Capital Income Fund/VA1 2 

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Focus: The Fund seeks high total investment return, which includes current income and capital appreciation.
Top Holdings as of 3/31/14
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  % Net Assets
1 Federal National Mortgage Assn., 4.00%, 4/1/44 3.6
2 Federal National Mortgage Assn., 4.50%, 4/25/44 3.5
3 U.S. Treasury Nts., .875%, 4/30/17 2.9
4 Federal National Mortgage Assn., 3.50%, 4/1/29 2.7
5 Federal National Mortgage Assn., 2.50%, 4/1/29 1.0
6 Apple, Inc. 0.9
7 Pfizer, Inc. 0.9
8 Discover Financial Services 0.9
9 Google, Inc. 0.8
10 JPMorgan Chase & Co. 0.8
  Total 18.0
Risk Measurement a as of 3/31/14
Share Class Beta
(3 yr)
Alpha R-squared Sharpe Ratio Standard Deviation (3 yr)
2 1.04 -1.41 92.63 1.05 7.3%
Portfolio Statistics b as of 3/31/14 ——
Weighted Avg Market Cap Weighted Median Market Cap P/E EPS
(next 12 months)
P/E Operating (LTM) Price/Book Value (LTM) Turnover
78.0 billion 26.1 billion 14.33 15.56 2.58 187.0%
Top Countries as of 3/31/14
  % Net Assets
1 United States 85.8
2 United Kingdom 1.5
3 Germany 1.3
4 Canada 0.9
5 Australia 0.8
6 France 0.7
7 Netherlands 0.6
8 Switzerland 0.4
9 Belgium 0.3
10 Spain 0.2
  Total 92.5
Prior to 4/30/13, the Fund's name was Oppenheimer Balanced Fund/VA. Effective 4/30/13 the portfolio managers are Magnus Krantz and Krishna Memani and the Fund's investment objective will change from "seeks high total investment return, which includes current income and capital appreciation" to "seeks total return." Performance prior to 4/30/13 is not indicative of performance for any subsequent periods.
Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. The Fund invests in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mortgage-backed securities are subject to prepayment risk. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Asset-backed securities are subject to prepayment risk. Diversification does not guarantee profit or protect against loss.
Beta (3-yr): is a measure of a fund's sensitivity to market movements. The beta of a market is 1.00 by definition.

Alpha (3-yr): measures the difference between a fund's actual and expected returns, based on beta, and is generally used as a measure of a manager's added value over a passive strategy.

R-squared (3-yr): is a measurement of how closely a portfolio's performance correlates with the performance of a benchmark index, and thus a measurement of what portion of its performance can be explained by the performance of the index. Values for R-squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.  

Sharpe Ratio (3-yr): is a risk-adjusted measure that measures reward per unit of risk. the higher the Sharpe Ratio, the better. The numerator is the difference between the portfolio's annualized return and the annualized return of a risk-free instrument, the denominator is the portfolio's annualized standard deviation (population).

Standard Deviation (3-yr): is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specified period. the higher the standard deviation, the greater the volatility of the portfolio's performance returns relative to its average return.

Alpha, Beta and R-Squared were measured against the fund's benchmark: . Access index definitions.

Source: Morningstar, Inc. Although this data has been gathered from sources Morningstar believes to be reliable, its completeness and accuracy cannot be guaranteed.
P/E ratio: The price of a stock divided by its earnings per share. The higher the P/E, the more investors pay, the more return they may expect and the riskier the stock may be.

P/B ratio: Abbreviation for price to book value ratio. It's the market value of a company's stock divided by its book value.

Earnings Growth: Revenue, minus cost and expenses, for a certain period.

Turnover ratio: A measure of the strategy's trading activity, which is computed by taking the lesser of purchases or sales during the strategy's latest fiscal year, divided by the total net asset value (NAV).

*SEC Form N-MFP is available 60 days after the end of the month.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
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