"Reds," Warren Beatty's epic-length love story set against the background of the Bolshevik Revolution, was nominated yesterday for 12 of the 22 Oscars to be given out on March 29.

"On Golden Pond," the film about the sunset of life that teamed Henry Fonda and Katharine Hepburn for the first time, received 10 nominations, including acting awards for the two stars and a further one for Jane Fonda as best supporting actress.

Unaccountably, the 76-year-old Fonda, who is now in ill health, has never before won an Oscar. His daughter has won twice as best actress and Hepburn has won three times before.

Both "Reds" and "On Golden Pond" were nominated for best picture, along with "Atlantic City," the English "Chariots of Fire" and "Raiders of the Lost Ark." The directors of each film were nominated for best direction -- Beatty, Mark Rydell for "On Golden Pond," Louis Malle for "Atlantic City," Hugh Hudson for "Chariots" and Steven Spielberg for "Raiders."

Beatty also was nominated for best actor in "Reds," along with Fonda, Burt Lancaster in "Atlantic City," Dudley Moore in "Arthur" and Paul Newman in "Absence of Malice." It would be Beatty's first Oscar.

Diane Keaton was nominated for best actress in "Reds," along with Hepburn, Marsha Mason in "Only When I Laugh," Susan Sarandon in "Atlantic City" and Meryl Streep for "The French Lieutenant's Woman."

"Reds" also made both of the supporting acting races for the bravura performances of Jack Nicholson as Eugene O'Neill and Maureen Stapleton as Emma Goldman. Nicholson won as best actor in 1975 for "One Flew Over the Cuckoo's Nest."

Other best supporting actor nominees: James Coco, "Only When I Laugh"; Sir John Gielgud, "Arthur"; Ian Holm, "Chariots of Fire"; and Howard E. Rollins Jr., "Ragtime." The 77-year-old Gielgud also has never won an Oscar.

Other best supporting actress nominees: Melinda Dillon, "Absence of Malice"; Joan Hackett, "Only When I Laugh"; and Elizabeth McGovern, "Ragtime."

Beatty picked up yet another nomination for best original screenplay in "Reds," which he shared with Trevor Griffiths.

Johnny Carson returns as host for the 54th annual Academy Awards show when they are presented on live television from the Dorothy Chandler Pavilion in Los Angeles.

The nominations were made by the Motion Picture Academy's 3,851 members, who all vote for best picture. Otherwise, members in each field nominate their own.

Among the other nominations, including a new award for makeup, are:

Best original screenplay: "Absence of Malice," Kurt Luedtke; "Arthur," Steve Gordon; "Atlantic City," John Guare; "Chariots of Fire," Colin Welland.

Best adapted screenplay: "The French Lieutenant's Woman," Harold Pinter; "On Golden Pond," Ernest Thompson; "Pennies From Heaven," Dennis Potter; "Prince of the City," Jay Presson Allen and Sidney Lumet; "Ragtime," Michael Weller.

Best cinematography: "Excalibur," Alex Thompson; "On Golden Pond," Billy Williams; "Ragtime," Miroslav Ondrieck; "Raiders of the Lost Ark," Douglas Slocombe; "Reds," Vittorio Storaro.

Best film editing: "Chariots of Fire," Terry Rawlings; "The French Lieutenant's Woman," John Bloom; "On Golden Pond," Robert Wolfe; "Raiders of the Lost Ark," Michael Kahn; "Reds," Dede Allen and Craig McKay.

Best art (and set) direction: "The French Lieutenant's Woman," Assheton Gorton and Ann Mollo; "Heaven's Gate," Tambi Larsen and Jim Berkey; "Ragtime," John Graysmark, Patrizia von Brandenstein, Anthony Reading, George de Titta Sr., George de Titta Jr., and Peter Howitt; "Raiders of the Lost Ark," Norman Reynolds, Leslie Dilley and Michael Ford; "Reds," Richard Sylbert and Michael Seirton.

Best visual effects: "Dragonslayer," Dennis Muren, Phil Tippett, Ken Ralston and Brian Johnson; "Raiders of the Lost Ark," Richard Edlund, Kit West, Bruce Nicholson and Joe Johnston.

Best musical score: "Chariots of Fire," Vangelis; "Dragonslayer," Alex North; "On Golden Pond," Dave Grusin; "Ragtime," Randy Newman; "Raiders of the Lost Ark," John Williams.

Best song: "Arthur's Theme (Best That You Can Do)," from "Arthur"; "Endless Love," from "Endless Love"; "The First Time It Happens," from "The Great Muppet Caper"; "For Your Eyes Only," from "For Your Eyes Only"; "One More Hour," from "Ragtime."

Best sound: "On Golden Pond," Richard Portman and David Ronne; "Outland," John Wilkinson, Robert Glass Jr., Robert Thirlwell and Robin Gregory; "Pennies From Heaven," Michael Kohut, Jay Harding, Richard Tyler and Al Overton; "Raiders of the Lost Ark," Bill Varney, Steve Maslow, Gregg Landaker and Roy Charman; "Reds," Dick Vorisek, Tom Fleischman and Simon Kaye.

Best costume design: "Chariots of Fire," Milena Canonero; "The French Lieutenant's Woman," Tom Rand; "Pennies From Heaven," Bob Mackie; "Ragtime," Anna Hill Johnstone; "Reds," Shirley Russell.

Best makeup: "American Werewolf in London," Rick Baker; "Heartbeeps," Stan Winston.

Best foreign language film: "The Boat Is Full," Switzerland; "Man of Iron," Poland; "Mephisto," Hungary; "Muddy River," Japan, "Three Brothers," Italy.

Best animated short film: "Crac," "The Creation," "The Tender Tale of Cinderella Penguin."

Best live action short film: "Couples and Robbers," "First Winter," "Violet."

Best documentary feature: "Against Wind and Tide: A Cuban Odyssey," "Brooklyn Bridge," "Eight Minutes to Midnight: A Portrait of Dr. Helen Caldicott," "El Salvador: Another Vietnam," "Genocide."

Best documentary short subject: "Americas in Transition," "Close Harmony," "Journey for Survival," "See What I Say," "Urge to Build."