EX-99.77Q1 OTHR EXHB

                                                                 Document No. 2
                                       12

                      AGREEMENT AND PLAN OF REORGANIZATION

         AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") dated as of
November 30, 2007, by and between Panorama Series Fund, Inc., a Maryland
corporation, on behalf of its series Panorama Government Securities Portfolio
("Panorama Fund"), and Oppenheimer Variable Account Funds, a Massachusetts
business trust, on behalf of its series Oppenheimer Core Bond Fund/VA ("Core
Bond Fund/VA"). References to actions, representations, or obligations of
Panorama Fund should be understood to be performed or incurred by Panorama
Series Fund, Inc., and actions, representations or obligations of Core Bond
Fund/VA should be understood to be performed or incurred by Oppenheimer Variable
Account Funds, as the context requires, subject, however, to the provisions of
this Agreement.

                              W I T N E S S E T H:

         WHEREAS, Panorama Fund and Oppenheimer Core Bond Fund/VA are each an
open-end investment company of the management type; and

         WHEREAS, the parties hereto desire to provide for the reorganization
pursuant to Section 368(a)(1) of the Internal Revenue Code of 1986, as amended
(the "Code"), of Panorama Fund through the acquisition by Core Bond Fund/VA of
substantially all of the assets of Panorama Fund in exchange for the Non-Service
voting shares of beneficial interest ("shares") of Core Bond Fund/VA and the
assumption by Core Bond Fund/VA of certain liabilities of Panorama Fund, which
Non-Service shares of Core Bond Fund/VA are to be distributed by Panorama Fund
pro rata to its shareholders in complete liquidation of Panorama Fund and
complete cancellation of its shares;

         NOW, THEREFORE, in consideration of the mutual promises herein
contained, the parties hereto agree as follows:

     1. The parties hereby adopt this Agreement and Plan of Reorganization (the
"Agreement") pursuant to Section 368(a)(1) of the Code as follows: The
reorganization will be comprised of the acquisition by Core Bond Fund/VA of
substantially all of the assets of Panorama Fund in exchange for Non-Service
shares of Core Bond Fund/VA and the assumption by Core Bond Fund/VA of certain
liabilities of Panorama Fund, followed by the distribution of such Non-Service
shares of Core Bond Fund/VA to the shareholders of Panorama Fund in exchange for
shares of Panorama Fund, all upon and subject to the terms of the Agreement
hereinafter set forth.

         Redemption requests received by Panorama Fund after that date shall be
treated as requests for the redemption of the shares of Core Bond Fund/VA to be
distributed to the shareholder in question as provided in Section 5 hereof.

     2. On the Closing Date (as hereinafter defined), all of the assets of
Panorama Fund on that date, excluding a cash reserve (the "cash reserve") to be
retained by Panorama Fund sufficient in its discretion for the payment of the
expenses of Panorama Fund's dissolution and its liabilities, but not in excess
of the amount contemplated by Section 10E, shall be delivered as provided in
Section 8 to Core Bond Fund/VA, in exchange for and against delivery to Panorama
Fund on the Closing Date of a number of Non-Service shares of Core Bond Fund/VA,
having an aggregate net asset value equal to the value of the assets of Panorama
Fund so transferred and delivered.

     3. The net asset value of Non-Service shares of Core Bond Fund/VA and the
value of the assets of Panorama Fund to be transferred shall in each case be
determined as of the close of business of The New York Stock Exchange on the
Valuation Date. The computation of the net asset value of the Non-Service shares
of Core Bond Fund/VA and the shares of Panorama Fund shall be done in the manner
used by Core Bond Fund/VA and Panorama Fund, respectively, in the computation of
such net asset value per share as set forth in their respective prospectuses.
The methods used by Core Bond Fund/VA in such computation shall be applied to
the valuation of the assets of Panorama Fund to be transferred to Core Bond
Fund/VA.

         Panorama Fund will, if required, declare and pay, immediately prior to
the Valuation Date, a dividend or dividends which, together with all previous
such dividends, shall have the effect of distributing to Panorama Fund's
shareholders all of Panorama Fund's investment company taxable income for
taxable years ending on or prior to the Closing Date (computed without regard to
any dividends paid) and all of its net capital gain, if any, realized in taxable
years ending on or prior to the Closing Date (after reduction for any capital
loss carry-forward).

     4. The closing (the "Closing") shall be at the offices of OppenheimerFunds,
Inc. (the "Agent"), 6803 S. Tucson Way, Centennial, CO 80112, on such time or
such other place as the parties may designate or as provided below (the "Closing
Date"). The business day preceding the Closing Date is herein referred to as the
"Valuation Date."

         In the event that on the Valuation Date either party has, pursuant to
the Investment Company Act of 1940, as amended (the "Act"), or any rule,
regulation or order thereunder, suspended the redemption of its shares or
postponed payment therefore, the Closing Date shall be postponed until the first
business day after the date when both parties have ceased such suspension or
postponement; provided, however, that if such suspension shall continue for a
period of 60 days beyond the Valuation Date, then the other party to the
Agreement shall be permitted to terminate the Agreement without liability to
either party for such termination.

     5. In conjunction with the Closing, Panorama Fund shall distribute on a pro
rata basis to the shareholders of Panorama Fund as of the Valuation Date
Non-Service shares of Core Bond Fund/VA received by Panorama Fund on the Closing
Date in exchange for the assets of Panorama Fund in complete liquidation of
Panorama Fund; for the purpose of the distribution by Panorama Fund of
Non-Service shares of Core Bond Fund/VA to Panorama Fund's shareholders, Core
Bond Fund/VA will promptly cause its transfer agent to: (a) credit an
appropriate number of Non-Service shares of Core Bond Fund/VA on the books of
Core Bond Fund/VA to each shareholder of Panorama Fund in accordance with a list
(the "Shareholder List") of Panorama Fund shareholders received from Panorama
Fund; and (b) confirm an appropriate number of Non-Service shares of Core Bond
Fund/VA to each shareholder of Panorama Fund; certificates, if any, for
Non-Service shares of Core Bond Fund/VA will be issued upon written request of a
former shareholder of Panorama Fund but only for whole shares, with fractional
shares credited to the name of the shareholder on the books of Core Bond Fund/VA
and only after any share certificates, if any, for Panorama Fund are returned to
the transfer agent.

         The Shareholder List shall indicate, as of the close of business on the
Valuation Date, the name and address of each shareholder of Panorama Fund,
indicating his or her share balance. Panorama Fund agrees to supply the
Shareholder List to Core Bond Fund/VA not later than the Closing Date. Any
shareholders of Panorama Fund holding certificates representing their shares
shall not be required to surrender their certificates to anyone in connection
with the reorganization. After the Closing Date, however, it will be necessary
for such shareholders to surrender their certificates in order to redeem,
transfer or pledge the shares of Core Bond Fund/VA which they received.

     6. After the Closing Date, Panorama Fund shall pay or make provision for
payment of all of its liabilities and taxes, and transfer any remaining amount
of the cash reserve to Core Bond Fund/VA.

     7. Prior to the Closing Date, there shall be coordination between the
parties as to their respective portfolios so that, after the Closing, Core Bond
Fund/VA will be in compliance with all of its investment policies and
restrictions. At the Closing, Panorama Fund shall deliver to Core Bond Fund/VA
two copies of a list setting forth the securities then owned by Panorama Fund.
Promptly after the Closing, Panorama Fund shall provide Core Bond Fund/VA a list
setting forth the respective federal income tax bases thereof.

     8. Portfolio securities or written evidence acceptable to Core Bond Fund/VA
of record ownership thereof by The Depository Trust Company or through the
Federal Reserve Book Entry System or any other depository approved by Panorama
Fund pursuant to Rule 17f-4 and Rule 17f-5 under the Act shall be endorsed and
delivered, or transferred by appropriate transfer or assignment documents, by
Panorama Fund on the Closing Date to Core Bond Fund/VA, or at its direction, to
its custodian bank, in proper form for transfer in such condition as to
constitute good delivery thereof in accordance with the custom of brokers and
shall be accompanied by all necessary state transfer stamps, if any. The cash
delivered shall be in the form of certified or bank cashiers' checks or by bank
wire or intra-bank transfer payable to the order of Core Bond Fund/VA for the
account of Core Bond Fund/VA. Non-Service shares of Core Bond Fund/VA
representing the number of Non-Service shares of Core Bond Fund/VA being
delivered against the assets of Panorama Fund, registered in the name of
Panorama Fund, shall be transferred to Panorama Fund on the Closing Date. Such
shares shall thereupon be assigned by Panorama Fund to its shareholders so that
the Non-Service shares of Core Bond Fund/VA may be distributed as provided in
Section 5.

         If, at the Closing Date, Panorama Fund is unable to make delivery under
this Section 8 to Core Bond Fund/VA of any of its portfolio securities or cash
for the reason that any of such securities purchased by Panorama Fund, or the
cash proceeds of a sale of portfolio securities, prior to the Closing Date have
not yet been delivered to it or Panorama Fund's custodian, then the delivery
requirements of this Section 8 with respect to said undelivered securities or
cash will be waived and Panorama Fund will deliver to Core Bond Fund/VA by or on
the Closing Date with respect to said undelivered securities or cash executed
copies of an agreement or agreements of assignment in a form reasonably
satisfactory to Core Bond Fund/VA, together with such other documents, including
a due bill or due bills and brokers' confirmation slips as may reasonably be
required by Core Bond Fund/VA.

     9. Core Bond Fund/VA shall not assume the liabilities (except for portfolio
securities purchased which have not settled and for shareholder redemption and
dividend checks outstanding) of Panorama Fund, but Panorama Fund will,
nevertheless, use its best efforts to discharge all known liabilities, so far as
may be possible, prior to the Closing Date. The cost of printing and mailing the
proxies and proxy statements will be borne by Panorama Fund. Panorama Fund and
Core Bond Fund/VA will bear the cost of their respective opinions to be provided
under this Agreement. Any documents such as existing prospectuses or annual
reports that are included in that mailing will be a cost of the Fund issuing the
document. Any other out-of-pocket expenses of Core Bond Fund/VA and Panorama
Fund associated with this reorganization, including legal, accounting and
transfer agent expenses, will be borne by Panorama Fund and Core Bond Fund/VA,
respectively, in the amounts so incurred by each. Agent, the Funds' investment
manager, may bear any of the costs discussed in this Section 9, pursuant to
separate arrangements with one or both Funds.

     10.          The obligations of Core Bond Fund/VA hereunder shall be
subject to the following conditions:

         A. The Board of Directors of Panorama Fund shall have authorized the
execution of the Agreement, and the shareholders of Panorama Fund shall have
approved the Agreement and the transactions contemplated hereby, and Panorama
Fund shall have furnished to Core Bond Fund/VA copies of resolutions or minutes
to that effect certified by the Secretary or the Assistant Secretary of Panorama
Fund; such shareholder approval shall have been by vote of a majority of the
outstanding voting securities of Panorama Fund, as defined in Section 2(a)(42)
of the Act, and as required by Panorama Fund's charter documents at a meeting
for which proxies have been solicited by the Proxy Statement and Prospectus (as
hereinafter defined).

         B. Core Bond Fund/VA shall have received an opinion dated as of the
Closing Date from counsel to Panorama Fund, to the effect that (i) Panorama Fund
is a series of Panorama Series Fund, Inc.; (ii) Panorama Series Fund, Inc. is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Maryland with full corporate powers to carry on its business as
then being conducted and to enter into and perform the Agreement; and (iii) that
all action necessary to make the Agreement, according to its terms, valid,
binding and enforceable on Panorama Fund and to authorize effectively the
transactions contemplated by the Agreement have been taken by Panorama Fund.
Maryland counsel may be relied upon for this opinion.

C. The representations and warranties of Panorama Fund contained herein shall be
true and correct at and as of the Closing Date, and Core Bond Fund/VA shall have
been furnished with a certificate of the President, or a Vice President, or the
Secretary or the Assistant Secretary or the Treasurer or the Assistant Treasurer
of Panorama Fund, dated as of the Closing Date, to that effect. D. On the
Closing Date, Panorama Fund shall have furnished to Core Bond Fund/VA a
certificate of the Treasurer or Assistant Treasurer of Panorama Fund as to the
amount of the capital loss carry-over and net unrealized appreciation or
depreciation, if any, with respect to Panorama Fund as of the Closing Date.

         E. The cash reserve shall not exceed 10% of the value of the net
assets, nor 30% in value of the gross assets, of Panorama Fund at the close of
business on the Valuation Date.

F. A Registration Statement on Form N-14 filed by Core Bond Fund/VA under the
Securities Act of 1933, as amended (the "1933 Act"), containing a preliminary
form of the Proxy Statement and Prospectus, shall have become effective under
the 1933 Act.

         G. On the Closing Date, Core Bond Fund/VA shall have received a letter
from a senior legal officer or other senior executive officer of
OppenheimerFunds, Inc. acceptable to Core Bond Fund/VA, stating that nothing has
come to his or her attention which in his or her judgment would indicate that as
of the Closing Date there were any material, actual or contingent liabilities of
Panorama Fund arising out of litigation brought against Panorama Fund or claims
asserted against it, or pending or to the best of his or her knowledge
threatened claims or litigation not reflected in or apparent from the most
recent audited financial statements and footnotes thereto of Panorama Fund
delivered to Core Bond Fund/VA. Such letter may also include such additional
statements relating to the scope of the review conducted by such person and his
or her responsibilities and liabilities as are not unreasonable under the
circumstances.

         H. Core Bond Fund/VA shall have received an opinion, dated as of the
Closing Date, of Bell, Boyd & Lloyd LLP, to the same effect as the opinion
contemplated by Section 11.E. of the Agreement.

I. Core Bond Fund/VA shall have received at the Closing all of the assets of
Panorama Fund to be conveyed hereunder, which assets shall be free and clear of
all liens, encumbrances, security interests, restrictions and limitations
whatsoever.

     11. The obligations of Panorama Fund hereunder shall be subject to the
following conditions:

         A. The Board of Trustees of Core Bond Fund/VA shall have authorized the
execution of the Agreement, and the transactions contemplated thereby, and Core
Bond Fund/VA shall have furnished to Panorama Fund copies of resolutions to that
effect certified by the Secretary or the Assistant Secretary of Core Bond
Fund/VA.

         B. Panorama Fund's shareholders shall have approved the Agreement and
the transactions contemplated hereby as provided in Section 10.A of this
Agreement, and Panorama Fund shall have furnished Core Bond Fund/VA copies of
resolutions to that effect certified by the Secretary or an Assistant Secretary
of Panorama Fund.

         C. Panorama Fund shall have received an opinion dated as of the Closing
Date from counsel to Core Bond Fund/VA, to the effect that (i) Core Bond Fund/VA
is a series of Oppenheimer Variable Account Funds; (ii) Oppenheimer Variable
Account Funds is a business trust duly organized, validly existing and in good
standing under the laws of the Commonwealth of Massachusetts with full powers to
carry on its business as then being conducted and to enter into and perform the
Agreement; (iii) all actions necessary to make the Agreement, according to its
terms, valid, binding and enforceable upon Core Bond Fund/VA and to authorize
effectively the transactions contemplated by the Agreement have been taken by
Core Bond Fund/VA; and (iv) the shares to be issued hereunder are duly
authorized and when issued will be validly issued, fully-paid and
non-assessable, except as set forth under "Shareholder and Trustee Liability" in
Core Bond Fund/VA's Statement of Additional Information. Massachusetts counsel
may be relied upon for this opinion.

         D. The representations and warranties of Core Bond Fund/VA contained
herein shall be true and correct at and as of the Closing Date, and Panorama
Fund shall have been furnished with a certificate of the President, a Vice
President or the Secretary or the Assistant Secretary or the Treasurer or the
Assistant Treasurer of the Trust to that effect dated as of the Closing Date.

         E. Panorama Fund shall have received an opinion of Bell, Boyd & Lloyd
LLP to the effect that the federal tax consequences of the transaction, if
carried out in the manner outlined in the Agreement and in accordance with (i)
Panorama Fund's representation that there is no plan or intention by any
Panorama Fund shareholder who owns 5% or more of Panorama Fund's outstanding
shares, and, to Panorama Fund's best knowledge, there is no plan or intention on
the part of the remaining Panorama Fund shareholders, to redeem, sell, exchange
or otherwise dispose of a number of Core Bond Fund/VA shares received in the
transaction that would reduce Panorama Fund shareholders' ownership of Core Bond
Fund/VA shares to a number of shares having a value, as of the Closing Date, of
less than 50% of the value of all of the formerly outstanding Panorama Fund
shares as of the same date, and (ii) the representation by each of Panorama Fund
and Core Bond Fund/VA that, as of the Closing Date, Panorama Fund and Core Bond
Fund/VA will each qualify as regulated investment companies or will meet the
diversification test of Section 368(a)(2)(F)(ii) of the Code, will be as
follows:

a.                  The transactions contemplated by the Agreement will qualify
                    as a tax-free "reorganization" within the meaning of Section
                    368(a)(1) of the Code, and under the regulations promulgated
                    thereunder.

b.                  Panorama Fund and Core Bond Fund/VA will each qualify as a
                    "party to a reorganization" within the meaning of Section
                    368(b)(2) of the Code.

c.                  No gain or loss will be recognized by the shareholders of
                    Panorama Fund upon the distribution of Non-Service shares of
                    beneficial interest in Core Bond Fund/VA to the shareholders
                    of Panorama Fund pursuant to Section 354 of the Code.

d.                  Under Section 361(a) of the Code no gain or loss will be
                    recognized by Panorama Fund by reason of the transfer of
                    substantially all its assets in exchange for Non-Service
                    shares of Core Bond Fund/VA.

e.                  Under Section 1032 of the Code no gain or loss will be
                    recognized by Core Bond Fund/VA by reason of the transfer of
                    substantially all of Panorama Fund's assets in exchange for
                    Non-Service shares of Core Bond Fund/VA and Core Bond
                    Fund/VA's assumption of certain liabilities of Panorama
                    Fund.

f.                  The shareholders of Panorama Fund will have the same tax
                    basis and holding period for the Non-Service shares of
                    beneficial interest in Core Bond Fund/VA that they receive
                    as they had for Panorama Fund shares that they previously
                    held, pursuant to Section 358(a) and 1223(1), respectively,
                    of the Code.

g.                  The securities transferred by Panorama Fund to Core Bond
                    Fund/VA will have the same tax basis and holding period in
                    the hands of Core Bond Fund/VA as they had for Panorama
                    Fund, pursuant to Section 362(b) and 1223(1), respectively,
                    of the Code.

         F. The cash reserve shall not exceed 10% of the value of the net
assets, nor 30% in value of the gross assets, of Panorama Fund at the close of
business on the Valuation Date.

         G. A Registration Statement on Form N-14 filed by Core Bond Fund/VA
under the 1933 Act, containing a preliminary form of the Proxy Statement and
Prospectus, shall have become effective under the 1933 Act.

         H. On the Closing Date, Panorama Fund shall have received a letter from
a senior legal officer or other senior executive officer of OppenheimerFunds,
Inc. acceptable to Panorama Fund, stating that nothing has come to his or her
attention which in his or her judgment would indicate that as of the Closing
Date there were any material, actual or contingent liabilities of Core Bond
Fund/VA arising out of litigation brought against Core Bond Fund/VA or claims
asserted against it, or pending or, to the best of his or her knowledge,
threatened claims or litigation not reflected in or apparent by the most recent
audited financial statements and footnotes thereto of Core Bond Fund/VA
delivered to Panorama Fund. Such letter may also include such additional
statements relating to the scope of the review conducted by such person and his
or her responsibilities and liabilities as are not unreasonable under the
circumstances.

I. Panorama Fund shall acknowledge receipt of the Non-Service shares of Core
Bond Fund/VA.

     12. Panorama Fund hereby represents and warrants that:

A. The audited financial statements of Panorama Fund as of December 31, 2006,
and unaudited financial statements as of June 30, 2007, heretofore furnished to
Core Bond Fund/VA, present fairly the financial position, results of operations,
and changes in net assets of Panorama Fund as of that date, in conformity with
generally accepted accounting principles applied on a basis consistent with the
preceding year; and that from June 30, 2007, through the date hereof there have
not been, and through the Closing Date there will not be, any material adverse
change in the business or financial condition of Panorama Fund, it being agreed
that a decrease in the size of Panorama Fund due to a diminution in the value of
its portfolio and/or redemption of its shares shall not be considered a material
adverse change;

B. Contingent upon approval of the Agreement and the transactions contemplated
thereby by Panorama Fund's shareholders, Panorama Fund has authority to transfer
all of the assets of Panorama Fund to be conveyed hereunder free and clear of
all liens, encumbrances, security interests, restrictions and limitations
whatsoever;

C. The Prospectus, as amended and supplemented, contained in Panorama Series
Fund, Inc.'s Registration Statement under the 1933 Act, as amended, is true,
correct and complete, conforms to the requirements of the 1933 Act and does not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading. The Registration Statement, as amended, was, as of the date of the
filing of the last Post-Effective Amendment, true, correct and complete,
conformed to the requirements of the 1933 Act and did not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading;

D. There is no material contingent liability of Panorama Fund and no material
claim and no material legal, administrative or other proceedings pending or, to
the knowledge of Panorama Fund, threatened against Panorama Fund, not reflected
in such Prospectus;

E. Except for the Agreement, there are no material contracts outstanding to
which Panorama Fund is a party other than those ordinary in the conduct of its
business;

F. Panorama Fund is a series of Panorama Series Fund, Inc., which is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Maryland, has all necessary and material Federal and state
authorizations to own all of its assets and to carry on its business as now
being conducted, and is duly registered under the Act and such registration has
not been rescinded or revoked and is in full force and effect;

G. All Federal and other tax returns and reports of Panorama Fund required by
law to be filed have been filed, and all federal and other taxes shown due on
said returns and reports have been paid or provision shall have been made for
the payment thereof and to the best of the knowledge of Panorama Fund no such
return is currently under audit and no assessment has been asserted with respect
to such returns and to the extent such tax returns with respect to the taxable
year of Panorama Fund ended December 31, 2007, or with respect to the taxable
year from January 1, 2008, through the Closing Date, have not been filed, such
returns will be filed when required and the amount of tax shown as due thereon
shall be paid when due; and

H. Panorama Fund has elected to be treated as a regulated investment company
and, for each fiscal year of its operations, Panorama Fund has met the
requirements of Subchapter M of the Code for qualification and treatment as a
regulated investment company and Panorama Fund intends to meet such requirements
with respect to its current taxable year. Panorama Fund currently is, at all
times since its inception has been, and will continue to be up until and at the
Closing Date, in compliance with Section 817(h)(1) of the Internal Revenue Code
of 1986, as amended (the "Code"), and Treas. Reg. Section 1.817-5, as if those
provisions applied directly to the Panorama Fund, relating to the
diversification requirements for variable annuity, endowment and life insurance
contracts. Panorama Fund's shares are (and since its inception have been) held
only by (a) insurance company "segregated asset accounts" within the meaning of
Treas. Reg. Section 1.817-5(e) and (b) other purchasers of the kind specified in
Treas. Reg. Section 1.817-5(f)(3) as from time to time in effect.

13. Core Bond Fund/VA hereby represents and warrants that:

A. The audited financial statements of Core Bond Fund/VA as of December 31,
2006, and unaudited financial statements as of June 30, 2007, heretofore
furnished to Panorama Fund, present fairly the financial position, results of
operations, and changes in net assets of Core Bond Fund/VA, as of that date, in
conformity with generally accepted accounting principles applied on a basis
consistent with the preceding year; and that from June 30, 2007, through the
date hereof there have not been, and through the Closing Date there will not be,
any material adverse changes in the business or financial condition of Core Bond
Fund/VA, it being understood that a decrease in the size of Core Bond Fund/VA
due to a diminution in the value of its portfolio and/or redemption of its
shares shall not be considered a material or adverse change;

B. The Prospectus, as amended and supplemented, contained in Core Bond Fund/VA's
Registration Statement under the 1933 Act, is true, correct and complete,
conforms to the requirements of the 1933 Act and does not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. The
Registration Statement, as amended, was, as of the date of the filing of the
last Post-Effective Amendment, true, correct and complete, conformed to the
requirements of the 1933 Act and did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading;

C. Except for this Agreement, there is no material contingent liability of Core
Bond Fund/VA and no material claim and no material legal, administrative or
other proceedings pending or, to the knowledge of Core Bond Fund/VA, threatened
against Core Bond Fund/VA, not reflected in such Prospectus;

D. There are no material contracts outstanding to which Core Bond Fund/VA is a
party other than those ordinary in the conduct of its business;

E. Core Bond Fund/VA is a series of Oppenheimer Variable Account Funds, which is
a business trust duly organized, validly existing and in good standing under the
laws of the Commonwealth of Massachusetts, has all necessary and material
Federal and state authorizations to own all its properties and assets and to
carry on its business as now being conducted, and is duly registered under the
Act and such registration has not been revoked or rescinded and is in full force
and effect; and the Non-Service shares of Core Bond Fund/VA issued to Panorama
Fund pursuant to the Agreement will be duly authorized, validly issued,
fully-paid and non-assessable, except as set forth under "Shareholder & Trustee
Liability" in Core Bond Fund/VA's Statement of Additional Information, will
conform to the description thereof contained in Oppenheimer Variable Account
Funds' Registration Statement, and will be duly registered under the 1933 Act
and in the states where registration is required;

F. All federal and other tax returns and reports of Core Bond Fund/VA required
by law to be filed have been filed, and all federal and other taxes shown due on
said returns and reports have been paid or provision shall have been made for
the payment thereof and to the best of the knowledge of Core Bond Fund/VA, no
such return is currently under audit and no assessment has been asserted with
respect to such returns and to the extent such tax returns with respect to the
taxable year of Core Bond Fund/VA ended December 31, 2007, or with respect to
the taxable year from January 1, 2008, through the Closing Date, have not been
filed, such returns will be filed when required and the amount of tax shown as
due thereon shall be paid when due;

         G. Core Bond Fund/VA has elected to be treated as a regulated
investment company and, for each fiscal year of its operations, Core Bond
Fund/VA has met the requirements of Subchapter M of the Code for qualification
and treatment as a regulated investment company and Core Bond Fund/VA intends to
meet such requirements with respect to its current taxable year. Core Bond
Fund/VA currently is, at all times since its inception has been, and will
continue to be up until and at the Closing Date, in compliance with Section
817(h)(1) of the Internal Revenue Code of 1986, as amended, and Treas. Reg.
Section 1.817-5, as if those provisions applied directly to the Core Bond
Fund/VA, relating to the diversification requirements for variable annuity,
endowment and life insurance contracts. Core Bond Fund/VA's shares are (and
since its inception have been) held only by (a) insurance company "segregated
asset accounts" within the meaning of Treas. Reg. Section 1.817-5(e) and (b)
other purchasers of the kind specified in Treas. Reg. Section 1.817-5(f)(3) as
from time to time in effect;

         H. Core Bond Fund/VA has no plan or intention (i) to dispose of any of
the assets transferred by Panorama Fund, other than in the ordinary course of
business, or (ii) to redeem or reacquire any of the Non-Service shares issued by
it in the reorganization other than pursuant to valid requests of shareholders;
and

         I. After consummation of the transactions contemplated by the
Agreement, Core Bond Fund/VA intends to operate its business in a substantially
unchanged manner.

     14. Each party hereby represents to the other that no broker or finder has
been employed by it with respect to the Agreement or the transactions
contemplated hereby. Each party also represents and warrants to the other that
the information concerning it in the Proxy Statement and Prospectus will not as
of its date contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
concerning it therein not misleading and that the financial statements
concerning it will present the information shown fairly in accordance with
generally accepted accounting principles applied on a basis consistent with the
preceding year. Each party also represents and warrants to the other that the
Agreement is valid, binding and enforceable in accordance with its terms and
that the execution, delivery and performance of the Agreement will not result in
any violation of, or be in conflict with, any provision of any charter, by-laws,
contract, agreement, judgment, decree or order to which it is subject or to
which it is a party. Core Bond Fund/VA hereby represents to and covenants with
Panorama Fund that, if the reorganization becomes effective, Core Bond Fund/VA
will treat each shareholder of Panorama Fund who received any of Core Bond
Fund/VA's shares as a result of the reorganization as having made the minimum
initial purchase of shares of Core Bond Fund/VA received by such shareholder for
the purpose of making additional investments in shares of Core Bond Fund/VA,
regardless of the value of the shares of Core Bond Fund/VA received.

     15. Core Bond Fund/VA agrees that it will prepare and file a Registration
Statement on Form N-14 under the 1933 Act which shall contain a preliminary form
of proxy statement and prospectus contemplated by Rule 145 under the 1933 Act.
The final form of such proxy statement and prospectus is referred to in the
Agreement as the "Proxy Statement and Prospectus." Each party agrees that it
will use its best efforts to have such Registration Statement declared effective
and to supply such information concerning itself for inclusion in the Proxy
Statement and Prospectus as may be necessary or desirable in this connection.
Panorama Fund covenants and agrees to liquidate and dissolve under the laws of
the State of Maryland, following the Closing, and, upon Closing, to cause the
cancellation of its outstanding shares.

     16. The obligations of the parties shall be subject to the right of either
party to abandon and terminate the Agreement for any reason and there shall be
no liability for damages or other recourse available to a party not so
terminating this Agreement; provided, however, that in the event that a party
shall terminate this Agreement without reasonable cause, the party so
terminating shall, upon demand, reimburse the party not so terminating for all
expenses, including reasonable out-of-pocket expenses and fees incurred in
connection with this Agreement.

     17. The Agreement may be executed in several counterparts, each of which
shall be deemed an original, but all taken together shall constitute one
Agreement. The rights and obligations of each party pursuant to the Agreement
shall not be assignable.

     18. All prior or contemporaneous agreements and representations are merged
into the Agreement, which constitutes the entire contract between the parties
hereto. No amendment or modification hereof shall be of any force and effect
unless in writing and signed by the parties and no party shall be deemed to have
waived any provision herein for its benefit unless it executes a written
acknowledgment of such waiver.

     19. Core Bond Fund/VA understands that the obligations of Panorama Fund
under the Agreement are not binding upon any other series of Panorama Series
Fund, Inc., or any director or shareholder of Panorama Fund or any other series
of Panorama Series Fund, Inc. personally, but bind only Panorama Fund and
Panorama Fund's property. Core Bond Fund/VA represents that it has notice of the
provisions of the Articles of Incorporation of Panorama Series Fund, Inc.
disclaiming shareholder and director liability for acts or obligations of
Panorama Fund.

     20. Panorama Fund understands that the obligations of Core Bond Fund/VA
under the Agreement are not binding upon any other series of Oppenheimer
Variable Account Funds, or any trustee or shareholder of Core Bond Fund/VA or
any other series of Oppenheimer Variable Account Funds personally, but bind only
Core Bond Fund/VA and Core Bond Fund/VA's property. Panorama Fund represents
that it has notice of the provisions of the Declaration of Trust of Core Bond
Fund/VA disclaiming shareholder and trustee liability for acts or obligations of
Core Bond Fund/VA.

         IN WITNESS WHEREOF, each of the parties has caused the Agreement to be
executed and attested by its officers thereunto duly authorized on the date
first set forth above.


  PANORAMA SERIES FUND, INC., on behalf of Government Securities Portfolio


      By:     _/s/ Robert G. Zack_________
                                             ------------------
              Robert G. Zack
              Vice President and Secretary



 OPPENHEIMER VARIABLE ACCOUNT FUNDS, on behalf of Oppenheimer Core Bond Fund/VA


      By:     _/s/ Robert G. Zack_________
                                             ------------------
              Robert G. Zack
              Vice President and Secretary

EX-99.77D POLICIES

Oppenheimer Main Street Fund/VA
Period Ending 12-31-08
Exhibit 77D


    The Fund's portfolio is managed by Marc Reinganum, Mark Zavanelli and
    Wentong Alex Zhou, who are primarily responsible for the day-to-day
    management of the Fund's investments. Dr. Reinganum has been a Vice
    President and co-portfolio manager of the Fund since October 2003. Mr.
    Zavanelli and Dr. Zhou are co-portfolio managers of the Fund effective
    June 30, 2008.

         Dr. Reinganum has been a Vice President of the Manager and Director of
    Quantitative Research and Portfolio Strategist for Equities since September
    2002. He was the Mary Jo Vaughn Rauscher Chair in Financial Investments at
    Southern Methodist University from 1995 to 2002. At Southern Methodist
    University he also served as the Director of the Finance Institute, the
    Chairman of the Finance Department, the President of the Faculty at the Cox
    School of Business and a member of the Board of Trustees Investment
    Committee. He is a portfolio manager and an officer of other portfolios in
    the OppenheimerFunds complex.

         Mr. Zavanelli, CFA, has been a portfolio manager of the Manager since
    July 1999 and a Vice President of the Manager since November 2000. Prior to
    joining the Manager in April 1998, Mr. Zavanelli was President of Waterside
    Capital Management, a registered investment adviser, from August 1995
    through April 1998. He is a portfolio manager and an officer of other
    portfolios in the OppenheimerFunds complex.

         Dr. Zhou, CFA, has been a senior quantitative analyst of the Manager
    since June 1999, assisting in the management and maintenance of the
    quantitative models for the Main Street Funds. He has been a portfolio
    manager of the Manager since January 2007 and an Assistant Vice President of
    the Manager since 2001. He is a portfolio manager of other portfolios in the
    OppenheimerFunds complex.