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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
070 Q010700 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
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<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
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<TABLE> <S> <C>
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<NAME> Oppenheimer Global Securities Fund
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<NAME> Oppenheimer Growth Fund
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<EXPENSES-NET> 1,208,832
<NET-INVESTMENT-INCOME> 1,650,969
<REALIZED-GAINS-CURRENT> 17,101,200
<APPREC-INCREASE-CURRENT> 14,349,688
<NET-CHANGE-FROM-OPS> 33,101,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,310,185
<DISTRIBUTIONS-OF-GAINS> 8,706,724
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,031,405
<NUMBER-OF-SHARES-REDEEMED> 3,964,366
<SHARES-REINVESTED> 430,280
<NET-CHANGE-IN-ASSETS> 168,210,260
<ACCUMULATED-NII-PRIOR> 1,290,629
<ACCUMULATED-GAINS-PRIOR> 8,548,920
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,139,255
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,236,108
<AVERAGE-NET-ASSETS> 152,466,000
<PER-SHARE-NAV-BEGIN> 23.55
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 5.46
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 1.67
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 27.24
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> OPPENHEIMER CAPITAL APPRECIATION FUND
<SERIES>
<NUMBER> 5
<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 519,731,267
<INVESTMENTS-AT-VALUE> 624,437,033
<RECEIVABLES> 4,229,564
<ASSETS-OTHER> 7,041
<OTHER-ITEMS-ASSETS> 1,370,404
<TOTAL-ASSETS> 630,044,042
<PAYABLE-FOR-SECURITIES> 9,598,112
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,053,658
<TOTAL-LIABILITIES> 12,651,770
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 481,442,351
<SHARES-COMMON-STOCK> 15,949,976
<SHARES-COMMON-PRIOR> 9,512,651
<ACCUMULATED-NII-CURRENT> 1,479,312
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,248,149
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 105,222,460
<NET-ASSETS> 617,392,272
<DIVIDEND-INCOME> 255,664
<INTEREST-INCOME> 4,761,662
<OTHER-INCOME> 0
<EXPENSES-NET> 3,520,989
<NET-INVESTMENT-INCOME> 1,496,337
<REALIZED-GAINS-CURRENT> 29,569,670
<APPREC-INCREASE-CURRENT> 42,247,113
<NET-CHANGE-FROM-OPS> 73,313,120
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,132,964
<DISTRIBUTIONS-OF-GAINS> 21,289,429
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,247,492
<NUMBER-OF-SHARES-REDEEMED> 6,453,749
<SHARES-REINVESTED> 643,582
<NET-CHANGE-IN-ASSETS> 291,988,181
<ACCUMULATED-NII-PRIOR> 1,115,939
<ACCUMULATED-GAINS-PRIOR> 20,967,908
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,382,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,520,989
<AVERAGE-NET-ASSETS> 467,080,000
<PER-SHARE-NAV-BEGIN> 34.21
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 6.59
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 2.07
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 38.71
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> Oppenheimer Bond Fund
<SERIES>
<NUMBER> 2
<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 449,692,946
<INVESTMENTS-AT-VALUE> 454,375,154
<RECEIVABLES> 6,441,913
<ASSETS-OTHER> 22,853
<OTHER-ITEMS-ASSETS> 777,182
<TOTAL-ASSETS> 461,617,102
<PAYABLE-FOR-SECURITIES> 34,639,233
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 538,924
<TOTAL-LIABILITIES> 35,178,157
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 418,133,217
<SHARES-COMMON-STOCK> 36,675,439
<SHARES-COMMON-PRIOR> 17,842,418
<ACCUMULATED-NII-CURRENT> 1,873,402
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,330,823
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,101,503
<NET-ASSETS> 426,438,945
<DIVIDEND-INCOME> 118,899
<INTEREST-INCOME> 22,103,878
<OTHER-INCOME> 0
<EXPENSES-NET> 2,321,691
<NET-INVESTMENT-INCOME> 19,901,086
<REALIZED-GAINS-CURRENT> 2,269,644
<APPREC-INCREASE-CURRENT> (4,742,040)
<NET-CHANGE-FROM-OPS> 17,428,690
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20,181,337
<DISTRIBUTIONS-OF-GAINS> 133,010
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,886,664
<NUMBER-OF-SHARES-REDEEMED> 4,827,959
<SHARES-REINVESTED> 1,774,316
<NET-CHANGE-IN-ASSETS> 215,207,175
<ACCUMULATED-NII-PRIOR> 1,342,481
<ACCUMULATED-GAINS-PRIOR> 5,361
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,188,350
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,321,691
<AVERAGE-NET-ASSETS> 296,253,000
<PER-SHARE-NAV-BEGIN> 11.84
<PER-SHARE-NII> 0.69
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> 0.74
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.63
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> Oppenheimer High Income Fund
<SERIES>
<NUMBER> 4
<NAME> Oppenheimer Variable Account Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 178,526,490
<INVESTMENTS-AT-VALUE> 188,944,878
<RECEIVABLES> 4,770,819
<ASSETS-OTHER> 5,662
<OTHER-ITEMS-ASSETS> 1,875,687
<TOTAL-ASSETS> 195,597,046
<PAYABLE-FOR-SECURITIES> 3,985,947
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 317,726
<TOTAL-LIABILITIES> 4,303,673
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180,181,078
<SHARES-COMMON-STOCK> 17,186,015
<SHARES-COMMON-PRIOR> 12,551,582
<ACCUMULATED-NII-CURRENT> 913,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (367,314)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,565,663
<NET-ASSETS> 191,293,373
<DIVIDEND-INCOME> 722,664
<INTEREST-INCOME> 14,989,197
<OTHER-INCOME> 0
<EXPENSES-NET> 1,280,918
<NET-INVESTMENT-INCOME> 14,430,943
<REALIZED-GAINS-CURRENT> 3,333,591
<APPREC-INCREASE-CURRENT> 4,840,420
<NET-CHANGE-FROM-OPS> 22,604,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,283,448
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,857,582
<NUMBER-OF-SHARES-REDEEMED> 6,635,862
<SHARES-REINVESTED> 1,412,713
<NET-CHANGE-IN-ASSETS> 57,842,593
<ACCUMULATED-NII-PRIOR> 1,473,129
<ACCUMULATED-GAINS-PRIOR> (3,407,583)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,177,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,280,918
<AVERAGE-NET-ASSETS> 157,203,000
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.97
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> 1.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> Oppenheimer Growth & Income Fund
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Variable Account Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 44,096,129
<INVESTMENTS-AT-VALUE> 47,299,233
<RECEIVABLES> 187,104
<ASSETS-OTHER> 3,067
<OTHER-ITEMS-ASSETS> 347,450
<TOTAL-ASSETS> 47,836,854
<PAYABLE-FOR-SECURITIES> 755,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,610
<TOTAL-LIABILITIES> 827,610
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,140,854
<SHARES-COMMON-STOCK> 2,870,820
<SHARES-COMMON-PRIOR> 342,794
<ACCUMULATED-NII-CURRENT> 12,643
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,652,643
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,203,104
<NET-ASSETS> 47,009,244
<DIVIDEND-INCOME> 239,716
<INTEREST-INCOME> 279,949
<OTHER-INCOME> 0
<EXPENSES-NET> 216,019
<NET-INVESTMENT-INCOME> 303,556
<REALIZED-GAINS-CURRENT> 2,657,756
<APPREC-INCREASE-CURRENT> 2,697,929
<NET-CHANGE-FROM-OPS> 5,659,241
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 291,690
<DISTRIBUTIONS-OF-GAINS> 31,219
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,942,183
<NUMBER-OF-SHARES-REDEEMED> 435,180
<SHARES-REINVESTED> 21,023
<NET-CHANGE-IN-ASSETS> 42,720,793
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 27,201
<OVERDISTRIB-NII-PRIOR> 318
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 160,819
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,109
<AVERAGE-NET-ASSETS> 21,562,000
<PER-SHARE-NAV-BEGIN> 12.51
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 3.91
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.37
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> OPPENHEIMER MONEY FUND
<SERIES>
<NUMBER> 1
<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 126,653,598
<INVESTMENTS-AT-VALUE> 126,653,598
<RECEIVABLES> 3,554,078
<ASSETS-OTHER> 5,797
<OTHER-ITEMS-ASSETS> 46,464
<TOTAL-ASSETS> 130,259,937
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,417
<TOTAL-LIABILITIES> 541,417
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,733,901
<SHARES-COMMON-STOCK> 129,733,922
<SHARES-COMMON-PRIOR> 65,404,807
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,381)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 129,718,520
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,465,680
<OTHER-INCOME> 0
<EXPENSES-NET> 489,426
<NET-INVESTMENT-INCOME> 4,976,254
<REALIZED-GAINS-CURRENT> 2,966
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,979,220
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,976,254
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 368,042,547
<NUMBER-OF-SHARES-REDEEMED> 308,637,087
<SHARES-REINVESTED> 4,923,661
<NET-CHANGE-IN-ASSETS> 64,332,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,347)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 445,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 489,426
<AVERAGE-NET-ASSETS> 99,263,000
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> Oppenheimer Multiple Strategies Fund
<SERIES>
<NUMBER> 6
<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 424,386,458
<INVESTMENTS-AT-VALUE> 490,493,991
<RECEIVABLES> 4,391,493
<ASSETS-OTHER> 8,366
<OTHER-ITEMS-ASSETS> 382,731
<TOTAL-ASSETS> 495,276,581
<PAYABLE-FOR-SECURITIES> 8,378,745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,612,356
<TOTAL-LIABILITIES> 10,991,101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 400,616,188
<SHARES-COMMON-STOCK> 30,992,794
<SHARES-COMMON-PRIOR> 26,212,235
<ACCUMULATED-NII-CURRENT> 961,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,756,534
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,951,565
<NET-ASSETS> 484,285,480
<DIVIDEND-INCOME> 3,975,470
<INTEREST-INCOME> 20,239,476
<OTHER-INCOME> 0
<EXPENSES-NET> 3,287,937
<NET-INVESTMENT-INCOME> 20,927,009
<REALIZED-GAINS-CURRENT> 18,594,692
<APPREC-INCREASE-CURRENT> 22,792,094
<NET-CHANGE-FROM-OPS> 62,313,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21,290,805
<DISTRIBUTIONS-OF-GAINS> 9,273,309
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,556,735
<NUMBER-OF-SHARES-REDEEMED> 2,838,629
<SHARES-REINVESTED> 2,062,453
<NET-CHANGE-IN-ASSETS> 103,022,316
<ACCUMULATED-NII-PRIOR> 1,361,279
<ACCUMULATED-GAINS-PRIOR> 8,398,861
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,132,569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,287,937
<AVERAGE-NET-ASSETS> 428,277,000
<PER-SHARE-NAV-BEGIN> 14.55
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> 0.74
<PER-SHARE-DISTRIBUTIONS> 0.35
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.63
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
9. ACQUISITIONS
On June 3, 1996, OMF acquired a portion of the net assets of Panorama
Series Fund, Inc. - Money Market Portfolio. The Fund issued 49,302,270 shares of
beneficial interest, valued at $49,302,270, in exchange for the net assets,
resulting in combined net assets of $113,051,628 on June 3, 1996.
On December 2, 1996, OMF acquired the remaining net assets of Panorama
Series Fund, Inc. - Money Market Portfolio. The Fund issued 14,666,548 shares of
beneficial interest, valued at $14,666,521, in exchange for the net assets,
resulting in combined net assets of $124,845,270 on December 2, 1996.
On May 1, June 3 and December 2, 1996, OBF acquired all the net assets of
Panorama Series Fund, Inc., Income Portfolio. The Fund issued 12,999, 6,743,062
and 2,493,592 shares of beneficial interest, respectively, valued at $148,965,
$77,208,064 and $29,830,130, respectively, in exchange for the net assets,
resulting in combined net assets of $227,552,225, $308,666,225 and $396,656,585.
On May 1, 1996, OBF acquired a portion of the net assets of Panorama Series
Fund, Inc., Government Securities Portfolio. The Fund issued 4,237 shares of
beneficial interest valued at $48,557, in exchange for the net assets, resulting
in combined net assets of $227,552,225 on May 1, 1996.
On December 20, 1996, OBF acquired all the net assets of JP Investment
Grade Bond Fund, Inc., pursuant to an agreement and plan of reorganization
approved by the JP Investment Grade Bond Fund, Inc. shareholders on December 3,
1996. The Fund issued 2,594,896 shares of beneficial interest valued at
$30,151,368, in exchange for the net assets, resulting in combined net assets of
$426,447,902 on December 20, 1996. The net assets acquired included net
unrealized appreciation of $1,017,069. The exchange qualifies as a tax-free
reorganization for federal income tax purposes.
On December 20, 1996, OGF acquired all the net assets of JP Capital
Appreciation Fund, Inc., pursuant to an agreement and plan of reorganization
approved by the JP Capital Appreciation Fund, Inc. shareholders on December 3,
1996. The Fund issued 3,293,050 shares of beneficial interest, valued at
$90,009,399, in exchange for the net assets, resulting in combined net assets of
$289,484,969 on December 20, 1996. The net assets acquired included net
unrealized appreciation of $19,087,888. The exchange qualifies as a tax-free
reorganization for federal income tax purposes.
<PAGE>
DELOITTE & TOUCHE LLP/LOGO/
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303)292-5400
Facsimile: (303)312-4000
To the Board of Trustees of
Oppenheimer Variable Account Funds:
In planning and performing our audit of the financial statements of Oppenheimer
Variable Account Funds (Fund) for the year ended December 31, 1996 (on which we
have issued our report dated January 22, 1997), we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/S/DELOITTE & TOUCHE LLP
January 22, 1997
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
During the year ended December 31, 1996, the Funds adjusted the
classification of distributions to shareholders to reflect the differences
between financial statement amounts and distributions determined in accordance
with income tax regulations. Changes in classification made during the fiscal
year ended December 31, 1996 are shown below:
<TABLE>
<CAPTION>
Adjustments for the Fiscal Year Ended December 31, 1996
Undistributed Undistributed Net
Net Investment Realized Gain (Loss) Paid-in
Income (Loss) on Investments Capital
<S> <C> <C> <C>
Oppenheimer High Income Fund $ 293,322 $ (293,322) --
Oppenheimer Bond Fund 811,172 (811,172) --
Oppenheimer Multiple Strategies Fund (36,290) 36,290 --
Oppenheimer Global Securities Fund 2,649,581 (2,649,581) --
Oppenheimer Strategic Bond Fund 154,274 (154,274) --
Oppenheimer Growth & Income Fund 1,095 (1,095) --
</TABLE>
