Main Street Small Cap Fund®/VA1 2 

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Focus: This Fund typically invests in a diversified mix of small- and mid-sized U.S. company stocks.
Top Stock Holdings by Issuers as of 3/31/14
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  % Net Assets
1 Dana Holding Corp. 2.7
2 EPL Oil & Gas, Inc. 2.6
3 LaSalle Hotel Properties 2.5
4 Korn/Ferry International 2.3
5 Finisar Corp. 2.3
6 KAR Auction Services 2.2
7 WellCare Group, Inc. 1.8
8 Robert Half International, Inc. 1.7
9 Cavium, Inc. 1.7
10 PH Glatfelter Co. 1.7
  Total 21.5
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Special Risks: Small-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-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 Main Street Small- & Mid-Cap Fund/VA. Effective 4/30/13, the portfolio managers are Matthew P. Ziehl, CFA, lead portfolio manager, Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, Kristin Ketner Pak, Magnus Krantz and Adam Weiner.

*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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