0000728889-12-000802.txt : 20120518 0000728889-12-000802.hdr.sgml : 20120518 20120518143413 ACCESSION NUMBER: 0000728889-12-000802 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120518 DATE AS OF CHANGE: 20120518 EFFECTIVENESS DATE: 20120518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-93177 FILM NUMBER: 12855075 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 0000752737 S000010337 Oppenheimer High Income Fund/VA C000028598 Non-Service C000028599 Service C000047467 3 C000047468 4 497 1 hiva497.htm hiva497.htm
OPPENHEIMER VARIABLE ACCOUNT FUNDS
Oppenheimer High Income Fund/VA
Prospectus and Statement of Additional Information Supplement dated May 18, 2012

This supplement amends the Prospectus and Statement of Additional Information of Oppenheimer High Income Fund/VA (the "Fund"), a series of Oppenheimer Variable Account Funds (the “Trust”), each dated April 30, 2012. Capitalized terms used herein are as defined in the Prospectus.

The Board of Trustees of the Trust has determined that it is in the best interests of the Fund and its shareholders that the Fund reorganize with and into Oppenheimer Global Strategic Income Fund/VA ("GSIF/VA"), which is also a series of the Trust.  The Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) to be entered into between the Fund and GSIF/VA, pursuant to which GSIF/VA will acquire substantially all of the assets and assume certain liabilities of the Fund in exchange for newly-issued shares of GSIF/VA (the "Reorganization").  If the Reorganization takes place, Non-Service and Class 3 shareholders of the Fund will receive Non-Service shares of GSIF/VA, and Service and Class 4 shareholders of the Fund will receive Service shares of GSIF/VA, in each case equal in value to the value of the net assets of the shares of the Fund held immediately prior to the Reorganization.  The shares of GSIF/VA to be received by shareholders of the Fund will be issued at net asset value without a sales charge and will not be subject to any redemption fee. The Reorganization is expected to be tax-free for both the Fund and GSIF/VA and their respective shareholders. Following the Reorganization, the Fund will liquidate and dissolve.

The Reorganization is conditioned upon, among other things, approval by the Fund's shareholders. Shareholders of record, as of May 25, 2012, will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization and the shareholder meeting. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about July 27, 2012. The anticipated date of the shareholder meeting is on or about September 14, 2012. If approved by the shareholders and certain conditions required by the Agreement are satisfied, the Reorganization is expected to take place on or about October 25, 2012.

 
May 18, 2012
      
PS0640.010