17/19	USD	36,500		89,425		(9,965	)
			iTraxx Europe
Credit Default Swap maturing			Crossover Series
12/20/23 Put	JPM	Sell	30 Version 2	5.000		5/15/19	EUR	36,600		102,174		(72,751	)
			iTraxx Europe
Credit Default Swap maturing			Crossover Series
12/20/23 Put	JPM	Sell	30 Version 2	5.000		5/15/19	EUR	36,600		163,478		(117,379	)
			iTraxx Europe
Credit Default Swap maturing			Crossover Series
12/20/23 Put	JPM	Sell	30 Version 2	5.000		4/17/19	EUR	51,240		134,461		(49,776	)
Credit Default Swap maturing
12/20/23 Put	JPM	Sell	CDX. NA. HY. 31	5.000		5/15/19	USD	29,100		111,220		(31,806	)
Credit Default Swap maturing
12/20/23 Put	JPM	Sell	CDX. NA. HY. 31	5.000		5/15/19	USD	29,100		122,627		(37,132	)
Credit Default Swap maturing
12/20/23 Put	JPM	Sell	CDX. NA. HY. 31	5.000		6/19/19	USD	58,275		329,254		(250,116	)
Total Over-the-Counter Credit Default Swaptions Written								$		1,118,813	$	(575,897	)
1

Over-the-Counter Interest Rate Swaptions Written at March 31, 2019

Pay/Receive

Expiration

Notional       Amount

Description

Counterparty

Floating Rate Floating Rate

Fixed Rate

Date

(000

's)

Premiums Received

Value

Interest Rate Swap maturing

Three-Month

5/14/29 Call

BOA

Receive CAD-BA-CDOR

2.394

%

5/14/19

CAD

39,600

$

267,578

$

(843,892

)

Interest Rate Swap maturing

Three-Month

3/25/25 Call

BOA

ReceiveUSD-LIBOR-BBA

1.916

3/23/20

USD

146,200

724,713

(881,307

)

Interest Rate Swap maturing

Three-Month

9/25/24 Call

BOA

ReceiveUSD-LIBOR-BBA

2.055

9/23/19

USD

146,200

562,870

(631,739

)

Interest Rate Swap maturing

Six-Month PLN-

5/30/24 Put

GSCOI

Pay

WIBOR-WIBO

2.095

5/28/19

PLN

14,500

16,069

(4,851

)

Interest Rate Swap maturing

Six-Month PLN-

5/30/24 Call

GSCOI

Receive

WIBOR-WIBO

2.095

5/28/19

PLN

14,500

16,069

(27,919

)

Interest Rate Swap maturing

Six-Month EUR

8/12/29 Put

JPM

Pay

EURIBOR

0.868

8/8/19

EUR

109,700

582,818

(154,575

)

Interest Rate Swap maturing

Three-Month

9/5/24 Call

JPM

ReceiveUSD-LIBOR-BBA

2.400

9/3/19

USD

72,985

306,537

(813,831

)

Interest Rate Swap maturing

Three-Month

9/6/24 Call

JPM

ReceiveUSD-LIBOR-BBA

2.400

9/4/19

USD

73,000

306,600

(815,875

)

MAX [((CMS10

minus CMS2)

Interest Rate Cap maturing

minus 0.52%),

2/22/21 Put

MSCO

Pay

0.00%] * 10

52.000

2/25/21

USD

35,000

266,000

(328,300

)

MAX [(0.02%

minus (CMS10

Interest Rate Floor maturing

minus CMS2)),

2/22/21 Call

MSCO

Pay

0.00%] * 10

0.020

2/25/21

USD

35,000

385,000

(203,000

)

Interest Rate Swap maturing

Three-Month

5/3/24 Call

NOM

ReceiveUSD-LIBOR-BBA

2.346

5/1/19

USD

80,500

128,800

(436,043

)

Total Over-the-Counter Interest Rate Swaptions Written

$

3,563,054

$

(5,141,332

)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
	29	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Counterparty Abbreviations (Continued)
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SIB	Banco Santander SA
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
30YR CMT	30 Year Constant Maturity Treasury
BA-CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers' Association London - Interbank Offered Rate
BBSW3M	Bank Bill Swap Reference Rate (Australian Financial Market) 3 Month
BBSW6M	Bank Bill Swap Reference Rate (Australian Financial Market) 6 Month
BP0003M	ICE LIBOR GBP 3 Month
BUBOR	Budapest Interbank Offered Rate
BUBOR06M	Budapest Interbank Offered Rate 6 Month
BUND	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CDX. NA. HY. 31	Market CDX High Yield Index
CDX. HY. 32	Market CDX High Yield Index
CDX. EM. 31	Markit CDX Emerging Markets Index
CMS2	2 yr ISDA Swap Floating Rate Option
CMS10	10 yr ISDA Swap Floating Rate Option
COOVIBR	Colombia IBR Overnight Nominal interbank Reference Rate
EUR003M	EURIBOR 3 Month fACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA8	EUR Swap Annual 8 Year
EUSA10	EUR Swap Annual 10 Year
EUSA11	EUR Swap Annual 11 Year
FBIL	Financial Benchmarks India Private Ltd.
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
IBR	Indicador Bancario de Referencia
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
ITraxx Europe Crossover Series 24 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
ITraxx Europe Crossover Series 30 Version 2	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
	30 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Definitions (Continued)
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
KWCDC	South Korean Won Index
LIBOR01M	ICE LIBOR USD 1 Month
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR6	London Interbank Offered Rate-Bi-Monthly
LIBOR12	London Interbank Offered Rate-Monthly
MIBOR	Mumbai Interbank Offered Rate
OIS	Overnight Index Swap
PRIME4	United States Prime Rate-Quarterly
SORF6M	Association of Banks in Singapore Swap Offer Rate Fixing 6 Month
S&P	Standard & Poor's
TIIE	Interbank Equilibrium Interest Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
	31	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED STATEMENT OF INVESTMENTS March 31, 2019 Unaudited

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

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

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income Fund/VA (Cayman)
Ltd., which is wholly-owned and controlled by the Fund. The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25%
of its total assets in the Subsidiary. The Subsidiary invests primarily in Regulation S securities. Regulation S securities are securities of U.S. and non-U.S.
issuers that are issued through private offerings without registration with the Securities and Exchange Commission pursuant to Regulation S under the
Securities Act of 1933. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.
    At period end, the Fund owned 88,909 shares with net assets of $7,285,180 in the Subsidiary.

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

U.S. dollars on the following basis:
(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.
(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such

transactions.

3. Securities Valuation
The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the "Exchange" or
"NYSE") is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the
shares as of the scheduled early closing time of the Exchange.
    The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation
determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair
valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to
review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs
Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.
    The following methodologies are used to determine the market value or the fair value of the types of securities described below:
    Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on
the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets
are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no
sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last
published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign
exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets
are valued. 
    Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
    Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities,
collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices
obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services
generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes,
sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported
trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other
appropriate factors.     
    Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.
Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price
quotations.
    Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing
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

32 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Securities Valuation (Continued)
rates, or the occurrence of other specific events.  
    Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When
the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated
forward currency rate.
    Futures contracts and futures options traded on a commodities or futures exchange will be valued at the final settlement price or official closing price
on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's
assets are valued.
    Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of
the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously
approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation
Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when
determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale
price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities
index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When
possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency
rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those
securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
    To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day
prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued
by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and
affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all
relevant information that is reasonably available.

Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation.
Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are
categorized in the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets
and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing
the asset or liability).

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

The table below categorizes amounts 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	$	—	$	34,466,530	$	—	$	34,466,530
Mortgage-Backed Obligations		—		288,460,755		—		288,460,755
U. S. Government Obligations		—		98,784,383		—		98,784,383
Foreign Government Obligations		—		338,321,182		—		338,321,182
Corporate Loans		—		7,395,461		—		7,395,461
Corporate Bonds and Notes		—		603,081,318		28,429		603,109,747
Preferred Stocks		11,735,841		104,131		—		11,839,972
Common Stocks		2,023,084		158,625		24,273		2,205,982
Rights, Warrants and Certificates		—		—		27,997		27,997
Structured Securities		—		7,337,981		76,239		7,414,220
Short-Term Notes		—		10,474,607		—		10,474,607
Investment Companies		59,077,576		104,872,552		—		163,950,128
Over-the-Counter Options Purchased		—		14,833,655		—		14,833,655
Over-the-Counter Credit Default Swaptions Purchased		—		365,915		—		365,915
Over-the-Counter Interest Rate Swaptions Purchased		—		2,244,304		—		2,244,304
Total Investments, at Value		72,836,501		1,510,901,399		156,938		1,583,894,838
	33	OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
3. Securities Valuation (Continued)
						Level 3—
		Level 1—		Level 2—		Significant
		Unadjusted		Other Significant		Unobservable
		Quoted Prices		Observable Inputs		Inputs		Value
Other Financial Instruments:
Swaps, at value	$	—	$	367,899	$	—	$	367,899
Centrally cleared swaps, at value		—		3,880,195		—		3,880,195
Futures contracts		938,055		—		—		938,055
Forward currency exchange contracts		—		9,891,578		—		9,891,578
Unfunded loan commitments		—		954		—		954
Total Assets	$	73,774,556	$	1,525,042,025	$	156,938	$	1,598,973,519
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(1,735,538) $		—	$	(1,735,538)
Centrally cleared swaps, at value		—		(4,812,391)		—		(4,812,391)
Options written, at value		—		(20,993,082)		—		(20,993,082)
Futures contracts		(1,641,881)		—		—		(1,641,881)
Forward currency exchange contracts		—		(9,787,139)		—		(9,787,139)
Swaptions written, at value		—		(5,717,229)		—		(5,717,229)
Total Liabilities	$	(1,641,881) $		(43,045,379) $		—	$	(44,687,260)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which
represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market
value at measurement date.
    For the reporting period, there were no transfers between levels.

4. Investments and Risks
Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may
be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure
requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial
condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated
in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments
may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes
in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic
factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or
region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage
risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in
a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign
currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager or an affiliate of the
Manager (“Affiliated Funds”). Affiliated Funds are management investment companies registered under the 1940 Act, as amended. Unless otherwise
stated, the Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When
applicable, the Fund's investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued
at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their
management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through
the Fund’s investment in the Affiliated Funds.
    Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and
therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have
greater exposure to the risks of that Affiliated Fund.

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

Investment in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate.
Certain of these entities in which the Fund invests are mutual funds registered under the 1940 Act, as amended, that expect to be treated as

34 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. Investments and Risks (Continued)
partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC ("Master Loan") and Oppenheimer Master Event-Linked Bond Fund, LLC
("Master Event-Linked Bond") (the “Master Funds”). Each Master Fund has its own investment risks, and those risks can affect the value of the Fund’s
investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Master Fund than in another, the
Fund will have greater exposure to the risks of that Master Fund.
    The investment objective of Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The
Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its
investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares
held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its
proportional share of the Master Funds' expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an
amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds. The Fund owns 7.8% of Master Loan and
8.2% of Master Event-Linked Bond at period end.

Investment in OFI Carlyle Private Credit Fund. The Fund is permitted to invest in OFI Carlyle Private Credit Fund (“Carlyle Fund”), a closed-end
management investment company that is operated as an interval fund.  OC Private Capital, LLC, a joint venture between the Manager and Carlyle
Investment Management LLC, is the investment adviser of Carlyle Fund.  Carlyle Fund has its own investment risks, and those risks can affect the value
of the Fund’s investments and therefore the value of the Fund’s shares. The investment objective of Carlyle Fund is to produce current income.  The
Fund is subject to its proportional share of Carlyle Fund’s expenses, including management fees and incentive fees.  The Manager will waive fees and/
or reimburse Fund expenses in the amount of indirect management fees paid by the Fund to Carlyle Fund, net of management fee waivers and/or
reimbursements received from Carlyle Fund.
    Carlyle Fund reports its net asset value per share (“NAV”) monthly and offers its shares monthly, at the then-current NAV. Carlyle Fund conducts
quarterly repurchase offers for a limited amount of its shares; the Fund does not have the right to redeem its shares of Carlyle Fund daily or at will. The
Fund’s investment in Carlyle Fund may expose the Fund to liquidity risk, meaning that the Fund could be adversely affected by its inability to dispose of
its investment in Carlyle Fund at a fair price or advantageous time, and/or may be less able to take advantage of other market opportunities due to its
position in Carlyle Fund.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the
performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial
instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value
relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and
losses in the accompanying Consolidated Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when
structured security is sold or matures.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do
so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these
loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions,
leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a
benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.
    When investing in loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result,
the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the
participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral
supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the
institution selling the participation to the Fund.

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

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

35 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)
			When-Issued or
			Delayed Delivery
			Basis Transactions
	Purchased securities	$	190,507,126
	Sold securities		18,342,127

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 counterparty pledged $630,516 of collateral to the Fund for forward roll transactions.
    At period end, the Fund pledged $36,000 of collateral to the counterparty for forward roll transactions.

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual
restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked
with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated
Statement of Investments.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity
markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently
from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the
equity or fixed-income markets may have unexpected negative effects on other market segments.
    The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price
of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the
company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its
industry.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to
the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest
payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest and/or principal payment.

Information concerning securities not accruing interest at period end is as follows:
Cost	$	2,972,070
Market Value	$	880,464
Market Value as % of Net Assets		0.06%

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited
to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There
may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such
sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets,
such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

5. Market Risk Factors
The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in
the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil,
metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general,
lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a
foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the

36 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

5. Market Risk Factors (Continued)
U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between
price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and
a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields,
are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over
a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk,
while small increases or decreases in its price typically indicate lower volatility risk.

6. Use of Derivatives
The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of
derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps,
total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit
it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives
more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such
contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through
a clearinghouse.
    Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses
in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its
market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is
using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may
not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of
the size of the Fund’s initial investment.
    Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and
the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives,
but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be
able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its
obligation to the Fund.
    The Fund's actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type,
below.

Forward Currency Exchange Contracts
The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at
a future date. Such contracts are traded in the OTC inter-bank currency dealer market.
    Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation)
is reported in the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports as a receivable (or payable) and in the
Consolidated Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract
close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Consolidated
Statement of Operations in the annual and semiannual reports.
    The Fund may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with
either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk. 
    During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $381,480,783 and $621,543,623,
respectively.
    Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a
forward contract will default and fail to perform its obligations to the Fund.

Futures Contracts
A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated
future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and
options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.
    Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain
percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid
to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains
and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to
satisfy the Fund’s payment obligations.
    Futures contracts are reported on a schedule following the Consolidated Statement of Investments. Securities held by a futures commission merchant

37 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)
to cover initial margin requirements on open futures contracts are noted in the Consolidated Statement of Investments. Cash held by a futures
commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market
for the variation margin are noted in the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports. The net change in
unrealized appreciation and depreciation is reported in the Consolidated Statement of Operations in the annual and semiannual reports. Realized gains
(losses) are reported in the Consolidated 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 $64,935,797 and $208,850,889 on futures contracts
purchased and sold, respectively.
    Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where
the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract
will correlate imperfectly with the prices of the Fund’s securities.

Option Activity
The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes
obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.
    Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded
through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium
received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or
depreciation is reported in the Consolidated Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the
security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the
option transaction, a gain or loss is reported in the Consolidated Statement of Operations in the annual and semiannual reports.
Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange
rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the
strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the
strike price.
Interest Rate Options. The Fund may purchase or write call and put options on treasury and/or euro futures to increase or decrease exposure to
interest rate risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative
the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to
the strike price.
Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or
decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument
appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument
depreciates relative to the strike price.
    During the reporting period, the Fund had an ending monthly average market value of $6,650,382 and $4,450,077 on purchased call options and
purchased put options, respectively.
    Options written, if any, are reported in a schedule following the Consolidated Statement of Investments and as a liability in the Consolidated
Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateral accounts to cover potential obligations with respect
to outstanding written options are noted in the Consolidated Statement of Investments.
    The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The Fund
must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at
the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is
the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying
security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written
option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium
the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the
contract. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire
worthless.
    During the reporting period, the Fund had an ending monthly average market value of $3,981,482 and $9,619,620 on written call options and
written put options, respectively.
    Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Swap Contracts
The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates,
the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral
privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of
the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate,

38 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)
equity, debt, index, total return, credit default, currency, and volatility swaps.
    Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC
swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities 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 Consolidated 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 Consolidated 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.
Credit Default Swap Contracts. A credit default swap is a contract that enables an investor to buy or sell protection against a defined-issuer credit
event, such as the issuer’s failure to make timely payments of interest or principal on a debt security, bankruptcy or restructuring. The Fund may enter
into credit default swaps either by buying or selling protection on a corporate issuer, sovereign issuer, or a basket or index of issuers (the “reference
asset”).
    The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of the swap contract. The seller of protection
agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively
transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.
    The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If
the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized
loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost
of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this
unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the
periodic fee paid over the life of the contract.
    If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal
to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract
the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of
Operations in the annual and semiannual reports.
    The Fund may purchase or sell credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual issuers
and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.
    For the reporting period, the Fund had ending monthly average notional amounts of $39,455,000 and $24,122,755 on credit default swaps to buy
protection and credit default swaps to sell protection, respectively.
    Additional associated risks to the Fund include counterparty credit risk and liquidity risk.
Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest
rates. One cash flow stream will typically be a floating rate payment based upon a specified floating interest rate while the other is typically a fixed
interest rate.
    The Fund may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest
rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.
    For the reporting period, the Fund had ending monthly average notional amounts of $229,318,411 and $686,560,748 on interest rate swaps
which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.
    Additional associated risks to the Fund include counterparty credit risk and liquidity risk.
Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of
asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of
a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation
or depreciation on the reference asset, plus any interest or dividend payments.
    Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less
standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk,
and interest rate risk.
    The Fund may enter into total return swaps to increase or decrease exposure to the credit risk of various indexes or basket of securities. These credit
risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the
related indexes or securities.
    For the reporting period, the Fund had ending monthly average notional amounts of $26,034,384 on total return swaps which are long the
reference asset.
    Additional associated risks to the Fund include counterparty credit risk and liquidity risk.
    At period end, the Fund had no total return swap agreements outstanding.

39 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)
Swaption Transactions
The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset
terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of
unfavorable changes in the preset terms on the underlying swap.
    Purchased swaptions are reported as a component of investments in the Consolidated Statement of Investments and the Consolidated Statement
of Assets and Liabilities in the annual and semiannual reports. Written swaptions are reported on a schedule following the Consolidated Statement of
Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities in the annual and
semiannual reports. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement
of Operations in the annual and semiannual reports. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or
received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations in
the annual and semiannual reports for the amount of the premium paid or received.
    The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will
become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not
give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it
only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there
a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.
    The Fund may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and
receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption
becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption
becomes more valuable as the reference interest rate increases relative to the preset interest rate.
    The Fund may purchase swaptions which give it the option to buy or sell credit protection through credit default swaps in order to decrease or
increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A swaption selling protection becomes more valuable as the likelihood
of a credit event on the reference asset decreases. A swaption buying protection becomes more valuable as the likelihood of a credit event on the
reference asset increases.
    The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed
or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption
paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a
floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.
    The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to sell or buy credit protection through credit default swaps
in order to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A written swaption selling protection becomes
more valuable as the likelihood of a credit event on the reference asset decreases. A written swaption buying protection becomes more valuable as the
likelihood of a credit event on the reference asset increases.
    The Fund may enter into currency swaption contracts with the obligation to pay an interest rate on the US dollar notional amount or various foreign
currency notional amounts and receive an interest rate on various foreign currency notional amounts or US dollar notional amounts, with an option
to replace the contractual currency as disclosed in the Consolidated  Statement of Investments. This is done in order to take a positive investment
perspective on the related currencies for which the Fund receives a payment. The US dollar swaption contracts seek to increase exposure to foreign
exchange rate risk. The foreign currency swaption contracts seek to decrease exposure to foreign exchange rate risk.
    During the reporting period, the Fund had an ending monthly average market value of $5,231,845 and $9,842,097 on purchased and written
swaptions, respectively.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends
to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.
    The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any
collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change
in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not
typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.
    To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund's
International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive)
a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in
swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain
counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA
master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the
Fund.
    At period end, the Fund has required certain counterparties to post collateral of $1,375,574.
    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.

40 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

6. Use of Derivatives (Continued)
    For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the
Consolidated Statement of Assets and Liabilities 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
Consolidated 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 Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum
transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully
collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

7. Borrowing and Other Financing
Loan Commitments. The following commitments are subject to funding based on the borrower’s discretion. The Fund is obligated to fund these
commitments at the time of the request by the borrower. These commitments have been excluded from the Statement of Investments. The unrealized
appreciation/depreciation on these commitments is recorded as an asset/liability on the Statement of Assets and Liabilities in the annual and semiannual
reports.

		Commitment
		Termination		Unfunded		Unrealized
	Interest Rate	Date		Amount		Appreciation
Claire's Stores, Inc. , Sr. Sec.
Credit Facilities Term Loan	0.75%	10/12/22	$	11,141	$	954

8. 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,

41 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

8. Pending Acquisition (Continued)
or as soon as practicable thereafter. This is subject to change. 

42 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA