Oppenheimer Institutional Treasury Money Market Fund

N-1A 1 body.htm FORM N-1A, PROSPECTUS, SAI, PART C Oppenheimer Institutional Treasury Money Market Fund

                                                                               Registration No. ___-______
                                                                                         File No. 811-22261

                                              UNITED STATES
                                    SECURITIES AND EXCHANGE COMMISSION
                                           Washington, DC 20549

                                                FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933                                                         [X]
Pre-Effective Amendment No.                                                                                   [   ]
Post-Effective Amendment No.                                                                                  [   ]

                                                  and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940                                                 [X]
         Amendment No.

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                           OPPENHEIMER INSTITUTIONAL TREASURY MONEY MARKET FUND
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                            (Exact Name of Registrant as Specified in Charter)

                          6803 South Tucson Way, Centennial, Colorado 80112-3924
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                           (Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code:  (303) 768-3200

                                           Robert G. Zack, Esq.
                                          OppenheimerFunds, Inc.
              Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008
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                                 (Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):
       [   ]    immediately upon filing pursuant to paragraph (b)
       [   ]    on _______________ pursuant to paragraph (b)
       [   ]    60 days after filing pursuant to paragraph (a)(1)
       [   ]    on _______________ pursuant to paragraph (a)(1)
       [   ]    75 days after filing pursuant to paragraph (a)(2)
       [   ]    on _______________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
       [   ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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The  Registrant  hereby  amends the  Registration  statement  on such date or dates as may be necessary to
delay its effective date until the Registrant  shall file a further  amendment which  specifically  states
that this  Registration  Statement shall  thereafter  become  effective in accordance with section 8(a) of
the  Securities Act of 1933 or until the  Registration  Statement  shall become  effective on such date as
the Commission, acting pursuant to Section 8(a), shall determine.

THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY
NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES, AND IT IS NOT SOLICITING AN OFFER TO BUY THESE
SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

                              SUBJECT TO COMPLETION

Oppenheimer
Institutional Treasury Money Market Fund

Preliminary Prospectus dated ________, 200__

Oppenheimer Institutional Treasury Money Market Fund is
a money market mutual fund. Its objective is to seek
current income with liquidity and stability of
principal. The Fund invests exclusively in U.S.
Treasury bills, bonds and notes, and other obligations
issued or guaranteed by the U.S. Treasury and
repurchase agreements fully collateralized by such
obligations.

This prospectus contains important information
about the Fund's objective, its investment policies,
strategies and risks. It also contains important
information about how to buy and sell shares of the
Fund and other account features. Please read this
prospectus carefully before you invest and keep it for
future reference about your account.

As with all mutual funds, the Securities and Exchange
Commission has not approved or disapproved the Fund's
securities nor has it determined that this prospectus is
accurate or complete. It is a criminal offense to
represent otherwise.

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CONTENTS

ABOUT THE FUND

The Fund's Investment Objective and Principal Strategies

Main Risks of Investing in the Fund

The Fund's Past Performance

Fees and Expenses of the Fund

About the Fund's Investments

How the Fund is Managed

ABOUT YOUR ACCOUNT

How to Buy Shares
Class E
Class L
Class P

How to Sell Shares
By Mail
By Telephone

Shareholder Account Rules and Policies

Dividends and Taxes

Financial Highlights

ABOUT THE FUND

The Fund's Investment Objective and Principal Strategies

WHAT IS THE FUND'S INVESTMENT OBJECTIVE? The Fund's objective is to seek current income with liquidity and stability of principal.

WHAT DOES THE FUND INVEST IN? Under normal conditions, the Fund invests its assets exclusively in U.S. Treasury bills, bonds and
notes, and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements fully collateralized by such
obligations. OppenheimerFunds, Inc. will serve as the Fund's investment manager (the "Manager").

WHO IS THE FUND DESIGNED FOR? The Fund is designed for institutional investors who want to earn income at money market rates while
preserving liquidity and the value of their investment. The Fund will invest in U.S. Treasury bills, bonds and notes, and other
obligations issued or guaranteed by the U.S. Treasury and repurchase agreements fully collateralized by such obligations to seek
current income with liquidity and stability of principal and to try to maintain a stable share price of $1.00. Income on short-term
securities tends to be lower than income on longer-term debt securities, so the Fund's yield will likely be lower than the yield on
longer-term fixed income funds. The Fund also offers liquidity by providing access to a shareholder's investment, on any regular
business day (as defined below), through wire redemption privileges. The Fund does not invest for the purpose of seeking capital
appreciation or gains and is not a complete investment program.

Main Risks of Investing in the Fund

All investments carry risks to some degree. The Fund's investments are subject to changes in their value from a number of factors,
described below. However, the Fund's investments must meet strict standards set by its Board of Trustees and special rules for money
market funds under Federal law. Those rules include requirements for maintaining high credit quality in the Fund's portfolio, a short
average portfolio maturity to reduce the effects of changes in prevailing interest rates and diversification of the Fund's
investments among issuers to reduce the effects of a default by any one issuer on the Fund's portfolio.

Even so, there are risks that the issuer of an obligation that the Fund holds could have its credit rating downgraded or
could default, or that interest rates could rise sharply, causing the value of the Fund's investments (and its share prices) to fall.
If there is a high demand for the redemption of Fund shares that was not anticipated, the Fund might have to sell portfolio
securities prior to their maturity, possibly at a loss. As a result, there is a risk that the Fund's shares could fall below $1.00
per share.

There is also the risk that the value of your investment could be eroded over time by the effects of inflation or that poor
security selection by the Manager will cause the Fund to underperform other funds having similar objectives.

Repurchase agreements entered into by the Fund must be fully collateralized by U.S. Treasury bills, bonds and notes, and
other obligations issued or guaranteed by the U.S. Treasury. However, if the counterparty fails to pay the resale price on the
delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability
to do so.

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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.
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The Fund's Past Performance

Because the Fund recently commenced operations, prior performance information for a full calendar year is not yet available. After
the Fund has commenced investment operations you can contact the Transfer Agent at the toll-free telephone number on the back cover
of this prospectus to obtain the Fund's performance information and the Fund's current 7-day yield information. Past performance is
not necessarily an indication of how the Fund will perform in the future.

Fees and Expenses of the Fund

The following tables are provided to help you understand the fees and expenses you may pay if you buy and hold shares of the Fund.
The Fund pays a variety of expenses directly for the management of its assets, administration and other services. Those expenses are
subtracted from the Fund's assets to calculate the Fund's net asset values per share. All shareholders therefore pay those expenses
indirectly. "Other Expenses" and "Total Annual Operating Expenses" are each Fund's anticipated expenses during its first fiscal year.

Shareholder Fees. The Fund does not charge any initial sales charge to buy shares or to reinvest dividends. There are no redemption
fees and no contingent deferred sales charges.

Annual Fund Operating Expenses (deducted from Fund assets):
(% of average daily net assets)

-------------------------------- --------------------------- --------------------------- ---------------------------
Class E Class L Class P
Shares Shares Shares
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Management Fees 0.15% 0.15% 0.15%
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Distribution (12b-1) Fees None None 0.05%
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Other Expenses(1) 0.04% 0.04% 0.04%
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Total Annual Operating 0.19% 0.19% 0.24%
Expenses(2)
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1. Expenses may vary in future years. "Other Expenses" are estimates of, transfer agent fees, custodial expenses, and accounting and
legal expenses among others, based on the Manager's projections of what those expenses will be during the Fund's first fiscal year.
2. The "Total Annual Operating Expenses" in the table are based on, among other things, the estimated fees the Fund would pay. The
Manager has agreed to waive a portion of its fee under a voluntary undertaking to the Fund to limit the Fund's Total Annual
Operating Expenses to 0.19%, 0.19% and 0.24% of average daily net assets per fiscal year for Class E, Class L and Class P,
respectively . This undertaking may be amended or withdrawn at any time.

EXAMPLE. The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.

The example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses are the expenses shown in the table above. Your actual costs may be higher or lower, because expenses will vary
over time. Based on these assumptions your expenses would be as follows, whether or not you redeem your investment at the end of each
period:

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1 Year 3 Years
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Class E $ $
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Class L $ $
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Class P $ $
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About the Fund's Investments

THE FUND'S PRINCIPAL INVESTMENT POLICIES AND RISKS. Under normal conditions, the Fund invests exclusively in U.S. Treasury bills,
bonds and notes, and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements fully collateralized by
such obligations. The allocation of the Fund's portfolio among different types of U.S Treasury bills, bonds, and notes, and other
obligations issued or guaranteed by the U.S. Treasury and repurchase agreements fully collateralized by such obligations may vary
over time based upon the Manager's evaluation of economic and market trends.

The Manager tries to reduce risks by diversifying investments and by carefully researching investments before they are
purchased. The rate of the Fund's income will vary from day-to-day, generally reflecting changes in overall short-term interest
rates. There is no assurance that the Fund will achieve its investment objective. The Statement of Additional Information contains
more detailed information about the Fund's investment policies and risks.

What Does the Fund Invest In?
o Money market instruments are high-quality, short-term, dollar-denominated debt instruments. They may have fixed, variable or
floating interest rates. All of the Fund's money market investments must meet the special quality and maturity requirements
set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended (the "Investment Company Act") and the special
standards set by the Fund's Board of Trustees, described briefly below.
o The Fund can invest its assets in U.S. Treasury bills, bonds and notes, and other obligations issued or guaranteed by the
U.S. Treasury. These securities are supported by the full faith and credit of the United States, which means that payment
of interest and principal is guaranteed, but yield and market value are not guaranteed. The Fund may also invest in debt
instruments of non-U.S. Government entities that are backed by the full faith and credit of the United States pursuant to
the Federal Deposit Insurance Corporation (FDIC) Debt Guarantee Program or other similar programs that may be established by
the United States Government from time to time.
o The Fund may also enter into repurchase agreements which are fully collateralized by U.S. Treasury bills, bonds and notes,
and other obligations issued or guaranteed by the U.S. Treasury. In a repurchase transaction, the Fund buys a security and
simultaneously sells it to the counterparty for delivery at a future date. Repurchase agreements must be fully
collateralized. However, if the counterparty fails to pay the resale price on the delivery date, the Fund may incur costs in
disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Fund will not enter
into a repurchase agreement that will cause more than 10% of its net assets to be subject to repurchase agreements maturing
in more than seven days. There is no limit on the amount of the Fund's net assets that may be subject to repurchase
agreements of seven days or less.

Fixed Income Market Risks. Recent developments relating to subprime mortgages have adversely affected fixed income securities markets
in the United States, Europe and elsewhere. The values of many types of debt securities have been reduced, including debt securities
that are not related to mortgage loans. These developments have reduced the willingness of some lenders to extend credit and have
made it more difficult for borrowers to obtain financing on attractive terms or at all. In addition, broker-dealers and other market
participants have been less willing to make a market in some types of debt instruments, which has impacted the liquidity of those
instruments. These developments may also have a negative effect on the broader economy. There is a risk that the lack of liquidity or
other adverse credit market conditions may hamper the Fund's ability to sell the debt securities in which it invests or to find and
purchase suitable debt instruments.

To the extent the Fund invests in debt instruments or securities of non-U.S. Government entities that are backed by the full
faith and credit of the United States, pursuant to the FDIC Debt Guarantee Program, or other similar programs, there is the
possibility that the guarantee provided under the Debt Guarantee Program or other similar programs may be discontinued or modified at
a later date.

Investments By Other Oppenheimer Funds. Class E shares of the Fund are offered as an investment to funds managed or sub-advised by
the Manager or an affiliate (the "Oppenheimer Funds"), including as a "sweep" investment for the Oppenheimer Funds' uninvested
cash, and investments by "funds of funds." The Fund's Board of Trustees has approved making the Fund's shares available as an
investment to those funds. The Oppenheimer Funds may invest all or a portion of their assets in shares of the Fund and, either
individually or collectively, they may own a significant portion of the Fund's outstanding shares. The Oppenheimer Funds may increase
or reduce the amount of their investments in the Fund frequently, which may occur on a daily basis under volatile market conditions.
Depending on a number of factors, such as the flows of cash into and from the Fund as a result of the activity of other investors and
the Fund's then-current liquidity, the Oppenheimer Funds' purchases and redemptions could require the Fund to purchase or sell
portfolio securities, if the size of the Oppenheimer Funds' purchases or redemptions were significant relative to the size of the
Fund. Such purchases or redemptions of portfolio securities may increase the Fund's transaction costs and/or reduce its performance.

Share Reduction Risk. Share reduction risk is the risk that, under certain circumstances, the Fund may need to reduce the number of
shares held by each shareholder in order to maintain a $1.00 net asset value per share.

WHAT CREDIT QUALITY AND MATURITY STANDARDS APPLY TO THE FUND'S INVESTMENTS? Money market instruments are subject to credit risk,
which is the risk that the issuer might not make timely payments of interest on the security or repay principal when it is due. The
Fund may buy only those investments that meet standards set by its Board of Trustees and the Investment Company Act rules for money
market funds.

In general, the Fund buys only high-quality investments that the Manager believes present minimal credit risk at the time of
purchase. "High-quality" investments are:
o rated in one of the two highest short-term rating categories of two national rating organizations, or
o rated by one rating organization in one of the two highest rating categories (if only one rating organization has rated the
investment), or
o unrated investments, subject to review by the Fund's Board of Trustees, that the Manager determines are comparable in
quality to the two highest rating categories.

The Investment Company Act rule for money market funds also limits the amount of the Fund's assets that can be invested in
the securities of any one issuer (other than the U.S. government, its agencies and instrumentalities), to spread the Fund's
investment risks. Generally a security's maturity must not exceed 397 days. Finally, the Fund must maintain a dollar-weighted average
portfolio maturity of not more than 90 days.

CAN THE FUND'S INVESTMENT OBJECTIVE AND POLICIES CHANGE? The Board of Trustees of the Fund may change non-fundamental policies
without shareholder approval, although significant changes will be described in amendments to this prospectus. Fundamental policies
cannot be changed without the approval of a majority of the Fund's outstanding voting shares. The Fund's investment objective is a
fundamental policy. Some investment restrictions that are fundamental policies are listed in the Statement of Additional Information.
An investment policy is not fundamental unless this prospectus or the Statement of Additional Information says that it is.

OTHER INVESTMENT STRATEGIES. To seek its objective, the Fund can also use the investment techniques and strategies described below.
The Fund might not always use all of them. These techniques involve risks, although some of them are designed to help reduce overall
investment or market risks. The Statement of Additional Information contains more information about some of these practices.

Floating Rate/Variable Rate Notes. The Fund can purchase notes with floating or variable interest rates. Variable rates are
adjustable at stated periodic intervals. Floating rates are adjusted automatically according to a specified market rate or benchmark,
such as the prime rate of a bank. If the maturity of a note is greater than 397 days, it may be purchased only if it has a demand
feature. That feature must permit the Fund to recover the principal amount of the note on not more than thirty days' notice at any
time, or at specified times not exceeding 397 days from purchase.

PORTFOLIO HOLDINGS. The Fund's portfolio holdings, as of the most recent prior close of the New York Stock Exchange (the
"NYSE"), are posted on the Fund's website at www.oppenheimerfunds.com on each business day. Therefore, the Fund's portfolio
holdings are made publicly available no later than one business day after the close of trading on the NYSE on each day on which
the NYSE is open.

A description of the Fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the
Fund's Statement of Additional Information.

How the Fund is Managed

THE MANAGER. The Manager chooses the Fund's investments and handles its day-to-day business. The Manager carries out its duties,
subject to the policies established by the Fund's Board of Trustees, under an investment advisory agreement which states the
Manager's responsibilities. The agreement sets the fees the Fund pays to the Manager and describes the expenses that the Fund is
responsible to pay to conduct its business.

The Manager has been an investment adviser since January 1960. The Manager and its subsidiaries and controlled affiliates
managed more than $____ billion in assets as of ______, 200__, including other Oppenheimer funds with more than _______ shareholder
accounts. The Manager is located at Two World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281-1008.

Advisory Fees. Under the Investment Advisory Agreement, the Fund pays the Manager an advisory fee at an annual rate of 0.15% of
average annual net assets.

A discussion regarding the basis for the Board of Trustees' approval of the Fund's investment advisory contract will be available in
the Fund's Semi-Annual Report to the shareholders for the fiscal period ending May 31, 2009.

Portfolio Manager. The Fund's portfolio is managed by Carol E. Wolf who is primarily responsible for the day-to-day management of the
Fund's investments.

Ms. Wolf has been a Vice President and Portfolio Manager of the Fund since its inception. Ms. Wolf has been a Senior Vice President
of the Manager since June 2000 and of HarbourView Asset Management Corporation since June 2003. She is an officer of eight other
portfolios in the OppenheimerFunds complex. She was formerly Vice President of the Manager from June 1990 through June 2000.

The Statement of Additional Information provides additional information about the portfolio manager's compensation, other accounts
they manage and their ownership of Fund shares.

ABOUT YOUR ACCOUNT

How to Buy Shares

Class E, Class L and Class P shares of the Fund may be purchased as described below. The Fund's Distributor, OppenheimerFunds
Distributor, Inc., may appoint servicing agents to accept purchase (and redemption) orders. The Distributor, in its sole discretion,
may reject any purchase order for the Fund's shares.

Buying Shares Through a Financial Intermediary. Class P shares can only be purchased through a dealer, broker or financial
institution that has a sales agreement with the Distributor. The dealer or other financial intermediary will place the order with the
Distributor on an investor's behalf. A broker or dealer may charge a processing fee for that service.
Buying Shares Through the Distributor. To purchase Class L shares, complete an institutional account application and return it to
"OppenheimerFunds Distributor, Inc." Mail it to P.O. Box 5270, Denver, Colorado 80217. If you do not list a dealer on the application,
the Distributor will act as your agent in buying Class L shares.

We recommend that you discuss your investment with a financial adviser before you make a purchase to be sure that the Fund
is appropriate for you. Class E shares may only be purchased by other Oppenheimer Funds, the Manager, and their affiliates.Paying by
Federal Funds Wire. Shares purchased through the Distributor must be paid for by Federal Funds wire. Purchase orders will not become
effective on any day unless the Federal Funds wire payment is initiated prior to the time that the Fund's net asset value is
calculated and is received prior to the Fund's close of business, as described below. For more information regarding Federal Funds
wires and instructions, please call 1.800.645.2028.

WHAT IS THE MINIMUM AMOUNT YOU MUST INVEST? In most cases, you can buy Fund shares with a minimum initial investment of $1,000,000
and make additional investments at any time in any amount. No minimum investment requirement applies to Class E shares or to the
reinvestment of dividends from the Fund in any class. You do not need to maintain a minimum balance in your Fund account.

AT WHAT PRICE ARE SHARES SOLD? Shares are sold at their offering price which is the net asset value per share. No initial sales
charge applies. The offering price that applies to a purchase order is the next net asset value calculated after the purchase order
is accepted. The Fund's net asset value per share is generally calculated one hour after the close of the New York Stock Exchange
(the "NYSE"), on any day that both the NYSE and the Federal Reserve Bank of Kansas City are open for business (referred to in this
prospectus as a "regular business day"). The NYSE generally closes at 4:00 p.m. Eastern Time, but may close earlier on certain days.
Payment by Federal Funds wire must be initiated prior to the time that the Fund's net asset value is calculated and must be received
by the Fund's close of business, which is usually two hours
after the close of the NYSE.

However, on any day that the principal bond markets close early (as recommended by The Bond Market Association) or the
Federal Reserve Bank of Kansas City or the NYSE closes early, the Fund may advance the time on that day by which a purchase order
must be placed so that it will be effected and begin to earn dividends that day. In addition, the Board of Trustees of the Fund may
change the time as of which a Fund's NAV is calculated in response to new developments such as altered trading hours, or as otherwise
permitted by the Securities and Exchange Commission. In the event the NYSE does not open for business because of an emergency, the
Fund may, but is not required to, open for purchases if the Federal Reserve wire payment system is open. Contact the Fund's office at
1.800.645.2028 for specific information or to learn whether the Fund is open for business on such days.

Your financial adviser can provide you with more information regarding the time you must submit your purchase order and
whether the adviser is an authorized agent for the receipt of Class P purchase orders.

Net Asset Value. The net asset value per share for each share class is determined by dividing the value of the Fund's net assets
attributable to the class by the number of shares of the class that are outstanding on that day. Under a policy adopted by the Fund's
Board of Trustees, the Fund uses the amortized cost method to determine its net asset value. The Fund intends to accrue all income
daily to preserve a net asset value of $1.00 per share. However, there is no guarantee the Fund will be able to maintain a stable
$1.00 net asset value. Newly-purchased shares will begin to accrue dividends on the day the purchase order is accepted. The Fund's
dividends normally are calculated one hour after the close of trading on the NYSE on each regular business day.

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WHAT CLASSES OF SHARES DOES THE FUND OFFER? The Fund currently offers investors three different classes of shares. The different
classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and
therefore may have different returns.
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Class E Shares. Class E shares are only offered to other Oppenheimer Funds, the Manager and their affiliates.
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Class L Shares. Class L shares are offered directly to institutional investors.
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Class P Shares. Class P shares are available only through an investment professional. Additional processing fees may apply.
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WHO CAN BUY SHARES? Class E, L and P shares are sold at net asset value per share without any initial sales charge. Class E shares
are only sold to other Oppenheimer Funds, the Manager and their affiliates. Class L shares are sold directly to institutional
investors. Class P shares may only be sold through an investment professional. Additional processing fees may apply to your
investment when you buy or sell Class P shares of the Fund through a broker or other investment professional.

SERVICE (12b-1) PLAN

Service Plan for Class P Shares. The Fund has adopted a Service Plan for Class P shares that reimburses the Distributor for a portion
of its costs incurred for services provided to accounts that hold Class P shares. Reimbursement is made quarterly at an annual rate
of up to 0.05% of the average annual net assets of Class P shares of the Fund. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions for providing personal service and maintenance of accounts of their
customers that hold Class P shares.

OTHER PAYMENTS TO FINANCIAL INTERMEDIARIES AND SERVICE PROVIDERS. The Manager and the Distributor, in their discretion, also may pay
dealers or other financial intermediaries and service providers for distribution and/or shareholder servicing activities. These
payments are made out of the Manager's and/or the Distributor's own resources, including from the profits derived from the advisory
fees the Manager receives from the Fund. These cash payments, which may be substantial, are paid to many firms having business
relationships with the Manager and Distributor. These payments are in addition to any distribution fees, servicing fees, or transfer
agency fees paid directly or indirectly by the Fund to these financial intermediaries and any commissions the Distributor pays to
these firms out of the sales charges paid by investors. These payments by the Manager or Distributor from their own resources are not
reflected in the tables in the section called "Fees and Expenses of the Fund" in this prospectus because they are not paid by the
Fund.

"Financial intermediaries" are firms that offer and sell Fund shares to their clients, or provide shareholder services to the
Fund, or both, and receive compensation for doing so. Your securities dealer or financial adviser, for example, is a financial
intermediary, and there are other types of financial intermediaries that receive payments relating to the sale or servicing of the
Fund's shares. In addition to dealers, the financial intermediaries that may receive payments include sponsors of fund
"supermarkets," sponsors of fee-based advisory or wrap fee programs, sponsors of college and retirement savings programs, banks and
trust companies offering products that hold Fund shares, and insurance companies that offer variable annuity or variable life
insurance products.

In general, these payments to financial intermediaries can be categorized as "distribution-related" or "servicing" payments.
Payments for distribution-related expenses, such as marketing or promotional expenses, are often referred to as "revenue sharing."
Revenue sharing payments may be made on the basis of the sales of shares attributable to that dealer, the average net assets of the
Fund and other Oppenheimer funds attributable to the accounts of that dealer and its clients, negotiated lump sum payments for
distribution services provided, or sales support fees. In some circumstances, revenue sharing payments may create an incentive for a
dealer or financial intermediary or its representatives to recommend or offer shares of the Fund or other Oppenheimer funds to its
customers. These payments also may give an intermediary an incentive to cooperate with the Distributor's marketing efforts. A revenue
sharing payment may, for example, qualify the Fund for preferred status with the intermediary receiving the payment or provide
representatives of the Distributor with access to representatives of the intermediary's sales force, in some cases on a preferential
basis over funds of competitors. Additionally, as firm support, the Manager or Distributor may reimburse expenses related to
educational seminars and "due diligence" or training meetings (to the extent permitted by applicable laws or the rules of the
Financial Industry Regulatory Authority (FINRA), formerly known as the NASD) designed to increase sales representatives' awareness
about Oppenheimer funds, including travel and lodging expenditures. However, the Manager does not consider a financial intermediary's
sale of shares of the Fund or other Oppenheimer funds when selecting brokers or dealers to effect portfolio transactions for the
funds.

Various factors are used to determine whether to make revenue sharing payments. Possible considerations include, without
limitation, the types of services provided by the intermediary, sales of Fund shares, the redemption rates on accounts of clients of
the intermediary or overall asset levels of Oppenheimer funds held for or by clients of the intermediary, the willingness of the
intermediary to allow the Distributor to provide educational and training support for the intermediary's sales personnel relating to
the Oppenheimer funds, the availability of the Oppenheimer funds on the intermediary's sales system, as well as the overall quality
of the services provided by the intermediary and the Manager or Distributor's relationship with the intermediary. The Manager and
Distributor have adopted guidelines for assessing and implementing each prospective revenue sharing arrangement. To the extent that
financial intermediaries receiving distribution-related payments from the Manager or Distributor sell more shares of the Oppenheimer
funds or retain more shares of the funds in their client accounts, the Manager and Distributor benefit from the incremental
management and other fees they receive with respect to those assets.

Payments may also be made by the Manager, the Distributor or the Transfer Agent to financial intermediaries to compensate or
reimburse them for administrative or other client services provided such as sub-transfer agency services for shareholders or
retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, account set-up,
recordkeeping and other shareholder services. Payments may also be made for administrative services related to the distribution of
Fund shares through the intermediary. Firms that may receive servicing fees include retirement plan administrators, qualified tuition
program sponsors, banks and trust companies, and others. These fees may be used by the service provider to offset or reduce fees that
would otherwise be paid directly to them by certain account holders, such as retirement plans.

The Statement of Additional Information contains more information about revenue sharing and service payments made by the
Manager or the Distributor. Your dealer may charge you fees or commissions in addition to those disclosed in this prospectus. You
should ask your dealer or financial intermediary for details about any such payments it receives from the Manager or the Distributor
and their affiliates, or any other fees or expenses it charges.

Special Investor Services

Purchasing Shares. You may purchase shares by phone, by calling 1.800.645.2028 for instructions.

Selling Shares. You can redeem shares by phone, by calling 1.800.645.2028. Please refer to "How to Sell Shares," below for details.

CAN YOU SUBMIT TRANSACTION REQUESTS BY FAX? You may send requests for certain types of account transactions to the Transfer Agent by
fax (telecopier) at 1.720.875.2104. Please call 1.800.645.2028 for information about which transactions may be handled this way.
Transaction requests submitted by fax are subject to the same rules and restrictions as written and telephone requests described in
this prospectus.

How to Sell Shares

You can sell (redeem) some or all of your shares on any regular business day. Your shares will be sold at the next net asset
value calculated after your order is received by the Distributor or your authorized financial intermediary in proper form (which
means that it must comply with the procedures described below) and is accepted by the Transfer Agent. The Fund lets you sell your
shares by writing a letter, by fax, or by telephone. All redemption proceeds will be sent by Federal Funds wire. Redemption proceeds
will not be mailed by check. If a redemption order is received prior to the time that the Fund's net asset value is calculated,
proceeds from such redemption will normally be wired out the same day. Federal wire redemption requests that are received on days
when the Federal Reserve Bank of Kansas City is closed will receive the next net asset value calculated, but the redemption proceeds
will not be transmitted to the investor until the next day on which the Federal Reserve Bank of Kansas City is open, which will
generally be the next business day. If you have questions about any of these procedures please call the Transfer Agent first, at
1.800.645.2028, for assistance.

Shareholders will not earn a dividend on the day a redemption request is processed. It is important to note that redemption
orders placed later in the day - especially between 3:00 p.m. and 5:00 p.m. Eastern time - will be processed by the Fund, but your
bank account or your account with your financial intermediary may not receive the proceeds in a timely manner if the Federal Reserve
Bank branch is experiencing delays in the transfer of funds. After a redemption order has been processed by the Fund and a
redemption wire has been initiated, neither the Fund nor the Transfer Agent will assume any responsibility for the performance of the
shareholder's receiving bank, or any of its intermediaries. You are advised to place your redemption orders as early in the day as
possible.

When Do I Need A Medallion Signature Guarantee to Redeem Shares? A Medallion signature guarantee will be required if you would like
to change your current bank designation and did not provide a Medallion Signature Guarantee on the account application.

Any redemption request that requires money to go to an account other than that designated on the account application must be
in writing and signed by an authorized person designated on the account application.

Where Can You Obtain a Medallion Signature Guarantee? A Medallion signature guarantee is designed to protect your account from fraud.
Obtain a Medallion signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or
securities exchange member. A notary public cannot provide a medallion signature guarantee.

If you are signing on behalf of a corporation, partnership or other business or as a fiduciary, you must include your title
in the signature and may be requested to provide additional information.

Receiving Redemption Proceeds by Wire. The proceeds of the shares you sell will be sent by Federal Funds wire to a previously
designated bank account. It must be a commercial bank that is a member of the Federal Reserve wire system. To find out how to set up
this feature on your account or to arrange a wire, call the Transfer Agent at 1.800.645.2028.

HOW DO YOU SELL SHARES BY MAIL? Write a letter of instruction that includes:
o Your name
o The Fund's name
o Your Fund account number (from your account statement)
o The dollar amount or number of shares to be redeemed
o Any special payment instructions
o The signatures of all registered owners exactly as the account is registered, and
o Any special documents requested by the Transfer Agent to assure proper authorization of the person asking to sell the
shares.
Use the following address for regular mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217
Use the following address for courier or express mail:
OppenheimerFunds Services
12100 East Iliff Avenue
Suite 300
Aurora, Colorado 80014

Your shares will be sold at the next net asset value calculated after your order is received by the Transfer Agent in proper
form (which means that it must comply with the procedures described herein).

HOW DO YOU SELL SHARES BY TELEPHONE? You and your dealer representative of record may also sell your shares by telephone. To receive
the redemption price calculated on a particular regular business day, your call must be received by the Transfer Agent prior to the
time that the Fund's net asset value is calculated on that day.

Telephone Redemptions by Wire. The Federal Funds wire of the redemption proceeds will normally be transmitted on the business day
that the Fund receives your order; provided that such order is received in proper form (which means that it must comply with the
procedures described herein) prior to the time that the Fund's net asset value is calculated. There is a possibility that the wire
may be delayed up to seven days to enable the Fund to sell securities to pay the redemption proceeds. No dividends are accrued or
paid on the proceeds of shares that have been redeemed and are awaiting transmittal by wire.

CAN YOU SELL SHARES THROUGH A FINANCIAL INTERMEDIARY? The Distributor has made arrangements to repurchase Fund shares from dealers,
brokers and financial institutions on behalf of their customers. Brokers, dealers or other financial intermediaries may charge a
processing fee for that service. If shares are held in the name of a dealer or other financial intermediary, they must be redeemed
through the dealer or other financial intermediary.

Will I Pay a Sales Charge When I Sell My Shares? The Fund does not charge a fee when you redeem shares of this Fund that you bought
directly or by reinvesting dividends or distributions from this Fund.

Shareholder Account Rules and Policies

More information about the Fund's policies and procedures for buying and selling shares is contained in the Statement of
Additional Information.

No Annual "Minimum Balance Fee" is assessed on any Fund account. You do not need to maintain a minimum balance in your Fund account.
The offering of shares may be suspended during any period in which the determination of net asset value is suspended, and the
offering may be suspended by the Board of Trustees at any time the Board believes it is in the Fund's best interest to do so.
Telephone transaction privileges for purchases or redemptions may be modified, suspended or terminated by the Fund at any time. The
Fund will provide you notice whenever it is required to do so by applicable law. If an account has more than one owner, the Fund and
the Transfer Agent may rely on the instructions of any one owner. Telephone privileges apply to each owner of the account and the
dealer representative of record for the account unless the Transfer Agent receives cancellation instructions from an owner of the
account.
The Transfer Agent will record any telephone calls to verify data concerning transactions and has adopted other procedures to confirm
that telephone instructions are genuine, by requiring callers to provide tax identification numbers and other account data and by
confirming such transactions in writing. The Transfer Agent and the Fund will not be liable for losses or expenses arising out of
telephone instructions reasonably believed to be genuine.
Redemption or transfer requests will not be honored until the Transfer Agent receives all required documents in proper form. From
time to time, the Transfer Agent in its discretion may waive certain of the requirements for redemptions stated in this prospectus.
Payment for redeemed shares ordinarily is made in cash and transmitted on the business day that the Fund receives your order;
provided that such order is received in proper form (which means that it must comply with the procedures described herein) prior to
the time that the Fund's net asset value is calculated. There is a possibility, however, that the wire may be delayed up to seven
days. Further, under unusual circumstances determined by the Securities and Exchange Commission, payment may be delayed or suspended.
The Transfer Agent may delay processing any type of redemption payment as described under "How to Sell Shares" for recently purchased
shares, but only until the purchase payment has cleared.
Shares may be "redeemed in kind" under unusual circumstances (such as a lack of liquidity in the Fund's portfolio to meet
redemptions). This means that the redemption proceeds will be paid with liquid securities from the Fund's portfolio. If the Fund
redeems your shares in kind, you may bear transaction costs and will bear market risks until such time as such securities are
converted into cash.
Federal regulations may require the Fund to obtain your name, your date of birth (for a natural person), your residential street
address or principal place of business and your Social Security Number or Employer Identification Number or other government issued
identification when you open an account. Additional information may be required in certain circumstances to open corporate accounts.
The Fund or the Transfer Agent may use this information to attempt to verify an investor's identity. The Fund may not be able to
establish an account if the necessary information is not received. The Fund may also place limits on account transactions while it is
in the process of attempting to verify an investor's identity. Additionally, if the Fund is unable to verify your identity after your
account is established, the Fund may be required to redeem the shares and close the account.
"Backup withholding" of federal income tax may be applied against taxable dividends, distributions and redemption proceeds if you
fail to furnish the Fund your correct, certified Social Security or Employer Identification Number when you sign your application, or
if you under-report your income to the Internal Revenue Service.
To avoid sending duplicate copies of materials to investors, the Fund will mail only one copy of each prospectus, annual and
semi-annual report and annual notice of the Fund's privacy policy to shareholders having the same last name and address on the Fund's
records. The consolidation of these mailings, called householding, benefits the Fund through reduced mailing expense.

If you want to receive multiple copies of these materials, you may call the Transfer Agent at 1.800.645.2028. You may also
notify the Transfer Agent in writing. Individual copies of prospectuses, reports and privacy notices will be sent to you commencing
within 30 days after the Transfer Agent receives your request to stop householding.

Dividends and Taxes

DIVIDENDS. The Fund intends to declare dividends from net investment income one hour after the close of trading on the NYSE on each
regular business day to shareholders of record. These dividends accrue daily and are distributed on the last business day of each
month.

To maintain a net asset value of $1.00 per share, the Fund might withhold dividends or make distributions from capital or
capital gains. Daily dividends will be declared but not paid on newly purchased shares before Federal Funds are available to the Fund
from the purchase payment for such shares.

CAPITAL GAINS. The Fund normally holds its securities to maturity and therefore will not usually pay capital gains. Although the Fund
does not seek capital gains, it could realize capital gains on the sale of portfolio securities. If it does, it may make
distributions out of any net short-term or long-term capital gains annually. The Fund may make supplemental distributions of
dividends and capital gains following the end of its fiscal year.

WHAT CHOICES DO YOU HAVE FOR RECEIVING DISTRIBUTIONS? When you open your account, specify on your application how you want to receive
your dividends and distributions. You have three options:
Reinvest All Distributions in the Fund. You can elect to reinvest all dividends and capital gains distributions in additional shares
of the Fund.
Reinvest Dividends or Capital Gains. You can elect to reinvest some distributions (dividends, short-term capital gains or long-term
capital gains distributions) in the Fund while receiving the other types of distributions by Federal Fund wire.
Receive All Distributions in Cash. You can elect to receive cash for all dividends and capital gains distributions forwarded by
Federal Funds wire.

TAXES. If your shares are not held in a tax-deferred retirement account, you should be aware of the following tax implications of
investing in the Fund. The Fund expects that its distributions will consist primarily of ordinary income, which is subject to Federal
income tax and may be subject to state or local taxes. Dividends paid from net investment income and short-term capital gains are
taxable as ordinary income. Long-term capital gains are taxable as long-term capital gains when distributed to shareholders. It does
not matter how long you have held your shares. Whether you reinvest your distributions in additional shares or take them in cash, the
tax treatment is the same.

Distributions of interest income from U.S. government securities are generally, but not uniformly, free from state and
local income taxes. For example, particular states and localities may deny the exemption in the case of particular taxpayers, such as
corporations, or in the case of certain types of securities, such as repurchase agreements, asset-backed securities and obligations
guaranteed, but not issued, by the U.S. government. States and municipalities may also impose special conditions on distributions
from regulated investment companies. You are encouraged to consult your tax adviser on the availability of any exemption under state
and local law

Every year the Fund will send you and the Internal Revenue Service a statement showing the amount of any taxable
distribution you received in the previous year. Any long-term capital gains will be separately identified in the tax information the
Fund sends you after the end of the calendar year.

The Fund intends each year to qualify as a "regulated investment company" under the Internal Revenue Code, but reserves the
right not to qualify. The Fund, as a regulated investment company, will not be subject to Federal income taxes on any of its income,
provided that it satisfies certain income, diversification and distributions requirements.

Because the Fund seeks to maintain a stable $1.00 per share net asset value, it is unlikely that you will have a capital
gain or loss when you sell your shares. A capital gain or loss is the difference between the price you paid for the shares and the
price you received when you sold them. Any capital gain is subject to capital gains tax.

In certain cases, distributions made by the Fund may be considered a non-taxable return of capital to shareholders,
resulting in a reduction in the basis in their shares. If this occurs, the Fund will notify you.

If you are neither a lawful permanent resident nor a citizen of the United States, or if you are a foreign entity, the
Fund's ordinary income dividends (which include distributions of net short-term capital gain) generally will be subject to a 30% U.S.
withholding tax, unless a lower rate applies under an income tax treaty. For the Fund's taxable year beginning in 2008, certain
distributions that are designated by the Fund as interest-related dividends or short-term gain dividends and paid to a foreign
shareholder may be eligible for an exemption from U.S. withholding tax. To the extent the Fund's distributions are derived from
dividends, they will not be eligible for this exemption.

This information is only a summary of certain Federal income tax information about your investment. You should consult with
your tax adviser about the effect of an investment in the Fund on your particular tax situation. Additional information about the tax
information of investing in the Fund is contained in the Statement of Additional Information.

Financial Highlights

Financial information is not provided for the Fund because, as of the date of
this prospectus, the Fund has not commenced operations.

INFORMATION AND SERVICES

For More Information on Oppenheimer Institutional Treasury Money Market Fund
The following additional information about the Fund is available without charge upon request:

STATEMENT OF ADDITIONAL INFORMATION. This document includes additional information about the Fund's investment policies, risks, and
operations. It is incorporated by reference into this prospectus (which means it is legally part of this prospectus).

ANNUAL AND SEMI-ANNUAL REPORTS. Additional information about the Fund's investments and performance will be available in the Fund's
Annual and Semi-Annual Reports to shareholders. The Annual Report will include a discussion of market conditions and investment
strategies that significantly affect the Fund's performance during its fiscal year.

How to Get More Information
You can request the Statement of Additional Information, the Annual and Semi-Annual Reports, the notice explaining the Fund's privacy
policy and other information about the Fund or your account:

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By Telephone: Call OppenheimerFunds Services toll-free:
1.800.645.2028
------------------------------------------- ---------------------------------------------------------------------
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By Mail: Write to:
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217-5270
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Information about the Fund including the Statement of Additional Information can be reviewed and copied at the Securities and
Exchange Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be
obtained by calling the Securities and Exchange Commission at 1.202.551.8090. Reports and other information about the Fund are
available on the EDGAR database on the Securities and Exchange Commission's Internet website at www.sec.gov. Copies may be obtained
after payment of a duplicating fee by electronic request at the Securities and Exchange Commission's e-mail address:
publicinfo@sec.gov or by writing to the Securities and Exchange Commission's Public Reference Section, Washington, D.C. 20549-0102.

No one has been authorized to provide any information about the Fund or to make any representations about the Fund other than
what is contained in this prospectus. This prospectus is not an offer to sell shares of the Fund, nor a solicitation of an
offer to buy shares of the Fund, to any person in any state or other jurisdiction where it is unlawful to make such an offer.

The Fund's shares are distributed by: [logo] OppenheimerFunds Distributor, Inc.
The Fund's SEC File No. ____________
Printed on recycled paper.
PR_____________

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Oppenheimer Institutional Treasury Money Market Fund
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6803 S. Tucson Way, Centennial, Colorado 80112-3924
1.800.645.2028

Statement of Additional Information dated ________, 2009

This Statement of Additional Information ("SAI") is not a Prospectus.
This document contains additional information about the Fund and supplements
information in the Prospectus dated ____________, 2009. It should be read
together with the Prospectus, which may be obtained by writing to the Fund's
Transfer Agent, OppenheimerFunds Services, at P.O. Box 5270, Denver, Colorado
80217, or by calling the Transfer Agent at the toll-free number shown above.

Contents Page

About the Fund
Additional Information about the Fund's Investment Policies and Risks.........
The Fund's Investment Policies.............................................
Other Investment Strategies................................................
Other Investment Restrictions..............................................
Disclosure of Portfolio Holdings...........................................
How the Fund is Managed.......................................................
Organization and History...................................................
Board of Trustees and Oversight Committees.................................
Trustees and Officers of the Fund..........................................
The Manager................................................................
Brokerage Policies of the Fund................................................
Service Plan .................................................................
Payments to Fund Intermediaries...............................................
Performance of the Fund.......................................................

About Your Account
How To Buy Shares.............................................................
How To Sell Shares............................................................
Dividends and Taxes...........................................................
Additional Information About the Fund.........................................

Financial Information About the Fund
Report of Independent Registered Public Accounting Firm.......................
Financial Statements..........................................................

Appendix A: Ratings Definitions............................................A-1

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A B O U T T H E F U N D
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Additional Information About the Fund's Investment Policies and Risks

......The investment objective and the principal investment policies of the
Fund are described in the Prospectus. This SAI contains supplemental
information about those policies and the types of securities that the Fund's
investment adviser, OppenheimerFunds, Inc. (the "Manager"), may select for
the Fund. Additional explanations are also provided about the strategies the
Fund may use to try to achieve its objective.

The Fund's Investment Policies. The Fund's objective is to seek current
income with liquidity and stability of principal. The Fund will not make
investments with the objective of seeking capital growth. However, the value
of the securities held by the Fund may be affected by changes in general
interest rates.

Because the current value of debt securities varies inversely with
changes in prevailing interest rates, if interest rates increase after a
security is purchased, that security would normally decline in value.
Conversely, if interest rates decrease after a security is purchased, its
value would rise. However, those fluctuations in value will not generally
result in realized gains or losses to the Fund, since the Fund does not
usually intend to dispose of securities prior to their maturity. A debt
security held to maturity is redeemable by its issuer at full principal value
plus accrued interest regardless of the security's market value fluctuation.
At times, however, the Fund may sell securities prior to their maturity, to
attempt to take advantage of short-term market variations, or because of a
revised credit evaluation of the issuer or for other considerations. The Fund
may also do so to generate cash to satisfy redemptions of Fund shares. In
such cases, the Fund may realize a capital gain or loss on the security.

|X| Ratings of Securities -- Portfolio Quality, Maturity and
Diversification. Rule 2a-7 of the Investment Company Act of 1940, as amended
(the "Investment Company Act") places restrictions on a money market fund's
investments. Under that Rule, the Fund may purchase only those securities
that the Manager, under procedures approved by the Fund's Board of Trustees
(the "Board"), has determined have minimal credit risks and are "Eligible
Securities." The rating restrictions described in the Prospectus and this SAI
do not apply to banks in which the Fund's cash is kept.

An "Eligible Security" is one that has a remaining maturity of 397
calendar days or less and has been rated in one of the two highest short-term
rating categories for short-term debt obligations by any two "nationally
recognized statistical rating organizations," if two such organizations have
rated it. The term "nationally recognized statistical rating organization"
is defined in Rule 2a-7 and is referred to as a "Rating Organization" in this
SAI. If only one Rating Organization has rated that security, it must have
been rated in one of the two highest rating categories by that Rating
Organization. An unrated security that is judged by the Manager, subject to
review by the Fund's Board, to be of comparable quality to Eligible
Securities rated by Rating Organizations may also be an "Eligible Security"
under Rule 2a-7.

Rule 2a-7 permits the Fund to purchase any number of "First Tier
Securities." These are Eligible Securities that have been rated in the
highest rating category for short-term debt obligations by two Rating
Organizations, if two such organizations have rated it. If only one Rating
Organization has rated a particular security, it must have been rated in the
highest rating category by that Rating Organization. Comparable unrated
securities may also be determined to be First Tier Securities.

Under Rule 2a-7, the Fund may invest up to only 5% of its total assets
in "Second Tier Securities." Those are Eligible Securities that are not
"First Tier Securities" as described above. In addition, the Fund may not
invest more than:
o? 5% of its total assets in the securities of any one issuer (other than
U.S. Government Securities, as defined below); provided, however, that
the Fund may invest up to 25% of its total assets in the First Tier
Securities of a single issuer for a period of up to three business days
after the acquisition thereof; provided, further, that the Fund may not
invest in the securities of more than one issuer in accordance with the
foregoing proviso at any time; or
o 1% of its total assets or $1 million (whichever is greater) in Second
Tier Securities of any one issuer (other than U.S. Government
Securities, as defined below).

Under Rule 2a-7, the Fund must maintain a dollar-weighted average
portfolio maturity of not more than 90 days, and any single portfolio
investment may not exceed 397 calendar days remaining to maturity. The Board
regularly reviews reports from the Manager to show the Manager's compliance
with the Fund's procedures and with this Rule.

If a security's credit rating is downgraded, the Manager and/or the
Board may have to reassess the security's credit risk. If a security has
ceased to be a First Tier Security, the Manager will promptly reassess
whether the security continues to present minimal credit risk. If the Manager
becomes aware that any Rating Organization has downgraded its rating of a
Second Tier Security or rated an unrated security below its second highest
rating category, the Fund's Board of Trustees shall promptly reassess whether
the security presents minimal credit risk and whether it is in the best
interests of the Fund to dispose of it.

If the Fund disposes of the security within five days of the Manager
learning of the downgrade, the Manager will provide the Board with subsequent
notice of such downgrade. If a security is in default, or ceases to be an
Eligible Security, or is determined no longer to present minimal credit
risks, the Board must determine whether it would be in the best interests of
the Fund to dispose of the security.

The Rating Organizations currently designated as nationally-recognized
statistical rating organizations by the Securities and Exchange Commission
("SEC") are A.M. Best Company, Inc., Dominion Bond Rating Service Limited,
Standard & Poor's (a division of the McGraw-Hill Companies), Moody's
Investors Service, Inc., Fitch, Inc., Japan Credit Rating Agency, Ltd.,
Rating and Investment Information, Inc., Egan-Jones Rating Co., Lace
Financial, Inc. and Realpoint LLC. Appendix A to this SAI contains
descriptions of the rating categories of some of those Rating Organizations.
Ratings at the time of purchase will determine whether securities may be
acquired under the restrictions described above.

|X| Obligations issued or guaranteed by the U.S. Treasury. The Fund
invests its assets in U.S. Treasury bills (which mature within one year of
the date they are issued), Treasury notes and bonds (which are issued with
longer maturities), and other obligations issued or guaranteed by the U.S.
Treasury. Such obligations are backed by the full faith and credit of the
United States. The Fund may also invest in debt instruments of non-U.S.
Government entities that are backed by the full faith and credit of the
United States pursuant to the Federal Deposit Insurance Corporation (FDIC)
Debt Guarantee Program or other similar programs that may be established by
the United States Government from time to time.

|X| Repurchase Agreements. The Fund may enter into repurchase agreements
which are fully collateralized by U.S. Treasury securities. It might do so
for, among other reasons, liquidity purposes to meet anticipated redemptions
of Fund shares, or pending the investment of the proceeds from sales of Fund
shares, or pending the settlement of portfolio securities transactions.

In a repurchase transaction, the Fund acquires a security from, and
simultaneously resells it to, an approved counterparty for delivery on an
agreed-upon future date. The resale price exceeds the purchase price by an
amount that reflects an agreed-upon interest rate effective for the period
during which the repurchase agreement is in effect. An "approved vendor" may
be a U.S. commercial bank, the U.S. branch of a foreign bank, or a
broker-dealer which has been designated a primary dealer in government
securities; provided however, if a broker-dealer is a subsidiary of a U.S.
commercial bank or the U.S. branch of a foreign bank, such broker-dealer does
not need to be designated as a primary dealer in government securities. They
must meet the credit requirements set by the Manager from time to time.

The majority of these transactions run from day-to-day, and delivery
pursuant to the resale typically will occur within one to five days of the
purchase. Repurchase agreements having a maturity beyond seven days are
subject to the Fund's limits on holding illiquid investments. There is no
limit on the amount of the Fund's net assets that may be subject to
repurchase agreements having maturities of seven days or less.

Repurchase agreements, considered "loans" under the Investment Company
Act, are collateralized by the underlying security. The Fund's repurchase
agreements require that at all times while the repurchase agreement is in
effect, the collateral's value must equal or exceed the repurchase price to
fully collateralize the repayment obligation. However, if the vendor fails to
pay the resale price on the delivery date, the Fund may incur costs in
disposing of the collateral and may experience losses if there is any delay
in its ability to do so. The Manager will impose creditworthiness
requirements to confirm that the vendor is financially sound and will
continuously monitor the collateral's value.

The Fund, along with other affiliated entities managed by the Manager,
may transfer uninvested cash balances into one or more joint repurchase
accounts. These balances are invested in one or more repurchase agreements.
Securities pledged as collateral for repurchase agreements are held by a
custodian bank until the agreements mature. Each joint repurchase arrangement
requires that the market value of the collateral be sufficient to cover
payments of interest and principal; however, in the event of default by the
other party to the agreement, retention of the collateral may be subject to
legal proceedings.

Other Investment Strategies

|X| Floating Rate/Variable Rate Obligations. The Fund may invest in
instruments with floating or variable interest rates. The interest rate on a
floating rate obligation is based on a stated prevailing market rate, such as
a bank's prime rate, the 90-day U.S. Treasury Bill rate, the rate of return
on commercial paper or bank certificates of deposit, or some other standard.
The rate on the investment is adjusted automatically each time the market
rate is adjusted. The interest rate on a variable rate obligation is also
based on a stated prevailing market rate but is adjusted automatically at a
specified interval of not less than one year. Some variable rate or floating
rate obligations in which the Fund may invest have a demand feature entitling
the holder to demand payment of an amount approximately equal to the
amortized cost of the instrument or the principal amount of the instrument
plus accrued interest at any time, or at specified intervals not exceeding
one year. These notes may or may not be backed by bank letters of credit.

Variable rate demand notes may include master demand notes, which are
obligations that permit the Fund to invest fluctuating amounts in a note. The
amount may change daily without penalty, pursuant to direct arrangements
between the Fund, as the note purchaser, and the issuer of the note. The
interest rates on these notes fluctuate from time to time. The issuer of this
type of obligation normally has a corresponding right in its discretion,
after a given period, to prepay the outstanding principal amount of the
obligation plus accrued interest. The issuer must give a specified number of
days' notice to the holders of those obligations. Generally, the changes in
the interest rate on those securities reduce the fluctuation in their market
value. As interest rates decrease or increase, the potential for capital
appreciation or depreciation is less than that for fixed-rate obligations
having the same maturity.

Because these types of obligations are direct lending arrangements
between the note purchaser and issuer of the note, these instruments
generally will not be traded. Generally, there is no established secondary
market for these types of obligations, although they are redeemable from the
issuer at face value. Accordingly, where these obligations are not secured by
letters of credit or other credit support arrangements, the Fund's right to
redeem them is dependent on the ability of the note issuer to pay principal
and interest on demand. These types of obligations usually are not rated by
credit rating agencies. The Fund may invest in obligations that are not rated
only if the Manager determines at the time of investment that the obligations
are of comparable quality to the other obligations in which the Fund may
invest. The Manager, on behalf of the Fund, will monitor the creditworthiness
of the issuers of the floating and variable rate obligations in the Fund's
portfolio on an ongoing basis.

|X| "When-Issued" and "Delayed-Delivery" Transactions. The Fund may
invest in securities on a "when-issued" basis and may purchase or sell
securities on a "delayed-delivery" (or "forward-commitment") basis.
When-issued and delayed-delivery are terms that refer to securities whose
terms and indenture are available and for which a market exists, but which
are not available for immediate delivery.

When such transactions are negotiated, the price (which is
generally expressed in yield terms) is fixed at the time the commitment is
made. Delivery and payment for the securities normally take place at a later
date. The securities are subject to change in value from market fluctuations
during the period until settlement. The value at delivery may be less than
the purchase price. For example, changes in interest rates in a direction
other than that expected by the Manager before settlement will affect the
value of such securities and may cause a loss to the Fund. During the period
between purchase and settlement, no payment is made by the Fund to the issuer
and no interest accrues to the Fund from the investment until it receives the
security at settlement.

The Fund will engage in when-issued transactions to secure
what the Manager considers to be an advantageous price and yield at the time
of entering into the obligation. When the Fund enters into a when-issued or
delayed-delivery transaction, it relies on the other party to complete the
transaction. Its failure to do so may cause the Fund to lose the opportunity
to obtain the security at a price and yield the Manager considers to be
advantageous.

When the Fund engages in when-issued and delayed-delivery
transactions, it does so for the purpose of acquiring or selling securities
consistent with its investment objective and policies for its portfolio, and
not for the purpose of investment leverage.

Although the Fund will enter into delayed-delivery or when-issued
purchase transactions to acquire securities, it may dispose of a commitment
prior to settlement. If the Fund chooses to dispose of the right to acquire a
when-issued security prior to its acquisition or to dispose of its right to
delivery or receive against a forward commitment, it may incur a gain or loss.

At the time the Fund makes the commitment to purchase or sell
a security on a when-issued or delayed-delivery basis, it records the
transaction on its books and reflects the value of the security purchased in
determining the Fund's net asset value. In a sale transaction, it records the
proceeds to be received. The Fund will identify on its books liquid assets at
least equal in value to the value of the Fund's purchase commitments until
the Fund pays for the investment.

When issued and delayed-delivery transactions can be used by
the Fund as a defensive technique to hedge against anticipated changes in
interest rates and prices. For instance, in periods of rising interest rates
and falling prices, the Fund might sell securities in its portfolio on a
forward commitment basis to attempt to limit its exposure to anticipated
falling prices. In periods of falling interest rates and rising prices, the
Fund might sell portfolio securities and purchase the same or similar
securities on a when-issued or delayed-delivery basis to obtain the benefit
of currently higher cash yields.

|X| Investment in Other Investment Companies. The Fund can also invest in
the securities of other investment companies, subject to the limits set forth
in the Investment Company Act that apply to those types of investments. As a
shareholder of an investment company, the Fund would be subject to its
ratable share of that investment company's expenses, including its advisory
and administration expenses. The Fund does not anticipate investing a
substantial amount of its net assets in shares of other investment companies.

|X| Illiquid Securities. Under the policies and procedures
established by the Fund's Board of Trustees, the Manager determines the
liquidity of certain of the Fund's investments. Investments may be illiquid
because of the absence of an active trading market, making it difficult to
value them or dispose of them promptly at an acceptable price.

Illiquid securities the Fund can buy include issues that may be
redeemed only by the issuer upon more than seven days notice or at maturity,
repurchase agreements maturing in more than seven days, and other securities
that cannot be sold freely due to legal or contractual restrictions on
resale. Contractual restrictions on the resale of illiquid securities might
prevent or delay their sale by the Fund at a time when such sale would be
desirable.

|X| Loans of Portfolio Securities. The Fund may lend its portfolio
securities pursuant to a Securities Lending Agency Agreement (the "Securities
Lending Agreement") with Goldman Sachs Bank USA, doing business as Goldman
Sachs Agency Lending ("Goldman Sachs"), subject to the restrictions stated in
the Prospectus. The Fund will lend portfolio securities to attempt to
increase its income. Goldman Sachs has agreed, in general, to guarantee the
obligations of borrowers to return loaned securities and to be responsible
for certain expenses relating to securities lending. Under the Securities
Lending Agreement, the Fund's securities lending procedures and applicable
regulatory requirements (which are subject to change), the Fund must receive
collateral from the borrower consisting of cash, bank letters of credit or
securities of the U.S. government (or its agencies or instrumentalities). On
each business day, the amount of collateral that the Fund has received must
at least equal the value of the loaned securities. If the Fund receives cash
collateral from the borrower, the Fund may invest that cash in certain high
quality, short-term investments specified in its securities lending
procedures. The Fund will be responsible, for the risks associated with the
investment of cash collateral, including the risk that the Fund may lose
money in the investment or may fail to earn sufficient income to meet its
obligations to the borrower.

The terms of the Fund's portfolio loans must comply with all the
applicable regulations and with the Fund's Securities Lending Procedures
adopted by the Board. The terms of the loans must permit the Fund to recall
loaned securities on five business days' notice and the Fund will seek to
recall loaned securities in time to vote on any matter that the Manager
determines would have a material effect on the Fund's investment. The
Securities Lending Agreement may be terminated by either Goldman Sachs of the
Fund on 30 days' written notice.

Other Investment Restrictions

|X| What Are "Fundamental Policies?" Fundamental policies are those
policies that the Fund has adopted to govern its investments that can be
changed only by the vote of a "majority" of the Fund's outstanding voting
securities. Under the Investment Company Act, a "majority" vote is defined as
the vote of the holders of the lesser of:
o? 67% or more of the shares present or represented by proxy at a
shareholder meeting, if the holders of more than 50% of the
outstanding shares are present or represented by proxy, or
o more than 50% of the outstanding shares.

The Fund's investment objective is a fundamental policy. Other policies
described in the Prospectus or this SAI are "fundamental" only if they are
identified as such. The Fund's Board of Trustees can change non-fundamental
policies without shareholder approval. However, significant changes to
investment policies will be described in supplements or updates to the
Prospectus or this SAI, as appropriate. The Fund's principal investment
policies are described in the Prospectus.

|X| Does the Fund Have Additional Fundamental Policies? The following
investment restrictions are fundamental policies of the Fund as contemplated
by the Investment Company Act. The limitations of the following policies may
be changed to the extent that the corresponding provisions of the Act are
changed by amendment, exemptive or interpretive relief:
o? The Fund cannot make any investment inconsistent with the Fund's
classification as a diversified investment company under the
Investment Company Act.
o The Fund cannot invest more than 5% of its total assets in the
securities of any issuer (except the U.S. government or its
agencies or instrumentalities); provided, however, that the Fund
may invest up to 25% of its total assets in the First Tier
Securities of a single issuer for a period of up to three
business days after the acquisition thereof; provided, further,
that the Fund may not invest in the securities of more than one
issuer in accordance with the foregoing proviso at any time.
o? The Fund cannot invest more than 25% of its total assets, taken
at market value, in the securities of issuers in any particular
industry or group of related industries (excluding securities
issued by the U.S. Government and its agencies and
instrumentalities and certain instruments issued by domestic
banks).
o? The Fund cannot make loans, except to the extent permitted under
the Investment Company Act, the rules or regulations thereunder
or any exemption therefrom that is applicable to the Fund, as
such statute, rules or regulations may be amended or interpreted
from time to time.
o? The Fund may not borrow money, except to the extent permitted
under the Investment Company Act, the rules or regulations
thereunder or any exemption therefrom that is applicable to the
Fund, as such statute, rules or regulations may be amended or
interpreted from time to time.
o? The Fund cannot invest in real estate, physical commodities or
commodity contracts, except to the extent permitted under the
Investment Company Act, the rules or regulations thereunder or
any exemption therefrom, as such statute, rules or regulations
may be amended or interpreted from time to time.
o? The Fund may not underwrite securities issued by others, except
to the extent that a Fund may be considered an underwriter within
the meaning of the Securities Act of 1933, as amended, when
reselling securities held in its own portfolio.
o The Fund cannot issue senior securities to the extent such
issuance would violate applicable law.

Unless the Prospectus or this SAI states that a percentage restriction
applies on an ongoing basis, it applies only at the time the Fund makes an
investment (except in the case of borrowing and investments in illiquid
securities, if any). The Fund need not sell securities to meet the percentage
limits if the value of the investment increases in proportion to the size of
the Fund.

Certain of the above restrictions apply to the Fund only to the extent
required by the Investment Company Act, the rules or regulations thereunder
or any exemption therefrom. If the applicable provisions of the Investment
Company Act, the rules or regulations or any exemption should change, those
restrictions will automatically change to reflect the new requirements.
Therefore those fundamental policies may be changed without notice and
without a shareholder vote.

Currently, under the Investment Company Act, a mutual fund may borrow
only from banks and the maximum amount it may borrow is up to one-third of
its total assets (including the amount borrowed less all liabilities and
indebtedness other than borrowing), except that a fund may borrow up to 5% of
its total assets for temporary purposes from any person. Under the Investment
Company Act, there is a rebuttable presumption that a loan is temporary if it
is repaid within 60 days and not extended or renewed. In addition, the
Investment Company Act requires the Fund to adopt a fundamental policy
regarding investments in real estate. Although the Fund is not expected to
invest in real estate, to the extent consistent with the Fund's investment
objective and its policies, the Fund would be permitted to invest in debt
securities secured by real estate or interests in real estate, or issued by
companies, including real estate investment trusts, that invest in real
estate or interests in real estate. Although unlikely, it is possible that
the Fund could, as a result of an investment in debt securities of an issuer,
come to hold an interest in real estate if the issuer defaulted on its debt
obligations. Presently, under the Investment Company Act a registered mutual
fund cannot make any commitment as an underwriter, if immediately thereafter
the amount of its outstanding underwriting commitments, plus the value of its
investments in securities of issuers (other than investment companies) of
which it owns more than ten percent of the outstanding voting securities,
exceeds twenty-five percent of the value of its total assets.

|X| Does the Fund Have Additional Restrictions That Are Not "Fundamental"
Policies?

The Fund has additional operating policies that are not "fundamental,"
and which can be changed by the Board of Trustees without shareholder
approval, including the following.

The Fund cannot purchase securities other than U.S. Treasury bills,
notes and other U.S. obligations issued or guaranteed by the U.S. Treasury,
and repurchase agreements fully collateralized by such obligations.

For purposes of the Fund's policy not to concentrate its investments as
described above, the Fund has adopted classifications of industries and
groups of related industries. These classifications are not fundamental
policies.

Disclosure of Portfolio Holdings. The Fund has adopted policies and
procedures concerning the dissemination of information about its
portfolio holdings by employees, officers and/or directors of the
Manager, Distributor and Transfer Agent. These policies are designed to
assure that non-public information about portfolio securities is
distributed only for a legitimate business purpose, and is done in a
manner that (a) conforms to applicable laws and regulations and (b) is
designed to prevent that information from being used in a way that could
negatively affect the Fund's investment program or enable third parties
to use that information in a manner that is harmful to the Fund.

The Fund's portfolio holdings, as of the most recent prior close of the
New York Stock Exchange (the "NYSE"), are posed on the Fund's website at
www.oppenheimerfunds.com on each business day. Therefore, the Fund's
portfolio holdings are made publicly available no later than one business
day after the close of trading on the NYSE on each day on which the NYSE
is open. The Fund's portfolio holdings are also made publicly available
no later than 60 days after the close of each of the Fund's fiscal
quarters in its semi-annual report to shareholders, its annual report to
shareholders, or its Statements of Investments on Form N-Q. Those
documents are publicly available at the SEC.

Until publicly disclosed, the Fund's portfolio holdings are proprietary,
confidential business information. While recognizing the importance of
providing Fund shareholders with information about their Fund's
investments and providing portfolio information to a variety of third
parties to assist with the management, distribution and administrative
process, the need for transparency must be balanced against the risk that
third parties who gain access to the Fund's portfolio holdings
information could attempt to use that information to trade ahead of or
against the Fund, which could negatively affect the prices the Fund is
able to obtain in portfolio transactions or the availability of the
securities that portfolio managers are trading on the Fund's behalf.

The Manager and its subsidiaries and affiliates, employees, officers, and
directors, shall neither solicit nor accept any compensation or other
consideration (including any agreement to maintain assets in the Fund or
in other investment companies or accounts managed by the Manager or any
affiliated person of the Manager) in connection with the disclosure of
the Fund's non-public portfolio holdings. The receipt of investment
advisory fees or other fees and compensation paid to the Manager, and its
subsidiaries pursuant to agreements approved by the Fund's Board shall
not be deemed to be "compensation" or "consideration" for these purposes.
It is a violation of the Code of Ethics for any covered person to release
holdings in contravention of portfolio holdings disclosure policies and
procedures adopted by the Fund.

The Fund's complete portfolio holdings positions may be released to the
following categories of entities or individuals on an ongoing basis,
provided that such entity or individual either (1) has signed an
agreement to keep such information confidential and not trade on the
basis of such information or (2) is subject to fiduciary obligations, as
a member of the Fund's Board, or as an employee, officer and/or director
of the Manager, Distributor, or Transfer Agent, or their respective legal
counsel, not to disclose such information except in conformity with these
policies and procedures and not to trade for his/her personal account on
the basis of such information:

o Employees of the Fund's Manager, Distributor and Transfer Agent who
need to have access to such information (as determined by senior
officers of such entity),
o The Fund's independent registered public accounting firm,
o Members of the Fund's Board and the Board's legal counsel,
o The Fund's custodian bank,
o A proxy voting service designated by the Fund and its Board,
o Rating/ranking organizations (such as Lipper and Morningstar),
o Portfolio pricing services retained by the Manager to provide portfolio
security prices, and
o Dealers, to obtain bids (price quotations if securities are not priced
by the Fund's regular pricing services).

Portfolio holdings information (which may include information on
individual securities positions or multiple securities) may be provided
to the entities listed below (1) by portfolio traders employed by the
Manager in connection with portfolio trading, and (2) by the members of
the Manager's Security Valuation Group and Accounting Departments in
connection with portfolio pricing or other portfolio evaluation purposes:

o Brokers and dealers in connection with portfolio transactions
(purchases and sales);
o Brokers and dealers to obtain bids or bid and asked prices (if
securities held by the Fund are not priced by the Fund's regular
pricing services); and
o Dealers to obtain price quotations where the Fund is not identified as
the owner.

Portfolio holdings information (which may include information on the
Fund's entire portfolio or individual securities therein) may be provided
by senior officers of the Manager or attorneys on the legal staff of the
Manager, Distributor, or Transfer Agent, in the following circumstances:

o Response to legal process in litigation matters, such as responses to
subpoenas or in class action matters where the Fund may be part
of the plaintiff class (and seeks recovery for losses on a
security) or a defendant,
o Response to regulatory requests for information (the SEC, Financial
Industry Regulatory Authority ("FINRA"), state securities
regulators, and/or foreign securities authorities, including
without limitation requests for information in inspections or for
position reporting purposes),
o To potential sub-advisers of portfolios (pursuant to confidentiality
agreements),
o To consultants for retirement plans for plan sponsors/discussions at
due diligence meetings (pursuant to confidentiality agreements),
and
o Investment bankers in connection with merger discussions (pursuant to
confidentiality agreements).

Portfolio managers and analysts may, subject to the Manager's policies on
communications with the press and other media, discuss portfolio
information in interviews with members of the media, or in due diligence
or similar meetings with clients or prospective purchasers of Fund shares
or their financial intermediary representatives.

The Fund's shareholders may, under unusual circumstances (such as a lack
of liquidity in the Fund's portfolio to meet redemptions), receive
redemption proceeds of their Fund shares paid as pro rata shares of
securities held in the Fund's portfolio. In such circumstances,
disclosure of the Fund's portfolio holdings may be made to such
shareholders.

Any permitted release of otherwise non-public portfolio holdings
information must be in accordance with the Fund's then-current policy on
approved methods for communicating confidential information.

The Chief Compliance Officer (the "CCO") of the Fund and the Manager,
Distributor, and Transfer Agent shall oversee the compliance by the
Manager, Distributor, Transfer Agent, and their personnel with these
policies and procedures. At least annually, the CCO shall report to the
Fund's Board on such compliance oversight and on the categories of
entities and individuals to which disclosure of portfolio holdings of the
Fund has been made during the preceding year pursuant to these policies.
The CCO shall report to the Fund's Board any material violation of these
policies and procedures and shall make recommendations to the Board as to
any amendments that the CCO believes are necessary and desirable to carry
out or improve these policies and procedures.

The Manager and/or the Fund have entered into ongoing arrangements to
make available information about the Fund's portfolio holdings. One or
more of the Oppenheimer funds may currently disclose portfolio holdings
information based on ongoing arrangements to the following parties:

ABG Securities Fixed Income Securities Nomura Securities
ABN AMRO Fortis Securities Oppenheimer & Co.
AG Edwards Fox-Pitt, Kelton Oscar Gruss
Allen & Co Friedman, Billing, OTA
Ramsey
American Technology Research Gabelli Pacific Crest Securities
Auerbach Grayson Garp Research Piper Jaffray Inc.
Avondale Gartner Portales Partners
Banc of America Securities George K Baum & Co. Punk Ziegel & Co
Barra Goldman Sachs Raymond James
BB&T Howard Weil RBC
Bear Stearns HSBC Reuters
Belle Haven ISI Group RiskMetrics/ISS
Bloomberg ITG Robert W. Baird
BMO Capital Markets Janco Roosevelt & Cross
BNP Paribas Janney Montgomery Russell
Brean Murray Jefferies Sandler O'Neil
Brown Brothers JMP Securities Sanford C. Bernstein
Buckingham Research Group JNK Securities Scotia Capital Markets
Canaccord Adams Johnson Rice & Co Sidoti
Caris & Co. JP Morgan Securities Simmons
CIBC World Markets Kaufman Brothers Sander Morris Harris
Citigroup Global Markets Keefe, Bruyette & Woods Societe Generale
CJS Securities Keijser Securities Soleil Securities Group
Cleveland Research Kempen & Co. USA Inc. Standard & Poors
Cogent Kepler Equities/Julius Stanford Group
Baer Sec
Collins Stewart KeyBanc Capital Markets State Street Bank
Cowen & Company Lazard Freres & Co Stephens, Inc.
Craig-Hallum Capital Group Leerink Swan Stifel Nicolaus
LLC
Credit Agricole Cheuvreux Lehman Brothers Stone & Youngberg
N.A. Inc.
Credit Suisse Loop Capital Markets Strategas Research
Data Communique Louise Yamada Tech Sungard
Research
Daiwa Securities MainFirst Bank AG Suntrust Robinson
Humphrey
Davy Makinson Cowell US Ltd SWS Group
Deutsche Bank Securities McAdmas Wright Think Equity Partners
Dougherty Markets Merrill Lynch Thomas Weisel Partners
Dowling Miller Tabak Thomson Financial
Empirical Research Mizuho Securities UBS
Enskilda Securities Moodys Research Virtusa Corporation
Exane BNP Paribas Morgan Stanley Wachovia Securities
Factset Natexis Bleichroeder Wedbush
Fidelity Capital Markets Ned Davis Research Group Weeden
First Albany Needham & Co William Blair

How the Fund Is Managed

Organization and History. The Fund is a diversified, open-end management
investment company with an unlimited number of authorized shares of
beneficial interest. The Fund was organized as a Massachusetts business
trust on December 9, 2008.

|X| Classes of Shares. The Trustees are authorized, without shareholder
approval, to create new classes of shares, to reclassify unissued shares into
additional classes and to divide or combine the shares of a class into a
greater or lesser number of shares without changing the proportionate
beneficial interest of a shareholder in the Fund. Shares do not have
cumulative voting rights, preemptive rights or subscription rights. Shares
may be voted in person or by proxy at shareholder meetings.

The Fund currently offers three classes of shares: Class E, Class L and
Class P. All share classes invest in the same investment portfolio. Each
class of shares:

o has its own dividends and distributions,
o pays certain expenses which may be different for the different classes,
o will generally have different returns,
o will generally have separate voting rights on matters in which
interests of one class are different from interests of another
class, and
o votes as a class on matters that affect that class alone.

Shares are freely transferable, and each share of each class has one
vote at shareholder meetings, with fractional shares voting proportionally,
on matters submitted to a vote of shareholders. Each share of the Fund
represents an interest in the Fund proportionately equal to the interest of
each other share of the same class.

|X| Meetings of Shareholders. As a Massachusetts business trust, the Fund
is not required to hold, and does not plan to hold, regular annual meetings
of shareholders, but may hold shareholder meetings from time to time on
important matters or when required to do so by the Investment Company Act, or
other applicable law. Shareholders have the right, upon a vote or declaration
in writing of two-thirds of the outstanding shares of the Fund, to remove a
Trustee or to take other action described in the Fund's Declaration of Trust.

The Trustees will call a meeting of shareholders to vote on the removal of a
Trustee upon the written request of the record holders of 10% of its
outstanding shares. If the Trustees receive a request from at least 10
shareholders stating that they wish to communicate with other shareholders to
request a meeting to remove a Trustee, the Trustees will then either make the
Fund's shareholder list available to the applicants or mail their
communication to all other shareholders at the applicants' expense. The
shareholders making the request must have been shareholders for at least six
months and must hold shares of the Fund valued at $25,000 or more or
constituting at least 1% of the Fund's outstanding shares. The Trustees may
also take other action as permitted by the Investment Company Act.

|X| Shareholder and Trustee Liability. The Fund's Declaration of Trust
contains an express disclaimer of shareholder or Trustee liability for the
Fund's obligations. It also provides for indemnification and reimbursement of
expenses out of the Fund's property for any shareholder held personally
liable for its obligations. The Declaration of Trust also states that upon
request, the Fund shall assume the defense of any claim made against a
shareholder for any act or obligation of the Fund and shall satisfy any
judgment on that claim. Massachusetts law permits a shareholder of a business
trust (such as the Fund) to be held personally liable as a "partner" under
certain circumstances. However, the risk that a Fund shareholder will incur
financial loss from being held liable as a "partner" of the Fund is limited
to the relatively remote circumstances in which the Fund would be unable to
meet its obligations.

The Fund's contractual arrangements state that any person doing
business with the Fund (and each shareholder of the Fund) agrees under its
Declaration of Trust to look solely to the assets of the Fund for
satisfaction of any claim or demand that may arise out of any dealings with
the Fund. Additionally, the Trustees shall have no personal liability to any
such person, to the extent permitted by law.

Board of Trustees and Oversight Committees. The Fund is governed by a Board
of Trustees, which is responsible for protecting the interests of
shareholders under Massachusetts law. The Trustees meet periodically
throughout the year to oversee the Fund's activities, review its performance,
and review the actions of the Manager. The Board has an Audit Committee, a
Regulatory & Oversight Committee and a Governance Committee. Each committee
is comprised solely of Trustees who are not "interested persons" under the
Investment Company Act (the "Independent Trustees").

The members of the Audit Committee are David K. Downes (Chairman),
Phillip A. Griffiths, Mary F. Miller, Russell S. Reynolds, Jr., Joseph M.
Wikler and Peter I. Wold. The Audit Committee furnishes the Board with
recommendations regarding the selection of the Fund's independent registered
public accounting firm (also referred to as the "independent Auditors").
Other main functions of the Audit Committee outlined in the Audit Committee
Charter, include, but are not limited to: (i) reviewing the scope and results
of financial statement audits and the audit fees charged; (ii) reviewing
reports from the Fund's independent Auditors regarding the Fund's internal
accounting procedures and controls; (iii) reviewing reports from the
Manager's Internal Audit Department; (iv) maintaining a separate line of
communication between the Fund's independent Auditors and the Independent
Trustees; (v) reviewing the independence of the Fund's independent Auditors;
and (vi) pre-approving the provision of any audit or non-audit services by
the Fund's independent Auditors, including tax services, that are not
prohibited by the Sarbanes-Oxley Act, to the Fund, the Manager and certain
affiliates of the Manager.

The members of the Regulatory & Oversight Committee are Matthew P. Fink
(Chairman), David K. Downes, Phillip A. Griffiths, Joel W. Motley, Mary Ann
Tynan and Joseph M. Wikler. The Regulatory & Oversight Committee evaluates
and reports to the Board on the Fund's contractual arrangements, including
the Investment Advisory and Distribution Agreements, transfer agency and
shareholder service agreements and custodian agreements as well as the
policies and procedures adopted by the Fund to comply with the Investment
Company Act and other applicable law, among other duties as set forth in the
Regulatory & Oversight Committee's Charter.

The members of the Governance Committee are Joel W. Motley (Chairman),
Matthew P. Fink, Mary F. Miller, Russell S. Reynolds, Jr., Mary Ann Tynan and
Peter I. Wold. The Governance Committee reviews the Fund's governance
guidelines, the adequacy of the Fund's Codes of Ethics, and develops
qualification criteria for Board members consistent with the Fund's
governance guidelines, provides the Board with recommendations for voting
portfolio securities held by the Fund, and monitors the Fund's proxy voting,
among other duties set forth in the Governance Committee's Charter.

The Governance Committee's functions also include the selection and
nomination of Trustees, including Independent Trustees for election. The
Governance Committee may, but need not, consider the advice and
recommendation of the Manager and its affiliates in selecting nominees. The
full Board elects new Trustees except for those instances when a shareholder
vote is required.

To date, the Governance Committee has been able to identify from its
own resources an ample number of qualified candidates. Nonetheless, under the
current policy of the Board, if the Board determines that a vacancy exists or
is likely to exist on the Board, the Governance Committee will consider
candidates for Board membership including those recommended by the Fund's
shareholders. The Governance Committee will consider nominees recommended by
Independent Board members or recommended by any other Board members including
Board members affiliated with the Fund's Manager. The Governance Committee
may, upon Board approval, retain an executive search firm to assist in
screening potential candidates. Upon Board approval, the Governance Committee
may also use the services of legal, financial, or other external counsel that
it deems necessary or desirable in the screening process. Shareholders
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, New York
10281-1008, to the attention of the Board of Trustees of Oppenheimer
Institutional Treasury Money Market Fund, c/o the Secretary of the Fund.

Submissions should, at a minimum, be accompanied by the following: (1)
the name, address, and business, educational, and/or other pertinent
background of the person being recommended; (2) a statement concerning
whether the person is an "interested person" as defined in the Investment
Company Act; (3) any other information that the Fund would be required to
include in a proxy statement concerning the person if he or she was
nominated; and (4) the name and address of the person submitting the
recommendation and, if that person is a shareholder, the period for which
that person held Fund shares. Shareholders should note that a person who owns
securities issued by Massachusetts Mutual Life Insurance Company (the parent
company of the Manager) would be deemed an "interested person" under the
Investment Company Act. In addition, certain other relationships with
Massachusetts Mutual Life Insurance Company or its subsidiaries, with
registered broker-dealers, or with the Funds' outside legal counsel may cause
a person to be deemed an "interested person."

The Governance Committee has not established specific qualifications
that it believes must be met by a trustee nominee. In evaluating trustee
nominees, the Governance Committee considers, among other things, an
individual's background, skills, and experience; whether the individual is an
"interested person" as defined in the Investment Company Act; and whether the
individual would be deemed an "audit committee financial expert" within the
meaning of applicable SEC rules. The Governance Committee also considers
whether the individual's background, skills, and experience will complement
the background, skills, and experience of other Trustees and will contribute
to the Board. There are no differences in the manner in which the Governance
Committee evaluates nominees for trustees based on whether the nominee is
recommended by a shareholder. Candidates are expected to provide a mix of
attributes, experience, perspective and skills necessary to effectively
advance the interests of shareholders.

Trustees and Officers of the Fund. Except for Mr. Murphy, each of the
Trustees is an Independent Trustee. All of the Trustees are also directors or
trustees of the following Oppenheimer funds (referred to as "Board I Funds"):

Oppenheimer Absolute Return Fund Oppenheimer Multi-State Municipal Trust
Oppenheimer AMT-Free Municipals Oppenheimer Portfolio Series
Oppenheimer AMT-Free New York Municipals Oppenheimer Real Estate Fund
Oppenheimer Balanced Fund Oppenheimer Rochester Arizona Municipal Fund
Oppenheimer Rochester Maryland Municipal
Oppenheimer Baring China Fund Fund
Oppenheimer Rochester Massachusetts
Oppenheimer Baring Japan Fund Municipal Fund
Oppenheimer Rochester Michigan Municipal
Oppenheimer Baring SMA International Fund Fund
Oppenheimer Rochester Minnesota Municipal
Oppenheimer California Municipal Fund Fund
Oppenheimer Rochester North Carolina
Oppenheimer Capital Appreciation Fund Municipal Fund
Oppenheimer Developing Markets Fund Oppenheimer Rochester Ohio Municipal Fund
Oppenheimer Rochester Virginia Municipal
Oppenheimer Discovery Fund Fund
Oppenheimer Select Value Fund
Oppenheimer Emerging Growth Fund Oppenheimer Series Fund, Inc.
Oppenheimer Global Fund Oppenheimer SMA Core Bond Fund
Oppenheimer Global Opportunities Fund Oppenheimer SMA International Bond Fund
Oppenheimer Global Value Fund Oppenheimer Transition 2010 Fund
Oppenheimer Gold & Special Minerals Fund Oppenheimer Transition 2015 Fund
Oppenheimer International Diversified Fund Oppenheimer Transition 2020 Fund
Oppenheimer International Growth Fund Oppenheimer Transition 2025 Fund
Oppenheimer International Small Company
Fund Oppenheimer Transition 2030 Fund
Oppenheimer Transition 2040 Fund
Oppenheimer Institutional Money Market
Fund Oppenheimer Transition 2050 Fund
Oppenheimer Limited Term California
Municipal Fund OFI Tremont Core Strategies Hedge Fund
Oppenheimer Master International Value
Fund, LLC Oppenheimer U.S. Government Trust
Oppenheimer Money Market Fund, Inc.

In addition to being a Board Member of each of the Board I Funds,
Messrs. Downes and Wruble are directors or trustees of ten other portfolios
in the Oppenheimer fund complex.

Present or former officers, directors, trustees and employees (and
their immediate family members) of the Fund, the Manager and its affiliates,
and retirement plans established by them for their employees are permitted to
purchase Class A shares of the other Oppenheimer funds at net asset value
without sales charge. The sales charge on Class A shares is waived for that
group because of the reduced sales efforts realized by the Distributor.
Present or former officers, directors, trustees and employees (and their
eligible family members) of the Fund, the Manager and its affiliates, its
parent company and the subsidiaries of its parent company, and retirement
plans established for the benefit of such individuals, are also permitted to
purchase Class Y shares of the Oppenheimer funds that offer Class Y shares.

Messrs. Murphy, Edwards, Legg, Petersen, Vandehey, Wixted and Zack and
Mss. Wolf, Bullington, Bloomberg, Ruffle and Ives, who are officers of the
Fund, hold the same offices with one or more of the other Board I Funds. As
of the date of this SAI, the Fund had not commenced operations and therefore
none of the Trustees or officers owned shares of the Fund. In addition, none
of the Independent Trustees (nor any of their immediate family members) owns
securities of either the Manager or the Distributor of the Board I Funds or
of any entity directly or indirectly controlling, controlled by or under
common control with the Manager or the Distributor.

Biographical Information. The Trustees and officers, their positions
with the Fund, length of service in such position(s) and principal
occupations and business affiliations during at least the past five years are
listed in the charts below. The charts also include information about each
Trustee's beneficial share ownership in the Fund and in all of the registered
investment companies that the Trustee oversees in the Oppenheimer family of
funds ("Supervised Funds"). 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.

-------------------------------------------------------------------------------------------
Independent Trustees
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Name, Position(s) Principal Occupation(s) During the Past Dollar Aggregate
Dollar Range
Range of Of Shares
5 Years; Other Shares Beneficially
Held with the Fund, Trusteeships/Directorships Held; Number Beneficially Owned in
Length of Service, of Portfolios in the Fund Complex Owned in Supervised
Age Currently Overseen the Fund Funds
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
As of December 31, 2008
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Brian F. Wruble, General Partner of Odyssey Partners, None Over $100,000
Chairman of the L.P. (hedge fund) (September
Board of Trustees 1995-December 2007); Director of Special
since 2007, Value Opportunities Fund, LLC
Trustee since 2009, (registered investment company)
Age: 65 (affiliate of the Manager's parent
company) (since September 2004);
Chairman (since August 2007) and Trustee
(since August 1991) of the Board of
Trustees of The Jackson Laboratory
(non-profit); Treasurer and Trustee of
the Institute for Advanced Study
(non-profit educational institute)
(since May 1992); Member of Zurich
Financial Investment Management Advisory
Council (insurance) (2004-2007); Special
Limited Partner of Odyssey Investment
Partners, LLC (private equity
investment) (January 1999-September
2004). Oversees 62 portfolios in the
OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
David K. Downes, Independent Chairman GSK Employee None Over $100,000
Trustee since 2009 Benefit Trust (since April 2006);
Age: 68 Director of Correctnet (since January
2006); Trustee of Employee Trusts (since
January 2006); President, Chief
Executive Officer and Board Member of
CRAFund Advisors, Inc. (investment
management company) (since January
2004); Director of Internet Capital
Group (information technology company)
(since October 2003); Independent
Chairman of the Board Trustees of Quaker
Investment Trust (registered investment
company) (2004-2007); President of The
Community Reinvestment Act Qualified
Investment Fund (investment management
company) (2004-2007); Chief Operating
Officer and Chief Financial Officer of
Lincoln National Investment Companies,
Inc. (subsidiary of Lincoln National
Corporation, a publicly traded company)
and Delaware Investments U.S., Inc.
(investment management subsidiary of
Lincoln National Corporation)
(1993-2003); President, Chief Executive
Officer and Trustee of Delaware
Investment Family of Funds (1993-2003);
President and Board Member of Lincoln
National Convertible Securities Funds,
Inc. and the Lincoln National Income
Funds, TDC (1993-2003); Chairman and
Chief Executive Officer of Retirement
Financial Services, Inc. (registered
transfer agent and investment adviser
and subsidiary of Delaware Investments
U.S., Inc.) (1993-2003); President and
Chief Executive Officer of Delaware
Service Company, Inc. (1995-2003); Chief
Administrative Officer, Chief Financial
Officer, Vice Chairman and Director of
Equitable Capital Management Corporation
(investment subsidiary of Equitable Life
Assurance Society) (1985-1992);
Corporate Controller of Merrill Lynch &
Company (financial services holding
company) (1977-1985); held the following
positions at the Colonial Penn Group,
Inc. (insurance company): Corporate
Budget Director (1974-1977), Assistant
Treasurer (1972-1974) and Director of
Corporate Taxes (1969-1972); held the
following positions at Price Waterhouse
& Company (financial services firm): Tax
Manager (1967-1969), Tax Senior
(1965-1967) and Staff Accountant
(1963-1965); United States Marine Corps
(1957-1959). Oversees 6 portfolios in
the OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Matthew P. Fink, Trustee of the Committee for Economic None Over $100,000
Trustee since 2009 Development (policy research foundation)
Age: 67 (since 2005); Director of ICI Education
Foundation (education foundation)
(October 1991-August 2006); President of
the Investment Company Institute (trade
association) (October 1991-June 2004);
Director of ICI Mutual Insurance Company
(insurance company) (October 1991-June
2004). Oversees 5 portfolios in the
OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Phillip A. Fellow of the Carnegie Corporation None Over $100,000
Griffiths, (since 2007); Distinguished Presidential
Trustee since 2009 Fellow for International Affairs (since
Age: 69 2002) and Member (since 1979) of the
National Academy of Sciences; Council on
Foreign Relations (since 2002); Director
of GSI Lumonics Inc. (precision medical
equipment supplier) (since 2001); Senior
Advisor of The Andrew W. Mellon
Foundation (since 2001); Chair of
Science Initiative Group (since 1999);
Member of the American Philosophical
Society (since 1996); Trustee of
Woodward Academy (since 1983); Foreign
Associate of Third World Academy of
Sciences; Director of the Institute for
Advanced Study (1991-2004); Director of
Bankers Trust New York Corporation
(1994-1999); Provost at Duke University
(1983-1991). Oversees 54 portfolios in
the OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Mary F. Miller, Trustee of International House None Over $100,000
Trustee since 2009 (not-for-profit) (since June 2007);
Age: 66 Trustee of the American Symphony
Orchestra (not-for-profit) (since
October 1998); and Senior Vice President
and General Auditor of American Express
Company (financial services company)
(July 1998-February 2003). Oversees 52
portfolios in the OppenheimerFunds
complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Joel W. Motley, Managing Director of Public Capital None Over $100,000
Trustee since 2009 Advisors, LLC (privately held financial
Age: 56 advisor) (since January 2006); Managing
Director of Carmona Motley, Inc.
(privately-held financial advisor)
(since January 2002); Director of
Columbia Equity Financial Corp.
(privately-held financial advisor)
(2002-2007); Managing Director of
Carmona Motley Hoffman Inc.
(privately-held financial advisor)
(January 1998-December 2001); Member of
the Finance and Budget Committee of the
Council on Foreign Relations, Member of
the Investment Committee of the
Episcopal Church of America, Member of
the Investment Committee and Board of
Human Rights Watch and Member of the
Investment Committee of Historic Hudson
Valley. Oversees 5 portfolios in the
OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Russell S. Reynolds, Chairman of RSR Partners (formerly "The None Over $100,000
Jr., Directorship Search Group, Inc.")
Trustee since 2009 (corporate governance consulting and
Age: 77 executive recruiting) (since 1993); Life
Trustee of International House
(non-profit educational organization);
Former Trustee of The Historical Society
of the Town of Greenwich; Former
Director of Greenwich Hospital
Association. Oversees 5 portfolios in
the OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Mary Ann Tynan, Vice Chair of Board of Trustees of None* None*
Trustee since 2009 Brigham and Woman's Hospital (non-profit
Age: 63Age: 63 hospital) (since 2000); Chair of Board
of Directors of Faulkner Hospital
(non-profit hospital) (since 1990);
Member of Audit and Compliance Committee
of Partners Health Care System
(non-profit) (since 2004); Board of
Trustees of Middlesex School
(educational institution) (since 1994);
Board of Directors of Idealswork, Inc.
(financial services provider) (since
2003); Member of Capital Campaign
Committee of Island Medical Center
(medical facility) (2006-2008); Partner,
Senior Vice President and Director of
Regulatory Affairs of Wellington
Management Company, LLP (global
investment manager) (1976- 2002); Vice
President and Corporate Secretary, John
Hancock Advisers, Inc. (mutual fund
investment adviser) (1970-1976).
Oversees 54 portfolios in the
OppenheimerFunds complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Joseph M. Wikler, Director of C-TASC (bio-statistics None Over $100,000
Trustee since 2009 services) (since 2007); Director of the
Age: 67 following medical device companies:
Medintec (since 1992) and Cathco (since
1996); Director of Lakes Environmental
Association (environmental protection
organization) (since 1996); Member of
the Investment Committee of the
Associated Jewish Charities of Baltimore
(since 1994); Director of
Fortis/Hartford mutual funds
(1994-December 2001). Oversees 5
portfolios in the OppenheimerFunds
complex.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Peter I. Wold, President of Wold Oil Properties, Inc. None Over $100,000
Trustee since 2009 (oil and gas exploration and production
Age: 60 company) (since 1994); Vice President of
American Talc Company, Inc. (talc mining
and milling) (since 1999); Managing
Member of Hole-in-the-Wall Ranch (cattle
ranching) (since 1979); Vice President,
Secretary and Treasurer of Wold Trona
Company, Inc. (soda ash processing and
production) (1996 - 2006); Director and
Chairman of the Denver Branch of the
Federal Reserve Bank of Kansas City
(1993-1999); and Director of PacifiCorp.
(electric utility) (1995-1999). Oversees
5 portfolios in the OppenheimerFunds
complex.
-------------------------------------------------------------------------------------------
* Ms. Tynan joined the Board of Trustees of the Fund on October 1, 2008.

Mr. Murphy is an "Interested Trustee" because he is affiliated with the
Manager by virtue of his positions as an officer and director of the Manager,
and as a shareholder of its parent company. The address of Mr. Murphy is Two
World Financial Center, 225 Liberty Street, 11th Floor, New York, New York
10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until
his resignation, retirement, death or removal and as an officer for an
indefinite term, or until his resignation, retirement, death or removal.

-------------------------------------------------------------------------------------------
Interested Trustee and Officer
-------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Name, Position(s) Principal Occupation(s) During the Past 5 Dollar Aggregate
Dollar Range
Range of Of Shares
Shares Beneficially
Held with Fund, Years; Other Trusteeships/Directorships Beneficially Owned in
Length of Held; Number of Portfolios in the Fund Owned in Supervised
Service, Age Complex Currently Overseen the Fund Funds
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
As of December 31, 2008
------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
John V. Murphy, Chairman, Chief Executive Officer and None Over $100,000
President and Director of the Manager since June 2001;
Principal President of the Manager (September
Executive Officer 2000-March 2007); President and a director
since 2006 and or trustee of other Oppenheimer funds;
Trustee since President and Director of Oppenheimer
2009 Acquisition Corp. ("OAC") (the Manager's
Age: 59 parent holding company) and of Oppenheimer
Partnership Holdings, Inc. (holding company
subsidiary of the Manager) (since July
2001); Director of OppenheimerFunds
Distributor, Inc. (subsidiary of the
Manager) (November 2001-December 2006);
Chairman and Director of Shareholder
Services, Inc. and of Shareholder Financial
Services, Inc. (transfer agent subsidiaries
of the Manager) (since July 2001);
President and Director of OppenheimerFunds
Legacy Program (charitable trust program
established by the Manager) (since July
2001); Director of the following investment
advisory subsidiaries of the Manager: OFI
Institutional Asset Management, Inc.,
Centennial Asset Management Corporation,
Trinity Investment Management Corporation
and Tremont Capital Management, Inc. (since
November 2001), HarbourView Asset
Management Corporation and OFI Private
Investments, Inc. (since July 2001);
President (since November 1, 2001) and
Director (since July 2001) of Oppenheimer
Real Asset Management, Inc.; Executive Vice
President of Massachusetts Mutual Life
Insurance Company (OAC's parent company)
(since February 1997); Director of DLB
Acquisition Corporation (holding company
parent of Babson Capital Management LLC)
(since June 1995); Member of the Investment
Company Institute's Board of Governors
(since October 3, 2003); Chairman of the
Investment Company Institute's Board of
Governors (sine October 2007). Oversees 105
portfolios in the OppenheimerFunds complex.
-------------------------------------------------------------------------------------------

The addresses of the officers in the chart below are as follows: for
Messrs. Edwards, Legg and Zack and Mss. Bloomberg and Ruffle, Two World
Financial Center, 225 Liberty Street, New York, New York 10281-1008, for
Messrs. Petersen, Vandehey and Wixted and Mss. Bullington, Ives and Wolf,
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.

--------------------------------------------------------------------------------------
Other Officers of the Fund
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Name, Position(s) Held Principal Occupation(s) During Past 5 Years
with Fund, Length of
Service, Age
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Carol E. Wolf, Senior Vice President of the Manager (since June 2000) and
Vice President and of HarbourView Asset Management Corporation (since June
Portfolio Manager 2003); an officer of 9 portfolios in the OppenheimerFunds
since 2009 complex. Formerly Vice President of the Manager (June
Age: 56 1990-June 2000).
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Mark S. Vandehey, Senior Vice President and Chief Compliance Officer of the
Vice President and Manager (since March 2004); Chief Compliance Officer of
Chief Compliance OppenheimerFunds Distributor, Inc., Centennial Asset
Officer since 2009 Management and Shareholder Services, Inc. (Since March
Age: 58 2004); Vice President of OppenheimerFunds Distributor, Inc.,
Centennial Asset Management Corporation and Shareholder
Services, Inc. (since June 1983). Former Vice President and
Director of Internal Audit of the Manager (1997-February
2004). An officer of 105 portfolios in the OppenheimerFunds
complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Brian W. Wixted, Senior Vice President and Treasurer of the Manager (since
Treasurer and March 1999); Treasurer of the following: HarbourView Asset
Principal Financial & Management Corporation, Shareholder Financial Services,
Accounting Officer Inc., Shareholder Services, Inc., Oppenheimer Real Asset
since 2009 Management Corporation, and Oppenheimer Partnership
Age: 49 Holdings, Inc. (since March 1999), OFI Private Investments,
Inc. (since March 2000), OppenheimerFunds International Ltd.
(since May 2000), OppenheimerFunds plc (since May 2000), OFI
Institutional Asset Management, Inc. (since November 2000),
and OppenheimerFunds Legacy Program (charitable trust
program established by the Manager) (since June 2003);
Treasurer and Chief Financial Officer of OFI Trust Company
(trust company subsidiary of the Manager) (since May 2000);
Assistant Treasurer of the following: OAC (since March
1999),Centennial Asset Management Corporation (March
1999-October 2003) and OppenheimerFunds Legacy Program
(April 2000-June 2003). An officer of 105 portfolios in the
OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Brian Petersen, Vice President of the Manager (since February 2007);
Assistant Treasurer Assistant Vice President of the Manager (August
since 2009 2002-February 2007); Manager/Financial Product Accounting of
Age: 38 the Manager (November 1998-July 2002). An officer of 105
portfolios in the OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Stephanie Bullington, Assistant Vice President of the Manager (since October
Assistant Treasurer 2005); Assistant Vice President of ButterField Fund Services
since 2009 (Bermuda) Limited, part of The Bank of N.T. Butterfield &
Age: 31 Son Limited (Butterfield) (February 2004-June 2005; Fund
Accounting Officer of Butterfield Fund Services (Bermuda)
Limited (September 2003-February 2004. An officer of 105
portfolios in the OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Robert G. Zack, Executive Vice President (since January 2004) and General
Secretary since 2009 Counsel (since March 2002) of the Manager; General Counsel
Age: 60 and Director of the Distributor (since December 2001);
General Counsel of Centennial Asset Management Corporation
(since December 2001); Senior Vice President and General
Counsel of HarbourView Asset Management Corporation (since
December 2001); Secretary and General Counsel of OAC (since
November 2001); Assistant Secretary (since September 1997)
and Director (since November 2001) of OppenheimerFunds
International Ltd. and OppenheimerFunds plc; Vice President
and Director of Oppenheimer Partnership Holdings, Inc.
(since December 2002); Director of Oppenheimer Real Asset
Management, Inc. (since November 2001); Senior Vice
President, General Counsel and Director of Shareholder
Financial Services, Inc. and Shareholder Services, Inc.
(since December 2001); Senior Vice President, General
Counsel and Director of OFI Private Investments, Inc. and
OFI Trust Company (since November 2001); Vice President of
OppenheimerFunds Legacy Program (since June 2003); Senior
Vice President and General Counsel of OFI Institutional
Asset Management, Inc. (since November 2001); Director of
OppenheimerFunds International Distributor Limited (since
December 2003); Senior Vice President (May 1985-December
2003). An officer of 105 portfolios in the OppenheimerFunds
complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Kathleen T. Ives, Vice President (since June 1998); Deputy General Counsel
Assistant Secretary (since May 2008) and Assistant Secretary (since October
since 2009 2003) of the Manager; Vice President (since 1999) and
Age: 42 Assistant Secretary (since October 2003) of the Distributor;
Assistant Secretary of Centennial Asset Management
Corporation (since October 2003); Vice President and
Assistant Secretary of Shareholder Services, Inc. (since
1999); Assistant Secretary of OppenheimerFunds Legacy
Program and Shareholder Financial Services, Inc. (since
December 2001); Senior Counsel of the Manager (October
2003-May 2008). An officer of 105 portfolios in the
OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Lisa I. Bloomberg, Vice President (since May 2004) and Deputy General Counsel
Assistant Secretary (since May 2008) of the Manager; Associate Counsel of the
since 2009 Manager (May 2004-May 2008); First Vice President (April
Age: 40 2001-April 2004), Associate General Counsel (December
2000-April 2004) of UBS Financial Services Inc. (formerly,
PaineWebber Incorporated). An officer of 103 portfolios in
the OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Taylor V. Edwards, Vice President and Assistant Counsel of the Manager (since
Assistant Secretary February 2007); Assistant Vice President and Assistant
since 2009 Counsel of the Manager (January 2006-February 2007);
Age: 41 Formerly an Associate at Dechert LLP (September
2000-December 2005). An officer of 105 portfolios in the
OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Randy G. Legg, Vice President (since June 2005) and Associate Counsel
Assistant Secretary (since January 2007) of the Manager; Assistant Vice
since 2009 President (February 2004-June 2005) and Assistant Counsel
Age: 43 (February 2004-January 2007) of the Manager. An officer of
105 portfolios in the OppenheimerFunds complex.
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Adrienne M. Ruffle, Vice President (since February 2007) and Assistant Counsel
Assistant Secretary (since February 2005) of the Manager; Assistant Vice
since 2009 President of the Manager (February 2005-February 2007);
Age: 31 Associate (September 2002-February 2005) at Sidley Austin
LLP. An officer of 105 portfolios in the OppenheimerFunds
complex.
--------------------------------------------------------------------------------------

Remuneration of the Officers and Trustees. The officers and the
interested Trustee of the Fund, who are affiliated with the Manager, receive
no salary or fee from the Fund. The Independent Trustees' compensation from
the Fund, shown below, is for serving as a Trustee and member of a committee
(if applicable), with respect to the Fund's fiscal year ended May 31, 2008.
The total compensation from the Fund and fund complex represents compensation
for serving as a Trustee and member of a committee (if applicable) of the
Boards of the Fund and other funds in the OppenheimerFunds complex during the
calendar year ended December 31, 2007.

--------------------------------------------------------------------------------------
Name and Other Fund Estimated Estimated Total
Retirement
Aggregate Benefits
Compensation Accrued as Annual Compensation
Position(s) (as From the Part of Fund Benefits Upon From the Fund
applicable) Fund(1) Expenses Retirement(2) and Fund Complex
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Fiscal year ended May 31, Year ended
2009 December 31, 2008
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Brian F. Wruble(3) $[ ] (4) $[ ] $65,868(5) $[ ] (6)
Chairman of the Board
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
David K. Downes(7)
Audit Committee
Chairman and
Regulatory & $[ ] $[ ] $26,112(8) $[ ](9)
Oversight Committee
Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Matthew P. Fink $[ ] $[ ] $10,004(10) $[ ]
Regulatory &
Oversight Committee
Chairman and
Governance Committee
Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Robert G. Galli(11) $[ ] $[ ] $137,599(12) $[ ] (13)
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Phillip A. Griffiths $[ ](14) $[ ] $51,621(15) $[ ]
Audit Committee
Member and Regulatory
& Oversight Committee
Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Mary F. Miller
Audit Committee
Member and Governance $[ ](16) $[ ] $13,201(15) $[ ]
Committee Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Joel W. Motley $[ ](17) $[ ] $32,741(15) $[ ]
Governance Committee
Chairman and
Regulatory &
Oversight Committee
Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Russell S. Reynolds, $[ ] $[ ] $77,288 $[ ]
Jr.
Audit Committee
Member and Governance
Committee Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Joseph M. Wikler
Audit Committee
Member and Regulatory $[ ] (18) $[ ] $28,814(15) $[ ]
& Oversight Committee
Member
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Peter I. Wold
Audit Committee
Member and Governance $[ ] (19) $[ ] $28,814(15) $[ ]
Committee Member
--------------------------------------------------------------------------------------

1. "Aggregate Compensation From the Fund" includes fees and amounts
deferred under the "Compensation Deferral Plan" (described below), if any.
2. "Estimated Annual Benefits Upon Retirement' is based on a single life
payment election with the assumption that a Trustee would retire at the
age of 75 and would then have been eligible to receive retirement plan
benefits with respect to certain Board I Funds, and in the case of Messrs.
Downes, Galli and Wruble, with respect to ten other Oppenheimer funds that
are not Board I Funds (the "Non-Board I Funds"). The Board I Funds'
retirement plan was frozen effective December 31, 2006, and each plan
participant who had not yet commenced receiving retirement benefits
subsequently received previously accrued benefits based upon the
distribution method elected by such participant, as described below. A
similar plan with respect to the Non-Board I Funds was frozen effective
December 31, 2007.
3. Mr. Wruble became Chairman of the Board I Funds on December 31, 2006.
4. Includes $[ ] deferred by Mr. Wruble under the "Compensation Deferral
Plan".
5. In lieu of receiving an estimated annual benefit amount of $7,374 for
his service as a director or trustee to the Board I funds, Mr. Wruble
elected to have an actuarially equivalent lump sum amount contributed to
his Compensation Deferral Plan account subsequent to the freezing of the
Board I Funds' retirement plan. The amount set forth in the table above
also includes $57,619 for estimated annual benefits for serving as a
director or trustee of 10 other Oppenheimer funds that are not the
Non-Board I Funds. In lieu of receiving that estimated annual benefit, Mr.
Wruble has elected to have an actuarially equivalent lump sum distributed
to the Compensation Deferral Plan subsequent to the freezing of the
Non-Board I Funds' retirement plan.
6. Includes $[ ] paid to Mr. Wruble for serving as a director or trustee
of the Non-Board I Funds.
7. Mr. Downes was appointed as Trustee of the Board I Funds on August 1,
2007, which was subsequent to the freezing of the Board I retirement plan.
8. This amount represents the estimated benefits that would be payable to
Mr. Downes for serving as a director or trustee of the Non-Board I Funds.
In lieu of receiving this estimated annual benefit, Mr. Downes has elected
to receive an actuarially equivalent lump sum payment subsequent to the
freezing of the Non-Board I Funds' retirement plan.
9. Includes $[ ] paid to Mr. Downes for serving as a director or trustee
of the Non-Board I Funds.
10. In lieu of receiving an estimated annual benefit for his service as a
director or trustee to the Board I funds, Mr. Fink elected to receive an
actuarially equivalent lump sum payment subsequent to the freezing of the
Board I Funds' retirement plan.
11. Mr. Galli retired from the Boards of the Board I funds effective
September 30, 2008.
12. In lieu of receiving an estimated annual benefit amount of $62,085 for
his service as a director or trustee to the Board I Funds, Mr. Galli
elected to receive an actuarially equivalent lump sum payment subsequent
to the freezing of the Board I Funds' retirement plan. The amount set
forth in the table above also includes $75,514 for estimated annual
benefits for serving as a director or trustee of the Non-Board I Funds.
Mr. Galli has elected to receive this annual benefit in an annuity.
13. Includes $[ ] paid to Mr. Galli for serving as a director or trustee
of the Non-Board I Funds.
14. Includes $[ ] deferred by Mr. Griffiths under the Compensation
Deferral Plan.
15. In lieu of receiving an estimated annual benefit for service as a
director or trustee to the Board I funds, this Trustee elected to have an
actuarially equivalent lump sum amount contributed to his or her
Compensation Deferral Plan account subsequent to the freezing of the Board
I Funds' retirement plan.
16. Includes $[ ] deferred by Ms. Miller under the Compensation Deferral
Plan.
17. Includes $[ ] deferred by Mr. Motley under the Compensation Deferral
Plan.
18. Includes $[ ] deferred by Mr. Wikler under the Compensation Deferral
Plan.
19. Includes $[ ] deferred by Mr. Wold under the Compensation Deferral
Plan.

|X| Retirement Plan for Trustees. The Board I Funds has adopted a
retirement plan that provides for payments to retired Independent Trustees.
Payments are up to 80% of the average compensation paid during a Trustee's
five years of service in which the highest compensation was received. A
Trustee must serve as director or trustee for any of the Board I Funds for
at least seven years to be eligible for retirement plan benefits and must
serve for at least 15 years to be eligible for the maximum benefit. The
Board has frozen the retirement plan with respect to new accruals as of
December 31, 2006 (the "Freeze Date"). Retirees as of the Freeze Date will
continue to receive benefits under the previous terms of the Plan. Each
Trustee continuing to serve on the Board of any of the Board I Funds after
the Freeze Date (each such Trustee a "Continuing Board Member") may elect to
have his accrued benefit as of that date (i.e., an amount equivalent to the
actuarial present value of his benefit under the retirement plan as of the
Freeze Date) (i) paid at once or over time, (ii) rolled into the
Compensation Deferral Plan described below, or (iii) in the case of
Continuing Board Members having at least 7 years of service as of the Freeze
Date paid in the form of an annual benefit or joint and survivor annual
benefit. The Board determined to freeze the retirement plan after
considering a recent trend among corporate boards of directors to forego
retirement plan payments in favor of current compensation.

|X| Compensation Deferral Plan. The Board of Trustees has adopted a
Compensation Deferral Plan for Independent Trustees that enables them to
elect to defer receipt of all or a portion of the annual fees they are
entitled to receive from certain Board I Funds. Under the plan, the
compensation deferred by a Trustee is periodically adjusted as though an
equivalent amount had been invested in shares of one or more Oppenheimer
Funds selected by the Trustees. The amount paid to the Trustee under the
plan will be determined based upon the amount of compensation deferred and
the performance of the selected funds.

Deferral of the Trustees' fees under the plan will not materially
affect the Fund's assets, liabilities or net income per share. The plan will
not obligate a fund to retain the services of any Trustee or to pay any
particular level of compensation to any Trustee. Pursuant to an Order issued
by the SEC, a fund may invest in the funds selected by the Trustee under the
plan without shareholder approval for the limited purpose of determining the
value of the Trustee's deferred compensation account.

|X| Major Shareholders. As of the date of this SAI
, the Fund had not commenced operations and OppenheimerFunds, Inc.
was the only shareholder of record of the Fund due to its initial investment
of
the "seed money" required for the Fund to commence operations.

|X| Control Persons. The Oppenheimer funds, the Manager and their
affiliates may invest in shares of the Fund. The Oppenheimer funds, the
Manager and their affiliates will invest in Class E shares of the Fund and
will hold 100% of the shares of that Class. Those investments by the
Oppenheimer funds may, from time to time, represent more than 25% of the
outstanding voting securities of the Fund. A withdrawal of the investment of
an Oppenheimer fund, the Manager or their affiliates could adversely affect
the expense ratio for Class E shares and/or lead to an increase in the Fund's
portfolio turnover. In the event that any matter is submitted to a vote of
the Fund's shareholders, each of the Oppenheimer funds, the Manager and their
affiliates have undertaken to vote their securities in the same proportion as
the shares of other Fund shareholders, except on matters pertaining only to
Class E shares. To the extent there is a vote specific to only Class E
shareholders, the Oppenheimer funds, the Manager and their affiliates will
vote in the best interests of the shareholders of that class. The Oppenheimer
funds are each organized in either the state of Maryland or the Commonwealth
of Massachusetts and the Manager is organized in the state of Colorado.

The Manager. The Manager is wholly-owned by Oppenheimer Acquisition Corp., a
holding company controlled by Massachusetts Mutual Life Insurance Company, a
global, diversified insurance and financial services organization.

|X| Code of Ethics. The Manager and the Distributor have a Code of Ethics.
It is designed to detect and prevent improper personal trading by certain
employees, including portfolio managers, that would compete with or take
advantage of the Fund's portfolio transactions. Covered persons include
persons with knowledge of the investments and investment intentions of the
Fund and other funds advised by the Manager. The Code of Ethics does permit
personnel subject to the Code to invest in securities, including securities
that may be purchased or held by the Fund, subject to a number of
restrictions and controls. Compliance with the Code of Ethics is carefully
monitored and enforced by the Manager.

The Fund does not have a Code of Ethics since it is a money market fund.

|X| The Investment Advisory Agreement. The Manager provides
investment advisory and management services to the Fund under an investment
advisory agreement between the Manager and the Fund. The Manager selects
securities for the Fund's portfolio and handles its day-to-day business. The
agreement requires the Manager, at its expense, to provide the Fund with
adequate office space, facilities and equipment. It also requires the Manager
to provide and supervise the activities of all administrative and clerical
personnel required to provide effective administration for the Fund. Those
responsibilities include the compilation and maintenance of records with
respect to its operations, the preparation and filing of specified reports,
and composition of proxy materials and registration statements for continuous
public sale of shares of the Fund.

The Fund pays expenses not expressly assumed by the Manager under the
investment advisory agreement. The advisory agreement lists examples of
expenses paid by the Fund. The major categories relate to interest, taxes,
brokerage commissions, fees to certain Trustees, legal and audit expenses,
custodian and transfer agent expenses, share issuance costs, certain printing
and registration costs and non-recurring expenses, including litigation
costs. The management fees paid by the Fund to the Manager are calculated at
the rates described in the Prospectus, which are applied to the assets of the
Fund as a whole. The fees are allocated to each class of shares based on the
relative proportion of the Fund's net assets represented by that class. As of
the date of this SAI, the Fund had not commenced operations. Accordingly,
no management fee has been paid by the Fund to the Manager.

The investment advisory agreement states that in the absence of willful
misfeasance, bad faith, gross negligence in the performance of its duties or
reckless disregard of its obligations and duties under the investment
advisory agreement, the Manager is not liable for any loss the Fund sustains
in connection with matters to which the agreement relates.

The agreement permits the Manager to act as investment adviser for any
other person, firm or corporation and to use the name "Oppenheimer" in
connection with other investment companies for which it may act as investment
adviser or general distributor. If the Manager shall no longer act as
investment adviser to the Fund, the Manager may withdraw the right of the
Fund to use the name "Oppenheimer" as part of its name.

Portfolio Manager. The Fund's portfolio is managed by Carol E. Wolf (the
"Portfolio Manager"). She is the person who is responsible for the day-to-day
management of the Fund's investments.

|X| Other Accounts Managed. In addition to managing the Fund's
investment portfolio, Ms. Wolf also manages other investment portfolios and
other accounts on behalf of the Manager or its affiliates. The following
table provides information regarding the other portfolios and accounts
managed by Ms. Wolf as of ___________, 2009. No account has a
performance-based advisory fee:

Portfolio Total Total Total
Assets in
Assets in Other Other
RegistereRegistered Pooled Pooled Assets
InvestmenInvestment InvestmentInvestment Other in Other
CompaniesCompanies Vehicles Vehicles AccountAccounts
Manager Managed Managed(1) Managed Managed ManagedManaged(2)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
[ ] [None] [None]
Carol E. Wolf $[ ] [None] [None]

1. In millions.
2. Does not include personal accounts of portfolio managers and their
families, which are subject to the Code of Ethics.

As indicated above, the Portfolio Manager also manages other funds and
accounts. Potentially, at times, those responsibilities could conflict with
the interests of the Fund. That may occur whether the investment strategies
of the other fund or account are the same as, or different from, the Fund's
investment objectives and strategies. For example, the Portfolio Manager may
need to allocate investment opportunities between the Fund and another fund
or account having similar objectives or strategies, or she may need to
execute transactions for another fund or account that could have a negative
impact on the value of securities held by the Fund. Not all funds and
accounts advised by the Manager have the same management fee. If the
management fee structure of another fund or account is more advantageous to
the Manager than the fee structure of the Fund, the Manager could have an
incentive to favor the other fund or account. However, the Manager's
compliance procedures and Code of Ethics recognize the Manager's fiduciary
obligations to treat all of its clients, including the Fund, fairly and
equitably, and are designed to preclude the Portfolio Manager from favoring
one client over another. It is possible, of course, that those compliance
procedures and the Code of Ethics may not always be adequate to do so. At
different times, the Fund's Portfolio Manager may manage other funds or
accounts with investment objectives and strategies that are similar to those
of the Fund, or may manage funds or accounts with investment objectives and
strategies that are different from those of the Fund.

Compensation of the Portfolio Manager. The Fund's Portfolio Manager is
employed and compensated by the Manager, not the Fund. Under the
Manager's compensation program for its portfolio managers and portfolio
analysts, Fund performance is the most important element of
compensation with half of annual cash compensation based on relative
investment performance results of the funds and accounts they manage,
rather than on the financial success of the Manager. This is intended
to align the portfolio managers' and analysts' interests with the
success of the funds and accounts and their shareholders. The Manager's
compensation structure is designed to attract and retain highly
qualified investment management professionals and to reward individual
and team contributions toward creating shareholder value. As of
_________, 2009, the Portfolio Manager's compensation consisted of
three elements: a base salary, an annual discretionary bonus and
eligibility to participate in long-term awards of options and
appreciation rights in regard to the common stock of the Manager's
holding company parent. Senior portfolio managers may also be eligible
to participate in the Manager's deferred compensation plan.

The base pay component of each portfolio manager is reviewed
regularly to ensure that it reflects the performance of the individual,
is commensurate with the requirements of the particular portfolio,
reflects any specific competence or specialty of the individual
manager, and is competitive with other comparable positions. The annual
discretionary bonus is determined by senior management of the Manager
and is based on a number of factors, including a fund's pre-tax
performance for periods of up to five years, measured against an
appropriate benchmark selected by management. The majority (80%) is
based on three and five year data, with longer periods weighted more
heavily. Below median performance in all three periods results in an
extremely low, and in some cases no, performance based bonus. The
benchmark with respect to the Fund is [iMoneyNet First Tier
Institutional Money Market Funds]. Other factors considered include
management quality (such as style consistency, risk management, sector
coverage, team leadership and coaching) and organizational development.
The Portfolio Manager's compensation is not based on the total value of
the Fund's portfolio assets, although the Fund's investment performance
may increase those assets. The compensation structure is also intended
to be internally equitable and serve to reduce potential conflicts of
interest between the Fund and other funds and accounts managed by the
Portfolio Manager. The compensation structure of the other funds and
accounts managed by the Portfolio Manager is the same as the
compensation structure of the Fund, described above.

Ownership of Fund Shares. As of the date of this SAI, the Fund
had not commenced operations. Accordingly, the Portfolio Manager did not
beneficially own any shares of the Fund.

Brokerage Policies of the Fund

|X| Portfolio Transactions. Portfolio decisions are based upon the
recommendations and judgment of the Manager subject to the overall authority
of the Board of Trustees. Most purchases made by the Fund are principal
transactions at net prices, so the Fund incurs little or no brokerage costs.
The Fund deals directly with the selling or purchasing principal or market
maker without incurring charges for the services of a broker on its behalf
unless the Manager determines that a better price or execution may be
obtained by using the services of a broker. Purchases of portfolio securities
from underwriters include a commission or concession paid by the issuer to
the underwriter, and purchases from dealers include a spread between the bid
and asked prices.

The Fund seeks to obtain prompt execution of orders at the most
favorable net price. If broker/dealers are used for portfolio transactions,
transactions may be directed to brokers for their execution and research
services. The research services provided by a particular broker may be useful
only to one or more of the advisory accounts of the Manager and its
affiliates. Investment research received for the commissions of those other
accounts may be useful both to the Fund and one or more of such other
accounts. Investment research services may be supplied to the Manager by a
third party at the instance of a broker through which trades are placed. It
may include information and analyses on particular companies and industries
as well as market or economic trends and portfolio strategy, receipt of
market quotations for portfolio evaluations, analytical software and similar
products and services. If a research service also assists the Manager in a
non-research capacity (such as bookkeeping or other administrative
functions), then only the percentage or component that provides assistance to
the Manager in the investment decision-making process may be paid in
commission dollars.

The research services provided by brokers broaden the scope and
supplement the research activities of the Manager. That research provides
additional views and comparisons for consideration, and helps the Manager
obtain market information for the valuation of securities held in the Fund's
portfolio or being considered for purchase.

The Fund's policy of investing in short-term debt securities with
maturity of less than one year results in high portfolio turnover and may
increase the Fund's transaction costs. However, since brokerage commissions,
if any, are small, high turnover does not have an appreciable adverse effect
upon the income of the Fund. As of the date of this SAI, the Fund had not
commenced operations. Accordingly, there have been no commissions paid.

Service Plan

The Distributor. Under its General Distributor's Agreement with the Fund,
OppenheimerFunds Distributor, Inc., a subsidiary of the Manager, acts as the
Fund's principal underwriter and Distributor in the continuous public
offering of the Fund's shares. The Distributor is not obligated to sell a
specific number of shares. The Distributor bears the expenses normally
attributable to sales, including advertising and the cost of printing and
mailing prospectuses, other than those furnished to existing shareholders.

Service Plan. The Fund has adopted a Service Plan for Class P shares under
Rule 12b-1 of the Investment Company Act. Under that plan the Fund pays the
Distributor for all or a portion of its costs incurred in connection with the
servicing of the shares of Class P. The plan has been approved by a vote of
the Board of Trustees, including a majority of the Independent Trustees(1),
cast in person at a meeting called for the purpose of voting on that plan.

Under the plan, the Manager and the Distributor may make payments to
affiliates. In their sole discretion, they may also from time to time make
substantial payments from their own resources, which include the profits the
Manager derives from the advisory fees it receives from the Fund, to
compensate brokers, dealers, financial institutions and other intermediaries
for providing administrative services or that otherwise promote sales of the
Fund's shares. These payments, some of which may be referred to as "revenue
sharing," may relate to the Fund's inclusion on a financial intermediary's
preferred list of funds offered to its clients.

Unless the plan is terminated as described below, the plan continues in
effect from year to year but only if the Fund's Board of Trustees and its
Independent Trustees specifically vote annually to approve its continuance.
Approval must be by a vote cast in person at a meeting called for the purpose
of voting on continuing the plan. The plan may be terminated at any time by
the vote of a majority of the Independent Trustees or by the vote of the
holders of a "majority" (as defined in the Investment Company Act) of the
outstanding shares of that class.

The Board of Trustees and the Independent Trustees must approve all
material amendments to the plan. An amendment to increase materially the
amount of payments to be made under a plan must be approved by shareholders
of the class affected by the amendment.

While the plan is in effect, the Treasurer of the Fund shall provide
separate written reports on the plans to the Board of Trustees at least
quarterly for its review. The reports shall detail the amount of all payments
made under a plan and the purpose for which the payments were made. Those
reports are subject to the review and approval of the Independent Trustees.

The plan states that while it is in effect, the selection and
nomination of those Trustees of the Fund who are not "interested persons" of
the Fund is committed to the discretion of the Independent Trustees. This
does not prevent the involvement of others in the selection and nomination
process as long as the final decision as to selection or nomination is
approved by a majority of the Independent Trustees.

Under the plan for Class P, no payment will be made to any recipient in
any period in which the aggregate net asset value of all Fund shares of that
class held by the recipient for itself and its customers does not exceed a
minimum amount, if any, that may be set from time to time by a majority of
the Independent Trustees.

|X| Class P Service Plan Fees. Under the Class P service plan, the
Distributor uses the fees it receives from the Fund to pay brokers, dealers
and other financial institutions (they are referred to as "recipients") for
personal services and account maintenance services they provide for their
customers who hold Class P shares. The services include, among others,
answering customer inquiries about the Fund, assisting in establishing and
maintaining accounts in the Fund, making the Fund's investment plans
available and providing other services at the request of the Fund or the
Distributor. The Class P service plan permits reimbursements to the
Distributor at a rate of up to 0.05% of average annual net assets of Class P
shares. The Board has set the rate at that level. The Distributor does not
receive or retain the service fee on Class P shares in accounts for which the
Distributor has been listed as the broker-dealer of record. While the plan
permits the Board to authorize payments to the Distributor to reimburse
itself for services under the plan, the Board has not yet done so. The
Distributor makes payments to recipients at an annual rate not to exceed 0.05
% of the average annual net assets consisting of Class P shares held in the
accounts of the recipients or their customers. As of the date of this SAI,
the Fund had not yet commenced operations. Accordingly, no payments had been
made under the Class P Plan.

Any unreimbursed expenses the Distributor incurs with respect to
Class P shares in any fiscal year cannot be recovered in subsequent years.
The Distributor may not use payments received under the Class P plan to pay
any of its interest expenses, carrying charges, or other financial costs, or
allocation of overhead. All payments under the Class P plan are subject to
the limitation imposed by the Conduct Rules of FINRA on payments of
asset-based sales charges and service fees.

Payments to Fund Intermediaries

Financial intermediaries may receive various forms of compensation or
reimbursement from the Fund in the form of 12b-1 plan payments as described
in the preceding section of this SAI. They may also receive payments or
concessions from the Distributor, derived from sales charges paid by the
clients of the financial intermediary, also as described in this SAI.
Additionally, the Manager and/or the Distributor (including their affiliates)
may make payments to financial intermediaries in connection with their
offering and selling shares of the Fund and other Oppenheimer funds,
providing marketing or promotional support, transaction processing and/or
administrative services. Among the financial intermediaries that may receive
these payments are brokers and dealers who sell and/or hold shares of the
Fund, banks (including bank trust departments), registered investment
advisers, insurance companies, retirement plan and qualified tuition program
administrators, third party administrators, and other institutions that have
selling, servicing or similar arrangements with the Manager or Distributor.
The payments to intermediaries vary by the types of product sold, the
features of the Fund share class and the role played by the intermediary.

Possible types of payments to financial intermediaries include, without
limitation, those discussed below.

o Payments made by the Fund, or by an investor buying or selling shares
of the Fund may include:

o ongoing asset-based payments attributable to the share class selected,
including fees payable under the Fund's distribution and/or
service plans adopted under Rule 12b-1 under the Investment
Company Act, which are paid from the Fund's assets and
allocated to the class of shares to which the plan relates
(see "About the Fund -- Service Plans" above);
o shareholder servicing payments for providing omnibus accounting,
recordkeeping, networking, sub-transfer agency or other
administrative or shareholder services, including
retirement plan and 529 plan administrative services fees,
which are paid from the assets of a Fund as reimbursement
to the Manager or Distributor for expenses they incur on
behalf of the Fund;

o Payments made by the Manager or Distributor out of their respective
resources and assets, which may include profits the Manager
derives from investment advisory fees paid by the Fund. These
payments are made at the discretion of the Manager and/or the
Distributor. These payments, often referred to as "revenue
sharing" payments, may be in addition to the payments by the Fund
listed above.

o These types of payments may reflect compensation for marketing support,
support provided in offering the Fund or other Oppenheimer
funds through certain trading platforms and programs,
transaction processing or other services;
o The Manager and Distributor each may also pay other compensation to the
extent the payment is not prohibited by law or by any
self-regulatory agency, such as FINRA. Payments are made
based on the guidelines established by the Manager and
Distributor, subject to applicable law.

These payments may provide an incentive to financial intermediaries to
actively market or promote the sale of shares of the Fund or other
Oppenheimer funds, or to support the marketing or promotional efforts of the
Distributor in offering shares of the Fund or other Oppenheimer funds. In
addition, some types of payments may provide a financial intermediary with an
incentive to recommend the Fund or a particular share class. Financial
intermediaries may earn profits on these payments, since the amount of the
payment may exceed the cost of providing the service. Certain of these
payments are subject to limitations under applicable law. Financial
intermediaries may categorize and disclose these arrangements to their
clients and to members of the public in a manner different from the
disclosures in the Fund's Prospectus and this SAI. You should ask your
financial intermediary for information about any payments it receives from
the Fund, the Manager or the Distributor and any services it provides, as
well as the fees and commissions it charges.

Although brokers or dealers that sell Fund shares may also act as a
broker or dealer in connection with the execution of the purchase or sale of
portfolio securities by the Fund or other Oppenheimer funds, a financial
intermediary's sales of shares of the Fund or such other Oppenheimer funds is
not a consideration for the Manager when choosing brokers or dealers to
effect portfolio transactions for the Fund or such other Oppenheimer funds.

Revenue sharing payments can pay for distribution-related or asset
retention items including, without limitation,

o transactional support, one-time charges for setting up access for the
Fund or other Oppenheimer funds on particular trading systems, and
paying the intermediary's networking fees;
o program support, such as expenses related to including the Oppenheimer
funds in retirement plans, college savings plans, fee-based advisory
or wrap fee programs, fund "supermarkets", bank or trust company
products or insurance companies' variable annuity or variable life
insurance products;
o placement on the dealer's list of offered funds and providing
representatives of the Distributor with access to a financial
intermediary's sales meetings, sales representatives and management
representatives.

Additionally, the Manager or Distributor may make payments for firm
support, such as business planning assistance, advertising, and educating a
financial intermediary's sales personnel about the Oppenheimer funds and
shareholder financial planning needs.

For the year ended December 31, 2007, the following financial
intermediaries and/or their respective affiliates that offered shares of the
Oppenheimer funds received revenue sharing or similar distribution-related
payments from the Manager or the Distributor for marketing or program support:

1st Global Capital Company Legend Equities Corporation
Advantage Capital Corporation Lincoln Benefit National Life
Aegon USA Lincoln Financial Advisors Corporation
Aetna Life Insurance & Annuity Company Lincoln Investment Planning, Inc.
AG Edwards & Sons, Inc. Linsco Private Ledger Financial
Massachusetts Mutual Life Insurance
AIG Financial Advisors Company
AIG Life Variable Annuity McDonald Investments, Inc.
Merrill Lynch Pierce Fenner & Smith,
Allianz Life Insurance Company Inc.
Allmerica Financial Life Insurance &
Annuity Company Merrill Lynch Insurance Group
Allstate Life Insurance Company MetLife Investors Insurance Company
American Enterprise Life Insurance MetLife Securities, Inc.
American General Annuity Insurance Minnesota Life Insurance Company
American Portfolios Financial
Services, Inc. MML Investor Services, Inc.
Ameriprise Financial Services, Inc. Mony Life Insurance Company
Ameritas Life Insurance Company Morgan Stanley & Company, Inc.
Annuity Investors Life Insurance
Company Multi-Financial Securities Corporation
Associated Securities Corporation Mutual Service Corporation
AXA Advisors LLC NFP Securities, Inc.
AXA Equitable Life Insurance Company Nathan & Lewis Securities, Inc.
Banc One Securities Corporation National Planning Corporation
Cadaret Grant & Company, Inc. Nationwide Financial Services, Inc.
CCO Investment Services Corporation New England Securities Corporation
New York Life Insurance & Annuity
Charles Schwab & Company, Inc. Company
Chase Investment Services Corporation Oppenheimer & Company
Citicorp Investment Services, Inc. PFS Investments, Inc.
Citigroup Global Markets Inc. Park Avenue Securities LLC
CitiStreet Advisors LLC Phoenix Life Insurance Company
Citizen's Bank of Rhode Island Plan Member Securities
Columbus Life Insurance Company Prime Capital Services, Inc.
Commonwealth Financial Network Primevest Financial Services, Inc.
Compass Group Investment Advisors Protective Life Insurance Company
Prudential Investment Management
CUNA Brokerage Services, Inc. Services LLC
CUSO Financial Services, LLP Raymond James & Associates, Inc.
E*TRADE Clearing LLC Raymond James Financial Services, Inc.
Edward Jones RBC Dain Rauscher Inc.
Essex National Securities, Inc. Royal Alliance Associates, Inc.
Federal Kemper Life Assurance Company Securities America, Inc.
Security Benefit Life Insurance
Financial Network Company
Security First-Metlife Investors
Financial Services Corporation Insurance Company
GE Financial Assurance SII Investments, Inc.
GE Life & Annuity Signator Investors, Inc.
Genworth Financial, Inc. Sorrento Pacific Financial LLC
GlenBrook Life & Annuity Company Sun Life Assurance Company of Canada
Sun Life Insurance & Annuity Company
Great West Life & Annuity Company of New York
GWFS Equities, Inc. Sun Life Annuity Company Ltd.
Hartford Life Insurance Company SunTrust Bank
HD Vest Investment Services, Inc. SunTrust Securities, Inc.
Hewitt Associates LLC Thrivent Financial Services, Inc.
IFMG Securities, Inc. Towers Square Securities, Inc.
ING Financial Advisers LLC Travelers Life & Annuity Company
ING Financial Partners, Inc. UBS Financial Services, Inc.
Invest Financial Corporation Union Central Life Insurance Company
United Planners Financial Services of
Investment Centers of America, Inc. America
Jefferson Pilot Life Insurance Company Wachovia Securities, Inc.
Jefferson Pilot Securities Corporation Walnut Street Securities, Inc.
John Hancock Life Insurance Company Waterstone Financial Group
JP Morgan Securities, Inc. Wells Fargo Investments
Kemper Investors Life Insurance Company Wescom Financial Services

For the year ended December 31, 2007, the following firms, which in
some cases are broker-dealers, received payments from the Manager or
Distributor for administrative or other services provided (other than revenue
sharing arrangements), as described above:

1st Global Capital Co. Lincoln Investment Planning, Inc.
AG Edwards Lincoln National Life Insurance Co.
ACS HR Solutions Linsco Private Ledger Financial
Massachusetts Mutual Life Insurance
ADP Company
Matrix Settlement & Clearance
AETNA Life Ins & Annuity Co. Services
Alliance Benefit Group McDonald Investments, Inc.
American Enterprise Investments Mercer HR Services
American Express Retirement Service Merrill Lynch
American United Life Insurance Co. Mesirow Financial, Inc.
Ameriprise Financial Services, Inc. MetLife
Ameritrade, Inc. MFS Investment Management
AMG (Administrative Management Group) Mid Atlantic Capital Co.
AST (American Stock & Transfer) Milliman USA
AXA Advisors Morgan Keegan & Co, Inc.
Bear Stearns Securities Co. Morgan Stanley Dean Witter
Benefit Administration Company, LLC Mutual of Omaha Life Insurance Co.
Benefit Administration, Inc. Nathan & Lewis Securities, Inc.
Benefit Consultants Group National City Bank
Benefit Plans Administration National Deferred Comp
Benetech, Inc. National Financial
Bisys National Investor Services Co.
Boston Financial Data Services Nationwide Life Insurance Company
Charles Schwab & Co, Inc. Newport Retirement Services, Inc.
Citigroup Global Markets Inc. Northwest Plan Services, Inc.
CitiStreet NY Life Benefits
City National Bank Oppenheimer & Co, Inc.
Clark Consulting Peoples Securities, Inc.
CPI Qualified Plan Consultants, Inc. Pershing LLC
DA Davidson & Co. PFPC
DailyAccess Corporation Piper Jaffray & Co.
Davenport & Co, LLC Plan Administrators, Inc.
David Lerner Associates, Inc. Plan Member Securities
Digital Retirement Solutions, Inc. Primevest Financial Services, Inc.
DR, Inc. Principal Life Insurance Co.
Prudential Investment Management
Dyatech, LLC Services LLC
E*Trade Clearing LLC PSMI Group, Inc.
Edward D Jones & Co. Quads Trust Company
Equitable Life / AXA Raymond James & Associates, Inc.
ERISA Administrative Svcs, Inc. Reliance Trust Co.
ExpertPlan, Inc. Reliastar Life Insurance Company
FASCore LLC Robert W Baird & Co.
Ferris Baker Watts, Inc. RSM McGladrey
Fidelity Scott & Stringfellow, Inc.
First Clearing LLC Scottrade, Inc.
First Southwest Co. Southwest Securities, Inc.
First Trust - Datalynx Standard Insurance Co
First Trust Corp Stanley, Hunt, Dupree & Rhine
Franklin Templeton Stanton Group, Inc.
Geller Group Sterne Agee & Leach, Inc.
Great West Life Stifel Nicolaus & Co, Inc.
H&R Block Financial Advisors, Inc. Sun Trust Securities, Inc.
Hartford Life Insurance Co. Symetra Financial Corp.
HD Vest Investment Services T. Rowe Price
Hewitt Associates LLC The 401k Company
HSBC Brokerage USA, Inc. The Princeton Retirement Group Inc.
ICMA - RC Services The Retirement Plan Company, LLC
Independent Plan Coordinators TruSource Union Bank of CA
Ingham Group UBS Financial Services, Inc.
Interactive Retirement Systems Unified Fund Services (UFS)
Invesmart (Standard Retirement Services,
Inc.) US Clearing Co.
Janney Montgomery Scott, Inc. USAA Investment Management Co.
JJB Hillard W L Lyons, Inc. USI Consulting Group
John Hancock VALIC Retirement Services
JP Morgan Vanguard Group
July Business Services Wachovia
Kaufman & Goble Web401K.com
Legend Equities Co. Wedbush Morgan Securities
Legg Mason Wood Walker Wells Fargo Bank
Lehman Brothers, Inc. Wilmington Trust
Liberty Funds Distributor, Inc./Columbia
Management

Performance of the Fund

Explanation of Performance Terminology. The Fund uses a variety of terms to
illustrate its performance. These terms include "yield," "compounded
effective yield" and "average annual total return." An explanation of how
yields and total returns are calculated is set forth below. As of the date
of this SAI, the Fund had not commenced operations and has no performance.
You can obtain current performance information by calling the Fund's Transfer
Agent at 1.800.645.2028.

The Fund's illustrations of its performance data in advertisements must
comply with rules of the SEC. Those rules describe the types of performance
data that may be used and how it is to be calculated. In general, any
advertisement by the Fund of its performance data must include the average
annual total returns and current yield for the advertised class of shares of
the Fund.

Use of standardized performance calculations enables an investor to
compare the Fund's performance to the performance of other funds for the same
periods. However, a number of factors should be considered before using the
Fund's performance information as a basis for comparisons with other
investments:
o Yields and total returns measure the performance of a hypothetical
account in the Fund over various periods and do not show the
performance of each shareholder's account. Your account's performance
will vary from the model performance data if your dividends are
received in cash, or you buy or sell shares during the period, or you
bought your shares at a different time than the shares used in the
model.
o? An investment in the Fund is not insured by the FDIC or any other
government agency.
o The Fund's yield is not fixed or guaranteed and will fluctuate.
o? Yields and total returns for any given past period represent historical
performance information and are not, and should not be considered, a
prediction of future yields or returns.

|X| Yields. The Fund's current yield is calculated for a seven-day period
of time as follows. First, a base period return is calculated for the
seven-day period by determining the net change in the value of a hypothetical
pre-existing account having one share at the beginning of the seven-day
period. The change includes dividends declared on the original share and
dividends declared on any shares purchased with dividends on that share, but
such dividends are adjusted to exclude any realized or unrealized capital
gains or losses affecting the dividends declared. Next, the base period
return is multiplied by 365/7 to obtain the current yield to the nearest
hundredth of one percent.

The compounded effective yield for a seven-day period is calculated by:
(1) adding 1 to the base period return (obtained as described above),
(2) raising the sum to a power equal to 365 divided by 7, and
(3) subtracting 1 from the result.

The yield as calculated above may vary for accounts less than
approximately $100 in value due to the effect of rounding off each daily
dividend to the nearest full cent. The calculation of yield under either
procedure described above does not take into consideration any realized or
unrealized gains or losses on the Fund's portfolio securities which may
affect dividends. Therefore, the return on dividends declared during a period
may not be the same on an annualized basis as the yield for that period.

|X| Total Return Information. There are different types of "total
returns" to measure the Fund's performance. Total return is the change in
value of a hypothetical investment in the Fund over a given period, assuming
that all dividends and capital gains distributions are reinvested in
additional shares and that the investment is redeemed at the end of the
period. The cumulative total return measures the change in value over the
entire period (for example, ten years). An average annual total return shows
the average rate of return for each year in a period that would produce the
cumulative total return over the entire period. However, average annual total
returns do not show actual year-by-year performance. The Fund uses
standardized calculations for its total returns as prescribed by the SEC. The
methodology is discussed below.

o? Average Annual Total Return. The "average annual total return" of
each class is an average annual compounded rate of return for each year in a
specified number of years. It is the rate of return based on the change in
value of a hypothetical initial investment of $1,000 ("P" in the formula
below) held for a number of years ("n") to achieve an Ending Redeemable Value
("ERV" in the formula) of that investment, according to the following formula:

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[GRAPHIC OMITTED]
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o? Cumulative Total Return. The "cumulative total return" calculation
measures the change in value of a hypothetical investment of $1,000 over an
entire period of years. Its calculation uses some of the same factors as
average annual total return, but it does not average the rate of return on an
annual basis. Cumulative total return is determined as follows:

------------------------------------------------------------------------------
|X| Other Performance Comparisons. Yield information may be useful to
investors in reviewing the Fund's performance. The Fund may make comparisons
between its yield and that of other investments, by citing various indices
such as The Bank Rate Monitor National Index (provided by Bank Rate Monitor(TM))
which measures the average rate paid on bank money market accounts, NOW
accounts and certificates of deposits by the 100 largest banks and thrifts in
the top ten metropolitan areas. When comparing the Fund's yield with that of
other investments, investors should understand that certain other investment
alternatives such as certificates of deposit, U.S. government securities,
money market instruments or bank accounts may provide fixed yields and may be
insured or guaranteed.

From time to time, the Fund may include in its advertisements and sales
literature performance information about the Fund cited in other newspapers
and periodicals, such as The New York Times, which may include performance
quotations from other sources.

From time to time, the Fund's Manager may publish rankings or ratings
of the Manager (or the Transfer Agent) or the investor services provided by
them to shareholders of the Oppenheimer funds, other than performance
rankings of the Oppenheimer funds themselves. Those ratings or rankings of
investor/shareholder services by third parties may compare the services of
the Oppenheimer funds to those of other mutual fund families selected by the
rating or ranking services. They may be based on the opinions of the rating
or ranking service itself, based on its research or judgment, or based on
surveys of investors, brokers, shareholders or others.

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A B O U T Y O U R A C C O U N T
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How to Buy Shares

When you purchase shares of the Fund, your ownership interest in the shares
of the Fund will be recorded as a book entry on the records of the Fund. The
Fund will not issue physical share certificates.

The Oppenheimer Funds. The Oppenheimer funds are those mutual funds for which
the Distributor acts as the distributor and currently include the following:
Oppenheimer AMT-Free Municipals Oppenheimer New Jersey Municipal Fund
Oppenheimer AMT-Free New York Municipals Oppenheimer Pennsylvania Municipal Fund
Oppenheimer Balanced Fund Oppenheimer Portfolio Series:
Oppenheimer Baring China Fund Active Allocation Fund
Oppenheimer Baring Japan Fund Equity Investor Fund
Oppenheimer Baring SMA International Fund Conservative Investor Fund
Oppenheimer Core Bond Fund Moderate Investor Fund
Oppenheimer California Municipal Fund

Oppenheimer Portfolio Series Fixed
Income Active Allocation Fund
Oppenheimer Principal Protected Main
Oppenheimer Capital Appreciation Fund Street Fund
Oppenheimer Principal Protected Main
Oppenheimer Capital Income Fund Street Fund II
Oppenheimer Principal Protected Main
Oppenheimer Champion Income Fund Street Fund III
Oppenheimer Commodity Strategy Total
Return Fund Oppenheimer Quest Balanced Fund
Oppenheimer Quest International Value
Oppenheimer Convertible Securities Fund Fund, Inc.
Oppenheimer Developing Markets Fund Oppenheimer Quest Opportunity Value Fund
Oppenheimer Discovery Fund Oppenheimer Real Estate Fund
Oppenheimer Emerging Growth Fund Oppenheimer Rising Dividends Fund, Inc.
Oppenheimer Rochester Arizona Municipal
Oppenheimer Equity Fund, Inc. Fund
Oppenheimer Rochester Maryland
Oppenheimer Equity Income Fund, Inc. Municipal Fund
Oppenheimer Rochester Massachusetts
Oppenheimer Global Fund Municipal Fund
Oppenheimer Rochester Michigan
Oppenheimer Global Opportunities Fund Municipal Fund
Oppenheimer Rochester Minnesota
Oppenheimer Global Value Fund Municipal Fund
Oppenheimer Rochester National
Oppenheimer Gold & Special Minerals Fund Municipals
Oppenheimer Rochester North Carolina
Oppenheimer International Bond Fund Municipal Fund
Oppenheimer International Diversified Oppenheimer Rochester Ohio Municipal
Fund Fund
Oppenheimer Rochester Virginia
Oppenheimer International Growth Fund Municipal Fund
Oppenheimer International Small Company
Fund Oppenheimer Select Value Fund
Oppenheimer Limited Term California
Municipal Fund Oppenheimer Senior Floating Rate Fund
Oppenheimer Limited-Term Government Fund Oppenheimer Small- & Mid- Cap Value Fund
Oppenheimer Limited Term Municipal Fund Oppenheimer SMA Core Bond Fund
Oppenheimer Main Street Fund Oppenheimer SMA International Bond Fund
Oppenheimer Main Street Opportunity Fund Oppenheimer Strategic Income Fund
Oppenheimer Main Street Small Cap Fund Oppenheimer U.S. Government Trust
Oppenheimer MidCap Fund Oppenheimer Value Fund
Limited-Term New York Municipal Fund
Rochester Fund Municipals

LifeCycle Funds
Oppenheimer Transition 2010 Fund
Oppenheimer Transition 2015 Fund
Oppenheimer Transition 2020 Fund
Oppenheimer Transition 2025 Fund
Oppenheimer Transition 2030 Fund
Oppenheimer Transition 2040 Fund
Oppenheimer Transition 2050 Fund

And the following money market funds:
Oppenheimer Cash Reserves Centennial Government Trust
Oppenheimer Institutional Money Market
Fund Centennial Money Market Trust
Oppenheimer Money Market Fund, Inc. Centennial New York Tax Exempt Trust
Centennial California Tax Exempt Trust Centennial Tax Exempt Trust

There is an initial sales charge on the purchase of Class A shares of
each of the Oppenheimer funds described above except the money market funds.
Under certain circumstances described in this SAI, redemption proceeds of
certain money market fund shares may be subject to a contingent deferred
sales charge.

Classes of Shares. Each class of shares of the Fund represents an interest in
the same portfolio of investments of the Fund. However, each class has
different shareholder privileges and features. The net income attributable to
Class E, Class L and Class P shares and the dividends payable on Class E ,
Class L and Class P shares may be reduced by incremental expenses borne
solely by that class. A salesperson may be entitled to receive compensation
from his or her firm for selling Class P shares of the Fund.

The Fund pays expenses related to its daily operations, such as custodian
fees, Trustees' fees, transfer agency fees, legal fees and auditing costs.
Those expenses are paid out of the Fund's assets and are not paid directly by
shareholders. However, those expenses reduce the net asset values of shares,
and therefore are indirectly borne by shareholders through their investment.

The methodology for calculating the net asset value, dividends and
distributions of the Fund's share classes recognizes two types of expenses.
General expenses that do not pertain specifically to any one class are
allocated pro rata to the shares of all classes. The allocation is based on
the percentage of the Fund's total assets that is represented by the assets
of each class, and then equally to each outstanding share within a given
class. Such general expenses include management fees, legal, bookkeeping and
audit fees, printing and mailing costs of shareholder reports, Prospectuses,
Statements of Additional Information and other materials for current
shareholders, fees to unaffiliated Trustees, custodian expenses, share
issuance costs, organization and start-up costs, interest, taxes and
brokerage commissions, and non-recurring expenses, such as litigation costs.

Other expenses that are directly attributable to a particular class are
allocated equally to each outstanding share within that class. Examples of
such expenses include transfer and shareholder servicing agent fees and
expenses and shareholder meeting expenses (to the extent that such expenses
pertain only to a specific class).

Fund Account Fees. As stated in the Prospectus, there is no annual "Minimum
Balance Fee".

The Fund reserves the authority to modify Fund Account Fees in its
discretion.

Determination of Net Asset Value Per Share. The net asset value per share of
the Fund is determined one hour after the close of the New York Stock
Exchange (the "NYSE"), on any day that the NYSE is open for trading (referred
to in this Prospectus as a "regular business day"), at the time the Fund's
dividends are calculated. The NYSE generally closes at 4:00 p.m. Eastern
Time, but may close earlier on certain days. The calculation is done by
dividing the value of the Fund's net assets by the number of shares that are
outstanding. All references to time in this SAI mean "Eastern time." The
NYSE's most recent annual announcement (which is subject to change) states it
will close on New Year's Day, Martin Luther King, Jr. Day, Presidents' Day,
Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and
Christmas Day. It may also close on other days.

The Fund's Board of Trustees has adopted the amortized cost method to
value the Fund's portfolio securities. Under the amortized cost method, a
security is valued initially at its cost and its valuation assumes a constant
amortization of any premium or accretion of any discount, regardless of the
impact of fluctuating interest rates on the market value of the security.
This method does not take into consideration any unrealized capital gains or
losses on securities. While this method provides certainty in valuing
securities, in certain periods the value of a security determined by
amortized cost may be higher or lower than the price the Fund would receive
if it sold the security.

The Fund's Board of Trustees has established procedures reasonably
designed to stabilize the Fund's net asset value at $1.00 per share. Those
procedures include a review of the Fund's portfolio holdings by the Board of
Trustees, at intervals it deems appropriate, to determine whether the Fund's
net asset value calculated by using available market quotations deviates from
$1.00 per share based on amortized cost.

The Board of Trustees will examine the extent of any deviation between
the Fund's net asset value based upon available market quotations and
amortized cost. If the Fund's net asset value were to deviate from $1.00 by
more than 0.5%, Rule 2a-7 under the Investment Company Act requires the Board
of Trustees to consider what action, if any, should be taken. If they find
that the extent of the deviation may cause a material dilution or other
unfair effects on shareholders, the Board of Trustees will take whatever
steps it considers appropriate to eliminate or reduce the dilution,
including, among others, withholding or reducing dividends, paying dividends
from capital or capital gains, selling portfolio instruments prior to
maturity to realize capital gains or losses or to shorten the average
maturity of the portfolio, or calculating net asset value per share by using
available market quotations.

During periods of declining interest rates, the daily yield on shares
of the Fund may tend to be lower (and net investment income and dividends
higher) than those of a fund holding the identical investments as the Fund
but which used a method of portfolio valuation based on market prices or
estimates of market prices. During periods of rising interest rates, the
daily yield of the Fund would tend to be higher and its aggregate value lower
than that of an identical portfolio using market price valuation.

How to Sell Shares

The information below supplements the terms and conditions for
redeeming shares set forth in the Prospectus.

Sending Redemption Proceeds by Federal Funds Wire. The Federal Funds wire of
redemption proceeds may be delayed if the Fund's custodian bank is not open
for business on a day when the Fund would normally authorize the wire to be
made, which is usually the Fund's next regular business day following the
redemption. In those circumstances, the wire will not be transmitted until
the next bank business day on which the Fund is open for business. No
dividends will be paid on the proceeds of redeemed shares awaiting transfer
by Federal Funds wire.

Special Arrangements for Reinvestment in Fund Shares. Shareholders may
reinvest in Fund shares after their account has been closed without meeting
the minimum investment requirement that applies to initial share purchases.

Dividends and Taxes

Dividends and Distributions. The Fund has no fixed dividend rate and there
can be no assurance as to the payment of any dividends. Unclaimed accounts
may be subject to state escheatment laws, and the Fund and the Transfer Agent
will not be liable to shareholders or their representatives for compliance
with those laws in good faith.

Tax Status of the Fund's Dividends, Distributions and Redemptions of Shares.
The federal tax treatment of the Fund's dividends and capital gains
distributions is briefly highlighted in the Prospectus. The following is only
a summary of certain additional tax considerations generally affecting the
Fund and its shareholders.

The tax discussion in the Prospectus and this SAI is based on tax
law in effect on the date of the Prospectus and this SAI. Those laws and
regulations may be changed by legislative, judicial, or administrative
action, sometimes with retroactive effect. State and local tax treatment of
ordinary income dividends and capital gain dividends from regulated
investment companies may differ from the treatment under the Internal Revenue
Code described below. Potential purchasers of shares of the Fund are urged to
consult their tax advisers with specific reference to their own tax
circumstances as well as the consequences of federal, state and local tax
rules affecting an investment in the Fund.

|X| Qualification as a Regulated Investment Company. The Fund has
elected to be taxed as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. As a regulated investment
company, the Fund is not subject to federal income tax on the portion of its
investment company taxable income and capital gain net income that it
distributes to shareholders. That qualification enables the Fund to "pass
through" its income and realized capital gains to shareholders without having
to pay tax on them. This avoids a "double tax" on that income and capital
gains, since shareholders normally will be taxed on the dividends and capital
gains they receive from the Fund (unless their Fund shares are held in a
retirement account or the shareholder is otherwise exempt from tax).

The Internal Revenue Code contains a number of complex tests relating
to qualification that the Fund might not meet in a particular year. If it did
not qualify as a regulated investment company, the Fund would be treated for
tax purposes as an ordinary corporation and would receive no tax deduction
for payments made to shareholders.

To qualify as a regulated investment company, the Fund must distribute
at least 90% of its investment company taxable income for the taxable year.
The Fund must also satisfy certain other requirements of the Internal Revenue
Code, some of which are described below. Distributions by the Fund made
during the taxable year or, under specified circumstances, within 12 months
after the close of the taxable year, will be considered distributions of
income and gains for the taxable year and will therefore count toward
satisfaction of the above-mentioned requirement.

To qualify as a regulated investment company, the Fund must derive at
least 90% of its gross income from dividends, interest, certain payments with
respect to loans of securities, gains from the sale or other disposition of
stock or securities or foreign currencies and certain other income derived
with respect to its business of investing in such securities or currencies,
and net income derived from interests in certain qualified publicly traded
partnerships.

In addition to satisfying the requirements described above, the Fund
must satisfy an asset diversification test in order to qualify as a regulated
investment company. Under that test, at the close of each quarter of the
Fund's taxable year, at least 50% of the value of the Fund's assets must
consist of cash or cash items (including receivables), U.S. government
securities, securities of other regulated investment companies, and
securities of other issuers. As to each of those issuers, the Fund must not
have invested more than 5% of the value of the Fund's total assets in
securities of each such issuer and the Fund must not hold more than 10% of
the outstanding voting securities of each such issuer. No more than 25% of
the value of its total assets may be invested in the securities of any one
issuer (other than U.S. government securities and securities of other
regulated investment companies), or in two or more issuers which the Fund
controls and which are engaged in the same or similar trades or businesses or
in the securities of one or more qualified publicly traded partnerships. For
purposes of this test, obligations issued or guaranteed by certain agencies
or instrumentalities of the U.S. government are treated as U.S. government
securities.

|X| Excise Tax on Regulated Investment Companies. Under the Internal
Revenue Code, by December 31 each year, the Fund must distribute 98% of its
taxable investment income earned from January 1 through December 31 of that
year and 98% of its capital gains realized in the period from November 1 of
the prior year through October 31 of the current year. If it does not, the
Fund must pay an excise tax on the amounts not distributed. It is presently
anticipated that the Fund will meet those requirements. To meet this
requirement, in certain circumstances the Fund might be required to liquidate
portfolio investments to make sufficient distributions to avoid excise tax
liability. However, the Board of Trustees and the Manager might determine in
a particular year that it would be in the best interests of shareholders for
the Fund not to make such distributions at the required levels and to pay the
excise tax on the undistributed amounts. That would reduce the amount of
income or capital gains available for distribution to shareholders.

|X| Taxation of Fund Distributions. The Fund anticipates distributing
substantially all of its investment company taxable income and net capital
gain for each taxable year. Those distributions will be taxable to
shareholders as ordinary income and capital gain income, respectively, and
treated as dividends to the extent paid from the Fund's earnings and profits
(as determined under the Internal Revenue Code)..

Distributions by the Fund that do not constitute ordinary income
dividends or capital gain distributions will be treated as a return of
capital to the extent of the shareholder's tax basis in their shares. Any
excess will be treated as gain from the sale of those shares, as discussed
below. Shareholders will be advised annually as to the U.S. federal income
tax consequences of distributions made (or deemed made) during the year. If
prior distributions made by the Fund must be re-characterized as a
non-taxable return of capital at the end of the fiscal year, they will be
identified as such in notices sent to shareholders.

Distributions by the Fund will be treated in the manner described above
regardless of whether the distributions are paid in cash or reinvested in
additional shares of the Fund. Shareholders receiving a distribution in the
form of additional shares will be treated as receiving a distribution in an
amount equal to the fair market value of the shares received, determined as
of the reinvestment date.

The Fund will be required in certain cases to withhold 28% of ordinary
income dividends, capital gains distributions and the proceeds of the
redemption of shares, paid to any shareholder (1) who has failed to provide a
correct, taxpayer identification number or to properly certify that number
when acquired, (2) who is subject to backup withholding for failure to report
the receipt of interest or dividend income properly, or (3) who has failed to
certify to the Fund that the shareholder is not subject to backup withholding
or is an "exempt recipient" (such as a corporation). Any tax withheld by the
Fund is remitted by the Fund to the U.S. Treasury and all income and any tax
withheld is identified in reports mailed to shareholders shortly after the
end of each year with a copy sent to the IRS. Backup withholding is not an
additional tax; amounts withheld generally may be allowed as a refund or a
credit against a shareholder's federal income tax liability.

Foreign Shareholders. Under U.S. tax law, taxation of a shareholder who is a
foreign person (to include, but not limited to, a nonresident alien
individual, a foreign trust, a foreign estate, a foreign corporation, or a
foreign partnership) primarily depends on whether the foreign person's income
from the Fund is effectively connected with the conduct of a U.S. trade or
business. Typically, ordinary income dividends paid from a mutual fund are
not considered "effectively connected" income.

Ordinary income dividends that are paid by the Fund (and are deemed not
"effectively connected income") to foreign persons will be subject to a U.S.
tax withheld by the Fund at a rate of 30%, provided the Fund obtains a
properly completed and signed Certificate of Foreign Status (ordinarily, IRS
Form W-8BEN). The tax rate may be reduced if the foreign person's country of
residence has a tax treaty with the U.S. allowing for a reduced tax rate on
ordinary income dividends paid by the Fund. Any tax withheld by the Fund is
remitted by the Fund to the U.S. Treasury and all income and any tax withheld
is identified in reports mailed to shareholders in March of each year with a
copy sent to the IRS.

If the ordinary income dividends from the Fund are effectively
connected with the conduct of a U.S. trade or business, then the foreign
person may claim an exemption from the U.S. tax described above provided the
Fund obtains a properly completed and signed Certificate of Foreign Status.
If the foreign person fails to provide a certification of his/her foreign
status, the Fund will be required to withhold U.S. tax at a rate of 28% on
ordinary income dividends, capital gains distributions and the proceeds of
the redemption of shares, paid to any foreign person. Any tax withheld by the
Fund is remitted by the Fund to the U.S. Treasury and all income and any tax
withheld is identified in reports mailed to shareholders in January of each
year with a copy sent to the IRS.

For taxable years of the Fund beginning after December 31, 2007,
properly designated dividends are generally exempt from U.S. federal
withholding tax on foreign persons provided such dividends (i) are derived
from the Fund's "qualified net interest income" (generally, the Fund's U.S.
source interest income, other than certain contingent interest and interest
from obligations of a corporation or partnership in which the Fund is a 10%
or greater shareholder, reduced by expenses that are allocable to such
income) or (ii) are derived from the Fund's "qualified short-term capital
gains" (generally, the excess of the Fund's net short-term capital gain over
the Fund's net long-term capital loss for such taxable year). However,
depending on its circumstances, the Fund may designate all, some or none of
its potentially eligible dividends as interest-related dividends or as
short-term capital gain dividends, and/or treat such dividends, in whole or
in part, as ineligible for this exemption from withholding on foreign
persons. In order to qualify for this exemption from withholding, a
shareholder that is a foreign person must comply with applicable
certification requirements relating to its non-U.S. status (including, in
general, furnishing an IRS Form W-8BEN or substitute form). In the case of
shares held through an intermediary, the intermediary may withhold even if
the Fund designates the payment as qualified net interest income or qualified
short-term capital gain. Shareholders that are foreign persons should contact
their intermediaries with respect to the application of these rules to their
accounts.

The tax consequences to foreign persons entitled to claim the benefits
of an applicable tax treaty may be different from those described in this
Statement of Additional Information. Foreign shareholders are urged to
consult their own tax advisors or the U.S. Internal Revenue Service with
respect to the particular tax consequences to them of an investment in the
Fund, including the applicability of the U.S. withholding taxes described
above.

Additional Information About the Fund

The Distributor. The Fund's shares are sold through dealers, brokers and
other financial institutions that have a sales agreement with
OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as
the Fund's Distributor. The Distributor also distributes shares of the other
Oppenheimer funds and is sub-distributor for funds managed by a subsidiary of
the Manager.

The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is
a division of the Manager. It is responsible for maintaining the Fund's
shareholder registry and shareholder accounting records, and for paying
dividends and distributions to shareholders. It also handles shareholder
servicing and administrative functions. It serves as the Transfer Agent for
an annual per account fee. It also acts as shareholder servicing agent for
the other Oppenheimer funds. Shareholders should direct inquiries about their
accounts to the Transfer Agent at the address and toll-free numbers shown on
the back cover.

The Custodian. Citibank, N.A. is the Custodian of the Fund's assets. The
Custodian's responsibilities include safeguarding and controlling the Fund's
portfolio securities and handling the delivery of such securities to and from
the Fund. It is be the practice of the Fund to deal with the Custodian in a
manner uninfluenced by any banking relationship the Custodian may have with
the Manager and its affiliates. The Fund's cash balances with the Custodian
in excess of $[250,000] are not protected by Federal deposit insurance. Those
uninsured balances at times may be substantial.

Independent Registered Public Accounting Firm. KPMG LLP serves as the
independent registered public accounting firm for the Fund. KPMG LLP audits
the Fund's financial statements and performs other related audit and tax
services. KPMG LLP also acts as the independent registered public accounting
firm for the Manager and certain other funds advised by the Manager and its
affiliates. Audit and non-audit services provided by KPMG LLP to the Fund
must be pre-approved by the Audit Committee.

Appendix A

RATINGS DEFINITIONS

Below are summaries of the rating definitions used by the
nationally-recognized rating agencies listed below. Those ratings represent
the opinion of the agency as to the credit quality of issues that they rate.
The summaries below are based upon publicly available information provided by
the rating organizations.

Moody's Investors Service, Inc. ("Moody's")

LONG-TERM RATINGS: BONDS AND PREFERRED STOCK ISSUER RATINGS

Aaa: Bonds and preferred stock rated "Aaa" are judged to be the best quality.
They carry the smallest degree of investment risk. Interest payments are
protected by a large or by an exceptionally stable margin and principal is
secure. While the various protective elements are likely to change, the
changes that can be expected are most unlikely to impair the fundamentally
strong position of such issues.

Aa: Bonds and preferred stock rated "Aa" are judged to be of high quality by
all standards. Together with the "Aaa" group, they comprise what are
generally known as high-grade bonds. They are rated lower than the best
bonds because margins of protection may not be as large as with "Aaa"
securities or fluctuation of protective elements may be of greater amplitude
or there may be other elements present which make the long-term risk appear
somewhat larger than that of "Aaa" securities.

A: Bonds and preferred stock rated "A" possess many favorable investment
attributes and are to be considered as upper-medium grade obligations.
Factors giving security to principal and interest are considered adequate but
elements may be present which suggest a susceptibility to impairment some
time in the future.

Baa: Bonds and preferred stock rated "Baa" are considered medium-grade
obligations; that is, they are neither highly protected nor poorly secured.
Interest payments and principal security appear adequate for the present but
certain protective elements may be lacking or may be characteristically
unreliable over any great length of time. Such bonds lack outstanding
investment characteristics and have speculative characteristics as well.

Ba: Bonds and preferred stock rated "Ba" are judged to have speculative
elements. Their future cannot be considered well-assured. Often the
protection of interest and principal payments may be very moderate and
thereby not well safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds in this class.

B: Bonds and preferred stock rated "B" generally lack characteristics of the
desirable investment. Assurance of interest and principal payments or of
maintenance of other terms of the contract over any long period of time may
be small.

Caa: Bonds and preferred stock rated "Caa" are of poor standing. Such issues
may be in default or there may be present elements of danger with respect to
principal or interest.

Ca: Bonds and preferred stock rated "Ca" represent obligations which are
speculative in a high degree. Such issues are often in default or have other
marked shortcomings.

C: Bonds and preferred stock rated "C" are the lowest class of rated bonds
and can be regarded as having extremely poor prospects of ever attaining any
real investment standing.

Moody's applies numerical modifiers 1, 2, and 3 in each generic rating
classification from "Aa" through "Caa." The modifier "1" indicates that the
obligation ranks in the higher end of its generic rating category; the
modifier "2" indicates a mid-range ranking; and the modifier "3" indicates a
ranking in the lower end of that generic rating category. Advanced refunded
issues that are secured by certain assets are identified with a # symbol.

PRIME RATING SYSTEM (SHORT-TERM RATINGS - TAXABLE DEBT)
These ratings are opinions of the ability of issuers to honor senior
financial obligations and contracts. Such obligations generally have an
original maturity not exceeding one year, unless explicitly noted.

Prime-1: Issuer has a superior ability for repayment of senior short-term
debt obligations.

Prime-2: Issuer has a strong ability for repayment of senior short-term debt
obligations. Earnings trends and coverage ratios, while sound, may be more
subject to variation. Capitalization characteristics, while appropriate, may
be more affected by external conditions. Ample alternate liquidity is
maintained.

Prime-3: Issuer has an acceptable ability for repayment of senior short-term
obligations. The effect of industry characteristics and market compositions
may be more pronounced. Variability in earnings and profitability may result
in changes in the level of debt protection measurements and may require
relatively high financial leverage. Adequate alternate liquidity is
maintained.

Not Prime: Issuer does not fall within any Prime rating category.

Standard & Poor's Ratings Services ("Standard & Poor's"), a division of The
McGraw-Hill Companies, Inc.

LONG-TERM ISSUE CREDIT RATINGS
Issue credit ratings are based in varying degrees, on the following
considerations:
o Likelihood of payment-capacity and willingness of the obligor to meet
its financial commitment on an obligation in accordance with the terms
of the obligation;
o Nature of and provisions of the obligation; and
o Protection afforded by, and relative position of, the obligation in the
event of bankruptcy, reorganization, or other arrangement under the
laws of bankruptcy and other laws affecting creditors' rights.
The issue ratings definitions are expressed in terms of default risk. As
such, they pertain to senior obligations of an entity. Junior obligations are
typically rated lower than senior obligations, to reflect the lower priority
in bankruptcy, as noted above.

AAA: An obligation rated "AAA" has the highest rating assigned by Standard &
Poor's. The obligor's capacity to meet its financial commitment on the
obligation is extremely strong.

AA: An obligation rated "AA" differs from the highest rated obligations only
in small degree. The obligor's capacity to meet its financial commitment on
the obligation is very strong.

A: An obligation rated "A" is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than obligations
in higher-rated categories. However, the obligor's capacity to meet its
financial commitment on the obligation is still strong.

BBB: An obligation rated "BBB" exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity of the obligor to meet its financial
commitment on the obligation.

BB, B, CCC, CC, and C: An obligation rated `BB', `B', `CCC', `CC', and `C' is
regarded as having significant speculative characteristics. `BB' indicates
the least degree of speculation and `C' the highest. While such obligations
will likely have some quality and protective characteristics, these may be
outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated "BB" is less vulnerable to nonpayment than other
speculative issues. However, they face major ongoing uncertainties or
exposure to adverse business, financial, or economic conditions which could
lead to the obligor's inadequate capacity to meet its financial commitment on
the obligation.

B: An obligation rated "B" is more vulnerable to nonpayment than obligations
rated "BB", but the obligor currently has the capacity to meet its financial
commitment on the obligation. Adverse business, financial, or economic
conditions will likely impair the obligor's capacity or willingness to meet
its financial commitment on the obligation.

CCC: An obligation rated "CCC" is currently vulnerable to nonpayment, and are
dependent upon favorable business, financial, and economic conditions for the
obligor to meet its financial commitment on the obligation. In the event of
adverse business, financial, or economic conditions, the obligor is not
likely to have the capacity to meet its financial commitment on the
obligation.

CC: An obligation rated "CC" is currently highly vulnerable to nonpayment.

C: Subordinated debt or preferred stock obligations rated "C" are currently
highly vulnerable to nonpayment. The "C" rating may be used to cover a
situation where a bankruptcy petition has been filed or similar action taken,
but payments on this obligation are being continued. A "C" also will be
assigned to a preferred stock issue in arrears on dividends or sinking fund
payments, but that is currently paying.

D: An obligation rated "D" is in payment default. The "D" rating category is
used when payments on an obligation are not made on the date due even if the
applicable grace period has not expired, unless Standard & Poor's believes
that such payments will be made during such grace period. The "D" rating also
will be used upon the filing of a bankruptcy petition or the taking of a
similar action if payments on an obligation are jeopardized.

The ratings from "AA" to "CCC" may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating
categories.

c: The `c' subscript is used to provide additional information to investors
that the bank may terminate its obligation to purchase tendered bonds if the
long-term credit rating of the issuer is below an investment-grade level
and/or the issuer's bonds are deemed taxable.

p: The letter `p' indicates that the rating is provisional. A provisional
rating assumes the successful completion of the project financed by the debt
being rated and indicates that payment of debt service requirements is
largely or entirely dependent upon the successful, timely completion of the
project. This rating, however, while addressing credit quality subsequent to
completion of the project, makes no comment on the likelihood of or the risk
of default upon failure of such completion. The investor should exercise his
own judgment with respect to such likelihood and risk.

Continuance of the ratings is contingent upon Standard & Poor's receipt of an
executed copy of the escrow agreement or closing documentation confirming
investments and cash flows.

r: The `r' highlights derivative, hybrid, and certain other obligations that
Standard & Poor's believes may experience high volatility or high variability
in expected returns as a result of noncredit risks. Examples of such
obligations are securities with principal or interest return indexed to
equities, commodities, or currencies; certain swaps and options; and
interest-only and principal-only mortgage securities. The absence of an `r'
symbol should not be taken as an indication that an obligation will exhibit
no volatility or variability in total return.

N.R. Not rated.

Debt obligations of issuers outside the United States and its territories are
rated on the same basis as domestic corporate and municipal issues. The
ratings measure the creditworthiness of the obligor but do not take into
account currency exchange and related uncertainties.

Bond Investment Quality Standards

Under present commercial bank regulations issued by the Comptroller of the
Currency, bonds rated in the top four categories (`AAA,' `AA,' `A,' `BBB,'
commonly known as investment-grade ratings) generally are regarded as
eligible for bank investment. Also, the laws of various states governing
legal investments impose certain rating or other standards for obligations
eligible for investment by savings banks, trust companies, insurance
companies, and fiduciaries in general

SHORT-TERM ISSUE CREDIT RATINGS
Short-term ratings are generally assigned to those obligations considered
short-term in the relevant market. In the U.S., for example, that means
obligations with an original maturity of no more than 365 days-including
commercial paper.

A-1: A short-term obligation rated "A-1" is rated in the highest category by
Standard & Poor's. The obligor's capacity to meet its financial commitment on
the obligation is strong. Within this category, certain obligations are
designated with a plus sign (+). This indicates that the obligor's capacity
to meet its financial commitment on these obligations is extremely strong.

A-2: A short-term obligation rated "A-2" is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than
obligations in higher rating categories. However, the obligor's capacity to
meet its financial commitment on the obligation is satisfactory.

A-3: A short-term obligation rated "A-3" exhibits adequate protection
parameters. However, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity of the obligor to meet its
financial commitment on the obligation.

B: A short-term obligation rated "B" is regarded as having significant
speculative characteristics. The obligor currently has the capacity to meet
its financial commitment on the obligation; however, it faces major ongoing
uncertainties which could lead to the obligor's inadequate capacity to meet
its financial commitment on the obligation.

C: A short-term obligation rated "C" is currently vulnerable to nonpayment
and is dependent upon favorable business, financial, and economic conditions
for the obligor to meet its financial commitment on the obligation.

D: A short-term obligation rated "D" is in payment default. The "D" rating
category is used when payments on an obligation are not made on the date due
even if the applicable grace period has not expired, unless Standard & Poor's
believes that such payments will be made during such grace period. The "D"
rating also will be used upon the filing of a bankruptcy petition or the
taking of a similar action if payments on an obligation are jeopardized.

NOTES:
A Standard & Poor's note rating reflects the liquidity factors and market
access risks unique to notes. Notes due in three years or less will likely
receive a note rating. Notes maturing beyond three years will most likely
receive a long-term debt rating. The following criteria will be used in
making that assessment:
o Amortization schedule-the larger the final maturity relative to other
maturities, the more likely it will
be treated as a note; and
o Source of payment-the more dependent the issue is on the market for its
refinancing, the more likely
it will be treated as a note.

SP-1: Strong capacity to pay principal and interest. An issue with a very
strong capacity to pay debt service is given a (+) designation.

SP-2: Satisfactory capacity to pay principal and interest, with some
vulnerability to adverse financial and economic changes over the term of the
notes.

SP-3: Speculative capacity to pay principal and interest.

Fitch, Inc.
International credit ratings assess the capacity to meet foreign currency or
local currency commitments. Both "foreign currency" and "local currency"
ratings are internationally comparable assessments. The local currency rating
measures the probability of payment within the relevant sovereign state's
currency and jurisdiction and therefore, unlike the foreign currency rating,
does not take account of the possibility of foreign exchange controls
limiting transfer into foreign currency.

INTERNATIONAL LONG-TERM CREDIT RATINGS
The following ratings scale applies to foreign currency and local currency
ratings.

Investment Grade:

AAA: Highest Credit Quality. "AAA" ratings denote the lowest expectation of
credit risk. They are assigned only in the case of exceptionally strong
capacity for timely payment of financial commitments. This capacity is highly
unlikely to be adversely affected by foreseeable events.

AA: Very High Credit Quality. "AA" ratings denote a very low expectation of
credit risk. They indicate a very strong capacity for timely payment of
financial commitments. This capacity is not significantly vulnerable to
foreseeable events.

A: High Credit Quality. "A" ratings denote a low expectation of credit risk.
The capacity for timely payment of financial commitments is considered
strong. This capacity may, nevertheless, be more vulnerable to changes in
circumstances or in economic conditions than is the case for higher ratings.

BBB: Good Credit Quality. "BBB" ratings indicate that there is currently a
low expectation of credit risk. The capacity for timely payment of financial
commitments is considered adequate, but adverse changes in circumstances and
in economic conditions are more likely to impair this capacity. This is the
lowest investment-grade category.

Speculative Grade:

BB: Speculative. "BB" ratings indicate that there is a possibility of credit
risk developing, particularly as the result of adverse economic change over
time. However, business or financial alternatives may be available to allow
financial commitments to be met. Securities rated in this category are not
investment grade.

B: Highly Speculative. "B" ratings indicate that significant credit risk is
present, but a limited margin of safety remains. Financial commitments are
currently being met. However, capacity for continued payment is contingent
upon a sustained, favorable business and economic environment.

CCC, CC C: High Default Risk. Default is a real possibility. Capacity for
meeting financial commitments is solely reliant upon sustained, favorable
business or economic developments. A "CC" rating indicates that default of
some kind appears probable. "C" ratings signal imminent default.

DDD, DD, and D: Default. The ratings of obligations in this category are
based on their prospects for achieving partial or full recovery in a
reorganization or liquidation of the obligor. While expected recovery values
are highly speculative and cannot be estimated with any precision, the
following serve as general guidelines. "DDD" obligations have the highest
potential for recovery, around 90%-100% of outstanding amounts and accrued
interest. "DD" indicates potential recoveries in the range of 50%-90%, and
"D" the lowest recovery potential, i.e., below 50%.

Entities rated in this category have defaulted on some or all of their
obligations. Entities rated "DDD" have the highest prospect for resumption of
performance or continued operation with or without a formal reorganization
process. Entities rated "DD" and "D" are generally undergoing a formal
reorganization or liquidation process; those rated "DD" are likely to satisfy
a higher portion of their outstanding obligations, while entities rated "D"
have a poor prospect for repaying all obligations.

Plus (+) and minus (-) signs may be appended to a rating symbol to denote
relative status within the major rating categories. Plus and minus signs are
not added to the "AAA" category or to categories below "CCC," nor to
short-term ratings other than "F1" (see below).

INTERNATIONAL SHORT-TERM CREDIT RATINGS
The following ratings scale applies to foreign currency and local currency
ratings. A short-term rating has a time horizon of less than 12 months for
most obligations, or up to three years for U.S. public finance securities,
and thus places greater emphasis on the liquidity necessary to meet financial
commitments in a timely manner.

F1: Highest credit quality. Strongest capacity for timely payment of
financial commitments. May have an added "+" to denote any exceptionally
strong credit feature.

F2: Good credit quality. A satisfactory capacity for timely payment of
financial commitments, but the margin of safety is not as great as in the
case of higher ratings.

F3: Fair credit quality. Capacity for timely payment of financial commitments
is adequate. However, near-term adverse changes could result in a reduction
to non-investment grade.

B: Speculative. Minimal capacity for timely payment of financial commitments,
plus vulnerability to near-term adverse changes in financial and economic
conditions.

C: High default risk. Default is a real possibility. Capacity for meeting
financial commitments is solely reliant upon a sustained, favorable business
and economic environment.

D: Default. Denotes actual or imminent payment default.

Dominion Bond Rating Service Limited ("DBRS")

R-1: Short term debt rated "R-1 (high)" is of the highest credit quality, and
indicates an entity which possesses unquestioned ability to repay current
liabilities as they fall due. Entities rated in this category normally
maintain strong liquidity positions, conservative debt levels and
profitability which is both stable and above average. Companies achieving an
"R-1 (high)" rating are normally leaders in structurally sound industry
segments with proven track records, sustainable positive future results and
no substantial qualifying negative factors. Given the extremely tough
definition which DBRS has established for an "R-1 (high)," few entities are
strong enough to achieve this rating. Short term debt rated "R-1 (middle)" is
of superior credit quality and, in most cases, ratings in this category
differ from "R-1 (high)" credits to only a small degree. Given the extremely
tough definition which DBRS has for the "R-1 (high)" category (which few
companies are able to achieve), entities rated "R-1 (middle)" are also
considered strong credits which typically exemplify above average strength in
key areas of consideration for debt protection. Short term debt rated "R-1
(low)" is of satisfactory credit quality. The overall strength and outlook
for key liquidity, debt and profitability ratios is not normally as favorable
as with higher rating categories, but these considerations are still
respectable. Any qualifying negative factors which exist are considered
manageable, and the entity is normally of sufficient size to have some
influence in its industry.

R-2: Short term debt rated "R-2" is of adequate credit quality and within the
three subset grades (high, middle, low), debt protection ranges from having
reasonable ability for timely repayment to a level which is considered only
just adequate. The liquidity and debt ratios of entities in the "R-2"
classification are not as strong as those in the "R-1" category, and the past
and future trend may suggest some risk of maintaining the strength of key
ratios in these areas. Alternative sources of liquidity support are
considered satisfactory; however, even the strongest liquidity support will
not improve the commercial paper rating of the issuer. The size of the entity
may restrict its flexibility, and its relative position in the industry is
not typically as strong as the "R-1 credit." Profitability trends, past and
future, may be less favorable, earnings not as stable, and there are often
negative qualifying factors present which could also make the entity more
vulnerable to adverse changes in financial and economic conditions.

LONG TERM DEBT RATINGS.

These ratings are relevant for securities purchased by the Fund with a
remaining maturity of 397 days or less, or for rating issuers of short-term
obligations.

A.M. Best Company, Inc.
Debt Ratings

A Best's Long-Term Debt Rating (issue credit rating) is an opinion as to the
issuer's ability to meet its financial obligations to security holders when
due. These ratings are assigned to debt and preferred stock issues.

Ratings from "aa" to "ccc" may be enhanced with a "+" (plus) or "-" (minus)
to indicate whether credit quality is near the top or bottom of a category. A
company's Long-Term Credit Rating also may be assigned an Under Review
modifier ("u") that generally is event-driven (positive, negative or
developing) and indicates that the company's Best's Rating opinion is under
review and may be subject to near-term change.

A.M. Best's Long-Term Credit Rating Scale is used when assigning a Best's
Long-Term Debt Rating. The list below outlines the specific ratings and
descriptions in this area.
Long-Term Debt Ratings
Investment Grade Non-Investment Grade
aaa (Exceptional) bb (Speculative)
aa (Very Strong) b (Very Speculative)
a (Strong) ccc, cc, c (Extremely
Speculative)
bbb (Adequate) d (In Default)

Note: Debt Ratings displayed with an (i) denote indicative ratings
A Best's Short-Term Debt Rating is an opinion as to the issuer's ability to
meet its obligations having maturities generally less than one year, such as
commercial paper. The list below outlines the specific ratings in this area
along with the associated descriptions.
Short-Term Debt Ratings
Investment Grade Non-Investment Grade
AMB-1+ (Strongest) AMB-4 (Speculative)
AMB-1 (Outstanding) d (In Default)
AMB-2 (Satisfactory)
AMB-3 (Adequate)
Issuer Credit Ratings

A Best's Long-Term Credit Rating is an opinion as to the ability of the rated
entity to meet its senior obligations. These ratings are assigned to
insurance companies, holding companies, or other legal entities authorized to
issue financial obligations.
Ratings from "aa" to "ccc" may be enhanced with a "+" (plus) or "-" (minus)
to indicate whether credit quality is near the top or bottom of a category. A
company's Long-Term Issuer Credit Rating also may be assigned an Under Review
modifier ("u") that generally is event-driven (positive, negative or
developing) and indicates that the company's Best's Rating opinion is under
review and may be subject to near-term change.
A.M. Best's Long-Term Issuer Credit Rating scale is used when assigning a
Best's Issuer Credit Rating (ICR). The list below outlines the specific
ratings in this area along with the associated descriptions.
Non-Insurance Company Insurance Company
Issuer Credit Ratings Issuer Credit Ratings
Investment Grade Non-Investment Investment Grade Non-Investment
Grade Grade
aaa (Exceptional) bb (Speculative) aaa (Exceptional) bb (Fair)
aa (Very Strong) b (Very aa (Superior) b (Marginal)
Speculative)
a (Strong) ccc, cc, c a (Excellent) ccc, cc (Weak)
(Extremely
Speculative)
bbb (Adequate) d (In Default) bbb (Very Good) c (Poor)
d (In Default)
A Best's Short-Term Issuer Credit Rating is an opinion as to the ability of
the rated entity to meet its senior financial committments on
obligations maturing in generally less than one year. The list below outlines
the specific ratings in this area along with the associated descriptions.
Short-Term Issuer Credit Ratings
Investment Grade Non-Investment Grade
AMB-1+ (Strongest) AMB-4 (Speculative)
AMB-1 (Outstanding) d (In Default)
AMB-2 (Satisfactory)
AMB-3 (Adequate)

Internet Website:
www.oppenheimerfunds.com

Investment Adviser
OppenheimerFunds, Inc.
Two World Financial Center
225 Liberty Street, 11th Floor
New York, New York 10281-1008

Distributor
OppenheimerFunds Distributor, Inc.
Two World Financial Center
225 Liberty Street, 11th Floor
New York, New York 10281-1008

Transfer Agent
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217
(1.800.645.2028)

Custodian Bank
Citibank, N.A.
399 Park Avenue
New York, New York 10043

Independent Registered Public Accounting Firm
KPMG LLP
707 Seventeenth Street
Suite 2700
Denver, Colorado 80202

Counsel to the Funds
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036
1234
___________________

(1). In accordance with Rule 12b-1 of the Investment Company Act, the term
"Independent Trustees" in this SAIrefers to those Trustees who are not
"interested persons" of the Fund and who do not have any direct or indirect
financial interest in the operation of the distribution plan or any agreement
under the plan.

             OPPENHEIMER INSTITUTIONAL TREASURY MONEY MARKET FUND

                                  FORM N-1A

                                    PART C

                              OTHER INFORMATION

Item 23. - Exhibits

(a)   (i) Declaration of Trust dated December 9, 2008: Filed herewith.
      (ii) Amendment No. 1 to Declaration of Trust dated December 19, 2008:
Filed herewith.

(b)   By-Laws: To be filed by amendment.

(c)   Not applicable. See Exhibits (a) and (b).

(d)   Investment Advisory Agreement: To be filed by amendment.

(e)   (i)  General Distributor's Agreement: To be filed by amendment.

(ii)  Dealer Agreement of OppenheimerFunds Distributor, Inc.: To be filed by
amendment.

(iii) Broker Agreement of OppenheimerFunds Distributor, Inc.: To be filed by
amendment.

(iv)  Agency Agreement of OppenheimerFunds Distributor, Inc.: To be filed by
amendment.

(v)   Trust Company Fund/SERV Purchase Agreement of OppenheimerFunds
Distributor, Inc.: To be filed by amendment.

(vi)  Trust Company Agency Agreement of OppenheimerFunds Distributor, Inc.:
To be filed by amendment.

(f)   (i)  Amended and Restated Retirement Plan for Non-Interested Trustees
or Directors: To be filed by amendment.

      (ii) Form of Deferred Compensation Plan for Disinterested
Trustees/Directors: To be filed by amendment.

(g)   (i)  Global Custodial Services Agreement: To be filed by amendment.

      (ii) Amended and Restated Foreign Custody Manager Agreement: To be
filed by amendment.

(h)   Not applicable.

(i)   Opinion and Consent of Counsel: To be filed by amendment.

(j)   Independent Registered Public Accounting Firm's Consent: To be filed by
amendment.

(k)   Not applicable.

(l)   Investment Letter from OppenheimerFunds, Inc. to Registrant: To be
filed by amendment.

(m)   Service Plan and Agreement for Class P shares: To be filed by amendment.

(n)   Oppenheimer Funds Multiple Class Plan under Rule 18f-3: To be filed by
amendment.

(o)   Powers of Attorney for all Trustees/Directors and Officers: To be filed
by amendment.

(p)   Not applicable. The Registrant is a Money Market Fund.

Item 24. - Persons Controlled by or Under Common Control with the Fund

None.

Item 25. - Indemnification

Reference is made to the provisions of Article Nine of Registrant's
Declaration of Trust filed as Exhibit 23(a) to this Registration Statement,
and incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to trustees, officers and controlling persons of
Registrant pursuant to the foregoing provisions or otherwise, Registrant has
been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
Registrant of expenses incurred or paid by a trustee, officer or controlling
person of Registrant in the successful defense of any action, suit or
proceeding) is asserted by such trustee, officer or controlling person,
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act of 1933 and will be governed
by the final adjudication of such issue.

Item 26. - Business and Other Connections of the Investment Adviser

(a)   OppenheimerFunds, Inc. is the investment adviser of the Registrant; it
and certain subsidiaries and affiliates act in the same capacity to other
investment companies, including without limitation those described in Parts A
and B hereof and listed in Item 26(b) below.

(b)   There is set forth below information as to any other business,
profession, vocation or employment of a substantial nature in which each
officer and director of OppenheimerFunds, Inc. is, or at any time during the
past two fiscal years has been, engaged for his/her own account or in the
capacity of director, officer, employee, partner or trustee.

---------------------------------------------------------------------------------------------
Name and Current Position
with OppenheimerFunds, Inc. Other Business and Connections During the Past Two Years
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Timothy L. Abbuhl,          Treasurer  of  Centennial  Asset  Management  Corporation;  Vice
Vice President              President   and   Assistant    Treasurer   of   OppenheimerFunds
                            Distributor, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Patrick Adams               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert Agan,                Senior Vice President of Shareholder  Financial  Services,  Inc.
Senior Vice President       and   Shareholders    Services,    Inc.;   Vice   President   of
                            OppenheimerFunds Distributor,  Inc., Centennial Asset Management
                            Corporation and OFI Private Investments Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Carl Algermissen,           Assistant Secretary of Centennial Asset Management Corporation.
Vice President & Associate
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Amato,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Nicole Andersen,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Tracey Beck Apostolopoulos, None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Janette Aprilante,          Secretary (since December 2001) of:  Centennial Asset Management
Vice President & Secretary  Corporation,  OppenheimerFunds  Distributor,  Inc.,  HarbourView
                            Asset  Management  Corporation  (since June  2003),  Oppenheimer
                            Real Asset Management,  Inc.,  Shareholder  Financial  Services,
                            Inc., Shareholder Services,  Inc., Trinity Investment Management
                            Corporation  (since  January  2005),   OppenheimerFunds   Legacy
                            Program,  OFI Private Investments Inc. (since June 2003) and OFI
                            Institutional   Asset   Management,   Inc.  (since  June  2003).
                            Assistant Secretary of OFI Trust Company (since December 2001).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dmitri Artemiev             Formerly  (until  January  2007)  Analyst/Developer  at Fidelity
Assistant Vice President    Investments.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Hany S. Ayad,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Paul Aynsley,               Formerly  Vice  President at Kepler  Equities  (December  2006 -
Vice President              February 2008)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
James F. Bailey,            Senior Vice  President  of  Shareholder  Services,  Inc.  (since
Senior Vice President       March 2006).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert Baker,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Michael Banta,         None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Barnes,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Adam Bass,                  None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kevin Baum,                 None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jeff Baumgartner,           Vice President of HarbourView Asset Management Corporation.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Marc Baylin,                Vice President of OFI Institutional Asset Management, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Todd Becerra,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kathleen Beichert,          Vice President of OppenheimerFunds Distributor, Inc.
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gerald B. Bellamy,          Vice President (Sales Manager of the International  Division) of
Vice President              OFI Institutional Asset Management, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Emanuele Bergagnine,        Assistant Vice President of OFI Institutional  Asset Management,
Assistant Vice President    Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert Bertucci,            None
Assistant Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rajeev Bhaman,              Vice President of OFI Institutional Asset Management, Inc.
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Craig Billings,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mark Binning,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert J. Bishop,           Treasurer (since October 2003) of OppenheimerFunds  Distributor,
Vice President              Inc. and  Centennial  Asset  Management  Corporation;  Assistant
                            Secretary of Oppenheimer Acquisition Corp.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Julie Blanchard,            Formerly  Fund  Accounting  Manager  at  OppenheimerFunds,  Inc.
Assistant Vice President    (April 2006 - February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Beth Bleimehl,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lisa I. Bloomberg,          Assistant Secretary of Oppenheimer Real Asset Management, Inc.
Vice President & Deputy
General Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Veronika Boesch,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Chad Boll,                  None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Antulio N. Bomfim,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michelle Borre Massick,     None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lori E. Bostrom,            Assistant Secretary of OppenheimerFunds Legacy Program.
Vice President & Deputy
General Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David J. Bowers             Formerly (until July 2007) Analyst at Evergreen Investments.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Boydell,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Britton,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Garrett C. Broadrup,        None
Vice President & Assistant
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Bromberg,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Holly Broussard,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Roger Buckley,              Formerly  Manager  in  Finance  (May  2006 -  February  2008) at
Assistant Vice President    OppenheimerFunds, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Carla Buffulin,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Stephanie Bullington,       None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Paul Burke,                 None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mark Burns,                 None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
JoAnne Butler,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Geoffrey Caan,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christine Calandrella,      Formerly  Director  of Empower  Network  (March 2007 - September
Assistant Vice President    2007);  formerly  HR Manager of Arrow  Electronics,  Inc.  (June
                            1998 - March 2007).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dale William Campbell,      Formerly (until January 2007) Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Patrick Campbell,           Vice   President   of   OppenheimerFunds   Distributor,    Inc.,
Vice President              Shareholder  Services,  Inc. and Shareholder Financial Services,
                            Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Debra Casey,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lisa Chaffee,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ronald Chibnik,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Patrick Sheng Chu,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brett Clark,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jennifer Clark,             Formerly  Manager at  OppenheimerFunds,  Inc.  (February  2006 -
Assistant Vice President    February   2008).   Assistant   Vice  President  at  Shareholder
                            Financial Services,  Inc.,  Shareholder Services,  Inc., and OFI
                            Private Investments Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
H.C. Digby Clements,        None
Senior Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas Closs,               Formerly   (until   January   2007)   Development   Manager   at
Assistant Vice President    OppenheimerFunds, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David Cole,                 Formerly  Manager at  OppenheimerFunds,  Inc (May 2006 - January
Assistant Vice President    2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Eric Compton,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gerald James Concepcion,    None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Susan Cornwell,             Senior Vice President of Shareholder  Financial  Services,  Inc.
Senior Vice President       and    Shareholder    Services,    Inc.;   Vice   President   of
                            OppenheimerFunds Distributor,  Inc., Centennial Asset Management
                            Corporation and OppenheimerFunds Legacy Program.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Cheryl Corrigan,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Belinda J. Cosper,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Scott Cottier,              None
Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lauren Coulston,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Terry Crady,                Formerly IT Development Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
George Curry,               Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Julie C. Cusker,            None
Assistant Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kevin Dachille,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rushan Dagli,               Vice  President  of OFI Private  Investments  Inc.,  Shareholder
Vice President              Financial Services, Inc. and Shareholder Services, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Damian,                None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jason Davis,                Formerly Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert Dawson,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Delano,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kendra Delisa,              Formerly (until January 2007) Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Damaris De Los Santos,      Formerly Senior Account Executive (July 2003 - February 2008).
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Demarco,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Craig P. Dinsell,           None
Executive Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Randall C. Dishmon,         None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rebecca K. Dolan,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Steven D. Dombrower,        Senior Vice  President  of OFI Private  Investments  Inc.;  Vice
Vice President              President of OppenheimerFunds Distributor, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Sara Donahue,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Alicia Dopico,              Formerly (until August 2007) Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas Doyle,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Bruce C. Dunbar,            None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian Dvorak,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Edmiston,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
A. Taylor Edwards,          None
Vice President & Assistant
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Venkat Eleswarapu,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christopher Emanuel,        None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel R. Engstrom,         None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
James Robert Erven,         None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
George R. Evans,            None
Senior Vice President &
Director of International
Equities
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Edward N. Everett,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kathy Faber,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David Falicia,              Assistant  Secretary  (as of July  2004)  of  HarbourView  Asset
Assistant Vice President    Management Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rachel Fanopoulos,          Formerly Manager (until August 2007) at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Matthew Farkas,             None
Vice President and
Assistant Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kristie Feinberg,           Assistant   Treasurer   of   Oppenheimer    Acquisition   Corp.,
Vice President and          Centennial  Asset  Management  Corp.,  OFI  Institutional  Asset
Assistant Treasurer         Management  Inc.  and  OFI   Institutional   Asset   Management;
                            Treasurer of OppenheimerFunds  Legacy Program,  Oppenheimer Real
                            Asset Management, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
William Ferguson,           Formerly  Senior  Marketing  Manager  at  ETrade  (June  2006  -
Assistant Vice President    January 2007).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Emmanuel Ferreira,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ronald H. Fielding,         Vice President of OppenheimerFunds  Distributor,  Inc.; Director
Senior Vice President;      of  ICI  Mutual  Insurance  Company;   Governor  of  St.  John's
Chairman of the Rochester   College;  Chairman of the Board of  Directors  of  International
Division                    Museum of Photography at George Eastman House.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Steven Fling,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John E. Forrest,            Senior Vice President of OppenheimerFunds Distributor, Inc.
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David Foxhoven,             Assistant Vice  President of  OppenheimerFunds  Legacy  Program;
Senior Vice President       Vice President of HarbourView Asset Management Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Colleen M. Franca,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Barbara Fraser,             Secretary of OFI Trust Company (since December 2007).
Vice President & Associate
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dominic Freud,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Hazem Gamal,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Charles Gapay,              Formerly   (as  of   January   2007)   Help  Desk   Manager   at
Assistant Vice President    OppenheimerFunds, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Seth Gelman,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Timothy Gerlach,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Alan C. Gilston,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jacqueline Girvin-Harkins,  None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jill E. Glazerman,          None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kevin Glenn,                Formerly Tax Manager at OppenheimerFunds,  Inc. (December 2006 -
Assistant Vice President    February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Benjamin J. Gord,           Vice President of HarbourView  Asset Management  Corporation and
Vice President              of OFI Institutional Asset Management, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Raquel Granahan,            Senior Vice  President  of OFI Private  Investments  Inc.;  Vice
Senior Vice President       President   of   OppenheimerFunds    Distributor,    Inc.,   and
                            OppenheimerFunds Legacy Program.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert B. Grill,            None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Carol Guttzeit,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Marilyn Hall,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kelly Haney,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Steve Hauenstein,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas B. Hayes,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Bradley Hebert,             Manager  at  OppenheimerFunds,  Inc.  (October  2004 -  February
Assistant Vice President    2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Heidi Heikenfeld,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Annika Helgerson,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel Herrmann,            Vice President of OFI Private Investments Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Benjamin Hetrick,           Manager at OppenheimerFunds, Inc (May 2006 - December 2007).
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dennis Hess,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Joseph Higgins,             Vice President of OFI Institutional Asset Management, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dorothy F. Hirshman,        None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel Hoelscher,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Eivind Holte,               Formerly Vice President at U.S. Trust (June 2005 - October 2007)
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Craig Holloway              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lucie Howell,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian Hourihan,             Assistant Secretary of Oppenheimer Real Asset Management,  Inc.,
Vice President & Deputy     HarbourView  Asset  Management  Corporation,  OFI  Institutional
General Counsel             Asset   Management,   Inc.   (since   April  2006)  and  Trinity
                            Investment Management Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Edward Hrybenko,            Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jason Hubersberger,         None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kevin Andrew Huddleston,    None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Scott T. Huebl,             Assistant Vice President of OppenheimerFunds Legacy Program.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Douglas Huffman,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Margaret Hui,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dana Hunter,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Huttlin,               Senior Vice President  (Director of the International  Division)
Vice President              (since  January  2004) of OFI  Institutional  Asset  Management,
                            Inc.;   Director   (since   June   2003)   of   OppenheimerFunds
                            International Distributor Limited.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
James G. Hyland,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kelly Bridget Ireland,      None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kathleen T. Ives,           Vice  President  and  Assistant  Secretary  of  OppenheimerFunds
Vice President, Deputy      Distributor,  Inc. and  Shareholder  Services,  Inc.;  Assistant
General Counsel &           Secretary   of   Centennial   Asset   Management    Corporation,
Assistant Secretary         OppenheimerFunds   Legacy  Program  and  Shareholder   Financial
                            Services, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Frank V. Jennings,          None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Jennings,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jin Jo,                     Formerly  Audit  Manager at  Deloitte & Touche LLP (as of August
Assistant Vice President    2007)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lisa Kadehjian,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Charles Kandilis,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Amee Kantesaria,            None
Assistant Vice President
                                    and
Assistant Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rezo Kanovich,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas W. Keffer,           Senior Vice President of OppenheimerFunds Distributor, Inc.
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
James Kennedy,              None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Keogh,              Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Kiernan,               None
Vice President & Marketing
Compliance Manager
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Kim,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Audrey Kiszla,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Knott,              President and Director of  OppenheimerFunds  Distributor,  Inc.;
Executive Vice President    Executive  Vice  President  of  OFI  Private  Investments  Inc.;
                            Executive  Vice   President  &  Director  of  Centennial   Asset
                            Management Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel Kohn,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Martin S. Korn,             None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Tatyana Kosheleva,          Formerly (as of April 2007) Finance Manager at IBM Corp.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Kotlartz,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian Kramer,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
S. Arthur Krause,           Formerly  Product  Manager  of  OppenheimerFunds,  Inc.  (as  of
Assistant Vice President    January 2007).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Alexander Kurinets,         None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gloria LaFond,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lisa Lamentino,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Tracey Lange,               Vice  President of  OppenheimerFunds  Distributor,  Inc. and OFI
Vice President              Private Investments Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jeffrey P. Lagarce,         President  of OFI  Institutional  Asset  Management,  Inc. as of
Senior Vice President       January 2005.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Latino,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gayle Leavitt,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christopher M. Leavy,       Senior Vice  President  of OFI  Private  Investments  Inc.,  OFI
Senior Vice President       Institutional  Asset  Management,  Inc., and Trinity  Investment
                            Management Corporation
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Randy Legg,                 None
Vice President & Associate
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Laura Leitzinger,           Senior  Vice  President  of  Shareholder   Services,   Inc.  and
Senior Vice President       Shareholder Financial Services, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Justin Leverenz,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael S. Levine,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian Levitt,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gang Li,                    None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Shanquan Li,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Julie A. Libby,             Senior  Vice  President  and  Chief  Operating  Officer  of  OFI
Senior Vice President       Private Investments Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel Lifshey,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mitchell J. Lindauer,       None
Vice President & Assistant
General Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Bill Linden,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Malissa B. Lischin,         Assistant Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Justin Livengood,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christina Loftus,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David P. Lolli,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ian Loughlin,               Formerly  Financial Analysis Manager at  OppenheimerFunds,  Inc.
Assistant Vice President    (June 2005 - February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel G. Loughran          None
Senior Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Patricia Lovett,            Vice  President  of  Shareholder  Financial  Services,  Inc. and
Senior Vice President       Senior Vice President of Shareholder Services, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Misha Lozovik,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dongyan Ma,                 None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Matthew Maley,              Formerly  Operations  Manager  at  Bear  Stearns  (June  2005  -
Assistant Vice President    February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Daniel Martin,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jerry Mandzij,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Carolyn Maxson,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
William T. Mazzafro,        None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Trudi McCanna,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Neil McCarthy,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Elizabeth McCormack,        Vice  President and  Assistant  Secretary of  HarbourView  Asset
Vice President              Management Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John McCullough,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Joseph McDonnell,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Joseph McGovern,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Charles L. McKenzie,        Chairman of the Board,  Director,  Chief  Executive  Officer and
Senior Vice President       President  of  OFI  Trust  Company;  Chairman,  Chief  Executive
                            Officer,   Chief   Investment   Officer  and   Director  of  OFI
                            Institutional  Asset Management,  Inc.; Chief Executive Officer,
                            President,  Senior Managing Director and Director of HarbourView
                            Asset Management Corporation;  Chairman,  President and Director
                            of Trinity Investment Management  Corporation and Vice President
                            of Oppenheimer Real Asset Management, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
William McNamara,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mary McNamee,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Medev,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jay Mewhirter,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Andrew J. Mika,             None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jan Miller,                 None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Scott Miller,               Formerly  Assistant  Vice  President  at AXA  Distributors,  LLC
Vice President              (July 2005 - February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rejeev Mohammed,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Sarah Morrison,             Formerly (as of January 2007) Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jill Mulcahy,               None
Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John V. Murphy,             President and  Management  Director of  Oppenheimer  Acquisition
Chairman, Chief             Corp.;   President  and  Director  of  Oppenheimer   Real  Asset
Executive Officer &         Management,   Inc.;   Chairman  and   Director  of   Shareholder
Director                    Services,   Inc.  and  Shareholder  Financial  Services,   Inc.;
                            Director   of    OppenheimerFunds    Distributor,    Inc.,   OFI
                            Institutional   Asset  Management,   Inc.,   Trinity  Investment
                            Management   Corporation,    Tremont   Group   Holdings,   Inc.,
                            HarbourView   Asset  Management   Corporation  and  OFI  Private
                            Investments  Inc.;  Executive  Vice  President of  Massachusetts
                            Mutual  Life  Insurance  Company;  Director  of DLB  Acquisition
                            Corporation;  a member  of the  Investment  Company  Institute's
                            Board of Governors.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Suzanne Murphy,             Vice President of OFI Private Investments Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas J. Murray,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christina Nasta,            Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Paul Newman,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Nichols,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
William Norman,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
James B. O'Connell,         None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Matthew O'Donnell,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lisa Ogren,                 Formerly Manager at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Tony Oh,                    None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John J. Okray,              None
Vice President & Assistant
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kristina Olson,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lerae A. Palumbo,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kathleen Patton,            Assistant Vice President of Shareholder Services, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David P. Pellegrino,        None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert H. Pemble,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lori L. Penna,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian Petersen,             Assistant Treasurer of OppenheimerFunds Legacy Program.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Marmeline Petion-Midy,      None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David Pfeffer,              Treasurer  of  Oppenheimer   Acquisition   Corp.;   Senior  Vice
Senior Vice President,      President of  HarbourView  Asset  Management  Corporation  since
Chief Financial Officer &   February 2004.
Treasurer
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
James F. Phillips,          None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gary Pilc,                  None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John Piper,                 Assistant Vice President of Shareholder Services, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jeaneen Pisarra,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Nicolas Pisciotti,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christine Polak,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Sergei Polevikov,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jeffrey Portnoy,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David Preuss,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ellen Puckett,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jodi Pullman,               Formerly  Product  Manager at  OppenheimerFunds,  Inc.  (January
Assistant Vice President    2007   -   February    2008);    Senior   Project   Manager   at
                            OppenheimerFunds, Inc. (March 2006 - January 2007).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Paul Quarles,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael E. Quinn,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Julie S. Radtke,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Timothy Raeke,              Formerly  (as of July 2007)  Vice  President  at MFS  Investment
Assistant Vice President    Management.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Norma J. Rapini,            None
Assistant Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Corry E. Read,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Marc Reinganum,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jill Reiter,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jason Reuter,               Formerly  Manager at  OppenheimerFunds,  Inc.  (February  2006 -
Assistant Vice President    February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Eric Rhodes,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Maria Ribeiro De Castro,    None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Eric Richter,               Vice President of HarbourView Asset Management Corporation.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Grace Roberts,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David Robertson,            Senior Vice  President of  OppenheimerFunds  Distributor,  Inc.;
Senior Vice President       President   and   Director  of   Centennial   Asset   Management
                            Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert Robis,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Antoinette Rodriguez,       None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lucille Rodriguez,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Stacey Roode,               None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jeffrey S. Rosen,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Royce,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Erica Rualo,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Adrienne Ruffle,            Assistant Secretary of OppenheimerFunds Legacy Program.
Vice President & Assistant
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kim Russomanno,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gerald Rutledge,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Julie Anne Ryan,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Timothy Ryan,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Matthew Torpey,             None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rohit Sah,                  None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Gary Salerno,               Formerly (as of May 2007) Separate  Account  Business Liaison at
Assistant Vice President    OppenheimerFunds, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Valerie Sanders,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kurt Savallo,               Formerly Senior Business Analyst at OppenheimerFunds, Inc.
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rudi W. Schadt,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mary Beth Schellhorn,       None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ellen P. Schoenfeld,        None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kathleen Schmitz,           Assistant  Vice  President  of  HarbourView   Asset   Management
Assistant Vice President    Corporation.     Formerly    Fund    Accounting    Manager    at
                            OppenheimerFunds, Inc. (November 2004 - February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Patrick Schneider,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Scott A. Schwegel,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Allan P. Sedmak,            None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jennifer L. Sexton,         Senior Vice President of OFI Private Investments Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Asutosh Shah,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kamal Shah,                 None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Navin Sharma,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Tammy Sheffer,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mary Dugan Sheridan,        None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Nicholas Sherwood,          Formerly  Manager at  OppenheimerFunds,  Inc.  (February  2006 -
Assistant Vice President    February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
David C. Sitgreaves,        None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Skatrud,            Formerly  (as of March 2007)  Corporate  Bond  Analyst at Putnam
Assistant Vice President    Investments.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Enrique H. Smith,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kevin Smith,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Paul Snogren                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Louis Sortino,              None
Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Keith J. Spencer,           None
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Marco Antonio Spinar,       None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Alice Stein,                Vice  President at Morgan  Stanley  Investment  Management  from
Vice President & Assistant  (2004 - 2008).
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brett Stein,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard A. Stein,           None
Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Arthur P. Steinmetz,        Senior  Vice   President   of   HarbourView   Asset   Management
Senior Vice President       Corporation;   Vice   President  of  OFI   Institutional   Asset
                            Management, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jennifer Stevens,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Benjamin Stewart,           None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Peter Strzalkowski,         Vice President of HarbourView  Asset  Management,  Inc. Formerly
Vice President              (as of August 2007).  Founder/Managing Partner at Vector Capital
                            Management.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
John P. Stoma,              Senior Vice President of OppenheimerFunds Distributor, Inc.
Senior Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Amy Sullivan,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Michael Sussman,            Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas Swaney,              Vice President of HarbourView Asset Management Corporation.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian C. Szilagyi,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Charles Toomey,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Vincent Toner,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Melinda Trujillo,           None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Leonid Tsvayg,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Keith Tucker,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Angela Uttaro,              None
Assistant Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mark S. Vandehey,           Vice President and Chief Compliance Officer of  OppenheimerFunds
Senior Vice President &     Distributor,  Inc., Centennial Asset Management  Corporation and
Chief Compliance Officer    Shareholder   Services,   Inc.;  Chief  Compliance   Officer  of
                            HarbourView  Asset  Management  Corporation,   Oppenheimer  Real
                            Asset Management,  Inc.,  Shareholder Financial Services,  Inc.,
                            Trinity  Investment  Management  Corporation,   OppenheimerFunds
                            Legacy  Program,  OFI  Private  Investments  Inc.  and OFI Trust
                            Company and OFI Institutional Asset Management, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Maureen Van Norstrand,      None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Nancy Vann,                 None
Vice President & Associate
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Rene Vecka,                 None
Assistant Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Vincent Vermette,           Assistant Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Elaine Villas-Obusan,       None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ryan Virag,                 None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jake Vogelaar,              None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Phillip F. Vottiero,        None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mark Wachter,               Formerly  Manager  at  OppenheimerFunds,   Inc.  (March  2005  -
Vice President              February 2008).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lisa Walsh,                 None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Darren Walsh,               President and Director of Shareholder  Financial Services,  Inc.
Executive Vice President    and Shareholder Services, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Richard Walsh,              Vice President of OFI Private Investments.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Thomas Waters,              Vice President of OFI Institutional Asset Management, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Deborah Weaver,             None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Jerry A. Webman,            Senior  Vice   President   of   HarbourView   Asset   Management
Senior Vice President       Corporation.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christopher D. Weiler,      None
Vice President:
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Melissa Lynn Weiss,         None
Vice President & Senior
Counsel
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Christine Wells,            None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Joseph J. Welsh,            Vice President of HarbourView Asset Management Corporation.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Catherine M. White,         Assistant Vice President of OppenheimerFunds Distributor,  Inc.;
Assistant Vice President    member of the  American  Society  of  Pension  Actuaries  (ASPA)
                            since 1995.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Adam Wilde,                 None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Troy Willis,                None
Assistant Vice President,
Rochester Division
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mitchell Williams,          None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Julie Wimer,                None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Donna M. Winn,              President,  Chief  Executive  Officer & Director  of OFI Private
Senior Vice President       Investments  Inc.;  Director  &  President  of  OppenheimerFunds
                            Legacy  Program;   Senior  Vice  President  of  OppenheimerFunds
                            Distributor, Inc.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Brian W. Wixted,            Treasurer   of   HarbourView   Asset   Management   Corporation;
Senior Vice President &     OppenheimerFunds  International  Ltd.,  Oppenheimer  Real  Asset
Treasurer                   Management,   Inc.,  Shareholder  Services,   Inc.,  Shareholder
                            Financial  Services,  Inc.,  OFI Private  Investments  Inc., OFI
                            Institutional Asset Management,  Inc.,  OppenheimerFunds plc and
                            OppenheimerFunds  Legacy Program;  Treasurer and Chief Financial
                            Officer   of  OFI  Trust   Company;   Assistant   Treasurer   of
                            Oppenheimer Acquisition Corp.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Carol E. Wolf,              Senior  Vice   President   of   HarbourView   Asset   Management
Senior Vice President       Corporation  and of  Centennial  Asset  Management  Corporation;
                            Vice  President  of OFI  Institutional  Asset  Management,  Inc;
                            serves on the Board of the Colorado Ballet.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Meredith Wolff,             Vice President of OppenheimerFunds Distributor, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Oliver Wolff,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Kurt Wolfgruber,            Director  of  OppenheimerFunds  Distributor,  Inc.,  Director of
President, Chief            Tremont  Group  Holdings,  Inc.,  HarbourView  Asset  Management
Investment Officer &        Corporation and OFI Institutional Asset Management,  Inc. (since
Director                    June  2003).  Management  Director  of  Oppenheimer  Acquisition
                            Corp. (since December 2005).
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Caleb C. Wong,              None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Edward C. Yoensky,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Geoff Youell,               None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Lucy Zachman,               None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Robert G. Zack,             General  Counsel of  Centennial  Asset  Management  Corporation;
Executive Vice President &  General  Counsel and Director of  OppenheimerFunds  Distributor,
General Counsel             Inc.;  Senior Vice President and General  Counsel of HarbourView
                            Asset  Management   Corporation  and  OFI  Institutional   Asset
                            Management,  Inc.;  Senior Vice  President,  General Counsel and
                            Director of Shareholder  Financial Services,  Inc.,  Shareholder
                            Services,  Inc., OFI Private  Investments  Inc.;  Executive Vice
                            President,  General  Counsel and Director of OFI Trust  Company;
                            Director   and   Assistant    Secretary   of    OppenheimerFunds
                            International  Limited;  Vice  President,  Secretary and General
                            Counsel  of   Oppenheimer   Acquisition   Corp.;   Director  and
                            Assistant    Secretary   of    OppenheimerFunds    International
                            Distributor Limited;  Vice President of OppenheimerFunds  Legacy
                            Program; Vice President and Director of Oppenheimer  Partnership
                            Holdings Inc.;  Director of OFI Institutional  Asset Management,
                            Ltd.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Anna Zatulovskaya,          None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Mark D. Zavanelli,          Vice President of OFI Institutional Asset Management, Inc.
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Sara Zervos,                None
Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Alex Zhou,                  None
Assistant Vice President
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Ronald Zibelli, Jr.         Formerly  Managing  Director and Small Cap Growth Team Leader at
Vice President              Merrill Lynch.
---------------------------------------------------------------------------------------------



The Oppenheimer Funds include the following:

Centennial California Tax Exempt Trust
Centennial Government Trust
Centennial Money Market Trust
Centennial New York Tax Exempt Trust
Centennial Tax Exempt Trust
Limited Term New York Municipal Fund (a series of Rochester Portfolio Series)
OFI Tremont Core Strategies Hedge Fund
Oppenheimer Absolute Return Fund
Oppenheimer AMT-Free Municipals
Oppenheimer AMT-Free New York Municipals
Oppenheimer Balanced Fund
Oppenheimer Baring China Fund
Oppenheimer Baring Japan Fund
Oppenheimer Baring SMA International Fund
Oppenheimer California Municipal Fund
Oppenheimer Capital Appreciation Fund
Oppenheimer Capital Income Fund
Oppenheimer Cash Reserves
Oppenheimer Champion Income Fund
Oppenheimer Commodity Strategy Total Return Fund
Oppenheimer Convertible Securities Fund (a series of Bond Fund Series)
Oppenheimer Core Bond Fund (a series of Oppenheimer Integrity Funds)
Oppenheimer Developing Markets Fund
Oppenheimer Discovery Fund
Oppenheimer Emerging Growth Fund
Oppenheimer Equity Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
Oppenheimer Global Fund
Oppenheimer Global Opportunities Fund
Oppenheimer Global Value Fund
Oppenheimer Gold & Special Minerals Fund
Oppenheimer International Bond Fund
Oppenheimer Institutional Money Market Fund
Oppenheimer International Diversified Fund
Oppenheimer International Growth Fund
Oppenheimer International Small Company Fund
Oppenheimer Limited Term California Municipal Fund
Oppenheimer Limited-Term Government Fund
Oppenheimer Limited Term Municipal Fund (a series of Oppenheimer Municipal
   Fund)
Oppenheimer Main Street Fund (a series of Oppenheimer Main Street Funds, Inc.)
Oppenheimer Main Street Opportunity Fund
Oppenheimer Main Street Small Cap Fund
Oppenheimer Master Event-Linked Bond Fund, LLC
Oppenheimer Master Loan Fund, LLC
Oppenheimer Master International Value Fund, LLC
Oppenheimer MidCap Fund
Oppenheimer Money Market Fund, Inc.
Oppenheimer Multi-State Municipal Trust (3 series):
   Oppenheimer New Jersey Municipal Fund
   Oppenheimer Pennsylvania Municipal Fund
   Oppenheimer Rochester National Municipals
Oppenheimer Portfolio Series (4 series)
      Active Allocation Fund
      Equity Investor Fund
      Conservative Investor Fund
   Moderate Investor Fund
Oppenheimer Portfolio Series Fixed Income Active Allocation Fund
Oppenheimer Principal Protected Main Street Fund (a series of Oppenheimer
Principal
      Protected Trust)
Oppenheimer Principal Protected Main Street Fund II (a series of Oppenheimer
Principal
      Protected Trust II)
Oppenheimer Principal Protected Main Street Fund III (a series of Oppenheimer
Principal
      Protected Trust III)
Oppenheimer Quest For Value Funds (3 series)
   Oppenheimer Quest Balanced Fund
   Oppenheimer Quest Opportunity Value Fund
   Oppenheimer Small- & Mid-Cap Value Fund
Oppenheimer Quest International Value Fund, Inc.
Oppenheimer Real Estate Fund
Oppenheimer Rising Dividends Fund, Inc.
Oppenheimer Rochester Arizona Municipal Fund
Oppenheimer Rochester Double Tax-Free Municipals
Oppenheimer Rochester General Municipal Fund
Oppenheimer Rochester Maryland Municipal Fund
Oppenheimer Rochester Massachusetts Municipal Fund
Oppenheimer Rochester Michigan Municipal Fund
Oppenheimer Rochester Minnesota Municipal Fund
Oppenheimer Rochester North Carolina Municipal Fund
Oppenheimer Rochester Ohio Municipal Fund
Oppenheimer Rochester Virginia Municipal Fund
Oppenheimer Select Value Fund
Oppenheimer Senior Floating Rate Fund
Oppenheimer Series Fund, Inc. (1 series):
Oppenheimer Value Fund
Oppenheimer SMA Core Bond Fund
Oppenheimer SMA International Bond Fund
Oppenheimer Strategic Income Fund
Oppenheimer Transition 2010 Fund
Oppenheimer Transition 2015 Fund
Oppenheimer Transition 2020 Fund
Oppenheimer Transition 2025 Fund
Oppenheimer Transition 2030 Fund
Oppenheimer Transition 2040 Fund
Oppenheimer Transition 2050 Fund
Oppenheimer U.S. Government Trust
Oppenheimer Variable Account Funds (11 series):
   Oppenheimer Balanced Fund/VA
   Oppenheimer Capital Appreciation Fund/VA
   Oppenheimer Core Bond Fund/VA
   Oppenheimer Global Securities Fund/VA
   Oppenheimer High Income Fund/VA
   Oppenheimer Main Street Fund/VA
   Oppenheimer Main Street Small Cap Fund/VA
   Oppenheimer MidCap Fund/VA
   Oppenheimer Money Fund/VA
   Oppenheimer Strategic Bond Fund/VA
   Oppenheimer Value Fund/VA
Panorama Series Fund, Inc. (4 series):
   Government Securities Portfolio
   Growth Portfolio
   Oppenheimer International Growth Fund/VA
   Total Return Portfolio
Rochester Fund Municipals

The address of the  Oppenheimer  funds  listed  above,  Shareholder  Financial
Services,  Inc.,  Shareholder  Services,  Inc.,   OppenheimerFunds   Services,
Centennial Asset Management  Corporation,  and OppenheimerFunds Legacy Program
is 6803 South Tucson Way, Centennial, Colorado 80112-3924.

The address of OppenheimerFunds,  Inc.,  OppenheimerFunds  Distributor,  Inc.,
HarbourView Asset Management  Corporation,  Oppenheimer Acquisition Corp., OFI
Private   Investments   Inc.,  OFI  Institutional   Asset   Management,   Inc.
Oppenheimer  Real Asset  Management,  Inc. and OFI Trust  Company is Two World
Financial  Center,  225  Liberty  Street,  11th  Floor,  New  York,  New  York
10281-1008.

The address of Tremont  Group  Holdings,  Inc. is 555 Theodore  Fremd  Avenue,
Suite 206-C, Rye, New York 10580.

The address of  OppenheimerFunds  International Ltd. is 70 Sir John Rogerson's
Quay, Dublin 2, Ireland.

The address of Trinity Investment  Management  Corporation is 301 North Spring
Street, Bellefonte, Pennsylvania 16823.

The address of  OppenheimerFunds  International  Distributor  Limited is Suite
1601, Central Tower, 28 Queen's Road Central, Hong Kong.

Item 27. Principal Underwriter

(a)   OppenheimerFunds Distributor, Inc. is the Distributor of the
Registrant's shares. It is also the Distributor of each of the other
registered open-end investment companies for which OppenheimerFunds, Inc. is
the investment adviser, as described in Part A and Part B of this
Registration Statement and listed in Item 26(b) above (except Panorama Series
Fund, Inc.) and for MassMutual Institutional Funds.

(b)   The directors and officers of the Registrant's principal underwriter
are:

----------------------------------------------------------------------------------
Name & Principal                 Position & Office        Position and Office
Business Address                 with Underwriter         with Registrant
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Timothy Abbhul(1)                Vice President and       None
                                 Treasurer
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Robert Agan(1)                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Anthony Allocco(2)               Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Janette Aprilante(2)             Secretary                None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Tracey Apostolopoulos(1)         Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
James Barker                     Vice President           None
1723 W. Nelson Street
Chicago, IL 60657
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kathleen Beichert(1)             Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Rocco Benedetto(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Christopher Bergeron             Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Rick Bettridge                   Vice President           None
11504 Flowering Plum Lane
Highland,  UT  84003
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
David A. Borrelli                Vice President           None
105 Black Calla Ct.
San Ramon, CA 94583
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jeffrey R. Botwinick             Vice President           None
4431 Twin Pines Drive
Manlius, NY 13104
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Sarah Bourgraf(1)                Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Bryan Bracchi                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michelle Brennan(2)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Joshua Broad(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kevin E. Brosmith                Senior Vice President    None
5 Deer Path
South Natlick, MA 01760
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jeffrey W. Bryan                 Vice President           None
1048 Malaga Avenue
Coral Gables, FL 33134
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ross Burkstaller                 Vice President           None
211 Tulane Drive SE
Albuquerque, NM 87106
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Patrick Campbell(1)              Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Robert Caruso                    Vice President           None
15 Deforest Road
Wilton, CT 06897
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Donelle Chisolm(2)               Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Andrew Chronofsky                Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Angelanto Ciaglia(2)             Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Melissa Clayton(2)               Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Craig Colby(2)                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Rodney Constable(1)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Susan Cornwell(1)                Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Neev Crane                       Vice President           None
1530 Beacon Street, Apt. #1403
Brookline, MA 02446
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Daley                    Vice President           None
40W387 Oliver Wendell Holmes St
St. Charles, IL 60175
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Fredrick Davis                   Vice President           None
14431 SE 61st Street
Bellevue, WA 98006
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John Davis(2)                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Stephen J. Demetrovits(2)        Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Steven Dombrower                 Vice President           None
13 Greenbrush Court
Greenlawn, NY 11740
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Beth Arthur Du Toit(1)           Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kent M. Elwell                   Vice President           None
35 Crown Terrace
Yardley, PA 19067
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Gregg A. Everett                 Vice President           None
4328 Auston Way
Palm Harbor, FL 34685-4017
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
George R. Fahey                  Senior Vice President    None
9511 Silent Hills Lane
Lone Tree, CO 80124
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric C. Fallon                   Vice President           None
10 Worth Circle
Newton, MA 02458
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kristie Feinberg(2)              Assistant Treasurer      None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
James Fereday                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Joseph Fernandez                 Vice President           None
1717 Richbourg Park Drive
Brentwood, TN 37027
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Mark J. Ferro                    Senior Vice President    None
104 Beach 221st Street
Breezy Point, NY 11697
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ronald H. Fielding(3)            Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric P. Fishel                   Vice President           None
725 Boston Post Rd., #12
Sudbury, MA 01776
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Patrick W. Flynn                 Senior Vice President    None
14083 East Fair Avenue
Englewood, CO 80111
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John E. Forrest(2)               Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John ("J") Fortuna(2)            Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jayme D. Fowler                  Vice President           None
3818 Cedar Springs Road,
#101-349
Dallas, TX 75219
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
William Friebel                  Vice President           None
2919 St. Albans Forest Circle
Glencoe, MO 63038
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Alyson Frost(2)                  Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Richard Fuerman(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Charlotte Gardner(1)             Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Lucio Giliberti                  Vice President           None
6 Cyndi Court
Flemington, NJ 08822
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
David Goldberg                   Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Gottesman                Vice President           None
255 Westchester Way
Birmingham, MI 48009
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Raquel Granahan(4)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ralph Grant                      Senior Vice President    None
10 Boathouse Close
Mt. Pleasant, SC 29464
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kahle Greenfield(2)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Robert Grill(2)                  Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric Grossjung                   Vice President           None
4002 N. 194th Street
Elkhorn, NE 68022
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael D. Guman                 Vice President           None
3913 Pleasant Avenue
Allentown, PA 18103
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
James E. Gunter                  Vice President           None
603 Withers Circle
Wilmington, DE 19810
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kevin J. Healy(2)                Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kenneth Henry(2)                 Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Wendy G. Hetson(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jennifer Hoelscher(1)            Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
William E. Hortz(2)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Edward Hrybenko(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Amy Huber(1)i                    Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Brian F. Husch                   Vice President           None
37 Hollow Road
Stonybrook, NY 11790
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Patrick Hyland(2)                Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Keith Hylind(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kathleen T. Ives(1)              Vice President &         Assistant Secretary
                                 Assistant Secretary
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Shonda Rae Jaquez(2)             Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric K. Johnson                  Vice President           None
8588 Colonial Drive
Lone Tree, CO 80124
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Elyse Jurman                     Vice President           None
5486 NW 42 Ave
Boca Raton, FL 33496
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Thomas Keffer(2)                 Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Keogh(2)                 Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Brian Kiley(2)                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Richard Klein                    Senior Vice President    None
4820 Fremont Avenue South
Minneapolis, MN 55419
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Richard Knott(1)                 President and Director   None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Brent A. Krantz                  Senior Vice President    None
61500 Tam McArthur Loop
Bend, OR 97702
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric Kristenson(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
David T. Kuzia                   Vice President           None
10258 S. Dowling Way
Highlands Ranch, CO 80126
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Tracey Lange(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John Laudadio                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jesse Levitt(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Julie Libby(2)                   Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric J. Liberman                 Vice President           None
27 Tappan Ave., Unit West
Sleepy Hollow, NY 10591
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Malissa Lischin(2)               Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Christina Loftus(2)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Thomas Loncar                    Vice President           None
1401 North Taft Street, Apt. 726
Arlington, VA 22201
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Peter Maddox(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Malik                    Vice President           None
546 Idylberry Road
San Rafael, CA 94903
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Steven C. Manns                  Vice President           None
1627 N. Hermitage Avenue
Chicago, IL 60622
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Todd A. Marion                   Vice President           None
24 Midland Avenue
Cold Spring Harbor, NY 11724
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
LuAnn Mascia(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael McDonald                 Vice President           None
11749 S Cormorant Circle
Parker, CO 80134
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John C. McDonough                Senior Vice President    None
533 Valley Road
New Canaan, CT 06840
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kent C. McGowan                  Vice President           None
9510 190th Place SW
Edmonds, WA 98020
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Brian F. Medina                  Vice President           None
3009 Irving Street
Denver, CO 80211
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
William Meerman                  Vice President           None
4939 Stonehaven Drive
Columbus, OH 43220
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Saul Mendoza                     Vice President           None
503 Vincinda Crest Way
Tampa FL 33619
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Mark Mezzanotte                  Vice President           None
16 Cullen Way
Exeter, NH 03833
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Noah Miller(1)                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Clint Modler(1)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Robert Moser                     Vice President           None
9650 East Aspen Hill Circle
Lone Tree, CO 80124
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
David W. Mountford               Vice President           None
7820 Banyan Terrace
Tamarac, FL 33321
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Gzim Muja                        Vice President           None
269 S. Beverly Dr. #807
Beverly Hills, CA 90212
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Matthew Mulcahy(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Wendy Jean Murray                Vice President           None
32 Carolin Road
Upper Montclair, NJ 07043
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John S. Napier                   Vice President           None
17 Hillcrest Ave.
Darien, CT 06820
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Christina Nasta(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kevin P. Neznek(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Christopher Nicholson(2)         Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Patrick Noble                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Chad Noel                        Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Alan Panzer                      Vice President           None
6755 Ridge Mill Lane
Atlanta, GA 30328
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Maria Paster(2)                  Assistant Vice           None
                                 President
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Donald Pawluk(2)                 Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Brian C. Perkes                  Vice President           None
6 Lawton Ct.
Frisco, TX 75034
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Wayne Perry                      Vice President           None
3900 Fairfax Drive Apt 813
Arlington, VA 22203
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Charles K. Pettit(2)             Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Aaron Pisani(1)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Rachel Powers                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Nicole Pretzel                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Minnie Ra                        Vice President           None

100 Dolores Street, #203
Carmel, CA 93923
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Dustin Raring                    Vice President           None
27 Blakemore Drive
Ladera Ranch, CA 92797
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael A. Raso                  Vice President           None
3 Vine Place
Larchmont, NY 10538
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Richard E. Rath                  Vice President           None
46 Mt. Vernon Ave.
Alexandria, VA 22301
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ramsey Rayan(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
William J. Raynor(5)             Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Corry Read(2)                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ruxandra Risko(2)                Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
David R. Robertson(2)            Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ian M. Roche                     Vice President           None
7070 Bramshill Circle
Bainbridge, OH 44023
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Rock                     Vice President           None
9016 Stourbridge Drive
Huntersville, NC 28078
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Stacy Roode                      Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Thomas Sabow                     Vice President           None
6617 Southcrest Drive
Edina, MN 55435
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John Saunders                    Vice President           None
2251 Chantilly Ave.
Winter Park, FL 32789
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Thomas Schmitt                   Vice President           None
40 Rockcrest Rd
Manhasset, NY 11030
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
William Schories                 Vice President           None
3 Hill Street
Hazlet, NJ 07730
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jennifer Sexton(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Eric Sharp                       Vice President           None
862 McNeill Circle
Woodland, CA 95695
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Debbie A. Simon                  Vice President           None
55 E. Erie St., #4404
Chicago, IL 60611
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Bryant Smith                     Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Christopher M. Spencer           Vice President           None
2353 W 118th Terrace
Leawood, KS 66211
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John A. Spensley                 Vice President           None
375 Mallard Court
Carmel, IN 46032
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Staples                  Vice President           None
4255 Jefferson St Apt 328
Kansas City, MO 64111
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Alfred St. John(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Bryan Stein                      Vice President           None
8 Longwood Rd.
Voorhees, NJ 08043
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John Stoma(2)                    Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Wayne Strauss(3)                 Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Brian C. Summe                   Vice President           None
2479 Legends Way
Crestview Hills, KY 41017
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kenneth Sussi(2)                 Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael Sussman(2)               Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
George T. Sweeney                Senior Vice President    None
5 Smokehouse Lane
Hummelstown, PA 17036
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
James Taylor(2)                  Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Paul Temple(2)                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Troy Testa                       Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
David G. Thomas                  Vice President           None
16628 Elk Run Court
Leesburg, VA 20176
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Mark S. Vandehey(1)              Vice President and       Vice President and
                                 Chief Compliance Officer Chief Compliance
                                                          Officer
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Vincent Vermette(2)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Darren Walsh(1)
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Teresa Ward(1)                   Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Janeanne Weickum(1)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michael J. Weigner               Vice President           None
4905 W. San Nicholas Street
Tampa, FL 33629
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Donn Weise                       Vice President           None
3249 Earlmar Drive
Los Angeles, CA 90064
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Chris G. Werner                  Vice President           None
98 Crown Point Place
Castle Rock, CO 80108
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Catherine White(2)               Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Ryan Wilde(1)                    Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Julie Wimer(2)                   Assistant Vice President None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Donna Winn(2)                    Senior Vice President    None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Peter Winters                    Vice President           None
911 N. Organce Ave, Pat. 514
Orlando, FL 32801
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Patrick Wisneski(1)              Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Kurt Wolfgruber(2)               Director                 None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Meredith Wolff(2)                Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Michelle Wood(2)                 Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Cary Patrick Wozniak             Vice President           None
18808 Bravata Court
San Diego, CA 92128
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
John Charles Young               Vice President           None
3914 Southwestern
Houston, TX 77005
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Jill Zachman(2)                  Vice President           None
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Robert G. Zack(2)                General Counsel &        Secretary
                                 Director
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Steven Zito(1)                   Vice President           None
----------------------------------------------------------------------------------

(1)6803 South Tucson Way, Centennial, CO 80112-3924
(2)Two World Financial  Center,  225 Liberty Street,  11th Floor, New York, NY
10281-1008
(3)350 Linden Oaks, Rochester, NY 14623
(4)555 Theodore Fremd Avenue, Rye, NY 10580
(5)Independence Wharf, 470 Atlantic Avenue, 11th Floor, Boston, MA 02210

 (c)  Not applicable.

Item 28. Location of Accounts and Records


The accounts, books and other documents required to be maintained by
Registrant pursuant to Section 31(a) of the Investment Company Act of 1940
and rules promulgated thereunder are in the possession of OppenheimerFunds,
Inc. at its offices at 6803 South Tucson Way, Centennial, Colorado 80112-3924.


Item 29. Management Services

Not applicable

Item 30. Undertakings

Not applicable.







                                  SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Initial Registration
Statement on Form N-1A to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York and State of New York on
the 22nd day of December, 2008.


                        Oppenheimer Institutional Treasury Money Market Fund



                     By:      /s/ Alice J. Stein
                        Alice J. Stein
                        President and Trustee

Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities on
the dates indicated:

Signatures                    Title                         Date


/s/ Nancy S. Vann             Trustee                       December 22, 2008
Nancy S. Vann


/s/ Taylor V. Edwards         Trustee                       December 22, 2008
Taylor V. Edwards


/s/ Alice J. Stein            President and Trustee         December 22, 2008
Alice J. Stein


/s/ Brian W. Wixted           Treasurer, Principal          December 22, 2008
Brian W. Wixted               Financial & Accounting Officer






             Oppenheimer Institutional Treasury Money Market Fund

                 Initial Registration Statement on Form N-1A


                                EXHIBIT INDEX


Exhibit No.       Description

23(a)(i)          Declaration of Trust dated December 9, 2008

23(a)(ii)         Amendment No. 1 to Declaration of Trust dated December 19,
2008