UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-5586
Oppenheimer 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)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 768-3200
Date of fiscal year end: July 31
Date of reporting period: 07/31/2008
Item 1. Reports to Stockholders.
| Market Recap and Outlook Listing of Top Holdings |
| Fund Performance Discussion Listing of Investments Financial Statements |
| “After 25 years in the business of municipal fund management, I still don’t pretend to have seen it all. But, allowing tax-free yields to compound over time has clearly been a winning strategy for shareholders.” |
| — Ronald H. Fielding , Chief Strategist, Senior Vice President and Senior Portfolio Manager, OppenheimerFunds/Rochester |
TOP HOLDINGS AND ALLOCATIONS
| | | | | |
| Top Ten Categories | | | | |
| Special Tax | | | 30.9 | % |
| Tobacco—Master Settlement Agreement | | | 24.2 | |
| Single-Family Housing | | | 7.5 | |
| Hospital/Health Care | | | 4.9 | |
| Gas Utilities | | | 4.0 | |
| Tax Increment Financing | | | 3.5 | |
| Special Assessment | | | 3.4 | |
| Marine/Aviation Facilities | | | 3.3 | |
| Oil & Gas | | | 2.0 | |
| Multifamily Housing | | | 1.8 | |
| Portfolio holdings are subject to change. Percentages are as of July 31, 2008, and are based on the total market value of investments. |
| |
| Credit Allocation | | | | |
| AAA | | | 15.4 | % |
| AA | | | 17.8 | |
| A | | | 7.1 | |
| BBB | | | 39.5 | |
| BB or lower | | | 20.2 | |
Allocations are subject to change. Percentages are as of July 31, 2008, 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 48.37% 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.
14 | OPPENHEIMER 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, 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.
Management’s Discussion of Fund Performance. In a 12-month period marked by significant turbulence in global credit markets and by broad price volatility as investors adjusted their perspectives on risk tolerance, the net asset value (NAV) of Oppenheimer California Municipal Fund’s Class A shares fell sharply and the Fund’s total returns were negative. Based on the distribution for the 28-day accrual period ended July 22, 2008, the distribution yield at the end of this reporting period for the Fund’s Class A shares was 6.27% at net asset value.
Oppenheimer California Municipal Fund distributed dividends of 54.7 cents per Class A share this reporting period, including a small amount of ordinary income. The per-share monthly dividend distribution for Class A shares of the Fund was 4.5 cents at the start of this reporting period and was raised to 4.6 cents for the February 2008 payout and to 4.7 cents for the final distribution of this period. No capital gains were distributed this reporting period.
At the end of this reporting period, the Fund had nearly 700 holdings and an average credit quality of A-minus. Despite the broad turmoil in the municipal market, which caused widespread declines in NAVs, default rates on municipal bonds in general and in this Fund in particular continue to be extremely low relative to the default rates on other fixed-income instruments. The default rate on investments in this portfolio remained in line with our expectations, and we remain confident in the long-term structural advantages of the Fund’s investments.
As the charts on pages 22 to 24 show, the Fund’s total returns were negative this reporting period as investors grew increasingly concerned about risk and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities the Fund favors than to our Fund’s benchmark.
At the end of this reporting period, California general obligation bonds were rated A-plus with a stable outlook by Standard & Poor’s, A1 with a stable outlook by Moody’s Investors Service and A-plus by Fitch Ratings. In January 2008, Fitch issued a negative ratings watch for California general obligation bonds. As the state’s general obligation bonds are backed by the full faith and taxing power of the state, we believe that municipal bonds issued by California will continue to represent solid credits for investors seeking high levels of tax-free income.
In the Municipal Leases sector, which comprised 0.8% of the Fund’s market value on July 31, 2008, one acquisition in particular illustrates how the Fund benefited from its entry
15 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
into the auction rate securities (ARS) market. An ARS is a long-term municipal security with an interest rate that resets at a specific frequency (typically 7 to 35 days) through an auction process. Many municipal auctions failed this reporting period because bidders were in short supply. These auction failures created financial headaches for investors who bought bonds with the assumption that their investments would remain highly liquid, and they also pushed the short-term rates on some bonds into the double digits. Intrigued by the opportunity to purchase high-yielding bonds, we applied our credit research expertise to the municipal auction inventory and identified some highly attractive bonds with resetting rates. For example, in February 2008, the Fund purchased Val Verde, California, Unified School District certificates of participation that initially offered a 9.22% rate and were insured by XL Capital Assurance Inc.1 At the end of February, these bonds represented the ninth largest holding in the portfolio. As auction rate prices firmed in late March, the Fund sold its position. Despite their brief tenure in the portfolio, the Val Verde bonds helped the Fund deliver high levels of tax-free yield to investors this reporting period. By July 31, 2008, billions of dollars of municipal auction rate securities had been refinanced into lower-yielding credit structures, and the municipal auctions became far less attractive to yield-seeking investors. The Fund’s participation in the municipal auctions, we believe, demonstrates the Rochester investment team’s flexibility and responsiveness to evolving market conditions.
During this reporting period, which was characterized by credit spread widening, prices fell on our investments in many credit-sensitive sectors. Credit spreads are said to be widening when the yield difference between higher-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 ratings.
For example, the Fund continued to maintain sizable holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. The Rochester investment team was among the early believers in the structural and yield advantages of these types of bonds, which are backed by state and/or territory proceeds from a national litigation settlement with tobacco manufacturers. To date, MSA payments to the states and territories have
1. Certificates of participation (COPs) are financing arrangements in which an individual or Fund buys a share of the lease revenues of an agreement made by a municipal or government entity. In a COP, the bond is not secured by the lease revenues. As of August 4, 2008, name changes were announced for XL Capital Assurance Inc. and its parent, Security Capital Assurance Ltd. The entities’ new names are Syncora Guarantee Inc. and Syncora Holdings Ltd., respectively.
16 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
been in line with projections made at the outset of this landmark agreement.2 At the end of this reporting period, MSA-backed tobacco bonds accounted for nearly one-quarter of Fund investments and comprised the Fund’s second largest sector.
As they faced considerable pricing pressure this reporting period, MSA-backed tobacco bonds underperformed other securities with similar ratings. The following factors, we believe, were significant: a general widening of credit spreads, to which tobacco bonds are inherently more sensitive; an increase in the national supply of MSA bonds, including a record-setting sale by Ohio’s Buckeye Tobacco Settlement Finance Authority; and Standard & Poor’s announcement about changing its assessment of 11 tobacco bonds to negative watch, from negative outlook. Pricing pressure remained persistent even as Fitch Ratings upgraded the ratings of nearly 240 MSA-backed tobacco bonds. As first announced in January 2008, Fitch raised the majority of these bonds to a rating of BBB-plus, the highest rating it gives for these securities. We believe that the price volatility this reporting period was not related to fundamental changes in the credit quality of tobacco bonds. Additionally, we believe the sector should continue to provide attractive, long-term benefits to our yield-seeking investors.
Further, while industry litigation may create some headline-induced volatility, we continue to believe that the long-term impact of tobacco-related court cases should be negligible. If anything, the latest headlines have been quite favorable. In early April, a three-judge panel in federal appeals court reversed an earlier decision that had granted class-action status to smokers of “light” cigarettes. The panel ruled that individual cases were too distinct from one another to qualify as a “class.” In June, the U.S. Supreme Court announced that it would take a third look at a long-running dispute between the family of a deceased smoker and Philip Morris. Twice before, the Supreme Court has ruled that the punitive damages awarded in Oregon were excessive. The Supreme Court’s recent decision to lower the punitive damages awarded in the Exxon-Valdez case, we believe, bodes well for the tobacco manufacturer. The Philip Morris case is expected to be on the Supreme Court’s fall docket.
In our experience, interest payments and scheduled payments of principal on the tobacco bonds this Fund holds have always been made in a timely manner, and many
2. Bond investments 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.
17 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
bonds have repaid principal earlier than their scheduled final maturity. Our confidence in the long-term benefits these bonds can provide is such that we took advantage of market conditions this reporting period to invest in high-yielding MSA-backed securities.
During this reporting period, the Fund increased its diverse holdings in land development bonds (“dirt bonds”), whose proceeds finance the infrastructure requirements of new real estate development. These Special Tax and Special Assessment holdings represented about one-third of the Fund’s market value as of July 31, 2008. The Fund’s holdings represent a diversity of projects, developers and locations as well as projects at different stages of completion. Our credit analysis during this reporting period confirmed our long-standing belief that the fundamentals in these sectors remain intact, despite the recent challenges in the national housing market and some reports of temporary payment interruptions on these types of bonds.
Carefully researched “dirt bonds,” we believe, can provide significant yield advantages for Fund investors. Interest payments are made using the proceeds from the collected tax or assessment and are on parity with property taxes and senior to any mortgage on the property. Whoever owns the land is responsible for the tax and assessment payments, and these payments have a lien ahead of any mortgage. The value of the land is factored into each bond’s unique structure, and we believe it would be highly unlikely that the value would fall so precipitously and permanently that it would become of no interest to any developer.
In our experience, for every financially troubled developer who might have to walk away from a half-built project, there are countless others who are eager to negotiate a better deal with community leaders, resume the work and assume the debt-service obligations. A small position that was of concern at the end of the previous reporting period provides further evidence of this phenomenon. The Fund had purchased bonds issued to finance infrastructure development in the Roripaugh Community Facilities District in Temecula, California. Prices of these bonds declined last reporting period amid reports of delayed construction timelines, withheld building permits and the bankruptcy filings of the lead developer and a participating home builder. We were cautiously optimistic in July 2007 that scheduled payments would continue and that affiliated developers would use an existing line of credit to offset any future payment shortfalls. We are happy to report that all scheduled payments were made during the reporting period ended July 31, 2008, that a buyer has reportedly emerged for this project and that arrangements have been made to resolve any tax delinquencies. We believe this represents a good outcome for the Fund.
Recent news reports about languishing housing developments or bankrupt homebuilding companies have fostered some concerns about the long-term viability of all sorts of real
18 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
estate-related investments, and the prices in these two sectors have declined. Despite the recent underperformance of these sectors, we remain confident in the structural and yield advantages of the “dirt bonds” this Fund holds. Our recent investments, in particular, should provide significant benefits to shareholders because they offered very competitive yields at attractive prices. In time, we expect the housing crisis will abate and these high-yielding bonds will command higher prices in the market.
In addition, the Fund included securities in the single-family and multifamily housing sectors, which constituted 7.5% and 1.8% of the portfolio’s market value, respectively, as of July 31, 2008. The Fund’s single-family housing bonds are high-grade securities that have been issued by state agencies, which continue to abide by conservative lending practices. We believe our multifamily housing bonds represent a good value, because the demand for these types of properties will likely rise as the housing crisis persists. Additionally, the Fund does not invest in the securities created from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs) and thus has no exposure to these credits. The overall credit quality of our housing-sector investments has been unaffected by the developments in the sub-prime mortgage market, but the prices nonetheless fell this reporting period.
In the reporting period ended July 31, 2008, our in-house credit research team continued to identify yield-enhancing municipal issues in the Commonwealth of Puerto Rico, despite ongoing economic difficulties and political scandals there. As of July 31, 2008, bonds issued by the commonwealth represented 2.6% of the Fund’s invested assets. Most of these investments involve so-called “creatures of the state” that are supported by tax revenues—electric utilities, education, highways—versus investments for project financing. As such, we remain confident in the government’s ability to collect the taxes and make bond payments using tax proceeds. As discussed in the Market Recap and Outlook, we expect many lower-rated bonds—for example, BBB-rated general obligation bonds issued by Puerto Rico—to be upgraded once Moody’s starts to rate municipal bonds on the same scale it uses for corporate bonds. These ratings, we believe, will more accurately reflect the true credit quality of these bonds. (Fitch, which has also proposed a uniform ratings scale, does not rate Puerto Rico credits.) Investors should note that the commonwealth, its agencies and the government development bank retained their investment-grade ratings during this reporting period and the outlook, according to both S&P and Moody’s, is stable.
During the latter half of this reporting period, many bond insurers faced renewed scrutiny from the credit ratings organizations this reporting period and, as a result, the prices of many insured bonds fell, regardless of the strength of the underlying credit. The bond insurers’ woes were not based on their practice of insuring municipal bonds, which arguably do not need to be insured, but on the insurers’ exposure to sub-prime mortgages.
19 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
As of July 31, 2008, about 1.3% of the Fund’s assets were insured by ACA Financial Guaranty Corporation. In December 2007, after the insurer lost its investment-grade status, the prices of these bonds declined. These assets were quickly re-evaluated by our in-house credit research team. Instead of applying the insurer’s own credit rating to the insured bond, the team gave each insured holding an internal rating based on the actual credit quality of the underlying security. Investors should note that the underlying borrowers for ACA-insured bonds held by the Fund have consistently made their interest and principal payments without any apparent support from the insurer. While news about bond insurers continues to generate headlines, we remain confident in our credit team’s ability to determine which underlying issues meet our standards for creditworthiness and which represent good values for our shareholders.
The Fund continued to invest in municipal inverse-floating-rate securities this reporting period. These are tax-exempt securities whose interest payments move inversely to changes in short-term interest rates. With generally higher tax-free yields than regular fixed-rate bonds of comparable maturity and credit quality, these securities helped the Fund provide higher dividends this reporting period as the yield curve steepened. However, these securities often face greater price volatility than comparable fixed-rate bonds, and the volatility this reporting period detracted from the Fund’s overall performance.
The Fund also invested in percentage of LIBOR notes (PLNs), a type of bond structure that experienced price declines this reporting period when another U.S. financial institution sold a large position at a loss. This move depressed the prices of PLNs across the board even though PLN credit quality, which varies among tax-free issuers, generally remained solid. PLNs are bonds that pay a variable rate based on LIBOR and most are A-rated or better. The PLN structure can deliver attractive levels of tax-free yield. However, in a rare development, municipal yields exceeded Treasury and LIBOR rates this reporting period and, as a result, PLNs detracted from Fund performance. We continue to believe that this type of bond will be a valuable source of revenue once more normal rate relations are in place and, therefore, remain invested in a diverse basket of bonds with this structure.
Our approach to municipal bond investing is flexible and responsive to market conditions; our strategies are intended to balance many different types of risk to reduce overall portfolio risk. 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.
20 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
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, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. 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.
The Fund’s performance is compared to the performance of the Lehman Brothers 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 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 CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
22 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Class B Shares
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 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 25 for further information.
23 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Class C Shares
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 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 25 for further information.
24 | OPPENHEIMER 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 the Oppenheimer 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 11/3/88. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge.
Class B shares of the Fund were first publicly offered on 5/3/93. The average annual total returns are shown net of the applicable contingent deferred sales charge of 5% (1-year) and 1% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. 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 11/1/95. The average annual total returns are shown net of the applicable 1% contingent deferred sales charge 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 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, 2008.
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 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 |
| Actual | | February 1, 2008 | | July 31, 2008 | | July 31, 2008 |
| |
| Class A | | $ | 1,000.00 | | | $ | 906.40 | | | $ | 8.05 | |
| Class B | | | 1,000.00 | | | | 901.80 | | | | 11.95 | |
| Class C | | | 1,000.00 | | | | 902.80 | | | | 11.67 | |
| |
| Hypothetical | | | | | | | | | | | | |
| (5% return before expenses) | | | | | | | | | | | | |
| |
| Class A | | | 1,000.00 | | | | 1,016.46 | | | | 8.51 | |
| Class B | | | 1,000.00 | | | | 1,012.38 | | | | 12.64 | |
| Class C | | | 1,000.00 | | | | 1,012.68 | | | | 12.33 | |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, based on the 6-month period ended July 31, 2008 are as follows:
| | | | | |
| Class | | Expense Ratios |
| |
| Class A | | | 1.69 | % |
| Class B | | | 2.51 | |
| Class C | | | 2.45 | |
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 CALIFORNIA MUNICIPAL FUND
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28 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS July 31, 2008
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| Municipal Bonds and Notes—128.5% | | | | | | | | | | | | |
| |
| California—122.1% | | | | | | | | | | | | |
| $ | 2,675,000 | | | Adelanto, CA Elementary School District Community Facilities District No. 11 | | | 5.250 | % | | | 09/01/2026 | | | $ | 2,331,209 | |
| | 7,310,000 | | | Adelanto, CA Elementary School District Community Facilities District No. 11 | | | 5.350 | | | | 09/01/2036 | | | | 6,251,658 | |
| | 2,145,000 | | | Adelanto, CA Elementary School District Community Facilities District No. 11 | | | 5.400 | | | | 09/01/2036 | | | | 1,848,239 | |
| | 55,000 | | | Adelanto, CA Improvement Agency, Series B | | | 5.500 | | | | 12/01/2023 | | | | 55,379 | |
| | 50,000 | | | Adelanto, CA Public Financing Authority, Series B1 | | | 6.300 | | | | 09/01/2028 | | | | 50,072 | |
| | 5,025,000 | | | Agua Mansa, CA Industrial Growth Assoc. Special Tax1 | | | 6.500 | | | | 09/01/2033 | | | | 5,078,567 | |
| | 200,000 | | | Alameda, CA Public Financing Authority | | | 5.450 | | | | 09/02/2014 | | | | 204,114 | |
| | 25,000 | | | Alvord, CA Unified School District Community Facilities District | | | 5.875 | | | | 09/01/2034 | | | | 25,030 | |
| | 100,000 | | | Alvord, CA Unified School District Community Facilities District Special Tax | | | 4.500 | | | | 09/01/2017 | | | | 90,817 | |
| | 150,000 | | | Arcadia, CA Hospital (Methodist Hospital of Southern California)1 | | | 6.625 | | | | 11/15/2022 | | | | 150,119 | |
| | 500,000 | | | Arvin, CA Community Redevel. Agency | | | 5.000 | | | | 09/01/2025 | | | | 433,735 | |
| | 2,435,000 | | | Arvin, CA Community Redevel. Agency1 | | | 5.125 | | | | 09/01/2035 | | | | 2,028,331 | |
| | 990,000 | | | Azusa, CA Special Tax Community Facilities District No. 05-1 | | | 5.000 | | | | 09/01/2021 | | | | 899,831 | |
| | 2,730,000 | | | Azusa, CA Special Tax Community Facilities District No. 05-11 | | | 5.000 | | | | 09/01/2027 | | | | 2,302,837 | |
| | 9,780,000 | | | Azusa, CA Special Tax Community Facilities District No. 05-11 | | | 5.000 | | | | 09/01/2037 | | | | 7,900,773 | |
| | 1,000,000 | | | Bakersfield, CA Improvement Bond Act 1915 | | | 5.000 | | | | 09/02/2027 | | | | 869,270 | |
| | 1,125,000 | | | Bakersfield, CA Improvement Bond Act 1915 | | | 5.125 | | | | 09/02/2026 | | | | 998,449 | |
| | 465,000 | | | Bakersfield, CA Improvement Bond Act 1915 | | | 5.350 | | | | 09/02/2022 | | | | 436,714 | |
| | 2,260,000 | | | Bakersfield, CA Improvement Bond Act 19151 | | | 5.400 | | | | 09/02/2025 | | | | 2,087,788 | |
| | 3,835,000 | | | Bakersfield, CA Improvement Bond Act 19151 | | | 7.375 | | | | 09/02/2028 | | | | 3,781,770 | |
| | 3,700,000 | | | Beaumont, CA Financing Authority, Series A1 | | | 5.350 | | | | 09/01/2036 | | | | 3,029,449 | |
| | 1,500,000 | | | Beaumont, CA Financing Authority, Series A1 | | | 5.750 | | | | 09/01/2034 | | | | 1,428,975 | |
| | 1,050,000 | | | Beaumont, CA Financing Authority, Series A1 | | | 6.875 | | | | 09/01/2036 | | | | 1,053,917 | |
| | 685,000 | | | Beaumont, CA Financing Authority, Series B | | | 5.000 | | | | 09/01/2027 | | | | 585,196 | |
| | 3,170,000 | | | Beaumont, CA Financing Authority, Series B1 | | | 5.050 | | | | 09/01/2037 | | | | 2,624,380 | |
| | 1,000,000 | | | Beaumont, CA Financing Authority, Series B | | | 5.350 | | | | 09/01/2028 | | | | 915,400 | |
| | 1,490,000 | | | Beaumont, CA Financing Authority, Series B1 | | | 5.400 | | | | 09/01/2035 | | | | 1,335,338 | |
| | 5,000,000 | | | Beaumont, CA Financing Authority, Series B1 | | | 6.000 | | | | 09/01/2034 | | | | 4,925,200 | |
| | 1,525,000 | | | Beaumont, CA Financing Authority, Series B1 | | | 6.000 | | | | 09/01/2034 | | | | 1,447,088 | |
| | 2,340,000 | | | Beaumont, CA Financing Authority, Series C1 | | | 5.500 | | | | 09/01/2035 | | | | 2,061,025 | |
| | 2,925,000 | | | Beaumont, CA Financing Authority, Series D1 | | | 5.800 | | | | 09/01/2035 | | | | 2,781,412 | |
F1 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 5,245,000 | | | Beaumont, CA Financing Authority, Series E | | | 6.250 | % | | | 09/01/2038 | | | $ | 5,048,942 | |
| | 75,000 | | | Berkeley, CA Unified School District1 | | | 5.000 | | | | 08/01/2022 | | | | 75,097 | |
| | 500,000 | | | Blythe, CA Community Facilities District Special Tax (Hidden Beaches) | | | 5.300 | | | | 09/01/2035 | | | | 427,645 | |
| | 30,000 | | | Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation) | | | 5.650 | | | | 05/01/2029 | | | | 27,551 | |
| | 7,605,000 | | | Brentwood, CA Infrastructure Financing Authority1 | | | 5.200 | | | | 09/02/2036 | | | | 6,382,800 | |
| | 30,000 | | | Brentwood, CA Infrastructure Financing Authority (Water & Sewer)1 | | | 5.625 | | | | 07/01/2026 | | | | 30,046 | |
| | 2,115,000 | | | Buena Park, CA Community Redevel. Agency Tax Allocation (Construction Redevel.)1 | | | 6.250 | | | | 09/01/2035 | | | | 2,193,297 | |
| | 25,000 | | | Buena Park, CA Special Tax (Park Mall) | | | 6.100 | | | | 09/01/2028 | | | | 24,336 | |
| | 60,000 | | | Butte County, CA Hsg. Authority (Affordable Hsg. Pool) | | | 7.000 | | | | 10/01/2020 | | | | 59,995 | |
| | 3,025,000 | | | CA ABAG Finance Authority for NonProfit Corporations (Channing House)1 | | | 5.500 | | | | 02/15/2029 | | | | 2,832,792 | |
| | 65,000 | | | CA ABAG Finance Authority for NonProfit Corporations (Redding Assisted Living Corp.) | | | 5.250 | | | | 11/15/2031 | | | | 55,208 | |
| | 10,000,000 | | | CA ABAG Finance Authority for Nonprofit Corporations (The Jackson Lab)1 | | | 5.750 | | | | 07/01/2037 | | | | 9,985,400 | |
| | 90,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP1 | | | 6.000 | | | | 08/15/2020 | | | | 90,132 | |
| | 450,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West)1 | | | 5.750 | | | | 10/01/2017 | | | | 452,021 | |
| | 210,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West)1 | | | 6.200 | | | | 10/01/2027 | | | | 210,636 | |
| | 450,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP (Lytton Gardens)1 | | | 6.000 | | | | 02/15/2019 | | | | 455,144 | |
| | 10,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP (Merced Family Health Centers)1 | | | 5.950 | | | | 01/01/2024 | | | | 10,008 | |
| | 25,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)1 | | | 5.350 | | | | 10/01/2029 | | | | 22,539 | |
| | 4,300,000 | | | CA ABAG Finance Authority for NonProfit Corporations COP (Redwood Senior Homes & Services)1 | | | 6.125 | | | | 11/15/2032 | | | | 4,338,528 | |
| | 235,000 | | | CA ABAG Improvement Bond Act 1915 (Windemere Ranch)1 | | | 6.150 | | | | 09/02/2029 | | | | 286,420 | |
| | 75,000 | | | CA Affordable Hsg. Agency (Merced County Hsg. Authority) | | | 6.000 | | | | 01/01/2023 | | | | 71,689 | |
| | 2,025,000 | | | CA Aztec Shops Auxiliary Organization (San Diego State University)1 | | | 6.000 | | | | 09/01/2031 | | | | 2,031,926 | |
| | 10,530,000 | | | CA County Tobacco Securitization Agency | | | 5.000 | | | | 06/01/2047 | | | | 7,600,870 | |
| | 39,700,000 | | | CA County Tobacco Securitization Agency | | | 5.750 | 2 | | | 06/01/2057 | | | | 748,345 | |
| | 18,355,000 | | | CA County Tobacco Securitization Agency | | | 5.820 | 2 | | | 06/01/2033 | | | | 2,616,689 | |
| | 43,500,000 | | | CA County Tobacco Securitization Agency | | | 5.890 | 2 | | | 06/01/2046 | | | | 2,133,675 | |
F2 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 45,600,000 | | | CA County Tobacco Securitization Agency | | | 6.125 | %2 | | | 06/01/2057 | | | $ | 764,256 | |
| | 20,000,000 | | | CA County Tobacco Securitization Agency | | | 6.300 | 2 | | | 06/01/2055 | | | | 396,400 | |
| | 82,110,000 | | | CA County Tobacco Securitization Agency | | | 6.423 | 2 | | | 06/01/2046 | | | | 4,027,496 | |
| | 51,500,000 | | | CA County Tobacco Securitization Agency | | | 6.700 | 2 | | | 06/01/2057 | | | | 699,370 | |
| | 55,250,000 | | | CA County Tobacco Securitization Agency | | | 6.901 | 2 | | | 06/01/2057 | | | | 750,295 | |
| | 71,700,000 | | | CA County Tobacco Securitization Agency | | | 7.000 | 2 | | | 06/01/2055 | | | | 1,421,094 | |
| | 347,900,000 | | | CA County Tobacco Securitization Agency | | | 7.550 | 2 | | | 06/01/2055 | | | | 5,635,980 | |
| | 173,750,000 | | | CA County Tobacco Securitization Agency | | | 7.553 | 2 | | | 06/01/2055 | | | | 2,814,750 | |
| | 409,500,000 | | | CA County Tobacco Securitization Agency | | | 8.251 | 2 | | | 06/01/2055 | | | | 6,633,900 | |
| | 5,000,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 0.000 | 3 | | | 06/01/2036 | | | | 3,321,600 | |
| | 28,225,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 0.000 | 3 | | | 06/01/2041 | | | | 18,582,776 | |
| | 28,270,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 0.000 | 3 | | | 06/01/2046 | | | | 18,568,584 | |
| | 19,815,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 5.125 | | | | 06/01/2038 | | | | 14,969,044 | |
| | 3,725,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 5.125 | | | | 06/01/2038 | | | | 2,814,014 | |
| | 11,435,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 5.250 | | | | 06/01/2045 | | | | 8,658,811 | |
| | 5,815,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 5.250 | | | | 06/01/2045 | | | | 4,403,234 | |
| | 6,000,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 5.250 | | | | 06/01/2046 | | | | 4,535,220 | |
| | 4,375,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 5.750 | | | | 06/01/2029 | | | | 4,041,319 | |
| | 6,230,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 5.875 | | | | 06/01/2027 | | | | 5,880,809 | |
| | 9,125,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 5.875 | | | | 06/01/2035 | | | | 8,161,035 | |
| | 1,250,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 5.875 | | | | 06/01/2043 | | | | 1,106,888 | |
| | 10,545,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 6.000 | | | | 06/01/2035 | | | | 9,593,630 | |
| | 21,960,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 6.000 | | | | 06/01/2042 | | | | 19,829,221 | |
| | 10,025,000 | | | CA County Tobacco Securitization Agency (TASC)1 | | | 6.125 | | | | 06/01/2038 | | | | 9,247,762 | |
| | 50,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 6.125 | | | | 06/01/2043 | | | | 45,948 | |
| | 86,970,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 6.375 | 2 | | | 06/01/2046 | | | | 3,966,702 | |
| | 65,800,000 | | | CA County Tobacco Securitization Agency (TASC) | | | 6.600 | 2 | | | 06/01/2046 | | | | 2,770,838 | |
| | 9,975,000 | | | CA Dept. of Veterans Affairs Home Purchase4 | | | 5.000 | | | | 12/01/2027 | | | | 9,173,107 | |
| | 45,000 | | | CA Dept. of Veterans Affairs Home Purchase1 | | | 5.200 | | | | 12/01/2027 | | | | 45,000 | |
| | 2,925,000 | | | CA Dept. of Veterans Affairs Home Purchase1 | | | 5.500 | | | | 12/01/2019 | | | | 2,963,581 | |
| | 15,000 | | | CA Dept. of Water Resources (Center Valley)1 | | | 5.000 | | | | 12/01/2029 | | | | 15,013 | |
| | 10,000 | | | CA Dept. of Water Resources (Center Valley)1 | | | 5.400 | | | | 07/01/2012 | | | | 10,024 | |
| | 50,000 | | | CA Eastern Municipal Water District (BarringtonHeights) | | | 5.125 | | | | 09/01/2035 | | | | 41,045 | |
| | 2,500,000 | | | CA Enterprise Devel. Authority (Anheuser-Busch Companies) | | | 5.300 | | | | 09/01/2047 | | | | 2,217,075 | |
| | 10,000,000 | | | CA Foothill Eastern Transportation Corridor Agency Toll Road1 | | | 5.877 | 2 | | | 01/15/2030 | | | | 2,480,200 | |
| | 45,000 | | | CA GO1 | | | 5.000 | | | | 04/01/2022 | | | | 45,447 | |
| | 10,000 | | | CA GO1 | | | 5.000 | | | | 10/01/2023 | | | | 10,002 | |
| | 5,000 | | | CA GO1 | | | 5.125 | | | | 02/01/2027 | | | | 5,036 | |
F3 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 20,000 | | | CA GO1 | | | 5.125 | % | | | 03/01/2031 | | | $ | 20,006 | |
| | 5,000 | | | CA GO1 | | | 5.125 | | | | 06/01/2031 | | | | 5,015 | |
| | 25,000 | | | CA GO1 | | | 5.500 | | | | 04/01/2019 | | | | 25,113 | |
| | 140,000 | | | CA GO1 | | | 5.500 | | | | 03/01/2020 | | | | 140,332 | |
| | 5,000 | | | CA GO1 | | | 5.500 | | | | 10/01/2022 | | | | 5,018 | |
| | 60,000 | | | CA GO1 | | | 6.250 | | | | 10/01/2019 | | | | 60,353 | |
| | 200,000 | | | CA GO1 | | | 6.250 | | | | 10/01/2019 | | | | 201,268 | |
| | 78,410,000 | | | CA Golden State Tobacco Securitization Corp. (TASC)1 | | | 0.000 | 3 | | | 06/01/2037 | | | | 43,243,899 | |
| | 5,150,000 | | | CA Golden State Tobacco Securitization Corp. (TASC) | | | 5.000 | | | | 06/01/2045 | | | | 4,575,363 | |
| | 132,985,000 | | | CA Golden State Tobacco Securitization Corp. (TASC) | | | 5.125 | | | | 06/01/2047 | | | | 98,172,187 | |
| | 205,940,000 | | | CA Golden State Tobacco Securitization Corp. (TASC) | | | 6.902 | 2 | | | 06/01/2047 | | | | 9,327,023 | |
| | 495,000 | | | CA Health Facilities Financing Authority (Hospital of the Good Samaritan)1 | | | 7.000 | | | | 09/01/2021 | | | | 494,936 | |
| | 1,575,000 | | | CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center)1 | | | 5.625 | | | | 07/01/2019 | | | | 1,576,465 | |
| | 140,000 | | | CA Health Facilities Financing Authority (Sutter Health)1 | | | 5.250 | | | | 08/15/2027 | | | | 141,217 | |
| | 80,000 | | | CA Health Facilities Financing Authority (Sutter Health)1 | | | 5.350 | | | | 08/15/2028 | | | | 80,958 | |
| | 30,500,000 | | | CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center) | | | 5.250 | | | | 11/15/2046 | | | | 29,630,750 | |
| | 10,000,000 | | | CA HFA (Home Mtg.)4 | | | 5.050 | | | | 02/01/2029 | | | | 9,029,800 | |
| | 16,250,000 | | | CA HFA (Home Mtg.)4 | | | 5.500 | | | | 02/01/2042 | | | | 16,429,185 | |
| | 10,000,000 | | | CA HFA (Home Mtg.)4 | | | 5.600 | | | | 08/01/2038 | | | | 9,446,650 | |
| | 4,930,000 | | | CA HFA (Home Mtg.) | | | 5.600 | | | | 08/01/2038 | | | | 4,657,125 | |
| | 25,000 | | | CA HFA (Multifamily Hsg.)1 | | | 5.375 | | | | 08/01/2028 | | | | 24,212 | |
| | 205,000 | | | CA HFA (Multifamily Hsg.)1 | | | 5.950 | | | | 08/01/2028 | | | | 206,095 | |
| | 380,000 | | | CA HFA (Multifamily Hsg.), Series A1 | | | 5.900 | | | | 02/01/2028 | | | | 380,110 | |
| | 95,000 | | | CA HFA (Multifamily Hsg.), Series B | | | 5.500 | | | | 08/01/2039 | | | | 87,725 | |
| | 30,000 | | | CA HFA, Series A1 | | | 5.600 | | | | 08/01/2011 | | | | 30,181 | |
| | 215,000 | | | CA HFA, Series B-11 | | | 5.600 | | | | 08/01/2017 | | | | 216,120 | |
| | 10,025,000 | | | CA HFA, Series C1 | | | 5.750 | | | | 08/01/2030 | | | | 10,103,897 | |
| | 15,770,000 | | | CA Home Mtg. Finance Authority (Homebuyers Fund)4 | | | 5.800 | | | | 08/01/2043 | | | | 15,970,099 | |
| | 5,000,000 | | | CA Home Mtg. Finance Authority (Homebuyers Fund)1 | | | 6.000 | | | | 02/01/2033 | | | | 5,174,450 | |
| | 5,450,000 | | | CA Home Mtg. Finance Authority (Homebuyers Fund) | | | 6.000 | | | | 02/01/2049 | | | | 5,352,445 | |
| | 4,560,000 | | | CA Home Mtg. Finance Authority (Homebuyers Fund) | | | 6.100 | | | | 02/01/2046 | | | | 4,536,014 | |
| | 40,000 | | | CA Independent Cities Lease Finance Authority (Caritas Affordable Hsg.) | | | 5.375 | | | | 08/15/2040 | | | | 34,324 | |
| | 4,000,000 | | | CA Independent Cities Lease Finance Authority (Caritas) | | | 5.200 | | | | 08/15/2045 | | | | 3,409,280 | |
| | 130,000 | | | CA Independent Cities Lease Finance Authority (El Granada Mobile Home Park) | | | 6.000 | | | | 05/15/2034 | | | | 125,607 | |
| | 500,000 | | | CA Independent Cities Lease Finance Authority (San Juan Mobile Estates) | | | 5.450 | | | | 05/15/2026 | | | | 461,145 | |
F4 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 6,430,000 | | | CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts)1 | | | 5.000 | % | | | 12/01/2032 | | | $ | 2,997,859 | |
| | 4,885,000 | | | CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | | | 5.530 | 2 | | | 12/01/2026 | | | | 468,178 | |
| | 3,620,000 | | | CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | | | 5.550 | 2 | | | 12/01/2027 | | | | 328,768 | |
| | 25,250,000 | | | CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | | | 5.624 | 2 | | | 12/01/2032 | | | | 2,040,958 | |
| | 26,275,000 | | | CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) | | | 5.655 | 2 | | | 12/01/2037 | | | | 1,861,058 | |
| | 110,000 | | | CA Lee Lake Water District Community Facilities District No. 1 (Sycamore Creek) | | | 6.000 | | | | 09/01/2033 | | | | 103,168 | |
| | 65,000 | | | CA M-S-R Public Power Agency (San Juan)1 | | | 6.000 | | | | 07/01/2022 | | | | 68,836 | |
| | 10,000 | | | CA Mobilehome Park Financing Authority (Palomar Estates East & West) | | | 5.100 | | | | 09/15/2023 | | | | 9,131 | |
| | 2,100,000 | | | CA Municipal Finance Authority (ECHS/AHEF/HK-8CS Obligated Group)1 | | | 5.250 | | | | 06/01/2036 | | | | 1,823,157 | |
| | 120,000 | | | CA Pollution Control Financing Authority (Browning-Ferris Industries)1 | | | 5.800 | | | | 12/01/2016 | | | | 114,685 | |
| | 14,500,000 | | | CA Pollution Control Financing Authority (Browning-Ferris Industries)1 | | | 6.875 | | | | 11/01/2027 | | | | 14,298,740 | |
| | 27,430,000 | | | CA Pollution Control Financing Authority (Pacific Gas and Electric Company)1 | | | 4.750 | | | | 12/01/2023 | | | | 23,625,733 | |
| | 25,000,000 | | | CA Pollution Control Financing Authority (Pacific Gas and Electric Company)1 | | | 4.750 | | | | 12/01/2023 | | | | 21,532,750 | |
| | 1,005,000 | | | CA Pollution Control Financing Authority (Sacramento Biosolids Facility) | | | 5.500 | | | | 12/01/2024 | | | | 881,264 | |
| | 185,000 | | | CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1 | | | 5.850 | | | | 06/01/2021 | | | | 184,989 | |
| | 1,015,000 | | | CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1 | | | 5.850 | | | | 06/01/2021 | | | | 1,015,558 | |
| | 5,000,000 | | | CA Port of Oakland, Series K4 | | | 5.750 | | | | 11/01/2015 | | | | 5,055,650 | |
| | 5,000,000 | | | CA Port of Oakland, Series K4 | | | 5.875 | | | | 11/01/2017 | | | | 5,045,975 | |
| | 20,500,000 | | | CA Port of Oakland, Series L4 | | | 5.000 | | | | 11/01/2032 | | | | 18,451,333 | |
| | 9,720,000 | | | CA Port of Oakland, Series N4 | | | 5.000 | | | | 11/01/2022 | | | | 9,206,687 | |
| | 25,000 | | | CA Public Works (Dept. of Corrections)1 | | | 5.250 | | | | 06/01/2028 | | | | 25,171 | |
| | 100,000 | | | CA Public Works (Dept. of General Services)1 | | | 5.000 | | | | 12/01/2027 | | | | 99,137 | |
| | 440,000 | | | CA Public Works (State Universities)1 | | | 5.500 | | | | 12/01/2018 | | | | 440,427 | |
| | 12,000,000 | | | CA Public Works (Various Community Colleges)1 | | | 5.625 | | | | 03/01/2016 | | | | 12,030,240 | |
| | 100,000 | | | CA Public Works (Various State Universities)1 | | | 5.400 | | | | 10/01/2022 | | | | 102,155 | |
| | 115,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.400 | | | | 08/01/2035 | | | | 112,664 | |
F5 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 4,270,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.)1 | | | 5.400 | % | | | 12/01/2036 | | | $ | 4,188,870 | |
| | 9,490,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.400 | | | | 06/01/2048 | | | | 9,249,808 | |
| | 4,740,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.450 | | | | 02/01/2048 | | | | 4,560,449 | |
| | 23,190,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.500 | | | | 02/01/2043 | | | | 22,896,878 | |
| | 3,900,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.500 | | | | 08/01/2047 | | | | 3,820,284 | |
| | 485,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.500 | | | | 08/01/2047 | | | | 445,356 | |
| | 13,900,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.650 | | | | 02/01/2049 | | | | 12,545,028 | |
| | 8,890,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.)1 | | | 5.700 | | | | 02/01/2033 | | | | 9,392,107 | |
| | 6,450,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.700 | | | | 08/01/2044 | | | | 6,133,176 | |
| | 5,765,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.750 | | | | 02/01/2044 | | | | 5,903,994 | |
| | 4,505,000 | | | CA Rural Home Mtg. Finance Authority (Single Family Mtg.) | | | 5.750 | | | | 02/01/2046 | | | | 4,216,094 | |
| | 34,000,000 | | | CA Silicon Valley Tobacco Securitization Authority | | | 5.621 | 2 | | | 06/01/2036 | | | | 3,769,920 | |
| | 21,465,000 | | | CA Silicon Valley Tobacco Securitization Authority | | | 5.680 | 2 | | | 06/01/2041 | | | | 1,578,107 | |
| | 17,650,000 | | | CA Silicon Valley Tobacco Securitization Authority | | | 5.850 | 2 | | | 06/01/2047 | | | | 741,830 | |
| | 165,000,000 | | | CA Silicon Valley Tobacco Securitization Authority | | | 6.300 | 2 | | | 06/01/2056 | | | | 3,007,950 | |
| | 100,000,000 | | | CA Silicon Valley Tobacco Securitization Authority | | | 6.850 | 2 | | | 06/01/2056 | | | | 1,525,000 | |
| | 150,000 | | | CA Statewide CDA | | | 5.000 | | | | 09/02/2018 | | | | 141,747 | |
| | 145,000 | | | CA Statewide CDA | | | 5.000 | | | | 09/02/2019 | | | | 135,210 | |
| | 245,000 | | | CA Statewide CDA | | | 5.125 | | | | 09/02/2020 | | | | 229,043 | |
| | 2,950,000 | | | CA Statewide CDA1 | | | 5.125 | | | | 09/02/2025 | | | | 2,640,014 | |
| | 8,495,000 | | | CA Statewide CDA1 | | | 5.200 | | | | 09/02/2036 | | | | 7,129,769 | |
| | 100,000 | | | CA Statewide CDA | | | 6.527 | 2 | | | 09/01/2028 | | | | 25,277 | |
| | 75,000 | | | CA Statewide CDA | | | 6.625 | | | | 09/01/2027 | | | | 75,037 | |
| | 1,000,000 | | | CA Statewide CDA | | | 6.625 | | | | 09/02/2038 | | | | 1,003,540 | |
| | 50,000 | | | CA Statewide CDA | | | 6.750 | | | | 09/01/2037 | | | | 51,373 | |
| | 100,000 | | | CA Statewide CDA | | | 6.773 | 2 | | | 09/01/2034 | | | | 16,024 | |
| | 15,000 | | | CA Statewide CDA | | | 7.000 | | | | 07/01/2022 | | | | 15,011 | |
| | 5,400,000 | | | CA Statewide CDA (Berkeley Montessori School)1 | | | 7.250 | | | | 10/01/2033 | | | | 5,665,518 | |
| | 265,000 | | | CA Statewide CDA (California Odd Fellow Hsg.)1 | | | 5.500 | | | | 10/01/2023 | | | | 265,109 | |
| | 820,000 | | | CA Statewide CDA (Citrus Gardens Apartments)1 | | | 6.500 | | | | 07/01/2032 | | | | 816,490 | |
| | 1,385,000 | | | CA Statewide CDA (Citrus Gardens Apartments)1 | | | 9.000 | | | | 07/01/2032 | | | | 1,310,515 | |
F6 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 1,350,000 | | | CA Statewide CDA (East Tabor Apartments)1 | | | 6.850 | % | | | 08/20/2036 | | | $ | 1,445,634 | |
| | 50,000 | | | CA Statewide CDA (Eastfield Ming Quong)1 | | | 5.500 | | | | 06/01/2012 | | | | 50,083 | |
| | 5,000,000 | | | CA Statewide CDA (Fairfield Apartments)1,5,6 | | | 7.250 | | | | 01/01/2035 | | | | 2,244,900 | |
| | 4,180,000 | | | CA Statewide CDA (Family House & Hsg. Foundation-Torrence I)1 | | | 7.000 | | | | 04/20/2036 | | | | 4,555,448 | |
| | 60,000 | | | CA Statewide CDA (GP Steinbeck) | | | 5.492 | 2 | | | 03/20/2022 | | | | 26,584 | |
| | 1,000,000 | | | CA Statewide CDA (Huntington Park Charter School) | | | 5.250 | | | | 07/01/2042 | | | | 798,340 | |
| | 1,145,000 | | | CA Statewide CDA (International School Peninsula) | | | 5.000 | | | | 11/01/2025 | | | | 984,803 | |
| | 1,000,000 | | | CA Statewide CDA (International School Peninsula) | | | 5.000 | | | | 11/01/2029 | | | | 828,900 | |
| | 5,000,000 | | | CA Statewide CDA (John F. Kennedy University)1 | | | 6.750 | | | | 10/01/2033 | | | | 4,884,150 | |
| | 100,000,000 | | | CA Statewide CDA (Kaiser Permanente)4 | | | 2.650 | 7 | | | 04/01/2036 | | | | 72,624,899 | |
| | 2,750,000 | | | CA Statewide CDA (Live Oak School)1 | | | 6.750 | | | | 10/01/2030 | | | | 2,790,893 | |
| | 6,000,000 | | | CA Statewide CDA (Marin Montessori School)1 | | | 7.000 | | | | 10/01/2033 | | | | 6,241,680 | |
| | 6,240,000 | | | CA Statewide CDA (Mountain Shadows Community)1 | | | 5.000 | | | | 07/01/2031 | | | | 4,905,389 | |
| | 1,400,000 | | | CA Statewide CDA (Napa Valley Hospice)1 | | | 7.000 | | | | 01/01/2034 | | | | 1,418,396 | |
| | 1,650,000 | | | CA Statewide CDA (Notre Dame de Namur University)1 | | | 6.500 | | | | 10/01/2023 | | | | 1,628,715 | |
| | 1,635,000 | | | CA Statewide CDA (Notre Dame de Namur University)1 | | | 6.625 | | | | 10/01/2033 | | | | 1,572,968 | |
| | 30,000 | | | CA Statewide CDA (Quail Ridge Apartments)1 | | | 5.375 | | | | 07/01/2032 | | | | 27,158 | |
| | 1,405,000 | | | CA Statewide CDA (Quail Ridge Apartments)1 | | | 6.500 | | | | 07/01/2032 | | | | 1,382,309 | |
| | 2,040,000 | | | CA Statewide CDA (Quail Ridge Apartments)1 | | | 9.000 | | | | 07/01/2032 | | | | 1,903,320 | |
| | 425,000 | | | CA Statewide CDA (Rio Bravo)5 | | | 6.500 | | | | 12/01/2018 | | | | 385,173 | |
| | 1,845,000 | | | CA Statewide CDA (Sonoma Country Day School)1 | | | 6.000 | | | | 01/01/2029 | | | | 1,625,113 | |
| | 18,500,000 | | | CA Statewide CDA (St. Josephs) | | | 5.750 | | | | 07/01/2047 | | | | 18,992,655 | |
| | 220,000 | | | CA Statewide CDA (Stonehaven Student Hsg.) | | | 5.875 | | | | 07/01/2032 | | | | 197,175 | |
| | 15,000 | | | CA Statewide CDA (Sutter Health Obligated Group)1 | | | 5.500 | | | | 08/15/2034 | | | | 15,129 | |
| | 450,000 | | | CA Statewide CDA (Sycamore)1 | | | 6.000 | | | | 03/20/2038 | | | | 449,960 | |
| | 4,000,000 | | | CA Statewide CDA (Turning Point)1 | | | 6.500 | | | | 11/01/2031 | | | | 4,030,480 | |
| | 1,000,000 | | | CA Statewide CDA (Valleycare Health System) | | | 5.125 | | | | 07/15/2031 | | | | 817,680 | |
| | 260,000 | | | CA Statewide CDA COP (Children’s Hospital of Los Angeles)1 | | | 5.250 | | | | 08/15/2029 | | | | 236,891 | |
| | 165,000 | | | CA Statewide CDA COP (Internext Group)1 | | | 5.375 | | | | 04/01/2030 | | | | 152,198 | |
| | 270,000 | | | CA Statewide CDA Special Tax Community Facilities District No. 97 | | | 6.842 | 2 | | | 09/01/2022 | | | | 121,284 | |
| | 9,690,000 | | | CA Statewide CDA, Series A1 | | | 5.150 | | | | 09/02/2037 | | | | 8,050,064 | |
| | 8,005,000 | | | CA Statewide CDA, Series B1 | | | 6.250 | | | | 09/02/2037 | | | | 7,709,135 | |
| | 45,175,000 | | | CA Statewide Financing Authority Tobacco Settlement | | | 6.375 | 2 | | | 06/01/2046 | | | | 2,060,432 | |
| | 220,000,000 | | | CA Statewide Financing Authority Tobacco Settlement | | | 7.876 | 2 | | | 06/01/2055 | | | | 3,564,000 | |
| | 5,000,000 | | | CA Statewide Financing Authority Tobacco Settlement (TASC)1 | | | 6.000 | | | | 05/01/2037 | | | | 4,537,900 | |
| | 11,745,000 | | | CA Statewide Financing Authority Tobacco Settlement (TASC) | | | 6.000 | | | | 05/01/2043 | | | | 10,597,279 | |
F7 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 30,010,000 | | | CA Statewide Financing Authority Tobacco Settlement (TASC) | | | 6.000 | % | | | 05/01/2043 | | | $ | 27,077,423 | |
| | 3,125,000 | | | CA Valley Health System COP1,5 | | | 6.875 | | | | 05/15/2023 | | | | 2,293,125 | |
| | 35,000 | | | CA Valley Health System, Series A8 | | | 6.500 | | | | 05/15/2025 | | | | 25,683 | |
| | 1,375,000 | | | CA Valley Sanitation District1 | | | 5.200 | | | | 09/02/2030 | | | | 1,183,408 | |
| | 120,000 | | | CA Veterans GO1 | | | 4.700 | | | | 12/01/2012 | | | | 120,077 | |
| | 25,000 | | | CA Veterans GO, Series BP1 | | | 5.500 | | | | 12/01/2026 | | | | 24,999 | |
| | 165,000 | | | CA Veterans GO, Series BR1 | | | 5.250 | | | | 12/01/2026 | | | | 159,705 | |
| | 3,000,000 | | | CA Veterans GO, Series BX1 | | | 5.500 | | | | 12/01/2031 | | | | 3,004,440 | |
| | 25,000 | | | CA Water Resource Devel. GO, Series S1 | | | 5.500 | | | | 04/01/2009 | | | | 25,069 | |
| | 100,000 | | | CA Western Hills Water District Special Tax | | | 5.000 | | | | 09/01/2014 | | | | 58,109 | |
| | 25,000 | | | CA Western Hills Water District Special Tax | | | 5.200 | | | | 09/01/2019 | | | | 14,451 | |
| | 25,000 | | | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities) | | | 5.700 | | | | 09/01/2011 | | | | 14,620 | |
| | 105,000 | | | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities) | | | 6.000 | | | | 09/01/2024 | | | | 60,593 | |
| | 4,495,000 | | | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | | | 6.125 | | | | 09/01/2031 | | | | 2,590,738 | |
| | 290,000 | | | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities) | | | 6.700 | | | | 09/01/2020 | | | | 167,620 | |
| | 90,000 | | | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities) | | | 6.750 | | | | 09/01/2022 | | | | 51,980 | |
| | 3,645,000 | | | CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1 | | | 6.875 | | | | 09/01/2031 | | | | 2,102,181 | |
| | 10,000 | | | CA William S. Hart Joint School Financing Authority1 | | | 5.600 | | | | 09/01/2023 | | | | 9,620 | |
| | 10,000 | | | CA William S. Hart Union School District | | | 6.000 | | | | 09/01/2033 | | | | 9,557 | |
| | 2,500,000 | | | Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)1 | | | 5.500 | | | | 09/01/2036 | | | | 2,195,025 | |
| | 2,325,000 | | | Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)1 | | | 5.550 | | | | 09/01/2036 | | | | 2,057,462 | |
| | 75,000 | | | Campbell, CA (Civic Center) COP1 | | | 5.250 | | | | 10/01/2028 | | | | 75,485 | |
| | 25,000 | | | Carlsbad, CA Improvement Bond Act 1915 | | | 5.500 | | | | 09/02/2028 | | | | 22,540 | |
| | 845,000 | | | Carlsbad, CA Special Tax | | | 6.150 | | | | 09/01/2038 | | | | 805,547 | |
| | 3,730,000 | | | Carlsbad, CA Special Tax | | | 6.200 | | | | 09/01/2038 | | | | 3,561,441 | |
| | 200,000 | | | Carlsbad, CA Unified School District COP (Aviara Oaks Middle School)1 | | | 5.300 | | | | 06/01/2022 | | | | 200,304 | |
| | 1,320,000 | | | Carson, CA Improvement Bond Act 19151 | | | 7.375 | | | | 09/02/2022 | | | | 1,321,280 | |
| | 4,510,000 | | | Castaic, CA Union School District Community Facilities District No. 92-11 | | | 9.000 | | | | 10/01/2019 | | | | 4,531,468 | |
| | 50,000 | | | Central CA Joint Powers Health Financing Authority COP (CHCC/FCHMC/SHF Obligated Group)1 | | | 6.000 | | | | 02/01/2030 | | | | 53,355 | |
| | 2,190,000 | | | Chino, CA Community Facilities District Special Tax1 | | | 5.150 | | | | 09/01/2036 | | | | 1,745,452 | |
F8 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 45,000 | | | Chino, CA Community Facilities District Special Tax | | | 5.950 | % | | | 09/01/2033 | | | $ | 43,271 | |
| | 50,000 | | | Chino, CA Community Facilities District Special Tax No. 10 | | | 6.850 | | | | 09/01/2020 | | | | 51,374 | |
| | 1,000,000 | | | Chino, CA Community Facilities District Special Tax No. 2005-1 | | | 5.000 | | | | 09/01/2023 | | | | 852,390 | |
| | 1,625,000 | | | Chino, CA Community Facilities District Special Tax No. 2005-11 | | | 5.000 | | | | 09/01/2027 | | | | 1,330,583 | |
| | 2,175,000 | | | Chowchilla, CA Community Facilities Sales Tax District1 | | | 5.000 | | | | 09/01/2037 | | | | 1,764,317 | |
| | 575,000 | | | Chowchilla, CA Redevel. Agency1 | | | 5.000 | | | | 08/01/2037 | | | | 482,655 | |
| | 2,000,000 | | | Chula Vista, CA Community Facilities District (Otay Ranch Village Seven)1 | | | 5.250 | | | | 09/01/2026 | | | | 1,764,320 | |
| | 1,665,000 | | | Chula Vista, CA Community Facilities District (Otay Ranch Village Seven)1 | | | 5.350 | | | | 09/01/2036 | | | | 1,456,825 | |
| | 210,000 | | | Chula Vista, CA Hsg. Authority (Oxford Terrace Apartments) | | | 5.625 | | | | 12/20/2042 | | | | 194,290 | |
| | 6,065,000 | | | Coalinga, CA Regional Medical Center COP | | | 5.850 | | | | 09/01/2043 | | | | 5,781,522 | |
| | 2,100,000 | | | Colton, CA Community Facilities District Special Tax1 | | | 7.500 | | | | 09/01/2020 | | | | 2,158,401 | |
| | 5,000 | | | Contra Costa County, CA Public Financing Authority Tax Allocation | | | 5.850 | | | | 08/01/2033 | | | | 4,425 | |
| | 1,000,000 | | | Corona, CA Community Facilities District (Buchanan Street) | | | 5.150 | | | | 09/01/2036 | | | | 843,050 | |
| | 1,975,000 | | | Corona-Norco, CA Unified School District1 | | | 6.000 | | | | 09/01/2037 | | | | 1,847,810 | |
| | 1,000,000 | | | Daly City, CA Hsg. Devel. Finance Agency (Third Tier Francsican) | | | 6.500 | | | | 12/15/2047 | | | | 876,710 | |
| | 3,280,000 | | | East Palo Alto, CA Redevel. Agency Tax Allocation (University Circle Gateway)1 | | | 6.625 | | | | 10/01/2029 | | | | 3,491,494 | |
| | 200,000 | | | Eastern CA Municipal Water District Community Facilities Special Tax | | | 5.000 | | | | 09/01/2030 | | | | 167,434 | |
| | 340,000 | | | Eastern CA Municipal Water District Community Facilities Special Tax | | | 5.000 | | | | 09/01/2037 | | | | 275,801 | |
| | 200,000 | | | Eastern CA Municipal Water District Community Facilities Special Tax | | | 5.100 | | | | 09/01/2037 | | | | 164,848 | |
| | 3,740,000 | | | Eastern CA Municipal Water District Community acilities Special Tax1 | | | 5.250 | | | | 09/01/2035 | | | | 3,129,108 | |
| | 1,500,000 | | | Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1 | | | 5.625 | | | | 09/01/2034 | | | | 1,350,765 | |
| | 425,000 | | | Eastern CA Municipal Water District Community Facilities Special Tax No. 2003-25 | | | 5.000 | | | | 09/01/2036 | | | | 354,828 | |
| | 20,000 | | | Eastern CA Municipal Water District Community Facilities Special Tax No. 2004-26 | | | 5.000 | | | | 09/01/2025 | | | | 17,540 | |
| | 525,000 | | | Eastern CA Municipal Water District Improvement Bond Act 1915 | | | 5.200 | | | | 09/01/2036 | | | | 452,125 | |
| | 1,725,000 | | | Eastern CA Municipal Water District Improvement Bond Act 19151 | | | 5.500 | | | | 09/02/2035 | | | | 1,519,328 | |
F9 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 1,205,000 | | | Eastern CA Municipal Water District Improvement Bond Act 1915 (Faircrest)1 | | | 5.250 | % | | | 09/01/2036 | | | $ | 1,045,663 | |
| | 4,000,000 | | | El Dorado County, CA Special Tax1 | | | 5.250 | | | | 09/01/2035 | | | | 3,395,680 | |
| | 1,900,000 | | | El Dorado County, CA Special Tax1 | | | 5.350 | | | | 09/01/2035 | | | | 1,637,154 | |
| | 5,750,000 | | | Elk Grove, CA Special Tax Community Facilities District No. 2005-1X1 | | | 5.200 | | | | 09/01/2027 | | | | 3,321,200 | |
| | 28,770,000 | | | Elk Grove, CA Special Tax Community Facilities District No. 2005-1X1 | | | 5.250 | | | | 09/01/2037 | | | | 16,532,681 | |
| | 25,000 | | | Etiwanda, CA School District Special Tax | | | 5.400 | | | | 09/01/2035 | | | | 21,701 | |
| | 10,300,000 | | | Etiwanda, CA School District Special Tax Community Facilities District No. 2004-21 | | | 6.000 | | | | 09/01/2037 | | | | 9,726,290 | |
| | 6,000,000 | | | Fairfield, CA Community Facilities District Special Tax (Fairfield Commons) | | | 6.875 | | | | 09/01/2038 | | | | 5,963,280 | |
| | 700,000 | | | Farmersville, CA Unified School District COP1 | | | 5.000 | | | | 08/01/2026 | | | | 642,341 | |
| | 100,000 | | | Fillmore, CA Public Financing (Central City Redevel.) | | | 5.500 | | | | 06/01/2031 | | | | 90,317 | |
| | 5,000,000 | | | Fillmore, CA Redevel. Agency Tax Allocation1 | | | 5.375 | | | | 05/01/2031 | | | | 4,497,250 | |
| | 1,000,000 | | | Folsom, CA Special Tax Community Facilities District No. 101 | | | 6.300 | | | | 09/01/2012 | | | | 1,037,570 | |
| | 5,230,000 | | | Folsom, CA Special Tax Community Facilities District No. 101 | | | 6.875 | | | | 09/01/2019 | | | | 5,369,275 | |
| | 2,615,000 | | | Folsom, CA Special Tax Community Facilities District No. 311 | | | 5.000 | | | | 09/01/2026 | | | | 2,219,690 | |
| | 9,050,000 | | | Folsom, CA Special Tax Community Facilities District No. 311 | | | 5.000 | | | | 09/01/2036 | | | | 7,292,671 | |
| | 10,000 | | | Fontana, CA Redevel. Agency (Jurupa Hills)1 | | | 5.500 | | | | 10/01/2027 | | | | 10,052 | |
| | 20,000 | | | Fremont, CA Community Facilities District (Pacific Commons) | | | 6.250 | | | | 09/01/2026 | | | | 20,140 | |
| | 50,000 | | | Garden Grove, CA Hsg. Authority (Multifamily Hsg.)1 | | | 6.700 | | | | 07/01/2024 | | | | 50,088 | |
| | 10,000 | | | Garden Grove, CA Hsg. Authority (Stuart Drive-Rose Garden) | | | 6.700 | | | | 01/01/2025 | | | | 9,518 | |
| | 1,675,000 | | | Hawthorne, CA Community Redevel. Agency Special Tax1 | | | 7.200 | | | | 10/01/2025 | | | | 1,726,774 | |
| | 1,180,000 | | | Hawthorne, CA Community Redevel. Agency Special Tax1 | | | 7.200 | | | | 10/01/2025 | | | | 1,216,474 | |
| | 1,165,000 | | | Heber, CA Public Utilities District (Heber Meadows) | | | 5.300 | | | | 09/01/2035 | | | | 996,413 | |
| | 1,020,000 | | | Hemet, CA Unified School District | | | 5.100 | | | | 09/01/2030 | | | | 865,898 | |
| | 785,000 | | | Hemet, CA Unified School District | | | 5.125 | | | | 09/01/2036 | | | | 651,252 | |
| | 1,285,000 | | | Hemet, CA Unified School District1 | | | 5.125 | | | | 09/01/2037 | | | | 1,063,338 | |
| | 1,505,000 | | | Hemet, CA Unified School District1 | | | 5.250 | | | | 09/01/2035 | | | | 1,346,433 | |
| | 1,155,000 | | | Hemet, CA Unified School District Community Facilities District No. 2005-31 | | | 5.375 | | | | 09/01/2026 | | | | 1,034,279 | |
| | 5,835,000 | | | Hemet, CA Unified School District Community Facilities District No. 2005-3 | | | 5.750 | | | | 09/01/2039 | | | | 5,302,381 | |
| | 60,000 | | | Hemet, CA Unified School District Community Facilities District Special Tax | | | 5.625 | | | | 09/01/2035 | | | | 53,873 | |
F10 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 40,000 | | | Hesperia, CA Improvement Bond Act 1915 | | | 8.500 | % | | | 09/02/2024 | | | $ | 41,262 | |
| | 1,370,000 | | | Hesperia, CA Public Financing Authority, Tranche A1 | | | 6.250 | | | | 09/01/2035 | | | | 1,349,683 | |
| | 3,375,000 | | | Hesperia, CA Public Financing Authority, Tranche B1 | | | 6.250 | | | | 09/01/2035 | | | | 3,324,949 | |
| | 3,355,000 | | | Hesperia, CA Public Financing Authority, Tranche C1 | | | 6.250 | | | | 09/01/2035 | | | | 3,305,245 | |
| | 1,070,000 | | | Hesperia, CA Unified School District | | | 5.000 | | | | 09/01/2030 | | | | 895,772 | |
| | 1,710,000 | | | Hesperia, CA Unified School District1 | | | 5.000 | | | | 09/01/2037 | | | | 1,387,118 | |
| | 50,000 | | | Hesperia, CA Unified School District | | | 5.200 | | | | 09/01/2035 | | | | 42,128 | |
| | 1,520,000 | | | Imperial County, CA Community Facilities District No. 2004-2 Special Tax1 | | | 5.900 | | | | 09/01/2037 | | | | 1,415,439 | |
| | 2,000,000 | | | Imperial County, CA Community Facilities District No. 2004-2 Special Tax1 | | | 6.000 | | | | 09/01/2037 | | | | 1,871,200 | |
| | 5,000 | | | Imperial County, CA COP1 | | | 6.000 | | | | 09/01/2009 | | | | 5,013 | |
| | 870,000 | | | Imperial County, CA Special Tax | | | 5.000 | | | | 09/01/2026 | | | | 744,294 | |
| | 1,070,000 | | | Imperial County, CA Special Tax | | | 5.000 | | | | 09/01/2037 | | | | 867,963 | |
| | 3,385,000 | | | Imperial County, CA Special Tax1 | | | 5.000 | | | | 09/01/2037 | | | | 2,745,844 | |
| | 295,000 | | | Imperial County, CA Special Tax | | | 5.000 | | | | 09/01/2037 | | | | 239,298 | |
| | 1,550,000 | | | Imperial County, CA Special Tax1 | | | 5.100 | | | | 09/01/2037 | | | | 1,277,572 | |
| | 3,710,000 | | | Imperial County, CA Special Tax1 | | | 5.125 | | | | 09/01/2037 | | | | 3,070,025 | |
| | 2,445,000 | | | Indio, CA Community Facilities District Special Tax1 | | | 5.200 | | | | 09/01/2027 | | | | 2,179,766 | |
| | 2,215,000 | | | Indio, CA Community Facilities District Special Tax1 | | | 5.250 | | | | 09/01/2027 | | | | 1,944,216 | |
| | 2,520,000 | | | Indio, CA Community Facilities District Special Tax1 | | | 5.250 | | | | 09/01/2036 | | | | 2,186,780 | |
| | 4,095,000 | | | Indio, CA Community Facilities District Special Tax1 | | | 5.250 | | | | 09/01/2036 | | | | 3,463,346 | |
| | 295,000 | | | Indio, CA Community Facilities District Special Tax (Sonora Wells) | | | 5.000 | | | | 09/01/2020 | | | | 272,633 | |
| | 310,000 | | | Indio, CA Community Facilities District Special Tax (Sonora Wells) | | | 5.000 | | | | 09/01/2021 | | | | 281,765 | |
| | 645,000 | | | Indio, CA Community Facilities District Special Tax (Sonora Wells) | | | 5.050 | | | | 09/01/2026 | | | | 555,242 | |
| | 2,885,000 | | | Indio, CA Community Facilities District Special Tax (Sonora Wells)1 | | | 5.125 | | | | 09/01/2036 | | | | 2,393,454 | |
| | 25,000 | | | Indio, CA Improvement Bond Act 1915 Assessment District No. 2002-2 | | | 6.125 | | | | 09/02/2027 | | | | 24,462 | |
| | 2,000,000 | | | Indio, CA Improvement Bond Act 1915 Assessment District No. 2003-031 | | | 6.125 | | | | 09/02/2029 | | | | 1,952,500 | |
| | 25,000 | | | Indio, CA Improvement Bond Act 1915 Assessment District No. 2003-5 (Sunburst) | | | 5.875 | | | | 09/02/2029 | | | | 23,615 | |
| | 2,820,000 | | | Indio, CA Improvement Bond Act 1915 Assessment District No. 2004-031 | | | 5.500 | | | | 09/02/2030 | | | | 2,617,637 | |
| | 2,000,000 | | | Indio, CA Public Financing Authority1 | | | 6.100 | | | | 09/02/2029 | | | | 1,945,580 | |
| | 305,000 | | | Industry, CA COP1 | | | 5.300 | | | | 08/01/2019 | | | | 314,675 | |
| | 354,105,000 | | | Inland, CA Empire Tobacco Securitization Authority (TASC) | | | 8.000 | 2 | | | 06/01/2057 | | | | 5,934,800 | |
F11 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 3,250,000 | | | Ione, CA Special Tax Community Facilities District 2005-2-A1 | | | 6.000 | % | | | 09/01/2036 | | | $ | 3,071,218 | |
| | 10,000 | | | Irvine, CA Improvement Bond Act 1915 | | | 5.625 | | | | 09/02/2024 | | | | 9,742 | |
| | 30,000 | | | Jurupa, CA Community Services District Special Tax | | | 5.000 | | | | 09/01/2036 | | | | 24,405 | |
| | 1,000,000 | | | Jurupa, CA Community Services District Special Tax Community Facilities District No. 17 | | | 5.200 | | | | 09/01/2036 | | | | 839,300 | |
| | 2,500,000 | | | Jurupa, CA Community Services District Special Tax Community Facilities District No. 24 | | | 6.625 | | | | 09/01/2038 | | | | 2,483,050 | |
| | 5,000 | | | King, CA Community Devel. Agency Tax Allocation (King City Redevel.) | | | 6.400 | | | | 09/01/2009 | | | | 5,014 | |
| | 50,000 | | | King, CA Community Devel. Agency Tax Allocation (King City Redevel.) | | | 6.750 | | | | 09/01/2016 | | | | 50,049 | |
| | 30,000 | | | Kingsburg, CA Public Financing Authority | | | 8.000 | | | | 09/15/2021 | | | | 30,044 | |
| | 4,040,000 | | | La Puente, CA Community Devel. Commission (La Puente Redevel.)1 | | | 6.875 | | | | 08/01/2037 | | | | 3,737,323 | |
| | 5,000,000 | | | La Verne, CA COP (Bethren Hillcrest Homes)1 | | | 5.600 | | | | 02/15/2033 | | | | 4,296,450 | |
| | 4,500,000 | | | La Verne, CA COP (Bethren Hillcrest Homes)1 | | | 6.625 | | | | 02/15/2025 | | | | 4,546,080 | |
| | 840,000 | | | Lake Berryessa, CA Resort Improvement District | | | 5.250 | | | | 09/02/2017 | | | | 810,844 | |
| | 1,440,000 | | | Lake Berryessa, CA Resort Improvement District1 | | | 5.500 | | | | 09/02/2027 | | | | 1,303,402 | |
| | 2,425,000 | | | Lake Berryessa, CA Resort Improvement District1 | | | 5.550 | | | | 09/02/2037 | | | | 2,142,463 | |
| | 2,020,000 | | | Lake Elsinore, CA Community Facilities District No. 2006-2 Special Tax (Viscaya)1 | | | 5.400 | | | | 09/01/2036 | | | | 1,747,502 | |
| | 2,345,000 | | | Lake Elsinore, CA Public Financing Authority | | | 6.875 | | | | 09/01/2038 | | | | 2,355,412 | |
| | 5,575,000 | | | Lake Elsinore, CA Special Tax1 | | | 5.150 | | | | 09/01/2036 | | | | 4,599,598 | |
| | 980,000 | | | Lake Elsinore, CA Special Tax | | | 5.200 | | | | 09/01/2026 | | | | 887,625 | |
| | 920,000 | | | Lake Elsinore, CA Special Tax | | | 5.200 | | | | 09/01/2026 | | | | 833,281 | |
| | 2,800,000 | | | Lake Elsinore, CA Special Tax1 | | | 5.250 | | | | 09/01/2037 | | | | 2,458,764 | |
| | 1,150,000 | | | Lake Elsinore, CA Special Tax1 | | | 5.350 | | | | 09/01/2036 | | | | 1,026,939 | |
| | 1,210,000 | | | Lake Elsinore, CA Special Tax1 | | | 5.350 | | | | 09/01/2036 | | | | 1,080,518 | |
| | 2,000,000 | | | Lake Elsinore, CA Special Tax1 | | | 5.450 | | | | 09/01/2036 | | | | 1,743,100 | |
| | 1,170,000 | | | Lake Elsinore, CA Unified School District | | | 5.000 | | | | 09/01/2037 | | | | 940,025 | |
| | 1,220,000 | | | Lake Elsinore, CA Unified School District1 | | | 5.350 | | | | 09/01/2035 | | | | 1,051,225 | |
| | 3,430,000 | | | Lake Elsinore, CA Unified School District1 | | | 5.350 | | | | 09/01/2035 | | | | 2,955,494 | |
| | 1,435,000 | | | Lake Elsinore, CA Unified School District1 | | | 5.400 | | | | 09/01/2035 | | | | 1,294,714 | |
| | 1,100,000 | | | Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2006-61 | | | 5.900 | | | | 09/01/2037 | | | | 1,014,860 | |
| | 10,000 | | | Lathrop, CA Financing Authority (Water Supply)1 | | | 5.700 | | | | 06/01/2019 | | | | 9,756 | |
| | 1,800,000 | | | Lathrop, CA Financing Authority (Water Supply)1 | | | 6.000 | | | | 06/01/2035 | | | | 1,782,054 | |
| | 3,430,000 | | | Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1 | | | 5.100 | | | | 09/02/2035 | | | | 2,846,214 | |
| | 50,000 | | | Lathrop, CA Improvement Bond Act 1915 (Mossdale Village) | | | 6.000 | | | | 09/02/2022 | | | | 49,228 | |
F12 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 20,000 | | | Lathrop, CA Improvement Bond Act 1915 (Mossdale Village) | | | 6.125 | % | | | 09/02/2028 | | | $ | 19,536 | |
| | 50,000 | | | Lathrop, CA Improvement Bond Act 1915 (Mossdale Village) | | | 6.125 | | | | 09/02/2033 | | | | 48,473 | |
| | 4,475,000 | | | Lathrop, CA Special Tax Community Facilities District No. 03-21 | | | 7.000 | | | | 09/01/2033 | | | | 4,652,747 | |
| | 475,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-1 | | | 5.000 | | | | 09/01/2015 | | | | 409,564 | |
| | 445,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-1 | | | 5.000 | | | | 09/01/2016 | | | | 375,918 | |
| | 670,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-1 | | | 5.125 | | | | 09/01/2017 | | | | 560,435 | |
| | 800,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-1 | | | 5.125 | | | | 09/01/2018 | | | | 657,056 | |
| | 1,015,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-1 | | | 5.200 | | | | 09/01/2019 | | | | 824,424 | |
| | 505,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-1 | | | 5.250 | | | | 09/01/2021 | | | | 398,607 | |
| | 5,680,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-11 | | | 5.300 | | | | 09/01/2026 | | | | 4,246,425 | |
| | 32,305,000 | | | Lathrop, CA Special Tax Community Facilities District No. 06-11 | | | 5.375 | | | | 09/01/2036 | | | | 22,643,544 | |
| | 635,000 | | | Lincoln, CA Special Tax | | | 5.000 | | | | 09/01/2026 | | | | 536,607 | |
| | 1,315,000 | | | Lincoln, CA Special Tax1 | | | 5.000 | | | | 09/01/2036 | | | | 1,065,400 | |
| | 60,000,000 | | | Long Beach, CA Bond Finance Authority Natural Gas4 | | | 3.343 | 7 | | | 11/15/2033 | | | | 44,250,000 | |
| | 52,500,000 | | | Long Beach, CA Bond Finance Authority Natural Gas4 | | | 5.500 | | | | 11/15/2037 | | | | 48,286,613 | |
| | 130,000 | | | Los Angeles, CA Community Redevel. Agency (Angelus Plaza)1 | | | 6.400 | | | | 07/01/2023 | | | | 130,930 | |
| | 1,575,000 | | | Los Angeles, CA Community Redevel. Agency (Grand Central Square)1 | | | 5.000 | | | | 12/01/2026 | | | | 1,402,774 | |
| | 17,585,000 | | | Los Angeles, CA Harbor Dept., Series A4 | | | 5.000 | | | | 08/01/2025 | | | | 16,815,572 | |
| | 18,495,000 | | | Los Angeles, CA Harbor Dept., Series A4 | | | 5.000 | | | | 08/01/2026 | | | | 17,796,200 | |
| | 1,500,000 | | | Los Angeles, CA IDA (Santee Court Parking Facility)1 | | | 5.000 | | | | 12/01/2020 | | | | 1,373,520 | |
| | 1,100,000 | | | Los Angeles, CA IDA (Santee Court Parking Facility) | | | 5.000 | | | | 12/01/2027 | | | | 937,519 | |
| | 5,230,000 | | | Los Angeles, CA Multifamily Hsg. (Park Plaza West) | | | 5.500 | | | | 01/20/2043 | | | | 4,915,782 | |
| | 35,000 | | | Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)5,6 | | | 8.800 | | | | 11/15/2021 | | | | 17,905 | |
| | 9,500,000 | | | Los Angeles, CA Water & Power System4 | | | 5.000 | | | | 07/01/2024 | | | | 9,538,428 | |
| | 25,000 | | | Los Banos, CA COP8 | | | 6.000 | | | | 12/01/2019 | | | | 25,001 | |
| | 1,605,000 | | | Los Banos, CA Redevel. Agency Tax Allocation1 | | | 5.000 | | | | 09/01/2036 | | | | 1,413,893 | |
| | 135,000 | | | Madera County, CA COP (Valley Children’s Hospital)1 | | | 5.750 | | | | 03/15/2028 | | | | 135,223 | |
| | 925,000 | | | Madera, CA Special Tax | | | 5.000 | | | | 09/01/2036 | | | | 752,488 | |
F13 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 10,000 | | | Manteca, CA Unified School District Special Tax Community Facilities District No. 89 | | | 5.400 | % | | | 09/01/2023 | | | $ | 9,237 | |
| | 1,000,000 | | | Maywood, CA Community Devel. Commission (Maywood Redevel.)1 | | | 5.000 | | | | 08/01/2037 | | | | 839,400 | |
| | 100,000 | | | Mendocino Coast, CA Healthcare District1 | | | 5.875 | | | | 02/01/2020 | | | | 100,090 | |
| | 1,375,000 | | | Mendota, CA Joint Powers Financing Authority Wastewater1 | | | 5.150 | | | | 07/01/2035 | | | | 1,150,270 | |
| | 610,000 | | | Menifee, CA Union School District Special Tax | | | 5.000 | | | | 09/01/2026 | | | | 521,861 | |
| | 3,520,000 | | | Menifee, CA Union School District Special Tax1 | | | 5.000 | | | | 09/01/2036 | | | | 2,863,520 | |
| | 915,000 | | | Menifee, CA Union School District Special Tax | | | 5.200 | | | | 09/01/2030 | | | | 787,513 | |
| | 400,000 | | | Menifee, CA Union School District Special Tax | | | 5.200 | | | | 09/01/2035 | | | | 337,020 | |
| | 500,000 | | | Menifee, CA Union School District Special Tax | | | 5.250 | | | | 09/01/2035 | | | | 424,460 | |
| | 1,010,000 | | | Menifee, CA Union School District Special Tax | | | 5.250 | | | | 09/01/2036 | | | | 854,208 | |
| | 690,000 | | | Menifee, CA Union School District Special Tax | | | 5.500 | | | | 09/01/2034 | | | | 609,705 | |
| | 385,000 | | | Menifee, CA Union School District Special Tax | | | 5.500 | | | | 09/01/2034 | | | | 340,198 | |
| | 13,000,000 | | | Merced, CA Irrigation District1 | | | 5.250 | | | | 09/01/2036 | | | | 12,591,410 | |
| | 2,930,000 | | | Merced, CA Special Tax1 | | | 5.000 | | | | 09/01/2036 | | | | 2,301,662 | |
| | 500,000 | | | Merced, CA Special Tax | | | 5.100 | | | | 09/01/2035 | | | | 414,905 | |
| | 50,000 | | | Modesto, CA Health Facility (Sutter Health/Alta Bates Medical Center/Berkeley Long-Term Care Company Obligated Group)1 | | | 5.250 | | | | 06/01/2021 | | | | 50,575 | |
| | 430,000 | | | Modesto, CA Irrigation District COP1 | | | 5.300 | | | | 07/01/2022 | | | | 430,654 | |
| | 15,000 | | | Modesto, CA Multifamily Hsg. (Valley Oak)1 | | | 5.450 | | | | 05/01/2028 | | | | 15,123 | |
| | 3,000,000 | | | Modesto, CA Special Tax Community Facilities District No. 41 | | | 5.150 | | | | 09/01/2036 | | | | 2,498,550 | |
| | 105,000 | | | Moorpark, CA Mobile Home Park (Villa Del Arroyo) | | | 6.300 | | | | 05/15/2030 | | | | 103,460 | |
| | 1,250,000 | | | Moreno Valley, CA Special Tax Community Facilities District No. 5 | | | 5.000 | | | | 09/01/2037 | | | | 1,013,975 | |
| | 1,475,000 | | | Moreno Valley, CA Unified School District Community Facilities District1 | | | 5.150 | | | | 09/01/2035 | | | | 1,233,366 | |
| | 680,000 | | | Moreno Valley, CA Unified School District Community Facilities District | | | 5.200 | | | | 09/01/2036 | | | | 570,724 | |
| | 2,000,000 | | | Moreno Valley, CA Unified School District Community Facilities District Special Tax1 | | | 5.000 | | | | 09/01/2037 | | | | 1,622,360 | |
| | 750,000 | | | Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-3 | | | 5.000 | | | | 09/01/2037 | | | | 608,385 | |
| | 100,000 | | | Mountain View, CA Los Altos Union High School District COP | | | 5.250 | | | | 08/01/2040 | | | | 100,073 | |
| | 10,000 | | | Murrieta, CA Community Facilities District Special Tax (Bluestone) | | | 6.300 | | | | 09/01/2031 | | | | 9,974 | |
| | 700,000 | | | Murrieta, CA Community Facilities District Special Tax (Bremerton) | | | 5.625 | | | | 09/01/2034 | | | | 650,370 | |
F14 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 1,810,000 | | | Murrieta, CA Community Facilities District Special Tax (Creekside Village)1 | | | 5.200 | % | | | 09/01/2035 | | | $ | 1,525,016 | |
| | 240,000 | | | Murrieta, CA Community Facilities District Special Tax (Meadowlane/Amberwalk) | | | 5.125 | | | | 09/01/2035 | | | | 199,918 | |
| | 875,000 | | | Murrieta, CA Community Facilities District Special Tax (Murrieta Fields) | | | 5.250 | | | | 09/01/2035 | | | | 742,805 | |
| | 25,000 | | | Murrieta, CA Community Facilities District Special Tax (Murrieta Springs) | | | 5.375 | | | | 09/01/2029 | | | | 21,938 | |
| | 2,500,000 | | | Murrieta, CA Community Facilities District Special Tax (Murrieta Springs)1 | | | 5.500 | | | | 09/01/2034 | | | | 2,189,150 | |
| | 35,000 | | | Murrieta, CA Valley Unified School District Special Tax | | | 5.250 | | | | 09/01/2037 | | | | 29,534 | |
| | 370,000 | | | Murrieta, CA Valley Unified School District Special Tax | | | 5.375 | | | | 09/01/2026 | | | | 331,328 | |
| | 1,355,000 | | | Murrieta, CA Valley Unified School District Special Tax | | | 5.450 | | | | 09/01/2038 | | | | 1,176,763 | |
| | 25,000 | | | Murrieta, CA Water Public Financing Authority | | | 6.600 | | | | 10/01/2016 | | | | 25,044 | |
| | 20,000,000 | | | Northern CA Gas Authority4 | | | 1.758 | 7 | | | 07/01/2019 | | | | 15,800,000 | |
| | 1,000,000 | | | Northern CA Gas Authority4 | | | 2.470 | 7 | | | 07/01/2017 | | | | 810,000 | |
| | 25,000,000 | | | Northern CA Gas Authority4 | | | 2.590 | 7 | | | 07/01/2027 | | | | 17,875,009 | |
| | 40,000 | | | Northern CA Gas Authority8 | | | 2.470 | 7 | | | 07/01/2017 | | | | 32,400 | |
| | 30,000,000 | | | Northern CA Gas Authority8 | | | 2.590 | 7 | | | 07/01/2027 | | | | 21,450,000 | |
| | 23,675,000 | | | Northern CA Tobacco Securitization Authority (TASC) | | | 5.500 | | | | 06/01/2045 | | | | 18,695,201 | |
| | 157,335,000 | | | Northern CA Tobacco Securitization Authority (TASC) | | | 6.700 | 2 | | | 06/01/2045 | | | | 6,641,110 | |
| | 10,000 | | | Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.) | | | 6.100 | | | | 06/01/2027 | | | | 9,753 | |
| | 900,000 | | | Oakley, CA Public Finance Authority | | | 5.200 | | | | 09/02/2026 | | | | 815,157 | |
| | 4,445,000 | | | Oakley, CA Public Finance Authority1 | | | 5.250 | | | | 09/02/2036 | | | | 3,857,193 | |
| | 3,235,000 | | | Olivehurst, CA Public Utilities District (Plumas Lake Community Facilities District) | | | 7.625 | | | | 09/01/2038 | | | | 3,199,674 | |
| | 30,000 | | | Oxnard, CA School District1 | | | 5.000 | | | | 08/01/2031 | | | | 29,398 | |
| | 1,555,000 | | | Palm Desert, CA Financing Authority | | | 5.000 | 2 | | | 08/01/2014 | | | | 1,175,145 | |
| | 440,000 | | | Palm Desert, CA Financing Authority | | | 5.050 | 2 | | | 08/01/2015 | | | | 313,425 | |
| | 390,000 | | | Palm Desert, CA Financing Authority | | | 5.100 | 2 | | | 08/01/2016 | | | | 261,791 | |
| | 230,000 | | | Palm Desert, CA Financing Authority | | | 5.650 | 2 | | | 04/01/2018 | | | | 136,116 | |
| | 1,020,000 | | | Palm Desert, CA Financing Authority | | | 5.650 | 2 | | | 08/01/2018 | | | | 592,712 | |
| | 265,000 | | | Palm Desert, CA Financing Authority | | | 5.750 | 2 | | | 04/01/2019 | | | | 144,950 | |
| | 1,165,000 | | | Palm Desert, CA Financing Authority | | | 5.750 | 2 | | | 08/01/2019 | | | | 625,139 | |
| | 305,000 | | | Palm Desert, CA Financing Authority | | | 5.850 | 2 | | | 04/01/2020 | | | | 155,764 | |
| | 1,310,000 | | | Palm Desert, CA Financing Authority | | | 5.850 | 2 | | | 08/01/2020 | | | | 656,310 | |
| | 340,000 | | | Palm Desert, CA Financing Authority | | | 5.950 | 2 | | | 04/01/2021 | | | | 157,083 | |
| | 1,450,000 | | | Palm Desert, CA Financing Authority | | | 5.950 | 2 | | | 08/01/2021 | | | | 656,430 | |
| | 380,000 | | | Palm Desert, CA Financing Authority | | | 6.000 | 2 | | | 04/01/2022 | | | | 160,858 | |
| | 1,605,000 | | | Palm Desert, CA Financing Authority | | | 6.000 | 2 | | | 08/01/2022 | | | | 665,321 | |
F15 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 395,000 | | | Palm Desert, CA Financing Authority | | | 6.010 | %2 | | | 04/01/2023 | | | $ | 155,239 | |
| | 1,755,000 | | | Palm Desert, CA Financing Authority | | | 6.010 | 2 | | | 08/01/2023 | | | | 675,254 | |
| | 410,000 | | | Palm Desert, CA Financing Authority | | | 6.020 | 2 | | | 04/01/2024 | | | | 150,281 | |
| | 1,910,000 | | | Palm Desert, CA Financing Authority | | | 6.020 | 2 | | | 08/01/2024 | | | | 685,289 | |
| | 430,000 | | | Palm Desert, CA Financing Authority | | | 6.030 | 2 | | | 04/01/2025 | | | | 146,643 | |
| | 2,070,000 | | | Palm Desert, CA Financing Authority | | | 6.030 | 2 | | | 08/01/2025 | | | | 690,904 | |
| | 445,000 | | | Palm Desert, CA Financing Authority | | | 6.040 | 2 | | | 04/01/2026 | | | | 141,301 | |
| | 2,235,000 | | | Palm Desert, CA Financing Authority | | | 6.040 | 2 | | | 08/01/2026 | | | | 694,482 | |
| | 465,000 | | | Palm Desert, CA Financing Authority | | | 6.050 | 2 | | | 04/01/2027 | | | | 137,375 | |
| | 1,400,000 | | | Palm Desert, CA Financing Authority | | | 6.050 | 2 | | | 08/01/2027 | | | | 404,684 | |
| | 480,000 | | | Palm Desert, CA Financing Authority | | | 6.060 | 2 | | | 04/01/2028 | | | | 131,832 | |
| | 1,415,000 | | | Palm Desert, CA Financing Authority | | | 6.060 | 2 | | | 08/01/2028 | | | | 380,211 | |
| | 500,000 | | | Palm Desert, CA Financing Authority | | | 6.070 | 2 | | | 04/01/2029 | | | | 128,075 | |
| | 1,370,000 | | | Palm Desert, CA Financing Authority | | | 6.070 | 2 | | | 08/01/2029 | | | | 343,308 | |
| | 520,000 | | | Palm Desert, CA Financing Authority | | | 6.080 | 2 | | | 04/01/2030 | | | | 123,921 | |
| | 1,430,000 | | | Palm Desert, CA Financing Authority | | | 6.080 | 2 | | | 08/01/2030 | | | | 333,347 | |
| | 540,000 | | | Palm Desert, CA Financing Authority | | | 6.090 | 2 | | | 04/01/2031 | | | | 119,918 | |
| | 1,495,000 | | | Palm Desert, CA Financing Authority | | | 6.090 | 2 | | | 08/01/2031 | | | | 324,729 | |
| | 560,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 04/01/2032 | | | | 117,174 | |
| | 1,560,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 08/01/2032 | | | | 319,301 | |
| | 580,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 04/01/2033 | | | | 113,059 | |
| | 1,625,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 08/01/2033 | | | | 309,839 | |
| | 590,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 04/01/2034 | | | | 107,899 | |
| | 1,705,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 08/01/2034 | | | | 305,007 | |
| | 2,075,000 | | | Palm Desert, CA Financing Authority | | | 6.100 | 2 | | | 08/01/2035 | | | | 345,612 | |
| | 5,000,000 | | | Palm Desert, CA Improvement Bond Act 19151 | | | 5.100 | | | | 09/02/2037 | | | | 4,172,350 | |
| | 3,000,000 | | | Palm Desert, CA Special Tax Community Facilities District No. 2005-11 | | | 5.150 | | | | 09/01/2027 | | | | 2,600,400 | |
| | 9,000,000 | | | Palm Desert, CA Special Tax Community Facilities District No. 2005-11 | | | 5.200 | | | | 09/01/2037 | | | | 7,535,700 | |
| | 2,335,000 | | | Palm Desert, CA Special Tax Community Facilities District No. 2005-1-A1 | | | 5.250 | | | | 09/01/2026 | | | | 2,059,844 | |
| | 6,000,000 | | | Palm Desert, CA Special Tax Community Facilities District No. 2005-1-A1 | | | 5.450 | | | | 09/01/2032 | | | | 5,301,000 | |
| | 8,000,000 | | | Palm Desert, CA Special Tax Community Facilities District No. 2005-1-A1 | | | 5.500 | | | | 09/01/2036 | | | | 7,024,080 | |
| | 220,000 | | | Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport) | | | 5.450 | | | | 07/01/2020 | | | | 202,385 | |
| | 2,460,000 | | | Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1 | | | 5.550 | | | | 07/01/2028 | | | | 2,079,955 | |
F16 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 250,000 | | | Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport) | | | 6.400 | % | | | 07/01/2023 | | | $ | 235,988 | |
| | 525,000 | | | Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport) | | | 6.500 | | | | 07/01/2027 | | | | 490,691 | |
| | 10,000 | | | Palm Springs, CA Improvement Bond Act 1915 | | | 5.550 | | | | 09/02/2023 | | | | 9,527 | |
| | 100,000 | | | Palmdale, CA Community Facilities District Special Tax | | | 5.400 | | | | 09/01/2035 | | | | 75,527 | |
| | 6,460,000 | | | Palmdale, CA Community Facilities District Special Tax1 | | | 6.125 | | | | 09/01/2037 | | | | 6,096,754 | |
| | 5,690,000 | | | Palmdale, CA Community Facilities District Special Tax1 | | | 6.250 | | | | 09/01/2035 | | | | 5,605,617 | |
| | 20,000 | | | Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1 | | | 5.750 | | | | 09/02/2022 | | | | 19,724 | |
| | 1,390,000 | | | Perris, CA Community Facilities District Special Tax1 | | | 5.300 | | | | 09/01/2035 | | | | 1,188,853 | |
| | 2,085,000 | | | Perris, CA Community Facilities District Special Tax (Amber Oaks)1 | | | 6.000 | | | | 09/01/2034 | | | | 2,040,506 | |
| | 2,500,000 | | | Perris, CA Community Facilities District Special Tax (Chaparral Ridge)1 | | | 6.250 | | | | 09/01/2033 | | | | 2,470,200 | |
| | 2,115,000 | | | Perris, CA Community Facilities District Special Tax (Harmony Grove)1 | | | 5.300 | | | | 09/01/2035 | | | | 1,808,938 | |
| | 10,000 | | | Perris, CA Community Facilities District Special Tax (May Farms) | | | 5.100 | | | | 09/01/2030 | | | | 8,912 | |
| | 120,000 | | | Perris, CA Community Facilities District Special Tax (May Farms) | | | 5.150 | | | | 09/01/2035 | | | | 105,048 | |
| | 1,310,000 | | | Perris, CA Community Facilities District Special Tax, Series A1 | | | 5.750 | | | | 09/01/2035 | | | | 1,253,696 | |
| | 3,605,000 | | | Perris, CA Community Facilities District Special Tax, Series B1 | | | 6.000 | | | | 09/01/2034 | | | | 3,420,821 | |
| | 140,000 | | | Perris, CA Public Financing Authority | | | 5.000 | | | | 09/01/2017 | | | | 132,786 | |
| | 85,000 | | | Perris, CA Public Financing Authority | | | 5.100 | | | | 09/01/2018 | | | | 80,582 | |
| | 4,350,000 | | | Perris, CA Public Financing Authority1 | | | 5.350 | | | | 10/01/2036 | | | | 3,883,854 | |
| | 10,000 | | | Perris, CA Public Financing Authority, Series A | | | 6.000 | | | | 09/01/2023 | | | | 10,077 | |
| | 80,000 | | | Perris, CA Public Financing Authority, Series A | | | 6.125 | | | | 09/01/2034 | | | | 80,425 | |
| | 1,250,000 | | | Perris, CA Public Financing Authority, Series A1 | | | 6.250 | | | | 09/01/2033 | | | | 1,267,375 | |
| | 2,080,000 | | | Perris, CA Public Financing Authority, Series A | | | 6.600 | | | | 09/01/2038 | | | | 2,099,760 | |
| | 2,035,000 | | | Perris, CA Public Financing Authority, Series C | | | 6.200 | | | | 09/01/2038 | | | | 1,966,359 | |
| | 870,000 | | | Perris, CA Public Financing Authority, Series D | | | 5.500 | | | | 09/01/2024 | | | | 786,758 | |
| | 8,800,000 | | | Perris, CA Public Financing Authority, Series D | | | 5.800 | | | | 09/01/2038 | | | | 7,868,256 | |
| | 95,000 | | | Pittsburg, CA Infrastructure Financing Authority, Series A1 | | | 5.600 | | | | 09/02/2024 | | | | 93,659 | |
| | 25,000 | | | Pleasant Hill, CA Community Facilities District Special Tax | | | 6.000 | | | | 09/01/2032 | | | | 23,823 | |
| | 1,260,000 | | | Plumas, CA Elementary School District Community Facilities District No. 21 | | | 5.625 | | | | 06/01/2037 | | | | 1,126,818 | |
| | 1,220,000 | | | Plumas, CA Elementary School District COP1 | | | 5.200 | | | | 06/01/2027 | | | | 1,137,345 | |
| | 2,620,000 | | | Plumas, CA Elementary School District COP1 | | | 5.250 | | | | 06/01/2037 | | | | 2,370,052 | |
| | 500,000 | | | Pomona, CA (Single Family Mtg.), Series B1 | | | 7.500 | | | | 08/01/2023 | | | | 635,230 | |
F17 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | �� | | | | | | |
| $ | 860,000 | | | Pomona, CA Public Financing Authority1 | | | 5.000 | % | | | 02/01/2026 | | | $ | 781,035 | |
| | 50,000 | | | Pomona, CA Unified School District1 | | | 6.150 | | | | 08/01/2030 | | | | 54,369 | |
| | 8,500,000 | | | Poway, CA Unified School District Special Tax Community Facilities District No. 141 | | | 5.250 | | | | 09/01/2036 | | | | 7,121,725 | |
| | 15,485,000 | | | Poway, CA Unified School District Special Tax Community Facilities District No. 141 | | | 5.250 | | | | 09/01/2036 | | | | 12,974,107 | |
| | 3,000,000 | | | Ramona, CA Unified School District COP1 | | | 0.000 | 3 | | | 05/01/2032 | | | | 2,421,180 | |
| | 2,000,000 | | | Rancho Cordova, CA Community Facilities District Special Tax (Sunridge Anatolia)1 | | | 6.000 | | | | 09/01/2028 | | | | 1,919,940 | |
| | 25,000 | | | Rancho Cordova, CA Community Facilities District Special Tax (Sunridge Anatolia) | | | 6.000 | | | | 09/01/2033 | | | | 23,773 | |
| | 20,000 | | | Rancho Cordova, CA Community Facilities District Special Tax (Sunridge Anatolia) | | | 6.100 | | | | 09/01/2037 | | | | 19,199 | |
| | 600,000 | | | Rancho Cucamonga, CA Community Facilities District Special Tax (Amador) | | | 5.000 | | | | 09/01/2027 | | | | 510,216 | |
| | 1,260,000 | | | Rancho Cucamonga, CA Community Facilities District Special Tax (Amador)1 | | | 5.000 | | | | 09/01/2037 | | | | 1,022,087 | |
| | 13,585,000 | | | Rancho Cucamonga, CA Community Facilities District Special Tax (Etiwanda)1 | | | 5.375 | | | | 09/01/2036 | | | | 11,708,640 | |
| | 570,000 | | | Rancho Cucamonga, CA Community Facilities District Special Tax (Vintners) | | | 5.000 | | | | 09/01/2027 | | | | 484,705 | |
| | 1,120,000 | | | Rancho Cucamonga, CA Community Facilities District Special Tax (Vintners) | | | 5.000 | | | | 09/01/2037 | | | | 908,522 | |
| | 2,400,000 | | | Rancho Cucamonga, CA Community Facilities District Special Tax (Vintners)1 | | | 5.375 | | | | 09/01/2036 | | | | 2,068,512 | |
| | 20,000 | | | Rancho Santa Fe, CA Community Services District Special Tax | | | 6.600 | | | | 09/01/2023 | | | | 20,293 | |
| | 2,320,000 | | | Redding, CA Electric System COP RIBS | | | 9.665 | 9 | | | 07/08/2022 | | | | 3,154,829 | |
| | 10,000 | | | Redding, CA Improvement Bond Act 1915 (Tierra Oaks Assesment District 1993-1) | | | 7.000 | | | | 09/02/2012 | | | | 9,706 | |
| | 490,000 | | | Rialto, CA Special Tax Community Facilities District No. 2006-1 | | | 5.250 | | | | 09/01/2026 | | | | 432,258 | |
| | 1,470,000 | | | Rialto, CA Special Tax Community Facilities District No. 2006-11 | | | 5.350 | | | | 09/01/2036 | | | | 1,269,007 | |
| | 25,000 | | | Richgrove, CA School District | | | 6.375 | | | | 07/01/2018 | | | | 25,051 | |
| | 2,660,000 | | | Richmond, CA Joint Powers Financing Authority (Westridge Hilltop Apartments)1 | | | 5.000 | | | | 12/15/2026 | | | | 2,329,841 | |
| | 2,165,000 | | | Richmond, CA Joint Powers Financing Authority (Westridge Hilltop Apartments)1 | | | 5.000 | | | | 12/15/2033 | | | | 1,799,981 | |
| | 5,780,000 | | | Rio Vista, CA Community Facilities District Special Tax No. 11 | | | 5.125 | | | | 09/01/2036 | | | | 4,750,235 | |
| | 3,000,000 | | | Rio Vista, CA Community Facilities District Special Tax No. 2004-11 | | | 5.850 | | | | 09/01/2035 | | | | 2,681,370 | |
F18 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 5,000,000 | | | Rio, CA Elementary School District1 | | | 5.200 | % | | | 09/01/2035 | | | $ | 4,350,500 | |
| | 15,445,000 | | | River Islands, CA Public Financing Authority1 | | | 5.200 | | | | 09/01/2037 | | | | 12,932,099 | |
| | 100,000 | | | River Islands, CA Public Financing Authority | | | 6.000 | | | | 09/01/2027 | | | | 96,207 | |
| | 25,000 | | | River Islands, CA Public Financing Authority | | | 6.000 | | | | 09/01/2035 | | | | 23,674 | |
| | 700,000 | | | Riverbank, CA Redevel. Agency (Riverbank Reinvestment)1 | | | 5.000 | | | | 08/01/2032 | | | | 607,971 | |
| | 890,000 | | | Riverbank, CA Redevel. Agency (Riverbank Reinvestment)1 | | | 5.000 | | | | 08/01/2037 | | | | 757,070 | |
| | 25,000 | | | Riverside County, CA Community Facilities District Special Tax | | | 5.600 | | | | 09/01/2019 | | | | 24,540 | |
| | 11,585,000 | | | Riverside County, CA Community Facilities Districts (Scott Road) | | | 7.250 | | | | 09/01/2038 | | | | 10,527,637 | |
| | 1,500,000 | | | Riverside, CA Improvement Bond Act 1915 (Hunter Park Assessment District)1 | | | 5.200 | | | | 09/02/2036 | | | | 1,258,935 | |
| | 295,000 | | | Riverside, CA Improvement Bond Act 1915 (Sycamore Canyon Assessment District) | | | 8.500 | | | | 09/02/2012 | | | | 295,926 | |
| | 1,000,000 | | | Riverside, CA Special Tax Community Facilities District No. 92-1, Series A | | | 5.300 | | | | 09/01/2034 | | | | 886,070 | |
| | 1,000,000 | | | Riverside, CA Unified School District | | | 5.250 | | | | 09/01/2035 | | | | 864,920 | |
| | 1,535,000 | | | Riverside, CA Unified School District1 | | | 5.250 | | | | 09/01/2035 | | | | 1,303,092 | |
| | 25,000 | | | Riverside, CA Unified School District | | | 5.500 | | | | 09/01/2032 | | | | 22,240 | |
| | 25,000 | | | Romoland, CA School District Special Tax | | | 5.250 | | | | 09/01/2035 | | | | 21,223 | |
| | 2,000,000 | | | Romoland, CA School District Special Tax | | | 5.375 | | | | 09/01/2038 | | | | 1,717,100 | |
| | 7,745,000 | | | Roseville, CA Special Tax1 | | | 5.050 | | | | 09/01/2030 | | | | 6,225,354 | |
| | 1,115,000 | | | Roseville, CA Special Tax (Diamond Creek) | | | 5.000 | | | | 09/01/2026 | | | | 811,988 | |
| | 4,850,000 | | | Roseville, CA Special Tax (Diamond Creek)1 | | | 5.000 | | | | 09/01/2037 | | | | 3,242,371 | |
| | 2,880,000 | | | Roseville, CA Special Tax (Fiddyment Ranch)1 | | | 5.250 | | | | 09/01/2036 | | | | 2,313,130 | |
| | 3,445,000 | | | Roseville, CA Special Tax (Stone Point)1 | | | 5.250 | | | | 09/01/2036 | | | | 2,929,318 | |
| | 2,800,000 | | | Roseville, CA Special Tax (Westpark)1 | | | 5.200 | | | | 09/01/2036 | | | | 2,269,960 | |
| | 4,040,000 | | | Sacramento County, CA Special Tax Community Facilities District No. 05-21 | | | 6.000 | | | | 09/01/2037 | | | | 3,814,972 | |
| | 75,000 | | | Sacramento, CA Health Facility (Center for Aids Research Education and Services)1 | | | 5.300 | | | | 01/01/2024 | | | | 75,200 | |
| | 12,580,000 | | | Sacramento, CA Hsg. Authority (Northpointe Park Apartments)4 | | | 5.000 | | | | 06/01/2037 | | | | 12,169,137 | |
| | 2,010,000 | | | Sacramento, CA Hsg. Authority (Summerfield) | | | 5.000 | | | | 01/20/2048 | | | | 1,664,963 | |
| | 15,000 | | | Sacramento, CA Special Tax (North Natomas Community Facilities) | | | 6.000 | | | | 09/01/2033 | | | | 14,893 | |
| | 10,000,000 | | | Sacramento, CA Special Tax Community Facilities No. 05-1 (College Square) | | | 5.900 | | | | 09/01/2037 | | | | 9,226,000 | |
| | 50,000 | | | Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)1 | | | 5.500 | | | | 11/01/2023 | | | | 50,271 | |
| | 20,000 | | | San Bernardino County, CA COP (Medical Center Financing)1 | | | 5.500 | | | | 08/01/2019 | | | | 20,014 | |
F19 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 165,000 | | | San Bernardino County, CA COP (Medical Center Financing)1 | | | 5.500 | % | | | 08/01/2024 | | | $ | 165,279 | |
| | 1,515,000 | | | San Bernardino County, CA Redevel. Agency Tax Allocation (San Sevaine Redevel.)1 | | | 5.000 | | | | 09/01/2025 | | | | 1,393,891 | |
| | 150,000 | | | San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1 | | | 5.500 | | | | 12/01/2020 | | | | 150,350 | |
| | 1,850,000 | | | San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)1 | | | 6.625 | | | | 04/01/2026 | | | | 1,898,674 | |
| | 1,410,000 | | | San Bernardino, CA Mountains Community Hospital District COP8 | | | 5.000 | | | | 02/01/2027 | | | | 1,120,569 | |
| | 3,235,000 | | | San Bernardino, CA Mountains Community Hospital District COP8 | | | 5.000 | | | | 02/01/2037 | | | | 2,358,380 | |
| | 1,225,000 | | | San Diego County, CA COP1 | | | 5.700 | | | | 02/01/2028 | | | | 1,108,650 | |
| | 3,750,000 | | | San Diego County, CA COP (Developmental Service Foundation)1 | | | 5.500 | | | | 09/01/2027 | | | | 3,598,013 | |
| | 6,645,000 | | | San Diego County, CA Redevel. Agency (Gillespie Field)1 | | | 5.750 | | | | 12/01/2032 | | | | 6,196,396 | |
| | 3,000,000 | | | San Diego, CA Certificates (Water Utility Fund)1 | | | 5.200 | | | | 08/01/2024 | | | | 3,034,380 | |
| | 140,000 | | | San Diego, CA Hsg. Authority (Park Crest Properties) | | | 5.450 | | | | 08/20/2040 | | | | 128,719 | |
| | 25,000 | | | San Diego, CA Improvement Bond Act 1915 | | | 6.200 | | | | 09/02/2033 | | | | 24,516 | |
| | 50,000 | | | San Diego, CA Public Facilities Financing Authority1 | | | 5.000 | | | | 05/15/2025 | | | | 49,050 | |
| | 15,000 | | | San Diego, CA Public Facilities Financing Authority1 | | | 5.000 | | | | 05/15/2029 | | | | 14,147 | |
| | 50,000 | | | San Diego, CA Public Facilities Financing Authority1 | | | 5.250 | | | | 05/15/2027 | | | | 49,175 | |
| | 100,000 | | | San Diego, CA Public Facilities Financing Authority | | | 5.250 | | | | 05/15/2027 | | | | 100,030 | |
| | 15,000 | | | San Diego, CA Public Facilities Financing Authority | | | 5.250 | | | | 05/15/2027 | | | | 15,005 | |
| | 35,000 | | | San Diego, CA Public Facilities Financing Authority, Series B1 | | | 5.000 | | | | 05/15/2029 | | | | 33,011 | |
| | 2,815,000 | | | San Diego, CA Sewer, Series A1 | | | 5.250 | | | | 05/15/2020 | | | | 2,830,257 | |
| | 9,780,000 | | | San Diego, CA Unified School District4 | | | 5.250 | | | | 07/01/2023 | | | | 10,694,039 | |
| | 55,000 | | | San Francisco, CA City & County Airports Commission1 | | | 5.000 | | | | 05/01/2020 | | | | 53,896 | |
| | 15,000 | | | San Francisco, CA City & County Airports Commission1 | | | 5.000 | | | | 05/01/2023 | | | | 15,178 | |
| | 65,000 | | | San Francisco, CA City & County Airports Commission1 | | | 5.000 | | | | 05/01/2030 | | | | 57,371 | |
| | 15,000 | | | San Francisco, CA City & County Airports Commission (SFO Fuel Company)1 | | | 5.250 | | | | 01/01/2024 | | | | 14,477 | |
| | 245,000 | | | San Francisco, CA City & County Airports Commission Special Facilities Lease (SFO Fuel Company)1 | | | 5.250 | | | | 01/01/2022 | | | | 238,324 | |
| | 90,000 | | | San Francisco, CA City & County Financing Corp. (Comb Emergency Communications)1 | | | 5.500 | | | | 04/01/2020 | | | | 90,201 | |
| | 6,035,000 | | | San Francisco, CA City & County Redevel. Agency (Mission Bay South) | | | 5.958 | 2 | | | 08/01/2034 | | | | 1,097,404 | |
| | 6,490,000 | | | San Jacinto, CA Financing Authority, Tranche A1 | | | 6.600 | | | | 09/01/2033 | | | | 5,590,032 | |
| | 6,345,000 | | | San Jacinto, CA Financing Authority, Tranche B1 | | | 6.600 | | | | 09/01/2033 | | | | 5,358,226 | |
| | 6,530,000 | | | San Jacinto, CA Financing Authority, Tranche C1 | | | 6.600 | | | | 09/01/2033 | | | | 5,125,658 | |
| | 500,000 | | | San Jacinto, CA Unified School District Special Tax | | | 5.100 | | | | 09/01/2036 | | | | 413,200 | |
F20 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 400,000 | | | San Joaquin Hills, CA Transportation Corridor Agency1 | | | 5.375 | % | | | 01/15/2029 | | | $ | 366,136 | |
| | 20,000,000 | | | San Jose, CA Airport4 | | | 5.000 | | | | 03/01/2037 | | | | 18,166,400 | |
| | 35,000,000 | | | San Jose, CA Airport | | | 6.000 | | | | 03/01/2047 | | | | 35,515,550 | |
| | 35,000 | | | San Jose, CA Improvement Bond Act 1915 | | | 5.875 | | | | 09/02/2023 | | | | 34,516 | |
| | 1,250,000 | | | San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)1 | | | 5.350 | | | | 07/15/2034 | | | | 1,242,688 | |
| | 25,000 | | | San Jose, CA Special Tax Community Facilities District No. 9 (Bailey Highway 101) | | | 6.600 | | | | 09/01/2027 | | | | 25,615 | |
| | 25,000 | | | San Jose, CA Unified School District COP1 | | | 5.125 | | | | 06/01/2022 | | | | 25,040 | |
| | 1,500,000 | | | San Leandro, CA Community Facilities District No.1 Special Tax1 | | | 6.400 | | | | 09/01/2019 | | | | 1,515,585 | |
| | 2,980,000 | | | San Marcos, CA Public Facilities Authority | | | 5.050 | | | | 09/01/2038 | | | | 2,323,327 | |
| | 45,000 | | | San Marcos, CA Public Facilities Authority1 | | | 5.800 | | | | 09/01/2027 | | | | 44,410 | |
| | 575,000 | | | Santa Clara County, CA Hsg. Authority (Rivertown Apartments) | | | 6.000 | | | | 08/01/2041 | | | | 575,449 | |
| | 50,000 | | | Santa Clarita, CA Community Facilities District Special Tax | | | 5.850 | | | | 11/15/2032 | | | | 48,762 | |
| | 3,795,000 | | | Santaluz, CA Special Tax Community Facilities District No. 21 | | | 6.375 | | | | 09/01/2030 | | | | 3,795,645 | |
| | 10,000 | | | Seaside, CA Redevel. Agency Tax Allocation1 | | | 5.375 | | | | 08/01/2033 | | | | 10,111 | |
| | 1,090,000 | | | Shafter, CA Community Devel. Agency Tax Allocation | | | 5.400 | | | | 11/01/2026 | | | | 978,384 | |
| | 3,335,000 | | | Shafter, CA Community Devel. Agency Tax Allocation1 | | | 5.450 | | | | 11/01/2036 | | | | 2,905,552 | |
| | 355,000 | | | Soledad, CA Redevel. Agency (Soledad Redevel.)1 | | | 5.350 | | | | 12/01/2028 | | | | 360,850 | |
| | 10,000 | | | Sonoma County, CA Community Redevel. Agency (Roseland)1 | | | 7.900 | | | | 08/01/2013 | | | | 10,250 | |
| | 1,235,000 | | | South El Monte, CA Improvement District (Merged Area)1 | | | 5.000 | | | | 08/01/2030 | | | | 1,128,827 | |
| | 7,910,000 | | | Southern CA Home Financing Authority (Single Family Mtg.) | | | 5.800 | | | | 12/01/2049 | | | | 7,876,699 | |
| | 3,335,000 | | | Southern CA Logistics Airport Authority | | | 5.000 | | | | 12/01/2043 | | | | 3,037,685 | |
| | 100,000,000 | | | Southern CA Public Power Authority Natural Gas4 | | | 3.395 | 7 | | | 11/01/2038 | | | | 74,500,075 | |
| | 97,775,000 | | | Southern CA Tobacco Securitization Authority | | | 7.100 | 2 | | | 06/01/2046 | | | | 4,117,305 | |
| | 25,940,000 | | | Southern CA Tobacco Securitization Authority (TASC)1 | | | 5.000 | | | | 06/01/2037 | | | | 19,266,157 | |
| | 15,000 | | | Spreckels, CA Union School District1 | | | 6.125 | | | | 08/01/2018 | | | | 15,051 | |
| | 1,935,000 | | | Stockton, CA Community Facilities District1 | | | 6.125 | | | | 09/01/2031 | | | | 1,831,091 | |
| | 2,930,000 | | | Stockton, CA Community Facilities District1 | | | 6.250 | | | | 09/01/2037 | | �� | | 2,796,099 | |
| | 5,000,000 | | | Stockton, CA Community Facilities District (Arch Road East No. 99-02)1 | | | 5.875 | | | | 09/01/2037 | | | | 4,500,950 | |
| | 1,350,000 | | | Stockton, CA Public Financing Authority, Series A1 | | | 5.000 | | | | 09/01/2023 | | | | 1,268,177 | |
| | 2,925,000 | | | Stockton, CA Public Financing Authority, Series A1 | | | 5.250 | | | | 09/01/2031 | | | | 2,697,172 | |
| | 2,930,000 | | | Stockton, CA Public Financing Authority, Series A1 | | | 5.250 | | | | 09/01/2034 | | | | 2,652,646 | |
| | 6,000,000 | | | Stockton, CA Public Financing Authority, Series A1 | | | 5.250 | | | | 07/01/2037 | | | | 5,399,220 | |
F21 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 10,000 | | | Suisun City, CA Public Financing Authority (Suisun City Redevel.)1 | | | 5.200 | % | | | 10/01/2028 | | | $ | 10,034 | |
| | 15,000 | | | Sulphur Springs, CA Unified School District Community Facilities District No. 2002-1-A | | | 6.000 | | | | 09/01/2033 | | | | 14,264 | |
| | 80,000 | | | Susanville, CA Public Financing Authority1 | | | 7.750 | | | | 09/01/2017 | | | | 80,293 | |
| | 2,230,000 | | | Tejon Ranch, CA Public Facilities Finance Authority Special Tax (Community Facilities District No. 1)1 | | | 7.200 | | | | 09/01/2030 | | | | 2,298,015 | |
| | 2,000,000 | | | Temecula Valley, CA Unified School District Community Facilities District No. 03-21 | | | 5.500 | | | | 09/01/2035 | | | | 1,830,720 | |
| | 20,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Harveston)1 | | | 5.100 | | | | 09/01/2036 | | | | 16,731 | |
| | 990,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh) | | | 4.900 | | | | 09/01/2013 | | | | 849,113 | |
| | 165,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh) | | | 5.000 | | | | 09/01/2014 | | | | 138,374 | |
| | 740,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh) | | | 5.050 | | | | 09/01/2015 | | | | 605,971 | |
| | 805,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh) | | | 5.100 | | | | 09/01/2016 | | | | 644,604 | |
| | 8,000,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1 | | | 5.450 | | | | 09/01/2026 | | | | 5,559,600 | |
| | 13,790,000 | | | Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1 | | | 5.500 | | | | 09/01/2036 | | | | 8,883,518 | |
| | 1,025,000 | | | Tracy, CA Community Facilities District | | | 5.700 | | | | 09/01/2026 | | | | 900,001 | |
| | 3,105,000 | | | Tracy, CA Community Facilities District1 | | | 5.750 | | | | 09/01/2036 | | | | 2,595,966 | |
| | 1,080,000 | | | Tracy, CA Community Facilities District | | | 5.750 | | | | 09/01/2036 | | | | 902,945 | |
| | 4,560,000 | | | Trinity County, CA COP8 | | | 8.500 | | | | 01/15/2026 | | | | 4,290,504 | |
| | 50,000 | | | Truckee-Donner, CA Public Utility District Special Tax | | | 6.100 | | | | 09/01/2033 | | | | 48,287 | |
| | 60,000 | | | Turlock, CA Public Financing Authority | | | 5.450 | | | | 09/01/2024 | | | | 56,711 | |
| | 35,000 | | | Union City, CA Special Tax Community Facilities District No. 1997-1 | | | 5.800 | | | | 09/01/2028 | | | | 32,811 | |
| | 30,000,000 | | | University of California (Regents Medical Center)4 | | | 2.583 | 7 | | | 05/15/2047 | | | | 22,200,038 | |
| | 60,000 | | | Upland, CA Community Facilities District (San Antonio) | | | 6.000 | | | | 09/01/2024 | | | | 60,704 | |
| | 100,000 | | | Upland, CA Community Facilities District Special Tax | | | 5.900 | | | | 09/01/2024 | | | | 100,364 | |
| | 195,000 | | | Vacaville, CA Public Financing Authority1 | | | 5.400 | | | | 09/01/2022 | | | | 195,737 | |
| | 2,635,000 | | | Val Verde, CA Unified School District1 | | | 6.000 | | | | 10/01/2021 | | | | 2,643,089 | |
| | 415,000 | | | Val Verde, CA Unified School District Special Tax | | | 5.450 | | | | 09/01/2036 | | | | 378,675 | |
| | 30,000 | | | Vallejo, CA COP (Touro University) | | | 7.375 | | | | 06/01/2029 | | | | 31,929 | |
| | 50,000 | | | Valley Center-Pauma, CA Unified School District (Woods Valley Ranch) | | | 6.000 | | | | 09/01/2033 | | | | 47,545 | |
| | 1,470,000 | | | Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1 | | | 5.150 | | | | 12/01/2031 | | | | 1,316,591 | |
F22 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | |
| Principal | | | | | | | | | | | | |
| Amount | | | | | Coupon | | | Maturity | | | Value | |
| |
| California Continued | | | | | | | | | | | | |
| $ | 600,000 | | | Victoria Gardens, CA Public Facilities Community Facilities District of Etiwanda School District | | | 6.000 | % | | | 09/01/2027 | | | $ | 572,778 | |
| | 4,685,000 | | | Victoria Gardens, CA Public Facilities Community Facilities District of Etiwanda School District1 | | | 6.000 | | | | 09/01/2037 | | | | 4,424,046 | |
| | 50,000 | | | Watsonville, CA Redevel. Agency Tax Allocation (Watsonville 2000 Redevel.)1 | | | 5.000 | | | | 09/01/2024 | | | | 48,178 | |
| | 30,000 | | | West Hills, CA Community College District1 | | | 5.000 | | | | 08/01/2029 | | | | 29,314 | |
| | 135,000 | | | West Patterson, CA Financing Authority Special Tax | | | 6.100 | | | | 09/01/2032 | | | | 130,614 | |
| | 4,900,000 | | | West Sacramento, CA Financing Authority Special Tax1 | | | 6.100 | | | | 09/01/2029 | | | | 4,788,966 | |
| | 2,000,000 | | | West Sacramento, CA Special Tax Community Facilities District No. 231 | | | 5.300 | | | | 09/01/2037 | | | | 1,700,720 | |
| | 700,000 | | | Westside, CA Union School District | | | 5.000 | | | | 09/01/2026 | | | | 598,857 | |
| | 3,860,000 | | | Westside, CA Union School District1 | | | 5.000 | | | | 09/01/2036 | | | | 3,140,110 | |
| | 4,200,000 | | | Westside, CA Union School District1 | | | 5.250 | | | | 09/01/2036 | | | | 3,552,150 | |
| | 10,000 | | | Woodland, CA Special Tax Community Facilities District No. 1 | | | 6.000 | | | | 09/01/2028 | | | | 9,600 | |
| | 3,550,000 | | | Yuba City, CA Redevel. Agency | | | 5.250 | | | | 09/01/2039 | | | | 3,074,336 | |
| | 15,000 | | | Yucaipa, CA Redevel. Agency (Eldorado Palms Mobile Home) | | | 6.000 | | | | 05/01/2030 | | | | 14,291 | |
| | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | 2,110,365,016 | |
| U.S. Possessions—6.4% | | | | | | | | | | | | |
| | 3,180,000 | | | Northern Mariana Islands Ports Authority, Series A1 | | | 5.500 | | | | 03/15/2031 | | | | 2,583,464 | |
| | 1,910,000 | | | Northern Mariana Islands Ports Authority, Series A1 | | | 6.250 | | | | 03/15/2028 | | | | 1,548,628 | |
| | 3,700,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 0.000 | 3 | | | 07/01/2024 | | | | 3,204,718 | |
| | 3,500,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 6.000 | | | | 07/01/2038 | | | | 3,662,155 | |
| | 1,950,000 | | | Puerto Rico Aqueduct & Sewer Authority | | | 6.000 | | | | 07/01/2044 | | | | 2,041,865 | |
| | 6,715,000 | | | Puerto Rico Commonwealth GO1 | | | 6.000 | | | | 07/01/2027 | | | | 7,062,971 | |
| | 740,000 | | | Puerto Rico Commonwealth GO | | | 6.000 | | | | 07/01/2028 | | | | 778,303 | |
| | 35,000,000 | | | Puerto Rico Highway & Transportation Authority, Series N4 | | | 2.400 | 7 | | | 07/01/2045 | | | | 25,024,951 | |
| | 6,055,000 | | | Puerto Rico ITEMECF (Cogeneration Facilities)1 | | | 6.625 | | | | 06/01/2026 | | | | 6,158,722 | |
| | 1,885,000 | | | Puerto Rico ITEMECF (Mennonite General Hospital)1 | | | 6.500 | | | | 07/01/2012 | | | | 1,863,473 | |
| | 40,340,000 | | | Puerto Rico Port Authority (American Airlines), Series A1 | | | 6.250 | | | | 06/01/2026 | | | | 18,834,343 | |
| | 25,000 | | | Puerto Rico Port Authority (American Airlines), Series A1 | | | 6.300 | | | | 06/01/2023 | | | | 11,670 | |
| | 27,000,000 | | | V.I. Public Finance Authority (Hovensa Coker)1 | | | 6.500 | | | | 07/01/2021 | | | | 27,291,330 | |
| | 4,515,000 | | | V.I. Public Finance Authority, Series A1 | | | 6.375 | | | | 10/01/2019 | | | | 4,760,165 | |
| | 5,150,000 | | | V.I. Public Finance Authority, Series E1 | | | 6.000 | | | | 10/01/2022 | | | | 5,155,202 | |
| | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | 109,981,960 | |
F23 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| | | | | |
| | | Value | |
| |
Total Investments, at Value (Cost $2,583,387,493)—128.5% | | $ | 2,220,346,976 | |
| |
Liabilities in Excess of Other Assets—(28.5) | | | (492,795,816 | ) |
| | | | |
| |
Net Assets—100.0% | | $ | 1,727,551,160 | |
| | | | |
Footnotes to Statement of Investments
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. Non-income producing security.
7. Represents the current interest rate for a variable or increasing rate security.
8. Illiquid security. The aggregate value of illiquid securities as of July 31, 2008 was $29,302,537, which represents 1.70% of the Fund’s net assets. See Note 5 of accompanying Notes.
9. Represents the current interest rate for a variable rate bond known as an “inverse floater.” See Note 1 of accompanying Notes.
To simplify the listings of securities, abbreviations are used per the table below:
| | | |
| ABAG | | Association of Bay Area Governments |
| AHEF | | American Heritage Education Foundation |
| CDA | | Communities Devel. Authority |
| CHCC | | Community Hospitals of Central California |
| COP | | Certificates of Participation |
| ECHS | | Escondido Charter High School |
| FCHMC | | Fresno Community Hospital & Medical Center |
| GO | | General Obligation |
| GP | | General Purpose |
| HFA | | Housing Finance Agency/Authority |
| HK-8CS | | Heritage 8-K Charter School |
| IDA | | Industrial Devel. Agency |
| ITEMECF | | Industrial, Tourist, Educational, Medical and Environmental Community Facilities |
| M-S-R | | Modesto Irrigation District of the City of Santa Clara and the City of Redding |
| RIBS | | Residual Interest Bonds |
| RITES | | Residual Interest Tax Exempt Security |
| ROLs | | Residual Option Longs |
| SHF | | Sierra Hospital Foundation |
| TASC | | Tobacco Settlement Asset-Backed Bonds |
| V.I. | | United States Virgin Islands |
| | | |
See accompanying Notes to Financial Statements.
F24 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2008
| | | | | |
| |
Assets | | | | |
| Investments, at value (cost $2,583,387,493)—see accompanying statement of investments | | $ | 2,220,346,976 | |
| |
| Cash | | | 715,717 | |
| |
| Receivables and other assets: | | | | |
| Interest | | | 34,214,676 | |
| Investments sold | | | 3,268,418 | |
| Shares of beneficial interest sold | | | 2,794,615 | |
| Other | | | 182,915 | |
| | | | |
| Total assets | | | 2,261,523,317 | |
| | | | | |
| |
Liabilities | | | | |
| | | | | |
| Payables and other liabilities: | | | | |
| Payable for short-term floating rate notes issued (See Note 1) | | | 441,615,000 | |
| Payable on borrowings (See Note 6) | | | 83,300,000 | |
| Shares of beneficial interest redeemed | | | 5,872,354 | |
| Dividends | | | 2,252,279 | |
| Distribution and service plan fees | | | 286,750 | |
| Trustees’ compensation | | | 224,771 | |
| Interest expense on borrowings | | | 181,679 | |
| Shareholder communications | | | 79,414 | |
| Transfer and shareholder servicing agent fees | | | 56,896 | |
| Other | | | 103,014 | |
| | | | |
| Total liabilities | | | 533,972,157 | |
| | | | | |
| |
Net Assets | | $ | 1,727,551,160 | |
| | | | |
| | | | | |
| |
Composition of Net Assets | | | | |
| Par value of shares of beneficial interest | | $ | 191,659 | |
| |
| Additional paid-in capital | | | 2,191,950,727 | |
| |
| Accumulated net investment income | | | 3,402,115 | |
| |
| Accumulated net realized loss on investments | | | (104,952,824 | ) |
| |
| Net unrealized depreciation on investments | | | (363,040,517 | ) |
| | | | |
| |
Net Assets | | $ | 1,727,551,160 | |
| | | | |
F25 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
| | | | | |
| |
Net Asset Value Per Share | | | | |
| Class A Shares: | | | | |
| Net asset value and redemption price per share (based on net assets of $1,344,257,240 and 149,070,765 shares of beneficial interest outstanding) | | $ | 9.02 | |
| Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) | | $ | 9.47 | |
| |
| Class B Shares: | | | | |
| Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $40,025,964 and 4,435,049 shares of beneficial interest outstanding) | | $ | 9.02 | |
| |
| Class C Shares: | | | | |
| Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $343,267,956 and 38,152,711 shares of beneficial interest outstanding) | | $ | 9.00 | |
See accompanying Notes to Financial Statements.
F26 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2008
| | | | | |
| |
Investment Income | | | | |
| Interest | | $ | 149,273,475 | |
| |
| Other income | | | 1,471 | |
| | | | |
| Total investment income | | | 149,274,946 | |
| | | | | |
| |
Expenses | | | | |
| Management fees | | | 8,528,903 | |
| |
| Distribution and service plan fees: | | | | |
| Class A | | | 3,789,744 | |
| Class B | | | 516,879 | |
| Class C | | | 4,035,689 | |
| |
| Transfer and shareholder servicing agent fees: | | | | |
| Class A | | | 479,899 | |
| Class B | | | 41,388 | |
| Class C | | | 174,862 | |
| |
| Shareholder communications: | | | | |
| Class A | | | 144,060 | |
| Class B | | | 11,000 | |
| Class C | | | 45,313 | |
| |
| Interest expense and fees on short-term floating rate notes issued (See Note 1) | | | 15,817,621 | |
| |
| Interest expense on borrowings | | | 2,611,495 | |
| |
| Custodian fees and expenses | | | 141,406 | |
| |
| Trustees’ compensation | | | 71,597 | |
| |
| Other | | | 583,808 | |
| | | | |
| Total expenses | | | 36,993,664 | |
| Less reduction to custodian expenses | | | (28,950 | ) |
| | | | |
| Net expenses | | | 36,964,714 | |
| | | | | |
| |
Net Investment Income | | | 112,310,232 | |
| | | | | |
| |
Realized and Unrealized (Loss) | | | | |
| Net realized loss on investments | | | (97,488,834 | ) |
| |
| Net change in unrealized depreciation on investments | | | (400,450,354 | ) |
| | | | | |
| |
Net Decrease in Net Assets Resulting from Operations | | $ | (385,628,956 | ) |
| | | | |
See accompanying Notes to Financial Statements.
F27 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | |
| Year Ended July 31, | | 2008 | | 2007 |
| |
Operations | | | | | | | | |
| Net investment income | | $ | 112,310,232 | | | $ | 89,160,684 | |
| |
| Net realized loss | | | (97,488,834 | ) | | | (4,504,881 | ) |
| |
| Net change in unrealized appreciation (depreciation) | | | (400,450,354 | ) | | | (14,738,656 | ) |
| | | |
| |
| Net increase (decrease) in net assets resulting from operations | | | (385,628,956 | ) | | | 69,917,147 | |
| | | | | | | | | |
| |
Dividends and/or Distributions to Shareholders | | | | | | | | |
| Dividends from net investment income: | | | | | | | | |
| Class A | | | (86,084,191 | ) | | | (74,272,037 | ) |
| Class B | | | (2,369,470 | ) | | | (2,631,066 | ) |
| Class C | | | (18,804,393 | ) | | | (14,015,585 | ) |
| | | |
| |
| | | | (107,258,054 | ) | | | (90,918,688 | ) |
| | | | | | | | | |
| |
Beneficial Interest Transactions | | | | | | | | |
| Net increase (decrease) in net assets resulting from beneficial interest transactions: | | | | | | | | |
| Class A | | | (179,841,768 | ) | | | 709,301,068 | |
| Class B | | | (14,432,228 | ) | | | 2,657,860 | |
| Class C | | | (42,138,978 | ) | | | 255,912,065 | |
| | | |
| |
| | | | (236,412,974 | ) | | | 967,870,993 | |
| | | | | | | | | |
| |
Net Assets | | | | | | | | |
| Total increase (decrease) | | | (729,299,984 | ) | | | 946,869,452 | |
| |
| Beginning of period | | | 2,456,851,144 | | | | 1,509,981,692 | |
| | | |
| |
| End of period (including accumulated net investment income (loss) of $3,402,115 and $(1,650,063), respectively) | | $ | 1,727,551,160 | | | $ | 2,456,851,144 | |
| | | |
See accompanying Notes to Financial Statements.
F28 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2008
| | | | | |
| |
Cash Flows from Operating Activities | | | | |
| Net decrease in net assets from operations | | $ | (385,628,956 | ) |
| |
| Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | | | | |
| Purchase of investment securities | | | (813,182,159 | ) |
| Proceeds from disposition of investment securities | | | 1,232,770,044 | |
| Short-term investment securities, net | | | (209,292,264 | ) |
| Premium amortization | | | 2,408,086 | |
| Discount accretion | | | (18,775,200 | ) |
| Net realized loss on investments | | | 97,488,834 | |
| Net change in unrealized depreciation on investments | | | 400,450,354 | |
| Increase in interest receivable | | | (3,604,146 | ) |
| Decrease in receivable for securities sold | | | 19,682,014 | |
| Increase in other assets | | | (127,505 | ) |
| Decrease in payable for securities purchased | | | (34,184,827 | ) |
| Decrease in payable for accrued expenses | | | (312,020 | ) |
| | | | |
| Net cash provided by operating activities | | | 287,692,255 | |
| | | | | |
| |
Cash Flows from Financing Activities | | | | |
| Proceeds from bank borrowings | | | 998,000,000 | |
| Payments on bank borrowings | | | (938,800,000 | ) |
| Payments on short-term floating rate notes issued | | | (19,315,000 | ) |
| Proceeds from shares sold | | | 669,835,375 | |
| Payment on shares redeemed | | | (966,225,246 | ) |
| Cash distributions paid | | | (40,498,455 | ) |
| | | | |
| Net cash used in financing activities | | | (297,003,326 | ) |
| |
| Net decrease in cash | | | (9,311,071 | ) |
| |
| Cash, beginning balance | | | 10,026,788 | |
| | | | |
| Cash, ending balance | | $ | 715,717 | |
| | | | |
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $66,357,564.
Cash paid for interest on bank borrowings—$2,779,900.
Cash paid for interest on short-term floating rate notes issued—$15,817,621.
See accompanying Notes to Financial Statements.
F29 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | |
| Class A Year Ended July 31, | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | |
| |
Per Share Operating Data | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 11.43 | | | $ | 11.44 | | | $ | 11.52 | | | $ | 10.31 | | | $ | 9.97 | |
| |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | .57 | 1 | | | .53 | 1 | | | .55 | 1 | | | .62 | 1 | | | .68 | |
| Net realized and unrealized gain (loss) | | | (2.43 | ) | | | — | | | | (.02 | ) | | | 1.21 | | | | .27 | |
| | | |
| Total from investment operations | | | (1.86 | ) | | | .53 | | | | .53 | | | | 1.83 | | | | .95 | |
| |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.55 | ) | | | (.54 | ) | | | (.61 | ) | | | (.62 | ) | | | (.61 | ) |
| |
| |
| Net asset value, end of period | | $ | 9.02 | | | $ | 11.43 | | | $ | 11.44 | | | $ | 11.52 | | | $ | 10.31 | |
| | | |
| | | | | | | | | | | | | | | | | | | | | |
| |
Total Return, at Net Asset Value2 | | | (16.60 | )% | | | 4.67 | % | | | 4.74 | % | | | 18.20 | % | | | 9.54 | % |
| | | | | | | | | | | | | | | | | | | | | |
| |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 1,344,257 | | | $ | 1,907,202 | | | $ | 1,213,319 | | | $ | 621,736 | | | $ | 401,491 | |
| |
| Average net assets (in thousands) | | $ | 1,584,343 | | | $ | 1,603,883 | | | $ | 901,717 | | | $ | 477,934 | | | $ | 400,452 | |
| |
Ratios to average net assets:3 | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 5.69 | % | | | 4.56 | % | | | 4.85 | % | | | 5.59 | % | | | 6.52 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued | | | 0.86 | % | | | 0.81 | % | | | 0.92 | % | | | 0.92 | % | | | 1.00 | % |
Interest and fees on short-term floating rate notes issued4 | | | 0.78 | % | | | 0.48 | % | | | 0.52 | % | | | 0.34 | % | | | 0.20 | % |
| | | |
| Total expenses | | | 1.64 | % | | | 1.29 | % | | | 1.44 | % | | | 1.26 | % | | | 1.20 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 1.64 | % | | | 1.29 | % | | | 1.44 | % | | | 1.26 | % | | | 1.17 | % |
| |
| Portfolio turnover rate | | | 45 | % | | | 11 | % | | | 43 | % | | | 4 | % | | | 27 | % |
| | |
| 1. | | Per share amounts calculated based on the average shares outstanding during the period. |
| |
| 2. | | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. 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 Note 1 of accompanying Notes. |
See accompanying Notes to Financial Statements.
F30 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | | | | | | | |
| Class B Year Ended July 31, | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | |
| |
Per Share Operating Data | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 11.44 | | | $ | 11.44 | | | $ | 11.53 | | | $ | 10.31 | | | $ | 9.97 | |
| |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | .49 | 1 | | | .44 | 1 | | | .47 | 1 | | | .54 | 1 | | | .64 | |
| Net realized and unrealized gain (loss) | | | (2.45 | ) | | | .01 | | | | (.04 | ) | | | 1.22 | | | | .22 | |
| | | |
| Total from investment operations | | | (1.96 | ) | | | .45 | | | | .43 | | | | 1.76 | | | | .86 | |
| |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.46 | ) | | | (.45 | ) | | | (.52 | ) | | | (.54 | ) | | | (.52 | ) |
| |
| |
| Net asset value, end of period | | $ | 9.02 | | | $ | 11.44 | | | $ | 11.44 | | | $ | 11.53 | | | $ | 10.31 | |
| | | |
| | | | | | | | | | | | | | | | | | | | | |
| |
Total Return, at Net Asset Value2 | | | (17.36 | )% | | | 3.94 | % | | | 3.83 | % | | | 17.40 | % | | | 8.70 | % |
| | | | | | | | | | | | | | | | | | | | | |
| |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 40,026 | | | $ | 66,992 | | | $ | 64,421 | | | $ | 59,530 | | | $ | 65,991 | |
| |
| Average net assets (in thousands) | | $ | 51,641 | | | $ | 68,193 | | | $ | 61,780 | | | $ | 61,244 | | | $ | 84,482 | |
| |
Ratios to average net assets:3 | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 4.85 | % | | | 3.79 | % | | | 4.11 | % | | | 4.90 | % | | | 5.76 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued | | | 1.69 | % | | | 1.60 | % | | | 1.71 | % | | | 1.69 | % | | | 1.77 | % |
Interest and fees on short-term floating rate notes issued4 | | | 0.78 | % | | | 0.48 | % | | | 0.52 | % | | | 0.34 | % | | | 0.20 | % |
| | | |
| Total expenses | | | 2.47 | % | | | 2.08 | % | | | 2.23 | % | | | 2.03 | % | | | 1.97 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 2.47 | % | | | 2.08 | % | | | 2.23 | % | | | 2.03 | % | | | 1.94 | % |
| |
| Portfolio turnover rate | | | 45 | % | | | 11 | % | | | 43 | % | | | 4 | % | | | 27 | % |
| | |
| 1. | | Per share amounts calculated based on the average shares outstanding during the period. |
| |
| 2. | | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. 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 Note 1 of accompanying Notes. |
See accompanying Notes to Financial Statements.
F31 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
| | | | | | | | | | | | | | | | | | | | | |
| Class C Year Ended July 31, | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | |
| |
Per Share Operating Data | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 11.40 | | | $ | 11.41 | | | $ | 11.50 | | | $ | 10.29 | | | $ | 9.95 | |
| |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | .49 | 1 | | | .44 | 1 | | | .46 | 1 | | | .52 | 1 | | | .60 | |
| Net realized and unrealized gain (loss) | | | (2.42 | ) | | | .01 | | | | (.03 | ) | | | 1.23 | | | | .26 | |
| | | |
| Total from investment operations | | | (1.93 | ) | | | .45 | | | | .43 | | | | 1.75 | | | | .86 | |
| |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.47 | ) | | | (.46 | ) | | | (.52 | ) | | | (.54 | ) | | | (.52 | ) |
| |
| Net asset value, end of period | | $ | 9.00 | | | $ | 11.40 | | | $ | 11.41 | | | $ | 11.50 | | | $ | 10.29 | |
| | | |
| | | | | | | | | | | | | | | | | | | | | |
| |
Total Return, at Net Asset Value2 | | | (17.20 | )% | | | 3.89 | % | | | 3.85 | % | | | 17.33 | % | | | 8.71 | % |
| | | | | | | | | | | | | | | | | | | | | |
| |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 343,268 | | | $ | 482,657 | | | $ | 232,242 | | | $ | 79,616 | | | $ | 31,102 | |
| |
| Average net assets (in thousands) | | $ | 402,977 | | | $ | 362,456 | | | $ | 149,437 | | | $ | 43,444 | | | $ | 30,371 | |
| |
Ratios to average net assets:3 | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 4.91 | % | | | 3.78 | % | | | 4.05 | % | | | 4.73 | % | | | 5.74 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued | | | 1.64 | % | | | 1.58 | % | | | 1.68 | % | | | 1.69 | % | | | 1.78 | % |
Interest and fees on short-term floating rate notes issued4 | | | 0.78 | % | | | 0.48 | % | | | 0.52 | % | | | 0.34 | % | | | 0.20 | % |
| | | |
| Total expenses | | | 2.42 | % | | | 2.06 | % | | | 2.20 | % | | | 2.03 | % | | | 1.98 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 2.42 | % | | | 2.06 | % | | | 2.20 | % | | | 2.03 | % | | | 1.95 | % |
| |
| Portfolio turnover rate | | | 45 | % | | | 11 | % | | | 43 | % | | | 4 | % | | | 27 | % |
| | |
| 1. | | Per share amounts calculated based on the average shares outstanding during the period. |
| |
| 2. | | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. 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 Note 1 of accompanying Notes. |
See accompanying Notes to Financial Statements.
F32 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies
Oppenheimer California Municipal Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Fund’s investment objective is to seek as high a level of current interest income exempt from federal and California income taxes for individual investors as is consistent with preservation of capital. 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. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ® are valued based on the closing price 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 closing “bid” and “asked” prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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 will be valued at the mean between the “bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. 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 their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of
F33 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
the Board of Trustees. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “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.
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 $344,066,213 as of July 31, 2008, which represents 15.21% 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 do 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 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, 2008, municipal bond holdings with a value of $504,359,847 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $441,615,000 in short-term floating rate notes issued and outstanding at that date.
F34 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
At July 31, 2008, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:
| | | | | | | | | | | | | | | | | |
| Principal | | | Inverse | | Coupon | | | Maturity | | | | |
| Amount | | | Floater1 | | Rate2 | | | Date | | | Value | |
| |
| $ | 2,500,000 | | | CA Austin Trust Various States Inverse Certificate ROLs | | | 14.915 | % | | | 8/1/38 | | | $ | 1,946,650 | |
| | 4,065,000 | | | CA Austin Trust Various States Inverse Certificates | | | 14.039 | | | | 2/1/42 | | | | 4,244,185 | |
| | 2,495,000 | | | CA Dept. of Veterans Affairs Home Purchase ROLs | | | 9.645 | | | | 12/1/27 | | | | 1,693,107 | |
| | 2,370,000 | | | CA Home Mtg. Finance Authority (Homebuyers Fund) ROLs | | | 23.320 | | | | 8/1/43 | | | | 2,570,099 | |
| | 2,500,000 | | | CA Home Mtg. Finance Authority (Homebuyers Fund) ROLs3 | | | 12.090 | | | | 2/1/29 | | | | 1,529,800 | |
| | 2,430,000 | | | CA Port of Oakland RITES | | | 8.913 | | | | 11/1/22 | | | | 1,916,687 | |
| | 1,250,000 | | | CA Port of Oakland ROLs3 | | | 13.540 | | | | 11/1/15 | | | | 1,305,650 | |
| | 1,250,000 | | | CA Port of Oakland ROLs3 | | | 14.040 | | | | 11/1/17 | | | | 1,295,975 | |
| | 5,125,000 | | | CA Port of Oakland ROLs3 | | | 10.540 | | | | 11/1/32 | | | | 3,076,333 | |
| | 39,095,000 | | | CA Statewide CDA ROLs3 | | | 2.967 | | | | 4/1/36 | | | | 11,719,899 | |
| | 13,125,000 | | | Long Beach, CA Bond Finance Authority Natural Gas ROLs3 | | | 13.680 | | | | 11/15/37 | | | | 8,911,613 | |
| | 18,000,000 | | | Long Beach, CA Bond Finance Authority Natural Gas ROLs3 | | | 4.650 | | | | 11/15/33 | | | | 2,250,000 | |
| | 2,375,000 | | | Los Angeles, CA Dept. of Water & Power RITES | | | 11.495 | | | | 7/1/24 | | | | 2,413,428 | |
| | 2,640,000 | | | Los Angeles, CA Harbor Dept. ROLs | | | 15.395 | | | | 8/1/25 | | | | 1,870,572 | |
| | 2,775,000 | | | Los Angeles, CA Harbor Dept. ROLs | | | 15.402 | | | | 8/1/26 | | | | 2,076,200 | |
| | 4,500,000 | | | Northern CA Gas Authority ROLs3 | | | 2.720 | | | | 7/1/27 | | | | 225,000 | |
| | 200,000 | | | Northern CA Gas Authority ROLs | | | 2.180 | | | | 7/1/17 | | | | 10,000 | |
| | 4,000,000 | | | Northern CA Gas Authority ROLs3 | | | 2.330 | | | | 7/1/19 | | | | (200,000 | ) |
| | 3,335,000 | | | Northern CA Gas Authority ROLs3 | | | 2.680 | | | | 7/1/27 | | | | 485,009 | |
| | 11,670,000 | | | Puerto Rico Highway & Transportation Authority ROLs3 | | | 0.640 | | | | 7/1/45 | | | | 1,694,951 | |
| | 3,145,000 | | | Sacramento, CA Hsg. Authority ROLs | | | 9.979 | | | | 6/1/37 | | | | 2,734,137 | |
| | 2,445,000 | | | San Diego, CA Unified School District GO RITES | | | 10.292 | | | | 7/1/23 | | | | 3,359,039 | |
| | 5,000,000 | | | San Jose, CA Airport ROLs3 | | | 8.860 | | | | 3/1/37 | | | | 3,166,400 | |
| | 27,500,000 | | | Southern CA Public Power Authority Natural Gas ROLs3 | | | 5.500 | | | | 11/1/38 | | | | 2,000,075 | |
| | 8,250,000 | | | University of California (Regents Medical Center) ROLs3 | | | 2.950 | | | | 5/15/47 | | | | 450,038 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | 62,744,847 | |
| | | | | | | | | | | | | | | | |
| | |
| 1. | | For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F24 of the Statement of Investments. |
| |
| 2. | | Represents the current interest rate for a variable rate bond known as an “inverse floater.” |
| |
| 3. | | Security is subject to a shortfall and forbearance agreement. |
F35 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2008, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at approximately $338,200,000.
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. As of July 31, 2008, securities with an aggregate market value of $4,941,103, representing 0.29% of the Fund’s net assets, were in default.
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 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.
F36 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Net Unrealized | |
| | | | | | | | | | | | | Depreciation | |
| | | | | | | | | | | | | Based on Cost of | |
| | | | | | | | | | | | | Securities and | |
| Undistributed | | | Undistributed | | | Accumulated | | | Other Investments | |
| Net Investment | | | Long-Term | | | Loss | | | for Federal Income | |
| Income | | | Gain | | | Carryforward1,2,3,4 | | | Tax Purposes | |
| |
| $ | 5,385,658 | | | $ | — | | | $ | 93,326,537 | | | $ | 374,666,804 | |
| | |
| 1. | | As of July 31, 2008, the Fund had $36,524,290 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, 2008, details of the capital loss carryforwards were as follows: |
| | | | | |
| Expiring | | | | |
| |
| 2009 | | $ | 789,546 | |
| 2015 | | | 2,066,773 | |
| 2016 | | | 33,667,971 | |
| | | | |
| Total | | $ | 36,524,290 | |
| | | | |
| 2. | | As of July 31, 2008, the Fund had $56,802,247 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017. |
| |
| 3. | | During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward. |
| |
| 3. | | During the fiscal year ended July 31, 2007, 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.
The tax character of distributions paid during the years ended July 31, 2008 and July 31, 2007 was as follows:
| | | | | | | | | |
| | | Year Ended | | | Year Ended | |
| | | July 31, 2008 | | | July 31, 2007 | |
| |
| Distributions paid from: | | | | | | | | |
| Exempt-interest dividends | | $ | 107,146,907 | | | $ | 90,850,879 | |
| Ordinary income | | | 111,147 | | | | 67,809 | |
| | | |
| Total | | $ | 107,258,054 | | | $ | 90,918,688 | |
| | | |
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, 2008 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.
F37 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
| | | | | |
| Federal tax cost of securities | | $ | 2,150,712,183 | |
| | | | |
| |
| Gross unrealized appreciation | | $ | 16,040,972 | |
| Gross unrealized depreciation | | | (390,707,776 | ) |
| | | | |
| Net unrealized depreciation | | $ | (374,666,804 | ) |
| | | | |
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, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:
| | | | | |
| Projected Benefit Obligations Increased | | $ | 24,679 | |
| Payments Made to Retired Trustees | | | 16,083 | |
| Accumulated Liability as of July 31, 2008 | | | 151,377 | |
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 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.
F38 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
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 cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
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 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, 2008 | | | Year Ended July 31, 2007 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| |
Class A | | | | | | | | | | | | | | | | |
| Sold | | | 51,832,372 | | | $ | 530,844,499 | | | | 81,514,563 | | | $ | 949,983,417 | |
| Dividends and/or distributions reinvested | | | 5,336,078 | | | | 53,229,874 | | | | 3,850,157 | | | | 44,843,901 | |
| Redeemed | | | (74,979,966 | ) | | | (763,916,141 | ) | | | (24,577,715 | ) | | | (285,526,250 | ) |
| | | |
| Net increase (decrease) | | | (17,811,516 | ) | | $ | (179,841,768 | ) | | | 60,787,005 | | | $ | 709,301,068 | |
| | | |
F39 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
2. Shares of Beneficial Interest Continued
| | | | | | | | | | | | | | | | | |
| | | Year Ended July 31, 2008 | | | Year Ended July 31, 2007 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| |
Class B | | | | | | | | | | | | | | | | |
| Sold | | | 671,853 | | | $ | 6,863,764 | | | | 1,606,321 | | | $ | 18,718,253 | |
| Dividends and/or distributions reinvested | | | 161,683 | | | | 1,619,355 | | | | 147,140 | | | | 1,715,814 | |
| Redeemed | | | (2,256,016 | ) | | | (22,915,347 | ) | | | (1,524,838 | ) | | | (17,776,207 | ) |
| | | |
| Net increase (decrease) | | | (1,422,480 | ) | | $ | (14,432,228 | ) | | | 228,623 | | | $ | 2,657,860 | |
| | | |
| | | | | | | | | | | | | | | | | |
| |
Class C | | | | | | | | | | | | | | | | |
| Sold | | | 12,206,020 | | | $ | 123,808,227 | | | | 26,732,550 | | | $ | 311,135,710 | |
| Dividends and/or distributions reinvested | | | 1,156,441 | | | | 11,508,335 | | | | 706,001 | | | | 8,200,866 | |
| Redeemed | | | (17,534,315 | ) | | | (177,455,540 | ) | | | (5,461,755 | ) | | | (63,424,511 | ) |
| | | |
| Net increase (decrease) | | | (4,171,854 | ) | | $ | (42,138,978 | ) | | | 21,976,796 | | | $ | 255,912,065 | |
| | | |
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, 2008, were as follows:
| | | | | | | | | |
| | | Purchases | | | Sales | |
| |
| Investment securities | | $ | 813,182,159 | | | $ | 1,232,770,044 | |
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 $200 million | | | 0.60 | % |
| Next $100 million | | | 0.55 | |
| Next $200 million | | | 0.50 | |
| Next $250 million | | | 0.45 | |
| Next $250 million | | | 0.40 | |
| Over $1 billion | | | 0.35 | |
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, 2008, the Fund paid $698,682 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.
F40 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
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 average annual 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. 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. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2008 for Class B and Class C shares were $2,598,554 and $5,902,478, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.
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.
| | | | | | | | | | | | | | | | | |
| | | | | | | 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, 2008 | | | $ | 515,318 | | | $ | 372,341 | | | $ | 241,157 | | | $ | 467,946 |
Waivers and Reimbursements of Expenses. The Manager has voluntarily undertaken to limit its management fees not to exceed 0.55% of average annual net assets for each class of shares. This voluntary undertaking may be amended or withdrawn by the Manager at any time without notice to shareholders.
F41 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
4. Fees and Other Transactions with Affiliates Continued
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, 2008, 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 to purchase portfolio securities, 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 $1.25 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 (2.7228% as of July 31, 2008). The Fund pays additional fees annually to its lender on its outstanding borrowings to 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. 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, 2008, the Fund had borrowings outstanding at an interest rate of 2.7228%. Details of the borrowings for the year ended July 31, 2008 are as follows:
| | | | | |
| Average Daily Loan Balance | | $ | 63,224,317 | |
| Average Daily Interest Rate | | | 4.20 | % |
| Fees Paid | | $ | 352,874 | |
| Interest Paid | | $ | 2,779,900 | |
F42 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
7. Recent Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of July 31, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.
In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.
F43 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of
Oppenheimer California Municipal Fund:
We have audited the accompanying statement of assets and liabilities of Oppenheimer California Municipal Fund, including the statement of investments, as of July 31, 2008, 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 five-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.
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, 2008, by correspondence with the custodian and brokers. 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 California Municipal Fund as of July 31, 2008, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.
KPMG llp
Denver, Colorado
September 16, 2008
F44 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. 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, 2008 are eligible for the corporate dividend-received deduction. 99.90% of the dividend is 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 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.
30 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
| | | |
| Name, Position(s) Held with the | | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships |
| Fund, Length of Service, Age | | Held; Number of Portfolios 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 annual 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: 65 | | General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfolios in the OppenheimerFunds complex. |
| | | |
David K. Downes,
Trustee (since 2007)
Age: 68 | | Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trusts (since January 2006); President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995- 2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 64 portfolios in the OppenheimerFunds complex. |
| | | |
Matthew P. Fink,
Trustee (since 2005)
Age: 67 | | 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 54 portfolios in the OppenheimerFunds complex. |
31 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
| | | |
| | | |
Robert G. Galli,
Trustee (since 1993)
Age: 75 | | A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds complex. |
| | | |
Phillip A. Griffiths,
Trustee (since 1999)
Age: 69 | | 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 54 portfolios in the OppenheimerFunds complex. |
| | | |
Mary F. Miller,
Trustee (since 2004)
Age: 65 | | 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 54 portfolios in the OppenheimerFunds complex. |
| | | |
Joel W. Motley,
Trustee (since 2002)
Age: 56 | | 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 54 portfolios in the OppenheimerFunds complex. |
| | | |
Russell S. Reynolds, Jr.,
Trustee (since 1989)
Age: 76 | | Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 54 portfolios in the OppenheimerFunds complex. |
| | | |
Joseph M. Wikler,
Trustee (since 2005)
Age: 67 | | Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Director of Lakes Environmental Association (environmental protection organization) (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 54 portfolios in the OppenheimerFunds complex. |
| | | |
Peter I. Wold,
Trustee (since 2005)
Age: 60 | | 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); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 54 portfolios in the OppenheimerFunds complex. |
32 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| �� | | |
| | | |
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 annual 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,
President and Principal
Executive Officer (since 2001)
and Trustee (since 2002)
Age: 59 | | Chairman, Chief Executive Officer and Director of the Manager (since June 2001); 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, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 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 103 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 and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey, Wixted, Petersen, Szilagyi and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Fielding, Loughran, Cottier and Willis, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an annual term or until his or her resignation, retirement, death or removal. |
| | | |
Ronald H. Fielding,
Vice President and
Senior Portfolio Manager
(since 2002)
Age: 59 | | Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. |
| | | |
Daniel G. Loughran,
Vice President and
Senior Portfolio Manager
(since 2005)
Age: 44 | | 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 (since 1999). 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 2002)
Age: 36 | | Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. |
33 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
| | | |
Troy E. Willis,
Vice President (since 2005) and Senior Portfolio Manager
(since 2006)
Age: 35 | | Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for 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 103 portfolios in the OppenheimerFunds complex. |
| | | |
Brian W. Wixted,
Treasurer and Principal Financial & Accounting Officer (since 2004)
Age: 47 | | Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), 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 (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex. |
| | | |
Brian S. Petersen,
Assistant Treasurer
(since 2004)
Age: 38 | | Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 port- folios in the OppenheimerFunds complex. |
| | | |
Brian C. Szilagyi,
Assistant Treasurer
(since 2005)
Age: 38 | | Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex. |
| |
Robert G. Zack,
Vice President and Secretary
(since 2001)
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 (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex. |
34 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
| | | |
Lisa I. Bloomberg,
Assistant Secretary
(since 2004)
Age: 39 | | Vice President (since May 2004) and Deputy General Counsel (since May 2008); of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex. |
| | | |
Kathleen T. Ives,
Assistant Secretary
(since 2001)
Age: 41 | | Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 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.
35 | OPPENHEIMER 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, a member of the Board’s Audit Committee, 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.
The principal accountant for the audit of the registrant’s annual financial statements billed $43,800 in fiscal 2008 and $38,000 in fiscal 2007.
The principal accountant for the audit of the registrant’s annual financial statements billed $1,342 in fiscal 2008 and no such fees in fiscal 2007.
The principal accountant for the audit of the registrant’s annual financial statements billed $250,000 in fiscal 2008 and $352,190 in fiscal 2007 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: internal control reviews and professional services relating to FAS 123R.
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.
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.
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 $251,342 in fiscal 2008 and $352,190 in fiscal 2007 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.
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 07/31/2008, 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 California Municipal Fund
| | | | | |
| By: | | /s/ John V. Murphy John V. Murphy | | |
| | | Principal Executive Officer | | |
Date: 09/12/2008
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: 09/12/2008
| | | | | |
| By: | | /s/ Brian W. Wixted Brian W. Wixted | | |
| | | Principal Financial Officer | | |
Date: 09/12/2008
