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
6803 South Tucson Way
Englewood, Colorado 80112
2. Name of each series or class of funds for which this notice is filed:
Oppenheimer 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: 12/31/96
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:
21,886,664 $253,715,930
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
21,886,664 $253,715,930
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):
1,774,316 $20,314,347
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): $253,715,930
------------
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11,
if applicable): +$20,314,347
-------------
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): -$55,937,445
-------------
(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): $218,092,832
------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation (see Instruction C.6): x 1/3300
------------
(vii) Fee due (line (i) or line (v) multiplied by
line (vi)): $66,089
------------
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 26, 1997; Fed Wire #4796
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
/s/ Robert J. Bishop
By:______________________________________
Robert J. Bishop, Assistant Treasurer
Date: 2/27/97
cc: Allan Adams, Esq.
Katherine Feld
Gloria LaFond
sec\ovaf1.24f
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MYER, SWANSON, ADAMS & WOLF, P.C.
ATTORNEYS AT LAW
THE COLORADO STATE BANK BUILDING
1600 BROADWAY, SUITE 1480
DENVER, COLORADO 80202-4915
TELEPHONE (303) 866-9800
FACSIMILE (303) 866-9818
February 21, 1997
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, 1996, 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
330,762,142 21,886,664 9,031,405
Oppenheimer High Oppenheimer Capital Oppenheimer Multiple
Income Fund Appreciation Fund Strategies Fund
9,857,582 12,247,492 5,556,735
<PAGE>
Oppenheimer Global Oppenheimer Growth & Oppenheimer Strategic
Securities Fund Income Fund Bond Fund
14,595,634 2,942,183 12,624,581
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.
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