Capital Appreciation Fund/VA 1 

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Focus: The Fund typically invests in large-cap U.S. growth stocks.
Top Stock Holdings by Issuers 2  as of 3/31/14
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  % Net Assets
1 Apple, Inc. 6.2
2 Facebook, Inc. 3.8
3 Biogen Idec, Inc. 3.7
4 Google, Inc. 3.5
5 Gilead Sciences, Inc. 3.3
6 Walt Disney Co. 3.2
7 Mastercard, Inc. 2.5
8 EOG Resources, Inc. 2.4
9 CVS Corp. 2.2
10 EMC Corp. 2.2
  Total 33.0
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Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Investments in securities of growth and technology companies may be especially volatile. Diversification does not guarantee profit or protect against loss.
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.

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