<SEC-DOCUMENT>0001193125-17-059321-index.html : 20170227
<SEC-HEADER>0001193125-17-059321.hdr.sgml : 20170227
<ACCEPTANCE-DATETIME>20170227172601
ACCESSION NUMBER:		0001193125-17-059321
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		58
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170227
DATE AS OF CHANGE:		20170227
EFFECTIVENESS DATE:		20170227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER VARIABLE ACCOUNT FUNDS
		CENTRAL INDEX KEY:			0000752737
		IRS NUMBER:				840974272
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04108
		FILM NUMBER:		17643297

	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
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010331
<SERIES-NAME>Oppenheimer Conservative Balanced Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028586
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028587
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010332
<SERIES-NAME>Oppenheimer Equity Income Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028588
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028589
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010333
<SERIES-NAME>Oppenheimer Discovery Mid Cap Growth Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028590
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028591
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010334
<SERIES-NAME>Oppenheimer Capital Appreciation Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028592
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028593
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010335
<SERIES-NAME>Oppenheimer Core Bond Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028594
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028595
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010336
<SERIES-NAME>Oppenheimer Global Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028596
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028597
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010338
<SERIES-NAME>Oppenheimer Main Street Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028600
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028601
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010339
<SERIES-NAME>Oppenheimer Main Street Small Cap Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028602
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028603
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010340
<SERIES-NAME>Oppenheimer Government Money Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028604
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000010341
<SERIES-NAME>Oppenheimer Global Strategic Income Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028606
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000028607
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000042879
<SERIES-NAME>Oppenheimer Global Multi-Alternatives Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000132845
<CLASS-CONTRACT-NAME>Non-Service Class
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000132846
<CLASS-CONTRACT-NAME>Service Class
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000752737
<SERIES-ID>S000044083
<SERIES-NAME>Oppenheimer International Growth Fund/VA
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000136819
<CLASS-CONTRACT-NAME>Non-Service
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000136820
<CLASS-CONTRACT-NAME>Service
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>d336027dncsr.htm
<DESCRIPTION>OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA
<TEXT>
Document 1 - file: d336027dncsr.htm
</DOCUMENT> <DOCUMENT> <TYPE>EX-99.CODE ETH <SEQUENCE>2 <FILENAME>d336027dex99codeeth.htm <DESCRIPTION>CODE OF ETHICS <TEXT> Document 2 - file: d336027dex99codeeth.htm
</DOCUMENT> <DOCUMENT> <TYPE>EX-99.CERT <SEQUENCE>3 <FILENAME>d336027dex99cert.htm <DESCRIPTION>SECTION 302 CERTIFICATIONS <TEXT> Document 3 - file: d336027dex99cert.htm
</DOCUMENT> <DOCUMENT> <TYPE>EX-99.906CERT <SEQUENCE>4 <FILENAME>d336027dex99906cert.htm <DESCRIPTION>SECTION 906 CERTIFICATIONS <TEXT> Document 4 - file: d336027dex99906cert.htm
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>5 <FILENAME>g286930bc1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 5 - file: g286930bc1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>6 <FILENAME>g286930cov1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 6 - file: g286930cov1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>7 <FILENAME>g286930toc1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 7 - file: g286930toc1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>8 <FILENAME>g286930tx03a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 8 - file: g286930tx03a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>9 <FILENAME>g286930tx03b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 9 - file: g286930tx03b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>10 <FILENAME>g287054bc01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 10 - file: g287054bc01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>11 <FILENAME>g287054cov01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 11 - file: g287054cov01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>12 <FILENAME>g287054toc01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 12 - file: g287054toc01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>13 <FILENAME>g287054tx03a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 13 - file: g287054tx03a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>14 <FILENAME>g287054tx03b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 14 - file: g287054tx03b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>15 <FILENAME>g287123dsp05a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 15 - file: g287123dsp05a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>16 <FILENAME>g287123dsp05b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 16 - file: g287123dsp05b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>17 <FILENAME>g287123dsp1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 17 - file: g287123dsp1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>18 <FILENAME>g287123page44.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 18 - file: g287123page44.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>19 <FILENAME>g335438dsp001.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 19 - file: g335438dsp001.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>20 <FILENAME>g335438dsp002.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 20 - file: g335438dsp002.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>21 <FILENAME>g335438dsp005a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 21 - file: g335438dsp005a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>22 <FILENAME>g335438dsp005b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 22 - file: g335438dsp005b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>23 <FILENAME>g335438dsp32.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 23 - file: g335438dsp32.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>24 <FILENAME>g335520bcpg01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 24 - file: g335520bcpg01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>25 <FILENAME>g335520covpg01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 25 - file: g335520covpg01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>26 <FILENAME>g335520tocpg01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 26 - file: g335520tocpg01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>27 <FILENAME>g335520txpg04a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 27 - file: g335520txpg04a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>28 <FILENAME>g335520txpg04b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 28 - file: g335520txpg04b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>29 <FILENAME>g336027bc1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 29 - file: g336027bc1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>30 <FILENAME>g336027cov1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 30 - file: g336027cov1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>31 <FILENAME>g336027toc1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 31 - file: g336027toc1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>32 <FILENAME>g336027tx03a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 32 - file: g336027tx03a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>33 <FILENAME>g336027tx03b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 33 - file: g336027tx03b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>34 <FILENAME>g336480dsp05a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 34 - file: g336480dsp05a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>35 <FILENAME>g336480dsp05b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 35 - file: g336480dsp05b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>36 <FILENAME>g336480dsp1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 36 - file: g336480dsp1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>37 <FILENAME>g336480dsp44.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 37 - file: g336480dsp44.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>38 <FILENAME>g337965bc1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 38 - file: g337965bc1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>39 <FILENAME>g337965cov1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 39 - file: g337965cov1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>40 <FILENAME>g337965toc1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 40 - file: g337965toc1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>41 <FILENAME>g337965tx04a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 41 - file: g337965tx04a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>42 <FILENAME>g337965tx04b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 42 - file: g337965tx04b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>43 <FILENAME>g33797602.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 43 - file: g33797602.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>44 <FILENAME>g33797603.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 44 - file: g33797603.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>45 <FILENAME>g3379761.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 45 - file: g3379761.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>46 <FILENAME>g338070bc_pg001.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 46 - file: g338070bc_pg001.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>47 <FILENAME>g338070cov_pg001.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 47 - file: g338070cov_pg001.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>48 <FILENAME>g338070cov_pg01.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 48 - file: g338070cov_pg01.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>49 <FILENAME>g338070dsp006a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 49 - file: g338070dsp006a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>50 <FILENAME>g338070dsp006b.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 50 - file: g338070dsp006b.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>51 <FILENAME>g338255001a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 51 - file: g338255001a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>52 <FILENAME>g338255002a.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 52 - file: g338255002a.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>53 <FILENAME>g338255003.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 53 - file: g338255003.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>54 <FILENAME>g338739dsp1.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 54 - file: g338739dsp1.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>55 <FILENAME>g338739dsp2.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 55 - file: g338739dsp2.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>56 <FILENAME>g338739dsp32.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 56 - file: g338739dsp32.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>57 <FILENAME>g338739dsp6c.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 57 - file: g338739dsp6c.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>58 <FILENAME>g338739dsp6d.jpg <DESCRIPTION>GRAPHIC <TEXT> Document 58 - file: g338739dsp6d.jpg
</DOCUMENT> </SEC-DOCUMENT>