Oppenheimer Tax-Exempt Cash Reserves
Annual Report December 31, 1993
(FULL PAGE COVER PHOTO: COUPLE ON PARK BENCH)
(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 tax-free
income and 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 sought attractive yields
in today's low interest rate environment?
* How has the
significant decline
in tax-free money
market yields affected the Fund?
Five Facts Every Shareholder Should Know About
Oppenheimer Tax-Exempt Cash Reserves
1 The Fund's objective is to seek the highest possible current income
exempt from Federal income tax that is consistent with stability of
principal.
2 The Fund's compounded yield for the 12 months ended December 31, 1993,
was 1.81%. The corresponding yield without compounding was 1.79%. For
investors in the 36% tax bracket, these yields would be equivalent to
a taxable yield of 2.83% with compounding and 2.80% without
compounding.
3 As of December 31, 1993, the Fund's seven-day yield was 1.87% with
compounding, and 1.85% without compounding.
4 To help insulate the portfolio from volatility, the Fund's managers
invest primarily in municipal obligations carrying high credit ratings
from rating organizations such as Standard & Poor's and Moody's.
5 "The end of the year has brought a substantial influx of investment
dollars into the municipal market, driving the prices of short-term
securities up and their effective yields down. In anticipation of this
trend, we had lengthened the average maturity of the Fund, locking in
relatively higher interest rates through the end of the year. We
anticipate a moderate rise in interest rates in early 1994 and are
positioned to respond at that time."
Portfolio Manager, Michael Carbuto, December 31, 1993
2 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Report to Shareholders
Oppenheimer Tax-Exempt Cash Reserves provided shareholders with a compounded
annualized yield of 1.81% for the 12 months ended December 31, 1993. The
corresponding yield without compounding was 1.79%. For investors in the 36% tax
bracket, this equates to a taxable yield of 2.83% with compounding and 2.80%
without compounding.
In general, the municipal bond market has performed very well throughout 1993.
The U.S. economy has remained in a slow growth mode; interest rates have
remained in a relatively low range despite occasional periods of volatility; and
investors have sought out the tax-exempt market in increasing numbers since the
passage of the Clinton Administration's tax package. All of these factors have
combined to generate above-average performance.
Municipal securities with maturities of 6 to 12 months have frequently offered
a significant advantage, on an after-tax basis, over equivalent taxable
investments. We have maintained a relatively long average maturity in the Fund's
portfolio to generate higher yields.
This strategy left the Fund in a well-protected position when, in late November
and early December, the short-term tax-exempt market experienced a dramatic
influx of investment dollars that temporarily drove rates down to abnormally low
levels. However, we expect short-term tax-exempt rates to firm somewhat in early
1994, as the imbalance between supply and demand eases. With an average maturity
of 71(1) days, the Fund was able to provide attractive yields even during a
period of artificially low rates, and will be in an excellent position to
capitalize on higher rates in the first quarter of 1994.
To ensure stability of principal, the Fund's managers continue to emphasize high
quality short-term tax-exempt investments. The Fund's portfolio consisted
entirely of these high quality securities at December 31, 1993.
We will continue to monitor the interest rate environment on a day-to-day basis,
to seek the best possible position for the Fund. We look forward to serving your
investment needs in the future.
(James C. Swain signature) (Jon S. Fossel signature)
James C. Swain Jon S. Fossel
Chairman President
Oppenheimer Tax-Exempt Cash Reserves Oppenheimer Tax-Exempt Cash Reserves
January 21, 1994
"The Fund was able to provide attractive
yields even during a period of artificially low rates."
1. The Fund's portfolio and dollar-weighted average portfolio maturity are
subject to change.
3 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Statement of Investments December 31, 1993
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
<S> <C> <C>
Municipal Bonds and Notes--97.5%
Alaska--5.4%
Alaska Industrial Development and Export Authority Revenue Refunding
Bonds, Safeway, Inc. Project, 2.75%, 6/1/94(2) $ 400,000 $ 400,080
Alaska Industrial Development Authority Revenue Bonds, Providence
Medical Office Building, 2.55%(1) 885,000 885,000
1,285,080
Arizona--2.5%
Tempe, Arizona Industrial Development Authority Revenue Refunding
Bonds, Safeway, Inc. Project, 2.75%, 5/2/94(2) 600,000 600,000
Arkansas--3.5%
Subiaco, Arkansas Industrial Development Revenue Bonds, Cloves Gear
& Products, 3.36%(1) 850,000 850,000
Colorado--4.2%
Arapahoe County, Colorado Multifamily Housing Revenue Refunding
Bonds, Hunters Run Rental Apartments Project, 3.80%(1) 1,000,000 1,000,000
Florida--7.1%
Dade County, Florida Housing Finance Authority Multifamily Mortgage
Revenue Bonds, Flamingo Plaza Apartments, Series 18, 3.20%(1) 900,000 900,000
Orange County, Florida Housing Finance Authority Multifamily Housing
Revenue Refunding Bonds, Monterey, Series B, 3.30%(1) 800,000 800,000
1,700,000
Hawaii--4.2%
Hawaii State Department Budget and Finance Special Purpose Mortgage
Revenue Bonds, Kuakini Medical Center Project, 3%(1) 1,000,000 1,000,000
Illinois--12.5%
Illinois State General Obligation Certificates of Participation, 3.50%, 6/15/94 1,000,000 1,002,338
Lakemoor, Illinois Multifamily Housing Revenue Subordinated Bonds,
Lakemoor Apartments, Series C, 2.90%, 3/10/94(2) 1,000,000 1,000,000
Oakbrook Terrace, Illinois Multifamily Housing Mortgage Revenue Bonds,
3.20%, 7/1/94(2) 1,000,000 1,000,000
3,002,338
Kansas--7.1%
Ottawa, Kansas Industrial Revenue Refunding Bonds,
Laich Project, 3.36%(1) 900,000 900,000
Wichita, Kansas Multifamily Revenue Bonds, Shore, Inc. Project, 2.60%(1) 800,000 800,000
1,700,000
Massachusetts--2.3%
Massachusetts State Industrial Finance Agency Industrial Development
Revenue Bonds, Hazen Paper Co., 3.55%(1) 550,000 550,000
Michigan--2.5%
Madison Heights, Michigan Economic Development Corp. Revenue Bonds,
Red Roof Inns Project, 2.60%(1) 100,000 100,000
Michigan State Job Development Authority Revenue Bonds, East Lansing
Residence Associates Project, Series 1984, 2.90%(1) 500,000 500,000
600,000
New Jersey--6.3%
New Jersey Economic Development Authority Manufacturing Facilities
Revenue Bonds, VPR Commerce Center Project, 3.40%(1) 500,000 500,000
New Jersey State Housing and Mortgage Finance Agency Revenue Bonds,
Series A, 3%, 4/1/94(2) 1,000,000 1,000,000
1,500,000
4 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Face Market Value
Amount See Note 1
Ohio--9.9%
Cuyahoga County, Ohio Industrial Development Revenue Bonds,
Southwest Ltd. Partnership, 3%, 12/1/94(2) $ 500,000 $ 500,000
Licking County, Ohio Industrial Development Revenue Bonds,
Power Industries, Inc. Project, 2.80%, 6/1/94(2) 400,000 400,000
Miami Valley, Ohio Tax-Exempt Bond Trust, 4.88%, 10/15/94(2) 1,090,000 1,090,000
Scioto County, Ohio Health Care Facilities Revenue Bonds,
Hill View Retirement Center, 2.75%, 6/1/94(2) 375,000 375,000
2,365,000
Oklahoma--4.2%
Cleveland County, Oklahoma Public Facilities Authority Multifamily Housing
Revenue Bonds, Hunt Development Project, Series A, 3.40%(1) 1,000,000 1,000,000
Mid-West Tax-Exempt Mortgage Bond Trust Certificates, 2.50%, 1/14/94(2) 15,000 15,000
1,015,000
Pennsylvania--9.0%
Chartiers Valley, Pennsylvania Industrial and Commercial Development
Authority Revenue Refunding Bonds, Sycamore Creek Project,
2.70%, 3/1/94(2) 485,000 485,023
Commonwealth Tax-Exempt Mortgage Bond Trust Six-Month Demand
Certificates, Series A, 2.95%, 5/1/94(2) 155,000 155,000
Pennsylvania Energy Development Authority Revenue Bonds,
Continental Energy Associates Project, 3.20%(1) 900,000 900,000
Philadelphia, Pennsylvania Hospitals and Higher Educational Facilities
Authority Hospital Revenue Bonds, Friends Hospital, Series A, 3.20%(1) 600,000 600,000
2,140,023
South Carolina--5.9%
Florence County, South Carolina Industrial Development Revenue Bonds,
Stone Container Corp., 2.75%(1) 400,000 400,000
South Carolina Jobs Economic Development Authority Industrial
Development Revenue Refunding Bonds, Wellman, Inc. Project, 3.25%(1) 1,000,000 1,000,000
1,400,000
Tennessee--4.2%
Knox County, Tennessee Industrial Development Board Revenue Bonds,
Weisgarber Partners, 2.45%(1) 1,000,000 1,000,000
Utah--2.5%
Murray City, Utah Hospital Revenue Refunding Bonds, IHC Hospital,
AMBAC Insured, 3%, 5/15/94 600,000 600,313
Washington--4.2%
Washington State General Obligation Refunding Bonds, Series R-94A,
3.25%, 8/1/94 1,000,000 1,001,755
Total Investments, at Value (Cost $23,309,509) 97.5% 23,309,509
Other Assets Net of Liabilities 2.5 587,398
Net Assets 100.0% $23,896,907
<FN>
1. Floating or variable rate obligation maturing in more than one year. 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. A demand feature allows the recovery of principal at any
time, or at specified intervals not exceeding one year, on up to 30 days'
notice.
2. Put obligation redeemable at full face value on the date reported.
</TABLE>
See accompanying Notes to Financial Statements.
5 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Statement of Assets and Liabilities December 31, 1993
<TABLE>
<S> <C>
Assets
Investments, at value (cost $23,309,509)--see accompanying statement $23,309,509
Cash 351,523
Receivables:
Shares of beneficial interest sold 465,701
Interest 128,155
Other 10,405
Total assets 24,265,293
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed 266,974
Dividends 45,478
Distribution assistance--Note 3 20,806
Other 35,128
Total liabilities 368,386
Net Assets $23,896,907
Composition of
Net Assets
Paid-in capital $23,897,803
Accumulated net realized loss from investment transactions (896)
Net assets--applicable to 23,897,803 shares of beneficial interest outstanding $23,896,907
Net Asset Value, Redemption Price and Offering Price Per Share $ 1.00
</TABLE>
See accompanying Notes to Financial Statements.
6 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Statement of Operations For the Year Ended December 31, 1993
<TABLE>
<S> <C>
Investment Income
Interest $687,607
Expenses
Management fees--Note 3 118,909
Transfer and shareholder servicing agent fees--Note 3 74,240
Distribution assistance--Note 3 42,869
Registration and filing fees 34,926
Custodian fees and expenses 23,022
Shareholder reports 20,302
Legal and auditing fees 9,810
Trustees' fees and expenses 1,596
Other 9,483
Total expenses 335,157
Less assumption of expenses by Oppenheimer Management Corporation--Note 3 (73,570)
Net expenses 261,587
Net Investment Income 426,020
Net Realized Gain on Investments 452
Net Increase in Net Assets Resulting from Operations $426,472
</TABLE>
See accompanying Notes to Financial Statements.
7 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended December 31,
1993 1992
<S> <C> <C>
Operations
Net investment income $ 426,020 $ 566,929
Net realized gain on investments 452 --
Net increase in net assets resulting from operations 426,472 566,929
Dividends and Distributions
to Shareholders (426,020) (567,167)
Beneficial Interest
Transactions
Net increase (decrease) in net assets resulting from beneficial
interest transactions--Note 2 (835,869) 908,869
Net Assets
Total increase (decrease) (835,417) 908,631
Beginning of year 24,732,324 23,823,693
End of year $23,896,907 $24,732,324
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
1993 1992 1991 1990 1989(1)
<S> <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
Income from investment operations--
net investment income and
net realized gain on investments .02 .02 .04 .05 .06
Dividends and distributions to shareholders (.02) (.02) (.04) (.05) (.06)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $23,897 $24,732 $23,824 $22,628 $9,383
Average net assets (in thousands) $23,781 $24,810 $25,347 $15,968 $5,207
Number of shares outstanding at end of
period (in thousands) 23,898 24,734 23,825 22,628 9,383
Ratios to average net assets:
Net investment income 1.79% 2.28% 4.00% 5.21% 5.72%(2)
Expenses, before voluntary assumption
by the Manager 1.41% 1.32% 1.22% 1.44% 1.50%(2)
Expenses, net of voluntary assumption
by the Manager 1.10% 1.00% 1.00% 1.00% 1.00%(2)
<FN>
1. For the period from January 3, 1989 (commencement of operations) to December 31, 1989.
2. Annualized.
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Notes to Financial Statements
1. Significant Accounting Policies
Oppenheimer Tax-Exempt 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 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.
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 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.
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>
Year Ended December 31, 1993 Year Ended December 31, 1992
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Sold 38,650,212 $ 38,650,212 40,632,217 $ 40,632,217
Dividends and distributions reinvested 356,917 356,917 547,727 547,727
Redeemed (39,842,998) (39,842,998) (40,271,075) (40,271,075)
Net increase (decrease) (835,869) $ (835,869) 908,869 $ 908,869
</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 assume Fund expenses (with specified exceptions) in
excess of the most stringent applicable regulatory limit on Fund expenses. In
addition, the Manager has voluntarily undertaken to assume Fund expenses in
excess of 1.10% of average annual net assets. This voluntary undertaking was
terminated, effective January 22, 1994.
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 an approved plan of distribution, the Fund may expend up to .20% of its
net assets annually to reimburse Oppenheimer Funds Distributor, Inc. (OFDI),
a subsidiary of the Manager, for amounts paid to brokers, dealers, banks and
other institutions for costs incurred in distributing shares of the Fund.
During the year ended December 31, 1993, OFDI paid $7,202 to an affiliated
broker/dealer as reimbursement for distribution-related expenses.
10 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Independent Auditors' Report
The Board of Trustees and Shareholders of Oppenheimer Tax-Exempt Cash
Reserves:
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Oppenheimer Tax-Exempt 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
Tax-Exempt 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
11 Oppenheimer Tax-Exempt 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
dividends were derived from interest on municipal bonds and are not subject
to federal income tax. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
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.
12 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
Oppenheimer Tax-Exempt 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
Michael A. Carbuto, Vice President
Andrew J. Donohue, 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 Meyer, Swanson & Adams, P.C.
This is a copy of a report to shareholders of Oppenheimer Tax-Exempt Cash
Reserves. This report must be preceded or accompanied by a Prospectus of
Oppenheimer Tax-Exempt Cash Reserves. For material information concerning the
Fund, see the Prospectus.
13 Oppenheimer Tax-Exempt Cash Reserves
<PAGE>
The Family of OppenheimerFunds
OppenheimerFunds offers over 30 funds designed to fit virtually every
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When you invest with OppenheimerFunds, you can feel comfortable knowing that
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And you're investing with a leader in global, growth stock, and flexible
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As an OppenheimerFunds shareholder, you can easily exchange shares of
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contact your financial advisor or call us at 1-800-525-7048 for a
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As always, please read the prospectus carefully before you invest.
<TABLE>
<S> <C> <C>
Specialty Stock Funds Global Bio-Tech Fund Gold & Special Minerals Fund
Global Environment Fund
Stock Funds Discovery Fund Global Fund
Time Fund Oppenheimer Fund
Target Fund Value Stock Fund
Special Fund
Stock and Bond Funds Main Street Income & Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth & Income Fund
Bond Funds High Yield Fund Strategic Short-Term Income Fund
Champion High Yield Fund Investment Grade Bond Fund
Strategic Income &Growth Fund Mortgage Income Fund(3)
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund Government Securities Fund
Strategic Investment Grade Bond Fund
Tax-Exempt Funds New York Tax-Exempt Fund(2) Tax-Free Bond Fund
Main Street California Tax-Exempt Fund(2) Insured Tax-Exempt Bond Fund
Pennsylvania Tax-Exempt Fund(2) Intermediate Tax-Exempt Bond Fund
Florida Tax-Exempt Fund(2)
Money Market Funds Money Market Fund Tax-Exempt Cash Reserves
Cash Reserves
<FN>
1. The fee is waived for PhoneLink exchanges between existing accounts. Exchange privileges are subject to change or termination.
2. Available only to residents of those states.
3. Formerly GNMA Fund.
</TABLE>
OppenheimerFunds are distributed by Oppenheimer Funds Distributor, Inc.,
Two World Trade Center, New York, NY 10048-0203. (C) Copyright 1994 Oppenheimer
Management Corporation. All rights reserved.
14 Oppenheimer Tax-Exempt Cash Reserves Fund
<PAGE>
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"Whatever your needs, we're ready to assist you."
(PHOTO OF BARBARA HENNIGAR)
Barbara Hennigar
President
Oppenheimer Shareholder Services
1993
AWARD OF
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INTERNATIONAL
CUSTOMER
SERVICE
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