N-SAR EXHIBIT 77C

OPPENHEIMER VARIABLE ACCOUNT FUNDS, on behalf of

OPPENHEIMER BALANCED FUND/VA

SPECIAL SHAREHOLDER MEETING (Unaudited)

On February 29, 2012, a shareholder meeting of the Oppenheimer Variable Account Funds, on behalf of Oppenheimer Balanced 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

17,193,173                    948,698                                617,252                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,332,147                    905,677                                521,299                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,095,479                  944,228                                719,415                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,091,961                   876,674                                790,488                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,229,468                  973,504                                556,151                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,130,450                1,006,646                                622,027                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,127,270                1,009,929                                621,924                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,208,411                  948,414                                602,297                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,078,696                   974,462                                705,965                                N/A

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

For                              Against                                Abstain                                Broker Non Vote

17,117,489                   990,369                                651,265                                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