<PAGE>
January 1, 1997
SUPPLEMENT TO THE
PROSPECTUS DATED
MAY 1, 1996 OF
OCC ACCUMULATION TRUST
Effective January 1, 1997, the Small Cap Portfolio will be managed by
Timothy McCormack, Timothy Curro and Gavin Albert. Timothy McCormack has been a
portfolio manager of the Portfolio since May 1996. Timothy Curro and Gavin
Albert became portfolio managers of the Portfolio on January 1, 1997. Mr. Curro
has been a Vice President of Oppenheimer Capital since November 1996. Prior
thereto, he was a general partner of Value Holdings, L.P., an investment
partnership, from May 1995 to November 1996, a Vice President in the equity
research department at UBS Securities Inc. from June 1994 through May 1995 and
from January 1991 through February 1993 and was a partner with Omega Advisors,
Inc. from March 1993 to March 1994. He has a Masters of Business Administration
degree from the University of California, Berkeley. Mr. Albert, Vice President
of Oppenheimer Capital since December 1996, joined the firm in September 1994 as
a research analyst. Prior thereto he was a management consultant for EDS Energy
Management in 1994, attended the Vanderbilt University Business School from
September 1992 to May 1994 (with a Masters of Business Administration degree in
finance and management) and was a financial analyst in the Corporate Finance
department of Texaco, Inc. from 1990 to 1992. Mr. McCormack, Vice President of
Oppenheimer Capital, joined the firm in 1994. From 1993 to 1994 he was a
security analyst at U.S. Trust Company and prior thereto he was a securities
analyst at Gabelli & Company. He has a Masters of Business Administration
degree from the Wharton School.
<PAGE>
[LETTERHEAD]
December 23, 1996
Securities and Exchange Commission
450 Fifth Street NW
Washington, D.C. 20549
RE: OCC ACCUMULATION TRUST
FILE NUMBER: 33-78944
Ladies and Gentlemen:
Enclosed for filing pursuant to Rule 497(e) adopted under the Securities
Act of 1933 is a Supplement dated January 1, 1997 to the prospectus of OCC
Accumulation Trust.
Sincerely,
/s/ Deborah Kaback
Deborah Kaback
