Oppenheimer Cash Reserves
Annual Report December 31, 1993
(FULL PAGE COVER PHOTO: WOMAN WITH TWO YOUNG GIRLS)
(OPPENHEIMER FUNDS(R) LOGO)
"Life is full of surprises. I need to know if 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 three timely questions you should ask your Fund's managers.
How did the Fund's managers maximize the Fund's yield with interest rates at
historically low levels?
Which sectors of the money market securities market has the Fund emphasized
during the past year and why?
What is the outlook for money market rates in 1994?
Five Facts Every Shareholder Should Know About
Oppenheimer Cash Reserves
1 The Fund seeks current income that is consistent with stability of
principal. It invests primarily in a diversified portfolio of short-term
money market securities.
2 Compounded annualized yield for the twelve months ended December 31, 1993
was 2.01% for Class A shares. The corresponding yield without compounding
was 1.99%.(1)
3 The Fund's seven-day annualized yield for Class A shares as of December 31,
1993 was 2.01% with compounding, and 1.99% without compounding. For Class B
shares, the seven-day annualized yield was 1.38% and 1.37% with and without
compounding, respectively.(1)
4 The Fund invests only in highly-rated short-term investments. As of
December 31, 1993, the Fund's portfolio was allocated as follows:(2)
Short-term notes 78.4%
U.S.Government agencies 9.1%
Direct bank obligations 8.3%
Repurchase agreements 4.2%
5 "Although rates remained relatively stable throughout the past year, we made
several moves to enhance the yield. First, we invested the majority of the
Fund's holdings in high quality securities in the corporate sector to gain
additional yield. Another element of our strategy was to keep 25% of the
Fund in floating rate instruments. This move paid off in October, when
short-term interest rates increased slightly and the floating rates moved up
and provided additional income to the Fund."
Portfolio Manager, Dottie Warmack, December 31, 1993
1. Certain Class B share and C share performance data are not yet available as
Class B shares were first publicly offered 8/17/93 and Class C shares were first
publicly offered 12/1/93.
2. The Fund's portfolio is subject to change. Past performance does not
guarantee future results.
2 Oppenheimer Cash Reserves
<PAGE>
Report to Shareholders
We are pleased to provide you with the 1993 annual report for Oppenheimer Cash
Reserves. The Fund's compounded annualized yield for the twelve-month period
ended December 31, 1993 was 2.01% for Class A shares. Without compounding, the
corresponding yield was 1.99% for Class A shares.3
The Fund is managed to seek current income consistent with stability of
principal. It invests in high quality, short-term money market securities.
During the past year, the market for money market securities was characterized
by stable short-term interest rates. With the economy sluggish throughout most
of the year, interest rates remained low, which made it attractive for companies
to issue long-term debt. Therefore, the supply of short-term money market
securities was lower than usual. Inflation remained under control which led to a
neutral stance by the Federal Reserve regarding interest rate adjustments. The
net result is that current short-term interest rates are at essentially the same
level as at the beginning of 1993.
The Fund continues to invest all of its assets in high quality money market
instruments. The Fund's portfolio is currently concentrated in the corporate
sector of the market to gain additional yield. Within this area, a portion of
holdings are invested in floating rate instruments, which have yields tied to
various indices, such as the prime rate or U.S. Treasury bill rate. The Fund
received higher yields from these securities when short-term interest rates
increased in October.
In selecting money market securities, the Fund's managers diversify the
portfolio's holdings by market sector and issuer. Each security is carefully
analyzed to ensure that it meets the high quality standards of the Fund and can
provide a competitive return.
Going forward, the Fund will continue to seek attractive yield opportunities,
while closely monitoring economic factors in order to anticipate interest rate
movements. Although we do not believe that short-term interest rates will
increase dramatically in 1994, we intend to position our holdings to take
advantage of a rising interest rate environment.
We appreciate the trust you have placed in the Fund's management. We look
forward to helping you reach your financial goals.
(James C. Swain signature) (Jon S. Fossel signature)
James C. Swain Jon S. Fossel
Chairman, Oppenheimer Cash Reserves President, Oppenheimer Cash Reserves
January 21, 1994
3. See footnote 1, page 2.
"The Fund invests in high quality, short-term securities."
3 Oppenheimer Cash Reserves
<PAGE>
Statement of Investments December 31, 1993
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
<S> <S> <C> <C>
Repurchase Agreements--4.2%
Repurchase agreement with J.P. Morgan Securities, Inc.,
3.23%, dated 12/31/93 and maturing 1/3/94, collateralized by
Federal National Mortgage Assn. Participation Certificates,
7.50%, 9/1/22, with a value of $3,074,653 (Cost
$3,000,000) $ 3,000,000 $ 3,000,000
Direct Bank Obligations--8.3%
ABN AMRO Bank NV, guaranteeing commercial paper of:
ABN AMRO Bank Canada, 3.26%--3.375%, 1/28/94--3/7/94 3,000,000 2,989,051
Toronto-Dominion Bank, guaranteeing commercial paper of:
Toronto-Dominion Holdings, Inc., 3.30%, 4/11/94 3,000,000 2,972,500
Total Direct Bank Obligations (Cost $5,961,551) 5,961,551
Short-Term Notes--78.2%
Asset-Backed--12.3% Asset Securitization Cooperative Corp., 3.45%, 1/14/94(3) 1,350,000 1,348,318
Beta Finance, Inc., 3.32%, 1/31/94(3) 1,000,000 997,233
Cooperative Association of Tractor Dealers, Inc., 3.27%, 4/4/94 2,000,000 1,983,105
Corporate Asset Funding Co., Inc., 3.15%, 1/18/94 3,000,000 2,995,538
CXC, Inc., 3.40%, 1/21/94 1,500,000 1,497,167
8,821,361
Banks--4.2% Bankers Trust New York Corp., 3.37%, 1/21/94 2,000,000 1,996,256
Fleet Financial Group, Inc., 3.38%, 1/14/94 1,000,000 998,779
2,995,035
Beverages: Alcoholic--4.9% Bass Finance (C.I) Ltd., 3.35%, 1/21/94 3,495,000 3,488,495
Broker/Dealers--20.2% Bear Stearns Cos., Inc.:
3.6875%, 1/3/94(1) 2,500,000 2,500,000
3.35%, 5/16/94 1,000,000 987,438
Goldman Sachs Group L.P., 3.30%, 2/1/94 3,500,000 3,490,054
Lehman Brothers Holdings, Inc., 3.375%, 1/3/94(1) 1,500,000 1,500,000
Merrill Lynch & Co., Inc.:
3.045%, 1/3/94(1) 2,000,000 1,999,908
3.28%, 2/14/94 1,500,000 1,493,987
Morgan Stanley Group, Inc., 2.82%, 1/3/94(1) 500,000 500,000
Shearson Lehman Brothers Holdings, Inc., 3.5781%, 1/7/94(1) 2,000,000 2,000,000
14,471,387
Commercial Finance--4.9% Heller Financial, Inc.:
3.3192%, 1/4/94(1) 2,000,000 2,000,000
3.6897%, 5/18/94(1)(2) 1,500,000 1,500,000
3,500,000
Conglomerates--2.3% Mitsubishi International Corp., 3.25%, 4/8/94 1,680,000 1,665,288
Consumer Non-Cyclicals--2.8% American Brands, Inc., 3.42%, 1/12/94 2,000,000 1,997,910
Diversified Finance--6.9% Household Finance Corp., 3.45%, 1/3/94(1) 3,000,000 3,000,000
Transamerica Finance Corp., 3.27%, 1/20/94 2,000,000 1,996,548
4,996,548
4 Oppenheimer Cash Reserves
<PAGE>
Face Market Value
Amount See Note 1
Financial Services: Fleet Mortgage Group, Inc., 3.45%, 1/13/94 $ 2,500,000 $ 2,497,125
Miscellaneous--3.5%
Industrial--4.2% BICC Cables Corp., guaranteed by BICC PLC, 3.55%, 1/4/94 3,000,000 2,999,113
Lease Financing--4.2% Sanwa Business Credit Corp., 3.40%, 1/13/94 3,000,000 2,996,600
Manufacturing: Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 3.40%, 1/14/94 1,635,000 1,632,993
Diversified Industrials--2.3%
Municipal--4.1% Denver, Colorado Urban Renewal Authority Tax Increment
Revenue Bonds, Rice Yards Project, Series B, 3.358%, 1/27/94 2,900,000 2,900,000
Pollution Control--1.4% WMX Technologies, Inc., 3.3278%, 4/27/94(3) 1,000,000 989,496
Total Short-Term Notes (Cost $55,951,351) 55,951,351
Short-Term U.S. Government Obligations--9.1%
Small Business Administration, 4.375%--7.875%, 1/1/94(1)
Cost ($6,491,743) 6,088,331 6,491,743
Total Investments, at Value (Cost $71,404,645) 99.8% 71,404,645
Other Assets Net of Liabilities .2 148,306
Net Assets 100.0% $71,552,951
<FN>
Short-term notes and direct bank obligations 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 December 31, 1993.
2. Put obligation redeemable at full face value on the date reported.
3. Security purchased in private placement transaction, without registration
under the Securities Act of 1933 (the Act). The securities were acquired between
August 9, 1993 and November 23, 1993, are carried at amortized cost, and amount
to $3,335,047, or 4.7% of the Fund's net assets.
</TABLE>
See accompanying Notes to Financial Statements.
5 Oppenheimer Cash Reserves
<PAGE>
Statement of Assets and Liabilities December 31, 1993
<TABLE>
<S> <S> <C>
Assets Investments, at value (cost $71,404,645)--see
accompanying statement $71,404,645
Cash 351,052
Receivables:
Shares of beneficial interest sold 2,563,531
Interest and principal paydowns 259,694
Other 56,515
Total assets 74,635,437
Liabilities Payables and other liabilities:
Shares of beneficial interest redeemed 2,885,685
Distribution assistance--Note 3 36,994
Dividends and distributions 32,665
Other 127,142
Total liabilities 3,082,486
Net Assets $71,552,951
Composition of Paid-in capital $71,552,772
Net Assets Accumulated net realized gain from investment
transactions 179
Net assets $71,552,951
Net Asset Value Class A Shares:
Per Share Net asset value, redemption price and offering
price per share (based on net assets of
$70,923,905 and 70,978,439 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 $628,046
and 628,020 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 $1,000 and
1,000 shares of beneficial interest outstanding) $1.00
</TABLE>
See accompanying Notes to Financial Statements.
6 Oppenheimer Cash Reserves
<PAGE>
Statement of Operations For the Year Ended December 31, 1993
<TABLE>
<S> <S> <C>
Investment Income Interest $2,730,765
Expenses Transfer and shareholder servicing agent
fees--Note 3 385,796
Management fees--Note 3 385,425
Distribution assistance:
Class A--Note 3 156,602
Class B--Note 3 1,266
Class C--Note 3 1
Shareholder reports 118,125
Registration and filing fees:
Class A 46,040
Class B 163
Custodian fees and expenses 31,231
Legal and auditing fees 13,220
Trustees' fees and expenses 2,423
Other 56,432
Total expenses 1,196,724
Net Investment Income 1,534,041
Net Realized Gain on Investments 26,607
Net Increase in Net Assets Resulting From Operations $1,560,648
</TABLE>
See accompanying Notes to Financial Statements.
7 Oppenheimer Cash Reserves
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended December 31,
1993 1992
<S> <S> <C> <C>
Operations Net investment income $ 1,534,041 $ 3,217,571
Net realized gain on
investments 26,607 6,271
Net increase in net assets
resulting from operations 1,560,648 3,223,842
Dividends and Class A (1,558,195) (3,231,658)
Distributions to Class B (2,764) --
Shareholders Class C (2) --
Beneficial Interest Net decrease in net assets
Transactions resulting from Class A
beneficial interest
transactions--Note 2 (18,342,061) (23,609,158)
Net increase in net assets
resulting from Class B
beneficial interest
transactions--Note 2 628,020 --
Net increase in net assets
resulting from Class C
beneficial interest
transactions--Note 2 1,000 --
Net Assets Total decrease (17,713,354) (23,616,974)
Beginning of year 89,266,305 112,883,279
End of year $ 71,552,951 $89,266,305
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Cash Reserves
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Class A Class B Class C
---------------------------------------------------- -------------- --------------
Year Ended Period Ended Period Ended
Dec. 31, 1993 1992 1991 1990 1989(3) Dec. 31, 1993(2) Dec. 31, 1993(1)
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning
of period $1.00 $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 .02 .03 .06 .07 .08 --(4) --(4)
Dividends and distributions
to shareholders (.02) (.03) (.06) (.07) (.08) --(4) --(4)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $70,924 $89,266 $112,883 $44,293 $19,227 $628 $1
Average net assets
(in thousands) $76,910 $104,970 $105,352 $32,637 $6,280 $454 $1
Number of shares outstanding
at end of period (in thousands) 70,978 89,320 112,930 44,295 19,228 628 1
Ratios to average net assets:
Net investment income 1.99% 3.07% 5.13% 7.32% 8.10%(5) 1.49%(5) 1.18%(5)
Expenses, before voluntary
reimbursement by the Manager 1.55% 1.42% 1.22% 1.29% 1.74%(5) 2.12%(5) 2.35%(5)
Expenses, net of voluntary
reimbursement by the Manager N/A 1.25% 1.15% 1.00% 1.00%(5) N/A N/A
<FN>
1. For the period from December 1, 1993 (inception of offering) to December 31, 1993.
2. For the period from August 17, 1993 (inception of offering) to December 31, 1993.
3. For the period from January 3, 1989 (commencement of operations) to December 31, 1989.
4. Less than $.005 per share.
5. Annualized.
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Cash Reserves
<PAGE>
Notes to Financial Statements
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 regular
business day 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.
10 Oppenheimer Cash Reserves
<PAGE>
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par
value shares of beneficial interest of each class.
Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Year Ended December 31, 1993(1) Year Ended December 31, 1992
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Class A:
Sold 157,166,333 $157,166,333 144,576,140 $144,576,140
Dividends and
distributions reinvested 1,385,219 1,385,219 2,539,794 2,539,794
Redeemed (176,893,613) (176,893,613) (170,725,092) (170,725,092)
Net decrease (18,342,061) $(18,342,061) (23,609,158) $ (23,609,158)
Class B:
Sold 2,347,484 $ 2,347,484 -- $ --
Dividends and
distributions reinvested 1,651 1,651 -- --
Redeemed (1,721,115) (1,721,115) -- --
Net increase 628,020 $628,020 -- $ --
Class C:
Sold 1,000 $ 1,000 -- $ --
Net increase 1,000 $ 1,000 -- $ --
<FN>
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.
</TABLE>
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 of distribution,
Class A may expend up to .20% and Class B and Class C
may expend up to .25% of average class net assets
annually to reimburse OFDI for costs incurred in
distributing 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
activities related to the offering of Class B shares
and for sales commissions paid from its own resources
at the time of sale of Class C shares and associated
financing costs. In the event of termination or
discontinuance of the Class B or Class C plan of
distribution, the Fund would be contractually obligated
to pay OFDI for any expenses not previously reimbursed
or recovered through contingent deferred sales charges.
During the year ended December 31, 1993, OFDI paid
$87,256 to an affiliated broker/dealer as reimbursement
for Class A distribution-related expenses and retained
$1,266 as reimbursement for Class B distribution-related expenses.
11 Oppenheimer Cash Reserves
<PAGE>
Independent Auditors' Report
The Board of Trustees and Shareholders of Oppenheimer Cash Reserves:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer Cash Reserves as of December 31,
1993, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended December 31, 1993 and
1992, and the financial highlights for the period January 3, 1989 (commencement
of operations) to December 31, 1993. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned at December 31, 1993 by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Oppenheimer Cash
Reserves at December 31, 1993, the results of its operations, the changes in its
net assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE
Denver, Colorado
January 21, 1994
12 Oppenheimer Cash Reserves
<PAGE>
Federal Income Tax Information (Unaudited)
In early 1994, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1993. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended
December 31, 1993 are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
13 Oppenheimer Cash Reserves
<PAGE>
Oppenheimer Cash Reserves
Officers and Trustees James C. Swain, Chairman and
Chief Executive Officer
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
Lynn M. Coluccy, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor Oppenheimer Management Corporation
Distributor Oppenheimer Funds Distributor, Inc.
Transfer and Shareholder Oppenheimer Shareholder Services
Servicing Agent
Custodian of Citibank, N.A.
Portfolio Securities
Independent Auditors Deloitte & Touche
Legal Counsel Myer, Swanson & Adams, P.C.
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.
14 Oppenheimer Cash Reserves
<PAGE>
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15 Oppenheimer Cash Reserves
<PAGE>
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"We also make it 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 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 regular business hours.
"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 recently awarded Oppenheimer Shareholder Services a 1993 Award of
Excellence for consistently demonstrating superior customer service.
"Whatever your needs, we're ready to assist you."
1993 AWARD OF EXCELLENCE
INTERNATIONAL CUSTOMER SERVICE ASSOCIATION
(PHOTO OF BARBARA HENNIGAR)
Barbara Hennigar
President
Oppenheimer Shareholder Services
RA760.0294.R
Bulk Rate
U.S. Postage
PAID
Permit No. 469
Denver, CO
(OPPENHEIMER FUNDS(R) LOGO)
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
