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DOMESTIC EQUITY

Equity Income Fund/VA1 2 

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Focus: The Fund typically invests primarily in large company U.S. value stocks.
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Top Holdings 3  as of 3/31/14
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  % Net Assets
1 JPMorgan Chase & Co. 4.0
2 Citigroup, Inc. 3.7
3 Apple, Inc. 3.7
4 Chevron Corp. 2.6
5 Ford Motor Co. 2.5
6 General Motors Stock (Ohio/Fort Wayne/Indianapolis 2.4
7 Microsoft Corp. 2.0
8 Lear Corp. 1.8
9 CenturyLink, Inc. 1.8
10 General Electric Co. 1.7
  Total 26.2
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Special Risks: 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. Diversification does not guarantee profit or protect against loss.
Prior to 4/30/13, the Fund's name was Oppenheimer Value Fund /VA. Effective 4/30/13, the portfolio manager is Michael S. Levine, CFA, and the Fund's investment objective changed from: "seeks long-term growth of capital by investing primarily in common stocks with low price-earnings ratios and better-than-anticipated earnings" to "seeks total return."
Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.

*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