-----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, Pa3rwza69o6rn5RR3ADQyePIfMwl4nKMGbV8T8mKbAgoUV5mlLTUnPlJWvoyJC7U GxIjGte3qYISgoIfI6DNwA== 0000728889-10-000680.txt : 20100426 0000728889-10-000680.hdr.sgml : 20100426 20100426093843 ACCESSION NUMBER: 0000728889-10-000680 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100426 DATE AS OF CHANGE: 20100426 EFFECTIVENESS DATE: 20100426 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: 10769111 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 capitalapp.htm

OPPENHEIMER CAPITAL APPRECIATION FUND/VA
A series of Oppenheimer Variable Account Funds

Supplement dated April 26, 2010

to the Prospectus dated April 30, 2009

This supplement amends the Prospectus of Oppenheimer Capital Appreciation Fund/VA (the "Fund"), dated April 30, 2009.

1. The section titled “How the Portfolio Manager Decides What Securities To Buy or Sell" on page 3 in the Prospectus is deleted in its entirety and is replaced with the following:

HOW THE PORTFOLIO MANAGER DECIDES WHAT SECURITIES TO BUY OR SELL. In selecting securities to buy or sell the portfolio manager looks for growth companies with stock prices that she believes are reasonable in relation to overall stock market valuations. In seeking broad diversification of the Fund's portfolio among industries and market sectors, the portfolio manager focuses on a number of factors that may vary in particular cases and over time. Currently, the portfolio manager looks for:

companies in business areas that have above-average growth potential,

companies with growth rates that the portfolio manager believes are sustainable over time,

stocks with reasonable valuations relative to their growth potential.

The Fund may sell the stocks of companies that the portfolio manager believes no longer meet the above criteria.

2. The section titled “Portfolio Manager” on page 14 in the Prospectus is deleted in its entirety and is replaced with the following:

Portfolio Manager. The Fund’s portfolio is managed by Julie Van Cleave, CFA, who is primarily responsible for the day-to-day management of the Fund’s investments. Ms. Van Cleave has been portfolio manager of the Fund since April 26, 2010.

Ms. Van Cleave has been a Vice President and Senior Portfolio Manager of the Manager since April 2010. Prior to joining the Manager, she was Managing Director, U.S. Large-Cap Growth Equity, and lead portfolio manager at Deutsche Asset Management from December 2002 to February 2009. Prior to 2002, Ms. Van Cleave was a Managing Director, a portfolio manager and a team leader with Mason Street Advisors, a wholly owned subsidiary of Northwestern Mutual Life. Ms. Van Cleave is a portfolio manager of other portfolios in the OppenheimerFunds complex.

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

April 26, 2010

PS0610.005

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