OPPENHEIMER MIDCAP Fund/VA
                                  Supplement dated June 5, 2007 to the
                                    Prospectus dated April 30, 2007

     This  supplement  amends the  Prospectus  dated April 30, 2007. The section
"How the Fund Is Managed - The Manager - Portfolio Manager" on page 8 is deleted
in its entirety and replaced by the following:

     Portfolio Manager. The Fund's portfolio is managed by Richard Royce, who is
primarily  responsible for the day-to-day  management of the Fund's investments.
Mr.  Royce has been  portfolio  manager of the Fund  since  June 2007.  Prior to
joining  the  Manager  in 2007,  Mr.  Royce was a Vice  President,  co-portfolio
manager and  technology  and media  analyst at JP Morgan Asset  Management  from
November  1998 to April 2007.  Prior to that time,  Mr. Royce was an  investment
analyst at Mark Asset  Management.  Mr.  Royce is a  portfolio  manager of other
portfolios in the OppenheimerFunds complex.

     The Statement of Additional  Information  provides  additional  information
about the portfolio  manager's  compensation,  other accounts he manages and his
ownership of Fund shares.




June 5, 2007                                                          PS0620.003