Oppenheimer Government Cash Reserves NCSR Certified 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: 7/31/2015

Item 1.

Reports to Stockholders.

Annual Report

7/31/2015

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

Report of Independent Registered Public Accounting Firm	29

Federal Income Tax Information	30

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	31

Trustees and Officers	32

Privacy Policy Notice	38

2 OPPENHEIMER CASH RESERVES

Fund Performance Discussion

Short-term interest rates remained anchored by the Federal Reserve’s (the “Fed”) unchanged target of between 0% and 0.25% for the overnight federal funds rate. Although the respective target range remains in place, the overall trend in short-term interest rates and money market yields is upward sloping.

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 (SEC) approved new rules for money market funds, which we discuss in more detail in the Fund Review section of this report.

In 2014, growth in the U.S. continued at a higher pace than any other developed economy and employment gains remained positive. Growth in the rest of the world was subdued, however, with major developed economies like the Eurozone and Japan continuing to disappoint due to weak aggregate demand. The biggest surprise of the reporting period and possibly all of 2014 was the precipitous fall in the price of crude oil. Weak demand amid tepid global growth was responsible for part of the drop, but significantly, the U.S. energy revolution is increasingly helping to insulate global and domestic energy supplies from shocks in the Middle East and elsewhere.

The start of 2015 was marked by cooling U.S. growth after the positive results in 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners. The Fed appeared to remain on track to raise U.S. rates during 2015, but made it clear that it will remain flexible on the timing and extent of rate hikes. In the closing months of the reporting period, concerns re-emerged around Greece’s debt situation and the possibility that the country would exit from the Eurozone. However, Eurozone leaders agreed to offer Greece a

3 OPPENHEIMER CASH RESERVES

third bailout, averting a Greek exit for the time being.

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

FUND REVIEW

In July 2014, the SEC voted to adopt the long awaited and much anticipated rule amendments 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) will now have the ability to impose liquidity fees and/or gates. In analyzing the potential impact of the rule amendments, we have engaged with our clients to understand their product needs and preferences. We continue to identify potential changes to our existing money market platforms and are assessing various options.

Throughout the reporting period, the Fund continued to generate consistent and competitive levels of current income.

Christopher Proctor, CFA

Portfolio Manager

The Fund’s weighted average maturity throughout the reporting period remained in a range near or slightly above market averages. The Fund’s exposure to floating rate securities remains relatively high when compared to historic Fund norms, with the bulk of the floating rate exposure tied to 1-month Libor (London Interbank Offered Rate). Supply has improved but continues to ebb and flow, especially at month- and quarter-ends. With the SEC money market fund rule amendments noted above, market participants are anticipating the supply-demand imbalance shifting away from prime money market funds and to government money market funds. Further, we remain confident the Fund is well positioned should the Fed decide to change the target rate in 2015.

STRATEGY & OUTLOOK

There has been a favorable change to the supply-demand imbalance and the yield of the Fund has been a direct beneficiary. We remain focused on our fundamental analysis and seek to ensure only high-quality names make it into the portfolio. In closing, we continue to anticipate the Fed will raise interest rates in 2015.

LOGO

Adam S. Wilde, CFA

Portfolio Manager

4 OPPENHEIMER CASH RESERVES

Portfolio Allocation


Certificates of Deposit		44.5%
Short-Term Notes/Commercial Paper		36.8
Direct Bank Obligations		18.7

Portfolio holdings and allocations are subject to change.

Percentages are as of July 31, 2015, and are based on the

total market value of investments.

Performance


CURRENT YIELD
For the 7-Day Period Ended 7/31/15
	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 Year Ended 7/31/15
	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

5 OPPENHEIMER CASH RESERVES

by the Fund. There is no guarantee that the Fund will maintain a positive yield. Prior to 7/1/14, Class R shares were named Class N shares.

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 and/or 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 July 31, 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 July 31, 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.

7 OPPENHEIMER CASH RESERVES


	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	6 Months Ended
Actual	February 1, 2015	July 31, 2015	July 31, 2015
Class A	$ 1,000.00	$ 1,000.10	$ 1.14
Class B	1,000.00	1,000.10	1.14
Class C	1,000.00	1,000.10	1.14
Class R	1,000.00	1,000.10	1.14

Hypothetical
(5% return before expenses)
Class A	1,000.00	1,023.65	1.15
Class B	1,000.00	1,023.65	1.15
Class C	1,000.00	1,023.65	1.15
Class R	1,000.00	1,023.65	1.15

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2015 are as follows:


Class	Expense Ratios
Class A		0.23%
Class B		0.23
Class C		0.23
Class R		0.23

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.

8 OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS July 31, 2015


	Maturity Date*		Final Legal Maturity Date**		Principal Amount		Value
Certificates of Deposit—45.9%
Yankee Certificates of Deposit—45.9%
Aust & NZ Banking Group, Grand Cayman, 0.08%		8/3/15		8/3/15	$	34,000,000	$	34,000,000
Bank of Montreal, Chicago:
0.27%		10/23/15		10/23/15		10,000,000		10,000,000
0.286%¹		8/14/15		12/14/15		10,000,000		10,000,000
Bank of Nova Scotia, Houston TX:
0.34%¹		8/3/15		3/23/16		10,000,000		10,000,000
0.34%¹		8/3/15		1/4/16		5,000,000		5,000,000
0.406%¹		10/13/15		1/11/16		2,000,000		2,000,664
Canadian Imperial Bank of Commerce NY,
0.276%¹		8/14/15		9/14/15		10,000,000		10,000,000
DZ Bank, New York:
0.21%		9/9/15		9/9/15		8,100,000		8,100,000
0.24%		9/10/15		9/10/15		8,000,000		8,000,000
0.27%		8/26/15		8/26/15		10,000,000		10,000,000
HSBC Bank USA NA:
0.345%¹		8/22/15		2/22/16		10,100,000		10,100,000
0.351%¹		8/22/15		2/22/16		8,000,000		8,000,000
Mitsubishi UFJ TR & BK NY:
0.27%²		9/11/15		9/11/15		4,550,000		4,550,000
0.27%²		9/8/15		9/8/15		12,000,000		12,000,000
0.27%²		9/1/15		9/1/15		9,700,000		9,700,000
0.28%²		9/18/15		9/18/15		10,000,000		10,000,000
0.31%²		10/14/15		10/14/15		2,000,000		2,000,000
Nordea Bank Finland plc, New York:
0.27%		9/1/15		9/1/15		15,200,000		15,200,000
0.27%		8/21/15		8/21/15		18,600,000		18,600,000
Rabobank Nederland NV NY, 0.651%		12/11/15		12/11/15		10,000,000		9,988,264
Royal Bank of Canada, New York, 0.298%¹		8/6/15		1/6/16		20,000,000		20,000,000
Skandinaviska Enskilda Bank, New York:
0.30%		11/19/15		11/19/15		10,000,000		10,000,000
0.33%		10/15/15		10/15/15		4,000,000		4,000,000
Skandinaviska Enskilda Banken, Grand Cayman,
0.12%		8/3/15		8/3/15		17,000,000		17,000,000
State Street Bank & Trust, 0.357%¹		8/11/15		2/11/16		5,000,000		5,000,000
Sumitomo Mutsui Bank NY:
0.27%		9/2/15		9/2/15		5,000,000		5,000,000
0.28%		10/1/15		10/1/15		13,500,000		13,500,000
0.31%		10/28/15		10/28/15		4,900,000		4,900,000
0.32%		11/2/15		11/2/15		2,000,000		2,000,000
Svenska Handelsbanken AB, 3.125%		7/12/16		7/12/16		1,000,000		1,022,261
Svenska Handelsbanken, Grand Cayman, 0.06%		8/3/15		8/3/15		4,700,000		4,700,000
Svenska Handelsbanken, New York, 0.28%		9/21/15		9/21/15		10,000,000		9,999,864
Toronto Dominion Bank, New York:
0.337%¹		8/16/15		3/16/16		10,000,000		10,000,000
0.44%		3/1/16		3/1/16		10,000,000		10,000,000
Wells Fargo Bank NA:
0.319%¹		8/2/15		5/2/16		16,500,000		16,500,000
0.32%¹		8/3/15		10/22/15		10,000,000		10,000,000

9 OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS Continued

Maturity
Date*

Final Legal
Maturity
Date**

Principal
Amount

Value

Yankee Certificates of Deposit (Continued)

Westpac Banking Corp., New York:

0.289%¹

8/3/15

11/3/15

4,800,000

0.321%¹

8/27/15

5/27/16

17,600,000

0.349%¹

8/1/15

7/1/16

15,000,000

Total Certificates of Deposit (Cost $388,261,053)

388,261,053

Direct Bank Obligations—19.2%

Bank of Nova Scotia, 0.321%

11/12/15

12,000,000

11,989,227

BNP Paribas, New York, 0.31%

11/2/15

24,000,000

23,981,193

Commonwealth Bank of Australia, 0.289%^1,3

8/12/15

12/7/15

9,000,000

Credit Agricole Corporate & Investment Bank, New York Branch:

0.14%

8/5/15

26,500,000

26,499,794

0.14%

8/4/15

8,000,000

7,999,969

DnB Bank ASA, 0.326%³

10/1/15

9,500,000

9,494,940

HSBC USA, Inc., 0.431%

12/21/15

9,000,000

8,984,950

ING (US) Funding LLC:

0.32%

10/14/15

10,000,000

9,993,600

0.33%

11/2/15

16,000,000

15,986,653

Natixis, New York Branch, 0.08%

8/3/15

25,800,000

PNC Bank NA, 0.411%

10/14/15

13,000,000

12,989,340

Total Direct Bank Obligations (Cost $162,719,666)

162,719,666

Short-Term Notes/Commercial Paper—38.0%

Automobiles—0.4%

Ally Auto Receivables Trust 2015-1 A1, 0.39%

8/15/16

2,600,000

Huntington Auto Trust 2015-1 A1, 0.35%

6/15/16

926,448

3,526,448

Leasing & Factoring—1.1%

Hyundai Auto Receivables Trust 2015-B A1, 0.33%

4/15/16

742,032

Toyota Motor Credit Corp., 0.28%

8/17/15

8,600,000

8,599,064

9,341,096

Municipal—10.9%

Berks Cnty. Industrial Development Authority

Revenue Bonds, Lebanon Valley Mall Project, Series

96B, 0.23%¹

8/7/15

690,000

Byron, WI Industrial Development Revenue Bonds,

Ocean Spray, Inc., Series 1998, 0.12%¹

8/7/15

6,500,000

Calcasieu Parish, LA Public Trust Authority Waste

Disposal Revenue Bonds, WPT Corp. Project, Series

1997, 0.15%¹

8/7/15

5,889,000

East Moline, IL Industrial Development Revenue

Bonds, Elliot Aviation Project, Series 1999, 0.15%¹

8/7/15

1,120,000

Easton, MD Bonds, William Hill Manor Facility,

Series 2009B, 0.19%¹

8/7/15

3,915,000

Grand River Dam Authority Revenue Bonds, Series

2014C, 0.14%¹

8/7/15

12,500,000

MI Finance Authority School Loan Revolving Fund

Revenue Bonds, Series 2014A, 0.12%¹

8/7/15

5,000,000

10 OPPENHEIMER CASH RESERVES

Maturity
Date*

Final Legal
Maturity
Date**

Principal
Amount

Value

Municipal (Continued)

Mountain Agency, Inc. (The) Securities, Series 2003, 0.26%¹

8/7/15

7,745,000

MS Business Finance Corp. Bonds, Olin Corp. Project, Series 2005, 0.23%¹

8/7/15

1,700,000

Newport News, VA Economic Development Authority Bonds, Newport News Shipbuilding Project, Series A, 0.23%¹

8/7/15

2,760,000

NYS Housing Finance Agency Clinton Park Phase ll Housing Revenue Bonds, MH Rental LLC, Series 2011B, 0.13%¹

8/7/15

5,000,000

OH Air Quality Development Authority, AK Steel Project, Series 2004B, 0.13%¹

8/7/15

10,000,000

Tallahassee Orthopedic Center LC Bonds, Series 2004, 0.17%¹

8/7/15

3,370,000

Tennis For Charity, Inc. Bonds, Series 2004, 0.12%¹

8/7/15

5,585,000

University Hospitals Health System, Inc. Hospital Revenue Bonds, Series 2013C, 0.15%¹

8/7/15

12,500,000

WA Economic Development Finance Authority Industrial Development Revenue Bonds, Canam Steel Corp. Project, Series 2000D, 0.13%¹

8/7/15

2,200,000

World Wildlife Fund, Inc. Bonds, Series 2015, 0.22%¹

8/7/15

6,000,000

92,474,000

Receivables Finance—14.0%

Alpine Securitization Corp., 0.23%

9/1/15

6,200,000

6,198,851

Barton Capital LLC, 0.12%³

8/3/15

10,000,000

CAFCO LLC, 0.337%³

11/5/15

4,915,000

4,910,680

Chariot Funding LLC:

0.381%³

1/14/16

1,100,000

1,098,096

0.391%³

12/8/15

6,000,000

5,991,745

0.471%³

1/5/16

4,000,000

3,991,905

CNH Equipment Trust 2015-B A1, 0.38%

6/3/16

1,469,303

CRC Funding LLC:

0.30%

9/23/15

17,000,000

16,992,775

0.30%

9/28/15

4,100,000

4,098,087

Jupiter Securitization Co. LLC:

0.30%³

11/2/15

13,000,000

12,990,142

0.331%³

11/23/15

5,100,000

5,094,764

Old Line Funding Corp., 0.32%³

11/24/15

10,000,000

9,989,956

Sheffield Receivables Corp.:

0.23%³

8/14/15

14,000,000

13,999,016

0.32%³

10/5/15

1,000,000

999,440

0.32%³

10/15/15

1,800,000

1,798,832

Starbird Funding Corp.:

0.13%³

8/3/15

7,000,000

0.31%³

10/13/15

5,000,000

4,996,943

Thunder Bay Funding LLC, 0.25%³

10/15/15

5,000,000

4,997,465

11 OPPENHEIMER CASH RESERVES

STATEMENT OF INVESTMENTS Continued


	Maturity Date*		Final Legal Maturity Date**		Principal Amount			Value
Receivables Finance (Continued)
Victory Receivables Corp., 0.21%³		8/7/15		8/7/15	$	2,500,000		$	2,499,942

									119,117,942
Special Purpose Financial—11.6%
Anglesea Funding LLC:
0.15%²		8/7/15		8/7/15		15,400,000			15,399,743
0.16%²		8/6/15		8/6/15		4,700,000			4,699,938
0.16%³		8/3/15		8/3/15		14,300,000			14,300,000
Bedford Row Funding Corp., 0.326%¹		8/17/15		3/17/16		10,000,000			10,000,000
Cedar Springs Capital Co. LLC, 0.25%		8/10/15		8/10/15		4,700,000			4,699,771
Collateralized Commercial Paper II Co. LLC,
0.351%²		10/6/15		10/6/15		15,000,000			14,990,667
Concord Minutemen Cap. Co. LLC:
0.27%		10/1/15		10/1/15		10,100,000			10,095,531
0.27%		10/2/15		10/2/15		3,000,000			2,998,650
Lexington Parker Capital Co. LLC:
0.27%³		9/4/15		9/4/15		4,300,000			4,298,968
0.27%³		10/5/15		10/5/15		6,200,000			6,197,070
Ridgefield Funding Co. LLC:
0.12%		8/3/15		8/3/15		5,600,000			5,600,000
0.31%		8/6/15		8/6/15		3,500,000			3,499,910
									96,780,248
Total Short-Term Notes/Commercial Paper (Cost $321,239,734)									321,239,734
Total Investments, at Value (Cost $872,220,453)						103.1	%		872,220,453
Net Other Assets (Liabilities)						(3.1	)		(25,965,867	)

Net Assets						100.0	%	$	846,254,586

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 $73,340,348 or 8.67% of the Fund’s net assets at period end.

3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $133,649,904 or 15.79% 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 July 31, 2015



Assets
Investments, at value (cost $872,220,453)—see accompanying statement of investments	$	872,220,453
Cash		129,488
Receivables and other assets:
Shares of beneficial interest sold		3,521,664
Interest		169,977
Other		191,572

Total assets		876,233,154


Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		19,865,230
Investments purchased		9,988,264
Trustees’ compensation		77,567
Shareholder communications		7,974
Dividends		3,321
Other		36,212

Total liabilities		29,978,568

Net Assets	$	846,254,586



Composition of Net Assets
Par value of shares of beneficial interest	$	846,278

Additional paid-in capital		845,412,157

Accumulated net investment loss		(15,498)

Accumulated net realized gain on investments		11,649

Net Assets	$	846,254,586



Net Asset Value Per Share

Class A Shares:

Net asset value and redemption price per share (based on net assets of $454,790,446 and 454,815,635 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 $14,166,053 and 14,164,064 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 $233,184,490 and 233,183,935 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 $144,113,597 and 144,114,773 shares of beneficial interest outstanding)		$1.00

See accompanying Notes to Financial Statements.

13 OPPENHEIMER CASH RESERVES

STATEMENT OF OPERATIONS For the Year Ended July 31, 2015



Investment Income
Interest	$	1,911,530

Expenses
Management fees		4,069,894

Distribution and service plan fees:
Class A		911,257
Class B		135,352
Class C		1,796,852
Class R		778,243

Transfer and shareholder servicing agent fees:
Class A		1,002,383
Class B		39,703
Class C		527,077
Class R		342,427

Shareholder communications:
Class A		19,558
Class B		2,239
Class C		7,095
Class R		2,376

Trustees’ compensation		91,141

Custodian fees and expenses		5,189

Other		214,804

Total expenses		9,945,590
Less waivers and reimbursements of expenses		(8,121,024)

Net expenses		1,824,566

Net Investment Income		86,964

Net Realized Gain on Investments		12,435

Net Increase in Net Assets Resulting from Operations	$	99,399

See accompanying Notes to Financial Statements.

14 OPPENHEIMER CASH RESERVES

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended		Year Ended
	July 31, 2015		July 31, 2014

Operations
Net investment income	$	86,964	$	90,191

Net realized gain		12,435		16,989

Net increase in net assets resulting from operations		99,399		107,180


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(44,170)		(49,919)
Class B		(1,622)		(3,023)
Class C		(24,018)		(27,565)
Class R¹		(15,886)		(19,019)

		(85,696)		(99,526)


Distributions from net realized gain:
Class A		(9,213)		—
Class B		(384)		—
Class C		(4,996)		—
Class R¹		(3,182)		—

		(17,775)		—


Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Class A		(6,963,026)		(70,090,890)
Class B		(9,007,217)		(18,165,838)
Class C		(5,549,817)		(53,066,026)
Class R¹		(22,687,477)		(38,059,014)

		(44,207,537)		(179,381,768)


Net Assets
Total decrease		(44,211,609)		(179,374,114)

Beginning of period		890,466,195		1,069,840,309

End of period (including accumulated net investment loss of $15,498 and $16,766, respectively)	$	846,254,586	$	890,466,195

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

See accompanying Notes to Financial Statements.

15 OPPENHEIMER CASH RESERVES

FINANCIAL HIGHLIGHTS


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 29,
Class A	2015			2014			2013			2012			2011 ¹

Per Share Operating Data
Net asset value, beginning of period	$	1 .00		$	1 .00		$	1 .00		$	1 .00		$	1 .00

Income (loss) from investment operations:
Net investment income²		0 .00³			0 .00³			0 .00³			0 .00³			0 .00³
Net realized gain		0 .00³			0 .00³			0 .00³			0 .00³			0 .00³

Total from investment operations		0 .00³			0 .00³			0 .00³			0 .00³			0 .00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		0 .00³			0 .00³			0 .00³			0 .00³			0 .00³
Distributions from net realized gain		0 .00³			0 .00			0 .00			0 .00			0 .00

Total dividends and/or distributions to shareholders		0 .00³			0 .00³			0 .00³			0 .00³			0 .00³

Net asset value, end of period	$	1 .00		$	1 .00		$	1 .00		$	1 .00		$	1 .00



Total Return⁴		0 .01	%		0 .01	%		0 .01	%		0 .01	%		0 .01%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	454,790		$	461,755		$	531,841		$	482,808		$	523,433

Average net assets (in thousands)	$	453,036		$	515,076		$	486,609		$	523,787		$	527,858

Ratios to average net assets:⁵
Net investment income		0 .01%			0 .01%			0 .01%			0 .01%			0 .01%
Total expenses		0 .93%			0 .91%			0 .93%			0 .95%			0 .96%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0 .21%			0 .20%			0 .26%			0 .31%			0 .32%

1. July 29, 2011 represents the last business day of the Fund’s 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. 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.

See accompanying Notes to Financial Statements.

16 OPPENHEIMER CASH RESERVES


	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	July 31,		July 31,		July 31,		July 31,		July 29,
Class B	2015		2014		2013		2012		2011 ¹

Per Share Operating Data
Net asset value, beginning of period	$	1 .00	$	1 .00	$	1 .00	$	1 .00	$	1 .00

Income (loss) from investment operations:
Net investment income²		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³
Net realized gain		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Total from investment operations		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Dividends and/or distributions to shareholders:
Dividends from net investment income		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³
Distributions from net realized gain		0 .00³		0 .00		0 .00		0 .00		0 .00

Total dividends and/or distributions to shareholders		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Net asset value, end of period	$	1 .00	$	1 .00	$	1 .00	$	1 .00	$	1 .00



Total Return⁴		0 .01%		0 .01%		0 .01%		0 .01%		0 .01%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,166	$	23,173	$	41,339	$	58,386	$	80,462

Average net assets (in thousands)	$	17,938	$	33,363	$	49,113	$	72,461	$	100,156

Ratios to average net assets:⁵
Net investment income		0 .01%		0 .01%		0 .01%		0 .01%		0 .01%
Total expenses		1 .49%		1 .52%		1 .58%		1 .59%		1 .62%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0 .21%		0 .20%		0 .26%		0 .30%		0 .32%

1. July 29, 2011 represents the last business day of the Fund’s 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


	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	July 31,		July 31,		July 31,		July 31,		July 29,
Class C	2015		2014		2013		2012		2011 ¹

Per Share Operating Data
Net asset value, beginning of period	$	1 .00	$	1 .00	$	1 .00	$	1 .00	$	1 .00

Income (loss) from investment operations:
Net investment income²		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³
Net realized gain		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Total from investment operations		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Dividends and/or distributions to shareholders:
Dividends from net investment income		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³
Distributions from net realized gain		0 .00³		0 .00		0 .00		0 .00		0 .00

Total dividends and/or distributions to shareholders		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Net asset value, end of period	$	1 .00	$	1 .00	$	1 .00	$	1 .00	$	1 .00



Total Return⁴		0 .01%		0 .01%		0 .01%		0 .01%		0 .01%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	233,185	$	238,736	$	291,800	$	271,426	$	306,361

Average net assets (in thousands)	$	238,275	$	275,153	$	270,305	$	310,183	$	295,586

Ratios to average net assets:⁵
Net investment income		0 .01%		0 .01%		0 .01%		0 .01%		0 .01%
Total expenses		1 .49%		1 .46%		1 .50%		1 .51%		1 .52%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0 .21%		0 .20%		0 .25%		0 .30%		0 .32%

1. July 29, 2011 represents the last business day of the Fund’s 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.

18 OPPENHEIMER CASH RESERVES


	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	July 31,		July 31,		July 31,		July 31,		July 29,
Class R	2015		2014		2013		2012		2011 ¹

Per Share Operating Data
Net asset value, beginning of period	$	1 .00	$	1 .00	$	1 .00	$	1 .00	$	1 .00

Income (loss) from investment operations:
Net investment income²		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³
Net realized gain		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Total from investment operations		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Dividends and/or distributions to shareholders:
Dividends from net investment income		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³
Distributions from net realized gain		0 .00³		0 .00		0 .00		0 .00		0 .00

Total dividends and/or distributions to shareholders		0 .00³		0 .00³		0 .00³		0 .00³		0 .00³

Net asset value, end of period	$	1 .00	$	1 .00	$	1 .00	$	1 .00	$	1 .00



Total Return⁴		0 .01%		0 .01%		0 .01%		0 .01%		0 .01%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	144,114	$	166,802	$	204,860	$	211,506	$	253,533

Average net assets (in thousands)	$	154,777	$	186,116	$	207,673	$	233,950	$	244,223

Ratios to average net assets:⁵
Net investment income		0 .01%		0 .01%		0 .01%		0 .01%		0 .01%
Total expenses		1 .23%		1 .23%		1 .28%		1 .27%		1 .22%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0 .21%		0 .20%		0 .25%		0 .30%		0 .32%

1. July 29, 2011 represents the last business day of the Fund’s 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 July 31, 2015

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, continue to be subject to a CDSC after the shares were renamed. Purchases of Class R shares occurring on or after July 1, 2014, are not 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. 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.

20 OPPENHEIMER CASH RESERVES

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.

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

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

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

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

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 remains open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years for federal income tax purposes.

21 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward¹

$76,570

$—

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2015		Year Ended July 31, 2014
Distributions paid from:
Ordinary income	$	103,471	$	99,526

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.

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.

22 OPPENHEIMER CASH RESERVES

3. Securities Valuation (Continued)

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 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.)

23 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 at period end 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	$	�� —	$	388,261,053	$	—	$	388,261,053
Direct Bank Obligations		—		162,719,666		—		162,719,666
Short-Term Notes/Commercial Paper		—		321,239,734		—		321,239,734

Total Assets	$	—	$	872,220,453	$	—	$	872,220,453

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:


	Year Ended July 31, 2015				Year Ended July 31, 2014
	Shares		Amount		Shares		Amount
Class A
Sold		354,301,063	$	354,301,064		445,011,123	$	445,011,123
Dividends and/or distributions reinvested		51,497		51,497		48,213		48,213
Redeemed		(361,315,587)		(361,315,587)		(515,150,226)		(515,150,226)

Net decrease		(6,963,027)	$	(6,963,026)		(70,090,890)	$	(70,090,890)



Class B
Sold		12,172,994	$	12,172,996		22,488,621	$	22,488,621
Dividends and/or distributions reinvested		1,973		1,973		2,956		2,956
Redeemed		(21,182,185)		(21,182,186)		(40,657,415)		(40,657,415)

Net decrease		(9,007,218)	$	(9,007,217)		(18,165,838)	$	(18,165,838)



Class C
Sold		243,568,173	$	243,568,176		258,362,985	$	258,362,985
Dividends and/or distributions reinvested		27,754		27,754		26,408		26,408
Redeemed		(249,145,747)		(249,145,747)		(311,455,419)		(311,455,419)

Net decrease		(5,549,820)	$	(5,549,817)		(53,066,026)	$	(53,066,026)

24 OPPENHEIMER CASH RESERVES

4. Shares of Beneficial Interest (Continued)


	Year Ended July 31, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount
Class R¹
Sold		83,929,716		$	83,929,717			101,401,629		$	101,401,629
Dividends and/or distributions reinvested		18,853			18,853			18,877			18,877
Redeemed		(106,636,046	)		(106,636,047	)		(139,479,520	)		(139,479,520	)

Net decrease		(22,687,477	)	$	(22,687,477	)		(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

The Fund’s effective management fee for the reporting period 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.

25 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Continued

5. Fees and Other Transactions with Affiliates (Continued)

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 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 waive the fees payable under the Plan so that the fees are limited to 0% of the average annual assets for Class A shares. 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 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 agreed to waive the fees payable under the Plans for Class B, Class C and Class R shares so that those fees are limited to 0.00% of the average annual net assets for each share class. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their

26 OPPENHEIMER CASH RESERVES

5. Fees and Other Transactions with Affiliates (Continued)

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.

Year 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

July 31, 2015

$12,499

$7,114

$1,397

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 $594,324 for the reporting period.

The Manager has voluntarily 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 reporting period, the Manager waived or reimbursed the Fund $2,049,802, $83,154, $1,075,063 and $696,977 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. At period end, 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		2,361,475		95,449		1,239,022		803,374

The Manager has not recaptured any previously waived and/or reimbursed amounts during the reporting period.

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 R shares at 0.00%. For the reporting period, 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 $911,257, $135,352, $1,796,852 and $778,243, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

27 OPPENHEIMER CASH RESERVES

NOTES TO FINANCIAL STATEMENTS Continued

6. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Fund”), in connection with the Defendant Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Defendant Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Defendant Fund contained misrepresentations and omissions and the investment policies of the Defendant Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

28 OPPENHEIMER CASH RESERVES

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Cash Reserves:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Cash Reserves, including the statement of investments, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2015, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Cash Reserves as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 28, 2015

29 OPPENHEIMER CASH RESERVES

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2015, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $80,087 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend and the maximum amount allowable but not less than $11,649 of the short-term capital gain distribution to be paid by the Fund qualifies as a short-term capital gain dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

30 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.

31 OPPENHEIMER CASH RESERVES

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the Fund, Length of Service, Year of Birth		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Sam Freedman, Chairman of the Board of Trustees (since 2013) and Trustee (since 1996) Year of Birth: 1940		Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Sub-Adviser and with subsidiary or affiliated companies of the Sub-Adviser (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942		Chairman of the Board (2006-December 2011) and Director (June 2002- December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004- December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948		Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946		Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Chairman (since 2010) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund);

32 OPPENHEIMER CASH RESERVES



Beverly L. Hamilton, Continued		Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005); Vice Chairman (2006-2009) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Victoria J. Herget, Trustee (since 2012) Year of Birth:1951		Board Chair (2008-Present) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Robert J. Malone, Trustee (since 2002) Year of Birth: 1944		Chairman of the Board (since 2012) and Director (since August 2005) of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (since August 2003); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Board of Directors of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996- April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997- February 2004); Chairman of the Board (1991-1994) and Trustee (1985- 1994) of Regis University; and Chairman of the Board (1990-1991 and Trustee (1984-1999) of Young Presidents Organization. Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become

33 OPPENHEIMER CASH RESERVES

TRUSTEES AND OFFICERS Unaudited / Continued



Robert J. Malone, Continued		familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942		Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996), MML Series Investment Fund (investment company) (since 1996) and Mass Mutual Premier Funds (investment company) (since January 2012); President and Treasurer of the SIS Funds (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953		Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006) and member of Executive, Nominating and Audit Committees and Chair of Finance Committee of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

James D. Vaughn, Trustee (since 2012) Year of Birth:1945		Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

34 OPPENHEIMER CASH RESERVES




INTERESTED TRUSTEE AND OFFICER		Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.


OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mr. Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Proctor, Wilde and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Christopher Proctor, Vice President (since 2010) Year of Birth: 1968		Head of the Cash Strategies Team (since July 2013); Senior Vice President of the Sub-Adviser (since July 2013) and Senior Portfolio Manager of the Sub- Adviser (since January 2010). Vice President of the Sub-Adviser (August 2008- July 2013). Vice President at Calamos Asset Management (January 2007- March 2008) and Scudder-Kemper Investments (1999-2002). Managing Director and Co-Founder of Elmhurst Capital Management (June 2004- January 2007); Senior Manager of Research for Etrade Global Asset Management (2002-2004). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

Adam S. Wilde, Vice President (since 2013) Year of Birth: 1978		Vice President of the Sub-Adviser (since May 2011) and a Portfolio Manager of the Sub-Adviser (since July 2013). He served as the head of credit research for the cash strategies team of the Sub-Adviser (from 2011 to 2013), and as an Assistant Vice President and senior research analyst of the Sub-Adviser (from 2008 to 2011). Mr. Wilde served as an intermediate research analyst of the Sub-Adviser (from 2007 to 2008) and served in other analyst roles of the Sub-Adviser (since 2002). Mr. Wilde joined the Sub-Adviser in 2001. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958		Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor

35 OPPENHEIMER CASH RESERVES

TRUSTEES AND OFFICERS Unaudited / Continued



Arthur S. Gabinet, Continued		(since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011- December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.

Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969		Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973		Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2000) Year of Birth: 1959		Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request by calling 1.800.CALL OPP (225.5677).

36 OPPENHEIMER CASH RESERVES

OPPENHEIMER CASH RESERVES


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

Legal Counsel		Ropes & Gray LLP

37 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.

38 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 256-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 March 2015. 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).

39 OPPENHEIMER CASH RESERVES

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		Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am–8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us

		Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 ^© 2015 OppenheimerFunds Distributor, Inc. All rights reserved.
		RA0760.001.0715 September 23, 2015

Item 2.

Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3.

Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that F. William Marshall, Jr., the Chairman of the Board’s Audit Committee, is the audit committee financial expert and that Mr. Marshall is “independent” for purposes of this Item 3.

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $22,700 in fiscal 2015 and $22,700 in fiscal 2014.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $897,697 in fiscal 2015 and $727,131 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, reorganization, and system conversion testing.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $559,556 in fiscal 2015 and $202,044 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)	All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e)	(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f)	Not applicable as less than 50%.

(g)

The principal accountant for the audit of the registrant’s annual financial statements billed $1,457,253 in fiscal 2015 and $929,175 in fiscal 2014 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

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 7/31/2015, 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) Exhibit attached hereto.

(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: 9/9/2015

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: 9/9/2015


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

Date: 9/9/2015

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