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OCC CASH RESERVES, INC.
Supplement dated October 23, 1998
Statement of Additional Information dated March 31, 1998
The following changes are made to the section captioned "Directors and
Officers:"
Richard Peteka, who had been serving as Assistant Treasurer of the Fund,
has replaced Sheldon Siegel as Treasurer of the Fund and Robert Brault has
been elected Assistant Treasurer of the Fund. The biography of Robert
Brault is as follows:
Robert Brault, Assistant Treasurer
Age: 33
Vice President of Oppenheimer Capital since 1997; joined Oppenheimer
Capital in 1989.
The following replaces the paragraph under the heading "Remuneration of Officers
and Directors."
All officers of the Fund are officers or employees of Oppenheimer Capital
and receive no salary or fee from the Fund. The following table sets forth
the aggregate compensation paid by the Fund to each of the Directors during
its fiscal year ended November 30, 1997 and the aggregate compensation paid
to each of the Directors by all of the funds in the Advisor's Fund Complex
during each such fund's 1997 fiscal year.
<TABLE>
<CAPTION>
Pension or
Retirement Total
Benefits Estimated Compensation
Name of Aggregate Accrued as Annual from the Fund
Director of Compensation Part of Fund Benefits upon and the Fund
the Fund from the Fund Expenses Retirement Complex
<S> <C> <C> <C> <C>
Paul Clinton $35,500 0 0 $96,630
Thomas Courtney 35,500 0 0 96,630
Lacy Herrmann 32,000 0 0 89,193
Joseph La Motta 0 0 0 0
George Loft 35,500 0 0 98,068
</TABLE>
For the purpose of the chart above, "Fund Complex" includes the Fund, other
funds advised by the Advisor and the Oppenheimer Quest Funds for which the
Advisor serves as subadviser.
On October 19, 1998 the Fund adopted a retirement plan that provides for
payment to a retired Director of up to 80% of the average compensation paid
during that Director's five years of service in which the highest
compensation was received. A Director must serve in that capacity for the
Fund or OCC Accumulation Trust for at least 15 years to be eligible for the
maximum payment. Because each Director's retirement benefit will depend on
the amount of the Director's future compensation and length of service, the
amount of those benefits cannot be determined as of this time nor can the
Fund estimate the number of years of credited service that will be used to
determine those benefits.
