OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated September 1, 1994
to the Statement of Additional Information dated May 1, 1994

The Statement of Additional Information is amended as follows:

1.   The section entitled "Investment Objectives and Policies--Covered
Calls and Hedging" is revised as follows: (a) The first paragraph is
deleted and replaced with the following:

  As described in the Prospectus, each Fund (except Money Fund) may
  write covered calls and may also employ one or more types of Hedging
  Instruments, including the futures described in the Prospectus
  ("Futures").

  (b) In the first sentence of the second paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Funds'" is
deleted and replaced with "The Funds'".

  (c) The third sentence of that same paragraph is deleted and is
replaced with the following:

  When hedging to permit a Fund to establish a position in the
  securities markets as a temporary substitute for purchasing
  individual securities (which that Fund will normally purchase, and
  then terminate that hedging position), or to attempt to protect
  against the possibility that a Funds' portfolio securities are not
  fully included in a rise in the securities market, these Funds may:
  (i) purchase Futures, or (ii) purchase calls on such Futures or on
  securities.

  (d) In the first sentence of the third paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Fund" is
deleted and replaced with "a Fund".

  (e) In the third sentence of that same paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Fund" is
deleted and replaced with "the Funds".

2.   The section entitled "Investment Objectives and Policies--Writing
Covered Call Options" is revised as follows: (a) In the first sentence of
the first paragraph, the reference to "either High Income Fund, Capital
Appreciation Fund, Growth Fund, Multiple Strategies Fund, Global
Securities Fund or Strategic Bond Fund writes" is deleted and replaced
with "any of the Funds (except Money Fund) write".

  (b) In the first sentence of the third paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Funds" is
deleted and replaced with "The Funds".

  (c) In the second and third sentence of that same paragraph, the
reference to "one of these" is deleted and replaced with "any of the".

  (d) In the first sentence of the fourth paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Fund" is
deleted and replaced with "A Fund".

3.   The section entitled "Investment Objectives and Policies--Hedging -
High Income Fund, Global Securities Fund and Strategic Bond Fund" is
revised as follows: (a) The first paragraph is deleted and replaced with
the following:

  Hedging.  Set forth below are the Hedging Instruments which the Funds
  (except Money Fund) may use.

  (b) The first sentence of the first paragraph under the sub-heading
"Purchasing Calls and Puts" is deleted and replaced with the following:

  When a Fund purchases a call (other than in a closing purchase
  transaction), it pays a premium and has the right to buy the
  underlying investment from a seller of a corresponding call on the
  same investment during the call period at a fixed exercise price.


  (c) In the first sentence of the second paragraph under the sub-heading
"Forward Contracts," the reference to "High Income Fund, Global Securities
Fund and Strategic Bond Funds" is deleted and replaced with "The Funds".

  (d) In the last sentence of that same paragraph and the first sentence
of the third, fourth and fifth paragraphs, the references to "these" are
deleted and replaced with "the".

  (e) The first sentence of the first paragraph under the sub-heading
"Interest Rate Swap Transactions" is deleted and replaced with the
following:

  The risk incurred by Bond Fund, High Income Fund and Strategic Bond
  Fund in entering into a swap agreement is twofold: interest rate risk
  and credit risk.

  (f) In the sixth sentence of that same paragraph, the reference to "The
Fund" is deleted and replaced with "These Funds".

  (g) In the first sentence of the second paragraph under the sub-heading
"Additional Information About Hedging Instruments and Their Use," the
reference to "High Income Fund, Strategic Bond Fund or Global Securities
Fund" is deleted and replaced with "a Fund".

  (h) In the first sentence of the first paragraph under the sub-heading
"Regulatory Aspects of Hedging Instruments," the reference to "High Income
Fund, Global Securities Fund and Strategic Bond Fund" is deleted and
replaced with "The Funds".

  (i) In the second and third sentences of that same paragraph, the
references to "the Fund" is deleted and replaced with "each Fund".

4.   The first sentence of the section entitled "Short Sales Against-The-
Box" is deleted and replaced with the following:

  Each Fund (except Money Fund) may sell securities short in "short
  sales against-the-box."

5.   In the second paragraph of the section entitled "Investment
Restrictions," restrictions (1), (4) and (5) are deleted and the remaining
restrictions are renumbered consecutively.

6.   The address for "Charles Conrad, Jr." in the section entitled
"Trustees and Officers" is revised as follows:  "1447 Vista del Cerro, Las
Cruces, New Mexico 88005".

7.   The second paragraph below the management fee table in the section
entitled "Investment Management Services" is revised as follows:  (a) the
following is added after the first sentence:

  Effective January 1, 1995, the Manager has voluntarily undertaken
  that the total expenses of any Fund shall not exceed 2.5% of the
  first $30 million of average net assets of that Fund, 2.0% of the
  next $70 million and 1.5% of average net assets over $100 million. 
  In addition, the Manager has voluntarily undertaken that it will
  limit the management fee charged under Strategic Bond Fund's
  Agreement so that the ordinary operating expenses of that Fund would
  not exceed 1.0% of its average net assets in any fiscal year.

  (b) The last three sentences of that same paragraph are deleted.




September 1, 1994



OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated September 1, 1994
to the Statement of Additional Information dated May 1, 1994

The Statement of Additional Information is amended as follows:

1.   The section entitled "Investment Objectives and Policies--Covered
Calls and Hedging" is revised as follows: (a) The first paragraph is
deleted and replaced with the following:

  As described in the Prospectus, each Fund (except Money Fund) may
  write covered calls and may also employ one or more types of Hedging
  Instruments, including the futures described in the Prospectus
  ("Futures").

  (b) In the first sentence of the second paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Funds'" is
deleted and replaced with "The Funds'".

  (c) The third sentence of that same paragraph is deleted and is
replaced with the following:

  When hedging to permit a Fund to establish a position in the
  securities markets as a temporary substitute for purchasing
  individual securities (which that Fund will normally purchase, and
  then terminate that hedging position), or to attempt to protect
  against the possibility that a Funds' portfolio securities are not
  fully included in a rise in the securities market, these Funds may:
  (i) purchase Futures, or (ii) purchase calls on such Futures or on
  securities.

  (d) In the first sentence of the third paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Fund" is
deleted and replaced with "a Fund".

  (e) In the third sentence of that same paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Fund" is
deleted and replaced with "the Funds".

2.   The section entitled "Investment Objectives and Policies--Writing
Covered Call Options" is revised as follows: (a) In the first sentence of
the first paragraph, the reference to "either High Income Fund, Capital
Appreciation Fund, Growth Fund, Multiple Strategies Fund, Global
Securities Fund or Strategic Bond Fund writes" is deleted and replaced
with "any of the Funds (except Money Fund) write".

  (b) In the first sentence of the third paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Funds" is
deleted and replaced with "The Funds".

  (c) In the second and third sentence of that same paragraph, the
reference to "one of these" is deleted and replaced with "any of the".

  (d) In the first sentence of the fourth paragraph, the reference to
"High Income Fund, Global Securities Fund and Strategic Bond Fund" is
deleted and replaced with "A Fund".

3.   The section entitled "Investment Objectives and Policies--Hedging -
High Income Fund, Global Securities Fund and Strategic Bond Fund" is
revised as follows: (a) The first paragraph is deleted and replaced with
the following:

  Hedging.  Set forth below are the Hedging Instruments which the Funds
  (except Money Fund) may use.

  (b) The first sentence of the first paragraph under the sub-heading
"Purchasing Calls and Puts" is deleted and replaced with the following:

  When a Fund purchases a call (other than in a closing purchase
  transaction), it pays a premium and has the right to buy the
  underlying investment from a seller of a corresponding call on the
  same investment during the call period at a fixed exercise price.


  (c) In the first sentence of the second paragraph under the sub-heading
"Forward Contracts," the reference to "High Income Fund, Global Securities
Fund and Strategic Bond Funds" is deleted and replaced with "The Funds".

  (d) In the last sentence of that same paragraph and the first sentence
of the third, fourth and fifth paragraphs, the references to "these" are
deleted and replaced with "the".

  (e) The first sentence of the first paragraph under the sub-heading
"Interest Rate Swap Transactions" is deleted and replaced with the
following:

  The risk incurred by Bond Fund, High Income Fund and Strategic Bond
  Fund in entering into a swap agreement is twofold: interest rate risk
  and credit risk.

  (f) In the sixth sentence of that same paragraph, the reference to "The
Fund" is deleted and replaced with "These Funds".

  (g) In the first sentence of the second paragraph under the sub-heading
"Additional Information About Hedging Instruments and Their Use," the
reference to "High Income Fund, Strategic Bond Fund or Global Securities
Fund" is deleted and replaced with "a Fund".

  (h) In the first sentence of the first paragraph under the sub-heading
"Regulatory Aspects of Hedging Instruments," the reference to "High Income
Fund, Global Securities Fund and Strategic Bond Fund" is deleted and
replaced with "The Funds".

  (i) In the second and third sentences of that same paragraph, the
references to "the Fund" is deleted and replaced with "each Fund".

4.   The first sentence of the section entitled "Short Sales Against-The-
Box" is deleted and replaced with the following:

  Each Fund (except Money Fund) may sell securities short in "short
  sales against-the-box."

5.   In the second paragraph of the section entitled "Investment
Restrictions," restrictions (1), (4) and (5) are deleted and the remaining
restrictions are renumbered consecutively.

6.   The address for "Charles Conrad, Jr." in the section entitled
"Trustees and Officers" is revised as follows:  "1447 Vista del Cerro, Las
Cruces, New Mexico 88005".

7.   The second paragraph below the management fee table in the section
entitled "Investment Management Services" is revised as follows:  (a) the
following is added after the first sentence:

  Effective January 1, 1995, the Manager has voluntarily undertaken
  that the total expenses of any Fund shall not exceed 2.5% of the
  first $30 million of average net assets of that Fund, 2.0% of the
  next $70 million and 1.5% of average net assets over $100 million. 
  In addition, the Manager has voluntarily undertaken that it will
  limit the management fee charged under Strategic Bond Fund's
  Agreement so that the ordinary operating expenses of that Fund would
  not exceed 1.0% of its average net assets in any fiscal year.

  (b) The last three sentences of that same paragraph are deleted.




September 1, 1994