<PAGE>
OPPENHEIMER CASH RESERVES
SEMI-ANNUAL REPORT JUNE 30, 1994
[Logo] OPPENHEIMER FUNDS
"LIFE IS FULL OF SURPRISES. I NEED TO
KNOW I CAN RELY ON OUR INVESTMENT
MONEY WHEN I NEED IT.
"WITH THIS FUND, I'VE EARNED
INCOME WHILE HAVING EASY
ACCESS TO MY INVESTMENT."
<PAGE>
FUND FACTS
IN THIS REPORT:
ANSWERS TO TWO
TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
/ / HOW HAS THE FUND RESPONDED TO RISING INTEREST RATES SINCE THE BEGINNING OF
THE YEAR?
/ / WHAT'S THE OUTLOOK FOR MONEY MARKET RATES FOR THE REST OF 1994?
FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT
OPPENHEIMER CASH RESERVES FUND
1 The Fund seeks current income that is consistent with stability of
principal and liquidity by investing primarily in a diversified portfolio of
short-term money market securities.
2 Compounded annualized yield for Class A shares for the 6-month period ended
June 30, 1994 was 2.44%. For Class B and C shares,
compounded annualized yield for the 6-months ended June 30, 1994 were 1.71% and
1.50%, respectively.1
3 The seven-day annualized yield for Class A shares as of June 30, 1994 was
3.14% with compounding, and 3.09% without compounding.
For Class B and C shares, the seven-day annualized yields were
3.43% and 1.90% with compounding, and 3.37% and 1.89% without compounding,
respectively.
4 The Fund invests only in highly-rated short-term investments. As of
June 30, 1994, the Fund's portfolio allocation was:2
SHORT-TERM CORPORATE NOTES 82.33%
LETTERS OF CREDIT 6.89%
U.S. GOVERNMENT AGENCIES 5.32%
CERTIFICATES OF DEPOSIT 3.47%
REPURCHASE AGREEMENTS 1.99%
5 "Investors in this Fund are looking for competitive yields and the
assurance that their principal will be safe, and we take both of those
objectives seriously. While we're always seeking opportunities to enhance
income, we won't compromise the high quality of portfolio or take inappropriate
risks to do so."
PORTFOLIO MANAGER DOTTIE WARMACK, JUNE 30, 1994
1. Compounded yields assume reinvestment of dividends.
2. The Fund's portfolio is subject to change.
The Fund is neither insured nor guaranteed by the U.S. government, and there is
no assurance that the Fund will maintain a stable $1 share price in the future.
Past performance is not indicative of future results.
2 Oppenheimer Cash Reserves
<PAGE>
REPORT TO SHAREHOLDERS
It is a pleasure to report that Oppenheimer Cash Reserves once again met its
objectives for the six months ended June 30, 1994, providing current income
while maintaining principal stability.
Over the last six months, short-term interest rates rose dramatically,
reflecting the Federal Reserve Board's preemptive strike against inflation in a
strengthening U.S. economy. Your managers took several steps to capitalize on
this rising rate environment. Most important, they adjusted the Fund's average
maturity in a manner intended to provide the Fund with maximum flexibility.
On one hand, your managers increased the Fund's positions in
short-maturity investments, such as overnight investments. On the other hand, as
short-term rates appeared to peak in May, your managers also extended the
maturities of some of the portfolio's holdings to approximately five months.
This "barbell" approach, with very short-term investments at one
end of the portfolio bar and longer-maturity investments at the other, is how
your Fund seeks the balance needed to provide attractive returns in any interest
rate environment.
It is important to emphasize that your Fund generates its return from
a portfolio of high-quality money market instruments. While your managers are
always alert to opportunities to enhance portfolio income, principal stability
is their top priority.
Looking ahead, the outlook for the Fund is positive. There are few signs of
inflation on the horizon and the Federal Reserve seems content to maintain
interest rates at their current ranges at least for the near term. With the
adjustments your managers have made over the past six months, however,
Oppenheimer Cash Reserves is ready to respond to whatever opportunities or
challenges the future holds.
We appreciate the confidence you have placed in Oppenheimer Cash Reserves, and
we look forward to continuing to help you meet your financial goals in the
future.
James C. Swain Jon S. Fossel
Chairman President
Oppenheimer Cash Reserves Oppenheimer Cash Reserves
July 22, 1994
3 Oppenheimer Cash Reserves
<PAGE>
- ------
Statement of Investments June 30, 1994 (Unaudited)
Face Market Value
Amount See Note 1
- ------
Repurchase Agreements--2.0%
- ------
Repurchase agreement with J.P. Morgan Securities, Inc., 4.30% dated
6/30/94, to be repurchased at $2,300,275 on 7/1/94, collateralized
by Federal National Mortgage Assn. Participation Certificates, 6.50%,
12/1/23--4/1/24, with a value of $2,357,500
(Cost $2,300,000) $2,300,000 $2,300,000
- ------
Bankers' Acceptance--4.3%
- ------
Chase Manhattan Corp.,
4.60%, 9/26/94 (Cost $4,944,417) 5,000,000 4,944,417
- ------
Certificates of Deposit--3.5%
- ------
Huntington National Bank,
4.41%, 7/6/94(1) (Cost $3,997,830) 4,000,000 3,997,830
- ------
Letters of Credit--6.9%
- ------
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Real S.A.-Grand Cayman Branch,
4.125%, 8/3/94 5,000,000 4,981,094
- ------
Mitsubishi Bank, Ltd., guaranteeing commercial paper of:
Mitsubishi Motors Credit of America,
4.69%, 9/30/94 3,000,000 2,964,434
- ------
Total Letters of Credit (Cost $7,945,528) 7,945,528
- ------
Short-Term Notes--77.6%
- ------
Asset-Backed--11.3% Cooperative Association of Tractor Dealers, Inc.,
3.93%--4.47%, 7/11/94--9/8/94 5,100,000 5,088,848
- ------
Corporate Asset Funding Co., Inc., 4.30%, 7/1/94 5,000,000 5,000,000
- ------
Structured Enhanced Return Trust 1994 Series A-07,
4.46%, 7/6/94(1)(2)(3) 3,000,000 3,000,000
- ------
13,088,848
- ------
Banks--1.7% Bankers Trust New York Corp.,
4.30%, 7/1/94(1)(2)(3) 2,000,000 1,999,295
- ------
Broker/Dealers--23.1% Bear Stearns Cos., Inc.,
4.475%, 6/6/95(1) 3,000,000 3,000,000
- ------
CS First Boston Group, Inc., 4.63%, 11/3/94 3,000,000 2,951,771
- ------
Dean Witter, Discover & Co., 4.53%, 8/19/94 3,000,000 2,981,502
- ------
Lehman Brothers Holdings, Inc.,
4.1125%--5.67%, 7/1/94--8/17/94(1) 5,300,000 5,306,389
- ------
Merrill Lynch & Co., Inc.:
4%, 7/5/94 3,000,000 2,998,667
5%, 7/14/94(1) 2,000,000 2,000,000
- ------
Morgan Stanley Group, Inc., 4.15%, 7/1/94(1) 5,000,000 5,000,000
- ------
Republic New York Securities Corp.,
4.675%, 7/1/94(1) 2,500,000 2,500,000
- ------
26,738,329
- ------
Commercial Finance--1.7% Heller Financial Inc.,
4.376%, 7/6/94(1) 2,000,000 2,000,000
- ------
Conglomerates--4.7%
Grand Metropolitan Investment Corp., guaranteed by Grand Metropolitan
PLC, 4.72%, 11/7/94 2,000,000 1,966,173
- ------
Mitsubishi International Corp., Inc.,
4.85%, 11/28/94 1,500,000 1,469,688
- ------
Pacific Dunlop Ltd., 4.25%, 9/6/94(2) 2,000,000 1,984,181
- ------
5,420,042
4 Oppenheimer Cash Reserves
<PAGE>
- ------
Face Market Value
Amount See Note 1
- ------
Consumer Non-Cyclicals--2.6% American Brands, Inc.,
3.30%, 7/13/94 $3,000,000 $2,996,700
- ------
Diversified Finance--8.8% Ford Motor Credit Co.,
4.875%, 9/23/94(1) 2,000,000 2,002,483
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General Motors Acceptance Corp., 4.70%, 11/17/94 5,000,000 4,909,264
- ------
Transamerica Finance Corp.,
3.27%--4.63%, 7/7/94--11/3/94 3,400,000 3,367,084
- ------
10,278,831
- ------
Foreign Government
Obligations--5.1%
Finnish Export Credit Ltd., supported by the Republic of Finland,
3.23%, 7/12/94 3,000,000 2,997,039
- ------
New South Wales Treasury, supported by the Republic of Finland,
4.69%, 11/14/94 3,000,000 2,946,847
- ------
5,943,886
- ------
Industrial--1.7% BICC Cables Corp., guaranteed by BICC PLC, 4.28%, 7/5/94
2,000,000 1,999,049
- ------
Lubricants and Fuels--2.0%
Burmah Castrol Finance PLC, guaranteed by Burmah Castrol PLC.,
4.87%, 10/26/94(2) 2,300,000 2,263,597
- ------
Oil: Integrated International--6.1%
Repsol International Finance BV, 3.80%, 7/8/94 2,000,000 1,998,522
- ------
Statoil (Den Norske Stats Oljeslskap A.S.),
4.35%, 7/1/94 5,000,000 5,000,000
- ------
6,998,522
- ------
Telecommunications--8.8% NYNEX Corp.,
4.55%, 8/15/94--8/24/94 5,000,000 4,969,287
- ------
Telefonica North America, Inc., guaranteed by Telefonica Natl de Espana S.A.,
4.42%, 7/18/94 5,300,000 5,288,938
- ------
10,258,225
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Total Short-Term Notes (Cost $89,985,324) 89,985,324
- ------
Short-Term U.S. Government Obligations--5.3%
- ------
Small Business Administration,
4.625%--9.125%, 7/1/94(1) (Cost $6,131,637) 5,768,779 6,131,637
- ------
Total Investments, at Value (Cost $115,304,736) 99.6% 115,304,736
- ------
Other Assets Net of Liabilities 0.4 517,166
- ------ ------
Net Assets 100.0% $115,821,902
- ------ ------
- ------ ------
Short-term notes and letters of credit are generally traded on a discount basis;
the interest rate is the discount rate received by the Fund at the time of
purchase. Other securities normally bear interest at the rates shown.
1. Variable rate security. The interest rate, which is based on specific, or an
index of, market interest rates, is subject to change periodically and is the
effective rate on June 30, 1994.
2. Security purchased in private placement transaction, without registration
under the Securities Act of 1933 (the Act). The securities were acquired between
July 15, 1993 and June 30, 1994, are carried at amortized cost, and amount to
$9,247,073 or 8% of the Fund's net assets.
3. In addition to being restricted, the security is considered illiquid by
virtue of the absence of a readily available market or because of legal or
contractual restrictions on resale. Illiquid securities amount to $4,999,295 or
4.3% of the Fund's net assets, at June 30, 1994. The Fund may not invest more
than 10% of its net assets (determined at the time of purchase) in illiquid
securities.
See accompanying Notes to Financial Statements.
5 Oppenheimer Cash Reserves
<PAGE>
- ------
Statement of Assets and Liabilities June 30, 1994 (Unaudited)
- ------
Assets
Investments, at value (cost $115,304,736)--
see accompanying statement $115,304,736
- ------
Cash 1,075,737
- ------
Receivables:
Shares of beneficial interest sold 2,151,988
Interest and principal paydowns 284,298
- ------
Other 1,917
- ------
Total assets 118,818,676
- ------
Liabilities Payables and other liabilities:
Shares of beneficial interest redeemed 2,773,008
Dividends and distributions 106,125
Service plan fees--Note 3 41,359
Other 76,282
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Total liabilities 2,996,774
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Net Assets $115,821,902
- ------
- ------
- ------
Composition of
Net Assets
Paid-in capital $115,821,723
- ------
Accumulated net realized gain from investment transactions 179
- ------
Net assets $115,821,902
- ------
- ------
- ------
Net Asset Value
Per Share
Class A Shares:
Net asset value, redemption price and offering price
per share (based on net assets of
$93,003,471 and 93,058,005 shares of beneficial
interest outstanding) $1.00
- ------
Class B Shares:
Net asset value, redemption price and offering price per share
(based on net assets of
$20,834,351 and 20,834,325 shares of beneficial interest
outstanding) $1.00
- ------
Class C Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $1,984,080 and 1,984,080 shares of
beneficial interest outstanding) $1.00
See accompanying Notes to Financial Statements.
6 Oppenheimer Cash Reserves
<PAGE>
- ------
Statement of Operations For the Six Months Ended June 30, 1994 (Unaudited)
- ------
Investment Income Interest $1,834,921
- ------
Expenses Management fees--Note 3 236,261
- ------
Transfer and shareholder servicing agent fees--Note 3 111,863
- ------
Service plan fees:
Class A--Note 3 76,545
Class B--Note 3 45,158
Class C--Note 3 3,224
- ------
Shareholder reports 47,479
- ------
Registration and filing fees:
Class A 129,140
Class B 33,500
Class C 3,880
- ------
Custodian fees and expenses 9,002
- ------
Legal and auditing fees 7,811
- ------
Trustees' fees and expenses 201
- ------
Other 5,608
- ------
Total expenses 709,672
- ------
Net Investment Income and Net Increase in Net Assets
Resulting From Operations $1,125,249
- ------
- ------
- ------
Statements of Changes in Net Assets
Six Months Ended Year Ended
June 30, 1994 December 31,
(Unaudited) 1993
- ------
Operations Net investment income $1,125,249 $1,534,041
- ------
Net realized gain on investments -- 26,607
- ------ ------
Net increase in net assets resulting from operations 1,125,249 1,560,648
- ------
Dividends and
Distributions to
Shareholders
Class A (1,000,818) (1,558,195)
Class B (117,224) (2,764)
Class C (7,207) (2)
- ------
Beneficial Interest
Transactions
Net increase (decrease) in net assets resulting from
Class A beneficial interest transactions--Note 2 22,079,566 (18,342,061)
- ------
Net increase in net assets resulting from
Class B beneficial interest transactions--Note 2 20,206,305 628,020
- ------
Net increase in net assets resulting from
Class C beneficial interest transactions--Note 2 1,983,080 1,000
- ------
Net Assets Total increase (decrease) 44,268,951 (17,713,354)
- ------
Beginning of period 71,552,951 89,266,305
- ------ ------
End of period $115,821,902 $71,552,951
- ------ ------
- ------ ------
See accompanying Notes to Financial Statements.
7 Oppenheimer Cash Reserves
<PAGE>
<TABLE>
<CAPTION>
- ------
Financial Highlights
Class A
- ------
Six Months Ended
June 30, 1994 Year Ended December 31,
(Unaudited) 1993 1992 1991 1990 1989(1)
- ------
<S> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ------
Income from investment operations--
net investment income and net realized
gain on investments .01 .02 .03 .06 .07 .08
- ------
Dividends and distributions to shareholders (.01) (.02) (.03) (.06) (.07) (.08)
- ------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ------ ------ ------ ------ ------ ------
- ------ ------ ------ ------ ------ ------
- ------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $93,003 $70,924 $ 89,266 $112,883 $44,293 $19,227
- ------
Average net assets (in thousands) $82,398 $76,910 $104,970 $105,352 $32,637 $6,280
- ------
Number of shares outstanding at
end of period (in thousands) 93,058 70,978 89,320 112,930 44,295 19,228
- ------
Ratios to average net assets:
Net investment income 2.45%(5) 1.99% 3.07% 5.13% 7.32% 8.10%(5)
Expenses, before voluntary
reimbursement by the Manager 1.40%(5) 1.55% 1.42% 1.22% 1.29% 1.74%(5)
Expenses, net of voluntary
reimbursement by the Manager N/A N/A 1.25% 1.15% 1.00% 1.00%(5)
- ------
Class B Class C
- ------ ------
Six Months Ended Period Ended Six Months Ended Period Ended
June 30, 1994 December 31, June 30, 1994 December 31,
(Unaudited) 1993(2) (Unaudited) 1993(3)
- ------
Per Share Operating Data:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
- ------
Income from investment operations--
net investment income and net realized
gain on investments .01 -- (4) .01 --(4)
- ------
Dividends and distributions to shareholders (.01) --(4) (.01) --(4)
- ------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
- ------ ------ ------ ------
- ------ ------ ------ ------
- ------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $20,834 $628 $1,984 $1
- ------
Average net assets (in thousands) $12,253 $454 $878 $1
- ------
Number of shares outstanding
at end of period (in thousands) 20,834 628 1,984 1
- ------
Ratios to average net assets:
Net investment income 1.93%(5) 1.49%(5) 1.66%(5) 1.18%(5)
Expenses, before voluntary
reimbursement by the Manager 2.09%(5) 2.12%(5) 2.41%(5) 2.35%(5)
Expenses, net of voluntary
reimbursement by the Manager N/A N/A N/A N/A
</TABLE>
1. For the period from January 3, 1989 (commencement of operations) to December
31, 1989.
2. For the period from August 17, 1993 (inception of offering) to December 31,
1993.
3. For the period from December 1, 1993 (inception of offering) to December 31,
1993.
4. Less than $.005 per share.
5. Annualized.
See accompanying Notes to Financial Statements.
8 Oppenheimer Cash Reserves
<PAGE>
- ------
Notes to Financial Statements (Unaudited)
- ------
1. Significant Accounting Policies
Oppenheimer Cash Reserves (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment advisor is Oppenheimer Management Corporation
(the Manager). The Fund offers Class A, Class B and Class C shares. Class B and
Class C shares may be subject to a contingent deferred sales charge. All three
classes of shares have identical rights to earnings, assets and voting
privileges, except that each class has its own distribution plan, expenses
directly attributable to a particular class and exclusive voting rights with
respect to matters affecting a single class. Class B shares will automatically
convert to Class A shares six years after the date of purchase. The following is
a summary of significant accounting policies consistently followed by the Fund.
- ------
Investment Valuation. Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
- ------
Repurchase Agreements. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. If the seller of the agreement defaults and the value of
the collateral declines, or if the seller enters an insolvency proceeding,
realization of the value of the collateral by the Fund may be delayed or
limited.
- ------
Allocation of Income, Expenses and Gains and Losses. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- ------
Federal Income Taxes. The Fund intends to continue to comply with provisions of
the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders. Therefore, no federal
income tax provision is required.
- ------
Distributions to Shareholders. The Fund intends to declare dividends separately
for Class A, Class B and Class C shares from net investment income each day the
New York Stock Exchange is open for business and pay such dividends monthly. To
effect its policy of maintaining a net asset value of $1.00 per share, the Fund
may withhold dividends or make distributions of net realized gains.
- ------
Other. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Realized gains and losses on investments are
determined on an identified cost basis, which is the same basis used for federal
income tax purposes.
9 Oppenheimer Cash Reserves
<PAGE>
- ------
Notes to Financial Statements (Unaudited) (Continued)
- ------
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest. Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1994 (Unaudited) December 31, 1993(1)
- ------ ------
Shares Amount Shares Amount
- ------
<S> <C>
Class A:
Sold 144,432,776 $144,432,776 157,166,333 $157,166,333
Dividends and distributions reinvested 764,974 764,974 1,385,219 1,385,219
Redeemed (123,118,184) (123,118,184) (176,893,613) (176,893,613)
- ------ ------ ------ ------
Net increase (decrease) 22,079,566 $22,079,566 (18,342,061) $(18,342,061)
- ------ ------ ------ ------
- ------ ------ ------ ------
- ------
Class B:
Sold 44,007,995 $44,007,995 2,347,484 $2,347,484
Dividends and distributions reinvested 72,479 72,479 1,651 1,651
Redeemed (23,874,169) (23,874,169) (1,721,115) (1,721,115)
- ------ ------ ------ ------
Net increase 20,206,305 $20,206,305 628,020 $628,020
- ------ ------ ------ ------
- ------ ------ ------ ------
- ------
Class C:
Sold 3,473,759 $3,473,759 1,000 $1,000
Dividends and distributions reinvested 5,503 5,503 -- --
Redeemed (1,496,182) (1,496,182) -- --
- ------ ------ ------ ------
Net increase 1,983,080 $1,983,080 1,000 $1,000
- ------ ------ ------ ------
- ------ ------ ------ ------
</TABLE>
1. For the year ended December 31, 1993 for Class A shares, for the period from
August 17, 1993 (inception of offering) to December 31, 1993 for Class B shares
and for the period from December 1, 1993 (inception of offering) to December 31,
1993 for Class C shares.
- ------
3. Management Fees And Other Transactions With Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of .50% on the
first $250 million of net assets with a reduction of .025% on each $250 million
thereafter, to .40% on net assets in excess of $1 billion. The Manager has
agreed to reimburse the Fund if aggregate expenses (with specified exceptions)
exceed the most stringent applicable regulatory limit on Fund expenses.
Oppenheimer Shareholder Services (OSS), a division of the Manager, is the
transfer and shareholder servicing agent for the Fund, and for other registered
investment companies. OSS's total costs of providing such services are allocated
ratably to these companies.
Under separate approved plans, Class A may expend up to .20% and Class B and
Class C may expend up to .25% of average net assets annually to reimburse OFDI
for costs incurred in connection with the personal service and maintenance of
accounts that hold shares of the Fund, including amounts paid to brokers,
dealers, banks and other institutions. Currently, these service fees are set at
0% for both Class B and Class C. In addition, Class B and Class C shares are
subject to an asset-based sales charge of .75% of net assets annually, to
reimburse OFDI for sales commissions paid from its own resources at the time of
sale and associated financing costs. In the event of termination or
discontinuance of the Class B or Class C plan, the Board of Trustees may allow
the Fund to continue payment of the asset-based sales charge to OFDI for
distribution expenses incurred on Class B or Class C shares sold prior to
termination or discontinuance of the plan. During the six months ended June 30,
1994, OFDI paid $38,434 to an affiliated broker/dealer as reimbursement for
Class A personal service and maintenance expenses and retained $45,158 and
$3,224 as reimbursement for Class B and Class C sales commissions and service
fee advances, as well as financing costs, respectively.
10 Oppenheimer Cash Reserves
<PAGE>
- ------
Oppenheimer Cash Reserves
- ------
Officers and Trustees
James C. Swain, Chairman and Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donohue, Vice President
Dorothy G. Warmack, Vice President
George C. Bowen, Vice President, Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
- ------
Investment Advisor Oppenheimer Management Corporation
- ------
Distributor Oppenheimer Funds Distributor, Inc.
- ------
Transfer and Shareholder
Servicing Agent
Oppenheimer Shareholder Services
- ------
Custodian of
Portfolio Securities
Citibank, N.A.
- ------
Independent Auditors Deloitte & Touche
- ------
Legal Counsel Myer, Swanson & Adams, P.C.
The financial statements included herein have been taken from the records of the
Fund without examination by the independent auditors.
This is a copy of a report to shareholders of Oppenheimer Cash Reserves. This
report must be preceded or accompanied by a Prospectus of Oppenheimer Cash
Reserves. For material information concerning the Fund, see the Prospectus.
11 Oppenheimer Cash Reserves
<PAGE>
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require help, we're only a toll-free phone call away.
"For personalized assistance and account information, call our General
Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
"When you want to make ac-
count transactions, it's easy for you to redeem shares, exchange shares, or
conduct AccountLink transactions, simply by calling our Telephone Transactions
number.
"And for added convenience, OppenheimerFunds' PhoneLink, an automated voice
response system is available 24 hours a day, 7 days a
week. PhoneLink gives you access to a variety of fund, account, and market
information. You can even make purchases, exchanges and redemptions using your
touch-tone phone. Of course, PhoneLink will always give you the option to speak
with a Customer Service Representative during the hours shown to the left.
"When you invest in OppenheimerFunds, you know you'll receive a high level of
customer service. The International Customer Service Association knows it, too,
as it awarded Oppenheimer Shareholder Services a 1993 Award of Excellence for
consistently demonstrating superior customer service.
"Whatever your needs, we're ready to assist you."
[Logo]
1993
AWARD OF EXCELLENCE
ICSA
International Customer Service Association
[Photo]
BARBARA HENNIGAR
CHIEF EXECUTIVE OFFICER
OPPENHEIMER SHAREHOLDER SERVICES
[Logo] OPPENHEIMER FUNDS
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
Bulk Rate
U.S. Postage
PAID
Per
