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

Oppenheimer Government Cash Reserves Inactive N-CSRSCertified 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.

225 Liberty Street, 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: 1/30/2015

Item 1.

Reports to Stockholders.

LOGO

Table of Contents


Fund Performance Discussion			3
Portfolio Allocation and Performance			6
Fund Expenses			8
Statement of Investments			10
Statement of Assets and Liabilities			14
Statement of Operations			15
Statements of Changes in Net Assets			16
Financial Highlights			17
Notes to Financial Statements			21
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

Despite volatility among long-term interest rates stemming from changing economic expectations and a shift in U.S. monetary policy, short-term rates and money market yields remained relatively stable, anchored by the Federal Reserve’s (the “Fed”) unchanged target of between 0% and 0.25% for the overnight federal funds rate.

MARKET OVERVIEW

Throughout the reporting period, the Fed continued to taper its large scale asset purchase program by $10 billion per month, and eventually ended the program in late October 2014. Despite the Fed’s tapering, other central banks throughout the globe executed exceedingly loose monetary policies, providing plenty of liquidity to the markets. In addition, the Securities and Exchange Commission approved new rules for money market funds, which we discuss in more detail in the Fund Review section of this report.

Although data in the U.S. softened for the first quarter due partially to cold weather effects across much of the country, it was positive in the second and third quarters of 2014, with Gross Domestic Product (“GDP”) growing at 4.6% and 5.0%, respectively. According to estimates as of the reporting period’s end, GDP in the fourth quarter slowed with an increase of 2.2%.

Outside of the U.S., the positive data points that had emerged in Europe in 2013 and early 2014 largely reversed themselves later in the

reporting period and the European Central Bank (the “ECB”) came under even greater pressure to provide a credible plan to boost growth and avoid deflation. In response, the ECB adopted a number of policies designed to stimulate growth. In Japan, which has been mired in economic weakness for years, the Abe administration has adopted even more aggressive economic policies with the Bank of Japan (the “BoJ”) executing a massive quantitative easing program. However, the results have not been particularly impressive, with that economy slipping back into recession in the third quarter of 2014 following the consumption tax increase. Emerging markets’ economic growth was mixed, as certain regions like Eastern Europe and the Middle East remained burdened by geopolitical turmoil. Many commodity producing emerging market economies also struggled as prices for most commodities fell.

Despite numerous changes and macroeconomic concerns this reporting period, money market yields largely remained unchanged.

3 OPPENHEIMER CASH RESERVES

FUND REVIEW

In July, the Securities and Exchange Commission voted to adopt the long awaited and much anticipated rules for money market funds. The most significant changes require institutional prime money market funds to maintain a variable net asset value (VNAV) instead of the current stable NAV. Further, all prime money-market funds (retail and institutional) now have the ability to impose liquidity fees and/or gates. While these are big changes to the industry, they come as no big surprise. Supply and demand factors, coupled with the Fed’s actions, continue to play a significant role on yields. Given the abovementioned circumstances, the Fund continued to generate consistent and competitive levels of current income.

As we have for some time, we maintained the Fund’s weighted average maturity throughout the reporting period 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 the uncertainty surrounding potential regulatory changes. Instead, we have continued to favor commercial paper issued by global banks meeting our stringent credit criteria. We also increased the Fund’s exposure to floating rate securities on which yields are reset monthly or quarterly. In light of their low yields, and continued uncertainty around the debt ceiling, the Fund had no

exposure to U.S. Treasury securities over the reporting period.

Additionally, while the Fund did not partake in the Fed’s reverse repurchase program, the Fund experienced benefits from it this reporting period. The Fed’s reverse repurchase program was introduced as a method to help control short-term interest rates by setting a floor on overnight lending rates. Under the program, the Fed borrows funds overnight from money market funds, banks and other entities, offering Treasury securities as collateral. The structure of the Fed’s reverse repurchase program had minor changes in the reporting period. The program now uses a Dutch-auction process, while capping the program at $300 billion. Further, the Fed has begun a second facility, the Term Deposit Facility. When combined, these facilities are increasingly becoming an effective reserve-management tool. As other market participants chose to participate in the Fed’s programs instead of purchasing commercial paper and other assets that the Fund seeks to invest in, we benefited indirectly from the increased supply of investment options.

STRATEGY & OUTLOOK

At period end, there has been a slight change in the current imbalance of supply-and-demand dynamics; however, supply remains compressed. Consequently, we expect money market yields to remain range-bound for the

4 OPPENHEIMER CASH RESERVES

foreseeable future. Furthermore, at period end, we expect the Fed to begin the process of “normalizing” short-term interest rates sometime in 2015. We remain focused on our fundamental analysis and seek to ensure only high-quality names make it into the portfolio.

LOGO

Christopher Proctor, CFA

Portfolio Manager

LOGO

Adam S. Wilde, CFA

Portfolio Manager

5 OPPENHEIMER CASH RESERVES

Portfolio Allocation*


Short-Term Notes/Commercial Paper	43.6	%
Certificates of Deposit	39.6
Direct Bank Obligations	17.1

Portfolio holdings and allocations are subject to change.

Percentages are as of January 30, 2015, and are based

on the total market value of investments.

Performance

CURRENT YIELD

For the 7-Day Period Ended 1/30/15


	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 R (CSNXX)	0.01%	0.01%

CURRENT YIELD

For the Six Months Ended 1/30/15


	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 R (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 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.

6 OPPENHEIMER CASH RESERVES

*January 30, 2015, was the last business day of the Fund’s semiannual period. See Note 2 of the accompanying Notes to Financial Statements.

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.

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 30, 2015.

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 6 Months Ended January 30, 2015” 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 Fund’s 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). 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


Actual	Beginning Account Value August 1, 2014	Ending Account Value January 30, 2015	Expenses Paid During 6 Months Ended January 30, 2015
Class A	$ 1,000.00	$ 1,000.10	$ 0.95
Class B	1,000.00	1,000.10	0.95
Class C	1,000.00	1,000.10	0.95
Class R	1,000.00	1,000.10	0.95

Hypothetical (5% return before expenses)
Class A	1,000.00	1,024.12	0.96
Class B	1,000.00	1,024.12	0.96
Class C	1,000.00	1,024.12	0.96
Class R	1,000.00	1,024.12	0.96

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (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 30, 2015 are as follows:

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager 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 30, 2015* Unaudited


	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Certificates of Deposit—39.6%
Yankee Certificates of Deposit—39.6%
Bank of Montreal, Chicago, 0.23%		3/4/15		3/4/15	$	23,000,000	$	23,000,000
Bank of Nova Scotia, Houston TX:
0.24%¹		2/2/15		7/6/15		14,000,000		14,000,000
0.242%¹		2/20/15		2/20/15		7,000,000		7,000,000
0.372%¹		4/12/15		1/11/16		2,000,000		2,001,425
0.422%¹		2/12/15		2/12/15		1,100,000		1,100,074
Canadian Imperial Bank of Commerce NY:
0.238%¹		2/26/15		6/26/15		18,500,000		18,500,000
0.257%¹		2/14/15		9/14/15		10,000,000		10,000,000
DnB Bank ASA NY, 0.12%		2/5/15		2/5/15		34,000,000		34,000,000
Mitsubishi UFJ TR & BK NY:
0.20%²		2/2/15		2/2/15		22,400,000		22,400,000
0.20%²		2/2/15		2/2/15		5,500,000		5,500,000
Rabobank Nederland NV, New York, 0.268%¹		2/7/15		3/9/15		15,000,000		15,000,000
Royal Bank of Canada, New York:
0.248%¹		2/18/15		2/18/15		12,000,000		12,000,000
0.278%¹		2/6/15		1/6/16		20,000,000		20,000,000
Skandinaviska Enskilda Bank, New York, 0.25%		3/3/15		3/3/15		8,000,000		8,000,321
Sumitomo Mutsui Bank NY:
0.21%		3/6/15		3/6/15		1,000,000		1,000,000
0.22%		4/1/15		4/1/15		10,000,000		10,000,000
0.23%		5/1/15		5/1/15		13,600,000		13,600,000
Svenska Handelsbanken, New York, 0.20%		4/1/15		4/1/15		7,000,000		7,000,000
Swedbank AB, New York, 0.10%		2/4/15		2/4/15		25,000,000		25,000,000
Toronto Dominion Bank, New York:
0.19%		4/13/15		4/13/15		24,000,000		24,000,000
0.27%		6/1/15		6/1/15		1,500,000		1,500,000
Wells Fargo Bank NA:
0.248%¹		2/19/15		5/19/15		17,700,000		17,700,000
0.29%¹		2/2/15		10/22/15		10,000,000		10,000,000
Westpac Banking Corp., New York:
0.268%¹		2/26/15		10/26/15		21,900,000		21,900,000
0.269%¹		2/21/15		10/21/15		15,000,000		15,000,000
0.271%¹		2/3/15		11/3/15		4,800,000		4,800,000
Total Certificates of Deposit (Cost $344,001,820)								344,001,820

Direct Bank Obligations—17.1%
Commonwealth Bank of Australia:
0.262%^1,3		3/23/15		6/16/15		5,700,000		5,700,000
0.266%^1,3		2/12/15		12/7/15		9,000,000		9,000,000
Credit Agricole Corporate & Investment Bank, New York Branch, 0.07%		2/2/15		2/2/15		17,400,000		17,400,000
HSBC USA, Inc.:
0.24%		5/4/15		5/4/15		1,500,000		1,499,090
0.25%		4/1/15		4/1/15		7,700,000		7,696,899
0.271%		5/22/15		5/22/15		23,000,000		22,981,197
0.271%		5/21/15		5/21/15		5,400,000		5,395,626
Natixis, New York Branch, 0.07%		2/2/15		2/2/15		17,400,000		17,400,000

10 OPPENHEIMER CASH RESERVES


	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Direct Bank Obligations (Continued)
PNC Bank NA:
0.281%		7/1/15		7/1/15	$	15,000,000	$	14,982,617
0.281%		7/13/15		7/13/15		4,000,000		3,994,991
0.31%		3/25/15		3/25/15		9,500,000		9,500,000
0.411%		10/14/15		10/14/15		13,000,000		12,962,394
Skandinaviska Enskilda BankenAB, 0.18%³		2/11/15		2/11/15		20,000,000		19,999,100
Total Direct Bank Obligations (Cost $148,511,914)								148,511,914

Short-Term Notes/Commercial Paper—43.6%
Capital Markets—3.1%
BNP Paribas Finance, Inc., 0.08%		2/6/15		2/6/15		27,000,000		26,999,760
Leasing & Factoring—4.0%
American Honda Finance Corp., 0.235%¹		3/4/15		6/4/15		15,000,000		15,000,000
Toyota Motor Credit Corp., 0.23%		2/9/15		2/9/15		20,000,000		19,999,106
								34,999,106

Municipal — 5.2%
Berks Cnty. Industrial Development Authority Revenue Bonds, Lebanon Valley Mall Project, Series 96B, 0.25%¹		2/6/15		2/6/15		1,290,000		1,290,000
Byron, WI Industrial Development Revenue Bonds, Ocean Spray, Inc., Series 1998, 0.21%¹		2/6/15		2/6/15		6,500,000		6,500,000
Easton, MD Bonds, William Hill Manor Facility, Series 2009B, 0.15%¹		2/6/15		2/6/15		3,915,000		3,915,000
Mountain Agency, Inc. (The) Securities, Series 2003, 0.24%¹		2/6/15		2/6/15		7,745,000		7,745,000
MS Business Finance Corp. Bonds, Olin Corp. Project, Series 2005, 0.21%¹		2/6/15		2/6/15		1,700,000		1,700,000
Newport News, VA Economic Development Authority Bonds, Newport News Shipbuilding Project, Series A, 0.21%¹		2/6/15		2/6/15		2,840,000		2,840,000
Port Grays Harbor, WA Industrial Development Corp., Murphy Corp. Project, Series 2007, 0.05%¹		2/6/15		2/6/15		10,000,000		10,000,000
Tallahassee Orthopedic Center LC Bonds, Series 2004, 0.15%¹		2/6/15		2/6/15		3,495,000		3,495,000
Tennis For Charity, Inc. Bonds, Series 2004, 0.08%¹		2/6/15		2/6/15		5,585,000		5,585,000
WA Economic Development Finance Authority Industrial Development Revenue Bonds, Canam Steel Corp. Project, Series 2000D, 0.10%¹		2/6/15		2/6/15		2,500,000		2,500,000
								45,570,000


Oil, Gas & Consumable Fuels—0.1%
ExxonMobil Corp., 0.07%		2/4/15		2/4/15		1,000,000		999,996
Personal Products—1.4%
Reckitt Benckiser Treasury Services plc:
0.22%³		2/12/15		2/12/15		6,700,000		6,699,591
0.25%³		7/23/15		7/23/15		5,500,000		5,493,469
								12,193,060

11 OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS Unaudited / Continued


	Maturity Date**		Final Legal Maturity Date***		Principal Amount			Value
Receivables Finance—12.0%
Barton Capital LLC, 0.08%³		2/2/15		2/2/15	$	500,000		$	500,000
CRC Funding LLC, 0.22%		3/30/15		3/30/15		3,500,000			3,498,802
Fairway Finance Co. LLC:
0.17%³		4/13/15		4/13/15		3,818,000			3,816,738
0.20%³		4/6/15		4/6/15		7,400,000			7,397,410
Manhattan Asset Funding Co.:
0.22%³		4/6/15		4/6/15		15,000,000			14,994,225
0.22%³		3/9/15		3/9/15		2,500,000			2,499,465
Old Line Funding Corp.:
0.22%³		4/10/15		4/10/15		300,000			299,877
0.227%³		5/18/15		5/18/15		16,900,000			16,888,835
0.28%³		6/16/15		6/16/15		15,000,000			14,984,367
Thunder Bay Funding LLC:
0.219%³		2/2/15		2/2/15		8,500,000			8,500,000
0.22%³		2/26/15		2/26/15		6,000,000			5,999,120
0.22%³		4/20/15		4/20/15		10,000,000			9,995,294
Victory Receivables Corp.:
0.08%³		2/2/15		2/2/15		12,643,000			12,643,000
0.15%³		2/18/15		2/18/15		2,100,000			2,099,860
									104,116,993

Special Purpose Financial—17.8%
Anglesea Funding LLC:
0.15%²		2/6/15		2/6/15		11,700,000			11,699,805
0.15%²		2/3/15		2/3/15		10,000,000			9,999,958
0.15%²		2/5/15		2/5/15		8,800,000			8,799,890
Cedar Springs Capital Co. LLC, 0.21%		2/9/15		2/9/15		17,600,000			17,599,281
Concord Minutemen Cap. Co. LLC:
0.25%		4/7/15		4/7/15		1,750,000			1,749,222
0.25%		4/14/15		4/14/15		13,900,000			13,893,147
0.25%		4/13/15		4/13/15		15,000,000			14,992,708
Crown Point Capital Co.:
0.20%		2/4/15		2/4/15		1,000,000			999,989
0.25%		4/15/15		4/15/15		6,900,000			6,896,550
0.25%		4/13/15		4/13/15		22,800,000			22,788,917
Govco LLC:
0.08%³		2/2/15		2/2/15		600,000			600,000
0.18%³		2/10/15		2/10/15		8,500,000			8,499,660
Lexington Parker Capital Co. LLC:
0.25%³		4/13/15		4/13/15		4,700,000			4,697,715
0.25%³		4/10/15		4/10/15		14,500,000			14,493,254
0.25%³		4/24/15		4/24/15		11,500,000			11,493,531
Ridgefield Funding Co. LLC, 0.241%¹		2/5/15		5/5/15		3,800,000			3,800,000
White Plains Capital Co. LLC, 0.25%		2/2/15		2/2/15		3,000,000			3,000,000
									156,003,627
Total Short-Term Notes/Commercial Paper (Cost $380,882,542)									380,882,542
Total Investments, at Value (Cost $873,396,276)						100.3	%		873,396,276
Net Other Assets (Liabilities)						(0.3	)		(2,286,252	)
Net Assets						100.0	%	$	871,110,024

12 OPPENHEIMER CASH RESERVES

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.

* January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

** 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 $58,399,653 or 6.70% of the Fund’s net assets as of January 30, 2015.

3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $187,294,511 or 21.50% 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.

13 OPPENHEIMER CASH RESERVES

STATEMENT OF ASSETS AND LIABILITIES January 30, 2015¹ Unaudited


Assets
Investments, at value (cost $873,396,276)—see accompanying statement of investments	$	873,396,276
Cash		114,159
Receivables and other assets:
Shares of beneficial interest sold		1,425,333
Interest		112,202
Investments sold		25,000
Other		212,448
Total assets		875,285,418
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		4,086,685
Trustees’ compensation		70,174
Dividends		3,127
Other		15,408
Total liabilities		4,175,394
Net Assets	$	871,110,024


Composition of Net Assets
Par value of shares of beneficial interest	$	871,145
Additional paid-in capital		870,253,492
Accumulated net investment loss		(16,033	)
Accumulated net realized gain on investments		1,420
Net Assets	$	871,110,024



Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $454,030,218 and 454,061,465 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 $18,400,424 and 18,398,708 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 $246,389,818 and 246,392,042 shares of beneficial interest outstanding)		$1.00

Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $152,289,564 and 152,292,399 shares of beneficial interest outstanding)		$1.00

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

14 OPPENHEIMER CASH RESERVES

STATEMENT OF OPERATIONS For the Six Months Ended January 30, 2015¹ Unaudited


Investment Income
Interest	$	901,676
Expenses
Management fees		2,104,344
Distribution and service plan fees:
Class A		469,297
Class B		77,552
Class C		926,240
Class R		409,652
Transfer and shareholder servicing agent fees:
Class A		516,226
Class B		22,749
Class C		271,697
Class R		180,247
Shareholder communications:
Class A		7,316
Class B		1,087
Class C		2,742
Class R		978
Trustees’ compensation		46,839
Custodian fees and expenses		2,389
Other		111,515

Total expenses		5,150,870
Less waivers and reimbursements of expenses		(4,294,285	)

Net expenses		856,585
Net Investment Income		45,091
Net Realized Gain on Investments		2,206
Net Increase in Net Assets Resulting from Operations	$	47,297

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

15 OPPENHEIMER CASH RESERVES



STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 30, 2015¹ (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	45,091		$	90,191
Net realized gain		2,206			16,989

Net increase in net assets resulting from operations		47,297			107,180
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(22,712	)		(49,919	)
Class B		(936	)		(3,023	)
Class C		(12,363	)		(27,565	)
Class R²		(8,347	)		(19,019	)

		(44,358	)		(99,526	)
Distributions from net realized gain:
Class A		(9,213	)		—
Class B		(384	)		—
Class C		(4,996	)		—
Class R²		(3,182	)		—

		(17,775	)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(7,717,197	)		(70,090,890	)
Class B		(4,772,574	)		(18,165,838	)
Class C		7,658,287			(53,066,026	)
Class R²		(14,509,851	)		(38,059,014	)

		(19,341,335	)		(179,381,768	)
Net Assets
Total decrease		(19,356,171	)		(179,374,114	)
Beginning of period		890,466,195			1,069,840,309

End of period (including accumulated net investment loss of $16,033 and $16,766, respectively)	$	871,110,024		$	890,466,195

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. Effective July 1, 2014, Class N shares were renamed Class R. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

16 OPPENHEIMER CASH RESERVES



FINANCIAL HIGHLIGHTS


Class A	Six Months Ended January 30, 2015 ¹ (Unaudited)			Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹
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^2,3		0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gain³		0.00			0.00			0.00			0.00			0.00			0.00

Total from investment operations³		0.00			0.00			0.00			0.00			0.00			0.00
Dividends and/or distributions to shareholders:
Dividends from net investment income³		0.00			0.00			0.00			0.00			0.00			0.00
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00			0.00	³

Total dividends and/or distributions to shareholders³		0.00			0.00			0.00			0.00			0.00			0.00
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	%		0.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	454,03	0	$	461,75	5	$	531,84	1	$	482,80	8	$	523,43	3	$	529,10	0
Average net assets (in thousands)	$	462,92	0	$	515,07	6	$	486,60	9	$	523,78	7	$	527,85	8	$	578,86	4
Ratios to average net assets:⁵
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%⁶
Total expenses		0.93	%		0.91	%		0.93	%		0.95	%		0.96	%		0.96	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.19	%		0.20	%		0.26	%		0.31	%		0.32	%		0.40	%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CASH RESERVES

FINANCIAL HIGHLIGHTS Continued


Class B	Six Months Ended January 30, 2015 ¹ (Unaudited)			Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹
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^2,3		0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gain³		0.00			0.00			0.00			0.00			0.00			0.00

Total from investment operations³		0.00			0.00			0.00			0.00			0.00			0.00
Dividends and/or distributions to shareholders:
Dividends from net investment income³		0.00			0.00			0.00			0.00			0.00			0.00
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00			0.00	³

Total dividends and/or distributions to shareholders³		0.00			0.00			0.00			0.00			0.00			0.00
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	%		0.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18,40	0	$	23,17	3	$	41,33	9	$	58,38	6	$	80,46	2	$	123,70	9
Average net assets (in thousands)	$	20,38	7	$	33,36	3	$	49,11	3	$	72,46	1	$	100,15	6	$	154,94	8
Ratios to average net assets:⁵
Net investment income (loss)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		(0.02	)%
Total expenses		1.49	%		1.52	%		1.58	%		1.59	%		1.62	%		1.58	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.19	%		0.20	%		0.26	%		0.30	%		0.32	%		0.42	%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods.

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.

18 OPPENHEIMER CASH RESERVES


Class C	Six Months Ended January 30, 2015 ¹ (Unaudited)			Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹
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^2,3		0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gain³		0.00			0.00			0.00			0.00			0.00			0.00

Total from investment operations³		0.00			0.00			0.00			0.00			0.00			0.00
Dividends and/or distributions to shareholders:
Dividends from net investment income³		0.00			0.00			0.00			0.00			0.00			0.00
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00			0.00	³

Total dividends and/or distributions to shareholders³		0.00			0.00			0.00			0.00			0.00			0.00
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	%		0.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	246,39	0	$	238,73	6	$	291,80	0	$	271,42	6	$	306,36	1	$	308,55	2
Average net assets (in thousands)	$	243,78	3	$	275,15	3	$	270,30	5	$	310,18	3	$	295,58	6	$	343,85	9
Ratios to average net assets:⁵
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%⁶
Total expenses		1.48	%		1.46	%		1.50	%		1.51	%		1.52	%		1.52	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.19	%		0.20	%		0.25	%		0.30	%		0.32	%		0.39	%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods.

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.

19 OPPENHEIMER CASH RESERVES

FINANCIAL HIGHLIGHTS Continued


Class R	Six Months Ended January 30, 2015 ¹ (Unaudited)			Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011¹			Year Ended July 30, 2010¹
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^2,3		0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gain³		0.00			0.00			0.00			0.00			0.00			0.00

Total from investment operations³		0.00			0.00			0.00			0.00			0.00			0.00
Dividends and/or distributions to shareholders:
Dividends from net investment income³		0.00			0.00			0.00			0.00			0.00			0.00
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00			0.00	³

Total dividends and/or distributions to shareholders³		0.00			0.00			0.00			0.00			0.00			0.00
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	%		0.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	152,29	0	$	166,80	2	$	204,86	0	$	211,50	6	$	253,53	3	$	268,57	4
Average net assets (in thousands)	$	161,61	2	$	186,11	6	$	207,67	3	$	233,95	0	$	244,22	3	$	285,54	9
Ratios to average net assets:⁵
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Total expenses		1.23	%		1.23	%		1.28	%		1.27	%		1.22	%		1.18	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.19	%		0.20	%		0.25	%		0.30	%		0.32	%		0.39	%

1. January 30, 2015, July 29, 2011, and July 30, 2010 represent the last business days of the Fund’s reporting periods.

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.

20 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS January 30, 2015 Unaudited

1. Organization

Oppenheimer Cash Reserves (the “Fund”) is registered under the Investment Company Act of 1940 (“1940 Act”), 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 R 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. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a CDSC on July 1, 2014, will continue to be subject to a CDSC after the shares are renamed. Purchases of Class R shares occurring on or after July 1, 2014, will not be subject to a CDSC upon redemption. 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 R 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 R shares are sold only through retirement plans. Retirement plans that offer Class R 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 R 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Semiannual and Annual Periods. The last day of the Fund’s semiannual and annual periods 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.

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.

21 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. 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.

Use of Estimates. 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.

22 OPPENHEIMER CASH RESERVES

2. Significant Accounting Policies (Continued)

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 January 30, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year.

3. 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

23 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. 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 30, 2015 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Investments, at Value:
Assets Table
Certificates of Deposit	$	—	$	344,001,820	$	—	$	344,001,820
Direct Bank Obligations		—		148,511,914		—		148,511,914
Short-Term Notes/Commercial Paper		—		380,882,542		—		380,882,542

Total Assets	$	—	$	873,396,276	$	—	$	873,396,276

24 OPPENHEIMER CASH RESERVES

4. 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 30, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount
Class A
Sold		176,054,661		$	176,054,661			445,011,123		$	445,011,123
Dividends and/or distributions reinvested		30,858			30,858			48,213			48,213
Redeemed		(183,802,716	)		(183,802,716	)		(515,150,226	)		(515,150,226	)

Net decrease		(7,717,197	)	$	(7,717,197	)		(70,090,890	)	$	(70,090,890	)



Class B
Sold		7,518,143		$	7,518,143			22,488,621		$	22,488,621
Dividends and/or distributions reinvested		1,291			1,291			2,956			2,956
Redeemed		(12,292,008	)		(12,292,008	)		(40,657,415	)		(40,657,415	)

Net decrease		(4,772,574	)	$	(4,772,574	)		(18,165,838	)	$	(18,165,838	)



Class C
Sold		132,818,826		$	132,818,826			258,362,985		$	258,362,985
Dividends and/or distributions reinvested		16,611			16,611			26,408			26,408
Redeemed		(125,177,150	)		(125,177,150	)		(311,455,419	)		(311,455,419	)

Net increase (decrease)		7,658,287		$	7,658,287			(53,066,026	)	$	(53,066,026	)



Class R¹
Sold		43,587,984		$	43,587,984			101,401,629		$	101,401,629
Dividends and/or distributions reinvested		11,394			11,394			18,877			18,877
Redeemed		(58,109,229	)		(58,109,229	)		(139,479,520	)		(139,479,520	)

Net decrease		(14,509,851	)	$	(14,509,851	)		(38,059,014	)	$	(38,059,014	)

1. Effective July 1, 2014, Class N shares were renamed Class R.

5. 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

25 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

The Fund’s management fee for the fiscal six months ended January 30, 2015 was 0.47% of average annual net assets before any applicable waivers.

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 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. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

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.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) 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.

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 pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts

26 OPPENHEIMER CASH RESERVES

5. Fees and Other Transactions with Affiliates (Continued)

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 contractually 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 service 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 R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. 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 R shares daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets, 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 contractually decreased the rates for the asset-based sales charges for Class B, Class C and Class R shares and service fees for Class R shares to 0.00%. The Plans continue in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and 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 C
Contingent
Deferred Sales
Charges
Retained by
Distributor

Class R
Contingent
Deferred Sales
Charges
Retained by
Distributor

January 30, 2015

$1,221

$4,336

$1,088

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 $302,673 for the six months ended January 30, 2015.

The Manager has voluntarily undertaken 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 30, 2015, the Manager waived or reimbursed the Fund

27 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

$1,099,537, $49,203, $577,793 and $382,338 for Class A, Class B, Class C and Class R, 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 30, 2015, the following waived and/or reimbursed amounts are eligible for recapture:


Expiration Date	Class A		Class B		Class C		Class R
July 31, 2016	$	1,647,444	$	186,604	$	934,516	$	766,594
July 31, 2017		2,626,184		190,103		1,402,920		991,598
July 31, 2018		1,257,187		56,140		660,849		437,368

The Manager has not recaptured any previously waived and/or reimbursed amounts during the six months ended January 30, 2015.

Effective July 1, 2009, the Distributor has 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 R shares at 0.00%. For the six months ended January 30, 2015, the Distributor waived receipt of Distribution and/or Service Plan fees from Class A, Class B, Class C and Class R shares in the amount of $469,297, $77,552, $926,240 and $409,652, respectively.

These undertakings may be modified or terminated as set forth according to the terms in the prospectus.

6. Pending Litigation

In 2009, seven class action lawsuits were filed 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 named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, 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 sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. In March 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. In July 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal

28 OPPENHEIMER CASH RESERVES

6. Pending Litigation (Continued)

Fund (the “California Fund Suit”). OFI believes the California Fund Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Fund Suit, or whether any costs that OFI may bear in defending the California Fund Suit might not be reimbursed by insurance, OFI believes the California Fund Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Fund Suit should not have any material effect on the operations of any of the Oppenheimer 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 Agreements.

Investment Performance of the Manager, the Sub-Adviser and the Fund. Throughout the year, the Manager and the Sub-Adviser provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Manager, the Sub-Adviser 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 and ranked in the first quintile of its performance category. The Board further noted that the Fund outperformed its performance category median for the five-year period but slightly 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 category for the five-year period and in the third quintile of its performance category for the ten-year period. 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 Board noted that the Manager, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. 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 billion to $2 billion, the Fund’s effective management fee rate was higher than its peer group median and category median. The Board considered 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 for one year after the date of the Fund’s prospectus, unless approved by the Board.

31 OPPENHEIMER CASH RESERVES

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited / Continued

Economies of Scale and Profits Realized by the Manager and Sub-Adviser. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board reviewed whether the Managers 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 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, 2015. 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 www.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
		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
		Christopher Proctor, Vice President
		Adam S. Wilde, Vice President
		Arthur P. Steinmetz, President and Principal Executive Officer
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering 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 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.

34 OPPENHEIMER CASH RESERVES

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

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). 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

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., 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 2014. 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 this privacy policy, 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

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38 OPPENHEIMER CASH RESERVES

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39 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 1/30/2015, 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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		3/9/2015

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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		3/9/2015

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer
Date:		3/9/2015

Expense Ratios