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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
070 C020500 N
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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
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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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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
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<ARTICLE> 6
<CIK> 752737
<NAME> OPPENHEIMER STRATEGIC BOND
<SERIES>
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<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 13,156,048
<REALIZED-GAINS-CURRENT> 894,858
<APPREC-INCREASE-CURRENT> (441,401)
<NET-CHANGE-FROM-OPS> 13,609,505
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> Oppenheimer Global Securities Fund
<SERIES>
<NUMBER> 7
<NAME> Oppenheimer Variable Account Funds
<S> <C>
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<INVESTMENTS-AT-COST> 847,161,916
<INVESTMENTS-AT-VALUE> 962,129,951
<RECEIVABLES> 2,574,200
<ASSETS-OTHER> 76,135
<OTHER-ITEMS-ASSETS> 3,816,859
<TOTAL-ASSETS> 968,597,145
<PAYABLE-FOR-SECURITIES> 7,860,390
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,626,535
<TOTAL-LIABILITIES> 9,486,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 744,137,672
<SHARES-COMMON-STOCK> 44,883,946
<SHARES-COMMON-PRIOR> 32,946,137
<ACCUMULATED-NII-CURRENT> 18,148,506
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 80,213,055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 116,610,987
<NET-ASSETS> 959,110,220
<DIVIDEND-INCOME> 9,092,481
<INTEREST-INCOME> 9,183,668
<OTHER-INCOME> 0
<EXPENSES-NET> 6,132,474
<NET-INVESTMENT-INCOME> 12,143,675
<REALIZED-GAINS-CURRENT> 103,718,556
<APPREC-INCREASE-CURRENT> 33,657,002
<NET-CHANGE-FROM-OPS> 149,519,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,181,958
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,881,768
<NUMBER-OF-SHARES-REDEEMED> 6,390,329
<SHARES-REINVESTED> 446,370
<NET-CHANGE-IN-ASSETS> 377,030,031
<ACCUMULATED-NII-PRIOR> 7,724,243
<ACCUMULATED-GAINS-PRIOR> (17,047,799)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,615,606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,132,474
<AVERAGE-NET-ASSETS> 802,389,000
<PER-SHARE-NAV-BEGIN> 17.67
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 3.68
<PER-SHARE-DIVIDEND> 0.23
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.37
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> OPPENHEIMER GROWTH FUND
<SERIES>
<NUMBER> 3
<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 399,931,087
<INVESTMENTS-AT-VALUE> 491,180,589
<RECEIVABLES> 3,874,816
<ASSETS-OTHER> 5,536
<OTHER-ITEMS-ASSETS> 294,871
<TOTAL-ASSETS> 495,355,812
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,449,838
<TOTAL-LIABILITIES> 1,449,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 351,479,268
<SHARES-COMMON-STOCK> 15,223,362
<SHARES-COMMON-PRIOR> 10,495,044
<ACCUMULATED-NII-CURRENT> 3,896,959
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,279,914
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 91,249,833
<NET-ASSETS> 493,905,974
<DIVIDEND-INCOME> 2,269,196
<INTEREST-INCOME> 4,639,011
<OTHER-INCOME> 0
<EXPENSES-NET> 2,941,432
<NET-INVESTMENT-INCOME> 3,966,775
<REALIZED-GAINS-CURRENT> 47,435,793
<APPREC-INCREASE-CURRENT> 34,194,334
<NET-CHANGE-FROM-OPS> 85,596,902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,639,463
<DISTRIBUTIONS-OF-GAINS> 17,220,011
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,437,357
<NUMBER-OF-SHARES-REDEEMED> 6,429,313
<SHARES-REINVESTED> 720,274
<NET-CHANGE-IN-ASSETS> 207,985,824
<ACCUMULATED-NII-PRIOR> 1,631,413
<ACCUMULATED-GAINS-PRIOR> 16,943,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,859,202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,941,432
<AVERAGE-NET-ASSETS> 390,446,991
<PER-SHARE-NAV-BEGIN> 27.24
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 6.62
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 1.52
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 32.44
<EXPENSE-RATIO> 0.75
<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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 715,248,270
<INVESTMENTS-AT-VALUE> 881,988,555
<RECEIVABLES> 8,160,493
<ASSETS-OTHER> 7,782
<OTHER-ITEMS-ASSETS> 14,363
<TOTAL-ASSETS> 890,171,193
<PAYABLE-FOR-SECURITIES> 11,980,470
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 383,250
<TOTAL-LIABILITIES> 12,363,720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 688,711,219
<SHARES-COMMON-STOCK> 21,431,667
<SHARES-COMMON-PRIOR> 15,949,976
<ACCUMULATED-NII-CURRENT> 2,236,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,119,606
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 166,740,285
<NET-ASSETS> 877,807,473
<DIVIDEND-INCOME> 720,291
<INTEREST-INCOME> 7,105,846
<OTHER-INCOME> 0
<EXPENSES-NET> 5,476,771
<NET-INVESTMENT-INCOME> 2,349,366
<REALIZED-GAINS-CURRENT> 21,293,313
<APPREC-INCREASE-CURRENT> 61,517,825
<NET-CHANGE-FROM-OPS> 85,160,504
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,547,409
<DISTRIBUTIONS-OF-GAINS> 30,466,762
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,511,150
<NUMBER-OF-SHARES-REDEEMED> 4,981,695
<SHARES-REINVESTED> 952,236
<NET-CHANGE-IN-ASSETS> 260,415,201
<ACCUMULATED-NII-PRIOR> 1,479,312
<ACCUMULATED-GAINS-PRIOR> 29,248,149
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,324,309
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,476,771
<AVERAGE-NET-ASSETS> 753,851,774
<PER-SHARE-NAV-BEGIN> 38.71
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 4.01
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 1.77
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 40.96
<EXPENSE-RATIO> 0.73
<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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 590,845,008
<INVESTMENTS-AT-VALUE> 601,914,075
<RECEIVABLES> 40,769,104
<ASSETS-OTHER> 6,192
<OTHER-ITEMS-ASSETS> 944,354
<TOTAL-ASSETS> 643,633,725
<PAYABLE-FOR-SECURITIES> 122,645,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 910,196
<TOTAL-LIABILITIES> 123,555,697
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 501,115,939
<SHARES-COMMON-STOCK> 43,651,270
<SHARES-COMMON-PRIOR> 36,675,439
<ACCUMULATED-NII-CURRENT> 1,857,027
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,563,419
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,541,643
<NET-ASSETS> 520,078,028
<DIVIDEND-INCOME> 258,565
<INTEREST-INCOME> 33,458,444
<OTHER-INCOME> 0
<EXPENSES-NET> 3,497,276
<NET-INVESTMENT-INCOME> 30,219,733
<REALIZED-GAINS-CURRENT> 4,038,585
<APPREC-INCREASE-CURRENT> 6,440,140
<NET-CHANGE-FROM-OPS> 40,698,458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,908,616
<DISTRIBUTIONS-OF-GAINS> 1,447,022
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,079,029
<NUMBER-OF-SHARES-REDEEMED> 7,613,095
<SHARES-REINVESTED> 2,509,897
<NET-CHANGE-IN-ASSETS> 93,639,083
<ACCUMULATED-NII-PRIOR> 1,873,402
<ACCUMULATED-GAINS-PRIOR> 1,330,823
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,281,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,497,276
<AVERAGE-NET-ASSETS> 449,760,000
<PER-SHARE-NAV-BEGIN> 11.63
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> 0.72
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.91
<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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 305,080,290
<INVESTMENTS-AT-VALUE> 315,552,124
<RECEIVABLES> 6,332,111
<ASSETS-OTHER> 5,251
<OTHER-ITEMS-ASSETS> 221,920
<TOTAL-ASSETS> 322,111,406
<PAYABLE-FOR-SECURITIES> 30,065,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 722,910
<TOTAL-LIABILITIES> 30,788,615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272,156,892
<SHARES-COMMON-STOCK> 25,297,573
<SHARES-COMMON-PRIOR> 17,186,015
<ACCUMULATED-NII-CURRENT> 1,776,867
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,730,159
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,658,873
<NET-ASSETS> 291,322,791
<DIVIDEND-INCOME> 1,258,134
<INTEREST-INCOME> 20,442,056
<OTHER-INCOME> 0
<EXPENSES-NET> 1,839,148
<NET-INVESTMENT-INCOME> 19,861,042
<REALIZED-GAINS-CURRENT> 6,265,470
<APPREC-INCREASE-CURRENT> 93,210
<NET-CHANGE-FROM-OPS> 26,219,722
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,546,183
<DISTRIBUTIONS-OF-GAINS> 138,778
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,372,458
<NUMBER-OF-SHARES-REDEEMED> 7,919,351
<SHARES-REINVESTED> 1,658,451
<NET-CHANGE-IN-ASSETS> 100,029,418
<ACCUMULATED-NII-PRIOR> 913,946
<ACCUMULATED-GAINS-PRIOR> (367,314)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,667,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,839,148
<AVERAGE-NET-ASSETS> 223,617,000
<PER-SHARE-NAV-BEGIN> 11.13
<PER-SHARE-NII> 0.94
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> 0.91
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.52
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> OPPENHEIMER GROWTH AND INCOME FUND
<SERIES>
<NUMBER> 9
<NAME> OPPENHEIMER VARIABLE ACCOUNT FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 135,530,028
<INVESTMENTS-AT-VALUE> 153,729,758
<RECEIVABLES> 1,460,451
<ASSETS-OTHER> 3,526
<OTHER-ITEMS-ASSETS> 231,605
<TOTAL-ASSETS> 155,425,340
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,590
<TOTAL-LIABILITIES> 57,590
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,164,576
<SHARES-COMMON-STOCK> 7,551,181
<SHARES-COMMON-PRIOR> 2,870,820
<ACCUMULATED-NII-CURRENT> 130,085
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,820,789
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,252,300
<NET-ASSETS> 155,367,750
<DIVIDEND-INCOME> 906,266
<INTEREST-INCOME> 979,655
<OTHER-INCOME> 0
<EXPENSES-NET> 791,008
<NET-INVESTMENT-INCOME> 1,094,913
<REALIZED-GAINS-CURRENT> 9,837,467
<APPREC-INCREASE-CURRENT> 15,049,196
<NET-CHANGE-FROM-OPS> 25,981,576
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 976,438
<DISTRIBUTIONS-OF-GAINS> 2,670,354
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,209,743
<NUMBER-OF-SHARES-REDEEMED> 745,544
<SHARES-REINVESTED> 216,162
<NET-CHANGE-IN-ASSETS> 108,358,506
<ACCUMULATED-NII-PRIOR> 12,643
<ACCUMULATED-GAINS-PRIOR> 2,652,643
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 709,577
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 791,008
<AVERAGE-NET-ASSETS> 94,906,000
<PER-SHARE-NAV-BEGIN> 16.37
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 4.91
<PER-SHARE-DIVIDEND> 0.17
<PER-SHARE-DISTRIBUTIONS> 0.72
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.58
<EXPENSE-RATIO> 0.83
<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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 125,778,964
<INVESTMENTS-AT-VALUE> 125,778,964
<RECEIVABLES> 1,265,321
<ASSETS-OTHER> 4,564
<OTHER-ITEMS-ASSETS> 2,083
<TOTAL-ASSETS> 127,050,932
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268,550
<TOTAL-LIABILITIES> 268,550
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,798,517
<SHARES-COMMON-STOCK> 126,798,538
<SHARES-COMMON-PRIOR> 129,733,922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16,135)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 126,782,382
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,577,599
<OTHER-INCOME> 0
<EXPENSES-NET> 643,545
<NET-INVESTMENT-INCOME> 6,934,054
<REALIZED-GAINS-CURRENT> 2,232
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,936,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,937,040
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 390,437,217
<NUMBER-OF-SHARES-REDEEMED> 400,273,601
<SHARES-REINVESTED> 6,901,000
<NET-CHANGE-IN-ASSETS> (2,936,138)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (15,381)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 601,698
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 643,545
<AVERAGE-NET-ASSETS> 133,707,378
<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> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 752737
<NAME> OPPENHEIMER MULTIPLE STRATEGIES
<SERIES>
<NUMBER> 6
<NAME> OPPENHEIMER VARIABLE ACCOUNTS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 544,500,683
<INVESTMENTS-AT-VALUE> 641,798,961
<RECEIVABLES> 10,479,286
<ASSETS-OTHER> 8,008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 652,286,255
<PAYABLE-FOR-SECURITIES> 12,430,220
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,311,205
<TOTAL-LIABILITIES> 14,741,425
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 505,041,083
<SHARES-COMMON-STOCK> 37,473,072
<SHARES-COMMON-PRIOR> 30,992,794
<ACCUMULATED-NII-CURRENT> 1,264,870
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 33,831,700
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 97,407,177
<NET-ASSETS> 637,544,830
<DIVIDEND-INCOME> 3,524,342
<INTEREST-INCOME> 22,495,840
<OTHER-INCOME> 0
<EXPENSES-NET> 4,241,331
<NET-INVESTMENT-INCOME> 21,778,851
<REALIZED-GAINS-CURRENT> 34,197,105
<APPREC-INCREASE-CURRENT> 32,455,612
<NET-CHANGE-FROM-OPS> 88,431,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21,242,764
<DISTRIBUTIONS-OF-GAINS> 18,354,349
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,728,904
<NUMBER-OF-SHARES-REDEEMED> 2,765,980
<SHARES-REINVESTED> 2,517,354
<NET-CHANGE-IN-ASSETS> 153,259,350
<ACCUMULATED-NII-PRIOR> 961,193
<ACCUMULATED-GAINS-PRIOR> 17,756,534
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,068,887
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,241,331
<AVERAGE-NET-ASSETS> 564,369,000
<PER-SHARE-NAV-BEGIN> 15.63
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> 0.61
<PER-SHARE-DISTRIBUTIONS> 0.58
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.01
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
INDEPENDENT AUDITORS' REPORT
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 (the "Company") (including the Strategic Bond, Multiple
Strategies, Money, Growth & Income, High Income, Bond, Capital Appreciation,
Growth, and Global Securities Funds) for the year ended December 31, 1997 (on
which we have issued our report dated January 23, 1998), we considered its
internal control, including control activities 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 Company's internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 Company's internal control would not necessarily
disclose all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 Company's
internal control, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
January 23, 1998
The Funds adjusted the classification of net investment income and capital gain
(loss) to reflect other differences between financial statement amounts and
distributions determined in accordance with income tax regulations. Changes in
classification during the year ended December 31, 1997 are shown below:
<TABLE>
<CAPTION>
Adjustments for the Year Ended December 31, 1997
Increase Increase Increase
(Decrease) in (Decrease) in (Decrease)
Undistributed Accumulated in Paid-In
Net Investment Net Realized Capital
Income Gain on
Investments
<S> <C> <C> <C>
Oppenheimer Capital Appreciation Fund $(44,906) $44,906 $--
Oppenheimer Growth Fund (61,766) 120,736 (58,970)
Oppenheimer Bond Fund (2,327,492) 1,641,033 686,459
Oppenheimer Global Securities Fund 6,462,546 (6,457,702) (4,844)
Oppenheimer Growth & Income Fund (1,033) 1,033 --
Oppenheimer Multiple Strategies Fund (232,410) 232,410 --
Oppenheimer Strategic Bond Fund (367,471) 367,376 95
Oppenheimer High Income Fund (451,938) 970,781 (518,843)
</TABLE>
