0000728889-14-000859.txt : 20140730 0000728889-14-000859.hdr.sgml : 20140730 20140730150239 ACCESSION NUMBER: 0000728889-14-000859 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140730 DATE AS OF CHANGE: 20140730 EFFECTIVENESS DATE: 20140730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 IRS NUMBER: 840974272 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-93177 FILM NUMBER: 141002502 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 S000010341 Oppenheimer Global Strategic Income Fund/VA C000028606 Non-Service C000028607 Service 497 1 sticker.htm

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Supplement dated July 30, 2014 to the

Prospectus and Statement of Additional Information dated April 30, 2014

 

This supplement amends the Prospectus and Statement of Additional Information (“SAI”) of Oppenheimer Global Strategic Income Fund/VA (the “Fund”), each dated April 30, 2014 and is in addition to any other supplement(s).

 

Effective November 1, 2014:

 

1.The section titled “Portfolio Managers” on page 7 of the Prospectus is deleted in its entirety and is replaced with the following:

 

Portfolio Managers. Michael Mata, the lead portfolio manager, has been portfolio manager of the Fund since November 2014. Krishna Memani has been a Vice President of the Fund since March 2009 and portfolio manager of the Fund since April 2009. Sara J. Zervos, Ph.D., has been a portfolio manager of the Fund since October 2010 and a Vice President of the Fund since November 2010. Jack Brown, CFA, has been a Vice President and portfolio manager of the Fund since April 2013.

 

2.The section titled “Portfolio Managers” on page 19 of the Prospectus is deleted in its entirety and is replaced with the following:

 

Portfolio Managers. The Fund’s portfolio is managed by Michael Mata, the lead portfolio manager, Krishna Memani, Sara J. Zervos and Jack Brown, who are primarily responsible for the day-to-day management of the Fund’s investments. Mr. Mata has been a portfolio manager of the Fund since November 2014. Mr. Memani has been a portfolio manager and Vice President of the Fund since March 2009. Ms. Zervos, Ph.D., has been Vice President of the Fund since November 2010 and a portfolio manager of the Fund since October 2010. Mr. Brown, CFA, has been a Vice President and portfolio manager of the Fund since January 2013.

 

Mr. Mata has been a Senior Vice President of the Sub-Adviser and the Head of Multi-Sector Fixed Income since July 2014. Mr. Mata was a portfolio manager with ING Investment Management and Head of Multi-Sector Fixed-Income from August 2004 to December 2013, managing the Global Bond and Core Plus strategies and the macro and quantitative research teams, along with the emerging markets sovereign team. Mr. Mata was a Senior Vice President and Senior Risk Manager at Putnam Investments from March 2000 to August 2004, and a Vice President and Risk Manager for Fixed Income Trading at Lehman Brothers from September 1994 to March 2000. Mr. Mata is a portfolio manager of other portfolios in the OppenheimerFunds complex.

 

Mr. Memani has been President of the Sub-Adviser since January 2013, Executive Vice President of the Manager since January 2014 and Chief Investment Officer of the OppenheimerFunds advisory entities since January 2014. He was Chief Investment Officer, Fixed Income of the Sub-Adviser from January 2013 to December 2013; Head of the Investment Grade Fixed Income Team of the Sub-Adviser from March 2009 to January 2014; Director of Fixed Income of the Sub-Adviser from October 2010 through December 2012 and Senior Vice President of the Sub-Adviser from March 2009 through December 2012. He was also Senior Vice President of OFI Global Institutional, Inc. from April 2009 through December 2012. Mr. Memani was a Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities from June 2006 through January 2009. He was Chief Credit Strategist at Credit Suisse Securities from August 2002 through March 2006 and Managing Director and Senior Portfolio Manager at Putnam Investments from September 1998 through June 2002. Mr. Memani is a portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.

 

Ms. Zervos has been a Senior Vice President of the Sub-Adviser since January 2011, the Head of the Sub-Adviser’s Global Debt Team since October 2010, and is the team’s Director of International Research. Ms. Zervos serves on the Board of the Emerging Market Trade Association (EMTA) since January 2014 and is a member of the Federal Reserve Bank of New York Foreign Exchange Committee since January 2014. She was a Vice President of the Sub-Adviser from April 2008 to December 2010. She was a portfolio manager with Sailfish Capital Management from May 2007 to February 2008 and a portfolio manager for emerging market debt at Dillon Read Capital Management and OTA Asset Management from June 2004 to April 2007. Ms. Zervos is a portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

 

Mr. Brown has been a Vice President of the Sub-Adviser since May 2009 and was a senior analyst for the High Yield Corporate Debt team from 2000 to 2012. He joined the Sub-Adviser in 1995 and has held numerous positions including fixed income liaison, analyst and senior analyst. Mr. Brown is a portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

 

3.The sections titled “Portfolio Managers,” “Other Accounts Managed” and “Compensation of the Portfolio Managers” beginning on page 73 of the SAI are revised to reflect the addition of Michael Mata as a Portfolio Manager of Global Strategic Income Fund/VA.

 

4.Other Accounts Managed. The following table provides information regarding the other portfolios and accounts managed by Mr. Mata as of July 28, 2014.

 

 

Fund Name and

Portfolio Manager

 

Registered Investment Companies Managed

Total Assets in Registered Investment Companies Managed1

 

Other Pooled Investment Vehicles Managed

Total Assets in Other Pooled Investment Vehicles Managed2

 

Other Accounts Managed

 

Total Assets in Other Accounts Managed2,3

Global Strategic Income Fund/VA
Michael Mata4 N/A N/A N/A N/A N/A N/A

 

1. In billions.

2. In millions.

3. Does not include personal accounts of the portfolio managers and their families, which are subject to the Code of Ethics.

4. Mr. Mata did not become a portfolio manager until November 1, 2014.

 

 

July 30, 2014 PS0265.19