U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Oppenheimer Variable Account Funds
3410 South Galena Street
Denver, Colorado 80231
2. Name of each series or class of funds for which this notice is
filed:
Oppenheimer Strategic Bond Fund
3. Investment Company Act File Number: 811-4108
Securities Act File Number: 2-93177
4. Last day of fiscal year for which this notice is filed:
12/31/95
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:
/ /
6. Date of termination of issuer's declaration under rule 24f-
2(a)(1), if applicable (see instruction a.6):
7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to rule 24f-2 in a prior fiscal year, but
which remained unsold at the beginning of the fiscal year: -0-
8. Number and amount of securities registered during the fiscal
year other than pursuant to rule 24f-2: -0-
9. Number and aggregate sale price of securities sold during the
fiscal year:
9,417,090 $44,897,472
10. Number and aggregate sale price of securities sold during the
fiscal year in reliance upon registration pursuant to rule
24f-2:
9,417,090 $44,897,472
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable (see Instruction B.7):
661,301 $3,151,540
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on
rule 24f-2 (from Item 10): $44,897,472
------------
(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): +$3,151,540
------------
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year
(if applicable): -$10,642,846
------------
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as
a reduction to filing fees pursuant to
rule 24e-2 (if applicable): + -0-
------------
(v) Net aggregate price of securities sold
and issued during the fiscal year in
reliance on rule 24f-2 (line (i), plus
line (ii), less line (iii), plus line
(iv)) (if applicable): $37,406,166
------------
(vi) Multiplier prescribed by Section 6(b)
of the Securities Act of 1933 or other
applicable law or regulation (see
Instruction C.6): x 1/2900
------------
(vii) Fee due (line (i) or line (v) multiplied
by line (vi)): $12,899
------------
Instruction: Issuers should complete line (ii), (iii), (iv), and
(v) only if the form is being filed within 60 days
after the close of the issuer's fiscal year. See
Instructions C.3.
13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rule of Informal and Other Procedures (17 CFR
202.3a). /X/
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
February 22, 1996; Fed Wire #6434
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
Oppenheimer Variable Account Funds
for the account of
Oppenheimer Strategic Bond Fund
By: /s/ Andrew J. Donohue
------------------------------------
Andrew J. Donohue, Vice President
Date: 2/27/96
cc: Allan Adams, Esq.
Robert Bishop
Gloria LaFond
sec\600-265.24f
<PAGE>
MYER, SWANSON, ADAMS & WOLF, P.C.
Attorneys At Law
Rendle Myer The Colorado State Bank Building Of Counsel
Allan B. Adams 1600 Broadway - Suite 1850 Robert Swanson
Robert K. Swanson Denver, Colorado 80202-4918 ------
Thomas J. Wolf* Telephone (303) 866-9800 Fred E. Neef
*Board Certified Facsimile (303) 866-9818 (1910-1986)
Civil Trial Advocate
By the National
Board of Trial Advocacy
February 22, 1996
Oppenheimer Variable Account Funds
3410 South Galena Street
Denver, Colorado 80231
Gentlemen:
In connection with the public offering of the no par value shares
of Oppenheimer Variable Account Funds, a business trust organized
under the laws of the Commonwealth of Massachusetts (the "Trust"),
as counsel for the Trust, we have examined such records and
documents and have made such further investigation and examination
as we deem necessary for the purpose of this opinion.
As of the end of its fiscal year, the Trust was composed of nine
separate series, the Oppenheimer Money Fund, Oppenheimer Bond Fund,
Oppenheimer Growth Fund, Oppenheimer Global Securities Fund,
Oppenheimer Growth & Income Fund, Oppenheimer High Income Fund,
Oppenheimer Multiple Strategies Fund, Oppenheimer Strategic Bond
Fund, and Oppenheimer Capital Appreciation Fund. Each series sells
its shares separately to separate accounts offered by various life
insurance companies pursuant to separate registration statements
and prospectuses.
We are advised that during the year ending December 31, 1995, the
following shares of beneficial interest in each series of the Trust
were sold in reliance on the registration of an indefinite number
of shares pursuant to Rule 24f-2 of the Investment Company Act of
1940:
Oppenheimer Oppenheimer Oppenheimer
Money Fund Bond Fund Growth Fund
----------- ----------- -----------
202,748,102 7,311,733 4,302,304
Oppenheimer
Oppenheimer High Oppenheimer Capital Multiple
Income Fund Appreciation Fund Strategies Fund
- ---------------- ------------------- ---------------
5,873,231 8,882,212 6,445,242
Oppenheimer Global Oppenheimer Growth Oppenheimer Strategic
Securities Fund & Income Fund Bond Fund
- ------------------ ------------------ ---------------------
11,235,722 358,253 9,417,090
It is our opinion that the said shares of beneficial interest in
each series sold by the Trust in reliance on Rule 24f-2 of the
Investment Company Act of 1940 are legally issued and, subject to
the matters mentioned in the next paragraph, fully paid and
nonassessable by the Trust.
Under Massachusetts law, shareholders of the Trust may, under
certain circumstances, be held personally liable as partners for
the obligations of the Trust. The Declaration of Trust does,
however, contain an express disclaimer of shareholder liability for
acts or obligations of the Trust and requires that notice of such
disclaimer be given in each agreement, obligation, or instrument
entered into or executed by the Trust or the Trustees. The
Declaration of Trust provides for indemnification out of the trust
property of any shareholder held personally liable for the
obligations of the Trust. The Declaration of Trust also provides
that the Trust shall, upon request, assume the defense of any claim
made against any shareholder for any act or obligation of the Trust
and satisfy any judgment thereon.
Sincerely,
/s/ Allan B. Adams
Allan B. Adams
of MYER, SWANSON, ADAMS & WOLF, P.C.
