Common use of Independent Trustees Clause in Contracts

Independent Trustees. Dollar Aggregate Name, Address,2 Age, Range of Dollar Range of Position(s) Held with Principal Occupation(s) During Past 5 Years / Other Shares Shares Owned in Fund and Length of Trusteeships/Directorships Held by Trustee / Number of Owned in any of the Service3 Portfolios in Fund Complex Overseen by Trustee the Fund Board III Funds ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxxxx X. Xxxxxxxx, Principal of Xxxxxxxx Associates, Inc. (venture capital firm); None $10,001 - Chairman of the Board former General Partner of Trivest Venture Fund (private venture of Trustees, Trustee capital fund); former President of Investment Counseling since 1996 Federated Investors, Inc.; Trustee of Cash Assets Trust, a Age: 68 money market fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end $50,000 investment companies; Trustee of four funds for Pacific Capital and Tax Free Trust of Arizona. Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx Xxxxxx, Trustee, Director, Xxxxxxxxx Xxxxxx Income Managers Trust, Neuberger & since 1992 Xxxxxx Income Funds and Xxxxxxxxx Xxxxxx Trust, (1995 - Age: 72. present); Xxxxxxxxx Xxxxxx Equity Funds (November 2000 - present); Trustee, Xxxxxxxxx Xxxxxx Mutual Funds (October 1994 - present); formerly Chairman and Treasurer, CDC Associates, a $10,001 - registered investment adviser (December 1993 - February 1996); None $50,000 Independent Consultant; Chief Investment Officer, CDC Associates (1996 - June 2000); Consultant and director, CDC Associates (December 1993 - February 1999). Oversees three portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx X. Xxxxxxx, Principal of Clinton Management Associates, a financial and Trustee, since 1996 venture capital consulting firm; Trustee of Capital Cash Age: 70. Management Trust, a money-market fund and Narragansett Tax-Free Fund, a tax-exempt bond fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies. Formerly: Director, External Affairs, Kravco Corporation, a national real estate owner and property management corporation; President of Essex Management None Over $100,000 Corporation, a management consulting company; a general partner of Capital Growth Fund, a venture capital partnership; a general partner of Essex Limited Partnership, an investment partnership; President of Geneve Corp., a venture capital fund; Chairman of Woodland Capital Corp., a small business investment company; and Vice President of X.X. Xxxxx & Co. Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxxxx X. Xxxxx, A Trustee or Director of other Xxxxxxxxxxx funds. Formerly Vice None Over $100,000 Trustee since 1996 Chairman of the Manager (October 1995 - December 1997). Age: 68 Oversees 41 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx X. Xxxxxxxx, Chairman and Chief Executive Officer of Aquila Management None $10,001 - Trustee since 1996 Corporation, the sponsoring organization and manager, Age: 72 administrator and/or sub-Adviser to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Xxxxxxxxx Cash Reserves Trust, Aquila - Cascadia Equity Fund, Pacific Capital Cash Assets Trust, Pacific Capital U.S. Treasuries Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Xxxxxxxxx Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund; Vice President, Director, Secretary, and formerly Treasurer of $50,000 Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Director of OCC Cash Reserves, Inc., and Trustee of OCC Accumulation Trust, both of which are open-end investment companies; Trustee Emeritus of Xxxxx University. Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxxx Xxxxxx, Trustee Special Limited Partner (since January 1999) of Odyssey $10,001 - $50,001 - since 2001 Investment Partners, LLC (private equity investment); General Age: 59 Partner (since September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Director (since May 2000) of Ray & Berendtson, Inc. (executive search firm); Board of Governing Trustees (since August 1990) of The Xxxxxxx Laboratory (non-profit); Trustee (since May 1992) of Institute $50,000 $100,000 for Advanced Study (educational institute); Trustee (since May 2000) of Research Foundation of AIMR (investment research, non-profit); formerly Governor, Xxxxxx Xxxx Economics Institute of Bard College (economics research) (August 1990 - September 2001). Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- Officers of the Fund ------------------------------------------- ---------------------------------------------------------------------------- Name, Address,4 Age, Position(s) Held Principal Occupation(s) During Past 5 Years with Fund and Length of Time Served5 ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxxxxxx, Senior Vice President (since January 1996) of the Manager; Chairman of the Vice President and Portfolio Manager Rochester Division of the Manager (since January 1996); an officer and (since 1996) portfolio manager of other Xxxxxxxxxxx funds; prior to joining the Manager Age: 53 in January 1996, he was President and a director of Rochester Capital Advisors, Inc. (1993 - 1995), the Fund's prior investment advisor, and of Rochester Fund Services, Inc. (1986 - 1995), the Fund's prior distributor; President and a trustee of Limited Term New York Municipal Fund (1991 - 1995), Oppenheimer Convertible Securities Fund (1986 - 1995) and Rochester Fund Municipals (1986 - 1995); President and a director of Rochester Tax Managed Fund, Inc. (1982 - 1995) and of Fielding Management Company, Inc. (1982 - 1995), an investment advisor. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxx X. Xxxxxx, Vice President of the Rochester Division of the Manager (since January Vice President (since 2002) and Portfolio 1996); an officer and portfolio manager of other Xxxxxxxxxxx funds; Manager (since 1996) formerly Vice President of Research of Rochester Capital Advisors, Inc. Age: 41 and Fielding Management Company, Inc. (1991 - December 1995). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxx X. Xxxxxx, Chairman, Chief Executive Officer and director (since June 2001) and President (since October 2001) President (since September 2000) of the Manager; President and a trustee Age: 52 of other Xxxxxxxxxxx funds; President and a director (since July 2001) of Xxxxxxxxxxx Acquisition Corp., the Manager's parent holding company and of Xxxxxxxxxxx Partnership Holdings, Inc., a holding company subsidiary of the Manager; Director (since November 2001) of OppenheimerFunds Distributor, Inc., a subsidiary of the Manager; Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc., transfer agent subsidiaries of the Manager; President and a director (since July 2001) of OppenheimerFunds Legacy Program, a charitable trust program established by the Manager; a director of the following investment advisory subsidiaries of the Manager: OAM Institutional, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2002); President (since November 1, 2001) and a director (since July 2001) of Xxxxxxxxxxx Real Asset Management, Inc., an investment advisor subsidiary of the Manager; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc., investment advisory affiliates of the Manager; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company, the Manager's parent company; a director (since June 1995) of DBL Acquisition Corporation; formerly Chief Operating Officer (from September 2000 to June 2001) of the Manager; President and trustee (from November 1999 to November 2001) of MML Series Investment Fund and MassMutual Institutional Funds, open-end investment companies; a director (from September 1999 to August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (from September 1999 to August 2000) of MML Bay State Life Insurance Company; a director (from June 1989 to June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank, wholly-owned subsidiary of Emerald Isle Bancorp. Oversees 63 portfolios in the OppenheimerFunds complex. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxx, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer, Principal Financial and Treasurer (since March 1999) of HarbourView Asset Management Corporation, Accounting Officer (since April 1999) Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Age: 42 Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000), offshore fund management subsidiaries of the Manager, and OAM Institutional, Inc. (since November 2000), an investment advisory subsidiary of the Manager; Treasurer and Chief Financial Officer (since May 2000) of Xxxxxxxxxxx Trust Company, a trust company subsidiary of the Manager; Assistant Treasurer (since March 1999) of Xxxxxxxxxxx Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); an officer of other Xxxxxxxxxxx funds; formerly Principal and Chief Operating Officer, Bankers Trust Company - Mutual Fund Services Division (March 1995 - March 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxx, Senior Vice President (since May 1985) and General Counsel (since February Secretary (since November 1, 2001) 2002) of the Manager; Assistant Secretary of Shareholder Services, Inc. Age: 53 (since May 1985), Shareholder Financial Services, Inc. (since November 1989); OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since October 1997); an officer of other Xxxxxxxxxxx funds; formerly, Acting General Counsel (November 2001-February 2002) and Associate General Counsel (1984 - October 2001) ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 44 Associate Counsel of the Manager (September 1995 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxxx X. Xxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 43 Associate Counsel of the Manager (June 1990 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxx X. Xxxx, Assistant Secretary Vice President and Assistant Counsel of the Manager (since June 1998); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly an Assistant Vice President Age: 36 and Assistant Counsel of the Manager (August 1997 - June 1998); and Assistant Counsel of the Manager (August 1994-August 1997). ------------------------------------------- ----------------------------------------------------------------------------

Independent Trustees. Aggregate Dollar Aggregate Name, Address,2 Address,1 Age, Range of Dollar Range of Shares Position(s) Held with Principal Occupation(s) During Past 5 Years / Other Shares Shares Dollar Range of Owned in any of Fund and Length of Trusteeships/Directorships Time Trusteeships Held by Trustee / Number of Portfolios Shares Owned in any of the Service3 Portfolios Board III Served2 in Fund Complex Overseen by Trustee the Fund Board III Funds ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- ------------------- Xxxxxx X. Xxxxxxxx, Principal of Xxxxxxxx Associates, Inc. (venture $0 $10,001 - $50,000 Chairman of the Board of capital firm); None $10,001 - Chairman of the Board former General Partner of Trivest Trustees, Trustee since Venture Fund (private venture of Trustees, Trustee capital fund); former April, 1987 President of Investment Counseling since 1996 Federated Age: 68 Investors, Inc.; Trustee of Cash Assets Trust, a Age: 68 money market fund; Director of OCC Cash Reserves, Inc. Inc., and Trustee of OCC Accumulation Trust, both of which are open-end $50,000 investment companies; Trustee of four funds for Pacific Capital Hawaiian Tax-Free Trust and Tax Free Trust of Arizona, tax-exempt bond funds; former Director of Financial Analysts Federation. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- Xxxx Xxxxxx, Trustee, Director, Xxxxxxxxx Xxxxxx Income Managers Trust, Neuberger & since 1992 Xxxxxx Income Funds and Xxxxxxxxx Xxxxxx Trust, (1995 - Age: 72. present); Xxxxxxxxx Xxxxxx Equity Funds (November 2000 - present); Trustee, Xxxxxxxxx Xxxxxx Mutual Funds (October 1994 - present); formerly Chairman and Treasurer, CDC Associates, a $10,001 - registered investment adviser (December 1993 - February 1996); None $50,000 Independent Consultant; Chief Investment Officer, CDC Associates (1996 - June 2000); Consultant and director, CDC Associates (December 1993 - February 1999). Oversees three portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- ------------------- Xxxx X. Xxxxxxx, Principal of Clinton Management Associates, a financial and $10,000 -$50,000 Over $100,000 Trustee, since 1996 April, financial and venture capital consulting firm; 1987 Trustee of Capital Cash Management Trust, a Age: 70. Management Trust, a money-market fund and Narragansett Tax-Free Fund, a tax-exempt bond fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies. Formerly: Director, External Affairs, Kravco Corporation, a national real estate owner and property management corporation; President of Essex Management None Over $100,000 Corporation, a management consulting company; a general partner of Capital Growth Fund, a venture capital partnership; a general partner of Essex Limited Partnership, an investment partnership; President of Geneve Corp., a venture capital fund; Chairman of Woodland Capital Corp., a small business investment company; and Vice President of X.X. Xxxxx & Co. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- ------------------- Xxxxxx X. Xxxxx, A Trustee or Director of other Xxxxxxxxxxx funds. $0 Over $100,0003 Trustee since June, 1998 Formerly Vice None Over $100,000 Trustee since 1996 Chairman of the Manager (October 1995 Age: 68 - December 1997). Age: 68 Oversees Director/trustee of 41 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- Xxxx X. Xxxxxxxx, Chairman and Chief Executive Officer of Aquila Management None $10,001 - Trustee since 1996 Corporation, the sponsoring organization and manager, Age: 72 administrator and/or sub-Adviser to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Xxxxxxxxx Cash Reserves Trust, Aquila - Cascadia Equity Fund, Pacific Capital Cash Assets Trust, Pacific Capital U.S. Treasuries Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Xxxxxxxxx Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund; Vice President, Director, Secretary, and formerly Treasurer of $50,000 Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Director of OCC Cash Reserves, Inc., and Trustee of OCC Accumulation Trust, both of which are open-end investment companies; Trustee Emeritus of Xxxxx University. Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxxx Xxxxxx, Trustee Special Limited Partner (since January 1999) of Odyssey $10,001 - $50,001 - since 2001 Investment Partners, LLC (private equity investment); General Age: 59 Partner (since September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Director (since May 2000) of Ray & Berendtson, Inc. (executive search firm); Board of Governing Trustees (since August 1990) of The Xxxxxxx Laboratory (non-profit); Trustee (since May 1992) of Institute $50,000 $100,000 for Advanced Study (educational institute); Trustee (since May 2000) of Research Foundation of AIMR (investment research, non-profit); formerly Governor, Xxxxxx Xxxx Economics Institute of Bard College (economics research) (August 1990 - September 2001). Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- Officers of the Fund ------------------------------------------- ---------------------------------------------------------------------------- Name, Address,4 Age, Position(s) Held Principal Occupation(s) During Past 5 Years with Fund and Length of Time Served5 ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxxxxxx, Senior Vice President (since January 1996) of the Manager; Chairman of the Vice President and Portfolio Manager Rochester Division of the Manager (since January 1996); an officer and (since 1996) portfolio manager of other Xxxxxxxxxxx funds; prior to joining the Manager Age: 53 in January 1996, he was President and a director of Rochester Capital Advisors, Inc. (1993 - 1995), the Fund's prior investment advisor, and of Rochester Fund Services, Inc. (1986 - 1995), the Fund's prior distributor; President and a trustee of Limited Term New York Municipal Fund (1991 - 1995), Oppenheimer Convertible Securities Fund (1986 - 1995) and Rochester Fund Municipals (1986 - 1995); President and a director of Rochester Tax Managed Fund, Inc. (1982 - 1995) and of Fielding Management Company, Inc. (1982 - 1995), an investment advisor. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxx X. Xxxxxx, Vice President of the Rochester Division of the Manager (since January Vice President (since 2002) and Portfolio 1996); an officer and portfolio manager of other Xxxxxxxxxxx funds; Manager (since 1996) formerly Vice President of Research of Rochester Capital Advisors, Inc. Age: 41 and Fielding Management Company, Inc. (1991 - December 1995). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxx X. Xxxxxx, Chairman, Chief Executive Officer and director (since June 2001) and President (since October 2001) President (since September 2000) of the Manager; President and a trustee Age: 52 of other Xxxxxxxxxxx funds; President and a director (since July 2001) of Xxxxxxxxxxx Acquisition Corp., the Manager's parent holding company and of Xxxxxxxxxxx Partnership Holdings, Inc., a holding company subsidiary of the Manager; Director (since November 2001) of OppenheimerFunds Distributor, Inc., a subsidiary of the Manager; Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc., transfer agent subsidiaries of the Manager; President and a director (since July 2001) of OppenheimerFunds Legacy Program, a charitable trust program established by the Manager; a director of the following investment advisory subsidiaries of the Manager: OAM Institutional, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2002); President (since November 1, 2001) and a director (since July 2001) of Xxxxxxxxxxx Real Asset Management, Inc., an investment advisor subsidiary of the Manager; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc., investment advisory affiliates of the Manager; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company, the Manager's parent company; a director (since June 1995) of DBL Acquisition Corporation; formerly Chief Operating Officer (from September 2000 to June 2001) of the Manager; President and trustee (from November 1999 to November 2001) of MML Series Investment Fund and MassMutual Institutional Funds, open-end investment companies; a director (from September 1999 to August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (from September 1999 to August 2000) of MML Bay State Life Insurance Company; a director (from June 1989 to June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank, wholly-owned subsidiary of Emerald Isle Bancorp. Oversees 63 portfolios in the OppenheimerFunds complex. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxx, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer, Principal Financial and Treasurer (since March 1999) of HarbourView Asset Management Corporation, Accounting Officer (since April 1999) Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Age: 42 Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000), offshore fund management subsidiaries of the Manager, and OAM Institutional, Inc. (since November 2000), an investment advisory subsidiary of the Manager; Treasurer and Chief Financial Officer (since May 2000) of Xxxxxxxxxxx Trust Company, a trust company subsidiary of the Manager; Assistant Treasurer (since March 1999) of Xxxxxxxxxxx Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); an officer of other Xxxxxxxxxxx funds; formerly Principal and Chief Operating Officer, Bankers Trust Company - Mutual Fund Services Division (March 1995 - March 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxx, Senior Vice President (since May 1985) and General Counsel (since February Secretary (since November 1, 2001) 2002) of the Manager; Assistant Secretary of Shareholder Services, Inc. Age: 53 (since May 1985), Shareholder Financial Services, Inc. (since November 1989); OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since October 1997); an officer of other Xxxxxxxxxxx funds; formerly, Acting General Counsel (November 2001-February 2002) and Associate General Counsel (1984 - October 2001) ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 44 Associate Counsel of the Manager (September 1995 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxxx X. Xxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 43 Associate Counsel of the Manager (June 1990 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxx X. Xxxx, Assistant Secretary Vice President and Assistant Counsel of the Manager (since June 1998); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly an Assistant Vice President Age: 36 and Assistant Counsel of the Manager (August 1997 - June 1998); and Assistant Counsel of the Manager (August 1994-August 1997). ------------------------------------------- -----------------------------------------------------------------------------------------------

Independent Trustees. Aggregate Dollar Aggregate Name, Address,2 Address,1 Age, Dollar Range Range of Dollar Range of Shares Position(s) Held with Principal Occupation(s) During Past 5 Years / Other Shares of Shares Owned in any of Fund and Length of Trusteeships/Directorships Time Trusteeships Held by Trustee / Number of Portfolios Owned in any of the Service3 Portfolios the Board III Served2 in Fund Complex Overseen by Trustee the Fund Board III Funds ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxxxx X. Xxxxxxxx, Principal of Xxxxxxxx Associates, Inc. (venture $0 $10,001 - $50,000 Chairman of the Board of capital firm); None $10,001 - Chairman of the Board former General Partner of Trivest Trustees, Trustee (since Venture Fund (private venture of Trustees, Trustee capital fund); former 2000) President of Investment Counseling since 1996 Federated Age: 68 Investors, Inc.; Trustee of Cash Assets Trust, a Age: 68 money market fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end $50,000 investment companies; Trustee of four funds for Pacific Capital and Tax Free Trust of Arizona. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx Xxxxxx, Trustee, Director, Xxxxxxxxx Xxxxxx Income Managers Trust, Neuberger & since 1992 Xxxxxx Income Funds and Xxxxxxxxx Xxxxxx Trust, (1995 - Age: 72. present); Xxxxxxxxx Xxxxxx Equity Funds (November 2000 - present); Trustee, Xxxxxxxxx Xxxxxx Mutual Funds (October 1994 - present); formerly Chairman and Treasurer, CDC Associates, a $10,001 - registered investment adviser (December 1993 - February 1996); None $50,000 Independent Consultant; Chief Investment Officer, CDC Associates (1996 - June 2000); Consultant and director, CDC Associates (December 1993 - February 1999). Oversees three portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxx X. Xxxxxxx, Principal of Clinton Management Associates, a Trustee, (since 2000) financial and Trustee, since 1996 venture capital consulting firm; Age: 70. Trustee of Capital Cash Age: 70. Management Trust, a money-market fund and Narragansett Tax-Free Fund, a tax-exempt bond fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies. Formerly: Director, External Affairs, Kravco Corporation, a national real estate owner and property management corporation; President of Essex Management None $0 Over $100,000 Corporation, a management consulting company; a general partner of Capital Growth Fund, a venture capital partnership; a general partner of Essex Limited Partnership, an investment partnership; President of Geneve Corp., a venture capital fund; Chairman of Woodland Capital Corp., a small business investment company; and Vice President of X.X. Xxxxx & Co. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxxxx X. Xxxxx, A Trustee or Director of other Xxxxxxxxxxx funds. $0 Over $100,0003 Trustee (since 2000) Formerly Vice None Over $100,000 Trustee since 1996 Chairman of the Manager (October 1995 - Age: 68 December 1997). Age: 68 Oversees Director/trustee of 41 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxx X. Xxxxxxxx, Chai Chairman and Chief Executive Officer of Aquila Management None $0 $10,001 - $50,000 Trustee (since 1996 2000) Management Corporation, the sponsoring organization Age: 72 and manager, Age: 72 administrator and/or sub-Adviser to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Xxxxxxxxx Cash Reserves Trust, Aquila - Cascadia Equity Fund, Pacific Capital Cash Assets Trust, Pacific Capital U.S. Treasuries Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Xxxxxxxxx Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund; Vice President, Director, Secretary, and formerly Treasurer of $50,000 Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Director of OCC Cash Reserves, Inc., and Trustee of OCC Accumulation Trust, both of which are open-end investment companies; Trustee Emeritus of Xxxxx University. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxxx Xxxxxx, Trustee Special Limited Partner (since January 1999) of Odyssey $1-10,000 $10,001 - $50,001 - 50,000 (since 2001 2000) Odyssey Investment Partners, LLC (private equity Age: 58 investment); General Age: 59 Partner (since September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Director (since May 2000) of Ray & Berendtson, Inc. (executive search firm); Board of Governing Trustees (since August 1990) of The Xxxxxxx Laboratory (non-profit); Trustee (since May 1992) of Institute $50,000 $100,000 for Advanced Study (educational institute); Trustee (since May 2000) of Research Foundation of AIMR (investment research, non-profit); formerly Governor, Xxxxxx Xxxx Economics Institute of Bard College (economics research) (August 1990 - September 2001). Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- Officers of the Fund ------------------------------------------- ---------------------------------------------------------------------------- Name, Address,4 Age, Position(s) Held Principal Occupation(s) During Past 5 Years with Fund and Length of Time Served5 ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxxxxxx, Senior Vice President (since January 1996) of the Manager; Chairman of the Vice President and Portfolio Manager Rochester Division of the Manager (since January 1996); an officer and (since 1996) portfolio manager of other Xxxxxxxxxxx funds; prior to joining the Manager Age: 53 in January 1996, he was President and a director of Rochester Capital Advisors, Inc. (1993 - 1995), the Fund's prior investment advisor, and of Rochester Fund Services, Inc. (1986 - 1995), the Fund's prior distributor; President and a trustee of Limited Term New York Municipal Fund (1991 - 1995), Oppenheimer Convertible Securities Fund (1986 - 1995) and Rochester Fund Municipals (1986 - 1995); President and a director of Rochester Tax Managed Fund, Inc. (1982 - 1995) and of Fielding Management Company, Inc. (1982 - 1995), an investment advisor. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxx X. Xxxxxx, Vice President of the Rochester Division of the Manager (since January Vice President (since 2002) and Portfolio 1996); an officer and portfolio manager of other Xxxxxxxxxxx funds; Manager (since 1996) formerly Vice President of Research of Rochester Capital Advisors, Inc. Age: 41 and Fielding Management Company, Inc. (1991 - December 1995). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxx X. Xxxxxx, Chairman, Chief Executive Officer and director (since June 2001) and President (since October 2001) President (since September 2000) of the Manager; President and a trustee Age: 52 of other Xxxxxxxxxxx funds; President and a director (since July 2001) of Xxxxxxxxxxx Acquisition Corp., the Manager's parent holding company and of Xxxxxxxxxxx Partnership Holdings, Inc., a holding company subsidiary of the Manager; Director (since November 2001) of OppenheimerFunds Distributor, Inc., a subsidiary of the Manager; Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc., transfer agent subsidiaries of the Manager; President and a director (since July 2001) of OppenheimerFunds Legacy Program, a charitable trust program established by the Manager; a director of the following investment advisory subsidiaries of the Manager: OAM Institutional, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2002); President (since November 1, 2001) and a director (since July 2001) of Xxxxxxxxxxx Real Asset Management, Inc., an investment advisor subsidiary of the Manager; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc., investment advisory affiliates of the Manager; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company, the Manager's parent company; a director (since June 1995) of DBL Acquisition Corporation; formerly Chief Operating Officer (from September 2000 to June 2001) of the Manager; President and trustee (from November 1999 to November 2001) of MML Series Investment Fund and MassMutual Institutional Funds, open-end investment companies; a director (from September 1999 to August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (from September 1999 to August 2000) of MML Bay State Life Insurance Company; a director (from June 1989 to June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank, wholly-owned subsidiary of Emerald Isle Bancorp. Oversees 63 portfolios in the OppenheimerFunds complex. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxx, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer, Principal Financial and Treasurer (since March 1999) of HarbourView Asset Management Corporation, Accounting Officer (since April 1999) Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Age: 42 Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000), offshore fund management subsidiaries of the Manager, and OAM Institutional, Inc. (since November 2000), an investment advisory subsidiary of the Manager; Treasurer and Chief Financial Officer (since May 2000) of Xxxxxxxxxxx Trust Company, a trust company subsidiary of the Manager; Assistant Treasurer (since March 1999) of Xxxxxxxxxxx Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); an officer of other Xxxxxxxxxxx funds; formerly Principal and Chief Operating Officer, Bankers Trust Company - Mutual Fund Services Division (March 1995 - March 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxx, Senior Vice President (since May 1985) and General Counsel (since February Secretary (since November 1, 2001) 2002) of the Manager; Assistant Secretary of Shareholder Services, Inc. Age: 53 (since May 1985), Shareholder Financial Services, Inc. (since November 1989); OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since October 1997); an officer of other Xxxxxxxxxxx funds; formerly, Acting General Counsel (November 2001-February 2002) and Associate General Counsel (1984 - October 2001) ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 44 Associate Counsel of the Manager (September 1995 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxxx X. Xxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 43 Associate Counsel of the Manager (June 1990 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxx X. Xxxx, Assistant Secretary Vice President and Assistant Counsel of the Manager (since June 1998); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly an Assistant Vice President Age: 36 and Assistant Counsel of the Manager (August 1997 - June 1998); and Assistant Counsel of the Manager (August 1994-August 1997). ------------------------------------------- ------------------------------------------------------------------------------------------------------ ------------------------------------------------------- ---------------- -------------------

Independent Trustees. Aggregate Dollar Aggregate Name, Address,2 Address,1 Age, Range of Dollar Range of Shares Position(s) Held with Principal Occupation(s) During Past 5 Years / Other Shares Shares Dollar Range of Owned in any of Fund and Length of Trusteeships/Directorships Time Trusteeships Held by Trustee / Number of Portfolios Shares Owned in any of the Service3 Portfolios Board III Served2 in Fund Complex Overseen by Trustee the Fund Board III Funds ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- ------------------- Xxxxxx X. Xxxxxxxx, Principal of Xxxxxxxx Associates, Inc. (venture $0 $10,001 - $50,000 Chairman of the capital firm); None $10,001 - Chairman of the Board former General Partner of Trivest Board of Trustees, Venture Fund (private venture of Trustees, Trustee capital fund); former Trustee since April, 1987 President of Investment Counseling since 1996 Federated Age: 68 Investors, Inc.; Trustee of Cash Assets Trust, a Age: 68 money market fund; Director of OCC Cash Reserves, Inc. Inc., and Trustee of OCC Accumulation Trust, both of which are open-end $50,000 investment companies; Trustee of four funds for Pacific Capital Hawaiian Tax-Free Trust and Tax Free Trust of Arizona, tax-exempt bond funds; former Director of Financial Analysts Federation. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- Xxxx Xxxxxx, Trustee, Director, Xxxxxxxxx Xxxxxx Income Managers Trust, Neuberger & since 1992 Xxxxxx Income Funds and Xxxxxxxxx Xxxxxx Trust, (1995 - Age: 72. present); Xxxxxxxxx Xxxxxx Equity Funds (November 2000 - present); Trustee, Xxxxxxxxx Xxxxxx Mutual Funds (October 1994 - present); formerly Chairman and Treasurer, CDC Associates, a $10,001 - registered investment adviser (December 1993 - February 1996); None $50,000 Independent Consultant; Chief Investment Officer, CDC Associates (1996 - June 2000); Consultant and director, CDC Associates (December 1993 - February 1999). Oversees three portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- ------------------- Xxxx X. Xxxxxxx, Principal of Clinton Management Associates, a financial and $10,001 - Over $100,000 Trustee, since 1996 April, financial and venture capital consulting firm; 1987 Trustee of Capital Cash Management Trust, a Age: 70. Management Trust, a money-market fund and Narragansett Tax-Free Fund, a tax-exempt bond fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies. Formerly: Director, External Affairs, Kravco Corporation, a national real estate owner and property management corporation; President of Essex Management None Over $100,000 Corporation, a management consulting company; a $50,000 general partner of Capital Growth Fund, a venture capital partnership; a general partner of Essex Limited Partnership, an investment partnership; President of Geneve Corp., a venture capital fund; Chairman of Woodland Capital Corp., a small business investment company; and Vice President of X.X. Xxxxx & Co. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ -------------------------- ------------------------------------------------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ------------------- -------------------------- ------------------------------------------------------ ----------------- Xxxxxx X. Xxxxx, A Trustee or Director of other Xxxxxxxxxxx funds. Formerly Vice None Over $100,000 Trustee since 1996 Chairman of the Manager (October 1995 - December 1997). Age: 68 Oversees 41 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx X. Xxxxxxxx, Chairman and Chief Executive Officer of Aquila Management None $10,001 - Trustee since 1996 Corporation, the sponsoring organization and manager, Age: 72 administrator and/or sub-Adviser to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Xxxxxxxxx Cash Reserves Trust, Aquila - Cascadia Equity Fund, Pacific Capital Cash Assets Trust, Pacific Capital U.S. Treasuries Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Xxxxxxxxx Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund; Vice President, Director, Secretary, and formerly Treasurer of $50,000 Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Director of OCC Cash Reserves, Inc., and Trustee of OCC Accumulation Trust, both of which are open-end investment companies; Trustee Emeritus of Xxxxx University. Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxxx Xxxxxx, Trustee Special Limited Partner (since January 1999) of Odyssey $10,001 - $50,001 - since 2001 Investment Partners, LLC (private equity investment); General Age: 59 Partner (since September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Director (since May 2000) of Ray & Berendtson, Inc. (executive search firm); Board of Governing Trustees (since August 1990) of The Xxxxxxx Laboratory (non-profit); Trustee (since May 1992) of Institute $50,000 $100,000 for Advanced Study (educational institute); Trustee (since May 2000) of Research Foundation of AIMR (investment research, non-profit); formerly Governor, Xxxxxx Xxxx Economics Institute of Bard College (economics research) (August 1990 - September 2001). Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- Officers of the Fund ------------------------------------------- ---------------------------------------------------------------------------- Name, Address,4 Age, Position(s) Held Principal Occupation(s) During Past 5 Years with Fund and Length of Time Served5 ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxxxxxx, Senior Vice President (since January 1996) of the Manager; Chairman of the Vice President and Portfolio Manager Rochester Division of the Manager (since January 1996); an officer and (since 1996) portfolio manager of other Xxxxxxxxxxx funds; prior to joining the Manager Age: 53 in January 1996, he was President and a director of Rochester Capital Advisors, Inc. (1993 - 1995), the Fund's prior investment advisor, and of Rochester Fund Services, Inc. (1986 - 1995), the Fund's prior distributor; President and a trustee of Limited Term New York Municipal Fund (1991 - 1995), Oppenheimer Convertible Securities Fund (1986 - 1995) and Rochester Fund Municipals (1986 - 1995); President and a director of Rochester Tax Managed Fund, Inc. (1982 - 1995) and of Fielding Management Company, Inc. (1982 - 1995), an investment advisor. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxx X. Xxxxxx, Vice President of the Rochester Division of the Manager (since January Vice President (since 2002) and Portfolio 1996); an officer and portfolio manager of other Xxxxxxxxxxx funds; Manager (since 1996) formerly Vice President of Research of Rochester Capital Advisors, Inc. Age: 41 and Fielding Management Company, Inc. (1991 - December 1995). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxx X. Xxxxxx, Chairman, Chief Executive Officer and director (since June 2001) and President (since October 2001) President (since September 2000) of the Manager; President and a trustee Age: 52 of other Xxxxxxxxxxx funds; President and a director (since July 2001) of Xxxxxxxxxxx Acquisition Corp., the Manager's parent holding company and of Xxxxxxxxxxx Partnership Holdings, Inc., a holding company subsidiary of the Manager; Director (since November 2001) of OppenheimerFunds Distributor, Inc., a subsidiary of the Manager; Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc., transfer agent subsidiaries of the Manager; President and a director (since July 2001) of OppenheimerFunds Legacy Program, a charitable trust program established by the Manager; a director of the following investment advisory subsidiaries of the Manager: OAM Institutional, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2002); President (since November 1, 2001) and a director (since July 2001) of Xxxxxxxxxxx Real Asset Management, Inc., an investment advisor subsidiary of the Manager; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc., investment advisory affiliates of the Manager; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company, the Manager's parent company; a director (since June 1995) of DBL Acquisition Corporation; formerly Chief Operating Officer (from September 2000 to June 2001) of the Manager; President and trustee (from November 1999 to November 2001) of MML Series Investment Fund and MassMutual Institutional Funds, open-end investment companies; a director (from September 1999 to August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (from September 1999 to August 2000) of MML Bay State Life Insurance Company; a director (from June 1989 to June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank, wholly-owned subsidiary of Emerald Isle Bancorp. Oversees 63 portfolios in the OppenheimerFunds complex. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxx, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer, Principal Financial and Treasurer (since March 1999) of HarbourView Asset Management Corporation, Accounting Officer (since April 1999) Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Age: 42 Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000), offshore fund management subsidiaries of the Manager, and OAM Institutional, Inc. (since November 2000), an investment advisory subsidiary of the Manager; Treasurer and Chief Financial Officer (since May 2000) of Xxxxxxxxxxx Trust Company, a trust company subsidiary of the Manager; Assistant Treasurer (since March 1999) of Xxxxxxxxxxx Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); an officer of other Xxxxxxxxxxx funds; formerly Principal and Chief Operating Officer, Bankers Trust Company - Mutual Fund Services Division (March 1995 - March 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxx, Senior Vice President (since May 1985) and General Counsel (since February Secretary (since November 1, 2001) 2002) of the Manager; Assistant Secretary of Shareholder Services, Inc. Age: 53 (since May 1985), Shareholder Financial Services, Inc. (since November 1989); OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since October 1997); an officer of other Xxxxxxxxxxx funds; formerly, Acting General Counsel (November 2001-February 2002) and Associate General Counsel (1984 - October 2001) ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 44 Associate Counsel of the Manager (September 1995 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxxx X. Xxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 43 Associate Counsel of the Manager (June 1990 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxx X. Xxxx, Assistant Secretary Vice President and Assistant Counsel of the Manager (since June 1998); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly an Assistant Vice President Age: 36 and Assistant Counsel of the Manager (August 1997 - June 1998); and Assistant Counsel of the Manager (August 1994-August 1997). ------------------------------------------- -----------------------------------------------------------------------------------------------

Independent Trustees. Aggregate Dollar Aggregate Name, Address,2 Address,1 Age, Dollar Range Range of Dollar Range of Shares Position(s) Held with Principal Occupation(s) During Past 5 Years / Other Shares of Shares Owned in any of Fund and Length of Trusteeships/Directorships Time Trusteeships Held by Trustee / Number of Portfolios Owned in any of the Service3 Portfolios the Board III Served2 in Fund Complex Overseen by Trustee the Fund Board III Funds ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxxxx X. Xxxxxxxx, Principal of Xxxxxxxx Associates, Inc. (venture $0 $10,001 - $50,000 Chairman of the Board of capital firm); None $10,001 - Chairman of the Board former General Partner of Trivest Trustees, Trustee (since Venture Fund (private venture of Trustees, Trustee capital fund); former 2000) President of Investment Counseling since 1996 Federated Age: 68 Investors, Inc.; Trustee of Cash Assets Trust, a Age: 68 money market fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end $50,000 investment companies; Trustee of four funds for Pacific Capital and Tax Free Trust of Arizona. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx Xxxxxx, Trustee, Director, Xxxxxxxxx Xxxxxx Income Managers Trust, Neuberger & since 1992 Xxxxxx Income Funds and Xxxxxxxxx Xxxxxx Trust, (1995 - Age: 72. present); Xxxxxxxxx Xxxxxx Equity Funds (November 2000 - present); Trustee, Xxxxxxxxx Xxxxxx Mutual Funds (October 1994 - present); formerly Chairman and Treasurer, CDC Associates, a $10,001 - registered investment adviser (December 1993 - February 1996); None $50,000 Independent Consultant; Chief Investment Officer, CDC Associates (1996 - June 2000); Consultant and director, CDC Associates (December 1993 - February 1999). Oversees three portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxx X. Xxxxxxx, Principal of Clinton Management Associates, a $0 Over $100,000 Trustee, (since 2000) financial and Trustee, since 1996 venture capital consulting firm; Age: 70. Trustee of Capital Cash Age: 70. Management Trust, a money-market fund and Narragansett Tax-Free Fund, a tax-exempt bond fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies. Formerly: Director, External Affairs, Kravco Corporation, a national real estate owner and property management corporation; President of Essex Management None Over $100,000 Corporation, a management consulting company; a general partner of Capital Growth Fund, a venture capital partnership; a general partner of Essex Limited Partnership, an investment partnership; President of Geneve Corp., a venture capital fund; Chairman of Woodland Capital Corp., a small business investment company; and Vice President of X.X. Xxxxx & Co. Oversees Director/trustee of 10 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- ------------------- Xxxxxx X. Xxxxx, A Trustee or Director of other Xxxxxxxxxxx funds. $0 Over $100,0003 Trustee (since 2000) Formerly Vice None Over $100,000 Trustee since 1996 Chairman of the Manager (October 1995 - Age: 68 December 1997). Age: 68 Oversees Director/trustee of 41 portfolios investment companies in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxx X. Xxxxxxxx, Chairman and Chief Executive Officer of Aquila Management None $10,001 - Trustee since 1996 Corporation, the sponsoring organization and manager, Age: 72 administrator and/or sub-Adviser to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Xxxxxxxxx Cash Reserves Trust, Aquila - Cascadia Equity Fund, Pacific Capital Cash Assets Trust, Pacific Capital U.S. Treasuries Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Xxxxxxxxx Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund; Vice President, Director, Secretary, and formerly Treasurer of $50,000 Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Director of OCC Cash Reserves, Inc., and Trustee of OCC Accumulation Trust, both of which are open-end investment companies; Trustee Emeritus of Xxxxx University. Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- ----------------------- ----------------------------------------------------------------- ------------ ----------------- Xxxxx Xxxxxx, Trustee Special Limited Partner (since January 1999) of Odyssey $10,001 - $50,001 - since 2001 Investment Partners, LLC (private equity investment); General Age: 59 Partner (since September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Director (since May 2000) of Ray & Berendtson, Inc. (executive search firm); Board of Governing Trustees (since August 1990) of The Xxxxxxx Laboratory (non-profit); Trustee (since May 1992) of Institute $50,000 $100,000 for Advanced Study (educational institute); Trustee (since May 2000) of Research Foundation of AIMR (investment research, non-profit); formerly Governor, Xxxxxx Xxxx Economics Institute of Bard College (economics research) (August 1990 - September 2001). Oversees 10 portfolios in the OppenheimerFunds complex. ----------------------- ----------------------------------------------------------------- ------------ ----------------- Officers of the Fund ------------------------------------------- ---------------------------------------------------------------------------- Name, Address,4 Age, Position(s) Held Principal Occupation(s) During Past 5 Years with Fund and Length of Time Served5 ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxxxxxx, Senior Vice President (since January 1996) of the Manager; Chairman of the Vice President and Portfolio Manager Rochester Division of the Manager (since January 1996); an officer and (since 1996) portfolio manager of other Xxxxxxxxxxx funds; prior to joining the Manager Age: 53 in January 1996, he was President and a director of Rochester Capital Advisors, Inc. (1993 - 1995), the Fund's prior investment advisor, and of Rochester Fund Services, Inc. (1986 - 1995), the Fund's prior distributor; President and a trustee of Limited Term New York Municipal Fund (1991 - 1995), Oppenheimer Convertible Securities Fund (1986 - 1995) and Rochester Fund Municipals (1986 - 1995); President and a director of Rochester Tax Managed Fund, Inc. (1982 - 1995) and of Fielding Management Company, Inc. (1982 - 1995), an investment advisor. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxx X. Xxxxxx, Vice President of the Rochester Division of the Manager (since January Vice President (since 2002) and Portfolio 1996); an officer and portfolio manager of other Xxxxxxxxxxx funds; Manager (since 1996) formerly Vice President of Research of Rochester Capital Advisors, Inc. Age: 41 and Fielding Management Company, Inc. (1991 - December 1995). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxx X. Xxxxxx, Chairman, Chief Executive Officer and director (since June 2001) and President (since October 2001) President (since September 2000) of the Manager; President and a trustee Age: 52 of other Xxxxxxxxxxx funds; President and a director (since July 2001) of Xxxxxxxxxxx Acquisition Corp., the Manager's parent holding company and of Xxxxxxxxxxx Partnership Holdings, Inc., a holding company subsidiary of the Manager; Director (since November 2001) of OppenheimerFunds Distributor, Inc., a subsidiary of the Manager; Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc., transfer agent subsidiaries of the Manager; President and a director (since July 2001) of OppenheimerFunds Legacy Program, a charitable trust program established by the Manager; a director of the following investment advisory subsidiaries of the Manager: OAM Institutional, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2002); President (since November 1, 2001) and a director (since July 2001) of Xxxxxxxxxxx Real Asset Management, Inc., an investment advisor subsidiary of the Manager; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc., investment advisory affiliates of the Manager; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company, the Manager's parent company; a director (since June 1995) of DBL Acquisition Corporation; formerly Chief Operating Officer (from September 2000 to June 2001) of the Manager; President and trustee (from November 1999 to November 2001) of MML Series Investment Fund and MassMutual Institutional Funds, open-end investment companies; a director (from September 1999 to August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (from September 1999 to August 2000) of MML Bay State Life Insurance Company; a director (from June 1989 to June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank, wholly-owned subsidiary of Emerald Isle Bancorp. Oversees 63 portfolios in the OppenheimerFunds complex. ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxx, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer, Principal Financial and Treasurer (since March 1999) of HarbourView Asset Management Corporation, Accounting Officer (since April 1999) Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Age: 42 Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000), offshore fund management subsidiaries of the Manager, and OAM Institutional, Inc. (since November 2000), an investment advisory subsidiary of the Manager; Treasurer and Chief Financial Officer (since May 2000) of Xxxxxxxxxxx Trust Company, a trust company subsidiary of the Manager; Assistant Treasurer (since March 1999) of Xxxxxxxxxxx Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); an officer of other Xxxxxxxxxxx funds; formerly Principal and Chief Operating Officer, Bankers Trust Company - Mutual Fund Services Division (March 1995 - March 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxx X. Xxxx, Senior Vice President (since May 1985) and General Counsel (since February Secretary (since November 1, 2001) 2002) of the Manager; Assistant Secretary of Shareholder Services, Inc. Age: 53 (since May 1985), Shareholder Financial Services, Inc. (since November 1989); OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since October 1997); an officer of other Xxxxxxxxxxx funds; formerly, Acting General Counsel (November 2001-February 2002) and Associate General Counsel (1984 - October 2001) ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxx X. Xxxxxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 44 Associate Counsel of the Manager (September 1995 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxxx X. Xxxx, Assistant Secretary Vice President and Senior Counsel of the Manager (since July 1999); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly a Vice President and Age: 43 Associate Counsel of the Manager (June 1990 - July 1999). ------------------------------------------- ---------------------------------------------------------------------------- ------------------------------------------- ---------------------------------------------------------------------------- Xxxxxxxx X. Xxxx, Assistant Secretary Vice President and Assistant Counsel of the Manager (since June 1998); an (since December 2001) officer of other Xxxxxxxxxxx funds; formerly an Assistant Vice President Age: 36 and Assistant Counsel of the Manager (August 1997 - June 1998); and Assistant Counsel of the Manager (August 1994-August 1997). ------------------------------------------- ------------------------------------------------------------------------------------------------------ ------------------------------------------------------- ---------------- ------------------- -------------------------- ------------------------------------------------------- ---------------- -------------------