OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated August 4, 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 "Overview of the Funds - Who Manages the
Funds?" is revised:
The portfolio managers are as follows:
Money Fund, Arthur J. Zimmer; High Income Fund, Thomas P. Reedy; Bond Fund,
Multiple Strategies Fund and Strategic Bond Fund, David Negri (joined by 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 first sentence under the caption " 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.
4. The first paragraph in the section captioned "How the Funds are Managed -
Portfolio Managers" is replaced by the following:
The portfolio manager of Money Fund is Arthur J. Zimmer. In June, 1998, he
became the person principally responsible for the day-to-day management of
that Fund's portfolio. During the past five years Mr. Zimmer has also
served as an officer of other Oppenheimer funds, and was Money Fund's
portfolio manager from October, 1990 to April, 1996.
5. The third paragraph in the section captioned "How the Funds Are Managed --
Portfolio Managers" is replaced by the following:
(continued)
<PAGE>
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 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 (April 1991 for
Mr. Rubinstein) and May 1993, respectively. During the past five
years, Messrs. 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.
6. 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, Levine, Reedy, Tracey, Gilston and Ms. Putnam are Vice
Presidents of the Manager, and Messrs. Kowalik, Negri, Rubinstein, Steinmetz,
Wilby and Zimmer are Senior Vice Presidents of the Manager.
August 4, 1998 PSO600.013.0598
<PAGE>
OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated August 4, 1998 to the Statement of
Additional Information dated May 1, 1998
The Statement of Additional Information is changed as follows:
1. The biographical information under the caption "How the Funds are Managed -
Trustees and Officers of the Trust" on page 26 is revised to disclose that
Michael S. Levine is Vice President of the Manager (since June, 1998) and David
P. Negri is Senior Vice President of the Manager (since May, 1998).
2. The following biographical information is added to the section captioned "How
the Fund is Managed - Trustees and Officers of the Trust" on page 27 immediately
following the information
on William L. Wilby:
John S. Kowalik, Vice President; Bond Fund Portfolio Manager; Age: 41 Senior
Vice President of the Manager (since July 1998); an officer of other Oppenheimer
funds; formerly Managing Director and Senior Portfolio Manager at Prudential
Global Advisors (1989- 1998).
Arthur J. Zimmer, Vice President; Money Fund Portfolio Manager; Age: 52 Senior
Vice President of the Manager (since June 1997); Vice President of Centennial
(since June 1997); an officer of other Oppenheimer funds; formerly Vice
President of the Manager (October
1990-June 1997).
3 The references to five of the Funds and their respective Portfolio Managers at
the beginning of the first sentence in the paragraph captioned "The Manager and
Its Affiliates - Portfolio Management" on page 30 is revised as follows: The
Portfolio Managers of the Funds are as follows: Money Fund, Arthur J. Zimmer;
High Income Fund, Thomas P. Reedy; Bond Fund, Multiple Strategies Fund and
Strategic Bond Fund, David Negri (joined by John S. Kowalik for Bond Fund, by
Richard Rubinstein for Multiple Strategies Fund, and by Arthur P. Steinmetz for
Strategic Bond Fund )...
4. All references in the Statement of Additional Information to Dorothy Warmack
are deleted as of June 15, 1998.
5. The list of Corporate Industry Classifications (Appendix A) on page A-1 is
modified by including the following new classifications: Asset Backed.
August 4, 1998 PXO600.009
