OPPENHEIMER VARIABLE ACCOUNT FUNDS
                     Supplement dated January 5, 1996
                    to the Prospectus dated May 1, 1995

The Prospectus is amended as follows:

1.   Effective January 5, 1996, the name of Oppenheimer Management
Corporation is changed to OppenheimerFunds, Inc.  All references in
this Prospectus to the Manager are revised accordingly.

2.   Effective January 5, 1996, the name of Oppenheimer Shareholder
Services is changed to OppenheimerFunds Services.  All references
in this Prospectus to the Transfer Agent are revised accordingly.



January 5, 1996                                             PS0600.003.0196
 



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