-----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, WS9iu7dTxuG+1L5AWJ9RtxryvYrfhEsw2n6t05jWnMufMeWvxDhCLKsGPhYHlOe7 L3qKQ6zGs1si2NGu+sZOCA== 0000728889-09-000655.txt : 20090406 0000728889-09-000655.hdr.sgml : 20090406 20090406165811 ACCESSION NUMBER: 0000728889-09-000655 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20090406 DATE AS OF CHANGE: 20090406 EFFECTIVENESS DATE: 20090406 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: 09735604 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 cva.htm

Oppenheimer Core Bond Fund/VA

Supplement dated April 6, 2009 to the
Prospectus dated April 29, 2008

This supplement amends the Prospectus of Oppenheimer Core Bond Fund/VA (the "Fund") dated April 29, 2008. It replaces the supplements dated December 15, 2008, March 31, 2009 and April 3, 2009. The Prospectus is revised as follows:

1.     

The section titled “How the Fund is Managed – Advisory Fees” on page 11 is deleted in its entirety and is replaced by the following:

Advisory Fees. Under the investment advisory agreement, the Fund pays the Manager an advisory fee at an annual rate that declines on additional assets as the Fund grows: at an annual rate of 0.60% on the first $1 billion of the Fund’s daily net assets, and 0.50% of daily net assets over $1 billion. The Fund’s management fee for its fiscal year ended December 31, 2007 was 0.64% of the Fund’s average annual net assets for each class of shares.
 
Effective April 1, 2009, the Manager has agreed to voluntarily waive the advisory fee by 0.18% of the Fund’s average daily net assets through March 31, 2010. This voluntary waiver will be applied after all other waivers and/or reimbursements and may be withdrawn at any time.

A discussion regarding the basis for the Board of Trustees’ approval of the Fund’s investment advisory contract is available in the Fund’s Annual Report to shareholders for the year ended December 31, 2007.

2.     

The section titled "How the Fund is Managed – Portfolio Managers," on page 11 of the Prospectus, is deleted in its entirety and is replaced by the following:


Portfolio Manager. The Fund’s portfolio is managed by Krishna Memani, who is primarily responsible for the day-to-day management of the Fund’s investments. Mr. Memani has been a portfolio manager and Vice President of the Fund since April 2009.

Mr. Memani has been a Senior Vice President and Head of the Investment Grade Fixed Income Team of the Manager since March 2009. 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 the Chief Credit Strategist at Credit Suisse Securities from August 2002 through March 2006. He was a Managing Director and Senior Portfolio Manager at Putnam Investments from September 1998 through June 2002. He is a portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.

April 6, 2009

PS0630.017

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