Oppenheimer Government Cash Reserves N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5582

Oppenheimer Cash Reserves

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Arthur S. Gabinet
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: July 31

Date of reporting period: 1/31/2012

Item 1. Reports to Stockholders.

January 31, 2012

Management Oppenheimer            Commentary Cash Reserves            Semiannual and Report

MANAGEMENT COMMENTARY

An Interview with Your Fund’s Portfolio Managers

SEMI ANNUAL REPORT

Financial Statements

TOP HOLDINGS AND ALLOCATIONS

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of January 31, 2012, and are based on the total market value of investments.

6 | OPPENHEIMER CASH RESERVES

NOTES

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Fund’s investment strategy, allocations, and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

7 | OPPENHEIMER CASH RESERVES

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended January 31, 2012.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8 | OPPENHEIMER CASH RESERVES

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	August 1, 2011		January 31, 2012		January 31, 2012
Class A	$	1,000.00	$	1,000.10	$	1.51
Class B		1,000.00		1,000.10		1.46
Class C		1,000.00		1,000.10		1.46
Class N		1,000.00		1,000.10		1.41

Hypothetical
(5% return before expenses)
Class A	1,000.00	1,023.63	1.53
Class B	1,000.00	1,023.68	1.48
Class C	1,000.00	1,023.68	1.48
Class N	1,000.00	1,023.73	1.43

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Those annualized expense ratiosbased on the 6-month period ended January 31, 2012 are as follows:

Class	Expense Ratios
Class A		0.30	%
Class B		0.29
Class C		0.29
Class N		0.28

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager, Transfer Agent and Distributor. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9 | OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS January 31, 2012 / Unaudited

					��
	Maturity		Final Legal			Principal
	Date*		Maturity Date**			Amount		Value
Certificates of Deposit—16.2%
Yankee Certificates of Deposit—16.2%
Bank of Nova Scotia, Houston TX:
0.30%		2/7/12		2/7/12		$	10,600,000	$	10,600,000
0.30%		2/13/12		2/13/12			25,700,000		25,700,000
0.52%		5/24/12		5/24/12			9,500,000		9,500,000
0.52%		5/25/12		5/25/12			9,000,000		9,000,000
National Australia Bank, New York:
0.29%		2/21/12		2/21/12			13,000,000		13,000,000
0.29%		2/21/12		2/21/12			10,800,000		10,800,000
Rabobank Nederland NV, New York:
0.38%		2/8/12		2/8/12			10,000,000		10,000,000
0.46%1		2/16/12		5/16/12			5,000,000		5,000,000
Royal Bank of Canada, New York:
0.51%1		2/1/12		9/10/12			8,800,000		8,800,000
0.59%1		4/9/12		7/9/12			10,000,000		10,000,808
0.61%1		3/14/12		12/11/12			15,000,000		15,000,000
0.77%		11/28/12		11/28/12			22,700,000		22,700,000
Swedbank AB, New York, 0.09%		2/3/12		2/3/12			10,000,000		10,000,000
Toronto Dominion Bank, New York, 0.21%		5/11/12		5/11/12			23,000,000		23,000,000
Total Certificates of Deposit (Cost $183,100,808)									183,100,808
Direct Bank Obligations—18.7%
Barclays US Funding LLC, 0.13%		2/1/12		2/1/12			11,200,000		11,200,000
DnB Bank ASA, 0.18%2		2/10/12		2/10/12			20,500,000		20,499,078
ING (US) Funding LLC, 0.25%		2/14/12		2/14/12			26,000,000		25,997,700
National Australia Funding (Delaware), Inc.:
0.29%2		4/2/12		4/2/12			22,000,000		21,989,189
0.30%2		2/21/12		2/21/12			12,050,000		12,047,992
Nordea North America, Inc., 0.33%		2/7/12		2/7/12			18,200,000		18,198,999
Rabobank Nederland, 0.67%1,3		2/29/12		2/29/12			40,500,000		40,513,797
Skandinaviska Enskilda BankenAB:
0.19%2		3/1/12		3/1/12			6,900,000		6,898,944
0.31%2		2/6/12		2/6/12			12,000,000		11,999,483
Westpac Banking Corp.:
0.25%2		2/16/12		2/16/12			16,500,000		16,498,247
0.26%2		2/9/12		2/9/12			26,000,000		25,998,527
Total Direct Bank Obligations (Cost $211,841,956)									211,841,956

10 | OPPENHEIMER CASH RESERVES

	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount		Value
Short-Term Notes—62.0%
Banks—4.6%
HSBC USA, Inc.:
0.20%		3/9/12		3/9/12	$	6,000,000	$	5,998,767
0.21%		3/2/12		3/2/12		20,000,000		19,996,500
0.23%		2/22/12		2/22/12		5,000,000		4,999,329
0.25%		2/10/12		2/10/12		21,000,000		20,998,688
								51,993,284
Diversified Financial Services—2.6%
General Electric Capital Services:
0.29%		4/5/12		4/5/12		28,300,000		28,285,410
0.29%		4/10/12		4/10/12		1,000,000		999,444
								29,284,854
Leasing & Factoring—8.7%
American Honda Finance Corp.:
0.68%1		3/29/12		6/29/12		10,000,000		10,000,000
0.74%1,3		3/27/12		3/27/12		2,000,000		2,000,163
0.81%1,3		2/7/12		11/7/12		5,050,000		5,054,776
0.81%1		3/19/12		12/19/12		10,000,000		10,000,000
0.82%1,3		3/26/12		9/26/12		13,000,000		13,000,000
Toyota Motor Credit Corp.:
0.35%		2/2/12		2/2/12		22,000,000		21,999,786
0.75%1		3/17/12		12/17/12		19,300,000		19,300,000
0.76%1		4/18/12		10/18/12		16,500,000		16,500,000
								97,854,725
Municipal—9.3%
Berks Cnty. Industrial Development Revenue Bonds, Lebanon Valley Mall Project, Series 96B, 0.25%1		2/7/12		2/7/12		2,660,000		2,660,000
Carroll Cnty., KY Solid Waste Disposal Revenue Bonds, North American Stainless Project, Series 2006, 0.08%1		2/7/12		2/7/12		4,000,000		4,000,000
Cleveland, OH Economic & Community Development Revenue Refunding Bonds, Core City Fund, Series 2008, 0.16%1		2/7/12		2/7/12		8,660,000		8,660,000
Easton, MD Bonds, William Hill Manor Facility, Series 2009B, 0.32%1		2/7/12		2/7/12		4,685,000		4,685,000
Glendale, AZ Industrial Development Authority Bonds, Thunderbird, The Garvin School, Series 2005A, 0.21%1		2/7/12		2/7/12		6,805,000		6,805,000
Glendale, AZ Industrial Development Authority Bonds, Thunderbird, The Garvin School, Series 2005B, 0.21%1		2/7/12		2/7/12		11,735,000		11,735,000

11 | OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS Unaudited / Continued

	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount		Value
Municipal Continued
KS Development Finance Authority Revenue Bonds, Seaboard Project, Series 95P, 0.11%1		2/7/12		2/7/12	$	9,200,000	$	9,200,000
Las Vegas, NV Economic Development Revenue Bonds, Keep Memory Alive Project, 0.20%1		2/7/12		2/7/12		2,845,000		2,845,000
Mountain Agency, Inc. (The) Securities, Series 2003, 0.32%1		2/7/12		2/7/12		9,935,000		9,935,000
MS Business Finance Corp. Revenue Bonds, Olin Corp. Project, Series 2005, 0.27%1		2/7/12		2/7/12		1,600,000		1,600,000
Newport News, VA Economic Development Authority Bonds, Newport News Shipbuilding Project, Series A, 0.25%1		2/7/12		2/7/12		3,320,000		3,320,000
PA Economic Development Finance Authority, John W. Gleim Jr., Inc. Project, Series 2009B1, 0.23%1		2/7/12		2/7/12		700,000		700,000
Port Grays Harbor, WA Industrial Development Corp., Murphy Corp. Project, Series 2007, 0.12%1		2/7/12		2/7/12		10,000,000		10,000,000
Ridgewood Associates Bonds, Series 2005, 0.25%1		2/7/12		2/7/12		3,435,000		3,435,000
Savanna, IL Industrial Development Revenue Bonds, Metform Corp., Series 1994A, 0.12%1		2/7/12		2/7/12		6,300,000		6,300,000
Tallahassee Orthopedic Center LC Bonds, Series 2004, 0.24%1		2/7/12		2/7/12		4,255,000		4,255,000
Tennis For Charity, Inc. Bonds, Series 2004, 0.12%1		2/7/12		2/7/12		5,585,000		5,585,000
Tuscaloosa Cnty., AL Industrial Development Authority Gulf Opportunity Zone Bonds, Hunt Refining Project, Series 2008B, 0.12%1		2/7/12		2/7/12		2,000,000		2,000,000
USTA National Tennis Center, Inc. Bonds, Series 2009, 0.11%1		2/7/12		2/7/12		4,825,000		4,825,000
WA Economic Development Finance Authority Industrial Development Revenue Bonds, Canam Steel Corp. Project, Series 2000D, 0.36%1		2/7/12		2/7/12		3,100,000		3,100,000
								105,645,000
Oil, Gas & Consumable Fuels—2.7%
Total Capital SA, 0.15%2		2/1/12		2/1/12		30,000,000		30,000,000

12 | OPPENHEIMER CASH RESERVES

	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount		Value
Personal Products—3.6%
Reckitt Benckiser Treasury Services plc:
0.50%2		3/9/12		3/9/12	$	15,800,000	$	15,791,881
0.53%2		5/10/12		5/10/12		4,000,000		3,994,225
0.62%2		6/6/12		6/6/12		10,000,000		9,978,300
0.70%2		7/6/12		7/6/12		9,000,000		8,972,700
0.70%2		8/10/12		8/10/12		2,500,000		2,490,715
								41,227,821
Receivables Finance—18.7%
Alpine Securitization Corp.:
0.13%		2/8/12		2/8/12		2,700,000		2,699,932
0.15%		2/2/12		2/2/12		1,800,000		1,799,993
0.20%		3/7/12		3/7/12		20,950,000		20,945,926
0.22%		2/23/12		2/23/12		18,000,000		17,997,470
Market Street Funding LLC:
0.22%2		4/4/12		4/4/12		27,062,000		27,051,581
0.24%2		2/9/12		2/9/12		8,300,000		8,299,557
Mont Blanc Capital Corp.:
0.36%2		2/8/12		2/8/12		25,000,000		24,998,250
0.36%2		2/9/12		2/9/12		6,000,000		5,999,520
Sheffield Receivables Corp.:
0.20%2		2/2/12		2/2/12		46,800,000		46,799,740
0.20%2		2/9/12		2/9/12		10,400,000		10,399,538
Thunder Bay Funding LLC:
0.21%2		4/23/12		4/23/12		10,000,000		9,995,217
0.24%2		5/22/12		5/22/12		35,000,000		34,974,100
								211,960,824
Special Purpose Financial—11.8%
Concord Minutemen Cap. Corp. LLC:
0.46%		4/2/12		4/2/12		5,000,000		4,996,103
0.47%		2/3/12		2/3/12		8,000,000		7,999,791
0.50%		3/1/12		3/1/12		11,700,000		11,695,288
0.50%		3/13/12		3/13/12		31,200,000		31,182,231
Crown Point Capital Co., 0.18%		2/1/12		2/1/12		30,000,000		30,000,000
FCAR Owner Trust I, 0.30%		4/5/12		4/5/12		15,500,000		15,491,733
Lexington Parker Capital Co. LLC:
0.46%2		4/2/12		4/2/12		12,000,000		11,990,647
0.50%2		3/6/12		3/6/12		10,200,000		10,195,183
0.50%2		3/23/12		3/23/12		10,000,000		9,992,917
								133,543,893
Total Short-Term Notes (Cost $701,510,401)								701,510,401

13 | OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS Unaudited / Continued

	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount			Value
U.S. Government Obligations—3.8%
U.S. Treasury Nts.:
0.75%		5/31/12		5/31/12	$	8,000,000		$	8,012,096
1.00%		4/30/12		4/30/12		14,000,000			14,023,544
1.38%		2/15/12		2/15/12		13,000,000			13,005,176
1.38%		3/15/12		3/15/12		5,000,000			5,005,988
4.50%		3/31/12		3/31/12		3,000,000			3,020,152
Total U.S. Government Obligations (Cost $43,066,956)									43,066,956
Total Investments, at Value (Cost $1,139,520,121)						100.7	%		1,139,520,121
Liabilities in Excess of Other Assets						(0.7	)		(7,363,423	)
Net Assets						100.0	%	$	1,132,156,698

Footnotes to Statement of Investments

Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown.

*	The Maturity Date represents the date used to calculate the Fund’s weighted average maturity as determined under Rule 2a-7.
**	If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Fund’s weighted average life as determined under Rule 2a-7.
1.	Represents the current interest rate for a variable or increasing rate security.
2.	Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $387,855,531 or 34.26% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.
3.	Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $60,568,736 or 5.35% of the Fund’s net assets as of January 31, 2012.

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

14 | OPPENHEIMER CASH RESERVES

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of January 31, 2012 based on valuation input level:

			Level 2—		Level 3—
	Level 1—		Other Significant		Significant
	Unadjusted		Unobservable		Unobservable
	Quoted Prices		Inputs		Inputs		Value
Assets Table
Investments, at Value:
Certificates of Deposit	$	—	$	183,100,808	$	—	$	183,100,808
Direct Bank Obligations		—		211,841,956		—		211,841,956
Short-Term Notes		—		701,510,401		—		701,510,401
U.S. Government Obligations		—		43,066,956		—		43,066,956
Total Assets	$	—	$	1,139,520,121	$	—	$	1,139,520,121

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

See accompanying Notes to Financial Statements.

15 | OPPENHEIMER CASH RESERVES

STATEMENT OF ASSETS AND LIABILITIES Unaudited

January 31, 2012
Assets
Investments, at value (cost $1,139,520,121)—see accompanying statement of investments	$	1,139,520,121
Cash		111,196
Receivables and other assets:
Shares of beneficial interest sold		2,354,992
Interest		470,171
Other		170,081
Total assets		1,142,626,561
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		10,072,228
Transfer and shareholder servicing agent fees		224,696
Shareholder communications		110,749
Trustees’ compensation		30,321
Dividends		2,774
Other		29,095
Total liabilities		10,469,863
Net Assets	$	1,132,156,698
Composition of Net Assets
Par value of shares of beneficial interest	$	1,132,185
Additional paid-in capital		1,131,032,848
Accumulated net investment loss		(22,189	)
Accumulated net realized gain on investments		13,854
Net Assets	$	1,132,156,698

16 | OPPENHEIMER CASH RESERVES

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $513,804,150 and 513,833,560 shares of beneficial interest outstanding)	$	1.00
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $73,956,066 and 73,954,858 shares of beneficial interest outstanding)	$	1.00
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $312,444,716 and 312,444,265 shares of beneficial interest outstanding)	$	1.00
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $231,951,766 and 231,952,327 shares of beneficial interest outstanding)	$	1.00

See accompanying Notes to Financial Statements.

17 | OPPENHEIMER CASH RESERVES

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended January 31, 2012
Investment Income
Interest	$	1,783,640
Other income		37,097
Total investment income		1,820,737
Expenses
Management fees		2,747,148
Distribution and service plan fees:
Class A		551,872
Class B		306,272
Class C		1,257,938
Class N		617,802
Transfer and shareholder servicing agent fees:
Class A		661,317
Class B		161,659
Class C		423,332
Class N		283,571
Shareholder communications:
Class A		72,355
Class B		19,134
Class C		27,181
Class N		6,012
Trustees’ compensation		38,865
Custodian fees and expenses		2,677
Administration service fees		750
Other		171,348
Total expenses		7,349,233
Less waivers and reimbursements of expenses		(5,588,091	)
Net expenses		1,761,142
Net Investment Income		59,595
Net Realized Gain on Investments		10,011
Net Increase in Net Assets Resulting from Operations	$	69,606

See accompanying Notes to Financial Statements.

18 | OPPENHEIMER CASH RESERVES

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	January 31, 2012			July 29,
	(Unaudited)			20111
Operations
Net investment income	$	59,595		$	111,775
Net realized gain		10,011			3,843
Net increase in net assets resulting from operations		69,606			115,618
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(28,150	)		(48,933	)
Class B		(4,021	)		(8,927	)
Class C		(17,793	)		(28,913	)
Class N		(13,472	)		(25,002	)
		(63,436	)		(111,775	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A		(9,631,897	)		(5,668,964	)
Class B		(6,506,629	)		(43,246,926	)
Class C		6,082,191			(2,192,306	)
Class N		(21,581,981	)		(15,042,017	)
		(31,638,316	)		(66,150,213	)
Net Assets
Total decrease		(31,632,146	)		(66,146,370	)
Beginning of period		1,163,788,844			1,229,935,214
End of period (including accumulated net investment loss of $22,189 and $18,348, respectively)	$	1,132,156,698		$	1,163,788,844

1. July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

19 | OPPENHEIMER CASH RESERVES

FINANCIAL HIGHLIGHTS

	Six Months
	Ended															Year Ended
	January 31, 2012			July 29,			July 30,			July 31,			July 31,			July 31,
Class A	(Unaudited)			20111			20101			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income2		—	3		—	3		—	3		.01			.03			.04
Net realized gain (loss)		—	3		—	3		—	3		—	3		—			—	3
Total from investment operations		—	3		—	3		—	3		.01			.03			.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Distributions from net realized gain		—			—			—	3		—			—			—	3
Total dividends and/or distributions to shareholders		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4		0.01	%		0.01	%		0.01	%		1.02	%		3.45	%		4.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	513,804		$	523,433		$	529,100		$	657,312		$	558,480		$	440,693
Average net assets (in thousands)	$	547,604		$	527,858		$	578,864		$	688,120		$	521,970		$	432,909
Ratios to average net assets:5
Net investment income		0.01	%		0.01	%		0.00	%6		0.97	%		3.33	%		4.45	%
Total expenses		0.95	%		0.96	%		0.96	%		0.93	%		0.94	%		1.03	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.30	%		0.32	%		0.40	%		0.85	%		0.89	%		0.97	%

1.	July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years.
	See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.
6.	Less than 0.005%.

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER CASH RESERVES

	Six Months
	Ended															Year Ended
	January 31, 2012			July 29,			July 30,			July 31,			July 31,			July 31,
Class B	(Unaudited)			20111			20101			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)2		—	3		—	3		—	3		.01			.03			.04
Net realized gain (loss)		—	3		—	3		—	3		—	3		—			—	3
Total from investment operations		—	3		—	3		—	3		.01			.03			.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Distributions from net realized gain		—			—			—	3		—			—			—	3
Total dividends and/or distributions to shareholders		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4		0.01	%		0.01	%		0.01	%		0.84	%		3.18	%		4.29	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	73,956		$	80,462		$	123,709		$	208,508		$	155,422		$	105,041
Average net assets (in thousands)	$	81,015		$	100,156		$	154,948		$	222,601		$	131,647		$	112,029
Ratios to average net assets:5
Net investment income (loss)		0.01	%		0.01	%		(0.02	)%		0.76	%		3.02	%		4.20	%
Total expenses		1.72	%		1.62	%		1.58	%		1.48	%		1.45	%		1.52	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.29	%		0.32	%		0.42	%		1.03	%		1.15	%		1.21	%

1.	July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years.
	See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

21 | OPPENHEIMER CASH RESERVES

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended															Year Ended
	January 31, 2012			July 29,			July 30,			July 31,			July 31,			July 31,
Class C	(Unaudited)			20111			20101			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income2		—	3		—	3		—	3		.01			.03			.04
Net realized gain (loss)		—	3		—	3		—	3		—	3		—			—	3
Total from investment operations		—	3		—	3		—	3		.01			.03			.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Distributions from net realized gain		—			—			—	3		—			—			—	3
Total dividends and/or distributions to shareholders		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4		0.01	%		0.01	%		0.01	%		0.84	%		3.19	%		4.22	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	312,445		$	306,361		$	308,552		$	416,717		$	318,517		$	194,558
Average net assets (in thousands)	$	332,924		$	295,586		$	343,859		$	454,642		$	271,236		$	151,581
Ratios to average net assets:5
Net investment income		0.01	%		0.01	%		0.00	%6		0.75	%		3.00	%		4.14	%
Total expenses		1.51	%		1.52	%		1.52	%		1.45	%		1.44	%		1.59	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.29	%		0.32	%		0.39	%		1.02	%		1.14	%		1.27	%

1.	July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years.
	See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.
6.	Less than 0.005%.

See accompanying Notes to Financial Statements.

22 | OPPENHEIMER CASH RESERVES

	Six Months
	Ended															Year Ended
	January 31, 2012			July 29,			July 30,			July 31,			July 31,			July 31,
Class N	(Unaudited)			20111			20101			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income2		—	3		—	3		—	3		.01			.03			.04
Net realized gain (loss)		—	3		—	3		—	3		—	3		—			—	3
Total from investment operations		—	3		—	3		—	3		.01			.03			.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Distributions from net realized gain		—			—			—	3		—			—			—	3
Total dividends and/or distributions to shareholders		—	3		—	3		—	3		(.01	)		(.03	)		(.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4		0.01	%		0.01	%		0.01	%		0.84	%		3.17	%		4.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	231,952		$	253,533		$	268,574		$	332,176		$	279,361		$	253,631
Average net assets (in thousands)	$	245,110		$	244,223		$	285,549		$	333,117		$	256,809		$	234,641
Ratios to average net assets:5
Net investment income		0.01	%		0.01	%		0.01	%		0.78	%		3.06	%		4.19	%
Total expenses		1.22	%		1.22	%		1.18	%		1.21	%		1.22	%		1.27	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.28	%		0.32	%		0.39	%		1.03	%		1.17	%		1.21	%

1.	July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years.
	See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

23 | OPPENHEIMER CASH RESERVES

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 an open-end management investment company. The Fund’s investment objective is to seek the maximum current income that is consistent with stability of principal. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, Class C and Class N shares. Class A shares are sold at their offering price, which is the net asset value per share without any initial sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N shares have separate distribution and/or service plans under which they pay fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

     The following is a summary of significant accounting policies consistently followed by the Fund.

Previous Annual Periods. The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Securities Valuation. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund’s Board of Trustees.

     Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” observable market inputs other than unadjusted quoted prices are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

     In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of

24 | OPPENHEIMER CASH RESERVES

Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

     There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis 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 Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

     During the fiscal year end July 29, 2011, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year.

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value

25 | OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

per share at $1.00. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended January 31, 2012						Year Ended July 29, 2011
	Shares			Amount			Shares			Amount
Class A
Sold		272,069,349		$	272,069,349			510,098,862		$	510,098,862
Dividends and/or
distributions reinvested		27,695			27,695			46,424			46,424
Redeemed		(281,728,941	)		(281,728,941	)		(515,814,250	)		(515,814,250	)
Net decrease		(9,631,897	)	$	(9,631,897	)		(5,668,964	)	$	(5,668,964	)

26 | OPPENHEIMER CASH RESERVES

	Six Months Ended January 31, 2012						Year Ended July 29, 2011
	Shares			Amount			Shares			Amount
Class B
Sold		32,354,324		$	32,354,324			63,934,496		$	63,934,496
Dividends and/or distributions reinvested		3,922			3,922			8,415			8,415
Redeemed		(38,864,875	)		(38,864,875	)		(107,189,837	)		(107,189,837	)
Net decrease		(6,506,629	)	$	(6,506,629	)		(43,246,926	)	$	(43,246,926	)
Class C
Sold		183,180,333		$	183,180,333			283,020,302			283,020,302
Dividends and/or distributions reinvested		17,476			17,476			27,480			27,480
Redeemed		(177,115,618	)		(177,115,618	)		(285,240,088	)		(285,240,088	)
Net increase (decrease)		6,082,191		$	6,082,191			(2,192,306	)	$	(2,192,306	)
Class N
Sold		79,483,265		$	79,483,265			162,980,897			162,980,897
Dividends and/or distributions reinvested		13,335			13,335			24,667			24,667
Redeemed		(101,078,581	)		(101,078,581	)		(178,047,581	)		(178,047,581	)
Net decrease		(21,581,981	)	$	(21,581,981	)		(15,042,017	)	$	(15,042,017	)

3. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $250 million	0.500	%
Next $250 million	0.475
Next $250 million	0.450
Next $250 million	0.425
Over $1 billion	0.400

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended January 31, 2012, the Fund paid $1,476,290 to OFS for services to the Fund.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided

27 | OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Fees and Other Transactions with Affiliates Continued

to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.20% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B shares and Class C shares and 0.25% on Class N shares. The Distributor is entitled to receive a service fee of 0.25% per year under each plan, but the Board of Trustees has not authorized the Fund to pay the service fees on Class B and Class C shares at this time. Beginning July 1, 2009, the Distributor has voluntarily decreased the rates for the asset-based sales charges for Class B, Class C and Class N shares and service fees for Class N shares to 0.00%. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at December 31, 2011 were as follows:

Class C	$	3,312,629
Class N		13,309,470

Sales Charges. Contingent deferred sales charges (“CDSC”) do not represent an expense of the Fund. They are deducted from the proceeds of redemptions of Fund shares prior to remittance. The CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated.

	Class A		Class B		Class C			Class N
	Contingent		Contingent		Contingent			Contingent
	Deferred		Deferred		Deferred			Deferred
	Sales Charges		Sales Charges		Sales Charges			Sales Charges
Six Months	Retained by		Retained by		Retained by			Retained by
Ended	Distributor		Distributor		Distributor		��	Distributor
January 31, 2012	$	580	$	1,017	$	10,261		$	4,047

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s management fee to an annual rate of 0.40% of the daily net assets for each class of shares. As a result of this limitation the Manager waived $314,926 for the six months ended January 31, 2012.

28 | OPPENHEIMER CASH RESERVES

     The Manager has agreed to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. As a result, for the six months ended January 31, 2012, the Manager waived or reimbursed the Fund $1,113,702, $239,640, $696,228 and $472,611 for Class A, Class B, Class C and Class N, respectively. There is no guarantee that the Fund will maintain a positive yield.

     Effective July 1, 2009, the Distributor voluntarily agreed to set the fee rate it is entitled to receive under the Distribution and/or Service Plans for Class A, Class B, Class C and Class N shares at 0.00%. For the six months ended January 31, 2012, the Distributor waived receipt of Distribution and/or Service Plan fees from Class A, Class B, Class C and Class N shares in the amount of $551,872, $306,272, $1,257,938 and $617,802, respectively.

     OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

During the six months ended January 31, 2012, OFS waived transfer and shareholder servicing agent fees as follows:

Class B $ 17,100

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

4. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. On September 30, 2011, the U.S. District Court for the District of Colorado entered orders and final judgments approving the settlement of certain putative class actions involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those orders are not subject to further appeal. These settlements do not resolve other outstanding lawsuits relating to Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund, nor do the settlements affect certain other putative class action lawsuits pending in federal court against the Manager, the Distributor, and other Defendant Funds and their independent trustees.

     In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against the Manager and a subsidiary (but not against the Fund) on behalf of the

29 | OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Pending Litigation Continued

New Mexico Education Plan Trust challenging a settlement reached in 2010 between the Manager, its subsidiary and the Distributor and the board of the New Mexico section 529 college savings plan. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses. On September 9, 2011, the court denied plaintiffs’ request for a hearing to determine the fairness of the settlement, finding that plaintiffs lacked standing to pursue derivative claims on behalf of the Trust. On October 27, 2011, the parties to these actions filed a joint motion to dismiss the lawsuits with prejudice, which the court granted on October 28, 2011.

     Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the

30 | OPPENHEIMER CASH RESERVES

Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

     The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

31 | OPPENHEIMER CASH RESERVES

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

     The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

     Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

     Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

32 | OPPENHEIMER CASH RESERVES

     The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Carol Wolf and Christopher Proctor, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreement.

     Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load money market instrument funds. The Board considered that, while the Fund underperformed its performance universe median during the five- and ten-year periods, the Fund’s performance equaled its performance universe median for the one- and three-year periods. The Board also considered that the Fund ranked in the second quintile for the year to date ended April 30, 2011. The Board also considered the Manager’s assertion that, in the Fund’s category, small performance differences can result in significantly different quintile rankings and that the difference between the best performer and the worst performer in every time period was 0.90% or less.

     Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail no-load money market instrument funds with comparable asset levels and distribution features.

33 | OPPENHEIMER CASH RESERVES

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

The Board considered that the Fund’s actual management fees were lower, and its total expenses were higher, than its expense group median. The Board noted that the Manager has agreed to voluntarily waive a portion of its management fee so that the fees do not exceed an annual rate of 0.40% of the Fund’s average annual net assets for each class of shares. The Board also noted that beginning January 1, 2009, the Manager has waived and/or reimbursed fees to the extent necessary to help the Fund maintain a positive yield and that those waivers have been significant. The manager may not modify or terminate these undertakings until one year after the date of the prospectus.

     Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

     Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

     Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

     Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement through August 31, 2012. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

34 | OPPENHEIMER CASH RESERVES

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL-OPP (225-5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL-OPP (225-5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

35 | OPPENHEIMER CASH RESERVES

OPPENHEIMER CASH RESERVES

Trustees and Officers	William L. Armstrong, Chairman of the Board of Trustees and Trustee
	Edward L. Cameron, Trustee
	Jon S. Fossel, Trustee
	Sam Freedman, Trustee
	Beverly L. Hamilton, Trustee
	Robert J. Malone, Trustee
	F. William Marshall, Jr., Trustee
	William F. Glavin, Jr., Trustee, President and Principal Executive Officer
	Carol E. Wolf, Vice President
	Christopher Proctor, Vice President
	Arthur S. Gabinet, Secretary and Chief Legal Officer
	Christina M. Nasta, Vice President and Chief Business Officer
	Mark S. Vandehey, Vice President and Chief Compliance Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG llp
Counsel	K&L Gates LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

©2012 OppenheimerFunds, Inc. All rights reserved.

36 | OPPENHEIMER CASH RESERVES

PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non public personal information about our shareholders from the following sources:

• Applications or other forms

• When you create a user ID and password for online account access

• When you enroll in eDocs Direct, our electronic document delivery service

• Your transactions with us, our affiliates or others

• A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

• When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

37 | OPPENHEIMER CASH RESERVES

PRIVACY POLICY NOTICE

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

• All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

• Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

• You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL-OPP (225-5677).

38 | OPPENHEIMER CASH RESERVES

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 1/31/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.
	(2) Exhibits attached hereto.
	(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Cash Reserves

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 3/13/2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 3/13/2012

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer

Date: 3/13/2012