0000728889-11-001212.txt : 20111007 0000728889-11-001212.hdr.sgml : 20111007 20111007112927 ACCESSION NUMBER: 0000728889-11-001212 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20111007 DATE AS OF CHANGE: 20111007 EFFECTIVENESS DATE: 20111007 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: 111131257 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 sticker.htm

OPPENHEIMER VARIABLE ACCOUNT FUNDS

Oppenheimer Capital Appreciation Fund/VA

Supplement dated October 7, 2011 to the
Prospectus dated April 29, 2011

This supplement amends the Prospectus of Oppenheimer Capital Appreciation Fund/VA (the “Fund”), a series of Oppenheimer Variable Account Funds. Effective October 7, 2011, the section titled “Advisory Fees,” on page 8, is supplemented with the following:

Effective September 1, 2011, the Manager has voluntarily agreed to reduce its management fee by 0.05% of the Fund’s average daily net assets until the Fund’s trailing one-year total return performance is in the third quintile of the Fund’s Lipper peer group as measured at each calendar quarter end. The management fee reduction will be terminated effective as of the first business day following the achievement of this goal. The management fee reduction is a voluntary undertaking by the Manager, and the Manager may terminate it at any time.

October 7, 2011

PS0610.006