Discovery Mid Cap Growth Fund/VA1 2 

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Focus: The Fund typically invests in small- and mid-cap U.S. growth stocks.
Top Stock Holdings by Issuers as of 3/31/14
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  % Net Assets
1 Under Armour, Inc. 2.0
2 Harman International 1.8
3 CoStar Group, Inc. 1.8
4 Tractor Supply Co. 1.8
5 Illumina, Inc. 1.7
6 Actavis plc 1.7
7 Signature Bank 1.6
8 United Rentals, Inc. 1.5
9 Michael Kors Holdings Ltd. 1.5
10 SBA Communications Corp. 1.5
  Total 16.9
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Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and political and economic uncertainties. Investments in securities of growth companies may be volatile. Small- and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations and tend to have lower trading volumes than large-cap securities, creating potential for more erratic price movements. It may take a substantial period of time to realize a gain on an investment in a small- or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
Prior to 4/30/13, the Fund's name was Oppenheimer Small- & Mid-Cap Growth Fund/VA.

*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.
225 Liberty Street, New York, NY 10281-1008