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 811-2454
OPPENHEIMER MONEY MARKET FUND, INC.
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JULY 31
Date of reporting period: AUGUST 1, 2004 - JANUARY 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
NOTES
- --------------------------------------------------------------------------------
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
THE FUND'S INVESTMENT STRATEGY, ALLOCATIONS, AND FOCUS CAN CHANGE OVER TIME. THE
MENTION OF SPECIFIC FUND HOLDINGS DOES NOT CONSTITUTE A RECOMMENDATION BY
OPPENHEIMERFUNDS, INC.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
8 | OPPENHEIMER MONEY MARKET FUND, INC.
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments;
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds. The examples are
based on an investment of $1,000.00 invested at the beginning of the period and
held for the entire 6-month period ended January 31, 2005.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide 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 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 other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
9 | OPPENHEIMER MONEY MARKET FUND, INC.
FUND EXPENSES
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are 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.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(8/1/04) (1/31/05) JANUARY 31, 2005 1,2
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,006.40 $3.28
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,021.87 3.31
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE THE PERIOD ENDED
(8/27/04) (1/31/05) JANUARY 31, 2005 2,3
- --------------------------------------------------------------------------------
Class Y Actual $1,000.00 $1,003.40 $2.11
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,019.35 2.12
Hypothetical assumes 5% annual return before expenses.
1. Actual expenses for Class A are equal to the Fund's annualized expense ratio
for that class, multiplied by the average account value over the period,
multiplied by 184/366 (to reflect the one-half year period).
2. Hypothetical expenses paid for all classes are equal to the Fund's annualized
expense ratio for that class, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
3. Actual expenses for Class Y are equal to the Fund's annualized expense ratio
for that class, multiplied by the average account value over the period,
multiplied by 157/366 [to reflect the period from August 27, 2004 (inception of
offering) to January 31, 2005].
Those annualized expense ratios based on the 6-month period ended January 31,
2005 for Class A shares and for the period from August 27, 2004 (inception of
offering) to January 31, 2005 for Class Y are as follows:
CLASS EXPENSE RATIOS
- ------------------------
Class A 0.65%
- ------------------------
Class Y 0.49
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10 | OPPENHEIMER MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS January 31, 2005 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--20.0%
- -------------------------------------------------------------------
DOMESTIC CERTIFICATES OF DEPOSIT--5.4%
Citibank NA:
2.305%, 2/23/05 $ 5,000,000 $ 5,000,000
2.645%, 4/25/05 20,000,000 20,000,000
- -------------------------------------------------------------------
HSBC Bank USA,
2.44%, 3/11/05 10,000,000 10,000,000
- -------------------------------------------------------------------
Washington Mutual
Bank FA:
2.29%, 2/11/05 5,000,000 5,000,000
2.33%, 2/3/05 8,000,000 8,000,000
- -------------------------------------------------------------------
Wells Fargo Bank
NA, 2.27%, 2/1/05 50,000,000 50,000,000
----------------
98,000,000
- -------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT--14.6%
BNP Paribas, New
York, 2.435%,
6/22/05 1 10,000,000 9,998,250
- -------------------------------------------------------------------
Canadian Imperial
Bank of Commerce
NY:
2.489%, 6/28/05 1 20,000,000 19,997,568
2.51%, 3/30/05 17,400,000 17,400,000
- -------------------------------------------------------------------
HBOS Treasury
Services, New York:
2.44%, 3/10/05 10,000,000 10,000,000
2.555%, 4/11/05 8,500,000 8,500,000
2.575%, 4/13/05 26,000,000 26,000,000
- -------------------------------------------------------------------
Nordea Bank Finland
plc, New York Branch,
2.503%, 6/29/05 1 12,000,000 11,998,286
- -------------------------------------------------------------------
Societe Generale,
New York:
2.31%, 2/2/05 20,000,000 20,000,000
2.38%, 6/14/05 1 33,000,000 32,996,367
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Svenska Handelsbanken
NY, 2.39%, 2/25/05 15,000,000 15,000,000
- -------------------------------------------------------------------
Toronto Dominion
Bank, New York:
2.34%, 2/10/05 22,000,000 22,000,000
2.51%, 4/4/05 8,900,000 8,899,679
2.645%, 4/15/05 20,000,000 20,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT Continued
UBS AG Stamford CT:
2.31%, 2/7/05 $ 38,400,000 $ 38,400,000
2.415%, 3/2/05 7,900,000 7,900,000
----------------
269,090,150
----------------
Total Certificates of Deposit
(Cost $367,090,150) 367,090,150
- -------------------------------------------------------------------
DIRECT BANK OBLIGATIONS--21.2%
- -------------------------------------------------------------------
AB SPINTAB:
2.36%, 2/11/05 25,000,000 24,983,611
2.385%, 2/23/05 15,000,000 14,978,138
2.57%, 4/12/05 10,000,000 9,950,028
- -------------------------------------------------------------------
Barclays US
Funding Corp.:
2.30%, 2/7/05 20,000,000 19,992,333
2.34%, 2/28/05 35,000,000 34,938,575
- -------------------------------------------------------------------
Danske Corp., Series A,
2.54%, 4/5/05 25,000,000 24,888,875
- -------------------------------------------------------------------
DnB NOR Bank ASA,
2.55%, 4/13/05 20,000,000 19,899,417
- -------------------------------------------------------------------
Governor & Co. of
the Bank of Ireland:
2.08%, 3/29/05 2 15,000,000 14,951,467
2.53%, 4/7/05 2 20,000,000 19,908,639
- -------------------------------------------------------------------
HBOS Treasury
Services:
2.33%, 2/28/05 8,000,000 7,986,020
2.66%, 4/28/05 12,000,000 11,923,747
- -------------------------------------------------------------------
Nationwide Building
Society, 1.91%,
2/25/05 25,000,000 24,968,167
- -------------------------------------------------------------------
Rabobank USA
Financial Corp.,
2.29%, 2/3/05 27,760,000 27,756,468
- -------------------------------------------------------------------
Skandinaviska
Enskilda Banken AB:
2.45%, 3/23/05 2 10,000,000 9,965,972
2.54%, 4/8/05 2 35,000,000 34,837,017
2.58%, 4/14/05 2 9,000,000 8,953,560
- -------------------------------------------------------------------
St. George Bank Ltd.,
2.15%, 4/4/05 2 20,000,000 19,925,944
- -------------------------------------------------------------------
Svenska
Handelsbanken, Inc.,
Series S, 2.08%,
3/29/05 20,000,000 19,935,289
11 | OPPENHEIMER MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
DIRECT BANK OBLIGATIONS Continued
- -------------------------------------------------------------------
Washington Mutual
Bank FA, 2.55%,
3/22/05 $ 39,500,000 $ 39,500,000
----------------
Total Direct Bank Obligations
(Cost $390,243,267) 390,243,267
- -------------------------------------------------------------------
LETTERS OF CREDIT--0.8%
- -------------------------------------------------------------------
Chase Manhattan Bank,
guaranteeing commercial
paper of NATC California
LLC, 2.61%, 4/19/05
(Cost $14,916,263) 15,000,000 14,916,263
- -------------------------------------------------------------------
SHORT-TERM NOTES--56.1%
- -------------------------------------------------------------------
ASSET-BACKED--23.1%
Cable Beach LP,
2.592%, 4/11/05 2 17,000,000 16,915,544
- -------------------------------------------------------------------
Chesham Finance LLC:
2.35%, 2/2/05 2 10,000,000 9,999,347
2.62%, 4/20/05 2 30,000,000 29,829,700
- -------------------------------------------------------------------
Crown Point
Capital Co.:
2.09%, 3/8/05 2 15,000,000 14,969,521
2.59%, 4/14/05 2 20,000,000 19,896,400
- -------------------------------------------------------------------
Eiffel Funding LLC:
2.34%, 2/16/05 2 5,000,000 4,995,125
2.36%, 2/10/05 2 8,000,000 7,995,280
- -------------------------------------------------------------------
Fairway Finance Corp.,
2.38%, 2/16/05 2 12,700,000 12,687,406
- -------------------------------------------------------------------
Gotham Funding
Corp.:
2.35%, 2/3/05 2 975,000 974,874
2.46%, 2/16/05 2 8,900,000 8,890,878
2.55%, 2/7/05 2 37,000,000 36,984,275
- -------------------------------------------------------------------
Legacy Capital LLC,
2.02%, 3/4/05 2 33,219,000 33,161,147
- -------------------------------------------------------------------
Lexington Parker
Capital Co. LLC,
2.57%, 4/11/05 2 10,560,000 10,507,983
- -------------------------------------------------------------------
Neptune Funding
Corp.:
2.52%, 3/17/05 2 8,297,000 8,271,445
2.53%, 3/7/05 2 15,000,000 14,971,100
2.67%, 4/18/05 2 29,500,000 29,334,225
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
ASSET-BACKED Continued
New Center Asset
Trust, 2.64%, 4/15/05 $ 10,000,000 $ 9,946,467
- -------------------------------------------------------------------
Perry Global Funding
LLC, Series A:
2.32%, 2/4/05 2 10,699,000 10,696,932
2.38%, 2/15/05 2 18,000,000 17,983,340
- -------------------------------------------------------------------
Solitaire Funding LLC:
2.57%, 3/23/05 2 39,000,000 38,860,792
2.61%, 4/18/05 2 12,000,000 11,933,880
- -------------------------------------------------------------------
Thornburg Mortgage
Capital Resources,
2.56%, 3/29/05 2 40,000,000 39,866,478
- -------------------------------------------------------------------
Victory Receivables
Corp., 2.53%,
2/24/05 2 24,600,000 24,560,237
- -------------------------------------------------------------------
Yorktown Capital
LLC, 2.58%, 4/14/05 2 10,100,000 10,047,884
----------------
424,280,260
- -------------------------------------------------------------------
CAPITAL MARKETS--10.9%
Banc of America
Securities LLC,
2.56%, 2/1/05 1 50,000,000 50,000,000
- -------------------------------------------------------------------
Bear Stearns Cos., Inc.:
2.57%, 4/15/05 25,000,000 24,869,715
3.21%, 7/15/05 1 14,815,000 14,853,539
- -------------------------------------------------------------------
Bear Stearns Cos.,
Inc., Series B, 2.573%,
5/13/05 1 14,000,000 14,005,818
- -------------------------------------------------------------------
Citigroup Global
Markets Holdings,
Inc., 2.31%, 2/8/05 25,000,000 24,988,868
- -------------------------------------------------------------------
First Clearing LLC,
2.65%, 6/6/05 1 24,750,000 24,750,000
- -------------------------------------------------------------------
Goldman Sachs
Group, Inc.,
2.23%, 4/6/05 13,000,000 13,000,000
- -------------------------------------------------------------------
Lehman Brothers,
Inc., 2.50%, 12/15/05 1 35,000,000 35,000,000
----------------
201,467,940
12 | OPPENHEIMER MONEY MARKET FUND, INC.
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
COMMERCIAL BANKS--1.6%
Bank of America
Corp., 2.32%, 2/4/05 $ 30,000,000 $ 29,994,200
- -------------------------------------------------------------------
COMMERCIAL FINANCE--0.5%
American Express
Credit Corp., Series B,
2.599%, 2/28/05 1 4,000,000 4,002,516
- -------------------------------------------------------------------
Countrywide Home
Loans, 2.50%, 2/22/05 4,800,000 4,793,000
----------------
8,795,516
- -------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.5%
Rex Lumber LLC,
Series 2002,
2.60%, 2/3/05 1,3 9,500,000 9,500,000
- -------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--2.0%
HSBC Finance Corp.,
2.54%, 3/21/05 36,000,000 35,878,080
- -------------------------------------------------------------------
ELECTRIC UTILITIES--0.5%
AL Incentives Finance
Authority Special
Obligation Bonds,
Series 1999-C,
2.60%, 2/3/05 1 9,355,000 9,355,000
- -------------------------------------------------------------------
INSURANCE--5.3%
Jackson National
Life Global Funding,
Series 2004-6,
2.48%, 2/15/05 1,4 17,500,000 17,500,000
- -------------------------------------------------------------------
Jackson National
Life Insurance Co.:
2.39%, 3/1/05 1 30,000,000 30,000,000
2.40%, 2/1/05 1 2,000,000 2,000,000
- -------------------------------------------------------------------
Metropolitan Life
Global Funding I,
Series 2003-5,
2.52%, 2/15/05 1,5 18,000,000 18,000,000
- -------------------------------------------------------------------
Security Life of
Denver Insurance
Co., 2.64%, 2/23/05 1,5 20,000,000 20,000,000
- -------------------------------------------------------------------
United of Omaha
Life Insurance Co.,
2.52%, 12/29/05 1,5 10,000,000 10,000,000
----------------
97,500,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
LEASING & FACTORING--0.3%
American Honda
Finance Corp.,
2.69%, 4/11/05 1,4 $ 6,000,000 $ 6,000,803
- -------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL--11.4%
Blue Spice LLC:
2.43%, 3/3/05 2 10,000,000 9,979,750
2.51%, 4/1/05 2 20,750,000 20,664,643
2.63%, 4/22/05 2 15,000,000 14,912,333
- -------------------------------------------------------------------
Cooperative Assn.
of Tractor Dealers,
Inc., Series A,
2.12%, 3/23/05 1,000,000 997,056
- -------------------------------------------------------------------
Cooperative Assn.
of Tractor Dealers,
Inc., Series B,
2.12%, 3/23/05 4,000,000 3,988,222
- -------------------------------------------------------------------
K2 (USA) LLC:
2.07%, 3/22/05 2 5,000,000 4,985,913
2.45%, 2/22/05 1,4 10,000,000 9,997,099
2.538%, 6/30/05 1,4 18,500,000 18,498,464
2.54%, 3/29/05 2 15,000,000 14,940,733
- -------------------------------------------------------------------
LINKS Finance LLC:
2.528%, 10/31/05 1,4 25,000,000 24,994,441
2.60%, 4/7/05 2 14,000,000 13,934,278
- -------------------------------------------------------------------
Parkland (USA) LLC,
2.46%, 2/18/05 1,4 5,000,000 4,999,519
- -------------------------------------------------------------------
RACERS Trust,
Series 2004-6-MM,
2.52%, 2/22/05 1,4 15,000,000 15,000,000
- -------------------------------------------------------------------
Sigma Finance, Inc.:
2.43%, 12/15/05 1,4 22,100,000 22,094,455
2.43%, 12/16/05 1,4 10,000,000 9,997,379
2.55%, 4/11/05 2 10,000,000 9,951,125
2.58%, 4/15/05 2 3,637,000 3,617,972
- -------------------------------------------------------------------
Ticonderoga Funding
LLC, 2.41%, 2/22/05 4 7,000,000 6,990,159
----------------
210,543,541
----------------
Total Short-Term Notes
(Cost $1,033,315,340) 1,033,315,340
13 | OPPENHEIMER MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--2.3%
- -------------------------------------------------------------------
Federal Home Loan
Bank, 1.50%, 3/1/05 $ 10,000,000 $ 10,000,000
- -------------------------------------------------------------------
Federal National
Mortgage Assn.:
1.375%, 2/18/05 13,000,000 13,000,000
1.55%, 5/4/05 10,000,000 10,000,000
1.60%, 5/13/05 10,000,000 10,000,000
----------------
Total U.S. Government Agencies
(Cost $43,000,000) 43,000,000
- -------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $1,848,565,020) 100.4% 1,848,565,020
- -------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS (0.4) (7,945,271)
-----------------------------------
NET ASSETS 100.0% $1,840,619,749
===================================
FOOTNOTES TO STATEMENT OF INVESTMENTS
SHORT-TERM NOTES, DIRECT BANK OBLIGATIONS AND LETTERS OF CREDIT 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.
1. Represents the current interest rate for a variable or increasing rate
security.
2. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $615,863,139, or 33.46% of the
Fund's net assets, and have been determined to be liquid pursuant to guidelines
adopted by the Board of Directors.
3. When-issued security or forward commitment to be delivered and settled after
January 31, 2005. See Note 1 of Notes to Financial Statements.
4. 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
Directors. These securities amount to $136,072,319 or 7.39% of the Fund's net
assets as of January 31, 2005.
5. Illiquid security. The aggregate value of illiquid securities as of January
31, 2005 was $48,000,000, which represents 2.61% of the Fund's net assets. See
Note 4 of Notes to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14 | OPPENHEIMER MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2005
- ------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,848,565,020)--see accompanying statement of investments $1,848,565,020
- ------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold (including $500,000 sold on a when-issued basis or forward commitment) 25,500,000
Shares of capital stock sold 17,744,272
Interest 1,371,108
Other 109,590
----------------
Total assets 1,893,289,990
- ------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------
Bank overdraft 18,074,616
- ------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of capital stock redeemed 28,878,052
Investments purchased 4,003,671
Dividends 693,285
Directors' compensation 402,472
Transfer and shareholder servicing agent fees 285,233
Shareholder communications 240,177
Other 92,735
----------------
Total liabilities 52,670,241
- ------------------------------------------------------------------------------------------------------------
NET ASSETS $1,840,619,749
================
- ------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Par value of shares of capital stock $ 184,052,513
- ------------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,656,537,619
- ------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 29,617
----------------
NET ASSETS $1,840,619,749
================
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,817,367,932 and 1,817,273,607 shares of capital stock outstanding) $1.00
- ------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $23,251,521 and 23,251,521 shares of capital stock outstanding) $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 | OPPENHEIMER MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2005
- -----------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------
Interest $18,099,465
- -----------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------
Management fees 3,921,362
- -----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,782,443
Class Y 4,954
- -----------------------------------------------------------------------------------
Shareholder communications:
Class A 282,236
Class Y 3
- -----------------------------------------------------------------------------------
Directors' compensation 32,418
- -----------------------------------------------------------------------------------
Custodian fees and expenses 16,145
- -----------------------------------------------------------------------------------
Other 143,336
------------
Total expenses 6,182,897
Less reduction to custodian expenses (9,354)
------------
Net expenses 6,173,543
- -----------------------------------------------------------------------------------
NET INVESTMENT INCOME 11,925,922
- -----------------------------------------------------------------------------------
NET REALIZED GAIN ON INVESTMENTS 29,617
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $11,955,539
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 | OPPENHEIMER MONEY MARKET FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2005 JULY 31,
(UNAUDITED) 2004
- ---------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------
Net investment income $ 11,925,922 $ 7,787,211
- ---------------------------------------------------------------------------------------
Net realized gain 29,617 2,788
---------------------------------
Net increase in net assets resulting from operations 11,955,539 7,789,999
- ---------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (11,798,817) (7,787,211)
Class Y (127,105) --
- ---------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (2,788) --
- ---------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
- ---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital stock transactions:
Class A 20,292,416 (158,321,330)
Class Y 23,251,521 --
- ---------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------
Total increase (decrease) 43,570,766 (158,318,542)
- ---------------------------------------------------------------------------------------
Beginning of period 1,797,048,983 1,955,367,525
---------------------------------
End of period $1,840,619,749 $1,797,048,983
=================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 | OPPENHEIMER MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2005 JULY 31,
CLASS A (UNAUDITED) 2004 2003 2002 2001 2000
- ----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ----------------------------------------------------------------------------------------------------------------------------
Income from investment operations--net
investment income and net realized gain .01 1 -- 2 .01 .02 .05 .05
- ----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.01) -- 2 (.01) (.02) (.05) (.05)
Distributions from net realized gain -- 2 -- -- 2 -- 2 -- --
---------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.01) -- 2 (.01) (.02) (.05) (.05)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===========================================================================
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 3 0.64% 0.43% 0.84% 1.88% 5.32% 5.38%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,817,368 $1,797,049 $1,955,368 $2,093,484 $2,128,047 $1,811,609
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,862,526 $1,808,266 $2,014,466 $2,005,530 $1,968,128 $1,711,540
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 1.26% 0.43% 0.83% 1.88% 5.14% 5.27%
Total expenses 0.65% 0.73% 0.72% 0.79% 0.68% 0.78%
Expenses after payments and waivers
and reduction to custodian expenses N/A 5 0.72% N/A 5 0.63% N/A 5 N/A 5
<FN>
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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 of 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</FN>
18 | OPPENHEIMER MONEY MARKET FUND, INC.
PERIOD
ENDED
JANUARY 31, 2005 1
CLASS Y (UNAUDITED)
- --------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00
- --------------------------------------------------------------------------------------------
Income from investment operations--net investment income and net realized gain .01 2
- --------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.01)
Distributions from net realized gain --
---------
Total dividends and/or distributions to shareholders (.01)
- --------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00
=========
- --------------------------------------------------------------------------------------------
TOTAL RETURN 3 0.63%
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $23,252
- --------------------------------------------------------------------------------------------
Average net assets (in thousands) $19,667
- --------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 1.28%
Total expenses 0.49%
Expenses after payments and waivers and reduction to custodian expenses N/A 5
<FN>
1. For the period from August 27, 2004 (inception of offering) to January 31,
2005.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. 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 of 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</FN>
19 | OPPENHEIMER MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Money Market Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund's investment objective is to seek the maximum
current income that is consistent with stability of principal. The Fund's
investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A and Class Y shares. Class A shares are sold at their
offering price, which is the net asset value per share without any initial
sales charge. Class Y shares are sold to certain institutional investors
without either a front-end sales charge or a contingent deferred sales charge
(CDSC). 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.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond trade date. During this period, such
securities do not earn interest, are subject to market fluctuation and may
increase or decrease in value prior to their delivery. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of January 31, 2005, the Fund had sold $500,000 of
securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
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 MONEY MARKET FUND, INC.
- --------------------------------------------------------------------------------
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.
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 may differ from their ultimate characterization for federal
income tax purposes. 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.
As of January 31, 2005, it is estimated that the Fund did not utilize any
capital loss carryforward to offset realized capital gains. During the year
ended July 31, 2004, the Fund did not utilize any capital loss carryforward to
offset realized capital gains.
- --------------------------------------------------------------------------------
DIRECTORS' COMPENSATION. The Fund has adopted an unfunded retirement plan
for the Fund's independent directors. Benefits are based on years of service
and fees paid to each director during the years of service. During the six
months ended January 31, 2005, the Fund's projected benefit obligations were
increased by $8,307 and payments of $26,279 were made to retired directors,
resulting in an accumulated liability of $364,518 as of January 31, 2005.
The Board of Directors has adopted a deferred compensation plan for
independent directors that enables directors 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 Director 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
Director. The Fund purchases shares of the funds selected for deferral by the
Director 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 directors' 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 to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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.
- --------------------------------------------------------------------------------
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
21 | OPPENHEIMER MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
shareholder redemption activity. The Fund pays interest to its custodian on
such cash overdrafts at a rate equal to the Federal Funds Rate plus 0.50%. 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.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S.
generally accepted accounting principles 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 income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized six billion shares of $.10 par value capital stock.
Transactions in shares of capital stock were as follows:
SIX MONTHS ENDED JANUARY 31, 2005 1 YEAR ENDED JULY 31, 2004
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------
CLASS A
Sold 1,469,616,354 $ 1,469,616,354 2,854,348,310 $ 2,854,348,310
Dividends and/or
distributions reinvested 10,928,146 10,928,146 7,233,743 7,233,743
Redeemed (1,460,252,084) (1,460,252,084) (3,019,903,383) (3,019,903,383)
-------------------------------------------------------------------
Net increase (decrease) 20,292,416 $ 20,292,416 (158,321,330) $ (158,321,330)
===================================================================
- ---------------------------------------------------------------------------------------------
CLASS Y
Sold 27,457,782 $ 27,457,782 -- $ --
Dividends and/or
distributions reinvested 118,885 118,885 -- --
Redeemed (4,325,146) (4,325,146) -- --
-------------------------------------------------------------------
Net increase 23,251,521 $ 23,251,521 -- $ --
===================================================================
<FN>
1. For the six months ended January 31, 2005 for Class A shares and for the
period from August 27, 2004 (inception of offering) to January 31, 2005 for
Class Y shares.
</FN>
- --------------------------------------------------------------------------------
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.45% of the first $500 million of aggregate net assets, 0.425%
of the next $500 million of net assets, 0.40% of the next $500 million of net
assets, 0.375% of the next $1.5 billion of net assets, and 0.35% of average
annual net assets in excess of $3.0 billion.
22 | OPPENHEIMER MONEY MARKET FUND, INC.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended January 31, 2005, the
Fund paid $1,843,769 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. OFS has voluntarily agreed to limit transfer
and shareholder servicing agent fees for all classes to 0.35% of average annual
net assets per class. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
4. ILLIQUID SECURITIES
As of January 31, 2005, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund will not invest more than 10% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities.
- --------------------------------------------------------------------------------
5. LITIGATION
A consolidated amended complaint has been filed as putative derivative and
class actions against the Manager, OFS and the Distributor (collectively, the
"Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal
Defendants") excluding the Fund, 31 present and former Directors or Trustees
and 9 present and former officers of the funds. This complaint, initially filed
in the U.S. District Court for the Southern District of New York on January 10,
2005 and amended on March 4, 2005, consolidates into a single action and amends
six individual previously-filed putative derivative and class action
complaints. Like those prior complaints, the complaint alleges that the Manager
charged excessive fees for distribution and other costs, improperly used assets
of the funds in the form of directed brokerage commissions and 12b-1 fees to
pay brokers to promote sales of the funds, and failed to properly disclose the
use of assets of the funds to make those payments in violation of the
Investment Company Act of 1940 and the Investment Advisers Act of 1940. Also,
like those prior complaints, the complaint further alleges that by permitting
and/or participating in those actions, the Directors/Trustees and the Officers
breached their fiduciary duties to shareholders of the funds under the
Investment Company Act of 1940 and at common law. The complaint seeks
unspecified compensatory and punitive damages, rescission of the funds'
investment advisory agreements, an accounting of all fees paid, and an award of
attorneys' fees and litigation expenses.
The Oppenheimer defendants believe that the allegations contained in the
Complaints are without merit and that they, the funds named as Nominal
Defendants, and the Directors/Trustees of those funds have meritorious defenses
against the claims asserted. The Oppenheimer defendants intend to defend these
lawsuits vigorously and to contest any claimed liability. The Oppenheimer
defendants believe that it is premature to render any opinion as to the
likelihood of an outcome unfavorable to them and that no estimate can yet be
made with any degree of certainty as to the amount or range of any potential
loss.
23 | OPPENHEIMER MONEY MARKET FUND, INC.
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 1.800.525.7048, (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 1.800.525.7048, 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.
24 | OPPENHEIMER MONEY MARKET FUND, INC.
ITEM 2. CODE OF ETHICS
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At a meeting of the Board of Directors of the registrant held on
February 18, 2004, the Board adopted (1) a policy that, should the Board
determine that a vacancy exists or is likely to exist on the Board, the
Governance Committee of the Board, which is comprised entirely of independent
directors, shall consider any candidates for Board membership recommended by the
registrant's security holders and (2) a policy that security holders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., Two World Financial Center, 225
Liberty Street - 11th Floor, New York, NY 10281-1008, to the attention of the
Chair of the Governance Committee. Prior to February 18, 2004, the Board did not
have a formalized policy with respect to consideration of security holder
nominees or a procedure by which security holders may make their submissions. In
addition to security holder nominees, the Governance Committee may also consider
nominees recommended by independent Board members or recommended by any other
Board members and is authorized under its Charter, upon Board approval, to
retain an executive search firm to assist in screening potential candidates.
Upon Board approval, the Governance Committee may also obtain legal, financial,
or other external counsel that may be necessary or desirable in the screening
process.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of 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 January 31, 2005,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by 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.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the
registrant's last fiscal half-year that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE
TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)
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 Money Market Fund, Inc.
By: /s/John V. Murphy
-----------------
John V. Murphy
Chief Executive Officer
Date: March 17, 2005
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/John V. Murphy
-----------------
John V. Murphy
Chief Executive Officer
Date: March 17, 2005
By: /s/Brian W. Wixted
------------------
Brian W. Wixted
Chief Financial Officer
Date: March 17, 2005