OPPENHEIMER MULTIPLE STRATEGIES FUND/VA
                 A Series of Oppenheimer Variable Account Funds
                    Supplement dated January 16, 2001 to the
                          Prospectus dated May 1, 2000


     The  Prospectus  is changed as follows:  The section  captioned  "Portfolio
Manager" on page 8 is deleted and replaced with the following:

     |X| Portfolio  Manager.  The Fund's  management team includes two portfolio
managers:  Richard H. Rubinstein and Michael Levine. Each is a Vice President of
the Fund, and each serves as an officer and manager of other Oppenheimer  funds.
They are the persons  principally  responsible for the day-to-day  management of
the Fund's  portfolio.  Mr.  Rubinstein,  who is a Senior Vice  President of the
Manager,  has  been a  portfolio  manager  of the Fund  since  April  1991.  Mr.
Rubinstein  has been a  portfolio  manager of the Manager  since June 1990.  Mr.
Levine, who is a Vice President of the Manager,  has been a portfolio manager of
the Fund since  August 1998 and a portfolio  manager of the Manager  since April
1996; he joined the Manager as an analyst in June 1994.









January 16, 2001                                            PS0670.001