supplement

497 1 supp1203.htm SUPPLEMENT 12.15.03 supplement

OPPENHEIMER CASH RESERVES
Supplement dated December 15, 2003 to the
Statement of Additional Information dated September 24, 2003

Effective December 15, 2003, Mr. James C. Swain retired as Chairman of the Board
of Trustees of the Fund, and Mr. William L. Armstrong was elected as Chairman of
the Board.

Therefore, the Statement of Additional Information is changed as follows:

1. The biography of Mr. James C. Swain is deleted on page 13 and the following
is added to Mr. Armstrong's biography: "Chairman of the Board of Trustees."

2. The Compensation table and the footnotes on page 19 is deleted and replace
with the following:

-------------------------------------------------- -------------------------------- -------------------------------
Total Compensation From Fund
Trustee Name and Other Fund Position(s) (as Aggregate Compensation from and Fund Complex Paid to
applicable) Fund1 Trustees*
-------------------------------------------------- -------------------------------- -------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
James C. Swain7 $1,671 $177,996
Chairman of the Board of Trustees
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
William L. Armstrong8 $865 $92,076
Chairman of the Board and
Audit Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
Robert G. Avis $866 $92,199
Review Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
George C. Bowen $855 $91,124
Audit Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
Edward L. Cameron $937 $99,743
Audit Committee Chairman
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
Jon S. Fossel $888 $94,590
Review Committee Chairman
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
Sam Freedman $866 $92,199
Review Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
Beverly Hamilton3 $5482 $113,6594
Review Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
Robert J. Malone3 $5485 $58,326
Audit Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
-------------------------------------------------- --------------------------------- ------------------------------
F. William Marshall, Jr. $855 $138,1246
Review Committee Member
-------------------------------------------------- --------------------------------- ------------------------------
Effective July 1, 2002, C. Howard Kast and Robert M. Kirchner retired as
Trustees from the Board II Funds. For the calendar year ended December 31, 2002,
Mr. Kast received $41,451 and Mr. Kirchner received $38,001 total compensation
from all of the Oppenheimer funds for which they served as Trustee.
1. Aggregate Compensation from Fund includes fees and deferred compensation, if
any, for a Trustee.
2. Includes $548 deferred under Deferred Compensation Plan described below.
3. Mrs. Hamilton and Mr. Malone were elected as Trustees of the Board II Funds
effective June 1, 2002. Total compensation for Mrs. Hamilton and Mr. Malone was
paid by all the Board II Funds, with the exception of Oppenheimer Senior
Floating Rate Fund for which they currently do not serve as Trustees (total of
40 Oppenheimer funds at December 31, 2002).
4. Includes $55,333 compensation (of which 100% was deferred under a deferred
compensation plan) paid to Mrs. Hamilton for serving as a trustee by two
open-end investment companies (MassMutual Institutional Funds and MML Series
Investment Fund) the investment adviser for which is the indirect parent company
of the Fund's Manager. The Manager also serves as the Sub-Advisor to the
MassMutual International Equity Fund, a series of MassMutual Institutional
Funds.
5. Includes $548 deferred under Deferred Compensation Plan described below.
6. Includes $47,000 compensation paid to Mr. Marshall for serving as a trustee
by two open-end investment companies (MassMutual Institutional Funds and MML
Series Investment Fund) the investment adviser for which is the indirect parent
company of the Fund's Manager. The Manager also serves as the Sub-Advisor to the
MassMutual International Equity Fund, a series of MassMutual Institutional
Funds.
7. Mr. Swain retired as Trustee and as Chairman of all Board II Funds, effective
December 15, 2003.
8. Mr. Armstrong was elected Chairman of all the Board II Funds, effective
December 15, 2003. Prior to that date, he was Vice Chairman.

* For purposes of this section only, "Fund Complex" includes the Oppenheimer
funds, MassMutual Institutional Funds and MML Series Investment Fund in
accordance with the instructions for Form N-1A. The Manager does not consider
MassMutual Institutional Funds and MML Series Investment Fund to be part of the
OppenheimerFunds "Fund Complex" as that term may be otherwise interpreted.

December 15, 2003 PX0760.014