Oppenheimer Government Cash Reserves NCSRS 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

OFI Global Asset Management, 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: 1/31/2014

Item 1. Reports to Stockholders.

LOGO

Table of Contents


Fund Performance Discussion					3

Portfolio Allocation and Performance					5

Fund Expenses					7

Statement of Investments					9

Statement of Assets and Liabilities					13

Statement of Operations					14

Statements of Changes in Net Assets					15

Financial Highlights					16

Notes to Financial Statements					20

Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements					30

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments					33

Trustees and Officers					34

Privacy Policy Notice					35

2 OPPENHEIMER CASH RESERVES

Fund Performance Discussion

Although a sustained U.S. economic recovery and expectations of a more moderately accommodative monetary policy drove longer-term interest rates higher over the reporting period, short-term rates remained relatively unchanged. As they have been since December 2008, money market yields stayed anchored by the Federal Reserve’s (the “Fed”) target for the overnight federal funds rate of between 0% and 0.25%.

MARKET OVERVIEW

In the months prior to the start of the reporting period, financial markets throughout the world reacted negatively to comments by Federal Reserve (“Fed”) Chairman Ben Bernanke indicating that U.S. monetary policymakers would begin to back away from its bond purchasing program sooner than most analysts had expected. However, financial markets generally stabilized over the summer when investors came to recognize that the Fed’s plans to further taper its quantitative easing program did not necessarily portend imminent increases in short-term interest rates. Still, labor markets continued to strengthen. In October, the U.S. Congress managed to reach a bipartisan agreement to raise the national debt ceiling, and did so well ahead of the potential default deadline. While the Fed refrained from reducing its monthly bond purchases in September, in December, the Central Bank announced that it would reduce its monthly bond purchases by $10 billion, from $85 billion to $75 billion, starting in January 2014. The Fed also continued to hold short-term interest rates at very low levels throughout the reporting period.

Against this backdrop, investors continued to commit new capital to global equity markets through the end of 2013. However, equity markets experienced declines to close the period in January 2014 amid concerns over emerging markets.

FUND PERFORMANCE

In spite of heightened volatility at the longer end of the bond market’s maturity range, the Fund continued to generate consistent and competitive levels of current income, albeit at levels commensurate with the Fed’s unchanged target for the federal funds rate. In addition, money market supply continues to be constrained as issuers look to lock in relatively cheap term financing further out on the yield curve. This puts additional downward pressure on money market yields.

In this environment, we maintained the Fund’s weighted average maturity in a range we considered to be in line with market averages. From a portfolio composition perspective, we continued to avoid repurchase agreements due to uncertainty surrounding potential regulatory changes. Instead, we primarily

3 OPPENHEIMER CASH RESERVES

favored commercial paper issued by global banks that meet our stringent credit criteria.

STRATEGY & OUTLOOK

In light of recently positive economic data, we continue to expect the Fed to taper its quantitative easing program in the relatively near future. Nonetheless, we believe that the Fed will maintain its current target for short-term interest rates for some time to come, and money market yields could remain near current

levels for much of 2014. Meanwhile, the outlook for U.S. fiscal and regulatory policies remained uncertain as of the reporting period’s end, suggesting to us that the appropriate strategy is to continue to focus on quality and liquidity. Therefore, we currently intend to maintain a roughly market-neutral weighted average maturity, and we expect to continue to focus on high-quality instruments from fundamentally strong issuers.

LOGO

Christopher Proctor, CFA

Portfolio Manager

LOGO

Adam S. Wilde, CFA¹

Portfolio Manager

1. Adam Wilde became a Portfolio Manager in July 2013.

4 OPPENHEIMER CASH RESERVES

Portfolio Allocation


Short-Term Notes/Commercial Paper	52.7	%
Certificates of Deposit	29.9
Direct Bank Obligations	17.4

Portfolio holdings and allocations are subject to change.

Percentages are as of January 31, 2014, and are based

on the total market value of investments.

Performance

CURRENT YIELD

For the 7-Day Period Ended 1/31/14


	With Compounding			Without Compounding
Class A (CRSXX)		0.01	%		0.01	%
Class B (CRBXX)		0.01			0.01
Class C (CSCXX)		0.01			0.01
Class N (CSNXX)		0.01			0.01

CURRENT YIELD

For the Six Months Ended 1/31/14


	With Compounding			Without Compounding
Class A (CRSXX)		0.01	%		0.01	%
Class B (CRBXX)		0.01			0.01
Class C (CSCXX)		0.01			0.01
Class N (CSNXX)		0.01			0.01

Compounded yields assume reinvestment of dividends. The seven-day yield without compounding is an annualized average daily yield of the Fund for the most recent seven days. The compounded seven-day average yield for 365 days is offered as a comparison to a savings account’s compounded interest rate. Unlike an investment in the Fund, the FDIC generally insures deposits in savings accounts.

Performance data quoted represents past performance, which does not guarantee future results. Yields include dividends in a hypothetical investment for the periods shown. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). The yields take into account voluntary fee waivers and/or expense reimbursements, without which yields would have been lower. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The Fund’s performance shown does not reflect the deduction of income taxes on

5 OPPENHEIMER CASH RESERVES

an individual’s investment. Taxes may reduce your actual investment returns on income paid by the Fund. There is no guarantee that the Fund will maintain a positive yield.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

An investment in money market funds is neither insured nor 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 and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

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.

6 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, 2014.

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.

7 OPPENHEIMER CASH RESERVES


Actual	Beginning Account Value August 1, 2013	Ending Account Value January 31, 2014	Expenses Paid During 6 Months Ended January 31, 2014
Class A	$ 1,000.00	$ 1,000.10	$ 1.06
Class B	1,000.00	1,000.10	1.06
Class C	1,000.00	1,000.10	1.06
Class N	1,000.00	1,000.10	1.06

Hypothetical (5% return before expenses)
Class A	1,000.00	1,024.15	1.07
Class B	1,000.00	1,024.15	1.07
Class C	1,000.00	1,024.15	1.07
Class N	1,000.00	1,024.15	1.07

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended January 31, 2014 are as follows:


Class	Expense Ratios
Class A		0.21	%
Class B		0.21
Class C		0.21
Class N		0.21

The expense ratios reflect voluntary and/or contractual 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.

8 OPPENHEIMER CASH RESERVES



		STATEMENT OF INVESTMENTS January 31, 2014 Unaudited


			Final Legal
	Maturity		Maturity		Principal
	Date*		Date**		Amount		Value

Certificates of Deposit—30.0%
Yankee Certificates of Deposit—30.0%
Bank of Montreal, Chicago, 0.06%		2/5/14		2/5/14	$	39,000,000	$	39,000,000

Bank of Nova Scotia, Houston TX, 0.21%		3/28/14		3/28/14		2,000,000		2,000,000

Barclays Bank plc, New York:
0.07%		2/7/14		2/7/14		18,000,000		18,000,000
0.07%		2/5/14		2/5/14		14,700,000		14,700,000

BNP Paribas, New York:
0.34%		8/14/14		8/14/14		2,000,000		2,000,000
0.34%		8/7/14		8/7/14		7,000,000		7,000,000
0.45%		9/19/14		9/19/14		17,000,000		17,000,000

DnB Bank ASA NY, 0.19%		5/5/14		5/5/14		22,000,000		22,000,000

Rabobank Nederland NV, New York:
0.266%¹		4/30/14		10/31/14		16,000,000		16,000,000
0.268%¹		2/24/14		8/26/14		20,000,000		20,000,000
0.28%¹		4/7/14		10/7/14		13,000,000		13,000,000

Royal Bank of Canada, New York:
0.268%¹		2/24/14		6/24/14		10,000,000		10,000,000
0.30%¹		2/3/14		2/3/14		18,000,000		18,000,000

Skandinaviska Enskilda Bank, New York, 0.195%		3/10/14		3/10/14		12,000,000		12,000,000

Sumitomo Mutsui Bank NY:
0.10%		2/7/14		2/7/14		8,500,000		8,500,000
0.10%		2/5/14		2/5/14		12,400,000		12,400,000
0.10%		2/3/14		2/3/14		14,500,000		14,500,000

Svenska Handelsbanken, New York:
0.20%		6/2/14		6/2/14		6,000,000		6,000,000
0.22%		6/25/14		6/25/14		3,000,000		3,000,000

Toronto Dominion Bank, New York:
0.12%		3/7/14		3/7/14		2,000,000		2,000,000
0.209%¹		4/17/14		6/17/14		20,000,000		20,000,000

Wells Fargo Bank NA:
0.238%¹		2/6/14		12/5/14		14,500,000		14,500,000
0.238%¹		2/5/14		9/5/14		13,000,000		13,000,000

Total Certificates of Deposit (Cost $304,600,000)								304,600,000


Direct Bank Obligations—17.6%
Bank of Nova Scotia, New York:
0.20%		4/30/14		4/30/14		7,900,000		7,896,226
0.21%		5/6/14		5/6/14		4,600,000		4,597,531
0.215%		4/1/14		4/1/14		10,000,000		9,996,596
0.235%		6/18/14		6/18/14		7,000,000		6,993,831
0.266%		9/19/14		9/19/14		20,600,000		20,565,426

Bank of Tokyo-Mitsubishi UFJ NY, 0.16%²		2/12/14		2/12/14		20,900,000		20,899,164

DnB Bank ASA, 0.05%³		2/7/14		2/7/14		4,000,000		3,999,978

HSBC USA, Inc., 0.219%		5/27/14		5/27/14		6,000,000		5,995,872

Rabobank USA Financial Corp., 0.23%		5/8/14		5/8/14		3,500,000		3,497,898

Skandinaviska Enskilda BankenAB:
0.19%³		2/18/14		2/18/14		2,350,000		2,349,814
0.19%³		4/28/14		4/28/14		6,500,000		6,497,118
0.194%³		3/27/14		3/27/14		10,900,000		10,896,954
0.195%³		4/11/14		4/11/14		14,400,000		14,394,774

9 OPPENHEIMER CASH RESERVES



		STATEMENT OF INVESTMENTS Unaudited / Continued

Final Legal

Maturity

Principal

Date*

Date**

Amount

Value

Direct Bank Obligations Continued

Svenska Handelsbanken, Inc.:

0.215%³

4/22/14

14,600,000

14,593,199

0.24%³

2/24/14

7,000,000

6,999,020

0.24%³

2/20/14

17,000,000

16,998,073

Swedbank AB, 0.205%

2/18/14

20,000,000

19,998,292

Total Direct Bank Obligations (Cost $177,169,766)

177,169,766

Short-Term Notes/Commercial Paper—52.9%

Leasing & Factoring—5.5%

American Honda Finance Corp.:

0.242%¹

2/3/14

12/5/14

5,000,000

0.258%^1,2

4/17/14

7/17/14

10,000,000

Toyota Motor Credit Corp.:

0.199%

2/25/14

25,000,000

0.242%¹

2/3/14

1/14/15

10,000,000

0.25%

2/28/14

5,400,000

5,399,062

55,399,062

Municipal—6.9%

Berks Cnty. Industrial Development Revenue Bonds, Lebanon Valley Mall Project, Series 96B, 0.25%¹

2/7/14

1,790,000

Byron, WI Industrial Development Revenue Bonds, Ocean Spray, Inc., Series 1998, 0.21%¹

2/7/14

6,500,000

Easton, MD Bonds, William Hill Manor Facility, Series 2009B, 0.20%¹

2/7/14

4,130,000

Glendale, AZ Industrial Development Authority Bonds, Thunderbird, The Garvin School, Series 2005A, 0.12%¹

2/7/14

6,525,000

Glendale, AZ Industrial Development Authority Bonds, Thunderbird, The Garvin School, Series 2005B, 0.12%¹

2/7/14

11,235,000

Mountain Agency, Inc. (The) Securities, Series 2003, 0.29%¹

2/7/14

8,545,000

MS Business Finance Corp. Revenue Bonds, Olin Corp. Project, Series 2005, 0.22%¹

2/7/14

1,600,000

Newport News, VA Economic Development Authority Bonds, Newport News Shipbuilding Project, Series A, 0.21%¹

2/7/14

3,000,000

Port Grays Harbor, WA Industrial Development Corp., Murphy Corp. Project, Series 2007, 0.07%¹

2/7/14

10,000,000

Tallahassee Orthopedic Center LC Bonds, Series 2004, 0.15%¹

2/7/14

3,775,000

Tennis For Charity, Inc. Bonds, Series 2004, 0.10%¹

2/7/14

5,785,000

USTA National Tennis Center, Inc. Bonds, Series 2009, 0.10%¹

2/7/14

4,205,000

WA Economic Development Finance Authority Industrial Development Revenue Bonds, Canam Steel Corp. Project, Series 2000D, 0.18%¹

2/7/14

2,500,000

69,590,000

10 OPPENHEIMER CASH RESERVES


			Final Legal
	Maturity		Maturity		Principal
	Date*		Date**		Amount		Value

Oil, Gas & Consumable Fuels—4.9%
Total Capital SA, 0.03%³		2/3/14		2/3/14	$	49,500,000	$	49,500,000


Personal Products—2.5%
Reckitt Benckiser Treasury Services plc:
0.23%³		4/7/14		4/7/14		6,500,000		6,497,384
0.291%³		6/25/14		6/25/14		19,000,000		18,978,266

								25,475,650


Receivables Finance—17.7%
Alpine Securitization Corp.:
0.03%		2/3/14		2/3/14		4,900,000		4,900,000
0.11%		2/7/14		2/7/14		5,000,000		4,999,939
0.12%		2/10/14		2/10/14		18,500,000		18,499,568

Barton Capital Corp.:
0.159%³		3/2/14		3/7/14		20,000,000		20,000,000
0.20%³		4/4/14		4/4/14		8,000,000		8,000,000

Fairway Finance Corp., 0.17%³		2/26/14		2/26/14		11,000,000		10,998,805

Gemini Securitization Corp., 0.09%³		2/3/14		2/3/14		15,800,000		15,800,000

Jupiter Securitization Co. LLC:
0.23%³		6/9/14		6/9/14		9,000,000		8,992,755
0.23%³		6/17/14		6/17/14		5,400,000		5,395,377
0.24%³		4/16/14		4/16/14		20,100,000		20,090,352
0.24%³		2/24/14		2/24/14		15,000,000		14,997,900

Old Line Funding Corp., 0.23%³		6/12/14		6/12/14		5,500,000		5,495,467

Sheffield Receivables Corp., 0.10%³		2/6/14		2/6/14		10,000,000		9,999,917

Thunder Bay Funding LLC:
0.21%³		6/20/14		6/20/14		6,396,000		6,390,889
0.23%³		5/23/14		5/23/14		15,600,000		15,589,136
0.23%³		6/4/14		6/4/14		10,000,000		9,992,270

								180,142,375


Special Purpose Financial—15.4%
Anglesea Funding LLC, 0.16%²		2/4/14		2/4/14		13,000,000		12,999,942

Collateralized Commercial Paper II Co. LLC:
0.24%		6/27/14		6/27/14		10,000,000		9,990,400
0.401%		10/24/14		10/24/14		5,000,000		4,985,389

Concord Minutemen Cap. Corp. LLC:
0.20%		3/5/14		3/5/14		600,000		599,900
0.22%		2/13/14		2/13/14		2,000,000		1,999,878
0.22%		2/14/14		2/14/14		6,100,000		6,099,590
0.22%		2/18/14		2/18/14		13,800,000		13,798,735

Crown Point Capital Co.:
0.22%		4/10/14		4/10/14		5,200,000		5,197,903
0.22%		5/1/14		5/1/14		4,000,000		3,997,873
0.23%		4/2/14		4/2/14		20,000,000		19,992,589

FCAR Owner Trust I, 0.20%		3/4/14		3/4/14		19,200,000		19,196,906

Govco LLC:
0.24%³		2/11/14		2/11/14		18,000,000		17,999,040
0.24%³		2/6/14		2/6/14		10,000,000		9,999,800

11 OPPENHEIMER CASH RESERVES



		STATEMENT OF INVESTMENTS Unaudited / Continued


			Final Legal
	Maturity		Maturity		Principal
	Date*		Date**		Amount			Value

Special Purpose Financial Continued
Lexington Parker Capital Co. LLC:
0.21%³		3/7/14		3/7/14	$	2,000,000		$	1,999,627
0.21%³		3/11/14		3/11/14		12,000,000			11,997,480

Ridgefield Funding Co. LLC, 0.258%¹		2/3/14		3/7/14		15,000,000			15,000,000

									155,855,052

Total Short-Term Notes/Commercial Paper
(Cost $535,962,139)									535,962,139


Total Investments, at Value (Cost $1,017,731,905)						100.5	%		1,017,731,905

Liabilities in Excess of Other Assets						(0.5	)		(5,199,905	)

Net Assets						100.0	%	$	1,012,532,000

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. 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 $43,899,106 or 4.34% of the Fund’s net assets as of January 31, 2014.

3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $345,443,395 or 34.12% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

See accompanying Notes to Financial Statements.

12 OPPENHEIMER CASH RESERVES

STATEMENT OF

ASSETS AND LIABILITIES January 31, 2014 Unaudited


Assets
Investments, at value (cost $1,017,731,905) —see accompanying statement of investments:	$	1,017,731,905
Cash		191,208
Receivables and other assets:
Shares of beneficial interest sold		2,903,240
Interest		85,790
Other		229,982

Total assets		1,021,142,125
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		8,326,267
Transfer and shareholder servicing agent fees		200,542
Trustees’ compensation		57,696
Dividends		3,631
Other		21,989

Total liabilities		8,610,125
Net Assets	$	1,012,532,000


Composition of Net Assets
Par value of shares of beneficial interest	$	1,012,566
Additional paid-in capital		1,011,533,911
Accumulated net investment loss		(27,894	)
Accumulated net realized gain on investments		13,417

Net Assets	$	1,012,532,000

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $520,435,402 and 520,467,314 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 $34,119,834 and 34,118,454 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 $274,918,500 and 274,920,104 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 $183,058,264 and 183,060,582 shares of beneficial interest outstanding)		$1.00

See accompanying Notes to Financial Statements.

13 OPPENHEIMER CASH RESERVES

STATEMENT OF

OPERATIONS For the Six Months Ended January 31, 2014 Unaudited


Investment Income
Interest	$	1,153,014
Other income		28,208

Total investment income		1,181,222
Expenses
Management fees		2,511,757
Distribution and service plan fees:
Class A		556,597
Class B		147,190
Class C		1,129,792
Class N		498,766
Transfer and shareholder servicing agent fees:
Class A		549,524
Class B		60,665
Class C		296,247
Class N		248,239
Shareholder communications:
Class A		20,151
Class B		582
Class C		7,528
Class N		2,163
Trustees’ compensation		49,522
Custodian fees and expenses		4,461
Other		125,045

Total expenses		6,208,229
Less waivers and reimbursements of expenses		(5,070,961	)

Net expenses		1,137,268
Net Investment Income		43,954
Net Realized Gain on Investment		2,954
Net Increase in Net Assets Resulting from Operations	$	46,908

See accompanying Notes to Financial Statements.

14 OPPENHEIMER CASH RESERVES



		STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013
Operations
Net investment income	$	43,954		$	98,803
Net realized gain		2,954			10,463

Net increase in net assets resulting from operations		46,908			109,266
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(26,951	)		(64,924	)
Class B		(1,779	)		(6,516	)
Class C		(15,057	)		(37,161	)
Class N		(10,167	)		(29,193	)

		(53,954	)		(137,794	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(11,402,238	)		49,045,898
Class B		(7,218,666	)		(17,045,906	)
Class C		(16,879,677	)		20,382,706
Class N		(21,800,682	)		(6,639,448	)

		(57,301,263	)		45,743,250
Net Assets
Total increase (decrease)		(57,308,309	)		45,714,722
Beginning of period		1,069,840,309			1,024,125,587

End of period (including accumulated net investment loss of $27,894 and $17,894, respectively)	$	1,012,532,000		$	1,069,840,309

See accompanying Notes to Financial Statements.

15 OPPENHEIMER CASH RESERVES



		FINANCIAL HIGHLIGHTS


Class A	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹			Year Ended July 31, 2009
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		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Net realized and unrealized gain		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³

Total from investment operations		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00	³		0.00

Total dividends and/or distributions to shareholders		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
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	%		0.01	%		0.01	%		1 .02	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	520,435		$	531,841		$	482,808		$	523,433		$	529,100		$	657,312
Average net assets (in thousands)	$	546,454		$	486,609		$	523,787		$	527,858		$	578,864		$	688,120
Ratios to average net assets:⁵
Net investment income		0.01%			0.01%			0.01%			0.01%			0.00%	⁶		0.97%
Total expenses		0.90%			0.93%			0.95%			0.96%			0.96%			0.93%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.21%			0.26%			0.31%			0.32%			0.40%			0.85%

1. July 29, 2011 and July 30, 2010 represent the last business day of the Fund’s respective reporting period.

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.

16 OPPENHEIMER CASH RESERVES


Class B	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹			Year Ended July 31, 2009
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		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Net realized and unrealized gain		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³

Total from investment operations		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00	³		0.00

Total dividends and/or distributions to shareholders		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
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	%		0.01	%		0.01	%		0.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	34,120		$	41,339		$	58,386		$	80,462		$	123,709		$	208,508
Average net assets (in thousands)	$	38,492		$	49,113		$	72,461		$	100,156		$	154,948		$	222,601
Ratios to average net assets:⁵
Net investment income (loss)		0.01%			0.01%			0.01%			0.01%			(0.02)%			0.76%
Total expenses		1.57%			1.58%			1.59%			1.62%			1.58%			1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.21%			0.26%			0.30%			0.32%			0.42%			1.03%

1. July 29, 2011 and July 30, 2010 represent the last business day of the Fund’s respective reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CASH RESERVES



		FINANCIAL HIGHLIGHTS Continued


Class C	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹			Year Ended July 31, 2009
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		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Net realized and unrealized gain		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³

Total from investment operations		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00	³		0.00

Total dividends and/or distributions to shareholders		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
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	%		0.01	%		0.01	%		0.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	274,919		$	291,800		$	271,426		$	306,361		$	308,552		$	416,717
Average net assets (in thousands)	$	295,838		$	270,305		$	310,183		$	295,586		$	343,859		$	454,642
Ratios to average net assets:⁵
Net investment income		0.01%			0.01%			0.01%			0.01%			0.00%⁶			0.75%
Total expenses		1.46%			1.50%			1.51%			1.52%			1.52%			1.45%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.21%			0.25%			0.30%			0.32%			0.39%			1.02%

1. July 29, 2011 and July 30, 2010 represent the last business day of the Fund’s respective reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CASH RESERVES


Class N	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹			Year Ended July 31, 2009
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		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Net realized and unrealized gain		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³

Total from investment operations		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00	³		0.00

Total dividends and/or distributions to shareholders		0.00	³		0.00	³		0.00	³		0.00	³		0.00	³		(0.01	)
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	%		0.01	%		0.01	%		0.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	183,058		$	204,860		$	211,506		$	253,533		$	268,574		$	332,176
Average net assets (in thousands)	$	195,674		$	207,673		$	233,950		$	244,223		$	285,549		$	333,117
Ratios to average net assets:⁵
Net investment income		0.01%			0.01%			0.01%			0.01%			0.01%			0.78%
Total expenses		1.26%			1.28%			1.27%			1.22%			1.18%			1.21%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.21%			0.25%			0.30%			0.32%			0.39%			1.03%

1. July 29, 2011 and July 30, 2010 represent the last business day of the Fund’s respective reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CASH RESERVES



		NOTES TO FINANCIAL STATEMENTS January 31, 2014 Unaudited

		1. Significant Accounting Policies

Oppenheimer Cash Reserves (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Fund’s investment objective is to seek income consistent with stability of principal. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C and Class N shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class N shares are sold, and Class B shares were 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.

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 ended July 31, 2013, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year.

20 OPPENHEIMER CASH RESERVES



		1. Significant Accounting Policies (Continued)

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 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

21 OPPENHEIMER CASH RESERVES



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		1. Significant Accounting Policies (Continued)

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. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

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.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific resale

22 OPPENHEIMER CASH RESERVES



		2. Securities Valuation (Continued)

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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of January 31, 2014 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Certificates of Deposit	$	—	$	304,600,000	$	—	$	304,600,000
Direct Bank Obligations		—		177,169,766		—		177,169,766
Short-Term Notes/Commercial Paper		—		535,962,139		—		535,962,139

Total Assets	$	—	$	1,017,731,905	$	—	$	1,017,731,905

23 OPPENHEIMER CASH RESERVES



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. 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,
				2014			Year Ended July 31, 2013
	Shares			Amount			Shares			Amount
Class A
Sold		290,110,293		$	290,110,293			606,874,507		$	606,874,507
Dividends and/or distributions reinvested		25,428			25,428			62,795			62,795
Redeemed		(301,537,959	)		(301,537,959	)		(557,891,404	)		(557,891,404	)

Net increase (decrease)		(11,402,238	)	$	(11,402,238	)		49,045,898		$	49,045,898


Class B
Sold		14,123,379		$	14,123,379			34,722,524		$	34,722,524
Dividends and/or distributions reinvested		1,705			1,705			6,312			6,312
Redeemed		(21,343,750	)		(21,343,750	)		(51,774,742	)		(51,774,742	)

Net decrease		(7,218,666	)	$	(7,218,666	)		(17,045,906	)	$	(17,045,906	)


Class C
Sold		180,284,873		$	180,284,873			322,967,335		$	322,967,335
Dividends and/or distributions reinvested		14,137			14,137			36,011			36,011
Redeemed		(197,178,687	)		(197,178,687	)		(302,620,640	)		(302,620,640	)

Net increase (decrease)		(16,879,677	)	$	(16,879,677	)		20,382,706		$	20,382,706


Class N
Sold		62,168,593		$	62,168,593			146,237,276		$	146,237,276
Dividends and/or distributions reinvested		9,941			9,941			28,679			28,679
Redeemed		(83,979,216	)		(83,979,216	)		(152,905,403	)		(152,905,403	)

Net decrease		(21,800,682	)	$	(21,800,682	)		(6,639,448	)	$	(6,639,448	)

4. 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 $1.0 billion	0.400

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays

24 OPPENHEIMER CASH RESERVES



		4. Fees and Other Transactions with Affiliates (Continued)

the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. Fees incurred by the Fund with respect to these services are detailed in the Statement of Operations.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by 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 to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.20% of the daily net assets of Class A shares of the Fund. Effective July 1, 2009, the Distributor had voluntarily agreed to set that rate at 0%. When applicable, the Distributor 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 and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives 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

25 OPPENHEIMER CASH RESERVES



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates (Continued)

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, 2013 were as follows:


Class C	$	4,399,209
Class N		15,767,937

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.


Six Months Ended	Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class N Contingent Deferred Sales Charges Retained by Distributor
January 31, 2014		$14,503		$—		$15,001		$7,179

Waivers and Reimbursements of Expenses. The Manager has contractually 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 $318,493 for the six months ended January 31, 2014.

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, 2014, the Manager waived or reimbursed the Fund $1,187,705, $104,719, $648,366 and $478,630 for Class A, Class B, Class C and Class N, respectively. There is no guarantee that the Fund will maintain a positive yield.

The Manager is permitted to recapture previously waived and/or reimbursed fees in any given fiscal year if the recapture would not: 1) cause the Fund to generate a negative daily yield, and 2) exceed amounts previously waived and/or reimbursed under this arrangement during the current and prior three fiscal years. The reimbursement to the Manager of such previous waivers and reimbursements would not include any portion of distribution and/or service fees. As of January 31, 2014, the following waived and/or reimbursed amounts are eligible for recapture:

26 OPPENHEIMER CASH RESERVES

4. Fees and Other Transactions with Affiliates (Continued)


	Expiration Date July 31, 2016
Class A		$2,996,850
Class B		302,691
Class C		1,670,447
Class N		1,303,083

The Manager has not recaptured any previously waived and/or reimbursed amounts during the six months ended January 31, 2014.

Effective July 1, 2009, the Distributor contractually 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, 2014, 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 $556,597, $147,190, $1,129,792 and $498,766, respectively.

The Transfer Agent has contractually agreed to limit transfer and shareholder servicing agent fees for Classes B, C and N shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.

During the six months ended January 31, 2014, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:


Class B		$	703

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.

5. Pending Litigation

Since 2009, seven class action lawsuits have been pending in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities 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. 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. On March 5, 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. The settlements are subject to a variety of contingencies, including approval by the court. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer California Municipal Fund.

27 OPPENHEIMER CASH RESERVES



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		5. Pending Litigation (Continued)

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI 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 OFI 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. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs alleged breach of contract and common law fraud claims against the defendants and sought compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On January 7, 2014, the appellate court affirmed the trial court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims 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 OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleged breach of contract against the defendants and sought compensatory damages, costs and disbursements, including attorney fees. On November 8, 2013, the parties filed a stipulation of discontinuance dismissing the lawsuit with prejudice.

28 OPPENHEIMER CASH RESERVES



		5. Pending Litigation (Continued)

OFI 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. 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, OFI believes that these suits should not impair the ability of OFI 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.

29 OPPENHEIMER CASH RESERVES



		BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Agreements. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. 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 to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Adviser, Sub-Adviser and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Managers and their 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 Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

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 Managers’ key personnel who provide such services. The Sub-Adviser’s duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’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; and risk management. The Managers are 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 Managers also provide the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser 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 Sub-Adviser’s advisory, administrative, accounting, legal, compliance

30 OPPENHEIMER CASH RESERVES

services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ 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 Christopher Proctor and Adam Wilde, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, 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 Managers’ 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, 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 money market taxable funds. The Board noted that the Fund’s performance for the one- and three- year periods was equal to that of its performance category median. The Board further noted that the Fund outperformed its performance category median for the five-year period but underperformed its performance category median for the ten-year period. The Board considered the Manager’s assertion that the Fund’s performance ranked in the second quintile of its performance universe for the one-, three- and five-year periods. The Board also noted that the yield on money market securities remains at record lows and that the Manager continues to waive a significant portion of its fees.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail money market taxable funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fee and its total expenses were higher than its respective peer group median and category median. The Board also noted that within the total asset range of $1 to $2 billion, the Fund’s effective fee rate was higher than its peer group median and category median. The Board noted that the Manager has contractually agreed to 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. Each of these undertakings may not be amended or withdrawn until one year after the date of the Fund’s 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

31 OPPENHEIMER CASH RESERVES

BOARD APPROVAL OF THE FUND’S INVESTMENT

ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited Continued

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 Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates. The Board also considered that the Managers 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 Managers 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 Agreements through August 31, 2014. In arriving at its decision, the Board did not identify 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 Agreements, including the management fees, in light of all the surrounding circumstances.

32 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.

33 OPPENHEIMER CASH RESERVES



		OPPENHEIMER CASH RESERVES


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Christopher Proctor, Vice President
		Adam S. Wilde, 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		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent		KPMG_LLP
Registered Public Accounting Firm

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.

34 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 nonpublic 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.

35 OPPENHEIMER CASH RESERVES



		PRIVACY POLICY NOTICE Continued

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, Inc., and each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. 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 November 2013. 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).

36 OPPENHEIMER CASH RESERVES

LOGO

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

None

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 1/31/2014, 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:		3/13/2014

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:		3/13/2014


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer
Date:		3/13/2014

Oppenheimer Government Cash Reserves Inactive N-CSRSCertified semi-annual shareholder report (management investment company)