N-SAR EXHIBIT 77C

OPPENHEIMER VARIABLE ACCOUNT FUNDS, on behalf of

OPPENHEIMER CORE BOND FUND/VA

SPECIAL SHAREHOLDER MEETING (Unaudited)

On February 29, 2012, a shareholder meeting of the Oppenheimer Variable Account Funds, on behalf of Oppenheimer Core Bond Fund/VA (the “Fund”) was held at which the twelve Trustees identified below were elected to the Trust (Proposal No. 1).  At the meeting Proposal No. 2 (including all of its sub-proposals) and Proposal No. 3 were approved as described in the Fund’s proxy statement for that meeting.  The following is a report of the votes cast:

Nominee/Proposal                                           For                                Withheld

Trustees

William L. Armstrong                                859,155,000                                36,277,763

Edward L. Cameron                                    860,463,149                                34,969,615

Jon S. Fossel                                               861,382,389                                34,050,375

Sam Freedman                                            860,173,958                                35,258,806

Richard F. Grabish                                      862,692,974                                32,739,789

Beverly L. Hamilton                                   862,904,192                                32,528,571

Robert J. Malone                                        862,354,488                                33,078,275

F. William Marshall, Jr.                              860,997,182                                34,435,581

Victoria J. Herget                                        861,814,105                                33,618,659

Karen L. Stuckey                                        861,434,246                                33,998,517

James D. Vaughn                                       861,208,178                                34,224,585

William F. Glavin, Jr.                                 861,148,846                                34,283,917

2a:  Proposal to revise the fundamental policy relating to borrowing

For                              Against                                Abstain                                Broker Non Vote

20,280,711                 1,096,313                                1,128,381                                N/A

2b:  Proposal to revise the fundamental policy relating to concentration of investments

For                              Against                                Abstain                                Broker Non Vote

20,419,547                  1,106,922                                978,937                                N/A

2c:  Proposal to remove the fundamental policy relating to diversification of investments

For                              Against                                Abstain                                Broker Non Vote

20,054,108                 1,245,742                                1,205,556                                N/A

2d:  Proposal to revise the fundamental policy relating to lending

For                              Against                                Abstain                                Broker Non Vote

20,319,631                 1,066,597                                1,119,178                                N/A

2e-1:  Proposal to revise the fundamental policy relating to real estate and commodities

For                              Against                                Abstain                                Broker Non Vote

20,150,952                 1,171,521                                1,182,933                                N/A

2e-2:  Proposal to remove the additional fundamental policy relating to real estate and commodities

For                              Against                                Abstain                                Broker Non Vote

20,075,505                  1,263,179                                1,166,722                                N/A

2f:  Proposal to revise the fundamental policy relating to senior securities

For                              Against                                Abstain                                Broker Non Vote

20,151,248                  1,164,958                                1,189,199                                N/A

2g:  Proposal to revise the fundamental policy relating to underwriting

For                              Against                                Abstain                                Broker Non Vote

20,255,607                  1,113,113                                1,136,686                                N/A

2i:  Convert the Fund’s investment objective from fundamental to non-fundamental

For                              Against                                Abstain                                Broker Non Vote

19,902,096                  1,245,377                                1,357,933                                N/A

2j:  Approve a change in the fund’s investment objective

For                              Against                                Abstain                                Broker Non Vote

20,177,574                1,182,437                                1,145,395                                N/A

Proposal 3:  To approve an Agreement and Plan of Reorganization that provides for the reorganization of a Fund from a Maryland corporation or Massachusetts business trust, as applicable, into a Delaware statutory trust.

For                              Against                                Abstain                                Broker Non Vote

821,085,084             23,597,959                                50,749,721                                N/A