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GLOBAL EQUITY

Global Fund/VA1 2 

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Focus: The Fund typically invests in large-cap U.S. and foreign stocks.
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Top Stock Holdings by Issuers as of 3/31/14
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  % Net Assets
1 L.M. Ericsson 3.0
2 Google, Inc. 2.7
3 UBS AG 2.2
4 Walt Disney Co. 2.1
5 European Aeronautic Defence & Space Co. 2.1
6 SAP AG ADR 2.1
7 BMW PFD 2.1
8 McGraw-Hill Co. 2.0
9 eBay, Inc. 2.0
10 Wellpoint, Inc. 1.9
  Total 22.2
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Prior to 4/30/13, the Fund's name was Oppenheimer Global Securities Fund/VA.
Special Risks Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. 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 mid-sized company, if any gain is realized at all. 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.

*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.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008