OPPENHEIMER CAPITAL APPRECIATION FUND/VA SUPPLEMENT

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NCtTw4IjpAkxoIWtHqQ+gh9gXXAC7kgDuYIcOPc6cxAvW6bL1MU09RV3Ua+lKdHI GAAFFXTOZtooEreApsqkUQ== 0000728889-07-000532.txt : 20070529 0000728889-07-000532.hdr.sgml : 20070528 20070529160307 ACCESSION NUMBER: 0000728889-07-000532 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070529 DATE AS OF CHANGE: 20070529 EFFECTIVENESS DATE: 20070529 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: 07883761 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 S000010334 Oppenheimer Capital Appreciation Fund

C000028592 Non-Service

C000028593 Service

497 1 capapprva497052907.htm CAPITAL APPRECIATION FUND VA SUPPLEMENT OPPENHEIMER CAPITAL APPRECIATION FUND/VA SUPPLEMENT



                    OPPENHEIMER CAPITAL APPRECIATION FUND/VA
                (a series of Oppenheimer Variable Account Funds)
                     Supplement dated May 30, 2007 to the
                        Prospectus dated April 30, 2007

     This supplement  amends the Prospectus dated April 30, 2007, of Oppenheimer
Capital  Appreciation Fund/VA (the "Fund"), a series of the Oppenheimer Variable
Account Funds.

     Effective  July 1, 2007,  under the section  "How the Fund Is Managed - The
Manager," the sub-section  captioned "Portfolio Manager" on page 8 is deleted in
its entirety and replaced by the following:

     Portfolio Manager.  The Fund's portfolio is managed by Marc L. Baylin, CFA,
who is  primarily  responsible  for  the  day-to-day  management  of the  Fund's
investments.  Mr. Baylin has been a portfolio  manager and Vice President of the
Fund since  October  2005 and has been a Vice  President  of the  Manager  and a
member of the Manager's  Growth Equity  Investment Team since September 2005. He
was Managing Director and Lead Portfolio Manager at JPMorgan Fleming  Investment
Management  from June 2002 to August  2005 and was a Vice  President  of T. Rowe
Price, where he was an investment analyst from June 1993 and a portfolio manager
from March 1999 to June 2002.

     The Statement of Additional  Information  provides  additional  information
about the portfolio  manager's  compensation,  other accounts he manages and his
ownership of Fund shares.




May 30, 2007                                                          PS0610.003

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