OPPENHEIMER VARIABLE ACCOUNT FUNDS
                  Supplement dated September 25, 1998 to the
                          Prospectus dated May 1, 1998

The Prospectus is changed as follows:

1.    This  supplement  replaces  all  previous  supplements  to the May 1, 1998
      Prospectus of Oppenheimer Variable Account Funds.

2. The third sentence under the caption AOverview of the Funds - Who Manages the
Funds?" is revised:

            The portfolio managers are as follows:
            Money Fund,  Arthur J. Zimmer and Carol E. Wolf; High Income Fund,
            Thomas  P.  Reedy;  Bond  Fund,   Multiple   Strategies  Fund  and
            Strategic Bond Fund, David Negri (joined by George Evans,  Michael
            S. Levine and Richard Rubinstein for Multiple  Strategies Fund, by
            John  Kowalik  for  Bond  Fund  and by  Arthur  P.  Steinmetz  for
            Strategic Bond Fund); Growth Fund, Jane Putnam;  Aggressive Growth
            Fund,  Bruce L.  Bartlett;  Small Cap Growth Fund,  Jay W. Tracey,
            III and Alan Gilston;  Global  Securities Fund,  William L. Wilby;
            Growth & Income Fund, Michael S. Levine.

3.  The  following  is  added  to the  end  of the  section  under  the  caption
"Investment Objectives and Policies - Foreign Securities":

               Risks of Conversion  to Euro.  On January 1, 1999,  eleven
               countries in the European  Monetary  Union will adopt the euro as
               their official currency.  However,  their current currencies (for
               example, the franc, the mark, and the lire) will also continue in
               use until  January 1, 2002.  After that date, it is expected that
               only the euro will be used in those countries.  A common currency
               is  expected  to  confer  some  benefits  in  those  markets,  by
               consolidating  the government debt market for those countries and
               reducing some currency risks and costs. But the conversion to the
               new  currency  will  affect the Fund  operationally  and also has
               potential  risks,  some of which are listed  below.  Among  other
               things,  the conversion will affect:  

               o issuers in which the Fund
               invests, because of changes in the competitive environment from a
               consolidated  currency market and greater  operational costs from
               converting to the new currency.  This might depress stock values.

               o vendors the Fund depends on to carry out its business,  such as
               its Custodian (which holds the foreign securities the Fund buys),
               the Manager (which must price the Fund's investments to deal with
               the  conversion  to the euro) and  brokers,  foreign  markets and
               securities depositories. If they are not prepared, there could be
               delays  in  settlements  and  additional  costs  to the  Fund.  o
               exchange  contracts and derivatives  that are outstanding  during
               the   transition   to  the  euro.   The  lack  of  currency  rate
               calculations  between  the  affected  currencies  and the need to
               update the Fund's contracts could pose extra costs to the Fund.

      The Manager is upgrading  (at its  expense)  its computer and  bookkeeping
 systems to deal with the  conversion.  The Funds'  Custodian  has  advised  the
 Manager of its plans to deal with the conversion,  including how it will update
 its record keeping systems and handle the redenomination of outstanding foreign
 debt.  The Funds'  portfolio  managers  will also  monitor  the  effects of the
 conversion  on the issuers in which the Funds  invest.  The possible  effect of
 these factors on the Funds'  investments cannot be determined with certainty at
 this time,  but they may reduce  the value of some of the Funds'  holdings  and
 increase their operational costs.

4. The first  sentence  under the  caption A  When-Issued  or  Delayed  Delivery
Transactions is replaced with the following:

      Each  Fund  may  purchase  securities  on a  "when-issued"  basis  and may
      purchase or sell securities on a "delayed delivery" basis.

5. The first  paragraph  in the section  captioned  AHow the Funds are Managed -
Portfolio Managers@ is replaced by the following:

      The  portfolio  managers  of Money Fund are Arthur J.  Zimmer and Carol E.
      Wolf.  In June and July,  1998,  respectively,  they  became  the  persons
      principally  responsible  for the  day-to-day  management  of that  Fund=s
      portfolio.  During the past five years, each has also served as an officer
      of other  Oppenheimer  funds,  and Mr.  Zimmer was Money Fund=s  portfolio
      manager from October, 1990 to April, 1996.

6.    The third paragraph in the section captioned "How the Funds Are Managed --
      Portfolio Managers" is replaced by the following:

      The portfolio manager of Bond Fund, Multiple Strategies Fund and Strategic
Bond Fund is David P. Negri,  joined by John  Kowalik  for Bond Fund,  by George
Evans, Michael S. Levine and Richard Rubinstein for Multiple Strategies Fund and
by Arthur P. Steinmetz for Strategic Bond Fund. They are the persons responsible
for the  day-to-day  management of those funds since January 1990 (July 1998 for
Mr.  Kowalik),  July 1989 (August 1998 for Messrs.  Evans and Levine,  and April
1991 for Mr. Rubinstein) and May 1993, respectively. During the past five years,
Messrs.  Evans,  Steinmetz  and Negri  have also  served  as  officers  of other
Oppenheimer  funds. Prior to July, 1998, Mr. Kowalik served as Managing Director
and Senior Portfolio Manager at Prudential Investments Fixed Income Group. Since
July 1995, Mr. Levine served as an officer of other Oppenheimer  funds, prior to
which he was a portfolio  manager and research  assistant  for Amas  Securities,
Inc., before which he was an analyst for Shearson Lehman Hutton, Inc.






7. The first  sentence of the last  paragraph in the section  captioned "How the
Funds are Managed - Portfolio Managers" is replaced with the following:

            Messrs. Bartlett,  Evans, Levine, Reedy, Tracey, Gilston and Mses.
            Putnam and Wolf are Vice  Presidents  of the Manager,  and Messrs.
            Kowalik,  Negri,  Rubinstein,  Steinmetz,  Wilby  and  Zimmer  are
            Senior Vice Presidents of the Manager.




September 25, 1998                                             PSO600.014.0998