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 811-21474
OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
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: JANUARY 31, 2006
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Tobacco Settlement Payments 23.5%
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General Obligation 12.3
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Special Tax 10.8
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Special Assessment 9.0
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Marine/Aviation Facilities 6.4
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Municipal Leases 6.4
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Water Utilities 4.2
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Highways/Railways 3.6
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Adult Living Facilities 3.4
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Multifamily Housing 2.8
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are based on the total market value of investments.
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CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 32.6%
AA 7.8
A 10.0
BBB 44.8
BB 0.4
B 0.3
Not Rated 4.1
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are dollar-weighted based on the total market value of
investments. Securities rated by any rating organization are included in the
equivalent S&P rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
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13 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES
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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 semiannual report must
be preceded or accompanied by the current prospectus of Oppenheimer Limited Term
California Municipal Fund. Before investing in any of the Oppenheimer funds,
investors should carefully consider a fund's investment objectives, risks,
charges and expenses. Fund prospectuses contain this and other information about
the funds. For more information, ask your financial advisor, call us at
1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read
prospectuses carefully before investing.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
Please remember this Fund has a limited operating history.
CLASS A shares of the Fund were first publicly offered on 2/25/04. The average
annual total returns are shown net of the applicable 3.50% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 2/25/04. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 4% (1-year) and 1% (5-year). Class B shares are subject to an annual
0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 2/25/04. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-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.
14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND EXPENSES
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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 any;
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 January 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's 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
15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND EXPENSES
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the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are 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.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(8/1/05) (1/31/06) JANUARY 31, 2006
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Class A Actual $1,000.00 $1,013.90 $4.07
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Class A Hypothetical 1,000.00 1,021.17 4.08
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Class B Actual 1,000.00 1,009.90 7.88
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Class B Hypothetical 1,000.00 1,017.39 7.91
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Class C Actual 1,000.00 1,007.40 7.87
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Class C Hypothetical 1,000.00 1,017.39 7.91
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------------
Class A 0.80%
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Class B 1.55
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Class C 1.55
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Manager that can be terminated at any time, without advance notice.
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.
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16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2006 / Unaudited
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PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--110.7%
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CALIFORNIA--100.6%
$ 25,000 ABAG Finance Authority for NonProfit
Corporations COP 1 5.600% 11/01/2023 05/01/2006 A $ 25,024
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30,000 ABAG Finance Authority for NonProfit
Corporations COP 5.800 03/01/2023 03/01/2006 A 30,035
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50,000 ABAG Finance Authority for NonProfit
Corporations COP (American Baptist
Homes of the West) 6.100 10/01/2017 10/01/2009 A 51,098
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250,000 ABAG Finance Authority for NonProfit
Corporations COP (Lytton Gardens) 1 6.000 02/15/2019 02/15/2008 A 261,373
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335,000 ABAG Finance Authority for NonProfit
Corporations, Series A 1 5.770 2 04/20/2019 04/20/2012 A 156,314
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175,000 Adelanto Improvement Agency, Series B 5.500 12/01/2023 06/01/2006 A 176,232
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65,000 Adelanto Public Financing Authority 6.300 09/01/2028 03/01/2006 A 66,444
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95,000 Adelanto Public Financing Authority, Series B 7.250 09/15/2015 03/15/2006 A 95,111
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500,000 Alameda COP 1 5.750 12/01/2021 12/01/2006 A 519,625
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35,000 Alameda County COP
(Alameda County Medical Center) 1 5.300 06/01/2026 06/01/2006 A 35,050
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10,000 Anaheim Public Financing Authority 5.000 10/01/2023 10/01/2008 A 10,411
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15,000 Anaheim Public Financing Authority
(Electric Systems) 1 5.000 10/01/2025 10/01/2008 A 15,556
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5,000,000 Anaheim Public Financing Authority RITES 3 9.520 4 12/28/2018 12/01/2007 A 5,759,950
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25,000 Angels Improvement Bond Act
(Greenhorn Creek) 5.600 09/02/2021 03/02/2006 A 25,132
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10,000 Apple Valley Improvement Bond Act 1915 6.900 09/02/2015 03/02/2006 A 10,324
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15,000 Aromas Water District 5.600 09/01/2018 03/01/2006 A 15,006
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25,000 Atwater Community Facilities District 7.875 08/01/2015 08/01/2006 A 25,000
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20,000 Atwater Public Financing Authority
(Sewer & Water) 5.500 05/01/2028 05/01/2009 A 20,442
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70,000 Atwater Redevel. Agency 5.875 06/01/2022 06/01/2006 A 72,845
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15,000 Atwater Redevel. Agency (Downtown Redevel.) 5.500 06/01/2019 06/01/2010 A 15,569
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2,455,000 Aztec Shops Auxiliary Organization
(San Diego State University) 1 6.000 09/01/2031 09/01/2010 A 2,597,145
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25,000 Azusa COP 1 5.750 08/01/2020 02/01/2006 A 25,431
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25,000 Bakersfield City School District 5.125 08/01/2011 02/01/2006 A 25,244
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40,000 Bakersfield Improvement Bond Act 1915 5.600 09/02/2020 03/02/2006 A 41,216
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50,000 Bakersfield Improvement Bond Act 1915 6.100 09/02/2024 03/02/2006 A 51,509
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55,000 Bay Area Governments Assoc., Series A 5.800 12/15/2008 06/15/2006 A 56,085
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55,000 Bay Area Governments Assoc., Series A 6.000 12/15/2014 06/15/2006 A 56,124
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60,000 Bay Area Governments Assoc., Series A1 5.750 09/03/2019 03/03/2006 A 61,336
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20,000 Bay Area Governments Assoc., Series B1 7.000 09/03/2019 03/03/2006 A 20,459
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25,000 Beaumont Financing Authority, Series A 5.700 09/01/2035 09/01/2017 A 25,671
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45,000 Beaumont Financing Authority, Series A 6.000 09/01/2021 09/01/2015 A 48,409
17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
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CALIFORNIA Continued
$ 15,000 Beaumont Financing Authority, Series A 6.875% 09/01/2027 09/01/2013 A $ 16,727
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120,000 Beaumont Financing Authority, Series A 7.000 09/01/2023 03/01/2006 A 121,481
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60,000 Beaumont Financing Authority, Series A 7.375 09/01/2032 09/01/2010 A 66,007
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15,000 Beaumont Financing Authority, Series B 6.000 09/01/2034 09/01/2015 A 15,740
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135,000 Berkeley GO 5.625 09/01/2027 03/01/2006 A 137,921
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10,000 Berkeley GO 5.650 09/01/2027 09/01/2006 A 10,217
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50,000 Blythe Redevel. Agency 5.750 05/01/2034 05/01/2015 A 51,679
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750,000 Blythe Redevel. Agency
(Redevel. Project No. 1 Tax Allocation) 6.200 05/01/2031 05/01/2011 A 792,848
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100,000 Bonita Canyon Public Facilities
Financing Authority 5.375 09/01/2028 03/01/2006 A 100,544
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25,000 Brawley Union High School District 5.000 08/01/2028 08/01/2007 A 25,851
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50,000 Brentwood Infrastructure Financing Authority 5.250 09/02/2016 09/02/2006 A 51,507
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100,000 Brisbane Public Financing Authority 6.000 05/01/2026 05/01/2008 A 102,485
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250,000 Burbank Community Facilities
District Special Tax 5 5.200 12/01/2023 12/01/2023 250,455
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100,000 CA Affordable Hsg. Agency
(Merced County Hsg. Authority) 6.500 01/01/2033 01/01/2013 A 102,478
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4,885,000 CA County Tobacco Securitization Agency
(TASC) 5.000 06/01/2026 10/15/2015 B 4,771,912
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290,000 CA County Tobacco Securitization Agency
(TASC) 5.500 06/01/2033 06/01/2012 A 296,110
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100,000 CA County Tobacco Securitization Agency
(TASC) 5.750 06/01/2027 06/01/2012 A 103,500
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1,670,000 CA County Tobacco Securitization Agency
(TASC) 1 5.750 06/01/2029 06/01/2012 A 1,728,450
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470,000 CA County Tobacco Securitization Agency
(TASC) 5.750 06/01/2030 06/01/2012 A 486,450
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25,000 CA County Tobacco Securitization Agency
(TASC) 5.875 06/01/2027 06/01/2012 A 26,042
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290,000 CA County Tobacco Securitization Agency
(TASC) 5.875 06/01/2035 06/01/2012 A 301,615
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280,000 CA County Tobacco Securitization Agency
(TASC) 5.875 06/01/2043 06/01/2012 A 291,214
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665,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2029 06/01/2012 A 697,173
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665,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2035 06/01/2012 A 696,880
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285,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2038 06/01/2012 A 298,711
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175,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2042 06/01/2012 A 183,419
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30,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2043 06/01/2012 A 31,443
18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
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CALIFORNIA Continued
$ 50,000 CA County Tobacco Securitization Agency
(TASC) 6.250% 06/01/2037 06/01/2012 A $ 53,075
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25,000 CA Department of Veterans Affairs
Home Purchase 1 5.100 12/01/2019 06/01/2006 A 25,017
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30,000 CA Department of Veterans Affairs
Home Purchase 5.200 12/01/2027 06/01/2006 A 30,017
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60,000 CA Department of Veterans Affairs
Home Purchase 1 5.500 12/01/2019 01/09/2012 A 63,143
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15,000 CA Department of Water Resources
(Center Valley) 5.000 12/01/2022 12/01/2007 A 15,542
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120,000 CA Department of Water Resources
(Center Valley) 1 5.250 07/01/2022 07/01/2006 A 122,110
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20,000 CA Department of Water Resources
(Center Valley) 1 5.400 07/01/2012 07/01/2006 A 20,036
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35,000 CA Educational Facilities Authority
(Carnegie Institution of Washington) 5.600 10/01/2023 10/01/2006 A 35,065
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10,000 CA Educational Facilities Authority
(Cedars-Sinai Medical Center) 6.125 12/01/2019 12/01/2009 A 11,069
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65,000 CA Educational Facilities Authority
(College & Universities) 5.125 04/01/2017 04/01/2009 A 66,504
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Educational Facilities Authority
(College & University Financing) 6.125 06/01/2009 06/01/2006 A 10,023
- ------------------------------------------------------------------------------------------------------------------
5,000 CA Educational Facilities Authority
(College & University Financing) 6.250 06/01/2018 06/01/2006 A 5,012
- ------------------------------------------------------------------------------------------------------------------
110,000 CA Educational Facilities Authority
(College of Osteopathic Medicine) 1 5.750 06/01/2018 06/01/2006 A 112,419
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25,000 CA Educational Facilities Authority
(Stanford University) 5.200 12/01/2027 12/01/2007 A 25,917
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40,000 CA Educational Facilities Authority
(Student Loan Program) 6.000 03/01/2016 03/01/2007 A 41,544
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80,000 CA Educational Facilities Authority
(University of San Francisco) 1 6.000 10/01/2026 10/01/2006 A 82,943
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35,000 CA Educational Facilities Authority
(University of Southern California) 5.000 10/01/2028 10/01/2008 A 35,810
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335,000 CA Financing Authority
(Wastewater Improvement) 1 6.100 11/01/2033 11/01/2015 A 355,877
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5,000 CA GO 4.750 09/01/2018 03/01/2006 A 5,003
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60,000 CA GO 4.800 08/01/2014 08/01/2006 A 60,041
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10,000 CA GO 5.000 08/01/2018 08/01/2009 A 10,438
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45,000 CA GO 5.000 06/01/2019 06/01/2011 A 46,756
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150,000 CA GO 5.000 02/01/2021 02/01/2008 A 155,474
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50,000 CA GO 5.000 02/01/2023 02/01/2008 A 51,825
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450,000 CA GO 1 5.000 10/01/2023 10/01/2009 A 460,170
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5,000 CA GO 5.000 10/01/2023 10/01/2008 A 5,184
19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
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CALIFORNIA Continued
$ 85,000 CA GO 5.000% 10/01/2023 10/01/2008 A $ 86,425
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10,000 CA GO 5.000 02/01/2025 02/01/2008 A 10,297
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60,000 CA GO 5.100 03/01/2010 03/02/2006 A 60,089
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90,000 CA GO 5.125 10/01/2017 04/01/2006 A 90,254
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25,000 CA GO 5.125 10/01/2017 04/01/2006 A 25,071
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25,000 CA GO 5.125 10/01/2027 10/01/2007 A 25,439
- ------------------------------------------------------------------------------------------------------------------
50,000 CA GO 5.150 10/01/2019 04/01/2006 A 50,144
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390,000 CA GO 1 5.150 10/01/2019 04/01/2006 A 390,718
- ------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.250 06/01/2016 06/01/2006 A 25,414
- ------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.250 04/01/2018 04/01/2006 A 25,026
- ------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.250 04/01/2019 04/01/2006 A 10,010
- ------------------------------------------------------------------------------------------------------------------
50,000 CA GO 5.500 03/01/2009 03/01/2006 A 50,091
- ------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.500 06/01/2013 06/02/2006 A 15,027
- ------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.500 04/01/2019 04/01/2006 A 10,036
- ------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.500 03/01/2020 03/01/2006 A 5,009
- ------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.500 10/01/2022 04/01/2006 A 15,038
- ------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.625 10/01/2023 10/01/2006 A 25,617
- ------------------------------------------------------------------------------------------------------------------
330,000 CA GO 1 5.625 09/01/2024 09/01/2006 A 336,504
- ------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.750 03/01/2015 03/01/2006 A 15,106
- ------------------------------------------------------------------------------------------------------------------
35,000 CA GO 5.750 11/01/2017 05/01/2006 A 35,212
- ------------------------------------------------------------------------------------------------------------------
35,000 CA GO 5.750 11/01/2017 05/01/2006 A 35,212
- ------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.800 06/01/2013 06/01/2006 A 25,051
- ------------------------------------------------------------------------------------------------------------------
155,000 CA GO 5.900 04/01/2023 04/01/2006 A 157,038
- ------------------------------------------------------------------------------------------------------------------
75,000 CA GO 5.900 03/01/2025 03/01/2006 A 75,524
- ------------------------------------------------------------------------------------------------------------------
20,000 CA GO 6.000 08/01/2015 02/01/2006 A 20,281
- ------------------------------------------------------------------------------------------------------------------
20,000 CA GO 6.000 05/01/2018 05/01/2006 A 20,115
- ------------------------------------------------------------------------------------------------------------------
15,000 CA GO 6.000 10/01/2021 04/01/2006 A 15,065
- ------------------------------------------------------------------------------------------------------------------
40,000 CA GO 6.000 08/01/2024 08/01/2006 A 40,527
- ------------------------------------------------------------------------------------------------------------------
605,000 CA GO 1 6.250 10/01/2019 04/01/2006 A 607,626
- ------------------------------------------------------------------------------------------------------------------
10,000 CA GO 6.800 11/01/2008 05/01/2006 A 10,185
- ------------------------------------------------------------------------------------------------------------------
45,000 CA Golden State Tobacco
Securitization Corp. 5.000 06/01/2017 06/01/2007 A 45,749
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25,000 CA Golden State Tobacco
Securitization Corp. 5.000 06/01/2020 06/01/2010 A 26,020
- ------------------------------------------------------------------------------------------------------------------
4,330,000 CA Golden State Tobacco
Securitization Corp. 6.250 06/01/2033 09/11/2012 C 4,732,084
- ------------------------------------------------------------------------------------------------------------------
3,245,000 CA Golden State Tobacco
Securitization Corp. 6.625 06/01/2040 06/01/2013 A 3,620,998
- ------------------------------------------------------------------------------------------------------------------
3,060,000 CA Golden State Tobacco
Securitization Corp. 6.750 06/01/2039 06/01/2013 A 3,446,080
- ------------------------------------------------------------------------------------------------------------------
1,865,000 CA Golden State Tobacco
Securitization Corp. 7.800 06/01/2042 06/01/2013 A 2,234,680
20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,680,000 CA Golden State Tobacco
Securitization Corp. 7.900% 06/01/2042 06/01/2013 A $ 3,227,765
- ------------------------------------------------------------------------------------------------------------------
1,715,000 CA Golden State Tobacco
Securitization Corp. (TASC) 1 7.875 06/01/2042 06/01/2013 A 2,062,888
- ------------------------------------------------------------------------------------------------------------------
2,900,000 CA Golden State Tobacco
Securitization Corp. (TASC) 1 7.875 06/01/2042 06/01/2013 A 3,488,265
- ------------------------------------------------------------------------------------------------------------------
40,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 1 5.000 07/01/2021 07/01/2006 A 40,246
- ------------------------------------------------------------------------------------------------------------------
15,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 5.125 07/01/2024 07/01/2007 A 15,604
- ------------------------------------------------------------------------------------------------------------------
160,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 6.000 07/01/2013 07/01/2006 A 160,352
- ------------------------------------------------------------------------------------------------------------------
30,000 CA Health Facilities Financing Authority
(Cedars-Sinai Medical Center) 1 5.250 08/01/2027 08/01/2007 A 31,271
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Health Facilities Financing Authority
(Children's Hospital) 1 5.375 07/01/2016 07/01/2006 A 10,288
- ------------------------------------------------------------------------------------------------------------------
270,000 CA Health Facilities Financing Authority
(Children's Hospital) 5.750 07/01/2023 03/01/2006 A 274,263
- ------------------------------------------------------------------------------------------------------------------
35,000 CA Health Facilities Financing Authority
(Community Program) 1 7.200 01/01/2012 02/01/2006 A 35,496
- ------------------------------------------------------------------------------------------------------------------
25,000 CA Health Facilities Financing Authority
(Fellowship Homes) 1 6.000 09/01/2019 09/01/2006 A 25,802
- ------------------------------------------------------------------------------------------------------------------
80,000 CA Health Facilities Financing Authority
(Marshall Hospital) 5.000 11/01/2018 11/01/2006 A 80,039
- ------------------------------------------------------------------------------------------------------------------
20,000 CA Health Facilities Financing Authority
(Mercy Senior Hsg.) 5.800 12/01/2018 06/01/2006 A 20,026
- ------------------------------------------------------------------------------------------------------------------
5,000 CA Health Facilities Financing Authority
(Small Facilities Loan), Series A 6.700 03/01/2011 03/01/2006 A 5,012
- ------------------------------------------------------------------------------------------------------------------
45,000 CA Health Facilities Financing Authority
(Small Facilities Loan), Series B 1 7.400 04/01/2014 04/01/2006 A 46,023
- ------------------------------------------------------------------------------------------------------------------
5,000 CA Health Facilities Financing Authority
(Sutter Health) 5.000 08/15/2017 08/15/2007 A 5,209
- ------------------------------------------------------------------------------------------------------------------
10,000 CA HFA 5.650 02/01/2008 08/01/2006 A 10,277
- ------------------------------------------------------------------------------------------------------------------
40,000 CA HFA (Multifamily Hsg.) 1 5.375 08/01/2028 02/01/2009 A 40,971
- ------------------------------------------------------------------------------------------------------------------
20,000 CA HFA (Multifamily Hsg.) 5.375 02/01/2036 02/01/2009 A 20,221
- ------------------------------------------------------------------------------------------------------------------
15,000 CA HFA (Multifamily Hsg.) 1 5.400 08/01/2018 08/01/2008 A 15,549
- ------------------------------------------------------------------------------------------------------------------
150,000 CA HFA (Multifamily Hsg.) 1 5.450 08/01/2028 08/01/2010 A 153,825
- ------------------------------------------------------------------------------------------------------------------
85,000 CA HFA (Multifamily Hsg.) 1 5.850 02/01/2010 08/01/2006 A 87,247
- ------------------------------------------------------------------------------------------------------------------
185,000 CA HFA (Multifamily Hsg.) 1 5.950 08/01/2028 02/01/2009 A 189,784
- ------------------------------------------------------------------------------------------------------------------
130,000 CA HFA (Multifamily Hsg.) 1 6.050 08/01/2016 08/01/2006 A 133,913
- ------------------------------------------------------------------------------------------------------------------
25,000 CA HFA (Multifamily Hsg.) 1 6.050 08/01/2027 08/01/2006 A 25,787
- ------------------------------------------------------------------------------------------------------------------
10,000 CA HFA (Multifamily Hsg.) 6.050 08/01/2038 02/01/2009 A 10,255
- ------------------------------------------------------------------------------------------------------------------
25,000 CA HFA (Multifamily Hsg.) 6.150 08/01/2022 08/01/2006 A 25,668
- ------------------------------------------------------------------------------------------------------------------
10,000 CA HFA (Single Family Mtg.) 5.400 08/01/2028 02/01/2010 A 10,204
21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 CA HFA (Single Family Mtg.), Series A 5.300% 08/01/2018 02/01/2010 A $ 15,112
- ------------------------------------------------------------------------------------------------------------------
10,000 CA HFA (Single Family Mtg.), Series B 6.200 08/01/2014 10/01/2007 A 10,109
- ------------------------------------------------------------------------------------------------------------------
2,030,000 CA HFA, Series A 1 4.800 08/01/2012 08/01/2009 A 2,038,688
- ------------------------------------------------------------------------------------------------------------------
5,000 CA HFA, Series B 7.000 08/01/2014 02/01/2006 A 5,059
- ------------------------------------------------------------------------------------------------------------------
465,000 CA HFA, Series B 1 7.125 08/01/2024 02/01/2006 A 474,458
- ------------------------------------------------------------------------------------------------------------------
2,500,000 CA Infrastructure & Economic Devel.
(American Center for Wine & Food Arts) 5.700 12/01/2019 12/01/2009 A 2,664,375
- ------------------------------------------------------------------------------------------------------------------
15,000 CA Infrastructure & Economic Devel.
(Stockton Port District) 5.375 07/01/2022 07/01/2010 A 15,686
- ------------------------------------------------------------------------------------------------------------------
50,000 CA Infrastructure & Economic Devel.
(Stockton Port District) 5.500 07/01/2032 07/01/2011 A 51,702
- ------------------------------------------------------------------------------------------------------------------
45,000 CA Loan Purchasing Finance Authority 5.600 10/01/2014 04/01/2006 A 45,091
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Maritime Infrastructure Authority
(Santa Cruz Port District) 5.750 05/01/2024 05/01/2014 A 10,002
- ------------------------------------------------------------------------------------------------------------------
750,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 1 6.750 09/01/2019 03/01/2007 A 754,515
- ------------------------------------------------------------------------------------------------------------------
385,000 CA Pollution Control Financing Authority
(General Motors Corp.) 5.500 04/01/2008 04/01/2008 362,023
- ------------------------------------------------------------------------------------------------------------------
30,000 CA Pollution Control Financing Authority
(Sacramento Biosolids Facility) 5.300 12/01/2017 12/01/2012 A 31,550
- ------------------------------------------------------------------------------------------------------------------
165,000 CA Pollution Control Financing Authority
(Sacramento Biosolids Facility) 5.500 12/01/2024 12/01/2012 A 174,057
- ------------------------------------------------------------------------------------------------------------------
155,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 1 5.850 06/01/2021 06/01/2006 A 155,301
- ------------------------------------------------------------------------------------------------------------------
20,000 CA Pollution Control Financing Authority
(Southern California Edison Company) 1 5.550 09/01/2031 09/01/2011 A 21,257
- ------------------------------------------------------------------------------------------------------------------
90,000 CA Pollution Control Financing Authority
(Southern California Water Company) 1 5.500 12/01/2026 06/01/2006 A 90,131
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Pollution Control Financing Authority
Pollution Control
(San Diego Gas & Electric Company) 5.850 06/01/2021 06/01/2006 A 10,019
- ------------------------------------------------------------------------------------------------------------------
150,000 CA Public Works 5.250 12/01/2013 12/01/2006 A 150,254
- ------------------------------------------------------------------------------------------------------------------
25,000 CA Public Works
(Department of Corrections) 5.000 09/01/2021 09/01/2008 A 26,121
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Public Works
(Department of Corrections) 5.625 11/01/2016 11/01/2006 A 10,380
- ------------------------------------------------------------------------------------------------------------------
110,000 CA Public Works
(Department of Food & Agriculture) 5.400 06/01/2013 06/01/2006 A 110,169
- ------------------------------------------------------------------------------------------------------------------
80,000 CA Public Works (State Universities) 5.000 06/01/2023 06/01/2006 A 80,030
- ------------------------------------------------------------------------------------------------------------------
105,000 CA Public Works (State Universities) 5.250 12/01/2013 06/01/2006 A 105,159
- ------------------------------------------------------------------------------------------------------------------
2,085,000 CA Public Works (State Universities) 5.375 10/01/2017 10/01/2006 A 2,154,493
- ------------------------------------------------------------------------------------------------------------------
50,000 CA Public Works (State Universities) 5.500 10/01/2013 10/01/2006 A 51,738
- ------------------------------------------------------------------------------------------------------------------
165,000 CA Public Works (State Universities) 5.500 12/01/2018 06/01/2006 A 165,168
- ------------------------------------------------------------------------------------------------------------------
230,000 CA Public Works (State Universities) 5.500 06/01/2021 06/01/2006 A 230,403
22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 CA Public Works (State Universities) 5.500% 06/01/2021 06/01/2006 A $ 25,024
- ------------------------------------------------------------------------------------------------------------------
40,000 CA Public Works
(Various California Universities Project) 5.500 06/01/2019 06/01/2006 A 40,100
- ------------------------------------------------------------------------------------------------------------------
5,000 CA State University
(San Diego State University) 5.000 11/01/2018 11/01/2007 A 5,231
- ------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA (Bouquet Canyon) 1 5.300 07/01/2018 07/01/2010 A 103,140
- ------------------------------------------------------------------------------------------------------------------
95,000 CA Statewide CDA (CA Odd Fellow Hsg.) 5.375 10/01/2013 04/01/2006 A 95,097
- ------------------------------------------------------------------------------------------------------------------
35,000 CA Statewide CDA (CA Odd Fellow Hsg.) 5.500 10/01/2023 04/01/2006 A 35,030
- ------------------------------------------------------------------------------------------------------------------
35,000 CA Statewide CDA
(CVHP/CVMC/FHH Obligated Group) 5.125 04/01/2023 04/01/2008 A 36,425
- ------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (East Valley Tourist) 1 9.250 10/01/2020 10/01/2016 A 1,101,910
- ------------------------------------------------------------------------------------------------------------------
400,000 CA Statewide CDA (East Valley Tourist) 1 11.000 10/01/2020 03/01/2007 C 410,048
- ------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA (Eastfield Ming Quong) 1 5.625 06/01/2020 06/01/2006 A 51,374
- ------------------------------------------------------------------------------------------------------------------
20,000 CA Statewide CDA (Escrow Term) 6.750 09/01/2037 09/01/2014 A 20,416
- ------------------------------------------------------------------------------------------------------------------
400,000 CA Statewide CDA (Fairfield Apartments) 1 6.500 01/01/2016 10/10/2011 B 392,684
- ------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide CDA (Live Oak School) 1 6.750 10/01/2030 10/01/2011 A 266,088
- ------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA (Quail Ridge Apartments) 1 5.375 07/01/2032 07/01/2014 A 101,961
- ------------------------------------------------------------------------------------------------------------------
480,000 CA Statewide CDA (Rio Bravo) 1 6.300 12/01/2018 06/01/2006 A 487,402
- ------------------------------------------------------------------------------------------------------------------
335,000 CA Statewide CDA (Sycamore) 1 6.000 03/20/2038 03/20/2017 A 363,019
- ------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA COP (Internext Group) 5.375 04/01/2017 04/01/2010 A 102,243
- ------------------------------------------------------------------------------------------------------------------
180,000 CA Statewide CDA COP
(Motion Picture & TV Fund) 5.375 01/01/2020 07/01/2006 A 180,297
- ------------------------------------------------------------------------------------------------------------------
500,000 CA Statewide CDA COP INFLOS 3 7.704 4 10/01/2011 03/15/2010 B 575,585
- ------------------------------------------------------------------------------------------------------------------
960,000 CA Statewide Financing Authority
Tobacco Settlement (TASC) 5.625 05/01/2029 07/30/2010 C 986,861
- ------------------------------------------------------------------------------------------------------------------
955,000 CA Statewide Financing Authority
Tobacco Settlement (TASC) 5.625 05/01/2029 04/04/2011 C 981,721
- ------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide Financing Authority
Tobacco Settlement (TASC) 6.000 05/01/2037 05/01/2012 A 261,890
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Universities & Colleges 5.800 09/01/2007 03/01/2006 A 10,019
- ------------------------------------------------------------------------------------------------------------------
50,000 CA University (Fullerton Student Union) 1 5.400 03/01/2016 03/01/2006 A 51,092
- ------------------------------------------------------------------------------------------------------------------
30,000 CA University (Fullerton Student Union) 1 5.400 03/01/2021 03/01/2006 A 30,648
- ------------------------------------------------------------------------------------------------------------------
25,000 CA University (Northridge) 1 5.000 11/01/2022 11/01/2007 A 26,111
- ------------------------------------------------------------------------------------------------------------------
45,000 CA Valley Health System COP 6.875 05/15/2023 05/15/2006 A 45,060
- ------------------------------------------------------------------------------------------------------------------
425,000 CA Valley Health System, Series A 6.500 05/15/2025 05/15/2008 A 437,074
- ------------------------------------------------------------------------------------------------------------------
100,000 CA Veterans GO 4.700 12/01/2012 06/01/2006 A 100,031
- ------------------------------------------------------------------------------------------------------------------
5,000,000 CA Veterans GO 4.700 12/01/2017 06/01/2015 A 5,085,550
- ------------------------------------------------------------------------------------------------------------------
90,000 CA Veterans GO 5.125 12/01/2019 06/01/2006 A 90,034
- ------------------------------------------------------------------------------------------------------------------
1,680,000 CA Veterans GO 1 5.400 12/01/2015 12/01/2008 A 1,769,258
- ------------------------------------------------------------------------------------------------------------------
150,000 CA Veterans GO 5.500 12/01/2020 06/01/2006 A 152,585
- ------------------------------------------------------------------------------------------------------------------
500,000 CA Veterans GO 1 5.600 12/01/2032 06/01/2006 A 508,340
- ------------------------------------------------------------------------------------------------------------------
1,000,000 CA Veterans GO, Series B 5.450 12/01/2017 06/01/2006 A 1,010,450
23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 630,000 CA Veterans GO, Series BH 1 5.500% 12/01/2024 06/01/2006 A $ 630,901
- ------------------------------------------------------------------------------------------------------------------
145,000 CA Veterans GO, Series BH 5.600 12/01/2032 06/01/2006 A 146,092
- ------------------------------------------------------------------------------------------------------------------
125,000 CA Veterans GO, Series BP 5.500 12/01/2026 06/01/2006 A 125,085
- ------------------------------------------------------------------------------------------------------------------
100,000 CA Veterans GO, Series BT 5.000 12/01/2012 06/01/2006 A 101,138
- ------------------------------------------------------------------------------------------------------------------
10,000 CA Veterans GO, Series BT 5.100 12/01/2013 12/01/2006 A 10,115
- ------------------------------------------------------------------------------------------------------------------
1,790,000 CA Veterans GO, Series BT 5.375 12/01/2016 06/01/2006 A 1,810,943
- ------------------------------------------------------------------------------------------------------------------
140,000 CA Veterans GO, Series BX 5.500 12/01/2031 06/01/2007 A 142,290
- ------------------------------------------------------------------------------------------------------------------
15,000 CA Veterans GO, Series BZ 5.350 12/01/2021 06/01/2008 A 15,258
- ------------------------------------------------------------------------------------------------------------------
75,000 CA Water Resource Devel. GO, Series N 5.500 06/01/2011 06/01/2006 A 75,136
- ------------------------------------------------------------------------------------------------------------------
25,000 CA Water Resource Devel. GO, Series P 5.800 06/01/2014 06/01/2006 A 25,051
- ------------------------------------------------------------------------------------------------------------------
50,000 CA Water Resource Devel. GO, Series Q 5.000 03/01/2016 03/02/2006 A 50,071
- ------------------------------------------------------------------------------------------------------------------
10,000 Calabasas Special Tax 6.250 09/01/2018 09/01/2011 A 10,482
- ------------------------------------------------------------------------------------------------------------------
145,000 Calabasas Special Tax 6.250 09/01/2031 09/01/2013 A 151,798
- ------------------------------------------------------------------------------------------------------------------
715,000 Calaveras County Special Tax
Community Facilities District No. 2 7.000 09/01/2026 09/01/2011 A 781,724
- ------------------------------------------------------------------------------------------------------------------
50,000 Calleguas-Las Virgines Public Financing
Authority Municipal Water District 1 5.000 11/01/2023 07/30/2010 C 52,348
- ------------------------------------------------------------------------------------------------------------------
45,000 Camarillo Hsg. (Park Glenn Apartments) 1 5.400 03/01/2028 03/01/2008 A 45,473
- ------------------------------------------------------------------------------------------------------------------
60,000 Camrosa Water District 1 5.500 01/15/2011 07/15/2006 A 61,011
- ------------------------------------------------------------------------------------------------------------------
140,000 Capistrano USD 5.875 09/01/2031 09/01/2011 A 144,078
- ------------------------------------------------------------------------------------------------------------------
75,000 Capistrano USD
(Las Flores) 1 5.000 09/01/2023 09/01/2010 A 78,442
- ------------------------------------------------------------------------------------------------------------------
130,000 Carlsbad Hsg. & Redevel. Commission
Tax Allocation 5.250 09/01/2019 03/02/2006 A 130,203
- ------------------------------------------------------------------------------------------------------------------
110,000 Carson Improvement Bond Act 3 7.375 09/02/2022 03/02/2006 A 113,146
- ------------------------------------------------------------------------------------------------------------------
250,000 Carson Redevel. Agency 6.000 01/01/2028 01/01/2014 A 258,653
- ------------------------------------------------------------------------------------------------------------------
80,000 Castaic Union School District 8.500 10/01/2013 04/01/2006 A 80,282
- ------------------------------------------------------------------------------------------------------------------
5,000 Central CA Joint Powers Health Financing
Authority COP (FCH/CCH/SCH/CALC/CHCC/
SMCH Obligated Group) 5.500 02/01/2015 02/01/2006 A 5,004
- ------------------------------------------------------------------------------------------------------------------
30,000 Central CA Unified School District 5.625 03/01/2018 03/01/2006 A 30,060
- ------------------------------------------------------------------------------------------------------------------
235,000 Central Coast Water Authority 5.000 10/01/2012 10/01/2006 A 242,414
- ------------------------------------------------------------------------------------------------------------------
250,000 Central Coast Water Authority 5.000 10/01/2013 10/01/2006 A 257,888
- ------------------------------------------------------------------------------------------------------------------
500,000 Central Coast Water Authority 5.000 10/01/2016 10/01/2006 A 516,015
- ------------------------------------------------------------------------------------------------------------------
45,000 Central Coast Water Authority 1 5.000 10/01/2022 10/01/2006 A 46,349
- ------------------------------------------------------------------------------------------------------------------
150,000 Central Coast Water Authority 5.150 10/01/2009 10/01/2006 A 154,952
- ------------------------------------------------------------------------------------------------------------------
50,000 Central Contra Costa Sanitation District 1 5.000 09/01/2022 09/01/2010 A 52,762
- ------------------------------------------------------------------------------------------------------------------
150,000 Central Valley Financing Authority
Cogeneration Project (Carson Ice) 1 5.200 07/01/2020 07/01/2006 A 150,230
- ------------------------------------------------------------------------------------------------------------------
55,000 Chico (Walker Senior Hsg. Corp.) 1 5.700 11/01/2023 05/01/2006 A 55,058
- ------------------------------------------------------------------------------------------------------------------
55,000 Chino Community Facilities District 5.750 09/01/2034 09/01/2014 A 56,553
- ------------------------------------------------------------------------------------------------------------------
25,000 Chino Community Facilities District 6.000 09/01/2014 09/01/2009 A 25,707
24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 35,000 Chino Hills Improvement Bond Act 1915 7.500% 09/02/2016 03/02/2006 A $ 36,118
- ------------------------------------------------------------------------------------------------------------------
15,000 Chowchilla Improvement Bond Act 1915 6.700 09/02/2027 09/02/2014 A 15,449
- ------------------------------------------------------------------------------------------------------------------
55,000 Chula Vista Community Facilities District
(Eastlake Woods) 5.700 09/01/2016 09/01/2013 A 57,519
- ------------------------------------------------------------------------------------------------------------------
210,000 Chula Vista Redevel. Agency 5.375 09/01/2029 09/01/2006 A 216,573
- ------------------------------------------------------------------------------------------------------------------
25,000 Chula Vista Redevel. Agency (Bayfront) 7.625 09/01/2024 03/01/2006 A 25,781
- ------------------------------------------------------------------------------------------------------------------
25,000 Chula Vista Redevel. Agency (Bayfront) 8.000 05/01/2014 05/01/2006 A 25,494
- ------------------------------------------------------------------------------------------------------------------
500,000 Chula Vista Redevel. Agency (Bayfront) 8.250 05/01/2024 05/01/2006 A 515,750
- ------------------------------------------------------------------------------------------------------------------
60,000 Chula Vista Special Tax 7.625 09/01/2029 09/01/2009 A 69,109
- ------------------------------------------------------------------------------------------------------------------
20,000 Clayton Redevel. Agency 5.500 08/01/2024 02/01/2006 A 20,204
- ------------------------------------------------------------------------------------------------------------------
980,000 Coalinga Regional Medical Center COP 1 5.000 09/01/2014 09/01/2008 B 972,679
- ------------------------------------------------------------------------------------------------------------------
640,000 Coast Community College District COP 1 5.500 02/01/2011 08/01/2006 A 659,987
- ------------------------------------------------------------------------------------------------------------------
175,000 Colton Joint Unified School District 5.700 09/01/2034 09/01/2013 A 178,526
- ------------------------------------------------------------------------------------------------------------------
30,000 Colton Public Financing Authority 5.300 08/01/2027 08/01/2008 A 31,639
- ------------------------------------------------------------------------------------------------------------------
20,000 Colton Redevel. Agency (West Valley) 6.375 09/01/2035 09/01/2006 A 20,013
- ------------------------------------------------------------------------------------------------------------------
815,000 Commerce CDC Tax Allocation 5.750 08/01/2010 08/01/2007 A 847,103
- ------------------------------------------------------------------------------------------------------------------
500,000 Compton Community Redevel.
Agency Tax Allocation 6.500 08/01/2013 08/01/2006 A 511,315
- ------------------------------------------------------------------------------------------------------------------
40,000 Concord Joint Powers Financing Authority
(Concord Police Facilities) 5.250 08/01/2019 08/01/2006 A 40,028
- ------------------------------------------------------------------------------------------------------------------
3,075,000 Contra Costa County Special Tax
Community Facilities District 1 5.580 08/01/2016 08/01/2008 A 3,143,357
- ------------------------------------------------------------------------------------------------------------------
15,000 Contra Costa Water District 1 5.000 10/01/2022 10/01/2007 A 15,367
- ------------------------------------------------------------------------------------------------------------------
50,000 Coronado Community Devel. 5.500 09/01/2022 09/01/2006 A 51,573
- ------------------------------------------------------------------------------------------------------------------
30,000 Crescent City Public Financing Authority 7.750 09/15/2012 03/15/2006 A 30,067
- ------------------------------------------------------------------------------------------------------------------
20,000 Culver City USD GO 5.700 08/01/2025 08/01/2007 A 20,924
- ------------------------------------------------------------------------------------------------------------------
25,000 Davis Joint USD 6.100 08/15/2023 02/15/2006 A 25,213
- ------------------------------------------------------------------------------------------------------------------
15,000 Davis Public Facilities Financing Authority
(Mace Ranch Area) 6.300 09/01/2023 09/01/2009 A 15,492
- ------------------------------------------------------------------------------------------------------------------
10,000 Dixon Public Financing Authority 5.700 09/02/2020 03/02/2008 A 10,080
- ------------------------------------------------------------------------------------------------------------------
245,000 Duarte COP (Hope National Medical Center) 1 5.250 04/01/2024 04/01/2009 A 251,735
- ------------------------------------------------------------------------------------------------------------------
15,000 Duarte Hsg. (Heritage Park Apartments) 5.850 05/01/2030 11/01/2007 A 15,520
- ------------------------------------------------------------------------------------------------------------------
25,000 East Bay Municipal Utility District 1 5.000 06/01/2013 06/01/2006 A 25,646
- ------------------------------------------------------------------------------------------------------------------
15,000 East Bay Municipal Utility District 5.000 06/01/2014 06/01/2006 A 15,391
- ------------------------------------------------------------------------------------------------------------------
75,000 East Bay Municipal Utility District 1 5.000 06/01/2026 06/01/2006 A 76,769
- ------------------------------------------------------------------------------------------------------------------
490,000 East Bay Municipal Utility District
(Wastewater Treatment System) 5.000 06/01/2016 06/01/2006 A 502,774
- ------------------------------------------------------------------------------------------------------------------
50,000 Eastern CA Municipal Water District 5.500 09/01/2024 03/01/2006 A 50,015
- ------------------------------------------------------------------------------------------------------------------
125,000 Eastern CA Municipal Water District 5.875 09/01/2034 03/01/2006 A 127,536
- ------------------------------------------------------------------------------------------------------------------
80,000 Eastern CA Municipal Water District
(Crown Valley Village) 5.500 09/01/2028 03/01/2006 A 81,537
- ------------------------------------------------------------------------------------------------------------------
15,000 Eastern CA Municipal Water District
(Crown Valley Village) 5.625 09/01/2034 03/01/2006 A 15,301
25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Eastern CA Municipal Water District
Community Facilities Special Tax 5.950% 09/01/2033 03/01/2006 A $ 25,507
- ------------------------------------------------------------------------------------------------------------------
15,000 El Centro Redevel. Agency 5.500 11/01/2026 11/01/2008 A 15,502
- ------------------------------------------------------------------------------------------------------------------
25,000 El Dorado County Public Agency
Financing Authority 5.500 02/15/2021 02/15/2006 A 25,523
- ------------------------------------------------------------------------------------------------------------------
145,000 El Dorado County Special Tax 6.250 09/01/2029 09/01/2009 A 150,420
- ------------------------------------------------------------------------------------------------------------------
50,000 El Monte Public Financing Authority 1 5.750 06/01/2028 06/01/2010 A 50,847
- ------------------------------------------------------------------------------------------------------------------
25,000 El Monte Public Financing Authority
(El Monte Community Redevel.) 1 5.750 06/01/2028 06/01/2010 A 25,424
- ------------------------------------------------------------------------------------------------------------------
10,000 Elk Grove Special Tax
(East Franklin Community) 5.850 08/01/2036 08/01/2009 A 10,517
- ------------------------------------------------------------------------------------------------------------------
75,000 Elk Grove Special Tax
(East Franklin Community) 6.000 08/01/2033 08/01/2007 A 80,463
- ------------------------------------------------------------------------------------------------------------------
25,000 Emeryville Public Financing Authority 6.100 09/01/2012 03/01/2006 A 25,314
- ------------------------------------------------------------------------------------------------------------------
145,000 Emeryville Public Financing Authority 1 6.200 09/01/2025 09/01/2006 A 147,337
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Escondido Joint Powers Financing Authority
(California Center for the Arts) 1 6.000 09/01/2018 03/01/2006 A 1,009,370
- ------------------------------------------------------------------------------------------------------------------
20,000 Etiwanda School District 6.250 09/01/2022 03/01/2006 A 20,406
- ------------------------------------------------------------------------------------------------------------------
105,000 Etiwanda School District Facilities
District No. 7 Special Tax 5.900 09/01/2031 09/01/2011 A 108,184
- ------------------------------------------------------------------------------------------------------------------
30,000 Fairfield Improvement Bond Act 1915
(Green Valley Road/Mangels Blvd.) 7.200 09/02/2009 03/02/2006 A 30,970
- ------------------------------------------------------------------------------------------------------------------
15,000 Florin Resource Conservation District COP 3 6.000 02/01/2029 02/01/2015 A 15,287
- ------------------------------------------------------------------------------------------------------------------
25,000 Folsom Public Financing Authority 5.400 09/02/2020 03/02/2008 A 25,153
- ------------------------------------------------------------------------------------------------------------------
25,000 Folsom Public Financing Authority 5.625 09/02/2020 03/02/2011 A 25,597
- ------------------------------------------------------------------------------------------------------------------
20,000 Folsom Special Tax Community
Facilities District No. 7 6.000 09/01/2024 09/01/2011 A 21,054
- ------------------------------------------------------------------------------------------------------------------
140,000 Fontana Special Tax (Sierra Hills) 6.000 09/01/2034 09/01/2014 A 146,829
- ------------------------------------------------------------------------------------------------------------------
10,000 Fresno USD 5.375 08/01/2021 08/01/2006 A 10,201
- ------------------------------------------------------------------------------------------------------------------
100,000 Fresno Water System, Series A 5.000 06/01/2024 06/01/2008 A 104,159
- ------------------------------------------------------------------------------------------------------------------
25,000 Fullerton Community Facilities District
No. 1 Special Tax (Amerige Heights) 6.200 09/01/2032 09/01/2012 A 26,376
- ------------------------------------------------------------------------------------------------------------------
80,000 Fullerton School District Special Tax 6.300 09/01/2023 09/01/2013 A 85,894
- ------------------------------------------------------------------------------------------------------------------
25,000 Galt Improvement Bond Act 1915 5.900 09/02/2022 03/02/2006 A 25,757
- ------------------------------------------------------------------------------------------------------------------
30,000 Garden Grove COP
(Bahia Village/Emerald Isle) 1 5.700 08/01/2023 02/01/2006 A 30,090
- ------------------------------------------------------------------------------------------------------------------
5,000 Glendora Public Finance Authority 7.625 09/01/2010 03/01/2006 A 5,013
- ------------------------------------------------------------------------------------------------------------------
880,000 Hawthorne Community Redevel.
Agency Special Tax 1 6.750 10/01/2025 04/01/2006 A 906,770
- ------------------------------------------------------------------------------------------------------------------
140,000 Hawthorne Parking Authority 8.000 09/01/2015 03/01/2006 A 144,466
- ------------------------------------------------------------------------------------------------------------------
125,000 Hawthorne Parking Authority 8.125 09/01/2019 03/01/2006 A 129,110
- ------------------------------------------------------------------------------------------------------------------
45,000 Hayward Improvement Bond Act 1915 7.100 09/02/2018 03/02/2006 A 45,524
- ------------------------------------------------------------------------------------------------------------------
5,000 Haywood COP (Civic Center) 5.250 08/01/2026 08/01/2006 A 5,088
26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 Hollister Improvement Bond Act 1915 7.125% 09/02/2022 03/02/2006 A $ 10,315
- ------------------------------------------------------------------------------------------------------------------
5,000 Horicon Elementary School District 6.100 08/01/2021 08/01/2007 A 5,171
- ------------------------------------------------------------------------------------------------------------------
50,000 Huntington Beach City School District 5.000 08/01/2020 08/01/2011 A 53,796
- ------------------------------------------------------------------------------------------------------------------
15,000 Huntington Beach Community
Facilities District 5.400 10/01/2020 10/01/2011 A 15,377
- ------------------------------------------------------------------------------------------------------------------
25,000 Imperial County Special Tax 6.500 09/01/2031 09/01/2011 A 25,016
- ------------------------------------------------------------------------------------------------------------------
40,000 Indio Hsg. (Olive Court Apartments) 6.375 12/01/2026 12/01/2009 A 41,141
- ------------------------------------------------------------------------------------------------------------------
20,000 Indio Improvement Bond Act of 1915
Assessment District No. 2002-3 6.350 09/02/2027 09/02/2012 A 21,650
- ------------------------------------------------------------------------------------------------------------------
25,000 Industry Urban Devel. Agency 5.000 05/01/2024 05/01/2007 A 25,947
- ------------------------------------------------------------------------------------------------------------------
40,000 Intercommunity Hospital Financing
Authority COP 5.250 11/01/2019 11/01/2010 A 41,293
- ------------------------------------------------------------------------------------------------------------------
150,000 Irvine GO 5.550 09/02/2026 09/02/2013 A 154,532
- ------------------------------------------------------------------------------------------------------------------
20,000 Irvine Improvement Bond Act 1915 5.600 09/02/2022 09/02/2014 A 20,607
- ------------------------------------------------------------------------------------------------------------------
15,000 Irvine Improvement Bond Act 1915 5.625 09/02/2024 09/02/2013 A 15,455
- ------------------------------------------------------------------------------------------------------------------
80,000 Jurupa Community Facilites
District Special Tax 5.875 09/01/2033 03/01/2006 A 81,620
- ------------------------------------------------------------------------------------------------------------------
50,000 Kern County (Fire Dept.) COP 5.250 05/01/2015 05/01/2007 A 51,669
- ------------------------------------------------------------------------------------------------------------------
5,000 Kingsburg Public Financing Authority 7.800 09/15/2010 09/15/2006 A 5,012
- ------------------------------------------------------------------------------------------------------------------
30,000 La Habra Redevel. Agency 5.300 09/01/2007 03/02/2006 A 30,029
- ------------------------------------------------------------------------------------------------------------------
30,000 La Habra Redevel. Agency
Community Facilities District 6.000 09/01/2014 03/02/2006 A 30,029
- ------------------------------------------------------------------------------------------------------------------
15,000 La Quinta Redevel. Agency Tax Allocation 5.200 09/01/2028 09/01/2007 A 15,623
- ------------------------------------------------------------------------------------------------------------------
5,000,000 La Verne COP (Bethren Hillcrest Homes) 1 5.600 02/15/2033 02/15/2013 A 5,273,150
- ------------------------------------------------------------------------------------------------------------------
520,000 Lake Elsinore Public Financing
Authority, Series F 7.100 09/01/2020 09/01/2007 A 552,354
- ------------------------------------------------------------------------------------------------------------------
150,000 Lake Elsinore Redevel. Agency 6.050 10/01/2024 10/01/2011 A 158,024
- ------------------------------------------------------------------------------------------------------------------
500,000 Lake Elsinore Special Tax 5.100 09/01/2022 09/01/2017 A 508,250
- ------------------------------------------------------------------------------------------------------------------
75,000 Lake Elsinore USD 5.870 09/01/2029 03/01/2006 A 76,516
- ------------------------------------------------------------------------------------------------------------------
175,000 Lake Elsinore USD 5.900 09/01/2034 03/01/2006 A 178,442
- ------------------------------------------------------------------------------------------------------------------
90,000 Lake Elsinore USD 6.000 09/01/2034 03/01/2006 A 91,840
- ------------------------------------------------------------------------------------------------------------------
35,000 Lancaster Community Facilities
District Special Tax 6.000 10/01/2016 10/01/2008 A 36,137
- ------------------------------------------------------------------------------------------------------------------
20,000 Lancaster Redevel. Agency
(Desert Sands Mobile Home Park) 6.375 11/01/2027 11/01/2009 A 20,290
- ------------------------------------------------------------------------------------------------------------------
115,000 Lathrop Financing Authority (Water Supply) 5.700 06/01/2019 06/01/2013 A 120,277
- ------------------------------------------------------------------------------------------------------------------
15,000 Lathrop Financing Authority (Water Supply) 1 5.750 06/01/2020 06/01/2013 A 15,791
- ------------------------------------------------------------------------------------------------------------------
50,000 Lathrop Financing Authority (Water Supply) 1 5.900 06/01/2023 06/01/2013 A 52,371
- ------------------------------------------------------------------------------------------------------------------
1,440,000 Lathrop Financing Authority (Water Supply) 5.900 06/01/2027 06/01/2013 A 1,500,250
- ------------------------------------------------------------------------------------------------------------------
750,000 Lathrop Financing Authority (Water Supply) 1 6.000 06/01/2035 06/01/2013 A 784,508
- ------------------------------------------------------------------------------------------------------------------
35,000 Lathrop Improvement Bond (Mossdale Village) 6.125 09/02/2028 03/02/2006 A 35,860
- ------------------------------------------------------------------------------------------------------------------
15,000 Lathrop Improvement Bond Act 1915
(Louise Avenue) 6.875 09/02/2017 03/01/2006 A 15,471
27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 30,000 Lincoln IBA Public Financing Authority
(Twelve Bridges) 6.200% 09/02/2025 09/02/2009 A $ 31,376
- ------------------------------------------------------------------------------------------------------------------
250,000 Lincoln Special Tax 5.900 09/01/2024 09/01/2015 A 263,160
- ------------------------------------------------------------------------------------------------------------------
15,000 Livermore Community Facilities
District Special Tax 5.750 09/01/2012 09/01/2010 A 15,661
- ------------------------------------------------------------------------------------------------------------------
20,000 Livermore Community Facilities
District Special Tax 6.400 09/01/2026 09/01/2010 A 20,848
- ------------------------------------------------------------------------------------------------------------------
10,000 Loma Linda Collateralized Loan (Redlands) 7.375 06/01/2009 06/01/2006 A 10,098
- ------------------------------------------------------------------------------------------------------------------
50,000 Long Beach Airport COP 5.000 06/01/2016 06/01/2006 A 50,076
- ------------------------------------------------------------------------------------------------------------------
150,000 Long Beach Special Tax (Towne Center) 5.900 10/01/2010 10/01/2006 A 154,458
- ------------------------------------------------------------------------------------------------------------------
25,000 Long Beach Special Tax Community
Facilities District No. 6 6.250 10/01/2026 10/01/2012 A 26,310
- ------------------------------------------------------------------------------------------------------------------
25,000 Long Beach USD 5.250 08/01/2029 08/01/2007 A 26,059
- ------------------------------------------------------------------------------------------------------------------
20,000 Long Beach USD 5.300 08/01/2018 08/01/2007 A 20,775
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Los Altos School District 5.000 08/01/2023 08/01/2006 A 3,053,220
- ------------------------------------------------------------------------------------------------------------------
150,000 Los Angeles Community Facilities District
Special Tax (Cascade Business Park) 6.400 09/01/2022 09/01/2007 A 156,081
- ------------------------------------------------------------------------------------------------------------------
25,000 Los Angeles Community Redevel. Agency
(Cinerama Dome Public Parking) 5.700 07/01/2020 07/01/2010 A 26,374
- ------------------------------------------------------------------------------------------------------------------
50,000 Los Angeles Community Redevel. Agency
(Grand Central Square) 5.200 12/01/2018 05/01/2006 A 50,055
- ------------------------------------------------------------------------------------------------------------------
90,000 Los Angeles County COP 1 5.800 12/01/2023 06/01/2006 A 90,448
- ------------------------------------------------------------------------------------------------------------------
25,000 Los Angeles County Metropolitan
Transportation Authority 5.000 07/01/2023 07/01/2009 A 26,266
- ------------------------------------------------------------------------------------------------------------------
5,000 Los Angeles County Metropolitan
Transportation Authority 5.000 07/01/2023 07/01/2008 A 5,206
- ------------------------------------------------------------------------------------------------------------------
40,000 Los Angeles County Public Works
Financing Authority, Series B 5.250 09/01/2014 09/01/2006 A 41,282
- ------------------------------------------------------------------------------------------------------------------
140,000 Los Angeles Dept. of Airports
(Los Angeles International Airport) 1 5.500 05/15/2009 05/15/2006 A 141,624
- ------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles Dept. of Airports
(Ontario International Airport) 5.800 05/15/2010 05/15/2006 A 10,164
- ------------------------------------------------------------------------------------------------------------------
100,000 Los Angeles Dept. of Airports
(Ontario International Airport) 5.900 05/15/2011 05/15/2006 A 101,668
- ------------------------------------------------------------------------------------------------------------------
185,000 Los Angeles Dept. of Airports
(Ontario International Airport) 1 6.000 05/15/2026 05/15/2006 A 188,134
- ------------------------------------------------------------------------------------------------------------------
15,000 Los Angeles Dept. of Water & Power 1 4.750 08/15/2017 02/15/2006 A 15,017
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Los Angeles Dept. of Water & Power 5.250 07/01/2018 07/01/2006 A 1,005,130
- ------------------------------------------------------------------------------------------------------------------
350,000 Los Angeles Dept. of Water & Power 1 5.250 07/01/2024 07/01/2006 A 352,510
- ------------------------------------------------------------------------------------------------------------------
160,000 Los Angeles Harbor Dept. 1 5.375 11/01/2025 11/01/2006 A 163,622
- ------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles Harbor Dept., Series B 5.375 11/01/2023 11/01/2006 A 10,213
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Los Angeles Harbor Dept., Series B 6.000 08/01/2014 08/01/2006 A 1,022,990
- ------------------------------------------------------------------------------------------------------------------
50,000 Los Angeles Harbor Dept., Series B 1 6.000 08/01/2015 08/01/2006 A 51,135
28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 20,000 Los Angeles Hsg. (Arminta North & South) 7.700% 06/20/2028 06/20/2006 A $ 20,060
- ------------------------------------------------------------------------------------------------------------------
5,000 Los Angeles Hsg. (Multifamily) 5.750 01/01/2024 07/01/2006 A 5,023
- ------------------------------------------------------------------------------------------------------------------
20,000 Los Angeles Hsg. (Multifamily) 5.900 01/01/2030 07/01/2009 A 20,642
- ------------------------------------------------------------------------------------------------------------------
1,200,000 Los Angeles Hsg. (Park Plaza) 1 5.500 01/20/2043 07/20/2011 A 1,252,572
- ------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles Mtg. (Section 8) 5.350 07/01/2022 07/01/2006 A 10,006
- ------------------------------------------------------------------------------------------------------------------
100,000 Los Angeles Regional Airports
Improvement Corp. (Laxfuel Corp.) 1 5.250 01/01/2023 01/01/2012 A 102,938
- ------------------------------------------------------------------------------------------------------------------
80,000 Los Angeles Single Family Mtg.
(GNMA & FNMA Mtg. Backed), Series A 1,3 6.875 06/01/2025 06/01/2006 A 80,670
- ------------------------------------------------------------------------------------------------------------------
50,000 Los Angeles USD GO 5.000 07/01/2023 07/01/2008 A 52,461
- ------------------------------------------------------------------------------------------------------------------
45,000 Los Angeles Wastewater System 1 4.700 11/01/2017 05/01/2006 A 45,026
- ------------------------------------------------------------------------------------------------------------------
30,000 Los Angeles Wastewater System 1 4.700 11/01/2019 05/01/2006 A 30,013
- ------------------------------------------------------------------------------------------------------------------
35,000 M-S-R Public Power Agency (San Juan) 1 6.000 07/01/2022 07/01/2006 A 39,698
- ------------------------------------------------------------------------------------------------------------------
25,000 Madera County COP
(Valley Children's Hospital) 1 5.000 03/15/2023 03/15/2008 A 25,940
- ------------------------------------------------------------------------------------------------------------------
275,000 Madera County COP
(Valley Children's Hospital) 1 5.750 03/15/2028 03/15/2006 A 278,446
- ------------------------------------------------------------------------------------------------------------------
125,000 Mill Valley COP (The Redwoods) 1 5.750 12/01/2020 12/01/2006 A 129,981
- ------------------------------------------------------------------------------------------------------------------
10,000 Milpitas Improvement Bond Act 1915 5.700 09/02/2018 03/02/2006 A 10,310
- ------------------------------------------------------------------------------------------------------------------
385,000 Modesto Irrigation District COP 5.300 07/01/2022 01/01/2007 A 385,258
- ------------------------------------------------------------------------------------------------------------------
440,000 Modesto Irrigation District COP 5.300 07/01/2022 07/01/2006 A 440,664
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Modesto Irrigation District, Series A 1 6.000 10/01/2015 10/01/2006 A 1,038,360
- ------------------------------------------------------------------------------------------------------------------
10,000 Montclair Redevel. Agency
(Augusta Homes Villa Del Arroyo) 6.100 11/15/2037 11/15/2014 A 10,433
- ------------------------------------------------------------------------------------------------------------------
25,000 Montclair Redevel. Agency Mobile
Home Park (Hacienda Mobile Home Park) 6.000 11/15/2029 11/15/2014 A 26,045
- ------------------------------------------------------------------------------------------------------------------
115,000 Montclair Redevel. Agency Tax Allocation
(Redevel. Project Area III) 5.500 12/01/2027 12/01/2006 A 119,015
- ------------------------------------------------------------------------------------------------------------------
10,000 Montebello Community Redevel. Agency
(South Montebello) 5.500 09/01/2022 09/01/2011 A 10,107
- ------------------------------------------------------------------------------------------------------------------
25,000 Monterey County COP
(Natividad Medical Center) 1 5.750 08/01/2028 08/01/2006 A 25,542
- ------------------------------------------------------------------------------------------------------------------
10,000 Monterey County COP (Sheriffs Facility) 5.000 12/01/2014 06/01/2006 A 10,016
- ------------------------------------------------------------------------------------------------------------------
10,000 Monterey Joint Powers Financing Authority
(Materials Recovery Facilities) 5.500 03/01/2010 03/01/2006 A 10,139
- ------------------------------------------------------------------------------------------------------------------
45,000 Monterey Joint Powers Financing Authority
(Materials Recovery Facilities) 5.600 03/01/2012 03/01/2006 A 45,844
- ------------------------------------------------------------------------------------------------------------------
50,000 Monterey Joint Powers Financing Authority
(Materials Recovery Facilities) 5.600 03/01/2013 03/01/2006 A 51,060
- ------------------------------------------------------------------------------------------------------------------
65,000 Monterey Joint Powers Financing Authority
(Materials Recovery Facilities) 5.700 03/01/2015 03/01/2006 A 66,698
- ------------------------------------------------------------------------------------------------------------------
20,000 Monterey Joint Powers Financing Authority
(Materials Recovery Facilities) 5.700 03/01/2016 03/01/2006 A 20,572
29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 70,000 Moorpark Mobile Home Park
(Villa Del Arroyo) 6.300% 05/15/2030 05/15/2010 A $ 75,824
- ------------------------------------------------------------------------------------------------------------------
60,000 Moorpark Mobile Home Park
(Villa Del Arroyo) 1 7.050 05/15/2035 06/26/2006 A 60,025
- ------------------------------------------------------------------------------------------------------------------
55,000 Moreno Valley Special Tax
(Towngate Community Facilities) 6.125 12/01/2021 06/01/2006 A 55,530
- ------------------------------------------------------------------------------------------------------------------
50,000 Morgan Hill Improvement
Bond Act 1915 5.600 09/02/2018 09/02/2006 A 50,108
- ------------------------------------------------------------------------------------------------------------------
120,000 Mount Diablo USD 5.375 08/01/2026 08/01/2006 A 122,210
- ------------------------------------------------------------------------------------------------------------------
250,000 Mountain View Shoreline Regional Park
Community 5.500 08/01/2013 08/01/2006 A 257,808
- ------------------------------------------------------------------------------------------------------------------
10,000 Murrieta Community Facilities District
(Blackmore Ranch) 6.100 09/01/2034 09/01/2011 A 10,511
- ------------------------------------------------------------------------------------------------------------------
10,000 Murrieta Community Facilities District
(Bluestone) 6.300 09/01/2031 09/01/2013 A 10,629
- ------------------------------------------------------------------------------------------------------------------
105,000 Murrieta Community Facilities District
Special Tax (Murrieta Springs) 5.500 09/01/2034 09/01/2011 A 106,074
- ------------------------------------------------------------------------------------------------------------------
50,000 Murrieta Improvement Bond Act 1915 6.375 09/01/2031 09/01/2011 A 53,627
- ------------------------------------------------------------------------------------------------------------------
25,000 Murrieta Improvement Bond Act 1915 6.500 09/02/2030 03/02/2006 A 25,762
- ------------------------------------------------------------------------------------------------------------------
25,000 Murrieta Valley USD 6.300 09/01/2024 03/01/2012 A 26,992
- ------------------------------------------------------------------------------------------------------------------
25,000 Murrieta Valley USD Special Tax 6.200 09/01/2026 03/01/2006 A 25,508
- ------------------------------------------------------------------------------------------------------------------
50,000 Murrieta Water Public Financing Authority 5.700 10/01/2021 10/01/2006 A 51,771
- ------------------------------------------------------------------------------------------------------------------
10,000 Needles Public Utility Authority 6.350 02/01/2012 02/01/2009 A 10,406
- ------------------------------------------------------------------------------------------------------------------
30,000 Needles Public Utility Authority 1 6.650 02/01/2032 02/01/2009 A 31,238
- ------------------------------------------------------------------------------------------------------------------
250,000 Norco Special Tax 7.000 09/01/2033 09/01/2012 A 278,293
- ------------------------------------------------------------------------------------------------------------------
75,000 Northern CA Power Agency
(Hydroelectric) 1 5.125 07/01/2023 07/01/2008 A 78,275
- ------------------------------------------------------------------------------------------------------------------
2,310,000 Northern CA Tobacco Securitization
Authority (TASC) 0.000 6 06/01/2027 06/12/2016 C 2,057,147
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Northern CA Tobacco Securitization
Authority (TASC) 4.750 06/01/2023 07/18/2011 B 2,984,040
- ------------------------------------------------------------------------------------------------------------------
35,000 Novato GO 5.000 08/01/2012 02/01/2006 A 35,436
- ------------------------------------------------------------------------------------------------------------------
250,000 Oakland USD 5.000 08/01/2013 02/01/2006 A 252,283
- ------------------------------------------------------------------------------------------------------------------
50,000 Olivenhain Municipal Water District
Bond Act 1915 5.450 09/02/2027 09/02/2009 A 51,574
- ------------------------------------------------------------------------------------------------------------------
50,000 Olivenhain Municipal Water District
COP 1 5.125 06/01/2028 06/01/2006 A 50,723
- ------------------------------------------------------------------------------------------------------------------
25,000 Orange County Community Facilities
District (Ladera Ranch) 5.550 08/15/2033 08/15/2012 A 25,431
- ------------------------------------------------------------------------------------------------------------------
80,000 Orange County Improvement
Bond Act 1915 5.500 09/02/2018 03/02/2008 A 80,740
- ------------------------------------------------------------------------------------------------------------------
25,000 Orange County Recovery COP 5.875 07/01/2019 07/01/2006 A 25,775
- ------------------------------------------------------------------------------------------------------------------
250,000 Orange County Recovery COP 6.000 07/01/2026 07/01/2006 A 257,875
30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Oroville Hospital 5.400% 12/01/2022 12/01/2006 A $ 25,449
- ------------------------------------------------------------------------------------------------------------------
1,415,000 Oxnard Harbor District 5.550 08/01/2013 08/01/2007 A 1,468,869
- ------------------------------------------------------------------------------------------------------------------
50,000 Oxnard Improvement
Bond Act 1915 (Rice Avenue) 5.700 09/02/2032 03/02/2006 A 51,447
- ------------------------------------------------------------------------------------------------------------------
40,000 Oxnard School District COP 5.550 08/01/2021 02/01/2006 A 40,594
- ------------------------------------------------------------------------------------------------------------------
20,000 Oxnard School District, Series A 5.250 08/01/2027 02/01/2006 A 20,368
- ------------------------------------------------------------------------------------------------------------------
20,000 Palm Desert Financing Authority
Various Assessment & Community
Facilities Districts 5.900 10/01/2015 10/01/2006 A 20,524
- ------------------------------------------------------------------------------------------------------------------
40,000 Palm Desert Financing Authority
Various Assessment & Community
Facilities Districts 6.000 10/01/2020 10/01/2009 A 40,805
- ------------------------------------------------------------------------------------------------------------------
25,000 Palm Springs Financing Authority
(Palm Springs Regional Airport) 6.000 01/01/2022 07/01/2006 A 25,050
- ------------------------------------------------------------------------------------------------------------------
125,000 Palmdale Community Facilities
District Special Tax 5.400 09/01/2035 09/01/2016 A 126,148
- ------------------------------------------------------------------------------------------------------------------
45,000 Palo Alto Improvement Bond Act 1915 5.700 09/02/2018 03/02/2006 A 45,923
- ------------------------------------------------------------------------------------------------------------------
100,000 Palo Alto Improvement Bond Act 1915
(University Ave. Area) 5.100 09/02/2024 03/02/2006 A 102,136
- ------------------------------------------------------------------------------------------------------------------
100,000 Palo Alto Improvement Bond Act 1915
(University Ave. Area) 5.125 09/02/2025 03/02/2006 A 102,115
- ------------------------------------------------------------------------------------------------------------------
35,000 Palomar Pomerado Health System 1 5.000 11/01/2013 05/01/2006 A 35,049
- ------------------------------------------------------------------------------------------------------------------
25,000 Paramount Multifamily Hsg.
(Prince Twin Towers Property) 1 5.700 02/20/2033 08/20/2009 A 25,505
- ------------------------------------------------------------------------------------------------------------------
50,000 Pasadena Public Financing Authority
(Orange Grove& Villa Parke) 5.250 06/01/2008 06/01/2006 A 50,535
- ------------------------------------------------------------------------------------------------------------------
105,000 Perris Community Facilities
District Special Tax 6.375 09/01/2032 09/01/2013 A 113,082
- ------------------------------------------------------------------------------------------------------------------
10,000 Perris Public Financing Authority 5.750 09/01/2024 09/01/2016 A 10,614
- ------------------------------------------------------------------------------------------------------------------
170,000 Perris Public Financing Authority 3 7.875 09/01/2025 03/01/2006 A 173,813
- ------------------------------------------------------------------------------------------------------------------
10,000 Perris Public Financing Authority, Series A 6.125 09/01/2034 09/01/2014 A 10,686
- ------------------------------------------------------------------------------------------------------------------
125,000 Pittsburg Infrastructure Financing
Authority, Series B 6.000 09/02/2024 09/02/2010 A 127,633
- ------------------------------------------------------------------------------------------------------------------
10,000 Placentia Public Financing Authority 5.450 09/01/2015 09/01/2006 A 10,329
- ------------------------------------------------------------------------------------------------------------------
10,000 Placer County Community Facilities District 6.500 09/01/2026 09/01/2010 A 10,730
- ------------------------------------------------------------------------------------------------------------------
10,000 Pleasant Hill Special Tax Downtown
Community Facilities District No. 1 5.875 09/01/2025 09/01/2012 A 10,168
- ------------------------------------------------------------------------------------------------------------------
100,000 Port of Oakland, Series G 5.375 11/01/2025 11/01/2007 A 104,347
- ------------------------------------------------------------------------------------------------------------------
15,000 Port of Oakland, Series J 5.500 11/01/2026 11/01/2007 A 15,765
- ------------------------------------------------------------------------------------------------------------------
100,000 Port Redwood City GO 5.400 06/01/2019 06/01/2011 A 102,574
- ------------------------------------------------------------------------------------------------------------------
250,000 Poway Hsg. (Poinsetta Mobile Home Park) 1 5.000 05/01/2023 08/29/2019 B 252,100
- ------------------------------------------------------------------------------------------------------------------
10,000 Poway USD 6.100 09/01/2031 09/01/2008 A 10,382
- ------------------------------------------------------------------------------------------------------------------
25,000 R.E. Badger Water Facilities Financing
Authority 1 5.750 10/01/2024 10/01/2007 A 26,194
31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 Rancho Mirage Joint Powers Financing
Authority (Eisenhower Medical Center) 5.375% 07/01/2022 07/01/2007 A $ 10,450
- ------------------------------------------------------------------------------------------------------------------
75,000 Rancho Mirage Redevel. Agency 5.500 04/01/2029 04/01/2006 A 75,263
- ------------------------------------------------------------------------------------------------------------------
45,000 Rancho Mirage Redevel. Agency Tax
Allocation 5.200 04/01/2014 04/01/2006 A 45,154
- ------------------------------------------------------------------------------------------------------------------
85,000 Rancho Mirage Redevel. Agency Tax
Allocation (Whitewater Redevel.) 5.000 04/01/2024 04/01/2006 A 85,209
- ------------------------------------------------------------------------------------------------------------------
50,000 Rancho Santa Fe Community Services
District 6.700 09/01/2030 09/01/2010 A 53,036
- ------------------------------------------------------------------------------------------------------------------
10,000 Rancho Santa Fe Community Services
District Special Tax 6.600 09/01/2020 09/01/2010 A 10,699
- ------------------------------------------------------------------------------------------------------------------
10,000 Redlands Community Facilities District 5.850 09/01/2033 09/01/2012 A 10,247
- ------------------------------------------------------------------------------------------------------------------
100,000 Redwood City Special Tax 5.750 09/01/2027 09/01/2011 A 102,121
- ------------------------------------------------------------------------------------------------------------------
50,000 Reedley COP (Sierra View Homes) 1 5.850 03/01/2021 03/01/2006 A 51,099
- ------------------------------------------------------------------------------------------------------------------
500,000 Richmond Improvement
Bond Act 1915 7.000 09/02/2017 09/02/2008 A 528,410
- ------------------------------------------------------------------------------------------------------------------
75,000 Richmond Joint Powers Financing
Authority 3 6.600 09/01/2016 09/01/2008 A 76,604
- ------------------------------------------------------------------------------------------------------------------
25,000 River Highlands Community Services
District 7.750 09/02/2020 03/02/2006 A 25,272
- ------------------------------------------------------------------------------------------------------------------
20,000 River Highlands Community Services
District 8.125 09/02/2020 03/02/2007 A 20,028
- ------------------------------------------------------------------------------------------------------------------
80,000 River Islands Public Financing
Authority 6.000 09/01/2027 09/01/2010 A 80,297
- ------------------------------------------------------------------------------------------------------------------
50,000 River Islands Public Financing
Authority 6.150 09/01/2035 06/23/2032 B 50,161
- ------------------------------------------------------------------------------------------------------------------
15,000 Riverside County Community
Facilities District 6.000 09/01/2030 09/01/2014 A 15,195
- ------------------------------------------------------------------------------------------------------------------
505,000 Riverside County Public Financing
Authority COP 1 5.750 05/15/2019 05/15/2009 A 525,200
- ------------------------------------------------------------------------------------------------------------------
675,000 Riverside County Public Financing
Authority Improvement Bond Act of 1915
(Rancho Village) 6.250 09/02/2013 08/12/2010 C 714,164
- ------------------------------------------------------------------------------------------------------------------
10,000 Riverside USD 5.000 02/01/2027 02/01/2013 A 10,404
- ------------------------------------------------------------------------------------------------------------------
90,000 Riverside USD 5.450 09/01/2025 09/01/2014 A 92,699
- ------------------------------------------------------------------------------------------------------------------
100,000 Riverside USD 5.500 09/01/2034 09/01/2014 A 101,972
- ------------------------------------------------------------------------------------------------------------------
80,000 Riverside USD 5.700 09/01/2034 09/01/2014 A 80,616
- ------------------------------------------------------------------------------------------------------------------
10,000 Riverside USD Special Tax 6.200 09/01/2030 09/01/2011 A 10,293
- ------------------------------------------------------------------------------------------------------------------
50,000 Rocklin Redevel. Agency, Series B 5.500 09/01/2031 09/01/2011 A 51,682
- ------------------------------------------------------------------------------------------------------------------
100,000 Rocklin USD 5.750 09/01/2018 09/01/2006 A 103,396
- ------------------------------------------------------------------------------------------------------------------
50,000 Romoland School District 6.375 09/01/2033 03/01/2006 A 51,007
- ------------------------------------------------------------------------------------------------------------------
10,000 Rosemead Redevel. Agency 5.500 10/01/2018 04/01/2006 A 10,008
- ------------------------------------------------------------------------------------------------------------------
410,000 Rosemead Redevel. Agency 5.600 10/01/2033 04/01/2006 A 410,238
32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 Roseville Special Tax 6.000% 09/01/2031 09/01/2011 A $ 10,486
- ------------------------------------------------------------------------------------------------------------------
20,000 Roseville Special Tax (Stoneridge) 6.000 09/01/2020 09/01/2013 A 21,203
- ------------------------------------------------------------------------------------------------------------------
90,000 Sacramento City Financing Authority
(Convention Center Hotel) 1 6.250 01/01/2030 07/01/2011 A 94,126
- ------------------------------------------------------------------------------------------------------------------
205,000 Sacramento Cogeneration Authority 5.200 07/01/2021 07/01/2006 A 205,289
- ------------------------------------------------------------------------------------------------------------------
40,000 Sacramento County Airport System 5.750 07/01/2024 07/01/2006 A 40,080
- ------------------------------------------------------------------------------------------------------------------
70,000 Sacramento County Airport System,
Series A 1 5.900 07/01/2024 07/01/2006 A 72,066
- ------------------------------------------------------------------------------------------------------------------
5,000 Sacramento County Airport System,
Series B 5.750 07/01/2024 07/01/2006 A 5,010
- ------------------------------------------------------------------------------------------------------------------
25,000 Sacramento County COP 5.375 02/01/2019 02/01/2007 A 25,988
- ------------------------------------------------------------------------------------------------------------------
15,000 Sacramento Improvement Bond Act 1915 6.350 09/02/2011 03/02/2006 A 15,481
- ------------------------------------------------------------------------------------------------------------------
60,000 Sacramento Improvement Bond Act 1915
(Willowcreek II) 6.700 09/02/2022 03/02/2006 A 61,928
- ------------------------------------------------------------------------------------------------------------------
15,000 Sacramento Municipal Utility District 1 5.125 07/01/2022 07/01/2007 A 15,626
- ------------------------------------------------------------------------------------------------------------------
10,000 Sacramento Special Tax (Community
Facilities District No. 97-1) 5.700 12/01/2020 12/01/2009 A 10,142
- ------------------------------------------------------------------------------------------------------------------
80,000 Saddleback Community College District 5.500 06/01/2021 06/01/2006 A 82,130
- ------------------------------------------------------------------------------------------------------------------
100,000 Salinas Improvement Bond Act 5.450 09/02/2013 03/02/2006 A 103,097
- ------------------------------------------------------------------------------------------------------------------
50,000 Salinas Improvement Bond Act 1915
(Bella Vista) 5.500 09/02/2013 03/02/2006 A 51,526
- ------------------------------------------------------------------------------------------------------------------
85,000 Salinas Redevel. Agency Tax Allocation
(Central City Revitalization) 5.500 11/01/2023 11/01/2008 A 87,929
- ------------------------------------------------------------------------------------------------------------------
50,000 San Bernardino County COP
(Medical Center Financing) 1 5.500 08/01/2019 02/01/2006 A 50,295
- ------------------------------------------------------------------------------------------------------------------
60,000 San Bernardino County COP
(Medical Center) 5.000 08/01/2026 08/01/2006 A 60,128
- ------------------------------------------------------------------------------------------------------------------
105,000 San Bernardino County COP
(Medical Center) 5.000 08/01/2028 08/01/2006 A 107,990
- ------------------------------------------------------------------------------------------------------------------
280,000 San Bernardino County COP
(Medical Center) 1 5.500 08/01/2024 08/01/2006 A 281,501
- ------------------------------------------------------------------------------------------------------------------
75,000 San Bernardino Joint Powers Financing
Authority (California Dept. of
Transportation Lease) 5.500 12/01/2020 12/01/2007 A 76,474
- ------------------------------------------------------------------------------------------------------------------
25,000 San Bernardino Joint Powers Financing
Authority (California Dept. of
Transportation Lease) 5.500 12/01/2020 06/01/2006 A 25,545
- ------------------------------------------------------------------------------------------------------------------
150,000 San Bernardino Joint Powers Financing
Authority (Tax Allocation) 3 6.625 04/01/2026 04/01/2012 A 161,864
- ------------------------------------------------------------------------------------------------------------------
40,000 San Buenaventura Public Facilities
Financing Authority 5.750 06/01/2014 06/01/2006 A 40,742
- ------------------------------------------------------------------------------------------------------------------
25,000 San Clemente Improvement Bond 6.050 09/02/2028 03/02/2006 A 25,791
- ------------------------------------------------------------------------------------------------------------------
25,000 San Diego COP (Balboa Park & Mission Bay) 5.600 11/01/2010 05/01/2006 A 25,283
- ------------------------------------------------------------------------------------------------------------------
35,000 San Diego COP (Balboa Park & Mission Bay) 5.800 11/01/2016 05/01/2006 A 35,373
33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 75,000 San Diego COP
(Balboa Park & Mission Bay) 6.000% 11/01/2019 05/01/2006 A $ 75,840
- ------------------------------------------------------------------------------------------------------------------
20,000 San Diego County COP
(San Diego Hospital Assoc./
Sharp Memorial Hospital) 5.000 08/15/2028 08/15/2010 A 20,675
- ------------------------------------------------------------------------------------------------------------------
40,000 San Diego County COP
(The Burnham Institute) 1 6.250 09/01/2029 09/01/2009 A 42,029
- ------------------------------------------------------------------------------------------------------------------
20,000 San Diego County Hsg.
(Orange Glen Apartments) 6.150 08/01/2020 02/01/2006 A 20,422
- ------------------------------------------------------------------------------------------------------------------
275,000 San Diego Industrial Devel.
(San Diego Gas & Electric Company) 1 5.900 06/01/2018 06/01/2006 A 276,964
- ------------------------------------------------------------------------------------------------------------------
15,000 San Diego Industrial Devel.
(San Diego Gas & Electric Company) 1 5.900 09/01/2018 03/01/2006 A 15,046
- ------------------------------------------------------------------------------------------------------------------
1,045,000 San Diego Industrial Devel.
(San Diego Gas & Electric Company) 1 5.900 09/01/2018 03/01/2006 A 1,057,383
- ------------------------------------------------------------------------------------------------------------------
15,000 San Diego Industrial Devel.
(San Diego Gas & Electric Company) 1 5.900 09/01/2018 09/01/2006 A 15,028
- ------------------------------------------------------------------------------------------------------------------
50,000 San Diego Mtg. (Mariners Cove) 1 5.800 09/01/2015 03/01/2006 A 50,476
- ------------------------------------------------------------------------------------------------------------------
30,000 San Diego Open Space Park Facilities
District No.1 5.750 01/01/2007 07/01/2006 A 30,059
- ------------------------------------------------------------------------------------------------------------------
65,000 San Diego Public Facilities Financing
Authority 1 5.000 05/15/2015 05/15/2006 A 66,398
- ------------------------------------------------------------------------------------------------------------------
525,000 San Diego Public Facilities Financing
Authority 1 5.000 05/15/2020 05/15/2006 A 530,917
- ------------------------------------------------------------------------------------------------------------------
415,000 San Diego Public Facilities Financing
Authority 1 5.000 05/15/2025 05/15/2007 A 419,524
- ------------------------------------------------------------------------------------------------------------------
70,000 San Diego Public Facilities Financing
Authority 1 5.250 05/15/2020 05/15/2006 A 70,046
- ------------------------------------------------------------------------------------------------------------------
140,000 San Diego Sewer 1 5.000 05/15/2023 05/15/2006 A 140,181
- ------------------------------------------------------------------------------------------------------------------
530,000 San Diego Sewer, Series A 1 5.250 05/15/2020 05/15/2006 A 530,890
- ------------------------------------------------------------------------------------------------------------------
115,000 San Francisco Bay Area Rapid Transit District 5.000 07/01/2028 07/01/2008 A 118,988
- ------------------------------------------------------------------------------------------------------------------
10,000 San Francisco Building Authority
(San Francisco Civic Center Complex) 5.250 12/01/2021 12/01/2006 A 10,369
- ------------------------------------------------------------------------------------------------------------------
40,000 San Francisco City & County
Airports Commission 1 4.800 05/01/2014 01/01/2010 A 40,962
- ------------------------------------------------------------------------------------------------------------------
30,000 San Francisco City & County
Airports Commission 4.900 05/01/2016 01/01/2010 A 30,750
- ------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County
Airports Commission 5.000 05/01/2017 05/01/2009 A 56,724
- ------------------------------------------------------------------------------------------------------------------
30,000 San Francisco City & County
Airports Commission 5.000 05/01/2019 05/01/2008 A 30,681
- ------------------------------------------------------------------------------------------------------------------
75,000 San Francisco City & County
Airports Commission 5.000 05/01/2019 01/01/2010 A 76,722
- ------------------------------------------------------------------------------------------------------------------
5,000 San Francisco City & County
Airports Commission 5.000 05/01/2021 01/01/2010 A 5,099
34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 90,000 San Francisco City & County
Airports Commission 1 5.000% 05/01/2022 01/01/2010 A $ 91,644
- ------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County
Airports Commission 5.000 05/01/2022 05/01/2008 A 25,492
- ------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County
Airports Commission 5.000 05/01/2023 05/01/2009 A 25,548
- ------------------------------------------------------------------------------------------------------------------
140,000 San Francisco City & County
Airports Commission 1 5.000 05/01/2025 01/01/2010 A 142,006
- ------------------------------------------------------------------------------------------------------------------
120,000 San Francisco City & County
Airports Commission 5.000 05/01/2028 01/01/2010 A 121,333
- ------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County
Airports Commission 5.300 05/01/2008 05/01/2006 A 25,608
- ------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County
Airports Commission 1 5.500 05/01/2015 05/01/2008 A 57,409
- ------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County
Airports Commission 5.500 05/01/2016 05/01/2012 A 26,833
- ------------------------------------------------------------------------------------------------------------------
15,000 San Francisco City & County
Airports Commission 1 5.500 05/01/2024 05/01/2010 A 15,813
- ------------------------------------------------------------------------------------------------------------------
225,000 San Francisco City & County
Airports Commission 1 5.500 05/01/2026 05/01/2007 A 228,206
- ------------------------------------------------------------------------------------------------------------------
50,000 San Francisco City & County
Airports Commission 1 5.500 05/01/2026 05/01/2007 A 50,713
- ------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County
Airports Commission 5.500 05/01/2026 05/01/2006 A 25,613
- ------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County
Airports Commission 5.600 05/01/2013 05/01/2006 A 25,377
- ------------------------------------------------------------------------------------------------------------------
45,000 San Francisco City & County
Airports Commission 5.625 05/01/2010 05/01/2006 A 45,681
- ------------------------------------------------------------------------------------------------------------------
15,000 San Francisco City & County
Airports Commission 5.625 05/01/2011 05/01/2006 A 15,227
- ------------------------------------------------------------------------------------------------------------------
50,000 San Francisco City & County
Airports Commission 5.625 05/01/2015 05/01/2006 A 50,735
- ------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County
Airports Commission 5.625 05/01/2016 05/01/2006 A 20,294
- ------------------------------------------------------------------------------------------------------------------
100,000 San Francisco City & County
Airports Commission 1 5.625 05/01/2017 05/01/2006 A 102,460
- ------------------------------------------------------------------------------------------------------------------
510,000 San Francisco City & County
Airports Commission 1 5.625 05/01/2021 05/01/2008 A 522,546
- ------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County
Airports Commission 1 5.625 05/01/2021 05/01/2006 A 55,808
- ------------------------------------------------------------------------------------------------------------------
1,000,000 San Francisco City & County
Airports Commission 1 5.625 05/01/2021 05/01/2006 A 1,014,690
- ------------------------------------------------------------------------------------------------------------------
1,000,000 San Francisco City & County
Airports Commission 1 5.700 05/01/2014 05/01/2006 A 1,015,310
- ------------------------------------------------------------------------------------------------------------------
2,035,000 San Francisco City & County
Airports Commission 1 5.700 05/01/2026 05/01/2006 A 2,086,160
35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 170,000 San Francisco City & County
Airports Commission 1 5.800% 05/01/2021 05/01/2006 A $ 172,628
- ------------------------------------------------------------------------------------------------------------------
150,000 San Francisco City & County
Airports Commission (SFO Fuel Company) 1 5.125 01/01/2017 01/01/2008 A 153,785
- ------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County COP
(77th Street Property) 5.300 09/01/2022 09/01/2007 A 20,924
- ------------------------------------------------------------------------------------------------------------------
50,000 San Francisco City & County COP
(San Bruno Jail) 5.250 10/01/2026 10/01/2008 A 52,807
- ------------------------------------------------------------------------------------------------------------------
2,000,000 San Francisco City & County COP
(San Bruno Jail) 1 5.250 10/01/2033 10/01/2008 A 2,106,340
- ------------------------------------------------------------------------------------------------------------------
45,000 San Francisco City & County
Improvement Bond Act 1915 6.850 09/02/2026 03/02/2006 A 46,401
- ------------------------------------------------------------------------------------------------------------------
50,000 San Francisco City & County Public
Utilities Commission 5.000 11/01/2026 11/01/2006 A 51,163
- ------------------------------------------------------------------------------------------------------------------
115,000 San Francisco City & County Redevel.
Agency 6.750 07/01/2025 07/01/2006 A 116,305
- ------------------------------------------------------------------------------------------------------------------
10,000 San Francisco City & County Redevel.
Agency (FHA Insured-Section 8) 3 6.850 07/01/2024 07/01/2006 A 10,026
- ------------------------------------------------------------------------------------------------------------------
65,000 San Francisco City & County Redevel.
Agency (South Beach) 5.700 03/01/2029 03/01/2006 A 65,045
- ------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County Redevel.
Financing Authority 4.800 08/01/2016 08/01/2016 20,025
- ------------------------------------------------------------------------------------------------------------------
100,000 San Francisco City & County Redevel.
Financing Authority 5.000 08/01/2018 08/01/2006 A 100,127
- ------------------------------------------------------------------------------------------------------------------
275,000 San Jose Finance Authority, Series B 5.625 11/15/2018 11/15/2006 A 275,523
- ------------------------------------------------------------------------------------------------------------------
50,000 San Jose Improvement Bond Act 1915 5.750 09/02/2019 03/02/2006 A 51,523
- ------------------------------------------------------------------------------------------------------------------
15,000 San Jose Redevel. Agency 5.000 08/01/2021 02/01/2006 A 15,018
- ------------------------------------------------------------------------------------------------------------------
20,000 San Jose Redevel. Agency 1 5.750 08/01/2017 08/01/2007 A 20,974
- ------------------------------------------------------------------------------------------------------------------
190,000 San Leandro Community Facilities
District No. 1 Special Tax 6.400 09/01/2019 09/01/2008 A 203,349
- ------------------------------------------------------------------------------------------------------------------
1,045,000 San Marcos Special Tax 5.900 09/01/2028 03/01/2012 A 1,093,875
- ------------------------------------------------------------------------------------------------------------------
1,665,000 San Marcos Special Tax 5.950 09/01/2035 03/01/2012 A 1,735,196
- ------------------------------------------------------------------------------------------------------------------
15,000 San Pablo Redevel. Agency 5.250 12/01/2016 06/01/2006 A 15,176
- ------------------------------------------------------------------------------------------------------------------
15,000 San Pablo Redevel. Agency 6.000 12/01/2017 06/01/2006 A 15,183
- ------------------------------------------------------------------------------------------------------------------
25,000 San Pablo Redevel. Agency
(Tax Allocation-Merged Project Area) 5.250 12/01/2023 12/01/2006 A 25,285
- ------------------------------------------------------------------------------------------------------------------
15,000 Sanger Public Financing Authority,
Series A 7.125 08/01/2009 02/01/2006 A 15,031
- ------------------------------------------------------------------------------------------------------------------
15,000 Sanger Public Financing Authority,
Series A 7.250 06/01/2015 08/01/2006 A 15,026
- ------------------------------------------------------------------------------------------------------------------
35,000 Santa Barbara COP
(Fact Retirement Services) 5.750 08/01/2020 08/01/2006 A 36,136
- ------------------------------------------------------------------------------------------------------------------
50,000 Santa Barbara Redevel. Agency
(Central City) 6.000 03/01/2008 05/07/2007 B 51,593
36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 70,000 Santa Clara County Financing Authority 5.000% 11/15/2022 11/15/2007 A $ 73,147
- ------------------------------------------------------------------------------------------------------------------
65,000 Santa Clara County Hsg. Authority
(Rivertown Apartments) 1 5.700 08/01/2021 02/01/2013 A 67,353
- ------------------------------------------------------------------------------------------------------------------
25,000 Santa Clara USD 5.000 08/01/2022 08/01/2007 A 25,791
- ------------------------------------------------------------------------------------------------------------------
15,000 Santa Nella County Water District 6.250 09/02/2028 09/02/2010 A 15,404
- ------------------------------------------------------------------------------------------------------------------
175,000 Santa Rosa Improvement Bond Act 5.700 09/02/2019 03/02/2006 A 180,292
- ------------------------------------------------------------------------------------------------------------------
40,000 Santa Rosa Improvement Bond Act 5.750 09/02/2020 03/02/2006 A 40,812
- ------------------------------------------------------------------------------------------------------------------
25,000 Santa Rosa Improvement Bond Act
(Nielson Ranch) 6.700 09/02/2022 03/02/2006 A 25,773
- ------------------------------------------------------------------------------------------------------------------
980,000 Santaluz Special Tax Community Facilities
District No. 2 6.375 09/01/2030 09/01/2007 A 992,554
- ------------------------------------------------------------------------------------------------------------------
50,000 Sausalito School District COP 5.650 04/01/2008 04/01/2006 A 50,195
- ------------------------------------------------------------------------------------------------------------------
50,000 Sausalito School District COP 5.750 04/01/2009 04/01/2006 A 50,193
- ------------------------------------------------------------------------------------------------------------------
15,000 Scotts Valley Special Tax 5.200 09/01/2028 09/01/2006 A 15,318
- ------------------------------------------------------------------------------------------------------------------
15,000 Sequoia Hospital District 5.375 08/15/2023 08/15/2006 A 15,611
- ------------------------------------------------------------------------------------------------------------------
20,000 Sequoia Union High School District 5.250 07/01/2027 07/01/2006 A 20,569
- ------------------------------------------------------------------------------------------------------------------
75,000 Solana Beach Community Facilities
District 5.200 09/01/2009 03/01/2006 A 77,054
- ------------------------------------------------------------------------------------------------------------------
80,000 Solana Beach Community Facilities
District 5.300 09/01/2010 03/01/2006 A 82,450
- ------------------------------------------------------------------------------------------------------------------
70,000 South Tahoe Joint Powers Financing
Authority 5.750 10/01/2025 04/01/2006 A 71,525
- ------------------------------------------------------------------------------------------------------------------
20,000 South Tahoe Redevel. Agency 6.700 10/01/2031 10/01/2013 A 20,720
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Southern CA Public Power Authority 1 5.000 07/01/2015 07/01/2006 A 1,001,560
- ------------------------------------------------------------------------------------------------------------------
5,000 Southern CA Public Power Authority 5.500 07/01/2020 07/01/2006 A 5,006
- ------------------------------------------------------------------------------------------------------------------
100,000 Southern CA Public Power Authority
Linked SAVRS & RIBS 6.000 07/01/2012 07/01/2006 A 100,255
- ------------------------------------------------------------------------------------------------------------------
45,000 Southern CA Tobacco Securitization
Authority (TASC) 5.250 06/01/2027 12/08/2007 C 45,873
- ------------------------------------------------------------------------------------------------------------------
120,000 Southern CA Tobacco Securitization
Authority (TASC) 5.500 06/01/2036 06/01/2012 A 122,528
- ------------------------------------------------------------------------------------------------------------------
110,000 Southern CA Tobacco Securitization
Authority (TASC) 5.625 06/01/2043 06/01/2012 A 112,934
- ------------------------------------------------------------------------------------------------------------------
25,000 Stockton Community Facilities District 5.550 08/01/2014 08/01/2008 A 25,290
- ------------------------------------------------------------------------------------------------------------------
25,000 Stockton Community Facilities District 6.750 08/01/2010 08/01/2006 A 25,337
- ------------------------------------------------------------------------------------------------------------------
25,000 Stockton Health Facilities
(Dameron Hospital Assoc.) 5.700 12/01/2014 12/01/2007 A 26,076
- ------------------------------------------------------------------------------------------------------------------
55,000 Stockton Public Financing Authority,
Series B 6.350 09/02/2010 03/02/2006 A 57,083
- ------------------------------------------------------------------------------------------------------------------
30,000 Stockton USD 1 5.450 02/01/2015 02/01/2007 A 30,925
- ------------------------------------------------------------------------------------------------------------------
25,000 Susanville COP 3 6.000 05/01/2011 05/01/2006 A 25,423
- ------------------------------------------------------------------------------------------------------------------
25,000 Susanville Public Facilities COP 3 5.750 05/01/2011 05/01/2006 A 25,180
- ------------------------------------------------------------------------------------------------------------------
60,000 Susanville Public Financing Authority 5.500 09/01/2027 09/01/2014 A 62,915
37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 750,000 Tejon Ranch Public Facilities Finance
Authority Special Tax
(Community Facilities District No. 1) 7.200% 09/01/2030 03/01/2006 A $ 773,078
- ------------------------------------------------------------------------------------------------------------------
60,000 Temecula Valley USD 5.250 08/01/2014 08/01/2007 A 62,885
- ------------------------------------------------------------------------------------------------------------------
40,000 Temple City USD 5.000 08/01/2023 08/01/2008 A 41,752
- ------------------------------------------------------------------------------------------------------------------
50,000 Tracy Community Facilities District 5.400 09/01/2015 09/01/2012 A 50,857
- ------------------------------------------------------------------------------------------------------------------
50,000 Tracy Community Facilities District 6.100 09/01/2015 03/02/2006 A 51,543
- ------------------------------------------------------------------------------------------------------------------
10,000 Tracy Community Facilities District 6.500 09/01/2020 09/02/2006 A 10,309
- ------------------------------------------------------------------------------------------------------------------
100,000 Tracy Community Facilities District
(South MacArthur Area) 6.000 09/01/2027 09/01/2006 A 103,033
- ------------------------------------------------------------------------------------------------------------------
30,000 Tracy Community Facilities District
(South MacArthur Area) 6.300 09/01/2017 09/02/2006 A 30,924
- ------------------------------------------------------------------------------------------------------------------
55,000 Tracy COP
(Community Park & Civic Center) 6.625 03/01/2018 03/01/2006 A 55,879
- ------------------------------------------------------------------------------------------------------------------
50,000 Tri-City Hospital District 1 5.750 02/01/2015 02/01/2006 A 53,011
- ------------------------------------------------------------------------------------------------------------------
20,000 Tri-City Hospital District 1 6.000 02/01/2022 02/01/2006 A 21,336
- ------------------------------------------------------------------------------------------------------------------
50,000 Truckee-Donner Public Utility District 5.400 11/15/2021 11/15/2006 A 51,738
- ------------------------------------------------------------------------------------------------------------------
30,000 Truckee-Donner Public Utility District
Special Tax 5.800 09/01/2035 03/01/2006 A 30,906
- ------------------------------------------------------------------------------------------------------------------
205,000 Turlock Auxiliary Organization COP
(California Universities-Stanlius Foundation) 5.875 06/01/2022 06/01/2006 A 210,750
- ------------------------------------------------------------------------------------------------------------------
15,000 Turlock Irrigation District, Series A 1 5.000 01/01/2026 01/01/2008 A 15,544
- ------------------------------------------------------------------------------------------------------------------
20,000 University of California, Series E 5.375 09/01/2024 09/01/2007 A 20,786
- ------------------------------------------------------------------------------------------------------------------
210,000 Upland Community Facilities District
Special Tax 5.900 09/01/2024 09/01/2013 A 219,841
- ------------------------------------------------------------------------------------------------------------------
85,000 Upland COP
(San Antonio Community Hospital) 1 5.000 01/01/2018 07/01/2006 A 85,867
- ------------------------------------------------------------------------------------------------------------------
25,000 Vacaville COP 5.500 08/15/2027 08/15/2006 A 25,746
- ------------------------------------------------------------------------------------------------------------------
20,000 Vacaville Improvement Bond Act 1915 5.850 09/02/2016 03/02/2006 A 20,604
- ------------------------------------------------------------------------------------------------------------------
250,000 Vacaville Public Financing Authority 5.400 09/01/2022 03/01/2006 A 254,425
- ------------------------------------------------------------------------------------------------------------------
110,000 Vacaville Redevel. Agency
(Vacaville Community Hsg.) 6.000 11/01/2024 11/01/2010 A 115,149
- ------------------------------------------------------------------------------------------------------------------
100,000 Val Verde USD 6.125 09/01/2034 03/01/2006 A 101,537
- ------------------------------------------------------------------------------------------------------------------
150,000 Vallejo COP (Marine World Foundation) 3 7.000 02/01/2017 02/01/2007 A 156,003
- ------------------------------------------------------------------------------------------------------------------
10,000 Vallejo Public Financing Authority, Series A 7.500 09/01/2020 03/01/2006 A 10,019
- ------------------------------------------------------------------------------------------------------------------
30,000 Vallejo Quadrant Improvement District 6.000 09/01/2026 09/01/2013 A 31,252
- ------------------------------------------------------------------------------------------------------------------
15,000 Vallejo Quadrant Improvement District 6.125 09/01/2034 09/01/2015 A 15,668
- ------------------------------------------------------------------------------------------------------------------
245,000 Ventura Port District COP 6.375 08/01/2028 08/01/2010 A 255,596
- ------------------------------------------------------------------------------------------------------------------
145,000 Victor Elementary School District 5.600 09/01/2034 09/01/2014 A 147,113
- ------------------------------------------------------------------------------------------------------------------
5,000 Vista Joint Powers Financing Authority 6.250 12/01/2019 06/01/2006 A 5,029
- ------------------------------------------------------------------------------------------------------------------
10,000 Wasco Improvement Bond Act 1915 8.800 09/02/2019 03/02/2006 A 10,030
- ------------------------------------------------------------------------------------------------------------------
25,000 Washington Township Hospital District 1 5.500 07/01/2009 07/01/2006 A 25,045
- ------------------------------------------------------------------------------------------------------------------
175,000 Washington Township Hospital District 1 5.500 07/01/2018 07/01/2006 A 175,147
38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 50,000 Washington Township Hospital District 1 5.500% 07/01/2018 07/01/2006 A $ 50,088
- ------------------------------------------------------------------------------------------------------------------
25,000 West Contra Costa USD 5.000 08/01/2023 08/01/2009 A 26,324
- ------------------------------------------------------------------------------------------------------------------
10,000 West Patterson Financing Authority 5.850 09/01/2028 09/01/2015 A 10,367
- ------------------------------------------------------------------------------------------------------------------
15,000 West Patterson Financing Authority
Special Tax 6.000 09/01/2039 09/01/2015 A 15,546
- ------------------------------------------------------------------------------------------------------------------
75,000 West Patterson Financing Authority
Special Tax 6.600 09/01/2033 03/01/2008 A 77,419
- ------------------------------------------------------------------------------------------------------------------
35,000 West Patterson Financing Authority
Special Tax 6.750 09/01/2036 03/01/2008 A 36,135
- ------------------------------------------------------------------------------------------------------------------
50,000 West Sacramento Financing Authority
Special Tax 6.100 09/01/2029 03/01/2008 A 52,051
- ------------------------------------------------------------------------------------------------------------------
20,000 West Sacramento Improvement
Bond Act 1915 8.500 09/02/2017 11/01/2015 B 20,210
- ------------------------------------------------------------------------------------------------------------------
60,000 West Sacramento Special Tax Community
Facilities District 6.650 09/01/2019 03/01/2010 A 64,326
- ------------------------------------------------------------------------------------------------------------------
50,000 West Sacramento Special Tax Community
Facilities District No. 14 6.125 09/01/2021 03/01/2011 A 52,427
- ------------------------------------------------------------------------------------------------------------------
100,000 West Sacramento Special Tax Community
Facilities District No. 16 6.000 09/01/2033 09/01/2013 A 104,098
- ------------------------------------------------------------------------------------------------------------------
120,000 Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.000 09/01/2024 09/01/2014 A 123,683
- ------------------------------------------------------------------------------------------------------------------
20,000 Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.875 09/01/2031 09/01/2009 A 21,149
- ------------------------------------------------------------------------------------------------------------------
15,000 Western Municipal Water Districts 7.125 09/02/2014 03/02/2006 A 15,433
- ------------------------------------------------------------------------------------------------------------------
140,000 Y/S School Facilities Financing Authority
(Chula Vista Elementary School) 5.000 09/01/2015 03/01/2006 A 143,006
- ------------------------------------------------------------------------------------------------------------------
25,000 Yucaipa Redevel. Agency
(Eldorado Palms Mobile Home) 6.000 05/01/2030 05/01/2010 A 25,737
------------
156,148,919
- ------------------------------------------------------------------------------------------------------------------
OTHER STATES--0.0%
50,000 LA Stadium & Exposition District, Series B 5.250 07/01/2020 07/01/2006 A 50,655
- ------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--10.1%
600,000 Guam Government Waterworks Authority
& Wastewater System 6.000 07/01/2025 07/01/2015 A 642,966
- ------------------------------------------------------------------------------------------------------------------
260,000 Guam Power Authority, Series A 5.250 10/01/2023 10/01/2006 A 262,330
- ------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 07/01/2014 A 509,610
- ------------------------------------------------------------------------------------------------------------------
360,000 Puerto Rico Electric Power Authority,
Series AA 5.375 07/01/2027 07/01/2007 A 373,770
- ------------------------------------------------------------------------------------------------------------------
275,000 Puerto Rico HBFA 1 6.250 04/01/2029 04/01/2006 A 278,988
- ------------------------------------------------------------------------------------------------------------------
465,000 Puerto Rico HFC (Homeowner Mtg.) 1 5.200 12/01/2032 12/01/2008 A 477,890
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2021 07/01/2015 A 2,086,920
39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE VALUE
AMOUNT COUPON MATURITY MATURITY* SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 4,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000% 07/01/2023 07/01/2015 A $ 4,148,880
- -------------------------------------------------------------------------------------------------------------------
600,000 Puerto Rico ITEMECF
(Cogeneration Facilities) 6.625 06/01/2026 06/01/2010 A 653,232
- -------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Municipal Finance Agency,
Series A 5.250 08/01/2023 08/01/2015 A 1,604,145
- -------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 07/01/2006 A 75,163
- -------------------------------------------------------------------------------------------------------------------
580,000 Puerto Rico Port Authority, Series D 1 7.000 07/01/2014 07/01/2006 A 581,566
- -------------------------------------------------------------------------------------------------------------------
685,000 University of Puerto Rico, Series O 1 5.375 06/01/2030 06/01/2006 A 693,604
- -------------------------------------------------------------------------------------------------------------------
250,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 10/01/2014 A 265,993
- -------------------------------------------------------------------------------------------------------------------
160,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2010 A 165,941
- -------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Public Finance Authority, Series A 1 6.375 10/01/2019 10/01/2010 A 2,783,750
-------------
15,604,748
- -------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $170,209,491)--110.7% 171,804,322
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(10.7) (16,613,055)
-------------
NET ASSETS--100.0% $155,191,267
=============
FOOTNOTES TO STATEMENT OF INVESTMENTS
*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as
detailed.
A. Optional call date; corresponds to the most conservative yield
calculation.
B. Average life due to mandatory, or expected, sinking fund principal
payments prior to maturity.
C. Average life due to mandatory, or expected, sinking fund principal
payments prior to the applicable optional call date.
1. Security has been segregated for collateral to cover borrowings. See Note 6
of Notes to Financial Statements.
2. Zero coupon bond reflects effective yield on the date of purchase.
3. Illiquid security. The aggregate value of illiquid securities as of January
31, 2006 was $7,173,551, which represents 4.62% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
4. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
5. When-issued security or forward commitment to be delivered and settled after
January 31, 2006. See Note 1 of Notes to Financial Statements.
6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ABAG Association of Bay Area Governments
CALC Community Alzheimer's Living Center
CCH Clovis Community Hospital
CDA Communities Development Authority
CDC Community Development Corp.
CHCC Community Hospitals of Central California
COP Certificates of Participation
CVHP Citrus Valley Health Partners
CVMC Citrus Valley Medical Center
FCH Fresno Community Hospital
FHA Federal Housing Agency
FH Foothill Hospital
FNMA Federal National Mortgage Assoc.
GNMA Government National Mortgage Assoc.
GO General Obligation
HBFA Housing Bank and Finance Agency
HFA Housing Finance Agency/Authority
HFC Housing Finance Corp.
IBA Improvement Bond Act 1915
INFLOS Inverse Floating Rate Securities
ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community
Facilities
M-S-R Modesto Irrigation District for the City of Santa Clara and the City
of Redding
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
SAVRS Select Auction Variable Rate Securities
SCH Sierra Community Hospital
SMCH Sierra Meadows Convalescent Hospital
TASC Tobacco Settlement Asset-Backed Bonds
USD Unified School District
V.I. United States Virgin Islands
41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS January 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $ 40,403,517 23.5%
General Obligation 21,057,691 12.3
Special Tax 18,520,588 10.8
Special Assessment 15,453,668 9.0
Marine/Aviation Facilities 11,023,895 6.4
Municipal Leases 10,969,015 6.4
Water Utilities 7,269,814 4.2
Highways/Railways 6,262,066 3.6
Adult Living Facilities 5,873,434 3.4
Multifamily Housing 4,849,742 2.8
Hospital/Health Care 4,661,040 2.7
Higher Education 4,608,677 2.7
Electric Utilities 4,493,081 2.6
Sales Tax Revenue 3,556,892 2.1
Single Family Housing 3,112,341 1.8
Not-for-Profit Organization 2,694,410 1.6
Sewer Utilities 1,947,841 1.1
Hotels, Restaurants & Leisure 1,606,084 0.9
Gas Utilities 1,529,741 0.9
Resource Recovery 938,710 0.6
Education 385,655 0.2
Manufacturing, Durable Goods 362,023 0.2
Pollution Control 111,388 0.1
Student Loans 86,635 0.1
Parking Fee Revenue 26,374 0.0
-------------------------------
Total $ 171,804,322 100.0%
===============================
42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS January 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATING PERCENT
- --------------------------------------------------------------------------------
AAA 32.6%
AA 7.8
A 10.0
BBB 44.8
BB 0.4
B 0.3
Not Rated 4.1
------
Total 100.0%
======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2006
- --------------------------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------------------------
Investments, at value (cost $170,209,491)--see accompanying statement of investments $ 171,804,322
- --------------------------------------------------------------------------------------------------------
Cash 255,879
- --------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 4,031,411
Interest 2,547,638
Investments sold 346,147
Due from Manager 9,416
Other 2,038
--------------
Total assets 178,996,851
- --------------------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable on borrowings (See Note 6) 22,600,000
Investments purchased (including $250,000 purchased on a when-issued
basis or forward commitment) 688,863
Shares of beneficial interest redeemed 238,044
Dividends 132,403
Interest expense 54,860
Distribution and service plan fees 30,868
Shareholder communications 22,000
Transfer and shareholder servicing agent fees 8,789
Trustees' compensation 256
Other 29,501
--------------
Total liabilities 23,805,584
- --------------------------------------------------------------------------------------------------------
NET ASSETS $ 155,191,267
==============
- --------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 43,966
- --------------------------------------------------------------------------------------------------------
Additional paid-in capital 153,891,182
- --------------------------------------------------------------------------------------------------------
Accumulated net investment income 77,434
- --------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (416,146)
- --------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 1,594,831
--------------
NET ASSETS $ 155,191,267
==============
44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $112,059,955 and
31,742,119 shares of beneficial interest outstanding) $3.53
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) $3.66
- --------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $2,163,939 and 601,279 shares of
beneficial interest outstanding) $3.60
- --------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $40,967,373 and 11,622,303 shares of
beneficial interest outstanding) $3.52
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2006
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 2,741,255
- --------------------------------------------------------------------------------
Other income 12
------------
Total investment income 2,741,267
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 266,640
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 92,762
Class B 8,193
Class C 159,991
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 24,064
Class B 720
Class C 6,913
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 20,315
Class B 934
Class C 2,525
- --------------------------------------------------------------------------------
Interest expense 294,702
- --------------------------------------------------------------------------------
Legal, auditing and other professional fees 16,522
- --------------------------------------------------------------------------------
Custodian fees and expenses 9,416
- --------------------------------------------------------------------------------
Trustees' compensation 5,646
- --------------------------------------------------------------------------------
Other 38,712
------------
Total expenses 948,055
Less waivers and reimbursements of expenses (386,735)
------------
Net expenses 561,320
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 2,179,947
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- --------------------------------------------------------------------------------
Net realized loss on investments (391,184)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (508,411)
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,280,352
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
(UNAUDITED) 2005
- ---------------------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------------------
Net investment income $ 2,179,947 $ 1,466,950
- ---------------------------------------------------------------------------------------------------------------
Net realized loss (391,184) (5,629)
- ---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (508,411) 2,261,355
-----------------------------
Net increase in net assets resulting from operations 1,280,352 3,722,676
- ---------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (1,642,740) (956,961)
Class B (29,733) (30,123)
Class C (591,696) (362,033)
- ---------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 68,163,379 31,329,937
Class B 883,664 723,518
Class C 19,689,639 16,796,002
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Total increase 87,752,865 51,223,016
- ---------------------------------------------------------------------------------------------------------------
Beginning of period 67,438,402 16,215,386
-----------------------------
End of period (including accumulated net investment income
of $77,434 and $161,656, respectively) $155,191,267 $67,438,402
=============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2006
- -----------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- -----------------------------------------------------------------------------------
Net increase in net assets from operations $ 1,280,352
- -----------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (124,196,230)
Proceeds from disposition of investment securities 25,601,593
Premium amortization 719,538
Discount accretion (12,943)
Net realized loss on investments 391,184
Net change in unrealized depreciation on investments 508,411
Increase in interest receivable (1,333,898)
Decrease in receivable for securities sold 1,252,803
Increase in other assets (9,306)
Decrease in payable for securities purchased (4,882,255)
Increase in payable for accrued expenses 69,787
--------------
Net cash used in operating activities (100,610,964)
- -----------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- -----------------------------------------------------------------------------------
Proceeds from bank borrowing 74,000,000
Payments on bank borrowing (58,600,000)
Proceeds from shares sold 97,532,453
Payment on shares redeemed (11,794,593)
Cash distributions paid (871,173)
--------------
Net cash provided by financing activities 100,266,687
- -----------------------------------------------------------------------------------
Net decrease in cash (344,277)
- -----------------------------------------------------------------------------------
Cash, beginning balance 600,156
--------------
Cash, ending balance $ 255,879
==============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $1,300,897.
Cash paid for interest on bank borrowings--$263,655.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS A (UNAUDITED) 2005 2004 1
- -------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.56 $ 3.30 $ 3.35
- -------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .08 2 .16 2 .07
Net realized and unrealized gain (loss) (.03) .25 (.06)
------------------------------------
Total from investment operations .05 .41 .01
- -------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.08) (.15) (.06)
- -------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.53 $ 3.56 $ 3.30
====================================
- -------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 1.39% 12.78% 0.21%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 112,060 $ 44,554 $ 11,627
- -------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 74,329 $ 21,877 $ 8,381
- -------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.23% 4.76% 4.99%
Total expenses 1.52% 1.66% 1.92%
Expenses after payments and waivers and
reduction to custodian expenses 0.80% 0.80% 0.76%
- -------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 4% 2%
1. For the period from February 25, 2004 (commencement of operations) to July
31, 2004.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment at net asset value on the business day before the first
day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total return. Total returns are not annualized for
periods of 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.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS B (UNAUDITED) 2005 2004 1
- ---------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.63 $ 3.36 $ 3.35
- ---------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 2 .14 2 .05
Net realized and unrealized gain (loss) (.03) .26 -- 3
--------------------------------------
Total from investment operations .03 .40 .05
- ---------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.06) (.13) (.04)
- ---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.60 $ 3.63 $ 3.36
======================================
- ---------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 4 0.99% 12.03% 1.60%
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 2,164 $ 1,295 $ 510
- ---------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,630 $ 836 $ 297
- ---------------------------------------------------------------------------------------------------
Ratios to average net assets: 5
Net investment income 3.56% 4.11% 3.96%
Total expenses 2.39% 2.86% 2.86%
Expenses after payments and waivers and
reduction to custodian expenses 1.55% 1.55% 1.55%
- ---------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 4% 2%
1. For the period from February 25, 2004 (commencement of operations) to July
31, 2004.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Less than $0.005 per share.
4. Assumes an investment at net asset value on the business day before the first
day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total return. Total returns are not annualized for
periods of 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.
5. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS C (UNAUDITED) 2005 2004 1
- -------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.56 $ 3.30 $ 3.35
- -------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 2 .14 2 .05
Net realized and unrealized gain (loss) (.03) .25 (.06)
------------------------------------
Total from investment operations .03 .39 (.01)
- -------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.07) (.13) (.04)
- -------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.52 $ 3.56 $ 3.30
====================================
- -------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 0.74% 12.00% (0.16)%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 40,967 $ 21,589 $ 4,079
- -------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 31,843 $ 9,836 $ 2,044
- -------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.52% 3.98% 3.92%
Total expenses 2.23% 2.55% 2.93%
Expenses after payments and waivers and
reduction to custodian expenses 1.55% 1.55% 1.55%
- -------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 4% 2%
1. For the period from February 25, 2004 (commencement of operations) to July
31, 2004.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment at net asset value on the business day before the first
day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total return. Total returns are not annualized for
periods of 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.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Limited Term California Municipal Fund (the Fund) is a
non-diversified, open-end management investment company registered under the
Investment Company Act of 1940, as amended. The Fund's investment objective is
to seek as high a level of income exempt from federal income tax and California
individual income taxes as is consistent with its investment policies and
prudent investment management. The Fund's investment advisor 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 six years 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 business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges 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 traded on NASDAQ are valued based on the closing
price provided 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 will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Securities (including restricted securities)
for which market quotations are not readily available are valued at their fair
value. Foreign and domestic securities whose
52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
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 the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
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 will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $6,335,535 as of January 31, 2006, which represents
3.54% of the Fund's total assets.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond trade date. During this period, such
securities do not earn interest, are subject to market fluctuation and may
increase or decrease in value prior to their delivery. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of January 31, 2006, the Fund had purchased $250,000
of securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any state. Certain revenue or tax related events in a 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
53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
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.
As of January 31, 2006, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $408,749 expiring by 2014.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. As of
January 31, 2006, it is estimated that the Fund will not utilize any capital
loss carryfoward to offset realized capital gains. During the year ended July
31, 2005, the Fund did not utilize any capital loss carryforward to offset
capital gains realized in that fiscal year.
As of July 31, 2005, the Fund had available for federal income tax purposes
post-October losses of $7,397 and unused capital loss carryforward as follows:
EXPIRING
--------------------
2013 $17,565
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
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.
54 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
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 U.S. generally
accepted accounting principles 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 income and expenses 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:
SIX MONTHS ENDED JANUARY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------
CLASS A
Sold 21,340,220 $ 75,597,254 11,730,494 $ 40,958,956
Dividends and/or
distributions reinvested 275,358 975,458 119,522 417,556
Redeemed (2,373,158) (8,409,333) (2,871,399) (10,046,575)
---------------------------------------------------------------------
Net increase 19,242,420 $ 68,163,379 8,978,617 $ 31,329,937
=====================================================================
- --------------------------------------------------------------------------------------------------------
CLASS B
Sold 245,882 $ 888,550 257,816 $ 906,437
Dividends and/or
distributions reinvested 5,004 18,081 5,781 20,386
Redeemed (6,367) (22,967) (58,443) (203,305)
---------------------------------------------------------------------
Net increase 244,519 $ 883,664 205,154 $ 723,518
=====================================================================
- --------------------------------------------------------------------------------------------------------
CLASS C
Sold 6,477,842 $ 22,939,103 5,277,247 $ 18,364,343
Dividends and/or
distributions reinvested 86,867 307,358 59,643 206,703
Redeemed (1,007,509) (3,556,822) (508,169) (1,775,044)
---------------------------------------------------------------------
Net increase 5,557,200 $ 19,689,639 4,828,721 $ 16,796,002
=====================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2006, were as
follows:
PURCHASES SALES
--------------------------------------------------------
Investment securities $81,643,432 $10,676,748
55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.50% of the first $100 million of average daily net assets,
0.45% of the next $150 million of average daily net assets, 0.40% of the next
$1,750 million of average daily net assets and 0.39% of average daily net assets
in excess of $2 billion.
- --------------------------------------------------------------------------------
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 six months ended January 31, 2006, the Fund paid
$24,483 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It 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 services 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
years. 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 for Class B and Class C shares 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 up to 0.25% 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 plan at January 31,
2006 for Class B and Class C shares were $17,332 and $439,590, 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
56 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
CDSC retained by the Distributor on the redemption of shares is shown in the
table below 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
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
January 31, 2006 $85,800 $-- $454 $10,493
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. The Manager has voluntarily agreed to
waive management fees and/or reimburse the Fund for certain expenses so that
total expenses will not exceed 0.80% for Class A shares and 1.55% for Class B
and Class C shares, respectively. During the six months ended January 31, 2006,
the Manager waived management fees and/or reimbursed fees of the Fund in the
amounts of $270,393, $6,868 and $109,474 for Class A, Class B and Class C
shares, respectively. The voluntary waivers described above may be amended or
withdrawn at any time.
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 January 31, 2006, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. 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 the 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 Fund has 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 $800 million, 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 (4.4016% as of January 31, 2006). The Fund pays
additional fees of 0.30% per annum on its
57 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
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6. BORROWINGS Continued
outstanding borrowings to manage and administer the facility and is allocated
its pro-rata share of a 0.13% per annum commitment fee for a liquidity backstop
facility with respect to the $800 million facility size.
For the six months ended January 31, 2006, the average daily loan balance
was $14,836,413 at an average daily interest rate of 3.903%. The Fund had
borrowings outstanding of $22,600,000 at January 31, 2006 at an interest rate of
4.4016%. The Fund had gross borrowings and gross loan repayments of $74,000,000
and $58,600,000, respectively, during the six months ended January 31, 2006. The
maximum amount of borrowings outstanding at any month-end during the six months
ended January 31, 2006 was $24,300,000. The Fund paid $22,933 in fees and
$263,655 in interest during the six months ended January 31, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A complaint was filed as a putative class action against the Manager and OFS
(and other defendants) in the U.S. District Court for the Southern District of
New York on January 10, 2005 and was amended on March 4, 2005. Seven of the
eight counts in the complaint, including claims against certain of the
Oppenheimer funds excluding the Fund, as nominal defendants, and against certain
present and former Directors, Trustees and officers of the funds, and the
Distributor, as defendants, were dismissed with prejudice, under a court order
dated March 10, 2006, in response to a motion to dismiss the suit that had been
filed by the defendants. The remaining count against the Adviser Defendants
alleges, among other things, that the defendants charged excessive fees in
violation of section 36(b) of the Investment Company Act of 1940. The plaintiffs
seek unspecified damages, an accounting of all fees paid, and an award of
attorneys' fees and litigation expenses.
The Adviser Defendants believe that the claims asserted in the remaining
count under this lawsuit are without merit, and intend to defend the suit
vigorously and contest any claimed liability. They believe that it is premature
to render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
REPORT OF SHAREHOLDER MEETING Unaudited
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On September 26, 2005, a shareholder meeting of the Oppenheimer Limited Term
California Municipal Fund was held at which the eleven Trustees identified below
were elected (Proposal No. 1). The meeting on September 26, 2005 was adjourned
until October 4, 2005 for Proposal No. 2, at which meeting all sub-proposals of
Proposal 2 were approved as described in the Fund's proxy statement for that
meeting. The following is a report of the votes cast:
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PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- ----------------------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 7,994,186.901 22,922.789 8,017,109.690
Robert G. Galli 7,994,186.901 22,922.789 8,017,109.690
Phillip A. Griffiths 7,994,186.901 22,922.789 8,017,109.690
Mary F. Miller 7,994,186.901 22,922.789 8,017,109.690
Joel W. Motley 7,994,186.901 22,922.789 8,017,109.690
John V. Murphy 7,994,186.901 22,922.789 8,017,109.690
Kenneth A. Randall 7,994,186.901 22,922.789 8,017,109.690
Russell S. Reynolds, Jr. 7,994,186.901 22,922.789 8,017,109.690
Joseph M. Wikler 7,994,186.901 22,922.789 8,017,109.690
Peter I. Wold 7,994,186.901 22,922.789 8,017,109.690
Clayton K. Yeutter 7,994,186.901 22,922.789 8,017,109.690
- ----------------------------------------------------------------------------------------------
PROPOSAL NO. 2: TO CHANGE THE POLICY ON
BROKER
FOR AGAINST ABSTAIN NON-VOTE TOTAL
- ----------------------------------------------------------------------------------------------
2B: Concentration of Investments
5,702,446.558 53,887.562 158,351.094 2,055,281.000 7,969,966.214
2D: Lending
5,479,212.504 120,662.591 314,810.119 2,055,281.000 7,969,966.214
2E: Real Estate and Commodities
5,526,106.333 115,401.857 273,177.024 2,055,281.000 7,969,966.214
2F: Senior Securities
5,507,808.568 119,552.030 287,324.616 2,055,281.000 7,969,966.214
59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
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- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information on the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel that provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing, and supervising
the activities of, all administrative and clerical personnel that are necessary
in order to provide effective corporate administration for the Fund; compiling
and maintaining records with respect to the Fund's operations; preparing and
filing reports required by the Securities and Exchange Commission; preparing
periodic reports regarding the operations of the Fund for its shareholders;
preparing proxy materials for shareholder meetings; and preparing the
registration statements required by Federal and state securities laws for the
sale of the Fund's shares. The Manager also provides the Fund with office space,
facilities and equipment.
61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the facts that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding and the Manager's Municipal Bond investment team and analysts. Mr.
Fielding has had over 28 years of experience managing tax exempt and fixed
income investments. The Board members also considered their experiences with the
Manager and its officers and other personnel through their service as directors
or trustees of the Fund and other funds advised by the Manager. The Board
considered information regarding the quality of services provided by affiliates
of the Manager, which it also reviews at other times during the year in
connection with the renewal of the Fund's service agreements. In light of the
foregoing, the Board concluded that the Fund benefits from the services provided
under the Agreement as a result of the Manager's experience, reputation,
personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the performance of the Fund and the Manager at
each Board meeting, including comparative performance information. The Board
also reviewed information, prepared by the Manager and by the independent
consultant, comparing the Fund's historical performance to relevant market
indices and to the performance of other California short-intermediate municipal
debt funds advised by the Manager and other investment advisers. The Board noted
that the Fund's one-year and since inception performance were better than its
peer group average.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to those of other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund, other California short-intermediate municipal debt funds
and other funds with comparable asset levels and distribution features. The
Manager has voluntarily agreed to waive management fees and/or reimburse the
Fund for certain expenses so that "Total Annual Fund Operating Expenses" will
not exceed 0.80% for Class A shares and 1.55% for Class B, and Class C
62 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
shares, respectively. The Board noted that the Fund's contractual and actual
management fees and total expenses were all lower than its peer group average.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, to what extent
those economies of scale benefit the Fund shareholders and the current level of
Fund assets. The Board also noted the Fund's breakpoints, which are intended to
share economies of scale that may exist as the Fund grows with its shareholders.
PROFITS AND OTHER BENEFITS TO THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Fund's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Fund, and information regarding the Manager's profitability from
its relationship with the Fund. The Board considered that the Manager must be
able to pay and retain experienced professional personnel at competitive rates
to provide services to the Fund and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Fund and its shareholders. The Board also considered
information regarding the direct and indirect benefits the Manager receives as a
result of its relationship with the Fund, including compensation paid to the
Manager's affiliates for services provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the advisory
agreement for another year. In arriving at this decision, the Board did not
single out any factor or factors as being more important than others, but
considered all of the factors together. The Board judged the terms and
conditions of the advisory agreement, including the management fee, in light of
all of the surrounding circumstances.
63 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
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:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o 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
o 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 January 31, 2006, 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) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Limited Term California Municipal Fund
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: March 15, 2006
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: March 15, 2006
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: March 15, 2006