-----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, ElBneUMd3xndIKCmBWjtBZsMLxXxUhV06J5dbzjdmiIs1RZRwnAZTVnki1Rc7BGf wC0VQFAw5u/ZAKVX9/mYKA== 0000728889-08-001873.txt : 20081215 0000728889-08-001873.hdr.sgml : 20081215 20081215132057 ACCESSION NUMBER: 0000728889-08-001873 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20081215 DATE AS OF CHANGE: 20081215 EFFECTIVENESS DATE: 20081215 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: 081249234 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 S000010335 Oppenheimer Core Bond Fund/VA

C000028594 Non-Service

C000028595 Service

497 1 corebondva.htm CORE BOND/VA SUPPLEMENT

OPPENHEIMER CORE BOND FUND/VA

Series of Oppenheimer Variable Account Funds

Supplement dated December 15, 2008 to the

Prospectus dated April 29, 2008

This supplement amends the Prospectus of Oppenheimer Core Bond Fund/VA (the “Fund”) dated April 29, 2008.

The section “How the Fund Is Managed – The Manager – Portfolio Managers” beginning on page 11 is deleted in its entirety and replaced with the following:

Portfolio Managers. The Fund's portfolio is managed by a team of investment professionals including Benjamin J. Gord, Geoffrey Caan, Thomas Swaney and Antulio Bomfim who are primarily responsible for the day-to-day management of the Fund's investments.

Mr. Gord has been a Vice President and portfolio manager of the Fund and a Vice President of the Manager since April 2002. He is also a portfolio manager of other portfolios in the OppenheimerFunds complex. Mr. Gord was an Executive Director and a senior fixed income analyst at Miller Anderson & Sherrerd, a division of Morgan Stanley Investment Management from April 1992 through March 2002.

Mr. Caan has been a Vice President and portfolio manager of the Fund and a Vice President of the Manager since August 2003. He is also a portfolio manager of other portfolios in the OppenheimerFunds complex. Mr. Caan was a Vice President of ABN AMRO N.A., Inc. from June 2002 through August 2003, and a Vice President of Zurich Scudder Investments from January 1999 through June 2002.

Mr. Swaney has been a portfolio manager of the Fund and a Vice President of the Manager since April 2006 and a Vice President of the Fund since April 2006. He is also a portfolio manager of other portfolios in the OppenheimerFunds complex. Mr. Swaney was a senior analyst of the Manager's High Grade Investment Team from June 2002 to March 2006. Prior to joining the Manager in June 2002, Mr. Swaney was a senior fixed income analyst at Miller, Anderson & Sherrerd, a division of Morgan Stanley Investment Management from May 1998 through May 2002.

Mr. Bomfim has been a Vice President and portfolio manager of the Fund and a Vice President of the Manager since October 2003. He is also a portfolio manager of other portfolios in the OppenheimerFunds complex. Mr. Bomfim was a Senior Economist at the Board of Governors of the Federal Reserve System from June 1992 to October 2003.

The Statement of Additional Information provides additional information about the Portfolio Managers' compensation, other accounts they manage and their ownership of Fund shares.

December 15, 2008 PS0630.014

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