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Oppenheimer Rochester® Minnesota Municipal Fund Oppenheimer Rochester® National Municipals Oppenheimer Rochester® North Carolina Municipal Fund Oppenheimer Rochester® Ohio Municipal Fund Oppenheimer Rochester® Short Term Municipal Fund Oppenheimer Rochester® Virginia Municipal Fund Oppenheimer Select Value Fund Oppenheimer Senior Floating Rate Fund Oppenheimer Short Duration Fund Oppenheimer Small- & Mid-Cap Growth Fund Oppenheimer Balanced Fund/VA Oppenheimer Capital Appreciation Fund/VA Oppenheimer Core Bond Fund/VA Oppenheimer Global Securities Fund/VA Oppenheimer Global Strategic Income Fund/VA Oppenheimer International Growth Fund/VA Oppenheimer Main Street Fund®/VA Oppenheimer Main Street Small- & Mid-Cap Fund®/VA Oppenheimer Money Fund/VA Oppenheimer Small- & Mid-Cap Growth Fund/VA Oppenheimer Value Fund/VA Rochester® Fund Municipals
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Supplement to the Summary Prospectus
This supplement amends the summary prospectus (the “Summary Prospectus”) of each of the above referenced funds (each a “Fund” or collectively, the “Funds”) and is in addition to any other supplement(s).
Effective January 1, 2013, the Summary Prospectus of each Fund is revised as follows:
1. | References to the "Manager" in the Summary Prospectus mean OFI Global Asset Management, Inc. and OppenheimerFunds, Inc. unless the context indicates otherwise or unless otherwise specified. |
2. | The section entitled “Investment Adviser” is replaced in its entirety with the following: |
Investment Adviser. OFI Global Asset Management, Inc. (the “Manager”) is the Fund’s investment adviser. OppenheimerFunds, Inc. (the “Sub-Adviser”) is its sub-adviser.
PS0000.079
OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND®/VA
Supplement dated November 15, 2012 to the
Summary Prospectus
This supplement amends the Oppenheimer Main Street Small- & Mid-Cap Fund®/VA (the "Fund") summary prospectus (the "Summary Prospectus") dated April 30, 2012.
Effective as of April 30, 2013:
1. The Fund will change its name to "Oppenheimer Main Street Small Cap Fund®/VA."
2. The first paragraph of the section titled "Principal Investment Strategies," on page 2, is deleted in its entirety and replaced by the following:
Principal Investment Strategies. Under normal market conditions, the Fund will invest at least 80% of its net assets, including any borrowings for investment purposes, in securities of “small-cap” companies. A company's "market capitalization" is the value of its outstanding common stock. The Fund considers small-cap companies to be those having a market capitalization in the range of the Russell 2000® Index, a measure of small-cap issuers. The capitalization range of that index is subject to change at any time due to market activity or changes in the composition of the index. The range of the Russell 2000® Index generally widens over time and it is reconstituted annually to preserve its small-cap character. The Fund measures a company's capitalization at the time the Fund buys a security and is not required to sell a security if the company's capitalization moves outside of the Fund's capitalization definition.
3. The section titled "Portfolio Managers," on page 3, is deleted in its entirety and replaced by the following:
Portfolio Managers. Matthew P. Ziehl CFA, has been lead portfolio manager and Vice President of the Fund since May 2009. Raymond Anello, CFA, has been co-portfolio manager of the Fund since April 2011 and Vice President of the Fund since May 2011. Raman Vardharaj, CFA, has been co-portfolio manager and Vice President of the Fund since May 2009. Joy Budzinski, Kristin Ketner Pak, Magnus Krantz and Adam Weiner have been co-portfolio managers and Vice Presidents of the Fund since November 2012.
November 15, 2012 PS0297.012
OPPENHEIMER Main Street Small- & Mid-Cap Fund®/VA A series of Oppenheimer Variable Account Funds |
Share Classes: |
|
Non-Service Shares |
|
Service Shares |
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, Statement of Additional Information, Annual Report and other information about the Fund online at https://www.oppenheimerfunds.com/fund/MainStreetSmallMidCapFundVA. You can also get this information at no cost by calling 1.800.225.5677 or by sending an email request to: info@oppenheimerfunds.com. The Fund's prospectus and Statement of Additional Information ("SAI"), both dated April 30, 2012, and pages 2 through 39 of its most recent Annual Report, dated December 31, 2011, are incorporated by reference into this Summary Prospectus. You can access the Fund's prospectus and SAI at https://www.oppenheimerfunds.com/fund/MainStreetSmallMidCapFundVA. The Fund's prospectus is also available from financial intermediaries who are authorized to sell Fund shares. |
Investment Objective. The Fund seeks capital appreciation.
Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. The accompanying prospectus of the participating insurance company provides information on initial or contingent deferred sales charges, exchange fees or redemption fees for that variable life insurance policy, variable annuity or other investment product. The fees and expenses of those products are not charged by the Fund and are not reflected in this table. Expenses would be higher if those fees were included.
Shareholder Fees (fees paid directly from your investment) |
|
|
Non-Service |
Service |
|
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) |
None |
None |
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) |
None |
None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||
Non-Service |
Service |
|
Management Fees |
0.69% |
0.69% |
Distribution and/or Service (12b-1) Fees |
None |
0.25% |
Other Expenses |
0.14% |
0.14% |
Total Annual Fund Operating Expenses |
0.83% |
1.08% |
Fee Waiver and Expense Reimbursement* |
(0.03%) |
(0.03%) |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
0.80% |
1.05% |
* The Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement" (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other Fund expenses) to annual rates of 0.80% for Non-Service Shares and 1.05% for Service Shares as calculated on the daily net assets of the Fund. This expense limitation may not be amended or withdrawn until one year from the date of this prospectus.
Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows, whether or not you redeemed your shares:
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Non-Service | $ | 82 | $ | 263 | $ | 459 | $ | 1,026 | ||||||||
Service | $ | 108 | $ | 342 | $ | 596 | $ | 1,321 |
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 108% of the average value of its portfolio.
Principal Investment Strategies. The Fund mainly invests in common stocks of "small-cap" and "mid-cap" companies. A company's "market capitalization" is the
value of its outstanding common stock. Under normal market conditions, the Fund will invest at least 80% of its net assets,
including any borrowings for investment purposes, in securities of companies having a market capitalization in the range of
the Russell 2500™ Index, a measure of small- to mid-cap issuers. The capitalization range of that index is subject to change
due to market activity or changes in the composition of the index. The range of the Russell 2500™ Index generally widens over
time and it is reconstituted annually to preserve its small- and mid-cap character. The Fund measures a company's capitalization
at the time the Fund buys a security and is not required to sell a security if the company's capitalization moves outside
of the Fund's capitalization definition.
The portfolio managers use both fundamental research and quantitative models to identify investment opportunities. While
the process may change over time or vary in particular cases, in general the selection process currently:
aims to maintain broad diversification across all major economic sectors;
uses quantitative models, including sector-specific factors, to rank securities within each economic sector;
uses a fundamental approach to analyze issuers based on factors such as a company's financial performance, competitive strength, industry position, business practices and management; and
considers market trends, current industry outlooks and general economic conditions.
In constructing the portfolio, the Fund seeks to limit exposure to so-called "top-down" or "macro" risks, such as overall
stock market movements, economic cycles, and interest rate or currency fluctuations. Instead, the portfolio managers seek
to add value by selecting individual securities with superior company-specific fundamental attributes or relative valuations
that they expect to outperform their industry and sector peers. This is commonly referred to as a "bottom-up" approach to
portfolio construction.
The portfolio managers consider stock rankings, benchmark weightings and capitalization outlooks in determining security
weightings for individual issuers. Although the Fund mainly invests in U.S. companies, it can invest in securities issued
by companies or governments in any country. The Fund primarily invests in common stock but may also invest in other types
of securities, such as units of master limited partnerships or other securities that are consistent with its investment objective.
The portfolio managers might sell a security if the price is approaching their price target, if the company's competitive
position has deteriorated or the company's management has performed poorly, or if they have identified more attractive investment
prospects.
Principal Risks. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund.
Main Risks of Investing in Stock. The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.
The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry.
Main Risks of Small- and Mid-Sized Companies. The stock prices of small- and mid-sized companies may be more volatile and their securities may be more difficult to sell than those of larger companies. They may not have established markets, may have fewer customers and product lines, may have unseasoned management or less management depth and may have more limited access to financial resources. Smaller companies may not pay dividends or provide capital gains for some time, if at all.
Investing in Small Unseasoned Companies. The Fund can invest in the securities of small unseasoned companies. These are companies that have been in operation for less than three years, including the operations of any predecessors. In addition to the other risks of smaller issuers, these securities may have a very limited trading market, making it harder for the Fund to sell them at an acceptable price. The price of these securities may be very volatile, especially in the short term.
Main Risks of Foreign Investing. Foreign securities are subject to special risks. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company's operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those securities. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company's assets, or other political and economic factors. These risks may be greater for investments in developing or emerging market countries.
Who Is the Fund Designed For? The Fund's shares are available only as an investment option under certain variable annuity contracts, variable life insurance policies and investment plans offered through insurance company separate accounts of participating insurance companies. The Fund is designed primarily for investors seeking capital appreciation over the long term. Those investors should be willing to assume the greater risks of short-term share price fluctuations that are typical for a fund focusing on stocks of small and medium sized companies. The Fund is not designed for investors needing current income. The Fund is not a complete investment program and may not be appropriate for all investors. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's
Non-Service Shares performance from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 years
compare with those of a broad measure of market performance. Charges imposed by the insurance accounts that invest in the
Fund are not included and the returns would be lower if they were. The Fund's past investment performance is not necessarily
an indication of how the Fund will perform in the future. More recent performance information is available by calling the
toll-free number on the back of this prospectus and on the Fund's website at:
https://www.oppenheimerfunds.com/fund/MainStreetSmallMidCapFundVA
During the period shown, the highest return before taxes for a calendar quarter was 31.71% (2nd Qtr 09) and the lowest return before taxes for a calendar quarter was -27.25% (4th Qtr 08).
The following table shows the average annual total returns before taxes for each class of the Fund's shares.
Average Annual Total Returns for the periods ended December 31, 2011 |
||||||
|
1 Year |
5 Years |
10 Years |
|||
Non-Service Shares (inception 5-1-98) |
(2.21%) |
0.34% |
6.44% |
|||
Service Shares (inception 7-16-01) |
(2.38%) |
0.10% |
6.22% |
|||
Russell 2500 Index (reflects no deductions for fees, expenses or taxes) |
(2.51%) |
1.24% |
6.57% |
Investment Adviser. OppenheimerFunds, Inc. is the Fund's investment adviser (the "Manager").
Portfolio Managers. Matthew P. Ziehl has been lead portfolio manager and Vice President of the Fund since May 2009, Raymond Anello has been co-lead portfolio manager of the Fund since April 2011 and Vice President of the Fund since May 2011, and Raman Vardharaj, CFA, has been co-portfolio manager and Vice President of the Fund since May 2009.
Purchase and Sale of Fund Shares. Shares of the Fund may be purchased only by separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. Individual investors cannot buy shares of the Fund directly. You may only submit instructions for buying or selling shares of the Fund to your insurance company or its servicing agent, not directly to the Fund or its Transfer Agent. The accompanying prospectus of the participating insurance company provides information about how to select the Fund as an investment option.
Taxes. Because shares of the Fund may be purchased only through insurance company separate accounts for variable annuity contracts, variable life insurance policies or other investment products, any dividends and capital gains distributions will be taxable to the participating insurance company, if at all. However, those payments may affect the tax basis of certain types of distributions from those accounts. Special tax rules apply to life insurance companies, variable annuity contracts and variable life insurance contracts. For information on federal income taxation of a life insurance company with respect to its receipt of distributions from the Fund and federal income taxation of owners of variable annuity or variable life insurance contracts, see the accompanying prospectus for the applicable contract.
Payments to Broker-Dealers and Other Financial Intermediaries. The Fund, the Manager, or their related companies may make payments to financial intermediaries, including to insurance companies that offer shares of the Fund as an investment option. These payments for the sale of Fund shares and related services may create a conflict of interest by influencing the intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.
For More Information About Oppenheimer Main Street Small- & Mid-Cap Fund/VA
You can access the Fund's prospectus and SAI at https://www.oppenheimerfunds.com/fund/MainStreetSmallMidCapFundVA. You can also request additional information about the Fund or your account:
By Telephone: |
Call OppenheimerFunds Services toll-free: 1.800.988.8287 |
|
By Mail: |
For requests by mail: |
For courier or express mail requests: |
On the Internet: |
You can read or download the Fund's Statement of Additional Information, Annual and Semi-Annual Reports, on the OppenheimerFunds website at: www.oppenheimerfunds.com |
PR0297.001.0412 |
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