UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANIES
Investment Company Act file number 811-21474
Oppenheimer Limited Term California Municipal Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 768-3200
Date of fiscal year end: July 31
Date of reporting period: 07/31/2009
Item 1. Reports to Stockholders.
L I M I T E D T E R M July 31, 2009 Oppenheimer Limited Term Management Commentaries California Municipal and Fund Annual Report M A N A G E M E N T C O M M E N TA R I E S An Interview with Your Fund’s Portfolio Managers A N N U A L R E P O RT Listing of Top Holdings Fund Performance Discussion Listing of Investments Financial Statements “Technology allows investors to be more informed than ever, but it doesn’t change our advice to shareholders: Invest for the long term and let tax-free income compound over time.” — Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester |
TOP HOLDINGS AND ALLOCATIONS
Top Ten Categories | ||||
Tobacco—Master Settlement Agreement | 19.5 | % | ||
Special Tax | 13.7 | |||
Single Family Housing | 13.1 | |||
Hospital/Health Care | 7.0 | |||
General Obligation | 5.7 | |||
Multifamily Housing | 5.4 | |||
Tax Increment Financing (TIF) | 3.9 | |||
Resource Recovery | 3.7 | |||
Municipal Leases | 3.6 | |||
Marine/Aviation Facilities | 3.4 |
Portfolio holdings are subject to change. Percentages are as of July 31, 2009, and are based on total assets.
Credit Allocation | ||||
AAA | 4.5 | % | ||
AA | 17.8 | |||
A | 25.0 | |||
BBB | 47.8 | |||
BB or lower | 4.9 |
Allocations are subject to change. Percentages are as of July 31, 2009, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 20.93% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.
15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2009, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.
Management’s Discussion of Fund Performance. The 12-month period ended July 31, 2009, will long be remembered for the credit market’s volatility and illiquidity in its early months and for the recovery in municipal bond prices that began in the waning weeks of 2008. The mid-period turnaround for the net asset value (NAV) of Oppenheimer Limited Term California Municipal Fund’s Class A shares helped the Fund produce a positive total return this reporting period. The 1-year total return for Class A shares was 0.51% at NAV and –3.01% at the maximum offering price (or with sales charge). As of July 31, 2009, the Fund’s Class A shares provided the highest level of tax-free income among its peer funds, according to Lipper Inc., and more income on a tax-equivalent basis than many corporate fixed-income alternatives. As of July 31, 2009, the distribution yield for the Fund’s Class A shares was 4.69% at NAV.1
In all, the Fund distributed 15.0 cents per Class A share this reporting period, including a small amount of taxable income. The monthly dividend rate held steady at 1.25 cents per share. At the end of this reporting period, the Fund had 770 holdings and an average credit quality of A-minus. Despite the broad turmoil in the municipal market, the default rate for bonds in the portfolio remained within expectations throughout this reporting period. As of July 31, 2009, bonds representing 99.8% of the market value of the Fund’s total assets were current with their scheduled interest payments.
As the charts on pages 22 to 24 show, the Fund’s total returns were negative this reporting period, which was characterized at times by sharp declines in equity and credit markets, heightened investor concern about risk, and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities this Fund favors than to the Fund’s benchmark. Because our approach to fund management involves creating broad portfolios with holdings from across the full credit spectrum, this Fund’s performance can be undercut by prolonged cycles of credit spread widening. Widening spreads typically have the greatest negative effect on BBB-rated, lower-rated and unrated securities. The reverse is also true: as spreads tighten, BBB-rated, lower-rated and unrated securities typically outperform other securities. While we believe that this latest cycle of spread widening has run its course, this Fund continues to feel its impact. We still believe that our Fund’s investments offer structural advantages over the long term, and we encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income.
1. | Falling share prices artificially increase yields. |
16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
The Fund’s largest category this reporting period consisted of bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 19.5% of Fund total assets.2
The sector typically offers high-yielding securities, many of which are prone to price volatility. Widening credit spreads and other market factors (like supply and demand) typically contribute to this volatility.3 S&P and Fitch each revised their assessments of this sector during this reporting period, but we do not believe that the prices of “tobacco bonds” were affected consequentially.
In the latter half of this reporting period, media reports focused on two tobacco-related developments: the April 1 increase in cigarette taxes and the President’s signature on the Family Smoking Prevention and Tobacco Control Act, which put the Food and Drug Administration in charge of regulating the making and marketing of cigarettes and other tobacco products.
We do not agree with the analysts who opined that these developments represent new threats to the MSA or the bonds backed by MSA payments. Nor are we concerned about the long-term viability of the MSA. Here’s why: First, consumption trends over the years have largely tracked the forecasts that were built into MSA-backed bonds, and this has been true even as the cost of a pack of cigarettes has steadily risen. There is little reason to believe that the new tax will significantly alter consumers’ smoking habits. Second, putting the FDA in charge of tobacco regulation was strongly advocated by Philip Morris, the country’s leading cigarette manufacturer. We think it unlikely that the company would have backed a plan that it thought would hurt its industry. Further, the company is not alone in believing that smaller companies will have a harder time complying with new regulations and will thus cede share to the market’s leading players. This, in turn, should improve MSA revenues and encourage early redemptions of existing bonds.
2. | Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. While consumption has largely been in line with the assumptions used to structure MSA-backed bonds, future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast. | |
3. | Spreads are described as widening when the yield difference between high-rated securities and lower-rated ones increases, causing the prices for BBB-rated, lower-rated and unrated securities to fall more or rise less than the prices of securities with higher-quality ratings. |
17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
We continue to believe that the carefully researched tobacco bonds this Fund owns remain fundamentally sound. As they always have, the tobacco bonds this Fund held during this reporting period made all scheduled interest payments in a timely manner. Thus, these bonds helped the Fund provide significant yield advantages to shareholders.
The national and California housing markets remained challenging this reporting period and, as a result, the single-family and multifamily housing sectors continued to be volatile. Higher-grade housing bonds were generally better investments than lower-grade ones, but neither contributed positively to the Fund’s total return this reporting period. The securities held by this Fund continued to provide high levels of tax-free income and, we believe, long-term investors should ultimately benefit from this Fund’s carefully selected holdings in these housing sectors. As of July 31, 2009, bonds in the single-family and multifamily housing sectors represented 13.1% and 5.4% of the Fund’s total assets, respectively.
Also this reporting period, the Fund remained invested in land development (or “dirt”) bonds, which are Special Tax and Special Assessment bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Tax and Special Assessment sectors represented 13.7% and 2.3% of the Fund’s total assets, respectively. The Fund’s land development holdings typically offer attractive yields, which in turn can help the Fund generate high levels of tax-free income, as we have seen this reporting period. Short-term performance in these sectors faltered this reporting period, to the detriment of the Fund.
In our opinion, these bonds have several appealing characteristics: their credit ratings typically improve over time, the debt service payments securing these bonds are on parity with real estate taxes and senior to mortgage payments, and assessments or taxes must be paid by whoever owns the land when the tax bill comes due. These characteristics give us confidence that most dirt bonds represent good values for our long-time shareholders.
As of July 31, 2009, the Fund was invested in the hospital/health care sector (7.0% of the Fund’s total assets) and in the gas, electric and water utilities sectors, representing 2.7%, 2.3% and 1.9% of the Fund’s total assets, respectively. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum as well as some insured bonds. The overall fundamentals in these sectors remained stable this reporting period, but widening credit spreads during the first half of the reporting period were detrimental to 12-month performance. Since the beginning of calendar year 2009, these sectors have posted positive results.
Securities issued in the Commonwealth of Puerto Rico represented 7.2% of the Fund’s net assets on July 31, 2009. Most of the Fund’s investments involve “creatures of the state”—that is, securities that are supported by taxes and designed to help finance electric utilities,
18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
highways and education. Facing a $3.2 billion budget deficit, Gov. Luis Fortuño signed legislation early this reporting period allowing the Commonwealth to subsidize its operating expenses with money borrowed from its financing arm, the Government Development Bank for Puerto Rico (the GDB). The deficit grew to an estimated $3.4 billion by March 2009 and, one month later, the GDB said that it would offer as much as $4 billion of the proposed new sales-tax bonds. This increase, by the way, represented a clear signal as to the renewed strength of the credit markets, which were deemed to have the capacity for this larger new issuance.
The credit rating agencies continued to view the Commonwealth favorably. When the Puerto Rico Sales Tax Financing Corporation came to market with $3.5 billion in new debt in late June, it was rated A-plus by Standard & Poor’s, A2 by Moody’s Investors Service and A by Fitch Ratings. Existing sales-tax debt had received an upgrade earlier in the period. Additionally, the Commonwealth, its agencies and the GDB retained their investment-grade ratings from S&P and Moody’s this reporting period. (Fitch does not directly rate Puerto Rico’s general obligation debt.)
During the first quarter of 2009, the Fund invested in long-term government appropriation bonds issued by the Commonwealth. These insured bonds are secured by a letter of credit from the GDB and have a mandatory “put” at par in 2012. We believe that investors should benefit over the next few years because the “put” gives the bond a short effective maturity, the letter of credit renders this security investment grade, and declining prices in the municipal bond market have pushed the yield to 6.75%, a level largely associated with high-yield bonds. Additionally, the bond agreement stipulates that the coupon will increase to 8.00%, from 5.25%, if the tendered bonds are not purchased by another investor. To us, this bond illustrates the degree to which a professional investment team can use its expertise to identify and develop market opportunities that may be difficult for individual investors to perceive or attain.
We remain confident in the Commonwealth’s ability to collect taxes and make its bond payments and believe that Gov. Fortuño, a fiscal conservative, is correctly focused on reducing government spending, eliminating the deficit by fiscal 2013 and growing the island’s economy. At $7.7 billion, the proposed budget for fiscal year 2010 is $1.8 billion smaller than the current budget, a sign that the governor is willing to take harsh steps in the name of fiscal responsibility.
The Fund’s holdings include securities insured by Ambac Assurance Corporation, which lost its investment-grade status when it was re-assessed by S&P and Moody’s late in this reporting period. The downgrades reflected the credit rating agencies’ concerns that poli-cyholder’s surplus at Ambac—that is, the amount by which assets exceed liabilities—could
19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
limit Ambac’s ability to pay claims should an underlying bond miss a scheduled payment of interest or principal. Most of the underlying bonds of our Ambac-insured holdings have investment-grade ratings or have been deemed to be investment-grade equivalents by our in-house credit team. We remain confident that these bonds should exhibit the same credit qualities as similar investment-grade securities. As of July 31, 2009, 8.89% of the Fund’s total assets were insured by Ambac. Typically, when an insurer is downgraded, the market for its bonds becomes more limited; funds that can only hold investment-grade securities may be required to sell their holdings. At OppenheimerFunds/Rochester, we continue to believe that insured bonds can play a vital role in creating shareholder value over the long term.
During this reporting period, the Fund remained invested in municipal inverse-floating-rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. These “inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they often face greater price volatility, too. When the short-term market faced unprecedented turmoil in the first half of this reporting period, the income that muni funds across the industry earned from this type of security was diminished. We continue to believe that “inverse floaters” belong in our fund portfolios because they produce attractive yields under most market conditions. Additionally, the Fund’s line of credit increased partway through this reporting period. The Fund used its line of credit at times to avoid having to sell tax-free assets at lower-than-acceptable prices. The Fund also used it opportunistically to buy yield-enhancing securities.
Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment strategies or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles.
Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2009. For all share classes, performance is measured from the Fund’s inception on February 25, 2004. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.
20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
The Fund’s performance is compared to the performance of the Barclays Capital Municipal Bond Index, an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments in the index.
21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Comparison of Change in Value of $10,000 Hypothetical Investments in:
22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Comparison of Change in Value of $10,000 Hypothetical Investments in:
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. See page 25 for further information.
23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Comparison of Change in Value of $10,000 Hypothetical Investments in:
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. See page 25 for further information.
24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES
Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. This annual report must be preceded or accompanied by the current prospectus of Oppenheimer Limited Term California Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.
The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.
Class A shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 3.50%.
Class B shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 4% (1-year) and 1% (5-year). Class B shares are subject to an annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.
25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND EXPENSES
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire
6-month period ended July 31, 2009.
6-month period ended July 31, 2009.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in
26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
February 1, 2009 | July 31, 2009 | July 31, 2009 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,088.90 | $ | 9.15 | ||||||
Class B | 1,000.00 | 1,081.20 | 14.65 | |||||||||
Class C | 1,000.00 | 1,081.20 | 13.40 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,016.07 | 8.84 | |||||||||
Class B | 1,000.00 | 1,010.81 | 14.16 | |||||||||
Class C | 1,000.00 | 1,012.00 | 12.95 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2009 are as follows:
Class | Expense Ratios | |||
Class A | 1.76 | % | ||
Class B | 2.82 | |||
Class C | 2.58 |
The expense ratios reflect reduction to custodian expenses. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS July 31, 2009
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
Municipal Bonds and Notes—105.2% | ||||||||||||||||||||
California—97.5% | ||||||||||||||||||||
$ | 100,000 | Adelanto, CA Elementary School District Community Facilities District No. 11 | 4.700 | % | 09/01/2012 | 09/01/2012 | $ | 91,144 | ||||||||||||
695,000 | Adelanto, CA Improvement Agency, Series B1 | 5.500 | 12/01/2023 | 05/24/2018 | A | 635,598 | ||||||||||||||
210,000 | Adelanto, CA Public Financing Authority, Series B1 | 6.300 | 09/01/2028 | 07/12/2023 | A | 182,620 | ||||||||||||||
25,000 | Alameda, CA Public Financing Authority (West End Community)1 | 6.800 | 04/01/2016 | 10/01/2009 | B | 25,313 | ||||||||||||||
25,000 | Alvord, CA Unified School District Community Facilities District1 | 6.200 | 09/01/2025 | 04/02/2024 | A | 21,645 | ||||||||||||||
550,000 | Antioch, CA Public Financing Authority1 | 5.625 | 01/01/2022 | 01/01/2011 | B | 561,787 | ||||||||||||||
40,000 | Apple Valley, CA Improvement Bond Act 19151 | 6.900 | 09/02/2015 | 12/07/2012 | C | 40,760 | ||||||||||||||
15,000 | Aromas, CA Water District1 | 5.600 | 09/01/2018 | 04/02/2017 | A | 13,284 | ||||||||||||||
15,000 | Atwater, CA Redevel. Agency (Downtown Redevel.)1 | 5.500 | 06/01/2019 | 06/01/2019 | 13,008 | |||||||||||||||
25,000 | Azusa, CA COP1 | 5.750 | 08/01/2020 | 08/01/2009 | B | 25,394 | ||||||||||||||
35,000 | Bakersfield, CA Improvement Bond Act 19151 | 5.600 | 09/02/2020 | 03/02/2016 | B | 30,632 | ||||||||||||||
45,000 | Bakersfield, CA Improvement Bond Act 19151 | 6.100 | 09/02/2024 | 10/15/2022 | A | 39,015 | ||||||||||||||
15,000 | Bakersfield, CA Improvement Bond Act 19151 | 7.100 | 09/02/2015 | 09/02/2009 | B | 14,910 | ||||||||||||||
5,000 | Banning, CA Improvement Bond Act 19151 | 8.400 | 09/02/2010 | 09/02/2009 | B | 5,162 | ||||||||||||||
25,000 | Beaumont, CA Financing Authority, Series A1 | 5.700 | 09/01/2035 | 10/10/2033 | A | 17,985 | ||||||||||||||
130,000 | Beaumont, CA Financing Authority, Series A1 | 7.000 | 09/01/2023 | 07/01/2018 | A | 120,723 | ||||||||||||||
55,000 | Beaumont, CA Financing Authority, Series B1 | 6.000 | 09/01/2034 | 04/01/2030 | A | 45,279 | ||||||||||||||
30,000 | Belmont, CA Redevel. Agency (Los Costano Community Devel.)1 | 5.500 | 08/01/2016 | 08/01/2009 | B | 30,014 | ||||||||||||||
50,000 | Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1 | 5.750 | 05/01/2034 | 06/29/2032 | A | 37,798 | ||||||||||||||
145,000 | Bonita Canyon, CA Public Facilities Financing Authority1 | 5.375 | 09/01/2028 | 11/21/2022 | A | 108,691 | ||||||||||||||
80,000 | Brentwood, CA Improvement Bond Act 19151 | 6.800 | 09/02/2017 | 07/06/2014 | A | 79,773 | ||||||||||||||
30,000 | Brisbane, CA Improvement Bond Act 1915 (Northeast Ridge)1 | 5.875 | 09/02/2020 | 03/30/2019 | A | 26,860 | ||||||||||||||
205,000 | Brisbane, CA Public Financing Authority1 | 6.000 | 05/01/2026 | 07/25/2023 | A | 168,721 | ||||||||||||||
35,000 | Buena Park, CA Special Tax (Park Mall)1 | 6.125 | 09/01/2033 | 10/15/2031 | A | 27,434 |
F1 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 250,000 | Burbank, CA Community Facilities District Special Tax1 | 5.200 | % | 12/01/2023 | 06/24/2022 | A | $ | 197,298 | |||||||||||
25,000 | Burbank, CA Public Service Dept.1 | 5.125 | 06/01/2016 | 12/01/2009 | B | 25,195 | ||||||||||||||
280,000 | CA ABAG Finance Authority for NonProfit Corporations (Lincoln Glen Manor)1 | 6.100 | 02/15/2025 | 02/15/2010 | B | 280,263 | ||||||||||||||
2,100,000 | CA ABAG Finance Authority for NonProfit Corporations (San Diego Hospital Assoc.)1 | 6.125 | 08/15/2020 | 02/15/2012 | B | 2,107,014 | ||||||||||||||
5,000 | CA ABAG Finance Authority for NonProfit Corporations COP1 | 5.600 | 11/01/2023 | 08/01/2010 | A | 4,892 | ||||||||||||||
10,000 | CA ABAG Finance Authority for NonProfit Corporations COP1 | 5.750 | 08/15/2014 | 08/15/2009 | B | 10,014 | ||||||||||||||
20,000 | CA ABAG Finance Authority for NonProfit Corporations COP1 | 5.800 | 03/01/2023 | 09/01/2009 | B | 20,008 | ||||||||||||||
10,000 | CA ABAG Finance Authority for NonProfit Corporations COP1 | 6.000 | 08/15/2020 | 08/15/2009 | B | 10,009 | ||||||||||||||
150,000 | CA ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West)1 | 5.850 | 10/01/2027 | 09/17/2023 | A | 125,709 | ||||||||||||||
55,000 | CA ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West)1 | 6.100 | 10/01/2017 | 02/22/2014 | A | 53,330 | ||||||||||||||
25,000 | CA ABAG Finance Authority for NonProfit Corporations COP (Episcopal Homes Foundation)1 | 5.125 | 07/01/2013 | 07/01/2010 | B | 25,113 | ||||||||||||||
85,000 | CA ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents)1 | 5.625 | 05/15/2022 | 11/01/2009 | B | 85,139 | ||||||||||||||
25,000 | CA ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents)1 | 5.625 | 05/15/2022 | 02/16/2017 | A | 24,695 | ||||||||||||||
725,000 | CA ABAG Finance Authority for NonProfit Corporations COP (Lytton Gardens)1 | 6.000 | 02/15/2019 | 08/15/2009 | B | 727,175 | ||||||||||||||
65,000 | CA ABAG Tax Allocation, Series A1 | 6.000 | 12/15/2014 | 12/15/2009 | B | 66,106 | ||||||||||||||
100,000 | CA Affordable Hsg. Agency (Merced County Hsg. Authority)1 | 6.500 | 01/01/2033 | 01/01/2029 | A | 64,844 | ||||||||||||||
8,850,000 | CA County Tobacco Securitization Agency | 5.830 | 2 | 06/01/2033 | 03/18/2015 | A | 833,936 | |||||||||||||
1,810,000 | CA County Tobacco Securitization Agency (TASC)1 | 0.000 | 3 | 06/01/2021 | 03/15/2014 | C | 1,288,720 | |||||||||||||
1,240,000 | CA County Tobacco Securitization Agency (TASC)1 | 0.000 | 3 | 06/01/2028 | 09/12/2018 | A | 773,983 | |||||||||||||
285,000 | CA County Tobacco Securitization Agency (TASC)1 | 5.500 | 06/01/2033 | 06/01/2011 | A | 215,987 | ||||||||||||||
1,825,000 | CA County Tobacco Securitization Agency (TASC)1 | 5.750 | 06/01/2029 | 11/23/2011 | A | 1,459,617 | ||||||||||||||
25,000 | CA County Tobacco Securitization Agency (TASC)1 | 5.875 | 06/01/2027 | 06/01/2014 | A | 20,738 |
F2 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 290,000 | CA County Tobacco Securitization Agency (TASC)1 | 5.875 | % | 06/01/2035 | 03/28/2017 | A | $ | 199,303 | |||||||||||
280,000 | CA County Tobacco Securitization Agency (TASC)1 | 5.875 | 06/01/2043 | 08/27/2019 | A | 187,370 | ||||||||||||||
750,000 | CA County Tobacco Securitization Agency (TASC)1 | 6.000 | 06/01/2029 | 06/01/2012 | A | 607,680 | ||||||||||||||
665,000 | CA County Tobacco Securitization Agency (TASC)1 | 6.000 | 06/01/2035 | 05/01/2018 | A | 465,294 | ||||||||||||||
435,000 | CA County Tobacco Securitization Agency (TASC)1 | 6.000 | 06/01/2042 | 01/01/2020 | A | 298,223 | ||||||||||||||
10,700,000 | CA County Tobacco Securitization Agency (TASC) | 6.068 | 2 | 06/01/2046 | 09/09/2028 | A | 252,948 | |||||||||||||
51,520,000 | CA County Tobacco Securitization Agency (TASC) | 6.192 | 2 | 06/01/2050 | 01/02/2026 | A | 810,925 | |||||||||||||
50,000 | CA County Tobacco Securitization Agency (TASC)1 | 6.250 | 06/01/2037 | 06/11/2017 | A | 35,975 | ||||||||||||||
85,000 | CA Dept. of Veterans Affairs Home Purchase1 | 5.200 | 12/01/2027 | 09/09/2024 | A | 83,671 | ||||||||||||||
60,000 | CA Dept. of Veterans Affairs Home Purchase1 | 5.200 | 12/01/2028 | 12/01/2009 | B | 60,003 | ||||||||||||||
3,395,000 | CA Dept. of Veterans Affairs Home Purchase | 5.450 | 12/01/2019 | 12/01/2009 | B | 3,468,638 | ||||||||||||||
25,000 | CA Dept. of Water Resources (Center Valley)1 | 5.000 | 12/01/2029 | 12/01/2009 | B | 25,010 | ||||||||||||||
515,000 | CA Dept. of Water Resources (Center Valley)1 | 5.250 | 07/01/2022 | 01/01/2010 | B | 515,464 | ||||||||||||||
20,000 | CA Dept. of Water Resources (Center Valley)1 | 5.400 | 07/01/2012 | 01/01/2010 | B | 20,068 | ||||||||||||||
25,000 | CA East Side Union High School District1 | 5.250 | 09/01/2025 | 09/01/2009 | B | 25,074 | ||||||||||||||
45,000 | CA Educational Facilities Authority1 | 5.125 | 04/01/2017 | 04/01/2017 | 41,027 | |||||||||||||||
25,000 | CA Educational Facilities Authority (California College of Arts and Crafts)1 | 5.875 | 06/01/2030 | 07/11/2028 | A | 19,329 | ||||||||||||||
5,000 | CA Educational Facilities Authority (College and University Financing)1 | 6.250 | 06/01/2018 | 12/01/2009 | B | 5,004 | ||||||||||||||
60,000 | CA Educational Facilities Authority (Dominican University of California/Harvey Mudd College Obligated Group)1 | 5.500 | 03/01/2011 | 09/01/2009 | B | 60,145 | ||||||||||||||
15,000 | CA Educational Facilities Authority (Los Angeles College of Chiropractic)1 | 5.600 | 11/01/2017 | 10/12/2013 | A | 11,057 | ||||||||||||||
50,000 | CA Educational Facilities Authority (Stanford University)1 | 5.125 | 01/01/2031 | 01/01/2010 | B | 50,005 | ||||||||||||||
35,000 | CA Educational Facilities Authority (University of Southern California)1 | 5.000 | 10/01/2028 | 10/01/2010 | B | 35,390 | ||||||||||||||
335,000 | CA Financing Authority (Wastewater Improvement)1 | 6.100 | 11/01/2033 | 12/17/2031 | A | 261,521 |
F3 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 60,000 | CA GO1 | 4.800 | % | 08/01/2014 | 08/01/2009 | B | $ | 60,091 | |||||||||||
25,000 | CA GO1 | 5.000 | 06/01/2017 | 12/01/2009 | B | 25,025 | ||||||||||||||
5,000 | CA GO1 | 5.000 | 06/01/2019 | 06/01/2011 | B | 5,070 | ||||||||||||||
25,000 | CA GO1 | 5.000 | 06/01/2019 | 12/02/2009 | B | 25,015 | ||||||||||||||
5,000 | CA GO1 | 5.000 | 02/01/2021 | 02/01/2010 | B | 5,002 | ||||||||||||||
100,000 | CA GO1 | 5.000 | 11/01/2022 | 11/01/2009 | B | 100,065 | ||||||||||||||
75,000 | CA GO1 | 5.000 | 10/01/2023 | 10/01/2023 | 75,009 | |||||||||||||||
10,000 | CA GO1 | 5.000 | 10/01/2023 | 10/01/2023 | 10,001 | |||||||||||||||
45,000 | CA GO1 | 5.000 | 02/01/2025 | 06/13/2024 | A | 44,999 | ||||||||||||||
10,000 | CA GO1 | 5.000 | 02/01/2025 | 06/13/2024 | A | 9,978 | ||||||||||||||
60,000 | CA GO1 | 5.100 | 03/01/2010 | 09/01/2009 | B | 60,197 | ||||||||||||||
25,000 | CA GO1 | 5.125 | 10/01/2027 | 10/01/2027 | 24,998 | |||||||||||||||
25,000 | CA GO1 | 5.150 | 12/01/2013 | 12/01/2009 | B | 25,015 | ||||||||||||||
15,000 | CA GO1 | 5.200 | 06/01/2010 | 12/01/2009 | B | 15,195 | ||||||||||||||
105,000 | CA GO1 | 5.250 | 06/01/2011 | 12/01/2009 | B | 106,251 | ||||||||||||||
25,000 | CA GO1 | 5.250 | 10/01/2013 | 10/01/2009 | B | 25,112 | ||||||||||||||
20,000 | CA GO1 | 5.250 | 06/01/2016 | 12/01/2009 | B | 20,117 | ||||||||||||||
25,000 | CA GO1 | 5.250 | 04/01/2018 | 10/01/2009 | B | 25,025 | ||||||||||||||
10,000 | CA GO1 | 5.250 | 04/01/2019 | 10/01/2009 | B | 10,008 | ||||||||||||||
10,000 | CA GO1 | 5.250 | 04/01/2021 | 10/02/2009 | B | 10,005 | ||||||||||||||
160,000 | CA GO1 | 5.250 | 06/01/2021 | 12/01/2009 | B | 160,363 | ||||||||||||||
10,000 | CA GO1 | 5.250 | 02/01/2029 | 08/06/2028 | A | 9,904 | ||||||||||||||
10,000 | CA GO1 | 5.250 | 02/01/2030 | 02/01/2030 | 9,840 | |||||||||||||||
15,000 | CA GO1 | 5.300 | 09/01/2011 | 09/01/2009 | B | 15,045 | ||||||||||||||
15,000 | CA GO1 | 5.350 | 12/01/2013 | 04/27/2011 | B | 15,254 | ||||||||||||||
15,000 | CA GO1 | 5.375 | 06/01/2026 | 12/01/2009 | B | 15,017 | ||||||||||||||
15,000 | CA GO1 | 5.500 | 03/01/2010 | 09/01/2009 | B | 15,054 | ||||||||||||||
100,000 | CA GO1 | 5.500 | 06/01/2010 | 12/01/2009 | B | 100,352 | ||||||||||||||
15,000 | CA GO1 | 5.500 | 06/01/2013 | 12/01/2009 | B | 15,038 | ||||||||||||||
50,000 | CA GO1 | 5.500 | 06/01/2014 | 12/02/2009 | B | 50,107 | ||||||||||||||
55,000 | CA GO1 | 5.500 | 04/01/2015 | 10/01/2009 | B | 55,211 | ||||||||||||||
30,000 | CA GO1 | 5.500 | 04/01/2019 | 10/01/2009 | B | 30,066 | ||||||||||||||
15,000 | CA GO1 | 5.500 | 03/01/2020 | 09/01/2009 | B | 15,011 | ||||||||||||||
25,000 | CA GO1 | 5.500 | 03/01/2020 | 09/01/2009 | B | 25,018 | ||||||||||||||
20,000 | CA GO1 | 5.500 | 10/01/2022 | 10/01/2009 | B | 20,025 | ||||||||||||||
5,000 | CA GO1 | 5.600 | 09/01/2021 | 09/01/2009 | B | 5,004 | ||||||||||||||
70,000 | CA GO1 | 5.625 | 10/01/2021 | 10/01/2009 | B | 70,118 | ||||||||||||||
130,000 | CA GO1 | 5.625 | 10/01/2023 | 10/01/2009 | B | 130,173 | ||||||||||||||
10,000 | CA GO1 | 5.625 | 09/01/2024 | 09/01/2009 | B | 10,006 | ||||||||||||||
15,000 | CA GO1 | 5.625 | 10/01/2026 | 10/01/2009 | B | 15,013 | ||||||||||||||
75,000 | CA GO1 | 5.750 | 03/01/2010 | 09/01/2009 | B | 75,287 | ||||||||||||||
5,000 | CA GO1 | 5.750 | 03/01/2012 | 09/01/2009 | B | 5,015 |
F4 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 35,000 | CA GO1 | 5.750 | % | 03/01/2015 | 09/01/2009 | B | $ | 35,074 | |||||||||||
35,000 | CA GO1 | 5.750 | 11/01/2017 | 11/01/2009 | B | 35,166 | ||||||||||||||
4,780,000 | CA GO1 | 5.750 | 11/01/2017 | 11/01/2009 | B | 4,802,705 | ||||||||||||||
25,000 | CA GO1 | 5.800 | 06/01/2013 | 12/01/2009 | B | 25,069 | ||||||||||||||
230,000 | CA GO1 | 5.900 | 04/01/2023 | 10/01/2009 | B | 230,403 | ||||||||||||||
1,410,000 | CA GO1 | 5.900 | 04/01/2023 | 10/01/2009 | B | 1,412,468 | ||||||||||||||
75,000 | CA GO1 | 5.900 | 03/01/2025 | 09/01/2009 | B | 75,053 | ||||||||||||||
20,000 | CA GO1 | 6.000 | 08/01/2010 | 08/01/2009 | B | 20,465 | ||||||||||||||
10,000 | CA GO1 | 6.000 | 05/01/2011 | 11/01/2009 | B | 10,107 | ||||||||||||||
25,000 | CA GO1 | 6.000 | 05/01/2012 | 11/01/2009 | B | 25,240 | ||||||||||||||
15,000 | CA GO1 | 6.000 | 10/01/2014 | 10/01/2009 | B | 15,074 | ||||||||||||||
20,000 | CA GO1 | 6.000 | 08/01/2015 | 08/01/2009 | B | 20,270 | ||||||||||||||
20,000 | CA GO1 | 6.000 | 05/01/2018 | 11/01/2009 | B | 20,095 | ||||||||||||||
5,000 | CA GO1 | 6.000 | 08/01/2019 | 08/01/2009 | B | 5,043 | ||||||||||||||
40,000 | CA GO1 | 6.000 | 10/01/2021 | 10/01/2009 | B | 40,088 | ||||||||||||||
85,000 | CA GO1 | 6.000 | 08/01/2024 | 08/01/2009 | B | 85,468 | ||||||||||||||
605,000 | CA GO1 | 6.250 | 10/01/2019 | 10/01/2009 | B | 606,906 | ||||||||||||||
45,000 | CA GO1 | 6.250 | 10/01/2019 | 10/01/2009 | B | 45,142 | ||||||||||||||
295,000 | CA GO (Safe Drinking Water)1 | 8.250 | 09/01/2010 | 09/01/2009 | B | 296,658 | ||||||||||||||
25,000 | CA Golden State Tobacco Securitization Corp.1 | 5.000 | 06/01/2020 | 06/01/2020 | 22,730 | |||||||||||||||
19,465,000 | CA Golden State Tobacco Securitization Corp. (TASC)1 | 4.500 | 06/01/2027 | 03/14/2014 | A | 16,349,432 | ||||||||||||||
500,000 | CA Golden State Tobacco Securitization Corp. (TASC)1 | 5.000 | 06/01/2018 | 06/01/2018 | 470,635 | |||||||||||||||
5,000 | CA Health Facilities Financing Authority (Catholic Healthcare West)1 | 5.000 | 07/01/2011 | 01/01/2010 | B | 5,008 | ||||||||||||||
145,000 | CA Health Facilities Financing Authority (Catholic Healthcare West)1 | 5.000 | 07/01/2021 | 10/24/2019 | A | 142,695 | ||||||||||||||
160,000 | CA Health Facilities Financing Authority (Catholic Healthcare West)1 | 5.250 | 07/01/2023 | 01/06/2020 | A | 157,051 | ||||||||||||||
30,000 | CA Health Facilities Financing Authority (Catholic Healthcare West)1 | 5.250 | 07/01/2023 | 01/06/2020 | A | 29,447 | ||||||||||||||
155,000 | CA Health Facilities Financing Authority (Catholic Healthcare West)1 | 6.000 | 07/01/2013 | 01/01/2010 | B | 155,302 | ||||||||||||||
60,000 | CA Health Facilities Financing Authority (Community Program)1 | 7.200 | 01/01/2012 | 08/01/2009 | B | 60,267 | ||||||||||||||
45,000 | CA Health Facilities Financing Authority (Downey Community Hospital) | 5.750 | 05/15/2015 | 08/04/2012 | A | 35,353 | ||||||||||||||
50,000 | CA Health Facilities Financing Authority (Fellowship Homes)1 | 6.000 | 09/01/2019 | 09/01/2009 | B | 50,040 | ||||||||||||||
10,000 | CA Health Facilities Financing Authority (FF/OCTC/SCADP Obligated Group)1 | 6.500 | 12/01/2022 | 12/01/2009 | B | 10,005 |
F5 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 2,000,000 | CA Health Facilities Financing Authority (Kaiser Permanente)1 | 5.400 | % | 05/01/2028 | 11/01/2009 | B | $ | 2,016,380 | |||||||||||
60,000 | CA Health Facilities Financing Authority (Marshall Hospital)1 | 5.125 | 11/01/2012 | 12/01/2009 | B | 60,077 | ||||||||||||||
20,000 | CA Health Facilities Financing Authority (Mercy Senior Hsg.)1 | 5.800 | 12/01/2018 | 12/01/2009 | B | 20,008 | ||||||||||||||
30,000 | CA Health Facilities Financing Authority (Providence Health System-Southern California)1 | 5.500 | 10/01/2013 | 10/01/2009 | B | 30,051 | ||||||||||||||
40,000 | CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)1 | 5.250 | 06/01/2023 | 06/14/2017 | A | 37,807 | ||||||||||||||
50,000 | CA Health Facilities Financing Authority (Sunny View Lutheran Home)1 | 5.100 | 01/01/2024 | 02/09/2022 | A | 46,241 | ||||||||||||||
5,000 | CA Health Facilities Financing Authority (Sutter Health)1 | 5.000 | 08/15/2017 | 08/15/2009 | B | 5,005 | ||||||||||||||
135,000 | CA Health Facilities Financing Authority (Sutter Health)1 | 5.125 | 08/15/2022 | 08/15/2009 | B | 135,055 | ||||||||||||||
30,000 | CA Health Facilities Financing Authority (Sutter Health)1 | 5.375 | 08/15/2030 | 08/15/2010 | B | 30,052 | ||||||||||||||
30,000 | CA HFA | 8.037 | 2 | 08/01/2015 | 04/14/2011 | A | 18,230 | |||||||||||||
100,000 | CA HFA | 8.242 | 2 | 02/01/2015 | 02/11/2011 | A | 65,299 | |||||||||||||
6,325,000 | CA HFA (Home Mtg.)1 | 5.000 | 08/01/2037 | 01/25/2012 | A | 6,130,443 | ||||||||||||||
5,910,000 | CA HFA (Home Mtg.)4 | 5.500 | 02/01/2042 | 01/01/2012 | C | 5,836,382 | ||||||||||||||
4,460,000 | CA HFA (Home Mtg.)1 | 5.500 | 02/01/2042 | 01/01/2012 | A | 4,404,116 | ||||||||||||||
12,820,000 | CA HFA (Home Mtg.)1 | 5.500 | 08/01/2042 | 09/01/2012 | A | 12,556,293 | ||||||||||||||
55,000 | CA HFA (Multifamily Hsg.)1 | 5.375 | 08/01/2028 | 01/06/2026 | A | 49,466 | ||||||||||||||
40,000 | CA HFA (Multifamily Hsg.)1 | 5.400 | 08/01/2018 | 08/01/2010 | B | 40,255 | ||||||||||||||
2,040,000 | CA HFA (Multifamily Hsg.)1 | 5.400 | 08/01/2018 | 08/01/2010 | B | 2,052,995 | ||||||||||||||
445,000 | CA HFA (Multifamily Hsg.)1 | 5.450 | 08/01/2028 | 04/13/2024 | A | 445,045 | ||||||||||||||
85,000 | CA HFA (Multifamily Hsg.)1 | 5.850 | 02/01/2010 | 08/01/2009 | B | 85,169 | ||||||||||||||
630,000 | CA HFA (Multifamily Hsg.)1 | 5.950 | 08/01/2028 | 08/01/2009 | B | 630,189 | ||||||||||||||
390,000 | CA HFA (Multifamily Hsg.)1 | 6.050 | 08/01/2016 | 08/01/2009 | B | 390,421 | ||||||||||||||
130,000 | CA HFA (Multifamily Hsg.)1 | 6.050 | 08/01/2027 | 08/01/2009 | B | 130,092 | ||||||||||||||
25,000 | CA HFA (Multifamily Hsg.)1 | 6.050 | 08/01/2038 | 08/01/2009 | B | 25,005 | ||||||||||||||
2,360,000 | CA HFA (Multifamily Hsg.)1 | 6.150 | 08/01/2022 | 08/01/2009 | B | 2,362,006 | ||||||||||||||
40,000 | CA HFA (Multifamily Hsg.), Series B1 | 5.850 | 08/01/2010 | 08/01/2009 | B | 40,072 | ||||||||||||||
10,000 | CA HFA (Single Family Mtg.), Series A1 | 5.300 | 08/01/2018 | 02/01/2010 | B | 10,164 | ||||||||||||||
2,250,000 | CA Hi-Desert Memorial Health Care District1 | 5.500 | 10/01/2015 | 04/25/2014 | A | 2,163,960 | ||||||||||||||
1,245,000 | CA Infrastructure and Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | 5.350 | 2 | 12/01/2019 | 12/01/2019 | 144,408 |
F6 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 1,320,000 | CA Infrastructure and Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | 5.400 | %2 | 12/01/2020 | 12/01/2020 | $ | 131,987 | ||||||||||||
3,235,000 | CA Infrastructure and Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | 5.420 | 2 | 12/01/2021 | 12/01/2021 | 288,691 | ||||||||||||||
15,000 | CA Infrastructure and Economic Devel. (Stockton Port District)1 | 5.375 | 07/01/2022 | 02/23/2020 | A | 11,435 | ||||||||||||||
1,285,000 | CA Inland Empire Tobacco Securitization Authority1 | 5.000 | 06/01/2021 | 06/23/2013 | A | 1,125,429 | ||||||||||||||
235,000 | CA Intercommunity Hospital Financing Authority COP1 | 5.250 | 11/01/2019 | 10/03/2015 | A | 214,064 | ||||||||||||||
65,000 | CA Loan Purchasing Finance Authority1 | 5.600 | 10/01/2014 | 10/01/2009 | B | 65,218 | ||||||||||||||
35,000 | CA M-S-R Public Power Agency (San Juan)1 | 6.000 | 07/01/2022 | 01/01/2010 | B | 38,019 | ||||||||||||||
10,000 | CA Maritime Infrastructure Authority (Santa Cruz Port District)1 | 5.750 | 05/01/2024 | 05/01/2024 | 8,378 | |||||||||||||||
25,000 | CA Padre Dam Municipal Water District COP1 | 5.500 | 10/01/2016 | 10/01/2009 | B | 25,014 | ||||||||||||||
30,000 | CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1 | 5.300 | 12/01/2017 | 06/24/2016 | A | 24,651 | ||||||||||||||
240,000 | CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1 | 5.500 | 12/01/2024 | 07/27/2022 | A | 159,439 | ||||||||||||||
220,000 | CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1 | 5.850 | 06/01/2021 | 12/01/2009 | B | 220,046 | ||||||||||||||
825,000 | CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1 | 5.850 | 06/01/2021 | 12/01/2009 | B | 825,173 | ||||||||||||||
190,000 | CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1 | 5.850 | 06/01/2021 | 12/01/2009 | B | 190,040 | ||||||||||||||
20,000 | CA Pollution Control Financing Authority (Southern California Edison Company)1 | 5.550 | 09/01/2031 | 09/01/2031 | 17,512 | |||||||||||||||
435,000 | CA Pollution Control Financing Authority (Southern California Water Company)1 | 5.500 | 12/01/2026 | 12/01/2026 | 424,060 | |||||||||||||||
6,000,000 | CA Pollution Control Financing Authority (Waste Management of CA/USA Waste of CA Obligated Group)1 | 6.750 | 12/01/2027 | 12/01/2010 | D | 6,179,760 | ||||||||||||||
125,000 | CA Public Works1 | 5.250 | 12/01/2013 | 12/01/2009 | B | 125,313 | ||||||||||||||
140,000 | CA Public Works (California Community College)1 | 5.375 | 03/01/2011 | 09/01/2009 | B | 140,343 | ||||||||||||||
45,000 | CA Public Works (California Science Center)1 | 5.250 | 10/01/2017 | 10/01/2009 | B | 45,037 | ||||||||||||||
25,000 | CA Public Works (Dept. of Corrections)1 | 5.000 | 09/01/2021 | 02/28/2021 | A | 24,148 | ||||||||||||||
145,000 | CA Public Works (Dept. of Food and Agriculture)1 | 5.400 | 06/01/2013 | 12/01/2009 | B | 145,245 | ||||||||||||||
160,000 | CA Public Works (State Universities)1 | 5.250 | 12/01/2013 | 12/01/2009 | B | 160,454 |
F7 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 1,045,000 | CA Public Works (State Universities)1 | 5.500 | % | 12/01/2018 | 12/01/2009 | B | $ | 1,046,191 | |||||||||||
100,000 | CA Public Works (Various Community Colleges)1 | 5.375 | 03/01/2013 | 09/01/2009 | B | 100,170 | ||||||||||||||
25,000 | CA Public Works (Various Community Colleges)1 | 5.375 | 03/01/2014 | 09/01/2009 | B | 25,068 | ||||||||||||||
20,000 | CA Public Works (Various Community Colleges)1 | 5.500 | 09/01/2011 | 09/01/2009 | B | 20,047 | ||||||||||||||
50,000 | CA Public Works (Various Community Colleges)1 | 5.600 | 04/01/2014 | 10/01/2009 | B | 50,078 | ||||||||||||||
350,000 | CA Public Works (Various Community Colleges)1 | 5.625 | 03/01/2011 | 03/01/2010 | B | 350,928 | ||||||||||||||
3,325,000 | CA Public Works (Various Community Colleges)1 | 5.625 | 03/01/2016 | 09/01/2009 | B | 3,328,392 | ||||||||||||||
1,030,000 | CA Public Works (Various Community Colleges)1 | 5.625 | 03/01/2016 | 09/01/2009 | B | 1,031,051 | ||||||||||||||
860,000 | CA Public Works (Various Community Colleges)1 | 5.625 | 03/01/2019 | 09/01/2009 | B | 862,382 | ||||||||||||||
25,000 | CA Public Works (Various State Universities)1 | 5.375 | 12/01/2019 | 12/19/2017 | A | 25,020 | ||||||||||||||
50,000 | CA Public Works (Various State Universities)1 | 5.400 | 10/01/2022 | 11/09/2020 | A | 49,472 | ||||||||||||||
10,000 | CA Public Works (Various State Universities)1 | 5.500 | 09/01/2015 | 09/01/2009 | B | 10,029 | ||||||||||||||
5,000 | CA Resource Efficiency Financing Authority COP1 | 5.500 | 04/01/2017 | 10/01/2009 | B | 5,016 | ||||||||||||||
80,000 | CA River Highlands Community Services District1 | 7.750 | 09/02/2020 | 09/02/2009 | B | 80,014 | ||||||||||||||
15,000 | CA River Highlands Community Services District1 | 8.125 | 09/02/2020 | 09/02/2009 | B | 15,003 | ||||||||||||||
995,000 | CA Rural Home Mtg. Finance Authority (Single Family Mtg.)1 | 5.700 | 02/01/2033 | 05/14/2029 | A | 938,205 | ||||||||||||||
5,000 | CA Rural Home Mtg. Finance Authority (Single Family Mtg.)1 | 7.500 | 08/01/2027 | 08/01/2012 | C | 5,104 | ||||||||||||||
170,000 | CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A1 | 6.350 | 12/01/2029 | 10/01/2009 | C | 173,958 | ||||||||||||||
80,000 | CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A1 | 7.000 | 09/01/2029 | 03/01/2010 | C | 81,538 | ||||||||||||||
40,000 | CA Sierra View Local Health Care District1 | 5.250 | 07/01/2018 | 02/23/2016 | A | 39,997 | ||||||||||||||
2,000,000 | CA Sierra View Local Health Care District1 | 5.400 | 07/01/2022 | 01/23/2021 | A | 1,940,240 | ||||||||||||||
25,000 | CA Statewide CDA1 | 6.625 | 09/01/2027 | 10/16/2025 | A | 21,624 | ||||||||||||||
10,000 | CA Statewide CDA1 | 7.000 | 07/01/2022 | 06/29/2015 | A | 9,539 | ||||||||||||||
90,000 | CA Statewide CDA (Bouquet Canyon)1 | 5.300 | 07/01/2018 | 07/01/2010 | B | 90,523 | ||||||||||||||
105,000 | CA Statewide CDA (California Odd Fellow Hsg.)1 | 5.375 | 10/01/2013 | 10/01/2009 | B | 105,140 |
F8 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 2,000,000 | CA Statewide CDA (Citrus Valley Health Partners/Citrus Valley Medical Center/ Foothill Hospital Obligated Group) COP1 | 5.500 | % | 04/01/2013 | 04/01/2010 | B | $ | 2,011,320 | |||||||||||
500,000 | CA Statewide CDA (East Tabor Apartments)1 | 6.850 | 08/20/2036 | 02/20/2016 | B | 533,100 | ||||||||||||||
435,000 | CA Statewide CDA (Eastfield Ming Quong)1 | 5.625 | 06/01/2020 | 12/01/2009 | B | 436,375 | ||||||||||||||
45,000 | CA Statewide CDA (Escrow Term)1 | 6.750 | 09/01/2037 | 07/27/2036 | A | 34,493 | ||||||||||||||
250,000 | CA Statewide CDA (Fairfield Apartments)1 | 6.500 | 01/01/2016 | 10/18/2012 | A | 220,728 | ||||||||||||||
5,000 | CA Statewide CDA (GP Steinbeck)1 | 5.700 | 09/20/2019 | 09/20/2014 | B | 5,256 | ||||||||||||||
85,000 | CA Statewide CDA (GP Steinbeck) | 5.897 | 2 | 09/20/2027 | 09/20/2027 | 29,293 | ||||||||||||||
250,000 | CA Statewide CDA (Live Oak School)1 | 6.750 | 10/01/2030 | 12/19/2023 | A | 206,905 | ||||||||||||||
100,000 | CA Statewide CDA (Multifamily) | 5.696 | 2 | 09/20/2021 | 09/20/2021 | 50,445 | ||||||||||||||
100,000 | CA Statewide CDA (Multifamily) | 5.744 | 2 | 09/20/2023 | 09/20/2023 | 44,420 | ||||||||||||||
150,000 | CA Statewide CDA (Quail Ridge Apartments)1 | 5.375 | 07/01/2032 | 11/26/2029 | A | 106,565 | ||||||||||||||
430,000 | CA Statewide CDA (Rio Bravo)5 | 6.500 | 12/01/2018 | 02/19/2014 | A | 342,134 | ||||||||||||||
560,000 | CA Statewide CDA (Sycamore)1 | 6.000 | 03/20/2038 | 03/20/2015 | B | 584,478 | ||||||||||||||
25,000 | CA Statewide CDA Community Facilities District1 | 6.350 | 09/01/2021 | 09/01/2021 | 21,297 | |||||||||||||||
5,000 | CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group)1 | 5.000 | 04/01/2018 | 05/06/2016 | A | 4,597 | ||||||||||||||
45,000 | CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group)1 | 5.125 | 04/01/2023 | 05/07/2021 | A | 41,596 | ||||||||||||||
820,000 | CA Statewide Financing Authority Tobacco Settlement (TASC)1 | 5.625 | 05/01/2029 | 04/04/2011 | C | 707,119 | ||||||||||||||
1,220,000 | CA Statewide Financing Authority Tobacco Settlement (TASC)1 | 5.625 | 05/01/2029 | 07/30/2010 | C | 1,052,055 | ||||||||||||||
250,000 | CA Statewide Financing Authority Tobacco Settlement (TASC)1 | 6.000 | 05/01/2037 | 10/01/2017 | C | 173,585 | ||||||||||||||
45,000 | CA Valley Health System COP | 6.875 | 05/15/2023 | 05/15/2011 | C | 24,741 | ||||||||||||||
65,000 | CA Valley Health System, Series A | 6.500 | 05/15/2025 | 05/21/2021 | A | 35,737 | ||||||||||||||
15,000 | CA Valley Health System, Series A | 6.500 | 05/15/2025 | 05/21/2021 | A | 8,247 | ||||||||||||||
100,000 | CA Veterans GO1 | 4.700 | 12/01/2012 | 12/01/2009 | B | 100,078 | ||||||||||||||
180,000 | CA Veterans GO1 | 5.300 | 12/01/2029 | 04/28/2026 | A | 160,756 | ||||||||||||||
2,000,000 | CA Veterans GO, Series BH1 | 5.400 | 12/01/2014 | 12/01/2009 | B | 2,005,520 | ||||||||||||||
85,000 | CA Veterans GO, Series BP1 | 5.500 | 12/01/2026 | 10/01/2021 | A | 81,155 | ||||||||||||||
90,000 | CA Veterans GO, Series BX1 | 5.000 | 12/01/2014 | 12/01/2009 | B | 90,149 | ||||||||||||||
10,000 | CA Water Resource Devel. GO, Series P1 | 5.800 | 06/01/2011 | 12/01/2009 | B | 10,034 | ||||||||||||||
25,000 | CA Water Resource Devel. GO, Series P1 | 5.800 | 06/01/2014 | 12/01/2009 | B | 25,060 | ||||||||||||||
50,000 | CA Water Resource Devel. GO, Series Q1 | 5.000 | 03/01/2016 | 09/01/2009 | B | 50,063 | ||||||||||||||
35,000 | CA Western Hills Water District Special Tax1 | 5.000 | 09/01/2014 | 09/01/2014 | 27,489 | |||||||||||||||
10,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 3.750 | 09/01/2010 | 09/01/2010 | 9,437 |
F9 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 65,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 4.000 | % | 09/01/2011 | 09/01/2011 | $ | 57,746 | ||||||||||||
25,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 4.650 | 09/01/2014 | 09/01/2014 | 19,298 | |||||||||||||||
120,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 6.000 | 09/01/2024 | 06/21/2021 | A | 71,026 | ||||||||||||||
50,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 6.125 | 09/01/2031 | 03/23/2029 | A | 27,086 | ||||||||||||||
115,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 6.750 | 09/01/2022 | 06/06/2018 | A | 78,139 | ||||||||||||||
45,000 | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | 6.875 | 09/01/2031 | 04/30/2027 | A | 27,106 | ||||||||||||||
210,000 | CA William S. Hart Union School District1 | 6.000 | 09/01/2027 | 04/13/2026 | A | 186,371 | ||||||||||||||
10,000 | Calabasas, CA Special Tax Community Facilities District 98-11 | 5.750 | 09/01/2028 | 06/18/2025 | A | 7,845 | ||||||||||||||
45,000 | California City, CA Redevel. Agency Tax Allocation1 | 7.000 | 09/01/2015 | 08/01/2009 | B | 45,013 | ||||||||||||||
50,000 | Calleguas-Las Virgines, CA Public Financing Authority Municipal Water District1 | 5.000 | 11/01/2023 | 11/01/2010 | B | 50,255 | ||||||||||||||
25,000 | Campbell, CA Improvement Bond Act 1915 (Dillon-Gilman Local Improvement District)1 | 7.150 | 09/02/2012 | 09/02/2009 | B | 25,769 | ||||||||||||||
60,000 | Camrosa, CA Water District1 | 5.500 | 01/15/2011 | 01/15/2010 | B | 60,141 | ||||||||||||||
20,000 | Canyon Lake, CA COP (Railroad Canyon Road)1 | 7.375 | 06/01/2014 | 12/01/2009 | B | 20,244 | ||||||||||||||
40,000 | Capistrano, CA Unified School District (Education & Support Facilities) COP1 | 5.250 | 12/01/2026 | 12/01/2009 | B | 40,048 | ||||||||||||||
75,000 | Capistrano, CA Unified School District (Las Flores)1 | 5.000 | 09/01/2023 | 10/06/2021 | A | 68,086 | ||||||||||||||
80,000 | Carlsbad, CA Improvement Bond Act 19151 | 5.550 | 09/02/2028 | 08/29/2022 | A | 63,132 | ||||||||||||||
120,000 | Carlsbad, CA Improvement Bond Act 19151 | 5.950 | 09/02/2025 | 10/15/2023 | A | 110,162 | ||||||||||||||
30,000 | Carlsbad, CA Improvement Bond Act 19151 | 6.000 | 09/02/2022 | 09/17/2021 | A | 26,827 | ||||||||||||||
25,000 | Carlsbad, CA Unified School District COP (Aviara Oaks Middle School)1 | 5.300 | 06/01/2017 | 12/01/2009 | B | 25,008 | ||||||||||||||
125,000 | Carlsbad, CA Unified School District COP (Aviara Oaks Middle School)1 | 5.300 | 06/01/2022 | 12/01/2009 | B | 125,024 | ||||||||||||||
100,000 | Carson, CA Improvement Bond Act 19151 | 7.375 | 09/02/2022 | 04/22/2017 | A | 95,404 | ||||||||||||||
70,000 | Castaic, CA Union School District Community Facilities District No. 92-11 | 8.500 | 10/01/2013 | 10/01/2009 | B | 70,234 | ||||||||||||||
2,750,000 | Castaic, CA Union School District Community Facilities District No. 92-11 | 9.000 | 10/01/2019 | 10/01/2009 | B | 2,756,958 | ||||||||||||||
70,000 | Cathedral City, CA Improvement Bond Act 19151 | 5.950 | 09/02/2034 | 05/03/2032 | A | 58,322 | ||||||||||||||
50,000 | Cathedral City, CA Special Tax Community Facilities District No. 11 | 6.625 | 09/01/2023 | 09/25/2022 | A | 43,848 |
F10 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 50,000 | Cathedral City, CA Special Tax Community Facilities District No. 11 | 6.700 | % | 09/01/2030 | 01/09/2028 | A | $ | 41,812 | |||||||||||
20,000 | Central CA Unified School District | 5.625 | 03/01/2018 | 09/01/2009 | B | 20,069 | ||||||||||||||
50,000 | Central Contra Costa, CA Sanitation District1 | 5.000 | 09/01/2022 | 09/01/2011 | B | 51,552 | ||||||||||||||
150,000 | Central Valley, CA Financing Authority Cogeneration Project (Carson Ice)1 | 5.200 | 07/01/2020 | 01/04/2020 | A | 149,994 | ||||||||||||||
35,000 | Chico, CA Improvement Bond Act 1915 (Mission Ranch)1 | 6.625 | 09/02/2011 | 09/02/2011 | 34,944 | |||||||||||||||
95,000 | Chico, CA Improvement Bond Act 1915 (Mission Ranch)1 | 6.625 | 09/02/2012 | 09/02/2012 | 94,550 | |||||||||||||||
100,000 | Chico, CA Improvement Bond Act 1915 (Mission Ranch)1 | 6.625 | 09/02/2013 | 09/02/2013 | 98,453 | |||||||||||||||
30,000 | Chino Hills, CA Improvement Bond Act 19151 | 7.500 | 09/02/2016 | 05/19/2014 | C | 30,904 | ||||||||||||||
5,000 | Chino Hills, CA Improvement Bond Act 19151 | 7.600 | 09/02/2021 | 10/25/2019 | A | 5,012 | ||||||||||||||
100,000 | Chino Hills, CA Special Tax Community Facilities District No. 101 | 6.400 | 09/01/2014 | 09/01/2014 | 99,077 | |||||||||||||||
55,000 | Chino, CA Community Facilities District Special Tax1 | 5.750 | 09/01/2034 | 10/11/2032 | A | 43,746 | ||||||||||||||
25,000 | Chowchilla, CA Improvement Bond Act 19151 | 6.700 | 09/02/2027 | 12/06/2024 | A | 22,749 | ||||||||||||||
55,000 | Chula Vista, CA Community Facilities District (Eastlake Woods)1 | 5.700 | 09/01/2016 | 09/01/2013 | B | 55,098 | ||||||||||||||
15,000 | Chula Vista, CA Community Facilities District (Eastlake Woods)1 | 6.100 | 09/01/2021 | 09/01/2021 | 14,766 | |||||||||||||||
10,000 | Chula Vista, CA Improvement Bond Act 1915 Assessment District No. 94-1 (Eastlake)1 | 7.000 | 09/02/2015 | 10/22/2013 | C | 10,240 | ||||||||||||||
60,000 | Chula Vista, CA Special Tax1 | 7.625 | 09/01/2029 | 09/01/2009 | B | 61,559 | ||||||||||||||
25,000 | Colton, CA Community Facilities District Special Tax1 | 5.800 | 09/01/2018 | 10/14/2016 | A | 22,532 | ||||||||||||||
175,000 | Colton, CA Joint Unified School District1 | 5.700 | 09/01/2034 | 10/17/2030 | A | 128,028 | ||||||||||||||
50,000 | Colton, CA Joint Unified School District COP1 | 5.100 | 06/01/2020 | 12/01/2009 | B | 50,435 | ||||||||||||||
50,000 | Colton, CA Public Financing Authority, Series B1 | 5.875 | 08/01/2027 | 04/28/2019 | A | 40,097 | ||||||||||||||
20,000 | Colton, CA Redevel. Agency (West Valley)1 | 6.375 | 09/01/2035 | 01/23/2032 | A | 15,978 | ||||||||||||||
40,000 | Concord, CA Joint Powers Financing Authority (Concord Police Facilities)1 | 5.250 | 08/01/2019 | 08/01/2009 | B | 40,042 | ||||||||||||||
20,000 | Contra Costa County, CA Public Financing Authority (Pleasant Hill Bart)1 | 5.125 | 08/01/2019 | 09/05/2017 | A | 19,459 | ||||||||||||||
25,000 | Contra Costa, CA Community College District COP (Diablo Valley College)1 | 6.000 | 06/01/2021 | 12/01/2009 | B | 25,036 |
F11 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 100,000 | Corona, CA Redevel. Agency Tax Allocation1 | 5.400 | % | 09/01/2011 | 09/01/2009 | B | $ | 100,220 | |||||||||||
25,000 | Corona, CA Redevel. Agency Tax Allocation1 | 5.500 | 09/01/2016 | 09/01/2009 | B | 25,022 | ||||||||||||||
15,000 | Corona-Norco, CA Unified School District1 | 5.625 | 09/01/2033 | 01/09/2030 | A | 10,932 | ||||||||||||||
85,000 | Corona-Norco, CA Unified School District1 | 5.750 | 09/01/2014 | 09/01/2009 | B | 85,088 | ||||||||||||||
20,000 | Costa Mesa, CA COP1 | 5.750 | 12/01/2012 | 12/01/2012 | 19,894 | |||||||||||||||
55,000 | Crescent City, CA Public Financing Authority1 | 7.750 | 09/15/2012 | 09/15/2009 | B | 55,072 | ||||||||||||||
35,000 | Culver City, CA Redevel. Finance Authority1 | 5.500 | 11/01/2014 | 06/27/2012 | C | 35,951 | ||||||||||||||
20,000 | Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)1 | 5.700 | 09/02/2022 | 08/17/2018 | A | 16,565 | ||||||||||||||
20,000 | Davis, CA Joint Unified School District Special Tax1 | 5.300 | 08/15/2024 | 05/11/2021 | A | 18,644 | ||||||||||||||
20,000 | Davis, CA Public Facilities Financing Authority (Local Agency)1 | 5.750 | 09/01/2029 | 09/01/2009 | B | 20,018 | ||||||||||||||
10,000 | Del Mar, CA Unified School District1 | 5.875 | 09/01/2029 | 10/13/2027 | A | 7,964 | ||||||||||||||
40,000 | Dixon, CA Public Financing Authority1 | 5.150 | 09/02/2020 | 06/23/2017 | A | 36,278 | ||||||||||||||
35,000 | Dixon, CA Public Financing Authority1 | 5.700 | 09/02/2020 | 10/13/2017 | A | 30,721 | ||||||||||||||
480,000 | Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)1 | 5.125 | 08/01/2020 | 05/04/2017 | A | 460,891 | ||||||||||||||
200,000 | Duarte, CA Hsg. (Heritage Park Apartments)1 | 5.850 | 05/01/2030 | 11/01/2009 | B | 201,864 | ||||||||||||||
90,000 | Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1 | 5.500 | 09/01/2028 | 09/14/2027 | A | 66,996 | ||||||||||||||
65,000 | Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1 | 5.625 | 09/01/2034 | 04/30/2032 | A | 46,248 | ||||||||||||||
50,000 | Eastern CA Municipal Water District Community Facilities Special Tax (Promontory Park)1 | 5.500 | 09/01/2024 | 03/24/2023 | A | 40,224 | ||||||||||||||
15,000 | Eastern CA Municipal Water District Improvement Bond Act 19151 | 5.750 | 09/02/2020 | 09/02/2020 | 13,237 | |||||||||||||||
10,000 | El Paso De Robles, CA Redevel. Agency Tax Allocation1 | 5.625 | 07/01/2021 | 08/06/2019 | A | 10,000 | ||||||||||||||
25,000 | Emeryville, CA Public Financing Authority1 | 6.100 | 09/01/2012 | 09/01/2009 | B | 25,046 | ||||||||||||||
145,000 | Emeryville, CA Public Financing Authority1 | 6.200 | 09/01/2025 | 08/27/2021 | A | 144,999 | ||||||||||||||
20,000 | Encinitas, CA Improvement Bond Act 19151 | 6.900 | 09/02/2017 | 12/20/2013 | A | 18,882 | ||||||||||||||
25,000 | Fairfield, CA Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.)1 | 7.200 | 09/02/2009 | 09/02/2009 | 25,049 | |||||||||||||||
5,000 | Fairfield, CA Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.)1 | 7.375 | 09/02/2018 | 07/17/2015 | C | 5,128 |
F12 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 15,000 | Florin, CA Resource Conservation District COP6 | 6.000 | % | 02/01/2029 | 04/03/2027 | A | $ | 12,044 | |||||||||||
10,000 | Folsom, CA Improvement Bond Act 19151 | 6.500 | 09/02/2013 | 09/02/2009 | B | 10,001 | ||||||||||||||
25,000 | Folsom, CA Public Financing Authority1 | 5.400 | 09/02/2020 | 08/14/2017 | A | 20,872 | ||||||||||||||
25,000 | Folsom, CA Public Financing Authority1 | 5.625 | 09/02/2020 | 06/15/2017 | A | 21,853 | ||||||||||||||
30,000 | Folsom, CA Special Tax Community Facilities District No. 71 | 6.000 | 09/01/2024 | 08/22/2020 | A | 25,060 | ||||||||||||||
265,000 | Fontana, CA Special Tax (Citrus)1 | 5.000 | 09/01/2020 | 09/01/2020 | 203,925 | |||||||||||||||
10,000 | Fontana, CA Special Tax Community Facilities District No. 41 | 7.125 | 10/01/2015 | 10/01/2009 | B | 10,007 | ||||||||||||||
25,000 | Fowler, CA Public Financing Authority1 | 6.750 | 09/15/2023 | 12/07/2020 | A | 22,685 | ||||||||||||||
30,000 | Fremont, CA Unified School District1 | 5.250 | 09/01/2016 | 09/01/2009 | B | 30,092 | ||||||||||||||
25,000 | Fresno, CA Unified School District COP1 | 4.625 | 05/01/2011 | 11/01/2009 | B | 25,217 | ||||||||||||||
25,000 | Fresno, CA Water System, Series A1 | 5.000 | 06/01/2024 | 06/01/2010 | B | 25,031 | ||||||||||||||
25,000 | Fullerton, CA Community Facilities District No. 1 Special Tax (Amerige Heights)1 | 6.200 | 09/01/2032 | 11/15/2028 | A | 20,804 | ||||||||||||||
80,000 | Fullerton, CA School District Special Tax1 | 6.300 | 09/01/2023 | 09/16/2022 | A | 72,343 | ||||||||||||||
10,000 | Galt, CA Improvement Bond Act 19151 | 5.900 | 09/02/2022 | 09/02/2022 | 8,669 | |||||||||||||||
25,000 | Galt, CA Improvement Bond Act 19151 | 8.450 | 09/02/2011 | 09/02/2009 | C | 24,527 | ||||||||||||||
165,000 | Garden Grove, CA COP (Bahia Village/Emerald Isle)1 | 5.700 | 08/01/2023 | 08/01/2009 | B | 165,619 | ||||||||||||||
40,000 | Garden Grove, CA Hsg. Authority (Rose Garden)1 | 6.375 | 07/01/2012 | 05/31/2011 | A | 38,435 | ||||||||||||||
20,000 | Granada, CA Sanitation District Improvement Bond Act 19151 | 6.125 | 09/02/2022 | 09/16/2021 | A | 17,784 | ||||||||||||||
15,000 | Greenfield, CA Redevel. Agency1 | 6.000 | 02/01/2029 | 02/01/2029 | 12,170 | |||||||||||||||
10,000 | Hawthorne, CA Community Redevel. Agency Special Tax1 | 6.450 | 10/01/2017 | 10/01/2017 | 9,527 | |||||||||||||||
10,000 | Hawthorne, CA Community Redevel. Agency Special Tax1 | 6.600 | 10/01/2019 | 10/01/2019 | 9,383 | |||||||||||||||
880,000 | Hawthorne, CA Community Redevel. Agency Special Tax1 | 6.750 | 10/01/2025 | 11/15/2018 | A | 824,560 | ||||||||||||||
215,000 | Hawthorne, CA Parking Authority1 | 8.000 | 09/01/2015 | 09/01/2009 | B | 215,189 | ||||||||||||||
155,000 | Hawthorne, CA Parking Authority1 | 8.125 | 09/01/2019 | 09/01/2009 | B | 155,033 | ||||||||||||||
45,000 | Hayward, CA Improvement Bond Act 19151 | 7.100 | 09/02/2018 | 09/02/2009 | B | 44,997 | ||||||||||||||
50,000 | Hayward, CA Public Finance Authority (Hayward Water System)1 | 5.000 | 06/01/2011 | 12/01/2009 | B | 50,095 | ||||||||||||||
50,000 | Hayward, CA Public Finance Authority (Hayward Water System)1 | 5.100 | 06/01/2013 | 12/01/2009 | B | 50,116 | ||||||||||||||
40,000 | Healdsburg, CA Community Redevel. Agency (Sotoyome Community Devel.)1 | 5.250 | 12/01/2025 | 08/09/2023 | A | 36,783 | ||||||||||||||
2,000,000 | Hesperia, CA Public Financing Authority, Tranche A1 | 6.250 | 09/01/2035 | 09/01/2035 | 1,571,200 |
F13 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 10,000 | Hollister, CA Improvement Bond Act 19151 | 7.125 | % | 09/02/2022 | 11/13/2016 | A | $ | 9,678 | |||||||||||
15,000 | Huntington Beach, CA Community Facilities District1 | 5.400 | 10/01/2020 | 07/06/2017 | A | 14,643 | ||||||||||||||
20,000 | Huntington Beach, CA Community Facilities District Special Tax1 | 6.250 | 09/01/2027 | 04/14/2026 | A | 16,741 | ||||||||||||||
25,000 | Huntington Beach, CA Public Financing Authority1 | 5.500 | 12/15/2022 | 12/15/2009 | B | 25,006 | ||||||||||||||
10,000 | Huntington Beach, CA Public Financing Authority1 | 5.500 | 12/15/2027 | 12/15/2009 | B | 10,006 | ||||||||||||||
35,000 | Imperial County, CA Special Tax1 | 6.500 | 09/01/2031 | 03/04/2026 | A | 28,263 | ||||||||||||||
50,000 | Indio, CA Community Facilities District Special Tax (Talavera)1 | 5.000 | 09/01/2017 | 09/01/2017 | 42,889 | |||||||||||||||
95,000 | Indio, CA Hsg. (Olive Court Apartments)1 | 6.375 | 12/01/2026 | 02/04/2020 | A | 94,991 | ||||||||||||||
20,000 | Indio, CA Improvement Bond Act 19151 | 6.350 | 09/02/2027 | 11/28/2024 | A | 16,930 | ||||||||||||||
20,000 | Indio, CA Improvement Bond Act 19151 | 6.375 | 09/02/2027 | 06/27/2024 | A | 16,978 | ||||||||||||||
750,000 | Inland Valley, CA Devel. Agency Tax Allocation1 | 5.500 | 04/01/2014 | 04/01/2014 | 769,770 | |||||||||||||||
15,900,000 | Inland, CA Empire Tobacco Securitization Authority (TASC)1 | 4.625 | 06/01/2021 | 04/01/2014 | A | 13,927,605 | ||||||||||||||
150,000 | Irvine, CA Improvement Bond Act 19151 | 5.550 | 09/02/2026 | 06/15/2023 | A | 138,750 | ||||||||||||||
20,000 | Irvine, CA Improvement Bond Act 19151 | 5.600 | 09/02/2022 | 11/21/2019 | A | 19,042 | ||||||||||||||
30,000 | Irvine, CA Improvement Bond Act 19151 | 5.625 | 09/02/2024 | 04/30/2022 | A | 28,295 | ||||||||||||||
25,000 | Irvine, CA Mobile Home Park (Meadows Mobile Home Park)1 | 6.050 | 03/01/2028 | 02/23/2024 | A | 19,845 | ||||||||||||||
100,000 | Irvine, CA Unified School District Special Tax Community Facilities District No. 86-11 | 5.500 | 11/01/2013 | 11/01/2009 | B | 100,344 | ||||||||||||||
30,000 | Jefferson, CA Union High School District1 | 5.000 | 08/01/2024 | 08/01/2009 | B | 30,495 | ||||||||||||||
25,000 | Jefferson, CA Union High School District1 | 5.125 | 08/01/2029 | 08/01/2009 | B | 25,427 | ||||||||||||||
50,000 | Jurupa, CA Community Services District COP1 | 5.125 | 09/01/2013 | 10/07/2011 | A | 49,747 | ||||||||||||||
80,000 | Jurupa, CA Community Services District Special Tax Community Facilities District No. 31 | 5.875 | 09/01/2033 | 03/26/2029 | A | 64,143 | ||||||||||||||
20,000 | Jurupa, CA Community Services District Special Tax Community Facilities District No. 51 | 6.125 | 09/01/2032 | 08/26/2028 | A | 16,669 | ||||||||||||||
70,000 | Kern County, CA (Fire Dept.) COP1 | 5.250 | 05/01/2013 | 11/01/2009 | B | 70,199 | ||||||||||||||
50,000 | Kern County, CA (Fire Dept.) COP1 | 5.250 | 05/01/2015 | 11/01/2009 | B | 50,142 | ||||||||||||||
25,000 | King, CA Community Devel. Agency Tax Allocation (King City Redevel.)1 | 7.000 | 09/01/2021 | 05/16/2019 | A | 24,295 | ||||||||||||||
5,000 | Kingsburg, CA Public Financing Authority1 | 7.800 | 09/15/2010 | 09/15/2009 | B | 5,009 | ||||||||||||||
15,000 | Kingsburg, CA Public Financing Authority1 | 8.000 | 09/15/2021 | 09/15/2009 | B | 15,004 | ||||||||||||||
30,000 | La Habra, CA Redevel. Agency Community Facilities District1 | 6.000 | 09/01/2014 | 03/27/2013 | A | 29,465 | ||||||||||||||
10,000 | La Habra, CA Redevel. Agency Community Facilities District1 | 6.000 | 09/01/2019 | 10/13/2017 | A | 9,186 |
F14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 55,000 | La Mesa, CA Improvement Bond Act 19151 | 5.750 | % | 09/02/2023 | 08/18/2019 | A | $ | 45,276 | |||||||||||
1,800,000 | Lake Elsinore, CA Improvement Bond Act 19151 | 7.000 | 09/02/2030 | 10/18/2022 | A | 1,607,004 | ||||||||||||||
50,000 | Lake Elsinore, CA School Financing Authority1 | 6.000 | 09/01/2011 | 09/01/2009 | B | 50,073 | ||||||||||||||
500,000 | Lake Elsinore, CA Special Tax1 | 5.100 | 09/01/2022 | 04/17/2021 | A | 384,170 | ||||||||||||||
1,135,000 | Lake Elsinore, CA Unified School District1 | 5.300 | 09/01/2026 | 11/01/2024 | A | 829,322 | ||||||||||||||
125,000 | Lammersville, CA School District Community Facilities District (Mountain House)1 | 5.500 | 09/01/2013 | 06/21/2022 | A | 122,120 | ||||||||||||||
50,000 | Lammersville, CA School District Community Facilities District (Mountain House)1 | 6.300 | 09/01/2024 | 06/21/2022 | A | 44,445 | ||||||||||||||
55,000 | Lancaster, CA Community Facilities District Special Tax1 | 6.000 | 10/01/2016 | 07/22/2013 | A | 52,515 | ||||||||||||||
20,000 | Lancaster, CA Redevel. Agency (Desert Sands Mobile Home Park)1 | 6.375 | 11/01/2027 | 09/02/2020 | A | 17,618 | ||||||||||||||
115,000 | Lathrop, CA Financing Authority (Water Supply)1 | 5.700 | 06/01/2019 | 06/01/2019 | 101,432 | |||||||||||||||
15,000 | Lathrop, CA Financing Authority (Water Supply)1 | 5.750 | 06/01/2020 | 06/01/2020 | 13,059 | |||||||||||||||
50,000 | Lathrop, CA Financing Authority (Water Supply)1 | 5.900 | 06/01/2023 | 06/01/2023 | 42,022 | |||||||||||||||
1,440,000 | Lathrop, CA Financing Authority (Water Supply)1 | 5.900 | 06/01/2027 | 12/26/2025 | A | 1,163,880 | ||||||||||||||
1,075,000 | Lathrop, CA Financing Authority (Water Supply)1 | 6.000 | 06/01/2035 | 03/21/2032 | A | 816,613 | ||||||||||||||
10,000 | Lathrop, CA Improvement Bond Act 19151 | 6.000 | 09/02/2021 | 09/02/2021 | 8,709 | |||||||||||||||
15,000 | Lathrop, CA Improvement Bond Act 1915 (Louise Avenue)1 | 6.875 | 09/02/2017 | 01/30/2014 | A | 14,753 | ||||||||||||||
10,000 | Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1 | 6.000 | 09/02/2023 | 09/02/2023 | 8,473 | |||||||||||||||
60,000 | Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1 | 6.125 | 09/02/2028 | 10/15/2026 | A | 49,256 | ||||||||||||||
65,000 | Lincoln, CA Public Financing Authority (Twelve Bridges)1 | 6.125 | 09/02/2027 | 01/23/2024 | A | 55,511 | ||||||||||||||
25,000 | Livermore, CA Capital Projects Financing Authority1 | 5.650 | 09/02/2016 | 06/07/2014 | A | 23,426 | ||||||||||||||
10,000 | Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1 | 5.750 | 09/01/2012 | 09/01/2012 | 9,868 | |||||||||||||||
45,000 | Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1 | 6.400 | 09/01/2026 | 09/16/2025 | A | 38,782 | ||||||||||||||
15,000 | Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1 | 6.400 | 09/01/2030 | 03/30/2029 | A | 12,487 | ||||||||||||||
50,000 | Long Beach, CA Airport COP1 | 5.000 | 06/01/2016 | 12/01/2009 | B | 50,029 |
F15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 100,000 | Long Beach, CA Bond Finance Authority Natural Gas1 | 5.000 | % | 11/15/2011 | 11/15/2011 | $ | 99,751 | ||||||||||||
1,600,000 | Long Beach, CA Bond Finance Authority Natural Gas1 | 5.000 | 11/15/2012 | 11/15/2012 | 1,585,184 | |||||||||||||||
25,000 | Long Beach, CA Special Tax (Pike)1 | 6.250 | 10/01/2026 | 02/25/2023 | A | 21,823 | ||||||||||||||
35,000 | Long Beach, CA Special Tax (Pine Avenue)1 | 6.375 | 09/01/2023 | 11/02/2017 | A | 31,315 | ||||||||||||||
25,000 | Long Beach, CA Unified School District1 | 5.250 | 08/01/2029 | 08/01/2009 | B | 25,028 | ||||||||||||||
1,000,000 | Los Angeles County, CA Community Facilities District No. 4 Special Tax1 | 5.500 | 09/01/2014 | 09/01/2009 | B | 1,003,250 | ||||||||||||||
5,000 | Los Angeles County, CA Community Facilities District No. 4 Special Tax1 | 7.750 | 09/01/2017 | 09/01/2009 | B | 5,003 | ||||||||||||||
80,000 | Los Angeles County, CA COP (Insured Health Clinic)1 | 5.800 | 12/01/2023 | 12/07/2017 | A | 79,700 | ||||||||||||||
10,000 | Los Angeles County, CA Metropolitan Transportation Authority1 | 5.000 | 07/01/2015 | 01/01/2010 | B | 10,120 | ||||||||||||||
5,000 | Los Angeles County, CA Metropolitan Transportation Authority1 | 5.000 | 07/01/2023 | 01/01/2010 | B | 5,002 | ||||||||||||||
25,000 | Los Angeles County, CA Metropolitan Transportation Authority1 | 5.000 | 07/01/2023 | 07/01/2010 | B | 25,169 | ||||||||||||||
100,000 | Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)1 | 6.400 | 09/01/2022 | 09/03/2018 | A | 90,806 | ||||||||||||||
25,000 | Los Angeles, CA Community Redevel. Agency (Cinerama Dome Public Parking)1 | 5.700 | 07/01/2020 | 07/01/2020 | 19,345 | |||||||||||||||
40,000 | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | 5.100 | 12/01/2015 | 11/01/2009 | B | 40,011 | ||||||||||||||
50,000 | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | 5.200 | 12/01/2017 | 12/01/2017 | 49,996 | |||||||||||||||
50,000 | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | 5.200 | 12/01/2018 | 12/01/2018 | 49,181 | |||||||||||||||
120,000 | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | 5.200 | 12/01/2019 | 12/01/2019 | 117,848 | |||||||||||||||
35,000 | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | 5.250 | 12/01/2020 | 12/01/2020 | 34,475 | |||||||||||||||
55,000 | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | 5.250 | 12/01/2021 | 12/01/2021 | 53,882 | |||||||||||||||
25,000 | Los Angeles, CA Community Redevel. Agency (Hoover Redevel.)1 | 5.500 | 09/01/2014 | 09/01/2009 | B | 25,022 | ||||||||||||||
15,000 | Los Angeles, CA Dept. of Water & Power1 | 4.750 | 08/15/2017 | 08/15/2009 | B | 15,040 | ||||||||||||||
10,000 | Los Angeles, CA Dept. of Water & Power1 | 4.750 | 10/15/2020 | 10/15/2009 | B | 10,025 | ||||||||||||||
70,000 | Los Angeles, CA Mtg. (Section 8)1 | 5.350 | 07/01/2022 | 10/01/2010 | B | 70,029 | ||||||||||||||
20,000 | Los Angeles, CA Mtg. (Section 8)1 | 6.500 | 07/01/2022 | 09/01/2009 | B | 20,026 | ||||||||||||||
30,000 | Los Angeles, CA Multifamily Hsg. (Arminta North & South)1 | 7.700 | 06/20/2028 | 12/20/2009 | B | 30,056 | ||||||||||||||
45,000 | Los Angeles, CA Multifamily Hsg. (Earthquake Rehabilitation)1 | 5.900 | 01/01/2030 | 10/01/2010 | B | 45,014 |
F16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 10,000 | Los Angeles, CA Multifamily Hsg. (Palms Apartments)1 | 5.300 | % | 07/01/2018 | 07/01/2010 | B | $ | 10,317 | |||||||||||
100,000 | Los Angeles, CA Regional Airports Improvement Corp. (Laxfuel Corp.)1 | 5.250 | 01/01/2023 | 07/07/2022 | A | 96,359 | ||||||||||||||
15,000 | Los Angeles, CA Regional Airports Improvement Corp. (Los Angeles West Terminal Fuel Corp.)1 | 10.250 | 01/01/2013 | 08/13/2011 | A | 15,369 | ||||||||||||||
75,000 | Los Banos, CA Sewer System COP1 | 5.000 | 12/01/2019 | 12/01/2009 | B | 75,065 | ||||||||||||||
15,000 | Los Banos, CA Unified School District COP1 | 5.625 | 08/01/2016 | 08/01/2009 | B | 15,011 | ||||||||||||||
25,000 | Madera County, CA COP (Valley Children’s Hospital)1 | 5.000 | 03/15/2023 | 04/19/2021 | A | 22,432 | ||||||||||||||
360,000 | Madera County, CA COP (Valley Children’s Hospital)1 | 5.750 | 03/15/2028 | 04/25/2026 | A | 334,721 | ||||||||||||||
50,000 | Mammoth Lakes, CA Community Facilities District (North Village Area)1 | 5.750 | 10/01/2033 | 09/17/2029 | A | 37,218 | ||||||||||||||
20,000 | Manhattan Beach, CA Water & Wastewater Authority COP1 | 5.750 | 09/01/2020 | 09/01/2009 | B | 20,009 | ||||||||||||||
10,000 | Martinez, CA Mtg. (Ridgecrest Apartments)1 | 5.625 | 07/01/2025 | 01/01/2010 | B | 10,005 | ||||||||||||||
1,045,000 | Mendocino Coast, CA Healthcare District1 | 5.875 | 02/01/2020 | 02/01/2010 | B | 1,045,178 | ||||||||||||||
25,000 | Menifee, CA Union School District Special Tax1 | 6.050 | 09/01/2026 | 10/14/2024 | A | 20,938 | ||||||||||||||
125,000 | Mill Valley, CA COP (The Redwoods)1 | 5.750 | 12/01/2020 | 12/01/2009 | B | 125,418 | ||||||||||||||
10,000 | Milpitas, CA Improvement Bond Act 19151 | 5.700 | 09/02/2018 | 10/11/2016 | A | 8,938 | ||||||||||||||
20,000 | Monrovia, CA Redevel. Agency Public Parking Facilities1 | 5.200 | 04/01/2013 | 10/01/2009 | B | 20,019 | ||||||||||||||
10,000 | Montclair, CA Redevel. Agency Mobile Home Park (Augusta Homes Villa Del Arroyo)1 | 6.100 | 11/15/2037 | 09/06/2034 | A | 7,896 | ||||||||||||||
25,000 | Montclair, CA Redevel. Agency Mobile Home Park (Hacienda Mobile Home Park)1 | 6.000 | 11/15/2029 | 02/08/2027 | A | 20,547 | ||||||||||||||
20,000 | Montclair, CA Redevel. Agency Mobile Home Park (Villa Mobile Home Park)1 | 6.100 | 06/15/2029 | 07/16/2023 | A | 16,671 | ||||||||||||||
10,000 | Montebello, CA Community Redevel. Agency (South Montebello)1 | 5.500 | 09/01/2022 | 03/27/2021 | A | 8,288 | ||||||||||||||
5,000 | Monterey County, CA Hsg. Authority (Parkside Manor Apartments)1 | 6.000 | 01/01/2029 | 10/01/2010 | C | 4,126 | ||||||||||||||
10,000 | Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1 | 5.500 | 03/01/2010 | 09/01/2009 | B | 10,063 | ||||||||||||||
30,000 | Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1 | 5.500 | 03/01/2011 | 09/01/2009 | B | 30,254 | ||||||||||||||
65,000 | Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1 | 5.600 | 03/01/2012 | 09/01/2009 | B | 65,697 | ||||||||||||||
50,000 | Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1 | 5.600 | 03/01/2013 | 09/01/2009 | B | 50,642 |
F17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 65,000 | Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1 | 5.700 | % | 03/01/2015 | 09/01/2009 | B | $ | 66,121 | |||||||||||
20,000 | Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1 | 5.700 | 03/01/2016 | 09/01/2009 | B | 20,390 | ||||||||||||||
10,000 | Moorpark, CA Mobile Home Park (VillaDel Arroyo)1 | 7.000 | 05/15/2020 | 05/25/2016 | A | 9,680 | ||||||||||||||
140,000 | Moorpark, CA Special Tax Community Facilities District No. 97-11 | 6.700 | 09/01/2027 | 09/12/2023 | A | 116,976 | ||||||||||||||
15,000 | Morgan Hill, CA Improvement Bond Act 19151 | 5.600 | 09/02/2011 | 09/02/2011 | 14,926 | |||||||||||||||
350,000 | Mountain View, CA Shoreline Regional Park Community1 | 5.500 | 08/01/2013 | 08/01/2009 | B | 350,399 | ||||||||||||||
205,000 | Mountain View, CA Shoreline Regional Park Community1 | 5.500 | 08/01/2021 | 05/12/2018 | A | 200,566 | ||||||||||||||
10,000 | Murrieta County, CA Water District1 | 6.500 | 10/01/2015 | 10/01/2015 | 9,991 | |||||||||||||||
30,000 | Murrieta County, CA Water District Special Tax Community Facilities District No. 88-11 | 6.700 | 12/01/2030 | 12/12/2021 | A | 25,994 | ||||||||||||||
10,000 | Murrieta, CA Community Facilities District Special Tax (Blackmore Ranch)1 | 6.100 | 09/01/2034 | 09/23/2027 | A | 7,792 | ||||||||||||||
20,000 | Murrieta, CA Community Facilities District Special Tax (Bluestone)1 | 6.300 | 09/01/2031 | 05/06/2029 | A | 16,350 | ||||||||||||||
700,000 | Murrieta, CA Community Facilities District Special Tax (Bremerton)1 | 5.625 | 09/01/2034 | 01/13/2031 | A | 508,256 | ||||||||||||||
105,000 | Murrieta, CA Community Facilities District Special Tax (Murrieta Springs)1 | 5.500 | 09/01/2034 | 10/09/2032 | A | 74,556 | ||||||||||||||
55,000 | Murrieta, CA Improvement Bond Act 19151 | 6.375 | 09/01/2031 | 01/08/2025 | A | 45,383 | ||||||||||||||
50,000 | Murrieta, CA Water Public Financing Authority1 | 5.700 | 10/01/2021 | 10/01/2009 | B | 50,302 | ||||||||||||||
10,000 | Needles, CA Public Utility Authority1 | 6.350 | 02/01/2012 | 08/01/2009 | B | 10,002 | ||||||||||||||
190,000 | Needles, CA Public Utility Authority1 | 6.650 | 02/01/2032 | 02/11/2028 | A | 162,118 | ||||||||||||||
40,000 | New Haven, CA Unified School District | 5.250 | 2 | 08/01/2018 | 08/01/2018 | 24,906 | ||||||||||||||
15,000 | Northern CA Power Agency (Hydroelectric)1 | 5.000 | 07/01/2018 | 01/01/2010 | B | 15,108 | ||||||||||||||
2,465,000 | Northern CA Tobacco Securitization Authority (TASC)1 | 4.750 | 06/01/2023 | 07/18/2011 | C | 1,945,674 | ||||||||||||||
35,000 | Novato, CA GO1 | 5.000 | 08/01/2012 | 08/01/2009 | B | 35,104 | ||||||||||||||
30,000 | Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1 | 5.900 | 06/01/2014 | 06/01/2014 | 29,363 | |||||||||||||||
10,000 | Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1 | 6.000 | 06/01/2019 | 06/01/2019 | 9,200 | |||||||||||||||
50,000 | Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1 | 6.100 | 06/01/2027 | 03/29/2024 | A | 41,194 | ||||||||||||||
25,000 | Ontario, CA Improvement Bond Act 19151 | 6.800 | 09/02/2013 | 09/02/2009 | B | 25,005 |
F18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 15,000 | Orange County, CA Improvement Bond Act 19151 | 5.500 | % | 09/02/2016 | 09/15/2015 | A | $ | 14,995 | |||||||||||
10,000 | Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)1 | 5.375 | 09/02/2012 | 09/02/2009 | B | 10,005 | ||||||||||||||
20,000 | Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)1 | 5.850 | 09/02/2013 | 03/02/2011 | B | 20,278 | ||||||||||||||
55,000 | Oroville, CA Hospital1 | 5.400 | 12/01/2022 | 01/08/2021 | A | 53,131 | ||||||||||||||
1,415,000 | Oxnard, CA Harbor District1 | 5.550 | 08/01/2013 | 08/01/2009 | B | 1,415,368 | ||||||||||||||
25,000 | Oxnard, CA Improvement Bond Act 19151 | 5.625 | 09/02/2027 | 10/10/2025 | A | 19,294 | ||||||||||||||
40,000 | Oxnard, CA School District COP1 | 5.550 | 08/01/2021 | 08/01/2009 | B | 40,000 | ||||||||||||||
20,000 | Oxnard, CA School District, Series A1 | 5.250 | 08/01/2027 | 08/01/2009 | B | 20,356 | ||||||||||||||
10,000 | Oxnard, CA Special Tax Community Facilities District No. 11 | 6.000 | 09/01/2027 | 04/13/2026 | A | 8,100 | ||||||||||||||
250,000 | Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1 | 6.000 | 07/01/2018 | 08/09/2016 | A | 215,310 | ||||||||||||||
125,000 | Palmdale, CA Community Facilities District Special Tax1 | 5.400 | 09/01/2035 | 10/09/2033 | A | 81,325 | ||||||||||||||
500,000 | Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-11 | 5.700 | 08/01/2018 | 08/01/2011 | B | 505,345 | ||||||||||||||
100,000 | Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1 | 5.100 | 09/02/2024 | 09/02/2024 | 89,949 | |||||||||||||||
100,000 | Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1 | 5.125 | 09/02/2025 | 09/02/2025 | 89,430 | |||||||||||||||
45,000 | Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1 | 5.700 | 09/02/2018 | 09/02/2018 | 44,714 | |||||||||||||||
25,000 | Pasadena, CA Public Financing Authority (Orange Grove & Villa Parke)1 | 5.450 | 06/01/2012 | 06/01/2012 | 24,668 | |||||||||||||||
275,000 | Perris, CA Community Facilities District Special Tax1 | 6.375 | 09/01/2032 | 01/28/2029 | A | 222,984 | ||||||||||||||
60,000 | Perris, CA Public Financing Authority1 | 5.750 | 09/01/2024 | 10/14/2021 | A | 48,809 | ||||||||||||||
165,000 | Perris, CA Public Financing Authority1 | 7.875 | 09/01/2025 | 06/09/2019 | A | 163,870 | ||||||||||||||
20,000 | Perris, CA Public Financing Authority, Series A1 | 6.125 | 09/01/2034 | 09/30/2030 | A | 15,482 | ||||||||||||||
10,000 | Petaluma, CA Improvement Bond Act 19151 | 6.000 | 09/02/2020 | 12/19/2018 | A | 9,047 | ||||||||||||||
500,000 | Pittsburg, CA Redevel. Agency (Los Medanos Community Devel.)1 | 5.850 | 08/01/2018 | 08/01/2011 | B | 504,930 | ||||||||||||||
60,000 | Pittsburg, CA Improvement Bond Act 19151 | 6.300 | 09/02/2025 | 10/18/2023 | A | 52,748 | ||||||||||||||
10,000 | Pittsburg, CA Improvement Bond Act 19151 | 6.350 | 09/02/2031 | 05/10/2029 | A | 8,182 | ||||||||||||||
20,000 | Pittsburg, CA Improvement Bond Act 1915 (San Marco Phase I)1 | 6.350 | 09/02/2031 | 01/27/2028 | A | 16,364 | ||||||||||||||
50,000 | Pittsburg, CA Infrastructure Financing Authority1 | 5.850 | 09/02/2015 | 09/02/2015 | 48,348 |
F19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 130,000 | Pittsburg, CA Infrastructure Financing Authority, Series B1 | 6.000 | % | 09/02/2024 | 02/03/2020 | A | $ | 111,556 | |||||||||||
4,350,000 | Placentia, CA Redevel. Agency Tax Allocation1 | 7.750 | 02/01/2014 | 08/01/2011 | B | 4,372,446 | ||||||||||||||
10,000 | Placer County, CA Community Facilities District1 | 6.500 | 09/01/2026 | 10/16/2024 | A | 8,678 | ||||||||||||||
5,000 | Placer County, CA Community Facilities District Special Tax No. 2001-1 (Dry Creek)1 | 5.700 | 09/01/2013 | 09/01/2010 | B | 4,945 | ||||||||||||||
5,000 | Placer County, CA Community Facilities District Special Tax No. 2001-1 (Dry Creek)1 | 6.300 | 09/01/2019 | 09/01/2019 | 4,700 | |||||||||||||||
10,000 | Pleasant Hill, CA Special Tax Downtown Community Facilities District No. 11 | 5.875 | 09/01/2025 | 03/29/2024 | A | 8,169 | ||||||||||||||
50,000 | Pomona, CA Unified School District1 | 5.100 | 08/01/2028 | 08/01/2009 | B | 50,847 | ||||||||||||||
100,000 | Port of Oakland, CA1 | 5.700 | 11/01/2019 | 11/01/2019 | 99,898 | |||||||||||||||
515,000 | Port of Oakland, CA1 | 5.750 | 11/01/2021 | 11/01/2021 | 505,287 | |||||||||||||||
2,975,000 | Port of Oakland, CA1 | 5.875 | 11/01/2017 | 05/01/2010 | B | 2,992,910 | ||||||||||||||
100,000 | Port Redwood City, CA GO1 | 5.400 | 06/01/2019 | 01/24/2017 | A | 98,273 | ||||||||||||||
775,000 | Poway, CA Community Facilities District (Parkway Business Center)1 | 6.750 | 08/15/2015 | 11/15/2009 | B | 783,455 | ||||||||||||||
20,000 | Poway, CA Public Financing Authority (Water Services)1 | 5.500 | 11/01/2015 | 11/01/2009 | B | 20,010 | ||||||||||||||
30,000 | Poway, CA Unified School District Special Tax Community Facilities District No. 101 | 5.750 | 09/01/2032 | 03/01/2028 | A | 22,749 | ||||||||||||||
25,000 | Poway, CA Unified School District Special Tax Community Facilities District No. 101 | 5.950 | 09/01/2018 | 09/01/2018 | 23,391 | |||||||||||||||
35,000 | Poway, CA Unified School District Special Tax Community Facilities District No. 101 | 6.100 | 09/01/2031 | 03/24/2029 | A | 28,048 | ||||||||||||||
10,000 | Rancho Cucamonga, CA Public Finance Authority1 | 6.000 | 09/02/2020 | 05/02/2018 | A | 8,873 | ||||||||||||||
20,000 | Rancho Mirage, CA Improvement Bond Act 19151 | 5.500 | 09/02/2024 | 05/02/2022 | A | 15,729 | ||||||||||||||
30,000 | Rancho Mirage, CA Improvement Bond Act 19151 | 5.750 | 09/02/2022 | 03/28/2021 | A | 25,635 | ||||||||||||||
35,000 | Rancho Santa Fe, CA Community Services District Special Tax1 | 6.600 | 09/01/2020 | 03/11/2020 | A | 33,374 | ||||||||||||||
55,000 | Redding, CA Improvement Bond Act 1915 (Tierra Oaks Assesment District 1993-1)1 | 7.000 | 09/02/2013 | 09/02/2013 | 54,870 | |||||||||||||||
10,000 | Redlands, CA Community Facilities District1 | 5.850 | 09/01/2033 | 05/27/2031 | A | 7,551 | ||||||||||||||
50,000 | Reedley, CA COP (Sierra View Homes)1 | 5.850 | 03/01/2021 | 09/01/2009 | B | 50,126 | ||||||||||||||
50,000 | Rialto, CA Special Tax Community Facilities District No. 2006-11 | 5.000 | 09/01/2016 | 09/01/2016 | 44,141 | |||||||||||||||
25,000 | Rialto, CA Special Tax Community Facilities District No. 2006-11 | 5.050 | 09/01/2017 | 09/01/2017 | 21,644 | |||||||||||||||
65,000 | Rialto, CA Special Tax Community Facilities District No. 2006-11 | 5.125 | 09/01/2018 | 09/01/2018 | 55,360 |
F20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 100,000 | Rialto, CA Special Tax Community Facilities District No. 2006-11 | 5.200 | % | 09/01/2019 | 09/01/2019 | $ | 83,766 | ||||||||||||
100,000 | Rialto, CA Special Tax Community Facilities District No. 2006-11 | 5.250 | 09/01/2020 | 09/01/2020 | 82,305 | |||||||||||||||
50,000 | Rialto, CA Special Tax Community Facilities District No. 2006-11 | 5.250 | 09/01/2021 | 09/01/2021 | 40,185 | |||||||||||||||
80,000 | River Islands, CA Public Financing Authority1 | 6.000 | 09/01/2027 | 06/21/2024 | A | 65,064 | ||||||||||||||
100,000 | River Islands, CA Public Financing Authority1 | 6.150 | 09/01/2035 | 06/23/2032 | A | 73,261 | ||||||||||||||
250,000 | Riverside County, CA Community Facilities District Special Tax1 | 5.000 | 09/01/2012 | 09/01/2012 | 242,398 | |||||||||||||||
15,000 | Riverside County, CA Community Facilities District Special Tax1 | 6.000 | 09/01/2030 | 05/01/2028 | A | 11,782 | ||||||||||||||
150,000 | Riverside County, CA Community Facilities District Special Tax No. 87-11 | 5.100 | 09/01/2013 | 09/01/2013 | 141,923 | |||||||||||||||
215,000 | Riverside County, CA Community Facilities District Special Tax No. 87-11 | 5.150 | 09/01/2014 | 09/01/2014 | 199,561 | |||||||||||||||
385,000 | Riverside County, CA Community Facilities District Special Tax No. 87-11 | 5.200 | 09/01/2015 | 09/01/2015 | 352,098 | |||||||||||||||
225,000 | Riverside County, CA Community Facilities District Special Tax No. 87-11 | 5.250 | 09/01/2016 | 09/01/2016 | 201,719 | |||||||||||||||
1,255,000 | Riverside County, CA Community Facilities District Special Tax No. 87-11 | 5.500 | 09/01/2020 | 03/27/2019 | A | 1,057,764 | ||||||||||||||
370,000 | Riverside County, CA Community Facilities District Special Tax No. 88-81 | 5.150 | 09/01/2010 | 09/01/2010 | 369,023 | |||||||||||||||
200,000 | Riverside County, CA Community Facilities District Special Tax No. 88-81 | 5.300 | 09/01/2011 | 09/01/2011 | 197,420 | |||||||||||||||
210,000 | Riverside County, CA Community Facilities District Special Tax No. 88-81 | 5.350 | 09/01/2012 | 09/01/2012 | 205,743 | |||||||||||||||
430,000 | Riverside County, CA Community Facilities District Special Tax No. 88-81 | 5.400 | 09/01/2013 | 09/01/2013 | 411,751 | |||||||||||||||
450,000 | Riverside County, CA Community Facilities District Special Tax No. 88-81 | 5.450 | 09/01/2014 | 09/01/2014 | 423,693 | |||||||||||||||
475,000 | Riverside County, CA Community Facilities District Special Tax No. 88-81 | 5.500 | 09/01/2015 | 09/01/2015 | 441,826 | |||||||||||||||
80,000 | Riverside County, CA Public Financing Authority (Menifee Village)1 | 7.150 | 09/01/2011 | 09/01/2009 | B | 80,075 | ||||||||||||||
505,000 | Riverside County, CA Public Financing Authority COP1 | 5.750 | 05/15/2019 | 05/04/2015 | A | 452,980 | ||||||||||||||
200,000 | Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)1 | 6.250 | 09/02/2029 | 10/17/2027 | A | 163,658 | ||||||||||||||
10,000 | Riverside, CA Improvement Bond Act 1915 (Sycamore Canyon Assessment District)1 | 8.500 | 09/02/2012 | 09/02/2009 | B | 10,019 | ||||||||||||||
10,000 | Riverside, CA Unified School District1 | 5.000 | 02/01/2027 | 02/01/2013 | B | 10,010 |
F21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 100,000 | Riverside, CA Unified School District1 | 5.350 | % | 09/01/2024 | 03/04/2024 | A | $ | 81,730 | |||||||||||
90,000 | Riverside, CA Unified School District1 | 5.450 | 09/01/2025 | 10/10/2023 | A | 73,729 | ||||||||||||||
100,000 | Riverside, CA Unified School District1 | 5.500 | 09/01/2034 | 10/10/2032 | A | 75,227 | ||||||||||||||
80,000 | Riverside, CA Unified School District1 | 5.700 | 09/01/2034 | 01/01/2031 | A | 62,345 | ||||||||||||||
10,000 | Riverside, CA Unified School District1 | 6.000 | 09/01/2029 | 05/25/2023 | A | 8,487 | ||||||||||||||
25,000 | Romoland, CA School District Special Tax1 | 6.000 | 09/01/2033 | 11/10/2029 | A | 18,788 | ||||||||||||||
50,000 | Romoland, CA School District Special Tax1 | 6.375 | 09/01/2033 | 06/04/2031 | A | 39,497 | ||||||||||||||
50,000 | Romoland, CA School District Special Tax1 | 6.375 | 09/01/2033 | 09/27/2026 | A | 39,497 | ||||||||||||||
525,000 | Roseville, CA Natural Gas Finance Authority1 | 5.000 | 02/15/2011 | 02/15/2011 | 524,008 | |||||||||||||||
45,000 | Roseville, CA Special Tax (North Central Community District)1 | 5.800 | 09/01/2017 | 01/15/2014 | A | 44,216 | ||||||||||||||
10,000 | Roseville, CA Special Tax Community Facilities District No. 1 (Westpark)1 | 4.300 | 09/01/2012 | 09/01/2012 | 9,181 | |||||||||||||||
25,000 | Sacramento County, CA COP1 | 5.375 | 02/01/2019 | 11/06/2015 | A | 24,947 | ||||||||||||||
1,000,000 | Sacramento County, CA Hsg. Authority (Cottage Estates Apartments)1 | 6.000 | 02/01/2033 | 08/01/2012 | B | 1,014,480 | ||||||||||||||
20,000 | Sacramento County, CA Sanitation District Financing Authority1 | 5.600 | 12/01/2017 | 12/01/2009 | B | 20,072 | ||||||||||||||
25,000 | Sacramento, CA City Financing Authority1 | 5.250 | 05/01/2015 | 11/01/2009 | B | 25,287 | ||||||||||||||
375,000 | Sacramento, CA Cogeneration Authority1 | 5.200 | 07/01/2021 | 07/12/2020 | A | 373,174 | ||||||||||||||
10,000 | Sacramento, CA Improvement Bond Act 1915 (Citywide Landscaping & Lighting)1 | 5.500 | 09/02/2016 | 09/02/2009 | B | 10,009 | ||||||||||||||
55,000 | Sacramento, CA Municipal Utility District1 | 5.750 | 11/15/2009 | 11/15/2009 | 55,662 | |||||||||||||||
5,000 | Sacramento, CA Municipal Utility District1 | 8.000 | 11/15/2010 | 11/15/2009 | B | 5,026 | ||||||||||||||
70,000 | Sacramento, CA Special Tax1 | 5.700 | �� | 12/01/2020 | 09/15/2017 | A | 67,400 | |||||||||||||
30,000 | Sacramento, CA Special Tax (North Natomas Community Facilities)1 | 6.300 | 09/01/2026 | 12/31/2023 | A | 26,340 | ||||||||||||||
10,000 | Saddleback Valley, CA Unified School District1 | 5.650 | 09/01/2017 | 09/01/2009 | B | 10,034 | ||||||||||||||
5,000 | Saddleback Valley, CA Unified School District1 | 7.200 | 12/01/2011 | 12/01/2009 | B | 5,021 | ||||||||||||||
95,000 | Salida, CA Public Facilities Financing Agency1 | 5.250 | 09/01/2028 | 09/01/2009 | B | 95,011 | ||||||||||||||
100,000 | Salinas, CA Improvement Bond Act 19151 | 5.450 | 09/02/2013 | 09/02/2013 | 95,957 | |||||||||||||||
50,000 | Salinas, CA Improvement Bond Act 1915 (Bella Vista)1 | 5.500 | 09/02/2013 | 09/02/2013 | 48,672 | |||||||||||||||
30,000 | Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)1 | 5.500 | 11/01/2010 | 11/01/2009 | B | 30,108 | ||||||||||||||
120,000 | Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)1 | 5.500 | 11/01/2023 | 11/01/2009 | B | 120,240 | ||||||||||||||
260,000 | San Bernardino County, CA (Single Family Mtg.) | 5.376 | 2 | 05/01/2031 | 05/01/2031 | 70,073 |
F22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 835,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.000 | % | 08/01/2026 | 02/04/2026 | A | $ | 725,081 | |||||||||||
700,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.000 | 08/01/2028 | 05/18/2027 | A | 646,639 | ||||||||||||||
85,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.250 | 08/01/2016 | 08/01/2009 | B | 85,083 | ||||||||||||||
125,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.500 | 08/01/2019 | 02/04/2019 | A | 124,715 | ||||||||||||||
25,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.500 | 08/01/2019 | 08/01/2010 | B | 25,014 | ||||||||||||||
40,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.500 | 08/01/2022 | 08/01/2009 | B | 40,008 | ||||||||||||||
305,000 | San Bernardino County, CA COP (Medical Center Financing)1 | 5.500 | 08/01/2024 | 02/05/2024 | A | 284,062 | ||||||||||||||
60,000 | San Bernardino County, CA Hsg. Authority (Glen Aire Mobile Home Park)1 | 6.700 | 12/20/2041 | 11/20/2016 | B | 64,138 | ||||||||||||||
110,000 | San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1 | 5.500 | 12/01/2020 | 12/01/2009 | B | 110,033 | ||||||||||||||
25,000 | San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1 | 5.500 | 12/01/2020 | 07/28/2018 | B | 25,010 | ||||||||||||||
75,000 | San Bernardino, CA Joint Powers Financing Authority (City Hall)1 | 5.600 | 01/01/2015 | 01/01/2010 | B | 75,098 | ||||||||||||||
150,000 | San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)1 | 6.625 | 04/01/2026 | 07/06/2023 | A | 137,810 | ||||||||||||||
685,000 | San Bernardino, CA Mountains Community Hospital District COP6 | 5.000 | 02/01/2017 | 03/07/2015 | A | 550,904 | ||||||||||||||
30,000 | San Bernardino, CA Redevel. Agency (Ramona Senior Complex)1 | 7.875 | 07/01/2025 | 12/17/2018 | A | 27,716 | ||||||||||||||
95,000 | San Diego County, CA COP (San Diego Hospital Assoc./Sharp Memorial Hospital Obligated Group)1 | 5.000 | 08/15/2018 | 08/15/2010 | B | 95,580 | ||||||||||||||
50,000 | San Diego, CA COP (Balboa & Mission Bay Parks)1 | 5.500 | 11/01/2009 | 11/01/2009 | 50,081 | |||||||||||||||
320,000 | San Diego, CA COP (Balboa & Mission Bay Parks)1 | 5.600 | 11/01/2010 | 11/01/2009 | B | 320,445 | ||||||||||||||
25,000 | San Diego, CA COP (Balboa & Mission Bay Parks)1 | 5.600 | 11/01/2010 | 11/01/2009 | B | 25,089 | ||||||||||||||
35,000 | San Diego, CA COP (Balboa & Mission Bay Parks)1 | 5.800 | 11/01/2016 | 11/01/2009 | B | 35,068 | ||||||||||||||
105,000 | San Diego, CA COP (Balboa & Mission Bay Parks)1 | 6.000 | 11/01/2019 | 11/01/2009 | B | 105,155 | ||||||||||||||
25,000 | San Diego, CA COP (Balboa & Mission Bay Parks)1 | 6.000 | 11/01/2020 | 11/01/2009 | B | 25,033 |
F23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 155,000 | San Diego, CA Mtg. (Mariners Cove)1 | 5.800 | % | 09/01/2015 | 09/01/2009 | B | $ | 155,298 | |||||||||||
30,000 | San Diego, CA Public Facilities Financing Authority1 | 5.250 | 05/15/2027 | 11/15/2009 | B | 30,005 | ||||||||||||||
115,000 | San Francisco, CA Bay Area Rapid Transit District1 | 5.000 | 07/01/2028 | 07/01/2010 | B | 115,312 | ||||||||||||||
55,000 | San Francisco, CA City & County Airports Commission1 | 5.000 | 05/01/2017 | 05/01/2017 | 54,256 | |||||||||||||||
270,000 | San Francisco, CA City & County Airports Commission1 | 5.000 | 05/01/2019 | 11/04/2018 | A | 261,536 | ||||||||||||||
70,000 | San Francisco, CA City & County Airports Commission1 | 5.000 | 05/01/2021 | 05/01/2021 | 68,074 | |||||||||||||||
275,000 | San Francisco, CA City & County Airports Commission1 | 5.000 | 05/01/2022 | 05/01/2022 | 266,239 | |||||||||||||||
130,000 | San Francisco, CA City & County Airports Commission1 | 5.000 | 05/01/2023 | 11/23/2021 | A | 121,749 | ||||||||||||||
78,000 | San Francisco, CA City & County Airports Commission1 | 5.000 | 05/01/2025 | 05/14/2024 | A | 74,235 | ||||||||||||||
30,000 | San Francisco, CA City & County Airports Commission1 | 5.125 | 05/01/2021 | 05/01/2021 | 28,691 | |||||||||||||||
185,000 | San Francisco, CA City & County Airports Commission1 | 5.250 | 01/01/2026 | 01/01/2026 | 174,871 | |||||||||||||||
25,000 | San Francisco, CA City & County Airports Commission1 | 5.500 | 05/01/2016 | 05/01/2012 | B | 25,303 | ||||||||||||||
10,000 | San Francisco, CA City & County Airports Commission (SFO Fuel Company)1 | 5.000 | 01/01/2014 | 01/01/2010 | B | 10,019 | ||||||||||||||
260,000 | San Francisco, CA City & County Airports Commission (SFO Fuel Company)1 | 5.125 | 01/01/2017 | 01/13/2016 | A | 258,960 | ||||||||||||||
40,000 | San Francisco, CA City & County Airports Commission (SFO Fuel Company)1 | 5.250 | 01/01/2021 | 01/01/2021 | 38,730 | |||||||||||||||
50,000 | San Francisco, CA City & County Airports Commission (SFO Fuel Company)1 | 5.250 | 01/01/2027 | 01/01/2027 | 46,645 | |||||||||||||||
25,000 | San Francisco, CA City & County COP (2789 25th Street Property)1 | 5.000 | 09/01/2013 | 09/01/2009 | B | 25,062 | ||||||||||||||
20,000 | San Francisco, CA City & County COP (77th Street Property)1 | 5.300 | 09/01/2022 | 09/01/2009 | B | 20,038 | ||||||||||||||
90,000 | San Francisco, CA City & County COP (San Bruno Jail)1 | 5.250 | 10/01/2026 | 10/01/2010 | B | 90,408 | ||||||||||||||
50,000 | San Francisco, CA City & County Financing Corp. (Comb Emergency Communications)1 | 5.000 | 04/01/2015 | 10/01/2009 | B | 50,135 | ||||||||||||||
70,000 | San Francisco, CA City & County Financing Corp. (Comb Emergency Communications)1 | 5.300 | 04/01/2011 | 10/01/2009 | B | 70,215 | ||||||||||||||
45,000 | San Francisco, CA City & County Improvement Bond Act 19151 | 6.850 | 09/02/2026 | 01/16/2021 | A | 44,706 | ||||||||||||||
25,000 | San Francisco, CA City & County Parking Authority (Parking Meter)1 | 5.000 | 06/01/2018 | 12/01/2009 | B | 25,056 |
F24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 115,000 | San Francisco, CA City & County Redevel. Agency1 | 6.750 | % | 07/01/2025 | 01/01/2010 | B | $ | 115,208 | |||||||||||
90,000 | San Francisco, CA City & County Redevel. Agency (South Beach)1 | 5.700 | 03/01/2029 | 09/01/2009 | B | 90,043 | ||||||||||||||
25,000 | San Joaquin County, CA Community Facilities District Special Tax (Delta Farms)1 | 6.125 | 09/01/2024 | 06/23/2021 | A | 20,886 | ||||||||||||||
775,000 | San Joaquin Hills, CA Transportation Corridor Agency1 | 5.375 | 01/15/2029 | 01/15/2029 | 540,539 | |||||||||||||||
20,000 | San Jose, CA Improvement Bond Act 19151 | 5.600 | 09/02/2016 | 09/02/2016 | 18,364 | |||||||||||||||
25,000 | San Jose, CA Improvement Bond Act 19151 | 5.700 | 09/02/2018 | 09/02/2018 | 22,346 | |||||||||||||||
95,000 | San Jose, CA Improvement Bond Act 19151 | 5.750 | 09/02/2019 | 09/02/2019 | 83,773 | |||||||||||||||
60,000 | San Jose, CA Improvement Bond Act 19151 | 5.750 | 09/02/2020 | 09/02/2020 | 53,156 | |||||||||||||||
275,000 | San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)1 | 5.350 | 07/15/2034 | 07/15/2017 | B | 278,545 | ||||||||||||||
30,000 | San Jose, CA Multifamily Hsg. (El Parador Apartments)1 | 6.100 | 01/01/2031 | 10/11/2012 | A | 23,427 | ||||||||||||||
275,000 | San Jose, CA Multifamily Hsg. (Sixth & Martha Family Apartments)1 | 5.875 | 03/01/2033 | 03/01/2012 | B | 277,635 | ||||||||||||||
10,000 | San Jose, CA Redevel. Agency1 | 5.500 | 08/01/2016 | 08/01/2009 | B | 10,004 | ||||||||||||||
45,000 | San Jose, CA Redevel. Agency1 | 5.750 | 08/01/2017 | 08/01/2009 | B | 45,134 | ||||||||||||||
20,000 | San Jose, CA Unified School District COP1 | 5.000 | 06/01/2016 | 12/01/2009 | B | 20,051 | ||||||||||||||
35,000 | San Jose, CA Unified School District COP1 | 5.125 | 06/01/2022 | 12/01/2009 | B | 35,058 | ||||||||||||||
200,000 | San Marcos, CA Public Facilities Authority1 | 5.800 | 09/01/2018 | 09/01/2010 | B | 200,134 | ||||||||||||||
35,000 | San Marcos, CA Redevel. Agency Tax Allocation (Affordable Hsg.)1 | 5.650 | 10/01/2028 | 05/09/2021 | A | 34,594 | ||||||||||||||
1,045,000 | San Marcos, CA Special Tax1 | 5.900 | 09/01/2028 | 05/02/2026 | A | 843,733 | ||||||||||||||
20,000 | San Mateo, CA Sewer1 | 5.000 | 08/01/2028 | 08/13/2027 | A | 20,000 | ||||||||||||||
15,000 | San Rafael, CA Joint Powers Financing Authority1 | 6.000 | 09/02/2011 | 09/02/2009 | B | 15,000 | ||||||||||||||
80,000 | Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1 | 5.700 | 08/01/2021 | 02/01/2014 | B | 81,061 | ||||||||||||||
25,000 | Santa Clara, CA Unified School District1 | 5.000 | 08/01/2022 | 08/01/2009 | B | 25,217 | ||||||||||||||
50,000 | Santa Cruz County, CA Hsg. Authority (Northgate Apartments)1 | 5.350 | 07/20/2022 | 07/20/2011 | B | 50,604 | ||||||||||||||
5,000 | Santa Margarita, CA Water District Special Tax Facilities District No. 99-11 | 6.200 | 09/01/2020 | 09/01/2009 | B | 5,124 | ||||||||||||||
20,000 | Santa Margarita, CA Water District Special Tax Facilities District No. 99-11 | 6.200 | 09/01/2020 | 09/01/2011 | B | 20,197 | ||||||||||||||
45,000 | Santa Margarita, CA Water District Special Tax Facilities District No. 99-11 | 6.250 | 09/01/2029 | 03/29/2026 | A | 44,290 | ||||||||||||||
25,000 | Santa Maria, CA COP1 | 5.500 | 08/01/2021 | 05/13/2018 | A | 24,933 | ||||||||||||||
30,000 | Santa Nella County, CA Water District1 | 6.250 | 09/02/2028 | 02/22/2021 | A | 24,993 | ||||||||||||||
175,000 | Santa Rosa, CA Improvement Bond Act 1915 (Fountaingrove Parkway)1 | 5.700 | 09/02/2019 | 05/01/2017 | A | 153,549 |
F25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 20,000 | Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)1 | 6.700 | % | 09/02/2022 | 12/09/2019 | A | $ | 18,577 | |||||||||||
40,000 | Santa Rosa, CA Improvement Bond Act 1915 (Skyhawk)1 | 5.750 | 09/02/2020 | 11/22/2017 | A | 34,640 | ||||||||||||||
50,000 | Santaluz, CA Special Tax Community Facilities District No. 21 | 5.500 | 09/01/2030 | 04/26/2028 | A | 38,043 | ||||||||||||||
935,000 | Santaluz, CA Special Tax Community Facilities District No. 21 | 6.375 | 09/01/2030 | 08/14/2022 | A | 801,136 | ||||||||||||||
115,000 | Scotts Valley, CA Special Tax1 | 5.200 | 09/01/2028 | 04/25/2026 | A | 101,527 | ||||||||||||||
15,000 | Sequoia, CA Hospital District1 | 5.375 | 08/15/2023 | 08/15/2009 | B | 16,047 | ||||||||||||||
110,000 | Shafter, CA Community Devel. Agency Tax Allocation1 | 5.000 | 11/01/2013 | 11/01/2013 | 104,788 | |||||||||||||||
100,000 | Shafter, CA Community Devel. Agency Tax Allocation1 | 5.250 | 11/01/2017 | 11/01/2017 | 89,247 | |||||||||||||||
100,000 | Shafter, CA Community Devel. Agency Tax Allocation1 | 5.300 | 11/01/2018 | 11/01/2018 | 86,154 | |||||||||||||||
100,000 | Shafter, CA Community Devel. Agency Tax Allocation1 | 5.350 | 11/01/2019 | 11/01/2019 | 86,561 | |||||||||||||||
100,000 | Shafter, CA Community Devel. Agency Tax Allocation1 | 5.375 | 11/01/2020 | 11/01/2020 | 85,081 | |||||||||||||||
75,000 | Solana Beach, CA Community Facilities District1 | 5.200 | 09/01/2009 | 09/01/2009 | 75,020 | |||||||||||||||
80,000 | Solana Beach, CA Community Facilities District1 | 5.300 | 09/01/2010 | 09/01/2010 | 79,920 | |||||||||||||||
2,265,000 | South Bayside, CA Waste Management Authority1 | 5.750 | 03/01/2020 | 03/01/2011 | B | 2,297,910 | ||||||||||||||
1,515,000 | Southern CA Public Power Authority1 | 5.000 | 11/01/2012 | 11/01/2012 | 1,581,221 | |||||||||||||||
1,400,000 | Southern CA Public Power Authority1 | 5.000 | 11/01/2013 | 11/01/2013 | 1,465,170 | |||||||||||||||
20,000 | Southern CA Public Power Authority1 | 5.500 | 07/01/2020 | 01/01/2010 | B | 20,022 | ||||||||||||||
2,700,000 | Southern CA Tobacco Securitization Authority1 | 4.750 | 06/01/2025 | 10/14/2012 | C | 2,134,161 | ||||||||||||||
1,935,000 | Southern CA Tobacco Securitization Authority (TASC)1 | 5.000 | 06/01/2037 | 11/25/2020 | A | 1,168,566 | ||||||||||||||
50,000 | Stockton, CA Community Facilities District1 | 5.550 | 08/01/2014 | 02/24/2013 | A | 48,060 | ||||||||||||||
25,000 | Stockton, CA Community Facilities District1 | 6.750 | 08/01/2010 | 08/01/2009 | B | 25,188 | ||||||||||||||
30,000 | Stockton, CA Improvement Bond Act 19151 | 5.800 | 09/02/2020 | 04/19/2017 | A | 26,691 | ||||||||||||||
25,000 | Stockton, CA Improvement Bond Act 1915 (Weber/Sperry)1 | 5.650 | 09/02/2013 | 12/01/2009 | A | 24,998 | ||||||||||||||
50,000 | Susanville, CA COP6 | 5.750 | 05/01/2011 | 05/01/2011 | 49,925 | |||||||||||||||
135,000 | Susanville, CA COP6 | 6.000 | 05/01/2011 | 05/01/2010 | B | 135,147 | ||||||||||||||
5,000 | Susanville, CA Public Financing Authority1 | 7.750 | 09/01/2017 | 09/01/2009 | B | 5,009 | ||||||||||||||
25,000 | Sweetwater, CA Authority1 | 5.250 | 04/01/2010 | 10/05/2009 | C | 25,411 |
F26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 100,000 | Taft, CA Public Financing Authority (Community Correctional Facility)1 | 6.050 | % | 01/01/2017 | 01/01/2010 | B | $ | 100,100 | |||||||||||
15,000 | Tejon Ranch, CA Public Facilities Finance Authority1 | 7.200 | 09/01/2030 | 05/09/2026 | A | 13,081 | ||||||||||||||
735,000 | Tejon Ranch, CA Public Facilities Finance Authority Special Tax (Community Facilities District No. 1)1 | 7.200 | 09/01/2030 | 08/19/2023 | A | 640,979 | ||||||||||||||
30,000 | Temecula Valley, CA Unified School District Community Facilities District No. 02-11 | 6.125 | 09/01/2033 | 10/14/2031 | A | 23,645 | ||||||||||||||
830,000 | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1 | 4.350 | 09/01/2009 | 09/01/2009 | 826,448 | |||||||||||||||
865,000 | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1 | 4.500 | 09/01/2010 | 09/01/2010 | 815,833 | |||||||||||||||
905,000 | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1 | 4.650 | 09/01/2011 | 09/01/2011 | 805,758 | |||||||||||||||
20,000 | Torrance, CA Redevel. Agency (Downtown Redevel.)1 | 5.550 | 09/01/2018 | 04/27/2016 | A | 19,971 | ||||||||||||||
885,000 | Tracy, CA Area Public Facilities Financing Agency1 | 5.875 | 10/01/2013 | 10/01/2009 | B | 887,558 | ||||||||||||||
4,925,000 | Tracy, CA Area Public Facilities Financing Agency1 | 5.875 | 10/01/2019 | 10/01/2009 | B | 4,927,266 | ||||||||||||||
50,000 | Tracy, CA Community Facilities District1 | 5.400 | 09/01/2015 | 09/01/2015 | 46,245 | |||||||||||||||
50,000 | Tracy, CA Community Facilities District1 | 6.100 | 09/01/2015 | 09/01/2015 | 48,144 | |||||||||||||||
10,000 | Tracy, CA Community Facilities District1 | 6.500 | 09/01/2020 | 09/01/2020 | 9,217 | |||||||||||||||
25,000 | Tracy, CA Community Facilities District (205 Parcel Glen)1 | 6.250 | 09/01/2032 | 05/07/2030 | A | 19,950 | ||||||||||||||
100,000 | Tracy, CA Community Facilities District (South Mac Arthur Area)1 | 6.000 | 09/01/2027 | 05/31/2025 | A | 81,330 | ||||||||||||||
30,000 | Tracy, CA Community Facilities District (South Mac Arthur Area)1 | 6.300 | 09/01/2017 | 09/01/2017 | 28,391 | |||||||||||||||
35,000 | Tracy, CA Improvement Bond Act 19151 | 5.700 | 09/02/2023 | 08/16/2019 | A | 28,628 | ||||||||||||||
75,000 | Tracy, CA Operating Partnership Joint Powers Authority1 | 6.100 | 09/02/2021 | 05/15/2019 | A | 67,265 | ||||||||||||||
30,000 | Truckee-Donner, CA Public Utility District Special Tax1 | 5.800 | 09/01/2035 | 05/25/2033 | A | 22,132 | ||||||||||||||
75,000 | Truckee-Donner, CA Public Utility District Special Tax1 | 6.000 | 09/01/2028 | 06/06/2026 | A | 60,659 | ||||||||||||||
20,000 | Truckee-Donner, CA Public Utility District Special Tax1 | 6.100 | 09/01/2033 | 10/31/2031 | A | 15,624 | ||||||||||||||
25,000 | Turlock, CA Irrigation District, Series A1 | 5.000 | 01/01/2026 | 04/25/2022 | A | 24,999 | ||||||||||||||
210,000 | Upland, CA Community Facilities District Special Tax (Colonies at San Antonio)1 | 5.900 | 09/01/2024 | 02/09/2021 | A | 170,558 | ||||||||||||||
185,000 | Upland, CA COP (San Antonio Community Hospital)1 | 5.000 | 01/01/2018 | 01/01/2010 | B | 185,033 |
F27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 20,000 | Vacaville, CA Improvement Bond Act 1915 (East Monte Vista Avenue)1 | 5.850 | % | 09/02/2016 | 07/01/2012 | A | $ | 18,683 | |||||||||||
10,000 | Vacaville, CA Improvement Bond Act 1915 (Green Tree Reassessment District)1 | 6.300 | 09/02/2013 | 09/02/2013 | 10,037 | |||||||||||||||
195,000 | Vacaville, CA Public Financing Authority1 | 5.400 | 09/01/2022 | 11/16/2019 | A | 190,700 | ||||||||||||||
145,000 | Vacaville, CA Redevel. Agency (Vacaville Community Hsg.)1 | 6.000 | 11/01/2024 | 11/01/2011 | B | 146,592 | ||||||||||||||
275,000 | Val Verde, CA Unified School District1 | 6.125 | 09/01/2034 | 06/24/2031 | A | 228,894 | ||||||||||||||
30,000 | Vallejo, CA Public Financing Authority, Series A1 | 7.500 | 09/01/2020 | 03/24/2016 | A | 29,676 | ||||||||||||||
40,000 | Vallejo, CA Quadrant Improvement District No. 0011 | 6.000 | 09/01/2017 | 09/01/2017 | 36,921 | |||||||||||||||
30,000 | Vallejo, CA Quadrant Improvement District No. 0011 | 6.000 | 09/01/2026 | 05/02/2024 | A | 24,425 | ||||||||||||||
40,000 | Vallejo, CA Quadrant Improvement District No. 0011 | 6.125 | 09/01/2034 | 06/24/2031 | A | 30,656 | ||||||||||||||
20,000 | Vallejo, CA Unified School District1 | 5.250 | 08/01/2016 | 08/01/2010 | B | 20,066 | ||||||||||||||
80,000 | Vallejo, CA Unified School District1 | 5.400 | 08/01/2024 | 08/01/2009 | B | 80,256 | ||||||||||||||
10,000 | Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1 | 6.000 | 09/01/2025 | 09/01/2025 | 8,557 | |||||||||||||||
20,000 | Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1 | 6.000 | 09/01/2028 | 09/16/2027 | A | 16,176 | ||||||||||||||
25,000 | Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1 | 5.500 | 09/01/2019 | 09/01/2019 | 21,964 | |||||||||||||||
1,825,000 | Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1 | 5.000 | 12/01/2022 | 06/15/2019 | A | 1,701,831 | ||||||||||||||
145,000 | Victor, CA Elementary School District1 | 5.600 | 09/01/2034 | 04/06/2033 | A | 104,225 | ||||||||||||||
60,000 | Vista, CA Joint Powers Financing Authority1 | 6.100 | 10/01/2021 | 10/01/2009 | B | 60,021 | ||||||||||||||
5,000 | Vista, CA Joint Powers Financing Authority1 | 6.250 | 12/01/2019 | 12/01/2009 | B | 5,009 | ||||||||||||||
15,000 | Wasco, CA Improvement Bond Act 19151 | 8.750 | 09/02/2010 | 09/02/2009 | B | 15,489 | ||||||||||||||
15,000 | Wasco, CA Improvement Bond Act 19151 | 8.750 | 09/02/2013 | 09/02/2009 | B | 15,476 | ||||||||||||||
25,000 | West Contra Costa, CA Unified School District | 5.000 | 08/01/2023 | 08/01/2010 | B | 25,138 | ||||||||||||||
100,000 | West Covina, CA Redevel. Agency Tax Allocation (Executive Lodge Apartments)1 | 5.100 | 09/01/2014 | 09/01/2009 | B | 100,037 | ||||||||||||||
20,000 | West Patterson, CA Financing Authority Special Tax1 | 5.850 | 09/01/2028 | 10/29/2026 | A | 14,729 | ||||||||||||||
10,000 | West Patterson, CA Financing Authority Special Tax1 | 6.000 | 09/01/2019 | 09/01/2019 | 8,446 | |||||||||||||||
15,000 | West Patterson, CA Financing Authority Special Tax1 | 6.000 | 09/01/2039 | 05/18/2035 | A | 10,438 | ||||||||||||||
105,000 | West Patterson, CA Financing Authority Special Tax1 | 6.600 | 09/01/2033 | 12/17/2030 | A | 81,399 | ||||||||||||||
25,000 | West Patterson, CA Financing Authority Special Tax1 | 6.700 | 09/01/2032 | 04/26/2028 | A | 19,696 |
F28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
California Continued | ||||||||||||||||||||
$ | 5,000 | West Patterson, CA Financing Authority Special Tax1 | 6.750 | % | 09/01/2035 | 09/01/2017 | A | $ | 3,927 | |||||||||||
115,000 | West Patterson, CA Financing Authority Special Tax1 | 6.750 | 09/01/2036 | 03/22/2027 | A | 90,074 | ||||||||||||||
10,000 | West Patterson, CA Financing Authority Special Tax Community Facilities District1 | 5.600 | 09/01/2019 | 09/01/2019 | 8,176 | |||||||||||||||
60,000 | West Sacramento, CA Financing Authority Special Tax1 | 6.100 | 09/01/2029 | 02/15/2026 | A | 48,873 | ||||||||||||||
5,000 | West Sacramento, CA Improvement Bond Act 19151 | 8.500 | 09/02/2017 | 11/01/2015 | C | 5,150 | ||||||||||||||
250,000 | West Sacramento, CA Special Tax Community Facilities District No. 121 | 5.750 | 09/01/2029 | 09/01/2009 | B | 238,265 | ||||||||||||||
50,000 | West Sacramento, CA Special Tax Community Facilities District No. 141 | 6.125 | 09/01/2021 | 11/30/2018 | A | 44,943 | ||||||||||||||
10,000 | West Sacramento, CA Special Tax Community Facilities District No. 171 | 5.875 | 09/01/2033 | 08/17/2029 | A | 7,577 | ||||||||||||||
50,000 | West Sacramento, CA Special Tax Community Facilities District No. 8 (Southport)1 | 6.500 | 09/01/2031 | 08/11/2027 | A | 41,674 | ||||||||||||||
25,000 | Western CA Municipal Water Districts1 | 7.125 | 09/02/2014 | 09/02/2009 | B | 25,749 | ||||||||||||||
30,000 | Yorba Linda, CA Redevel. Agency Tax Allocation1 | 5.250 | 09/01/2013 | 09/01/2009 | B | 30,028 | ||||||||||||||
70,000 | Yorba Linda, CA Redevel. Agency Tax Allocation1 | 5.250 | 09/01/2023 | 03/25/2022 | A | 65,197 | ||||||||||||||
50,000 | Yuba City, CA Unified School District COP1 | 4.900 | 02/01/2011 | 08/01/2009 | B | 50,105 | ||||||||||||||
30,000 | Yuba City, CA Unified School District COP1 | 5.250 | 02/01/2022 | 08/01/2009 | B | 30,005 | ||||||||||||||
25,000 | Yucaipa, CA Redevel. Agency (Eldorado Palms Mobile Home)1 | 6.000 | 05/01/2030 | 07/06/2025 | A | 20,617 | ||||||||||||||
30,000 | Yucaipa, CA Special Tax Community Facilities District No. 98-11 | 6.000 | 09/01/2028 | 01/23/2021 | A | 24,216 | ||||||||||||||
211,271,320 | ||||||||||||||||||||
U.S. Possessions—7.7% | ||||||||||||||||||||
600,000 | Guam Government Waterworks Authority & Wastewater System1 | 6.000 | 07/01/2025 | 11/19/2021 | A | 558,402 | ||||||||||||||
55,000 | Puerto Rico Children’s Trust Fund (TASC)1 | 5.375 | 05/15/2033 | 05/15/2014 | A | 48,434 | ||||||||||||||
360,000 | Puerto Rico Commonwealth GO1 | 5.250 | 07/01/2032 | 10/01/2031 | A | 318,431 | ||||||||||||||
300,000 | Puerto Rico Highway & Transportation Authority1 | 5.000 | 07/01/2035 | 07/01/2010 | D | 301,776 | ||||||||||||||
110,000 | Puerto Rico IMEPCF (American Home Products)1 | 5.100 | 12/01/2018 | 12/01/2009 | B | 110,735 | ||||||||||||||
4,400,000 | Puerto Rico ITEMECF (Cogeneration Facilities)1 | 6.625 | 06/01/2026 | 06/01/2011 | B | 4,404,048 | ||||||||||||||
915,000 | Puerto Rico ITEMECF (Mennonite General Hospital)1 | 6.500 | 07/01/2012 | 01/28/2011 | A | 907,424 |
F29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Effective | ||||||||||||||||||||
Principal | Maturity | |||||||||||||||||||
Amount | Coupon | Maturity | (Unaudited)* | Value | ||||||||||||||||
U.S. Possessions Continued | ||||||||||||||||||||
$ | 520,000 | Puerto Rico ITEMECF (University Plaza)1 | 5.625 | % | 07/01/2013 | 07/01/2010 | B | $ | 526,292 | |||||||||||
135,000 | Puerto Rico Municipal Finance Agency, Series A1 | 5.500 | 07/01/2017 | 10/01/2010 | B | 135,126 | ||||||||||||||
75,000 | Puerto Rico Port Authority, Series D1 | 6.000 | 07/01/2021 | 10/01/2010 | B | 75,014 | ||||||||||||||
1,000,000 | Puerto Rico Port Authority, Series D1 | 7.000 | 07/01/2014 | 01/01/2010 | B | 1,001,920 | ||||||||||||||
925,000 | Puerto Rico Public Buildings Authority1 | 7.000 | 07/01/2021 | 06/01/2014 | B | 969,224 | ||||||||||||||
2,600,000 | Puerto Rico Public Buildings Authority1 | 7.000 | 07/01/2025 | 06/01/2014 | B | 2,710,708 | ||||||||||||||
1,550,000 | Puerto Rico Public Finance Corp., Series A1 | 5.750 | 08/01/2027 | 02/01/2012 | D | 1,575,916 | ||||||||||||||
2,500,000 | Puerto Rico Sales Tax Financing Corp., Series A1 | 6.125 | 08/01/2029 | 02/01/2014 | B | 2,567,550 | ||||||||||||||
250,000 | V.I. Public Finance Authority, Series A1 | 5.250 | 10/01/2024 | 10/01/2024 | 225,705 | |||||||||||||||
160,000 | V.I. Public Finance Authority, Series A1 | 5.500 | 10/01/2022 | 01/09/2021 | A | 151,354 | ||||||||||||||
16,588,059 | ||||||||||||||||||||
Total Municipal Bonds and Notes (Cost $247,178,539) | 227,859,379 | |||||||||||||||||||
Short-Term Notes—0.3% | ||||||||||||||||||||
750,000 | CA Commercial Paper (Cost $750,000) | 8.250 | 08/05/2009 | 750,000 | ||||||||||||||||
Total Investments, at Value (Cost $247,928,539)—105.5% | 228,609,379 | |||||||||||||||||||
Liabilities in Excess of Other Assets—(5.5) | (11,934,488 | ) | ||||||||||||||||||
Net Assets—100.0% | $ | 216,674,891 | ||||||||||||||||||
Footnotes to Statement of Investments
* | Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed. |
A. | Average life due to mandatory, or expected, sinking fund principal payments prior to maturity. | ||
B. | Optional call date; corresponds to the most conservative yield calculation. | ||
C. | Average life due to mandatory, or expected, sinking fund principal payments prior to the applicable optional call date. | ||
D. | Date of mandatory put. |
1. | All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes. | |
2. | Zero coupon bond reflects effective yield on the date of purchase. | |
3. | Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. | |
4. | Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes. | |
5. | Issue is in default. See Note 1 of accompanying Notes. | |
6. | Illiquid security. The aggregate value of illiquid securities as of July 31, 2009 was $748,020, which represents 0.35% of the Fund’s net assets. See Note 5 of accompanying Notes. |
F30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Valuation Inputs
Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:
1) | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | |
2) | Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | |
3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset). |
The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2009 based on valuation input level:
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Municipal Bonds and Notes | ||||||||||||||||
California | $ | — | $ | 211,271,320 | $ | — | $ | 211,271,320 | ||||||||
U.S. Possessions | — | 16,588,059 | — | 16,588,059 | ||||||||||||
Short-Term Notes | — | 750,000 | — | 750,000 | ||||||||||||
Total Assets | $ | — | $ | 228,609,379 | $ | — | $ | 228,609,379 | ||||||||
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.
To simplify the listings of securities, abbreviations are used per the table below:
ABAG | Association of Bay Area Governments | |
CDA | Communities Devel. Authority | |
COP | Certificates of Participation | |
CVHP | Citrus Valley Health Partners | |
CVMC | Citrus Valley Medical Center | |
FF | Feedback Foundation | |
FH | Foothill Hospital | |
GO | General Obligation | |
HFA | Housing Finance Agency | |
IMEPCF | Industrial, Medical and Environmental Pollution Control Facilities | |
ITEMECF | Industrial, Tourist, Educational, Medical and Environmental Community Facilities | |
M-S-R | Modesto Irrigation District of the City of Santa Clava and the City of Redding | |
OCTC | Olive Crest Treatment Centers | |
SCADP | Southern California Alcohol & Drug Programs | |
TASC | Tobacco Settlement Asset-Backed Bonds | |
V.I. | United States Virgin Islands |
See accompanying Notes to Financial Statements.
F31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2009
Assets | ||||
Investments, at value (cost $247,928,539)—see accompanying statement of investments | $ | 228,609,379 | ||
Cash | 579,221 | |||
Receivables and other assets: | ||||
Investments sold (including $3,254,040 sold on a when-issued or delayed delivery basis) | 5,192,474 | |||
Interest | 4,241,305 | |||
Shares of beneficial interest sold | 1,131,761 | |||
Other | 241,936 | |||
Total assets | 239,996,076 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Payable on borrowings (See Note 6) | 19,500,000 | |||
Payable for short-term floating rate notes issued (See Note 1) | 2,957,000 | |||
Shares of beneficial interest redeemed | 430,212 | |||
Investments purchased | 108,096 | |||
Dividends | 85,916 | |||
Distribution and service plan fees | 45,901 | |||
Trustees’ compensation | 27,261 | |||
Shareholder communications | 24,265 | |||
Interest expense on borrowings | 19,976 | |||
Transfer and shareholder servicing agent fees | 7,610 | |||
Other | 114,948 | |||
Total liabilities | 23,321,185 | |||
Net Assets | $ | 216,674,891 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 67,733 | ||
Additional paid-in capital | 248,448,252 | |||
Accumulated net investment income | 1,375,650 | |||
Accumulated net realized loss on investments | (13,897,584 | ) | ||
Net unrealized depreciation on investments | (19,319,160 | ) | ||
Net Assets | $ | 216,674,891 | ||
F32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $154,286,823 and 48,200,588 shares of beneficial interest outstanding) | $ | 3.20 | ||
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) | $ | 3.32 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,977,318 and 604,031 shares of beneficial interest outstanding) | $ | 3.27 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $60,410,750 and 18,928,736 shares of beneficial interest outstanding) | $ | 3.19 |
See accompanying Notes to Financial Statements.
F33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2009
Investment Income | ||||
Interest | $ | 16,358,963 | ||
Other income | 96 | |||
Total investment income | 16,359,059 | |||
Expenses | ||||
Management fees | 1,164,595 | |||
Distribution and service plan fees: | ||||
Class A | 444,860 | |||
Class B | 19,492 | |||
Class C | 665,076 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 53,775 | |||
Class B | 2,948 | |||
Class C | 34,520 | |||
Shareholder communications: | ||||
Class A | 24,829 | |||
Class B | 2,438 | |||
Class C | 22,754 | |||
Borrowing fees | 1,266,529 | |||
Interest expense on borrowings | 301,932 | |||
Interest expense and fees on short-term floating rate notes issued (See Note 1) | 77,874 | |||
Trustees’ compensation | 9,762 | |||
Custodian fees and expenses | 1,315 | |||
Other | 97,327 | |||
Total expenses | 4,190,026 | |||
Less reduction to custodian expenses | (1,086 | ) | ||
Net expenses | 4,188,940 | |||
Net Investment Income | 12,170,119 | |||
Realized and Unrealized Loss | ||||
Net realized loss on investments | (13,066,610 | ) | ||
Net change in unrealized depreciation on investments | (4,440,327 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (5,336,818 | ) | |
See accompanying Notes to Financial Statements.
F34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended July 31, | 2009 | 2008 | ||||||
Operations | ||||||||
Net investment income | $ | 12,170,119 | $ | 12,594,357 | ||||
Net realized loss | (13,066,610 | ) | (579,392 | ) | ||||
Net change in unrealized depreciation | (4,440,327 | ) | (17,182,405 | ) | ||||
Net decrease in net assets resulting from operations | (5,336,818 | ) | (5,167,440 | ) | ||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (8,566,851 | ) | (9,692,459 | ) | ||||
Class B | (71,382 | ) | (67,103 | ) | ||||
Class C | (2,636,688 | ) | (2,491,188 | ) | ||||
(11,274,921 | ) | (12,250,750 | ) | |||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (61,474,344 | ) | 33,320,429 | |||||
Class B | 34,482 | 11,952 | ||||||
Class C | (12,990,580 | ) | 22,596,910 | |||||
(74,430,442 | ) | 55,929,291 | ||||||
Net Assets | ||||||||
Total increase (decrease) | (91,042,181 | ) | 38,511,101 | |||||
Beginning of period | 307,717,072 | 269,205,971 | ||||||
End of period (including accumulated net investment income of $1,375,650 and $427,605, respectively) | $ | 216,674,891 | $ | 307,717,072 | ||||
See accompanying Notes to Financial Statements.
F35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2009
Cash Flows from Operating Activities | ||||
Net decrease in net assets from operations | $ | (5,336,818 | ) | |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | ||||
Purchase of investment securities | (57,036,412 | ) | ||
Proceeds from disposition of investment securities | 112,392,455 | |||
Short-term investment securities, net | 7,577,114 | |||
Premium amortization | 776,212 | |||
Discount accretion | (1,372,515 | ) | ||
Net realized loss on investments | 13,066,610 | |||
Net change in unrealized depreciation on investments | 4,440,327 | |||
Decrease in interest receivable | 304,711 | |||
Increase in receivable for securities sold | (3,508,031 | ) | ||
Increase in other assets | (215,903 | ) | ||
Increase in payable for securities purchased | 97,880 | |||
Increase in payable for accrued expenses | 63,089 | |||
Net cash provided by operating activities | 71,248,719 | |||
Cash Flows from Financing Activities | ||||
Proceeds from bank borrowings | 256,000,000 | |||
Payments on bank borrowings | (237,800,000 | ) | ||
Payments on short-term floating rate notes issued | (2,203,000 | ) | ||
Proceeds from shares sold | 79,979,145 | |||
Payments on shares redeemed | (163,379,716 | ) | ||
Cash distributions paid | (3,710,751 | ) | ||
Net cash used in financing activities | (71,114,322 | ) | ||
Net increase in cash | 134,397 | |||
Cash, beginning balance | 444,824 | |||
Cash, ending balance | $ | 579,221 | ||
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $7,756,853.
Cash paid for interest on bank borrowings—$289,640.
Cash paid for interest on short-term floating rate notes issued—$77,874.
See accompanying Notes to Financial Statements.
F36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Class A Year Ended July 31, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 3.34 | $ | 3.55 | $ | 3.52 | $ | 3.56 | $ | 3.30 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .16 | .15 | .15 | .15 | .16 | |||||||||||||||
Net realized and unrealized gain (loss) | (.15 | ) | (.22 | ) | .02 | (.03 | ) | .25 | ||||||||||||
Total from investment operations | .01 | (.07 | ) | .17 | .12 | .41 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.15 | ) | (.14 | ) | (.14 | ) | (.16 | ) | (.15 | ) | ||||||||||
Net asset value, end of period | $ | 3.20 | $ | 3.34 | $ | 3.55 | $ | 3.52 | $ | 3.56 | ||||||||||
Total Return, at Net Asset Value2 | 0.51 | % | (1.85 | )% | 4.99 | % | 3.32 | % | 12.78 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 154,287 | $ | 228,159 | $ | 208,041 | $ | 161,562 | $ | 44,554 | ||||||||||
Average net assets (in thousands) | $ | 180,705 | $ | 229,325 | $ | 186,689 | $ | 105,009 | $ | 21,877 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 5.10 | % | 4.36 | % | 4.10 | % | 4.19 | % | 4.76 | % | ||||||||||
Expenses excluding interest and fees on short-term floating rate notes issued | 1.43 | % | 0.89 | % | 1.04 | % | 1.42 | % | 1.66 | % | ||||||||||
Interest and fees on short-term floating rate notes issued | 0.03 | %4 | 0.15 | %4 | 0.24 | %4 | — | — | ||||||||||||
Total expenses | 1.46 | % | 1.04 | % | 1.28 | % | 1.42 | % | 1.66 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.46 | % | 1.03 | % | 1.08 | % | 0.80 | % | 0.80 | % | ||||||||||
Portfolio turnover rate | 31 | % | 41 | % | 17 | % | 33 | % | 4 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment at net asset value on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total return. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
3. | Annualized for periods less than one full year. | |
4. | Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. |
See accompanying Notes to Financial Statements.
F37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
Class B Year Ended July 31, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 3.41 | $ | 3.62 | $ | 3.59 | $ | 3.63 | $ | 3.36 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .13 | .12 | .12 | .13 | .14 | |||||||||||||||
Net realized and unrealized gain (loss) | (.15 | ) | (.22 | ) | .02 | (.04 | ) | .26 | ||||||||||||
Total from investment operations | (.02 | ) | (.10 | ) | .14 | .09 | .40 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.12 | ) | (.11 | ) | (.11 | ) | (.13 | ) | (.13 | ) | ||||||||||
Net asset value, end of period | $ | 3.27 | $ | 3.41 | $ | 3.62 | $ | 3.59 | $ | 3.63 | ||||||||||
Total Return, at Net Asset Value2 | (0.50 | )% | (2.69 | )% | 4.05 | % | 2.49 | % | 12.03 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,977 | $ | 2,028 | $ | 2,136 | $ | 2,517 | $ | 1,295 | ||||||||||
Average net assets (in thousands) | $ | 1,951 | $ | 2,068 | $ | 2,276 | $ | 1,980 | $ | 836 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 4.14 | % | 3.46 | % | 3.34 | % | 3.49 | % | 4.11 | % | ||||||||||
Expenses excluding interest and fees on short-term floating rate notes issued | 2.45 | % | 1.77 | % | 1.94 | % | 2.30 | % | 2.86 | % | ||||||||||
Interest and fees on short-term floating rate notes issued | 0.03 | %4 | 0.15 | %4 | 0.24 | %4 | — | — | ||||||||||||
Total expenses | 2.48 | % | 1.92 | % | 2.18 | % | 2.30 | % | 2.86 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.48 | % | 1.91 | % | 1.89 | % | 1.55 | % | 1.55 | % | ||||||||||
Portfolio turnover rate | 31 | % | 41 | % | 17 | % | 33 | % | 4 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment at net asset value on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total return. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
3. | Annualized for periods less than one full year. | |
4. | Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. |
See accompanying Notes to Financial Statements.
F38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Class C Year Ended July 31, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 3.33 | $ | 3.54 | $ | 3.51 | $ | 3.56 | $ | 3.30 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .13 | .12 | .12 | .12 | .14 | |||||||||||||||
Net realized and unrealized gain (loss) | (.15 | ) | (.21 | ) | .03 | (.04 | ) | .25 | ||||||||||||
Total from investment operations | (.02 | ) | (.09 | ) | .15 | .08 | .39 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.12 | ) | (.12 | ) | (.12 | ) | (.13 | ) | (.13 | ) | ||||||||||
Net asset value, end of period | $ | 3.19 | $ | 3.33 | $ | 3.54 | $ | 3.51 | $ | 3.56 | ||||||||||
Total Return, at Net Asset Value2 | (0.29 | )% | (2.59 | )% | 4.25 | % | 2.30 | % | 12.00 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 60,411 | $ | 77,530 | $ | 59,029 | $ | 51,659 | $ | 21,589 | ||||||||||
Average net assets (in thousands) | $ | 66,544 | $ | 71,291 | $ | 55,357 | $ | 39,346 | $ | 9,836 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 4.31 | % | 3.58 | % | 3.34 | % | 3.46 | % | 3.98 | % | ||||||||||
Expenses excluding interest and fees on short-term floating rate notes issued | 2.23 | % | 1.67 | % | 1.84 | % | 2.21 | % | 2.55 | % | ||||||||||
Interest and fees on short-term floating rate notes issued | 0.03 | %4 | 0.15 | %4 | 0.24 | %4 | — | — | ||||||||||||
Total expenses | 2.26 | % | 1.82 | % | 2.08 | % | 2.21 | % | 2.55 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.26 | % | 1.81 | % | 1.86 | % | 1.55 | % | 1.55 | % | ||||||||||
Portfolio turnover rate | 31 | % | 41 | % | 17 | % | 33 | % | 4 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment at net asset value on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total return. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
3. | Annualized for periods less than one full year. | |
4. | Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. |
See accompanying Notes to Financial Statements.
F39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies
Oppenheimer Limited Term California Municipal Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek as high a level of income exempt from federal income tax and California individual income taxes as is consistent with its investment policies and prudent investment management. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).
The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.
The following is a summary of significant accounting policies consistently followed by the Fund.
Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.
Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers.
Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign
F40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.
Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.
“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.
In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
There have been no significant changes to the fair valuation methodologies during the period.
Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed
F41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.
As of July 31, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
When-Issued or Delayed | ||||
Delivery Basis Transactions | ||||
Sold securities | $ | 3,254,040 |
Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $2,957,000 as of July 31, 2009, which represents 1.23% of the Fund’s total assets.
Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the
F42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2009, municipal bond holdings with a value of $5,836,382 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $2,957,000 in short-term floating rate notes issued and outstanding at that date.
The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.
At July 31, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:
Principal | Coupon | Maturity | ||||||||||||||
Amount | Inverse Floater | Rate1 | Date | Value | ||||||||||||
$ | 2,953,000 | CA Austin Trust Various States Inverse Certificates | 8.406 | % | 2/1/42 | $ | 2,879,382 |
1. | Represents the current interest rate for a variable rate bond known as an “inverse floater.” |
Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of July 31, 2009 is as follows:
Cost | $ | 416,025 | ||
Market Value | $ | 342,134 | ||
Market Value as a % of Net Assets | 0.16 | % |
Concentration Risk. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each
F43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.
The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
Net Unrealized | ||||||||||||||||
Depreciation | ||||||||||||||||
Based on Cost | ||||||||||||||||
of Securities and | ||||||||||||||||
Other Investments | ||||||||||||||||
Undistributed Net | Undistributed | Accumulated Loss | for Federal Income Tax | |||||||||||||
Investment Income | Long-Term Gain | Carryforward1,2,3,4, | Purposes | |||||||||||||
$ | 1,534,695 | $ | — | $ | 13,907,221 | $ | 19,309,523 |
1. | As of July 31, 2009, the Fund had $2,704,988 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2009, details of the capital loss carryforwards were as follows: |
Expiring | ||||
2013 | $ | 17,565 | ||
2014 | 1,553 | |||
2015 | 172,117 | |||
2016 | 55,871 | |||
2017 | 2,457,882 | |||
Total | $ | 2,704,988 | ||
2. | As of July 31, 2009, the Fund had $11,202,233 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2018. | |
3. | During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward. | |
4. | During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward. |
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
F44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Accordingly, the following amounts have been reclassified for July 31, 2009. Net assets of the Fund were unaffected by the reclassifications.
Increase | Increase | |||
to Accumulated | to Accumulated Net | |||
Net Investment | Realized Loss | |||
Income | on Investments | |||
$ 52,847 | $ | 52,847 |
The tax character of distributions paid during the years ended July 31, 2009 and July 31, 2008 was as follows:
Year Ended | Year Ended | |||||||
July 31, 2009 | July 31, 2008 | |||||||
Distributions paid from: | ||||||||
Exempt-interest dividends | $ | 11,194,391 | $ | 12,235,981 | ||||
Ordinary income | 80,530 | 14,769 | ||||||
Total | $ | 11,274,921 | $ | 12,250,750 | ||||
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2009 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities | $ | 244,963,479 | ||
Gross unrealized appreciation | $ | 2,213,188 | ||
Gross unrealized depreciation | (21,522,711 | ) | ||
Net unrealized depreciation | $ | (19,309,523 | ) | |
Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2009, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:
Projected Benefit Obligations Increased | $ | 2,473 | ||
Payments Made to Retired Trustees | 1,806 | |||
Accumulated Liability as of July 31, 2009 | 18,697 |
The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount
F45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.
Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive earnings on cash balances maintained by the Fund, at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
F46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Year Ended July 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 18,786,079 | $ | 58,922,256 | 48,479,554 | $ | 167,086,390 | ||||||||||
Dividends and/or distributions reinvested | 1,960,920 | 6,100,545 | 1,875,204 | 6,422,486 | ||||||||||||
Redeemed | (40,813,443 | ) | (126,497,145 | ) | (40,750,692 | ) | (140,188,447 | ) | ||||||||
Net increase (decrease) | (20,066,444 | ) | $ | (61,474,344 | ) | 9,604,066 | $ | 33,320,429 | ||||||||
Class B | ||||||||||||||||
Sold | 237,105 | $ | 755,066 | 245,171 | $ | 861,459 | ||||||||||
Dividends and/or distributions reinvested | 15,001 | 47,599 | 14,350 | 50,271 | ||||||||||||
Redeemed | (242,227 | ) | (768,183 | ) | (255,544 | ) | (899,778 | ) | ||||||||
Net increase | 9,879 | $ | 34,482 | 3,977 | $ | 11,952 | ||||||||||
Class C | ||||||||||||||||
Sold | 6,738,269 | $ | 21,032,781 | 13,224,730 | $ | 45,354,132 | ||||||||||
Dividends and/or distributions reinvested | 519,303 | 1,608,709 | 444,053 | 1,516,895 | ||||||||||||
Redeemed | (11,594,041 | ) | (35,632,070 | ) | (7,087,050 | ) | (24,274,117 | ) | ||||||||
Net increase (decrease) | (4,336,469 | ) | $ | (12,990,580 | ) | 6,581,733 | $ | 22,596,910 | ||||||||
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2009, were as follows:
Purchases | Sales | |||||||
Investment securities | $ | 57,036,412 | $ | 112,392,455 |
4. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
Fee Schedule | ||||
Up to $100 million | 0.50 | % | ||
Next $150 million | 0.45 | |||
Next $1.75 billion | 0.40 | |||
Over $2 billion | 0.39 |
F47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
4. Fees and Other Transactions with Affiliates Continued
Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2009, the Fund paid $91,487 to OFS for services to the Fund.
Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2009 were as follows:
Class C | $900,444 |
Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
F48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Class A | Class B | Class C | ||||||||||||||
Class A | Contingent | Contingent | Contingent | |||||||||||||
Front-End | Deferred | Deferred | Deferred | |||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | |||||||||||||
Retained by | Retained by | Retained by | Retained by | |||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | ||||||||||||
July 31, 2009 | $ | 37,870 | $ | 58,964 | $ | 6,795 | $ | 24,863 |
Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.
5. Illiquid Securities
As of July 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.
6. Borrowings
The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund can also borrow for other purposes, such as to raise money to unwind or “collapse” trusts that issued “inverse floaters” to the Fund, or to contribute to such trusts to enable them to meet tenders of their short-term securities by the holders of those securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $3.0 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.437% as of July 31, 2009). The Fund pays additional fees annually to its lender on its outstanding borrowings to
F49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
6. Borrowings Continued
manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 31, 2009 equal 0.63% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.
As of July 31, 2009, the Fund had borrowings outstanding at an interest rate of 0.437%. Details of the borrowings for the year ended July 31, 2009 are as follows:
Average Daily Loan Balance | $ | 21,619,452 | ||
Average Daily Interest Rate | 1.844 | % | ||
Fees Paid | $ | 1,436,221 | ||
Interest Paid | $ | 289,640 |
7. Subsequent Events Evaluation
The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through September 17, 2009, the date the financial statements were available to be issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.
8. Pending Litigation
During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor — excluding the Fund. The complaints naming the Defendant Funds also name certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The complaints against the Defendant Funds raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.
A complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not against the Fund), on behalf of the Oregon College Savings Plan Trust, and other complaints have brought in state court against the Manager and that subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. All of these complaints allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.
F50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff ”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.
The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits vigorously on behalf of those Funds, their boards and the Trustees named in those suits. While it is premature to render any opinion as to the likelihood of an outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer Funds.
F51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders
of Oppenheimer Limited Term California Municipal Fund:
of Oppenheimer Limited Term California Municipal Fund:
We have audited the accompanying statement of assets and liabilities of Oppenheimer Limited Term California Municipal Fund, including the statement of investments, as of July 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the year ended July 31, 2005 were audited by another independent registered public accounting firm, whose report dated August 30, 2005 expressed an unqualified opinion thereon.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Limited Term California Municipal Fund as of July 31, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.
KPMG llp
Denver, Colorado
September 17, 2009
September 17, 2009
F52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
In early 2009, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2008. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended July 31, 2009 are eligible for the corporate dividend-received deduction. 99.29% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.
29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited
Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.
Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.
Nature, Quality and Extent of Services. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.
The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff.
30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreement.
Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load California short/intermediate municipal debt funds. The Board noted that the Fund’s one-year and three-year performance was below its peer group median as of December 31, 2008. The Board also noted that the Fund’s recent performance has improved and its year-to date performance through June 5, 2009 (the most recent date available at the Board meeting at which the independent Trustees considered the matter) was in the top quintile of its peer group category.
Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, other California short/intermediate debt funds and “other states” short/intermediate debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual and actual management fees and total expenses are lower than its peer group median.
Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.
Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager
31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued
must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.
Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations described above, at meetings in June 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through November 30, 2009. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.
32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus, reports and privacy policy within 30 days of receiving your request to stop householding.
33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios | |
Fund, Length of Service, Age | in the Fund Complex Currently Overseen | |
INDEPENDENT TRUSTEES | The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 66 | Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 60 portfolios in the OppenheimerFunds complex. | |
David K. Downes, Trustee (since 2007) Age: 69 | Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (January 2006-2007); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); 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 60 portfolios in the OppenheimerFunds complex. | |
Matthew P. Fink, Trustee (since 2005) Age: 68 | Trustee of the Committee for Economic Development (policy research foundation) (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 60 portfolios in the OppenheimerFunds complex. |
34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios | |
Fund, Length of Service, Age | in the Fund Complex Currently Overseen | |
Phillip A. Griffiths, Trustee (since 2005) Age: 70 | Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (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 60 portfolios in the OppenheimerFunds complex. | |
Mary F. Miller, Trustee (since 2005) Age: 66 | Trustee of International House (not-for-profit) (since June 2007); 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 60 portfolios in the OppenheimerFunds complex. | |
Joel W. Motley, Trustee (since 2005) Age: 57 | Managing Director of Public Capital Advisors, LLC (privately held financial 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 60 portfolios in the OppenheimerFunds complex. | |
Mary Ann Tynan, Trustee (since 2008) Age: 63 | Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospital (non-profit 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); 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 60 portfolios in the OppenheimerFunds complex. | |
Joseph M. Wikler, Trustee (since 2004) Age: 68 | Director of C-TASC (bio-statistics services (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 60 portfolios in the OppenheimerFunds complex. | |
Peter I. Wold, Trustee (since 2004) Age: 61 | Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production 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); 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 60 portfolios in the OppenheimerFunds complex. |
35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios | |
Fund, Length of Service, Age | in the Fund Complex Currently Overseen | |
INTERESTED TRUSTEE | The address of Mr. Reynolds is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Mr. Reynolds serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Reynolds is an “Interested Trustee” because of a potential consulting relationship between RSR Partners, which Mr. Reynolds may be deemed to control, and the Manager. | |
Russell S. Reynolds, Jr., Trustee (since 1989) Age: 77 | Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Retired CEO of Russell Reynolds Associates (executive recruiting) (October 1969-March 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 60 portfolios in the OppenheimerFunds complex. | |
INTERESTED TRUSTEE AND OFFICER | 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. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates. | |
John V. Murphy, Trustee, President and Principal Executive Officer (since 2004) Age: 60 | Chairman and Director of the Manager (since June 2001); Chief Executive Officer of the Manager (June 2001-December 2008); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s 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 and Trinity Investment Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 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); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 98 portfolios in the OppenheimerFunds complex. | |
OTHER OFFICERS OF THE FUND | The addresses of the Officers in the chart below are as follows: for Mr. Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. |
36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios | |
Fund, Length of Service, Age | in the Fund Complex Currently Overseen | |
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 45 | Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (1999-2005). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2004) Age: 37 | Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 36 | Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-July 2009). Portfolio Manager of the Manager (2002-2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 33 | Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (2006-2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Michael L. Camarella, Vice President (since 2009) and Associate Portfolio Manager (since 2008) Age: 33 | Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (February 2006-April 2008) and a credit analyst of the Manager (June 2003-January 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Richard Stein, Vice President (since 2007) Age: 51 | Director (since 2003) and head of the Rochester Credit Analysis team (since 1993). Vice President of the Manager (since 1997). An officer of the Fund and other Oppenheimer Funds. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58 | Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 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 98 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2004) Age: 49 | Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (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 (March 1999-June 2008), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 98 portfolios in the OppenheimerFunds complex. |
37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios | |
Fund, Length of Service, Age | in the Fund Complex Currently Overseen | |
Robert G. Zack, Secretary (since 2004) Age: 60 | Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel 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 98 portfolios in the OppenheimerFunds complex. |
The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.
38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed $39,900 in fiscal 2009 and $39,900 in fiscal 2008.
(b) | Audit-Related Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed $2,632 in fiscal 2009 and $1,342 in fiscal 2008.
The principal accountant for the audit of the registrant’s annual financial statements billed $271,540 in fiscal 2009 and $250,000 in fiscal 2008 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such services include: agreed upon procedures, internal control reviews and professional services for FAS 157.
(c) | Tax Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed $7,224 in fiscal 2009 and no such fees in fiscal 2008.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years. to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such services include: Preparation and review of tax returns.
(d) | All Other Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
(e) | (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. |
The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. | ||
Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. | ||
(2) 100% | ||
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrant’s annual financial statements billed $281,396 in fiscal 2009 and $251,342 in fiscal 2008 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. | |
(h) | The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered. |
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
1. | The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection. | |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the 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 of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the |
Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | 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. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. 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.” | |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 07/31/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Exhibit attached hereto. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Limited Term California Municipal Fund
By: | /s/ John V. Murphy | |||
John V. Murphy | ||||
Principal Executive Officer | ||||
Date: | 09/11/2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John V. Murphy | |||
John V. Murphy | ||||
Principal Executive Officer | ||||
Date: | 09/11/2009 |
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer | ||||
Date: | 09/11/2009 |