OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated June 15, 1998 to the
Prospectus dated May 1, 1998
The Prospectus is changed as follows:
1. The third sentence under the caption "Overview of the Funds - Who Manages the
Funds" is revised by deleting Money Fund and Dorothy Warmack, and adding the
following:
Money Fund, Arthur J. Zimmer;
2. 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.
3. 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. On June 15, 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 30, 1996.
4. 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. Negri, Rubinstein, Steinmetz, Wilby and
Zimmer are Senior Vice Presidents of the Manager.
June 15, 1998 PSO600.012.0598
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OPPENHEIMER VARIABLE ACCOUNT FUNDS
Supplement dated June 15, 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 biographical information for Dorothy Warmack under the caption "How the
Funds are Managed - Trustees and Officers of the Trust" on page 27 is deleted.
3. Effective June 15, 1998, Arthur J. Zimmer became the portfolio manager for
Money Fund. The biographical information below for Mr. Zimmer 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:
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).
4. The first sentence in the section captioned "The Manager and Its Affiliates -
Portfolio Management" on page 30 is revised by deleting Money Fund and Dorothy
Warmack, and adding the
following:
Money Fund, Arthur J. Zimmer;
5. The list of Corporate Industry Classifications (Appendix A) on page A-1 is
modified by including the following new classifications: Asset Backed.
June 15, 1998 PXO600.008
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