X0101 EFFECT 33 LIVE 2012-03-19 10:40:00

N-14

0000752737 OPPENHEIMER VARIABLE ACCOUNT FUNDS 333-179583 0000752737 OPPENHEIMER VARIABLE ACCOUNT FUNDS S000010331 Oppenheimer Balanced Fund/VA C000028586 Non-Service 0000355411 PANORAMA SERIES FUND, INC S000010346 Total Return Portfolio C000028612 Non-Service