OPPENHEIMER VARIABLE ACCOUNT FUNDS
                        Supplement Dated January 1, 1998
                to the Prospectus dated May 1, 1997

The Prospectus is amended as follows:

      1. The third  sentence  under  the  caption  "Overview  of the Funds - Who
Manages  the  Funds?" is revised by  deleting  High Income Fund from the list of
funds managed by David Negri and adding the following:

      High Income Fund, Thomas P. Reedy;

      2. The first paragraph in the section captioned "How the Funds are Managed
- - Portfolio Managers" is revised by deleting all references to High Income
Fund and by adding the following after the sixth paragraph under that caption:

The Portfolio  Manager of High Income Fund is Thomas P. Reedy.  He is the person
principally responsible for the day-to-day management of that Fund since January
1, 1998.  During the past five years Mr. Reedy has served as a portfolio manager
and  officer of other  Oppenheimer  funds and  formerly  served as a  Securities
Analyst for OFI (the "Manager").

      3. The last paragraph in the section  captioned "How the Funds are Managed
- - Portfolio
Managers" is replaced by the following:

Messrs.  LaRocco,  Milnamow,  Negri and Reedy,  Ms.  Putnam and Ms.
Warmack are Vice Presidents
of the Manager,  Mr. Levine is an Assistant  Vice  President of the
Manager, and Messrs. Rubinstein,
Steinmetz  and Wilby are Senior  Vice  Presidents  of the  Manager.  Each of the
Portfolio Managers named above is also a Vice President of the Trust.

January 1, 1998                                     PS0600.006.0198



                       OPPENHEIMER VARIABLE ACCOUNT FUNDS
                 Supplement dated January 1, 1998 to the Statement of Additional
   Information dated May 1, 1997

The Statement of Additional  Information is amended by replacing the listing for
David P. Negri on page 23 with the following:

David P. Negri,  Vice  President;  Bond Fund,  Multiple  Strategies
Fund and Strategic Bond Fund
Portfolio Manager; Age: 43
Two World Trade Center, New York, New York 10048-0203
Vice  President  of the  Manager;  an officer of other  Oppenheimer
funds.

Thomas P. Reedy, Vice President; High Income Fund Portfolio Manager; Age 35 Vice
President  of the Manager  (since June  1993);  an officer of other  Oppenheimer
funds; formerly a Securities Analyst for the Manager.


January 1, 1998                                          PX600

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