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497 1 stickers702.htm SUPPLEMENTS stickers

OPPENHEIMER HIGH INCOME FUND/VA
(a series of Oppenheimer Variable Account Funds)
Supplement dated June 25, 2002 to the
Prospectus dated May 1, 2002

The Prospectus is changed as follows. The paragraph titled "Portfolio Managers" in page 8 of the
Prospectus is deleted in its entirety and replaced with the following:

|X| Portfolio Managers. The portfolio managers of the Fund are Thomas P. Reedy, David P. Negri and
Dimitrois Kourkoulakos. They are the persons principally responsible for the day-to-day management of
the Fund's portfolio, Mr. Reedy since January 1998, Mr. Negri since May 1999 and Mr. Kourkoulakos since
June 2002. All are Vice Presidents of the Fund, and Messrs. Reedy and Kourkoulakos are Vice Presidents
and Mr. Negri is Senior Vice President of the Manager. They also serve as officers and portfolio
managers for other Oppenheimer funds. Mr. Negri has been employed by the Manager since June 1988, Mr.
Reedy since 1986 and Mr. Kourkoulakos since 1995.

June 25, 2002 PS640.001

OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated July 1, 2002 to the
Statement of Additional Information dated May 1, 2002

The Statement of Additional Information is changed as follows:

1. The biography for Jon Fossel, C. Howard Kast and Robert M. Kirchner on page 35 are deleted. Mr.
Fossel's updated biography appears below.

2. The following biographies are added to page 34 as follows:

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Dollar Aggregate
Name, Address,1 Range of Dollar Range of
Age, Position(s) Held Principal Occupation(s) During Past 5 Years / Other Shares Shares Owned in
with Fund and Length Trusteeships Held by Trustee / Number of Portfolios in Fund Owned in any of the
of Time Served2 Complex Overseen by Trustee the Funds Board II Funds
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Jon S. Fossel Chairman and Director of Rocky Mountain Elk Foundation, a 0 Over $100,000
Trustee since 1990 not-for-profit foundation (since 1998); and a director of P.R.
Age: 60 Pharmaceuticals, a privately held company (since October 1999)
and UNUMProvident (insurance company) (since June 1, 2002).
Formerly Mr. Fossel held the following positions: Chairman and
a director (until October 1996) and President and Chief
Executive Officer (until October 1995) of the Manager;
President, Chief Executive Officer and a director of
Oppenheimer Acquisition Corp., Shareholder Services, Inc. and
Shareholder Financial Services, Inc. (until October 1995).
Oversees 41 portfolios in the OppenheimerFunds complex.

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Robert J. Malone Director of Jones Knowledge, Inc., a privately held company 0 $1 - $10,000
Trustee since 2002 (since 2001), director of U.S. Exploration, Inc., (since
Age: 57 1997), director of Colorado UpLIFT, a non-profit organization
(since 1986) and a Trustee of the Gallagher Family Foundation,
(since 2000). Formerly, Mr. Malone held the following
positions: Chairman of U.S. Bank (formerly Colorado National
Bank) a subsidiary of U.S. Bancorp (from July 1, 1996 until
April 1, 1999); Chairman of the Board and Chief Executive
Officer of Colorado National Bank (from December 18, 1992
Until July 1, 1996); director of Commercial Assets, Inc. (from
1993 to 2000). Oversees 40 portfolios in the OppenheimerFunds
complex.

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Beverly L. Hamilton Trustee (since 1996) of MassMutual Institutional Funds and of 0 $1 - $10,000
Trustee since 2002 MML Series Investment Fund (open-end investment companies);
Age: 55 Director of MML Services, an investment company (since April
1987), America Funds Emerging Markets Growth Fund, an
investment company (since October 1991), The California
Endowment, a philanthropy organization (since April 2002), and
Community Hospital of Monterey Peninsula, (since February
2002), a Trustee of Monterey International Studies, an
educational organization (since February 2000), and an advisor
to Unilever (Holland)'s pension fund and to Credit
Suisse First Boston's Sprout venture capital unit. Mrs.
Hamilton also is a member of the investment committees of the
Rockefeller Foundation, the University of Michigan and
Hartford Hospital. Formerly, Mrs. Hamilton held the following
position: President ARCO Investment Management Company, (from
February 1991 until April 2000). Oversees 40 portfolios in the
OppenheimerFunds complex.

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3. The following biography is added to page 36:

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Name, Address,6 Age, Position(s) Held with Principal Occupation(s) During Past 5 Years
Fund and Length of Time Served7
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Dimitrios Kourkoulakos, Vice President of the Manager (since December 2001); an officer and
Vice President and Portfolio Manager portfolio manager of other Oppenheimer funds; formerly a High Yield
Since 2002 Analyst (1998 - 2001) and a Securities Analyst (1995 - 1998) of the
Age: 35 Manager.
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July 1, 2002 PX0600.009