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 Date of reporting period: 07/31/2006 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN INDUSTRIES - -------------------------------------------------------------------------------- Tobacco Settlement Payments 21.7% - -------------------------------------------------------------------------------- General Obligation 15.5 - -------------------------------------------------------------------------------- Special Tax 12.2 - -------------------------------------------------------------------------------- Special Assessment 6.8 - -------------------------------------------------------------------------------- Municipal Leases 5.5 - -------------------------------------------------------------------------------- Gas Utilities 5.1 - -------------------------------------------------------------------------------- Water Utilities 4.5 - -------------------------------------------------------------------------------- Marine/Aviation Facilities 4.4 - -------------------------------------------------------------------------------- Multifamily Housing 3.3 - -------------------------------------------------------------------------------- Hospital/Health Care 3.2 Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2006, and are based on the total market value of investments. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CREDIT ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] AAA 35.2% AA 4.7 A 7.5 BBB 48.4 BB 0.3 B 0.6 Not Rated 3.3 Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2006, and are dollar-weighted based on the total market value of investments. As of that date, no securities held by the Fund were rated lower than B. Securities rated by any rating organization are included in the equivalent Standard & Poor's 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. - -------------------------------------------------------------------------------- 12 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2006, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. Across the past 12 months, Oppenheimer Limited Term California Municipal Fund maintained a stable share price, with the net asset value (NAV) for Class A shares remaining between $3.49 and $3.58. Simultaneously, the Fund continued its strategic role by offering investors more attractive yield than many other fixed-income alternatives during this report period. As of July 31, 2006, Oppenheimer Limited Term California Municipal Fund's Class A shares provided a 30-day distribution yield of 4.10% without sales charges. By comparison, AAA-rated securities with effective maturity of five years generated yield of approximately 3.65% on the same date. Compared with the average yield of 3.86% in Lipper's California Municipal Debt Funds category--which ranks 122 longer-term funds--Oppenheimer Limited Term California Municipal Fund offered a higher cash yield with reduced volatility and risk. 1 The Fund's holdings represent a wide variety of industry sectors and credit qualities, and yields from this portfolio generated all of the Fund's positive total return for the period. Strong asset growth fueled the Fund's strategy of building diversification, and by the end of the report period the number of holdings in the Fund rose to 836, from 481 a year earlier. In the 12 months ended July 31, 2006, distributions totaled 15.5 cents per Class A share. Broad trends in the municipal market late in this report period created dividend pressure, and the Fund's monthly distribution rate, which had held steady at $0.013 per Class A share for the first 11 months of the year, was reduced to $0.012 per Class A share for the year's final distribution. Distributions for other share classes were adjusted accordingly. Investors should note that dividend reductions do not change the Fund's net asset value per share and that this dividend reduction was not the result of any material defaults of bonds in the Fund's portfolio. Across the municipal bond market, the difference between yields on lower-rated and higher-rated municipals securities decreased. This "credit spread tightening" occurred because the prices of most lower-rated municipal bonds rose while the prices of most high-grade bonds fell slightly in this report period. The "Rochester style" of municipal bond fund investment management focuses on identifying advantageous but generally under-appreciated municipal securities. 1. Lipper. Lipper calculations do not include sales charges which, if included, would reduce results. Reduced risk is presumed because of the Fund's targeted average effective portfolio maturity compared to longer-term municipal bonds. 13 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- Oppenheimer Limited Term California Municipal Fund seeks to maintain a minimum of 95% of assets invested in investment-grade municipal bonds. We actively seek out such securities that we believe offer attractive, risk-adjusted investments at prices and yields that we believe represent good value. With generally higher prices of lower-rated and non-rated municipal securities, the Fund shifted a larger portion of its assets to higher-quality bonds during this period. For example, as of July 31, 2006, AAA- and AA- rated paper represented nearly 40% of the portfolio's market value, up approximately 17% from the same date last year. We have also sought to offset the Fund's interest-rate sensitivity by investing in premium-coupon, callable bonds whose market prices are less sensitive to interest-rate movements. The breadth of California's economic recovery during the past 12 months has continued to foster optimism at the three major credit ratings agencies, each of which raised the state's General Obligation debt rating one "notch." At the end of this report period, the credit rating for California debt was A1 according to Moody's Investors Service and A+ according to both Standard & Poor's and Fitch Ratings. Among the factors cited in these upgrades were a sharp rise in tax collections and the state's progress in reducing fiscal imbalances. Special Tax and Special Assessment bonds, which are issued to finance the infrastructure of new real estate development projects and are sometimes referred to as "dirt bonds," added to performance during this report period. These bonds represented 19.0% of the Fund's investments as of July 31, 2006. We believe that their credit structure can be particularly advantageous for municipal bond investors, as the payments that secure the bonds are on parity with real estate taxes. We use our own in-house research to identify bonds that we believe will create value for shareholders, and choose to invest in bonds for a broad mix of residential, commercial, retail, and office properties throughout California. We also diversify across time, picking projects in different stages of development, and this broad diversification serves to reduce the portfolio's exposure to risk. As of July 31, 2006, tobacco bonds backed by the national Master Settlement Agreement ("MSA") accounted for 21.7% of the Fund's investments and comprised the Fund's largest single industry sector. During this report period, the litigation environment has continued to improve for the tobacco industry and, by extension, for MSA bonds. On December 15, 2005, the Illinois Supreme Court reversed a $10.1 billion judgment against Philip Morris USA that had been awarded by a lower court in 2003. Near the end of the period the Florida Supreme Court upheld an appellate court's reversal of a $145 billion judgment against cigarette manufacturers in the long-running Engle case. An action brought by the U.S. government against the tobacco industry is still pending, but we 14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- believe that final resolution of this matter will not carry negative consequences for the Fund's MSA bonds. MSA bond prices rose early in the report period amid widespread market speculation that these bonds might be "pre-refunded" by their issuers. In a pre-refunding, a municipality issues a new bond whose proceeds are escrowed in U.S. Government bonds and earmarked to pay off another previously issued--but not yet callable--municipal bond. When an outstanding bond is pre-refunded, its price generally rises significantly. During this report period, MSA-backed bonds issued by the City of Sacramento and by San Diego and Placer counties were pre-refunded, and their prices rose. The Fund sold its holdings at gains over their purchase prices and, as a result, these holdings contributed to the Fund's performance for the period. The Fund also took strategic advantage of tax loss carry-forwards to ensure that no capital gain was distributed to shareholders. Pre-refunding of MSA-backed tobacco bonds provides a particularly good example of how our yield-oriented investment strategy can result in both yield and price appreciation for individual bonds, generating attractive total return. Investors have also benefited from the Fund's holdings in bonds issued by the Commonwealth of Puerto Rico. Despite the financial difficulties that led Moody's Investors Services and Standard & Poor's to issue downgrades, the Fund's holdings in bonds issued by Puerto Rico contributed to the Fund's positive total return in this report period. While prices on bonds issued by Puerto Rico have been weak during this report period, we believe that the government's decision to raise taxes to balance the budget as well its efforts to reinforce its financial structure will ultimately strengthen municipal bonds that the Fund continues to own. As we have continued to monitor developments in Puerto Rico, we have taken advantage of market weakness to add to positions in these bonds at favorable prices. The Fund had a small position in bonds issued to finance pollution control measures and backed by payments from General Motors Corporation ("GM"), and the price of these bonds generally weakened during this report period. Additionally, Standard & Poor's, Moody's Investors Service and Fitch Ratings downgraded General Motors to below investment grade in the past 12 months, and all three maintain a negative outlook on the automaker. These downgrades were mainly related to rising pension expenses, declining market share, and other factors. Because of the large yields offered by these investments, their net total return to the Fund has been positive even though the price of the securities has declined. By its prospectus, the average effective maturity of the Fund's portfolio must be limited to five years or less. To help meet this goal, we maintain a portfolio of bonds with 15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- effective maturities generally ranging from less than six months to twelve years. During this report period, bond yields at the five-year maturity have not risen as sharply as shorter-term paper. As a result, our preference for longer-maturity bonds with prices more reflective of shorter-term redemption dates has rewarded shareholders with attractive yield and limited price volatility. The "Rochester style" of municipal bond investing is flexible and responsive to market conditions; our strategies are intended to balance many different types of risk to reduce overall portfolio risk. We continue to comb the market for bonds that offer attractive yields, and to monitor developing market conditions. These conditions have not affected the Fund's investment strategies, or caused it to pay any distributions of capital. COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2006. For all share classes, performance is measured from the Fund's inception on February 25, 2004. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Lehman Brothers Municipal Bond Index, an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Limited Term California Municipal Fund (Class A) Lehman Brothers Municipal Bond Index - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Oppenheimer Limited Term California Lehman Brothers Municipal Fund (Class A) Municipal Bond Index 02/25/2004 9,650 10,000 04/30/2004 9,660 9,729 07/31/2004 9,705 9,857 10/31/2004 10,079 10,195 01/31/2005 10,345 10,330 04/30/2005 10,583 10,392 07/31/2005 10,945 10,483 10/31/2005 11,005 10,454 01/31/2006 11,097 10,623 04/30/2006 11,122 10,617 07/31/2006 11,308 10,750 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 7/31/06 1-Year -0.30% Since Inception (2/25/04) 5.18% - -------------------------------------------------------------------------------- THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 3.50%; FOR CLASS B SHARES, AND THE CONTINGENT DEFERRED SALES CHARGE OF 4% (1-YEAR); AND FOR CLASS C SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. SEE PAGE 20 FOR FURTHER INFORMATION. 17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Limited Term California Municipal Fund (Class B) Lehman Brothers Municipal Bond Index - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Oppenheimer Limited Term California Lehman Brothers Municipal Fund (Class B) Municipal Bond Index 02/25/2004 10,000 10,000 04/30/2004 10,170 9,729 07/31/2004 10,194 9,857 10/31/2004 10,590 10,195 01/31/2005 10,845 10,330 04/30/2005 11,068 10,392 07/31/2005 11,420 10,483 10/31/2005 11,460 10,454 01/31/2006 11,532 10,623 04/30/2006 11,537 10,617 07/31/2006 11,504 10,750 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 7/31/06 1-Year -1.46% Since Inception (2/25/04) 5.93% - -------------------------------------------------------------------------------- 18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Limited Term California Municipal Fund (Class C) Lehman Brothers Municipal Bond Index - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Oppenheimer Limited Term California Lehman Brothers Municipal Fund (Class C) Municipal Bond Index 02/25/2004 10,000 10,000 04/30/2004 9,993 9,729 07/31/2004 10,017 9,857 10/31/2004 10,384 10,195 01/31/2005 10,641 10,330 04/30/2005 10,866 10,392 07/31/2005 11,219 10,483 10/31/2005 11,228 10,454 01/31/2006 11,302 10,623 04/30/2006 11,340 10,617 07/31/2006 11,477 10,750 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 7/31/06 1-Year 1.31% Since Inception (2/25/04) 5.82% - -------------------------------------------------------------------------------- THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 3.50%; FOR CLASS B SHARES, AND THE CONTINGENT DEFERRED SALES CHARGE OF 4% (1-YEAR); AND FOR CLASS C SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. SEE PAGE 20 FOR FURTHER INFORMATION. 19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES - -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. THIS ANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF THE OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 3.50%. CLASS B shares of the Fund were first publicly offered on 2/25/04. 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. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if 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 July 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 21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND EXPENSES - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (2/1/06) (7/31/06) JULY 31, 2006 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,019.00 $4.01 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,020.83 4.02 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,014.90 7.77 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,017.11 7.78 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,015.50 7.78 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,017.11 7.78 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 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2006 are as follows: CLASS EXPENSE RATIOS - ----------------------------------------------------- Class A 0.80% - ----------------------------------------------------- Class B 1.55 - ----------------------------------------------------- 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. - -------------------------------------------------------------------------------- 22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENT July 31, 2006 - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES--113.5% - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA--98.4% $ 500,000 ABAG Finance Authority for NonProfit Corporations (Windemere Ranch) 1 6.000% 09/01/2024 09/01/2014 A $ 532,715 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 ABAG Finance Authority for NonProfit Corporations COP 1 5.600 11/01/2023 11/01/2006 A 15,012 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 ABAG Finance Authority for NonProfit Corporations COP 5.800 03/01/2023 09/01/2006 A 30,031 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West) 1 6.100 10/01/2017 10/01/2009 A 50,806 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents) 1 5.625 05/15/2022 05/15/2007 A 92,957 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 ABAG Finance Authority for NonProfit Corporations COP (Lytton Gardens) 1 6.000 02/15/2019 02/15/2008 A 258,468 - ---------------------------------------------------------------------------------------------------------------------------------- 335,000 ABAG Finance Authority for NonProfit Corporations, Series A 1 5.770 2 04/20/2019 04/20/2012 A 158,891 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 ABAG Tax Allocation, Series A 5.800 12/15/2008 12/15/2006 A 55,411 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 ABAG Tax Allocation, Series A 6.000 12/15/2014 12/15/2006 A 55,457 - ---------------------------------------------------------------------------------------------------------------------------------- 365,000 Adelanto Improvement Agency, Series B 1 5.500 12/01/2023 12/01/2006 A 367,048 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 Adelanto Public Financing Authority 6.300 09/01/2028 09/01/2006 A 106,248 - ---------------------------------------------------------------------------------------------------------------------------------- 130,000 Adelanto Public Financing Authority, Series B 7.250 09/15/2015 09/15/2006 A 130,473 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Alameda COP 1 5.750 12/01/2021 12/01/2006 A 513,160 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Alameda County COP 1 5.000 06/01/2022 06/01/2008 A 76,724 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 Alameda County COP (Alameda County Medical Center) 1 5.300 06/01/2026 12/01/2006 A 55,058 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 Anaheim COP (Anaheim Memorial Hospital) 1 5.125 05/15/2020 11/15/2006 A 65,068 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Anaheim Public Financing Authority 5.000 10/01/2023 10/01/2008 A 10,255 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Anaheim Public Financing Authority 5.250 02/01/2018 02/01/2007 A 20,531 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Anaheim Public Financing Authority (Electric Systems) 1 5.000 10/01/2025 10/01/2008 A 15,414 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000,000 Anaheim Public Financing Authority RITES 3 9.120 4 12/28/2018 12/01/2007 A 5,547,750 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Apple Valley Improvement Bond Act 1915 6.900 09/02/2015 09/02/2006 A 20,645 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Aromas Water District 5.600 09/01/2018 09/01/2006 A 15,006 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Atwater Community Facilities District 3 7.875 08/01/2015 08/01/2006 A 25,074 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Atwater Public Financing Authority (Sewer & Water) 5.500 05/01/2028 05/01/2009 A 20,327 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Atwater Redevel. Agency (Downtown Redevel.) 5.500 06/01/2019 06/01/2010 A 15,408 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 Atwater Redevel. Agency (Downtown Redevel.) 5.875 06/01/2022 12/01/2006 A 72,125 23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 2,455,000 Aztec Shops Auxiliary Organization (San Diego State University) 1 6.000% 09/01/2031 09/01/2010 A $ 2,577,136 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Azusa COP 1 5.750 08/01/2020 08/01/2006 A 25,364 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Bakersfield Improvement Bond Act 1915 5.600 09/02/2020 09/02/2006 A 41,213 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Bakersfield Improvement Bond Act 1915 6.100 09/02/2024 09/02/2006 A 51,572 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Beaumont Financing Authority, Series A 5.700 09/01/2035 09/01/2017 A 25,959 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 Beaumont Financing Authority, Series A 6.000 09/01/2021 09/01/2015 A 48,268 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Beaumont Financing Authority, Series A 6.875 09/01/2027 09/01/2013 A 16,688 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 Beaumont Financing Authority, Series A 7.000 09/01/2023 09/01/2006 A 120,521 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Beaumont Financing Authority, Series A 7.375 09/01/2032 09/01/2010 A 65,815 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Beaumont Financing Authority, Series B 6.000 09/01/2034 09/01/2015 A 15,887 - ---------------------------------------------------------------------------------------------------------------------------------- 245,000 Berkeley GO 5.625 09/01/2027 09/01/2006 A 249,248 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Berkeley GO 5.650 09/01/2027 09/01/2006 A 10,178 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Blythe Redevel. Agency (Redevel. Project No. 1 Tax Allocation) 5.750 05/01/2034 05/01/2015 A 51,998 - ---------------------------------------------------------------------------------------------------------------------------------- 750,000 Blythe Redevel. Agency (Redevel. Project No. 1 Tax Allocation) 1 6.200 05/01/2031 05/01/2011 A 795,465 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Bonita Canyon Public Facilities Financing Authority 5.375 09/01/2028 09/01/2006 A 100,757 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Brawley Union High School District 5.000 08/01/2028 08/01/2007 A 25,424 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Brentwood Infrastructure Financing Authority 5.250 09/02/2016 09/02/2006 A 51,118 - ---------------------------------------------------------------------------------------------------------------------------------- 170,000 Brisbane Public Financing Authority 6.000 05/01/2026 05/01/2008 A 174,230 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Burbank Community Facilities District Special Tax 5.200 12/01/2023 06/24/2022 B 253,878 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Affordable Hsg. Agency (Merced County Hsg. Authority) 1 6.500 01/01/2033 01/01/2013 A 106,143 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000,000 CA County Tobacco Securitization Agency 1 5.830 2 06/01/2033 03/18/2015 A 2,140,900 - ---------------------------------------------------------------------------------------------------------------------------------- 1,760,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2021 03/15/2014 C 1,433,326 - ---------------------------------------------------------------------------------------------------------------------------------- 1,240,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2028 12/01/2018 A 1,002,329 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2036 12/01/2018 A 4,041,500 - ---------------------------------------------------------------------------------------------------------------------------------- 4,885,000 CA County Tobacco Securitization Agency (TASC) 1 5.000 06/01/2026 10/15/2015 B 4,869,466 - ---------------------------------------------------------------------------------------------------------------------------------- 290,000 CA County Tobacco Securitization Agency (TASC) 5.500 06/01/2033 06/01/2011 C 296,134 - ---------------------------------------------------------------------------------------------------------------------------------- 1,670,000 CA County Tobacco Securitization Agency (TASC) 1 5.750 06/01/2029 06/01/2012 A 1,726,179 - ---------------------------------------------------------------------------------------------------------------------------------- 470,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2030 06/01/2011 C 485,811 24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 CA County Tobacco Securitization Agency (TASC) 5.875% 06/01/2027 06/01/2012 A $ 25,997 - ---------------------------------------------------------------------------------------------------------------------------------- 290,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2035 06/01/2012 A 301,269 - ---------------------------------------------------------------------------------------------------------------------------------- 280,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 06/01/2012 A 290,881 - ---------------------------------------------------------------------------------------------------------------------------------- 765,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2029 12/01/2010 C 802,248 - ---------------------------------------------------------------------------------------------------------------------------------- 665,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2035 06/01/2012 A 695,736 - ---------------------------------------------------------------------------------------------------------------------------------- 435,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 06/01/2012 A 455,175 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2043 06/01/2012 A 31,391 - ---------------------------------------------------------------------------------------------------------------------------------- 10,700,000 CA County Tobacco Securitization Agency (TASC) 6.070 2 06/01/2046 06/01/2016 A 881,894 - ---------------------------------------------------------------------------------------------------------------------------------- 51,520,000 CA County Tobacco Securitization Agency (TASC) 6.190 2 06/01/2050 06/01/2016 A 3,305,008 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA County Tobacco Securitization Agency (TASC) 6.250 06/01/2037 06/01/2012 A 52,943 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Dept. of Veterans Affairs Home Purchase 1 5.100 12/01/2019 12/01/2006 A 25,012 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 CA Dept. of Veterans Affairs Home Purchase 1 5.200 12/01/2027 12/01/2006 A 55,023 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Dept. of Veterans Affairs Home Purchase 1 5.500 12/01/2019 01/09/2012 A 26,065 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2019 12/01/2007 A 30,618 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2022 12/01/2007 A 15,297 - ---------------------------------------------------------------------------------------------------------------------------------- 375,000 CA Dept. of Water Resources (Center Valley) 1 5.250 07/01/2022 01/01/2007 A 389,194 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA Dept. of Water Resources (Center Valley) 5.375 12/01/2027 12/01/2006 A 35,664 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA Dept. of Water Resources (Center Valley) 1 5.400 07/01/2012 01/01/2007 A 20,025 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Educational Facilities Authority (CA College of Arts and Crafts) 5.875 06/01/2030 06/01/2011 A 25,976 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Educational Facilities Authority (Cedars-Sinai Medical Center) 6.125 12/01/2019 12/01/2009 A 10,847 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 CA Educational Facilities Authority (College & University Financing) 5.125 04/01/2017 04/01/2009 A 66,292 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Educational Facilities Authority (College & University Financing) 6.125 06/01/2009 12/01/2006 A 10,022 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA Educational Facilities Authority (College & University Financing) 6.250 06/01/2018 12/01/2006 A 5,007 - ---------------------------------------------------------------------------------------------------------------------------------- 340,000 CA Educational Facilities Authority (College of Osteopathic Medicine) 1 5.750 06/01/2018 12/01/2006 A 343,930 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Educational Facilities Authority (Heald Colleges) 5.450 02/15/2022 02/15/2008 A 15,014 25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 15,000 CA Educational Facilities Authority (Los Angeles College of Chiropractic) 5.600% 11/01/2017 10/12/2013 B $ 14,638 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Educational Facilities Authority (Stanford University) 5.200 12/01/2027 12/01/2007 A 25,572 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Educational Facilities Authority (Student Loan Program) 6.000 03/01/2016 03/01/2007 A 15,431 - ---------------------------------------------------------------------------------------------------------------------------------- 365,000 CA Educational Facilities Authority (University of San Francisco) 1 6.000 10/01/2026 10/01/2006 A 373,526 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA Educational Facilities Authority (University of Southern California) 5.000 10/01/2028 10/01/2008 A 35,596 - ---------------------------------------------------------------------------------------------------------------------------------- 335,000 CA Financing Authority (Wastewater Improvement) 1 6.100 11/01/2033 11/01/2015 A 358,078 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 4.750 09/01/2018 09/01/2006 A 5,002 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 CA GO 4.800 08/01/2014 08/01/2006 A 60,034 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.000 08/01/2018 08/01/2009 A 10,300 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA GO 5.000 06/01/2019 06/01/2011 A 46,270 - ---------------------------------------------------------------------------------------------------------------------------------- 180,000 CA GO 5.000 02/01/2021 02/01/2008 A 183,769 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.000 02/01/2021 02/01/2009 A 15,311 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA GO 5.000 02/01/2023 02/01/2008 A 51,047 - ---------------------------------------------------------------------------------------------------------------------------------- 450,000 CA GO 1 5.000 10/01/2023 10/01/2009 A 456,746 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.000 10/01/2023 10/01/2008 A 5,127 - ---------------------------------------------------------------------------------------------------------------------------------- 135,000 CA GO 5.000 10/01/2023 10/01/2008 A 137,431 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.000 02/01/2025 02/01/2008 A 10,219 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 CA GO 5.100 03/01/2010 09/01/2006 A 60,059 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 CA GO 5.125 10/01/2017 10/01/2006 A 90,178 - ---------------------------------------------------------------------------------------------------------------------------------- 135,000 CA GO 5.125 10/01/2017 10/01/2006 A 135,267 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.125 06/01/2022 06/01/2011 A 5,151 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.125 10/01/2027 10/01/2007 A 5,135 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.125 10/01/2027 10/01/2007 A 25,295 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 CA GO 5.150 10/01/2019 10/01/2006 A 125,250 - ---------------------------------------------------------------------------------------------------------------------------------- 390,000 CA GO 1 5.150 10/01/2019 10/01/2006 A 390,562 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.200 06/01/2010 12/01/2006 A 15,214 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.250 06/01/2016 12/01/2006 A 25,361 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.250 04/01/2018 10/01/2006 A 25,020 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 04/01/2019 10/01/2006 A 10,008 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 04/01/2021 10/01/2006 A 10,008 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 CA GO 5.250 06/01/2021 12/01/2006 A 111,562 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 02/01/2029 02/01/2013 A 10,399 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 02/01/2030 02/01/2012 A 10,330 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 CA GO 5.300 09/01/2011 09/01/2006 A 65,738 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.300 09/01/2011 09/01/2006 A 5,056 26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 50,000 CA GO 5.500% 03/01/2009 09/01/2006 A $ 50,066 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA GO 5.500 06/01/2010 12/02/2006 A 100,779 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.500 06/01/2013 12/02/2006 A 15,020 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.500 04/01/2019 10/01/2006 A 10,027 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.500 03/01/2020 09/01/2006 A 35,048 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.500 03/01/2020 09/01/2006 A 35,048 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.500 10/01/2022 10/01/2006 A 15,030 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 CA GO 5.600 09/01/2021 09/01/2006 A 121,392 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.600 09/01/2021 09/01/2006 A 5,055 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.625 10/01/2021 10/01/2006 A 5,065 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.625 10/01/2023 10/01/2006 A 25,323 - ---------------------------------------------------------------------------------------------------------------------------------- 465,000 CA GO 1 5.625 09/01/2024 09/01/2006 A 470,403 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.625 09/01/2024 09/01/2006 A 10,111 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.625 10/01/2026 10/01/2006 A 10,126 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 CA GO 5.750 03/01/2010 09/01/2006 A 75,488 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.750 03/01/2015 09/01/2006 A 15,098 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.750 11/01/2017 11/01/2006 A 35,165 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.750 11/01/2017 11/01/2006 A 35,165 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.800 06/01/2013 12/01/2006 A 25,039 - ---------------------------------------------------------------------------------------------------------------------------------- 155,000 CA GO 5.900 04/01/2023 10/01/2006 A 155,388 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 5.900 04/01/2023 10/01/2006 A 20,055 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 CA GO 5.900 03/01/2025 09/01/2006 A 75,497 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 6.000 08/01/2015 08/01/2006 A 20,220 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 6.000 05/01/2018 11/01/2006 A 20,094 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 6.000 10/01/2021 10/01/2006 A 15,055 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 CA GO 6.000 08/01/2024 08/01/2006 A 40,440 - ---------------------------------------------------------------------------------------------------------------------------------- 605,000 CA GO 1 6.250 10/01/2019 10/01/2006 A 607,111 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 6.800 11/01/2008 11/01/2006 A 10,073 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA Golden State Tobacco Securitization Corp. 5.000 06/01/2017 06/01/2007 A 45,343 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Golden State Tobacco Securitization Corp. 5.000 06/01/2020 06/01/2010 A 25,921 - ---------------------------------------------------------------------------------------------------------------------------------- 4,380,000 CA Golden State Tobacco Securitization Corp. 1 6.250 06/01/2033 09/11/2012 C 4,789,924 - ---------------------------------------------------------------------------------------------------------------------------------- 3,245,000 CA Golden State Tobacco Securitization Corp. 6.625 06/01/2040 06/01/2013 A 3,621,290 - ---------------------------------------------------------------------------------------------------------------------------------- 3,115,000 CA Golden State Tobacco Securitization Corp. 6.750 06/01/2039 06/01/2013 A 3,506,556 - ---------------------------------------------------------------------------------------------------------------------------------- 1,865,000 CA Golden State Tobacco Securitization Corp. 1 7.800 06/01/2042 06/01/2013 A 2,231,305 - ---------------------------------------------------------------------------------------------------------------------------------- 2,680,000 CA Golden State Tobacco Securitization Corp. 1 7.900 06/01/2042 06/01/2013 A 3,222,030 27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 1,715,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875% 06/01/2042 06/01/2013 A $ 2,059,355 - ---------------------------------------------------------------------------------------------------------------------------------- 2,900,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875 06/01/2042 06/01/2013 A 3,482,291 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 1 5.000 07/01/2021 01/01/2007 A 45,032 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 1 5.125 07/01/2024 07/01/2007 A 15,410 - ---------------------------------------------------------------------------------------------------------------------------------- 140,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 1 6.000 07/01/2013 01/01/2007 A 140,239 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA Health Facilities Financing Authority (Cedars-Sinai Medical Center) 1 5.250 08/01/2027 08/01/2007 A 30,902 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 CA Health Facilities Financing Authority (Children's Hospital) 1 5.375 07/01/2016 01/01/2007 A 117,435 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 CA Health Facilities Financing Authority (Children's Hospital) 1 5.375 07/01/2020 01/01/2007 A 66,374 - ---------------------------------------------------------------------------------------------------------------------------------- 365,000 CA Health Facilities Financing Authority (Children's Hospital) 1 5.750 07/01/2023 09/01/2006 A 366,153 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 CA Health Facilities Financing Authority (Community Program) 1 7.200 01/01/2012 08/01/2006 A 40,106 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Health Facilities Financing Authority (Fellowship Homes) 1 6.000 09/01/2019 09/01/2006 A 25,533 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 CA Health Facilities Financing Authority (Marshall Hospital) 1 5.000 11/01/2018 11/01/2006 A 80,026 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA Health Facilities Financing Authority (Mercy Senior Hsg.) 5.800 12/01/2018 12/01/2006 A 20,022 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Health Facilities Financing Authority (Small Facilities Loan), Series A 6.700 03/01/2011 09/01/2006 A 15,031 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA Health Facilities Financing Authority (Small Facilities Loan), Series B 1 7.400 04/01/2014 10/01/2006 A 45,553 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Health Facilities Financing Authority (Sunny View Lutheran Home) 5.100 01/01/2024 01/01/2010 A 50,713 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA Health Facilities Financing Authority (Sutter Health) 5.000 08/15/2017 08/15/2007 A 5,131 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA HFA 5.650 02/01/2008 08/01/2006 A 10,192 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA HFA 8.040 2 08/01/2015 08/01/2015 20,155 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 CA HFA (Multifamily Hsg.) 1 5.375 08/01/2028 02/01/2009 A 40,848 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA HFA (Multifamily Hsg.) 1 5.375 02/01/2036 02/01/2011 A 20,164 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA HFA (Multifamily Hsg.) 1 5.400 08/01/2018 08/01/2008 A 15,428 - ---------------------------------------------------------------------------------------------------------------------------------- 325,000 CA HFA (Multifamily Hsg.) 1 5.450 08/01/2028 08/01/2010 A 332,001 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 CA HFA (Multifamily Hsg.) 1 5.850 02/01/2010 08/01/2006 A 86,769 - ---------------------------------------------------------------------------------------------------------------------------------- 230,000 CA HFA (Multifamily Hsg.) 1 5.950 08/01/2028 02/01/2009 A 234,853 - ---------------------------------------------------------------------------------------------------------------------------------- 130,000 CA HFA (Multifamily Hsg.) 1 6.050 08/01/2016 08/01/2006 A 132,768 28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 CA HFA (Multifamily Hsg.) 1 6.050% 08/01/2027 08/01/2006 A $ 25,532 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA HFA (Multifamily Hsg.) 6.050 08/01/2038 02/01/2009 A 5,102 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA HFA (Multifamily Hsg.) 1 6.150 08/01/2022 08/01/2006 A 25,523 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA HFA (Single Family Mtg.) 5.400 08/01/2028 02/01/2010 A 10,117 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA HFA (Single Family Mtg.), Series A 5.300 08/01/2018 02/01/2010 A 10,059 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA HFA (Single Family Mtg.), Series B 6.200 08/01/2014 10/01/2007 A 5,049 - ---------------------------------------------------------------------------------------------------------------------------------- 1,930,000 CA HFA, Series A 1 4.800 08/01/2012 09/01/2006 C 1,934,536 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA HFA, Series B 7.000 08/01/2014 08/01/2006 A 5,053 - ---------------------------------------------------------------------------------------------------------------------------------- 465,000 CA HFA, Series B 1 7.125 08/01/2024 08/01/2006 A 469,311 - ---------------------------------------------------------------------------------------------------------------------------------- 2,500,000 CA Infrastructure & Economic Devel. (American Center for Wine & Food Arts) 5.700 12/01/2019 12/01/2009 A 2,624,450 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Infrastructure & Economic Devel. (Stockton Port District) 5.375 07/01/2022 07/01/2010 A 15,505 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Infrastructure & Economic Devel. (Stockton Port District) 5.500 07/01/2032 07/01/2011 A 51,278 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA Loan Purchasing Finance Authority 5.600 10/01/2014 10/01/2006 A 45,066 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Maritime Infrastructure Authority (Santa Cruz Port District) 5.750 05/01/2024 05/01/2014 A 10,279 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 CA Mobilehome Park Financing Authority (Palomar Estate East & West) 1 5.250 03/15/2034 03/15/2015 A 91,436 - ---------------------------------------------------------------------------------------------------------------------------------- 750,000 CA Pollution Control Financing Authority (Browning-Ferris Industries) 1 6.750 09/01/2019 03/01/2007 A 753,945 - ---------------------------------------------------------------------------------------------------------------------------------- 1,440,000 CA Pollution Control Financing Authority (General Motors Corp.) 1 5.500 04/01/2008 04/01/2008 1,429,934 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA Pollution Control Financing Authority (Sacramento Biosolids Facility) 5.300 12/01/2017 12/01/2012 A 31,166 - ---------------------------------------------------------------------------------------------------------------------------------- 220,000 CA Pollution Control Financing Authority (Sacramento Biosolids Facility) 5.500 12/01/2024 12/01/2012 A 229,222 - ---------------------------------------------------------------------------------------------------------------------------------- 320,000 CA Pollution Control Financing Authority (San Diego Gas & Electric Company) 1 5.850 06/01/2021 12/01/2006 A 320,515 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Pollution Control Financing Authority (San Diego Gas & Electric Company) 5.850 06/01/2021 12/01/2006 A 10,033 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 CA Pollution Control Financing Authority (Southern California Edison Company) 1 5.550 09/01/2031 12/01/2006 A 21,023 - ---------------------------------------------------------------------------------------------------------------------------------- 215,000 CA Pollution Control Financing Authority (Southern California Water Company) 1 5.500 12/01/2026 12/01/2006 A 215,260 - ---------------------------------------------------------------------------------------------------------------------------------- 2,815,000 CA Pollution Control Financing Authority Residuals 1 9.720 4 12/01/2016 04/01/2013 A 3,488,573 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 CA Public Works 1 5.250 12/01/2013 12/01/2006 A 150,171 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 CA Public Works (CA Community College) 5.375 03/01/2011 09/01/2006 A 117,436 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Public Works (CA Community College) 5.875 10/01/2008 10/01/2006 A 50,172 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Public Works (Dept. of Corrections) 5.000 09/01/2021 09/01/2008 A 25,674 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Public Works (Dept. of Corrections) 5.625 11/01/2016 11/01/2006 A 10,244 29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 110,000 CA Public Works (Dept. of Food & Agriculture) 1 5.400% 06/01/2013 12/01/2006 A $ 110,116 - ---------------------------------------------------------------------------------------------------------------------------------- 260,000 CA Public Works (State Universities) 1 5.000 06/01/2023 12/01/2006 A 260,060 - ---------------------------------------------------------------------------------------------------------------------------------- 165,000 CA Public Works (State Universities) 1 5.250 12/01/2013 12/01/2006 A 165,160 - ---------------------------------------------------------------------------------------------------------------------------------- 2,085,000 CA Public Works (State Universities) 1 5.375 10/01/2017 10/01/2006 A 2,131,829 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Public Works (State Universities) 5.500 10/01/2013 10/01/2006 A 51,130 - ---------------------------------------------------------------------------------------------------------------------------------- 330,000 CA Public Works (State Universities) 1 5.500 12/01/2018 12/01/2006 A 330,244 - ---------------------------------------------------------------------------------------------------------------------------------- 230,000 CA Public Works (State Universities) 1 5.500 06/01/2021 12/01/2006 A 230,315 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 CA Public Works (State Universities) 5.500 06/01/2021 12/01/2006 A 60,041 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA Public Works (State Universities) 5.500 06/01/2021 12/01/2006 A 30,041 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Public Works (Various California Universities) 5.375 12/01/2019 12/01/2007 A 25,996 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 CA Public Works (Various California Universities) 5.500 06/01/2019 12/01/2006 A 120,510 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA Public Works (Various Community Colleges) 5.375 03/01/2014 03/01/2007 A 25,531 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA Public Works (Various Community Colleges) 5.625 03/01/2016 03/01/2007 A 30,644 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 CA Public Works (Various Community Colleges) 1 5.625 03/01/2019 03/01/2007 A 71,500 - ---------------------------------------------------------------------------------------------------------------------------------- 600,000 CA Public Works (Various Community Colleges) 1 5.875 10/01/2008 10/01/2006 A 601,806 - ---------------------------------------------------------------------------------------------------------------------------------- 325,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A 1 6.350 12/01/2029 04/01/2007 C 328,809 - ---------------------------------------------------------------------------------------------------------------------------------- 320,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A 1 7.000 09/01/2029 03/01/2010 C 325,574 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA (Bouquet Canyon) 1 5.300 07/01/2018 07/01/2010 A 102,094 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 CA Statewide CDA (CA Odd Fellow Hsg.) 1 5.375 10/01/2013 10/01/2006 A 105,092 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 CA Statewide CDA (CA Odd Fellow Hsg.) 1 5.500 10/01/2023 10/01/2006 A 85,062 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA Statewide CDA (CVHP/CVMC/FH Obligated Group) 1 5.125 04/01/2023 04/01/2008 A 35,892 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 CA Statewide CDA (East Tabor Apartments) 1 6.850 08/20/2036 02/20/2011 A 549,460 - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 CA Statewide CDA (East Valley Tourist) 1 9.250 10/01/2020 10/01/2015 A 1,091,720 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 CA Statewide CDA (Eastfield Ming Quong) 1 5.625 06/01/2020 12/01/2006 A 76,604 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA Statewide CDA (Escrow Term) 6.750 09/01/2037 09/01/2014 A 48,471 - ---------------------------------------------------------------------------------------------------------------------------------- 335,000 CA Statewide CDA (Fairfield Apartments) 1 6.500 01/01/2016 10/10/2011 B 326,823 - ---------------------------------------------------------------------------------------------------------------------------------- 580,000 CA Statewide CDA (Family House & Housing Foundation-Torrence I) 1 7.000 04/20/2036 04/20/2011 A 660,585 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 CA Statewide CDA (John Muir/Mt. Diablo Health System) 1 5.250 08/15/2027 08/15/2007 A 36,038 - ---------------------------------------------------------------------------------------------------------------------------------- 400,000 CA Statewide CDA (Kaiser Permanente) 1 5.300 12/01/2015 06/01/2007 A 413,620 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 CA Statewide CDA (Live Oak School) 1 6.750 10/01/2030 10/01/2011 A 266,085 30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 100,000 CA Statewide CDA (Multifamily) 5.700% 2 09/20/2021 09/20/2014 A $ 42,346 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA (Multifamily) 5.740 2 09/20/2023 09/20/2014 A 37,373 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA (Quail Ridge Apartments) 1 5.375 07/01/2032 07/01/2014 A 101,638 - ---------------------------------------------------------------------------------------------------------------------------------- 480,000 CA Statewide CDA (Rio Bravo) 1 6.300 12/01/2018 12/01/2006 A 487,426 - ---------------------------------------------------------------------------------------------------------------------------------- 335,000 CA Statewide CDA (Sycamore) 1 6.000 03/20/2038 03/20/2017 A 360,671 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA COP (Internext Group) 1 5.375 04/01/2017 04/01/2010 A 101,570 - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 CA Statewide CDA Linked PARS & INFLOS 1 5.600 6 10/01/2011 03/15/2010 B 1,060,070 - ---------------------------------------------------------------------------------------------------------------------------------- 1,390,000 CA Statewide Financing Authority Tobacco Settlement (TASC) 5.625 05/01/2029 07/30/2010 C 1,427,600 - ---------------------------------------------------------------------------------------------------------------------------------- 955,000 CA Statewide Financing Authority Tobacco Settlement (TASC) 5.625 05/01/2029 04/04/2011 C 980,833 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 CA Statewide Financing Authority Tobacco Settlement (TASC) 6.000 05/01/2037 05/01/2012 A 261,448 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Universities & Colleges 5.800 09/01/2007 09/01/2006 A 10,014 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA University (CSU Institute) 1 4.875 06/01/2008 12/01/2006 A 100,893 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA University (Fullerton Student Union) 1 5.400 03/01/2016 09/01/2006 A 51,063 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 CA University (Fullerton Student Union) 1 5.400 03/01/2021 09/01/2006 A 30,637 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 CA University (Northridge) 1 5.000 11/01/2022 11/01/2007 A 25,700 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 CA University (San Diego State University) 5.000 11/01/2018 11/01/2007 A 5,149 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 CA Valley Health System COP 6.875 05/15/2023 11/15/2006 A 45,059 - ---------------------------------------------------------------------------------------------------------------------------------- 425,000 CA Valley Health System, Series A 6.500 05/15/2025 11/15/2006 A 434,376 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Veterans GO 4.700 12/01/2012 12/01/2006 A 100,021 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000,000 CA Veterans GO 4.700 12/01/2017 06/01/2015 A 5,015,850 - ---------------------------------------------------------------------------------------------------------------------------------- 200,000 CA Veterans GO 5.125 12/01/2019 12/01/2006 A 200,054 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Veterans GO 5.300 12/01/2029 06/01/2007 A 50,017 - ---------------------------------------------------------------------------------------------------------------------------------- 1,730,000 CA Veterans GO 5.400 12/01/2015 12/01/2008 A 1,788,630 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 CA Veterans GO 5.500 12/01/2020 12/01/2006 A 151,700 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 CA Veterans GO 1 5.600 12/01/2032 12/01/2006 A 505,625 - ---------------------------------------------------------------------------------------------------------------------------------- 1,025,000 CA Veterans GO, Series B 5.450 12/01/2017 12/01/2006 A 1,027,337 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Veterans GO, Series BH 5.400 12/01/2016 12/01/2009 A 51,717 - ---------------------------------------------------------------------------------------------------------------------------------- 645,000 CA Veterans GO, Series BH 1 5.500 12/01/2024 12/01/2006 A 645,581 - ---------------------------------------------------------------------------------------------------------------------------------- 300,000 CA Veterans GO, Series BH 5.600 12/01/2032 12/01/2006 A 303,894 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 CA Veterans GO, Series BP 5.500 12/01/2026 12/01/2006 A 250,150 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 CA Veterans GO, Series BT 5.000 12/01/2012 12/01/2006 A 100,368 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 CA Veterans GO, Series BT 5.100 12/01/2013 12/01/2006 A 10,040 - ---------------------------------------------------------------------------------------------------------------------------------- 1,790,000 CA Veterans GO, Series BT 5.375 12/01/2016 12/01/2006 A 1,799,022 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 CA Veterans GO, Series BX 5.450 12/01/2024 12/01/2006 A 15,169 - ---------------------------------------------------------------------------------------------------------------------------------- 140,000 CA Veterans GO, Series BX 5.500 12/01/2031 06/01/2007 A 141,560 - ---------------------------------------------------------------------------------------------------------------------------------- 2,490,000 CA Veterans GO, Series BZ 5.350 12/01/2021 06/01/2008 A 2,537,410 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 CA Water Resource Devel. GO, Series N 5.500 06/01/2011 12/01/2006 A 75,098 31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 CA Water Resource Devel. GO, Series P 5.800% 06/01/2014 12/01/2006 A $ 25,039 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 CA Water Resource Devel. GO, Series Q 5.000 03/01/2016 09/01/2006 A 50,045 - ---------------------------------------------------------------------------------------------------------------------------------- 715,000 Calaveras County Special Tax Community Facilities District No. 2 1 7.000 09/01/2026 09/01/2011 A 783,998 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Calleguas-Las Virgines Public Financing Authority Municipal Water District 1 5.000 11/01/2023 07/30/2010 C 51,411 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 Camarillo Hsg. (Park Glenn Apartments) 1 5.400 03/01/2028 03/01/2008 A 45,339 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Camrosa Water District 1 5.500 01/15/2011 01/15/2007 A 60,978 - ---------------------------------------------------------------------------------------------------------------------------------- 140,000 Capistrano Unified School District 1 5.875 09/01/2031 09/01/2011 A 151,480 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Capistrano Unified School District (Las Flores) 1 5.000 09/01/2023 09/01/2010 A 77,318 - ---------------------------------------------------------------------------------------------------------------------------------- 130,000 Carlsbad Hsg. & Redevel. Commission Tax Allocation 5.250 09/01/2019 09/02/2006 A 130,144 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Carlsbad Improvement Bond Act 1915 6.000 09/02/2022 09/02/2006 A 25,265 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 Carlsbad Unified School District COP (Aviara Oaks Middle School) 1 5.300 06/01/2022 12/01/2006 A 127,630 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 Carson Improvement Bond Act 1915 5.800 09/02/2013 09/02/2006 A 123,713 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 Carson Improvement Bond Act 1915 7.375 09/02/2022 09/02/2006 A 112,871 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Carson Redevel. Agency 1 6.000 01/01/2028 01/01/2014 A 260,060 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Castaic Union School District 8.500 10/01/2013 10/01/2006 A 80,542 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Cathedral City Impovement Bond Act 1915 5.950 09/02/2034 09/02/2006 A 20,609 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Cathedral City Special Tax Community Facilities District No. 1 6.700 09/01/2030 09/01/2008 A 26,607 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Central CA Joint Powers Health Financing Authority COP (CALC/CCH/CHCC/FCH/ SCH/SMCH Obligated Group) 5.500 02/01/2015 08/01/2006 A 5,003 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Central CA Unified School District 5.625 03/01/2018 09/01/2006 A 25,039 - ---------------------------------------------------------------------------------------------------------------------------------- 235,000 Central Coast Water Authority 1 5.000 10/01/2012 10/01/2006 A 240,109 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Central Coast Water Authority 1 5.000 10/01/2013 10/01/2006 A 255,435 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Central Coast Water Authority 1 5.000 10/01/2016 10/01/2006 A 510,915 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 Central Coast Water Authority 1 5.000 10/01/2022 10/01/2006 A 66,197 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Central Coast Water Authority 1 5.150 10/01/2009 10/01/2006 A 153,314 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Central Contra Costa Sanitation District 1 5.000 09/01/2022 09/01/2010 A 52,068 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Central Valley Financing Authority Cogeneration Project (Carson Ice) 1 5.200 07/01/2020 01/01/2007 A 150,162 - ---------------------------------------------------------------------------------------------------------------------------------- 95,000 Chico Improvement Bond Act 1915 (Mission Ranch) 5.625 09/02/2012 09/02/2006 A 98,039 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Chico Improvement Bond Act 1915 (Mission Ranch) 6.625 09/02/2011 09/02/2006 A 36,118 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Chico Improvement Bond Act 1915 (Mission Ranch) 6.625 09/02/2013 09/02/2006 A 103,202 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 Chico Public Financing Authority 5.500 04/01/2025 10/01/2006 A 116,985 32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 20,000 Chino Community Facilities District No. 99-1 Special Tax 6.350% 09/01/2029 09/01/2006 A $ 20,433 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 Chino Community Facilities District Special Tax 5.750 09/01/2034 09/01/2014 A 56,881 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Chino Community Facilities District Special Tax 6.000 09/01/2014 09/01/2009 A 25,515 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Chino Community Facilities District Special Tax 6.400 09/01/2019 09/01/2007 A 30,965 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Chino Hills Improvement Bond Act 1915 7.500 09/02/2016 09/02/2006 A 36,119 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Chino Hills Improvement Bond Act 1915 7.600 09/02/2021 09/02/2006 A 10,318 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Chowchilla Improvement Bond Act 1915 6.700 09/02/2027 09/02/2014 A 16,299 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 Chula Vista Community Facilities District (Eastlake Woods) 5.700 09/01/2016 09/01/2013 A 57,500 - ---------------------------------------------------------------------------------------------------------------------------------- 6,250,000 Chula Vista Industrial Devel. RITES 5.501 4 12/01/2027 12/01/2017 A 6,681,438 - ---------------------------------------------------------------------------------------------------------------------------------- 220,000 Chula Vista Redevel. Agency 1 5.375 09/01/2029 09/01/2006 A 226,800 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Chula Vista Redevel. Agency (Bayfront) 7.625 09/01/2024 09/01/2006 A 25,327 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Chula Vista Redevel. Agency (Bayfront) 8.000 05/01/2014 11/01/2006 A 25,497 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Chula Vista Redevel. Agency (Bayfront) 3 8.250 05/01/2024 11/01/2006 A 510,225 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Chula Vista Special Tax 7.625 09/01/2029 09/01/2009 A 67,431 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Clayton Financing Authority Special Tax 5.900 09/02/2022 09/02/2010 A 51,633 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Clayton Redevel. Agency 5.500 08/01/2024 08/01/2006 A 25,196 - ---------------------------------------------------------------------------------------------------------------------------------- 935,000 Coalinga Regional Medical Center COP 1 5.000 09/01/2014 09/01/2008 B 919,423 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Colton Community Facilities District Special Tax 5.800 09/01/2018 09/01/2006 A 25,012 - ---------------------------------------------------------------------------------------------------------------------------------- 175,000 Colton Joint Unified School District 5.700 09/01/2034 09/01/2013 A 178,542 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Colton Public Financing Authority 5.300 08/01/2027 08/01/2008 A 31,125 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Colton Redevel. Agency (West Valley) 6.375 09/01/2035 09/01/2006 A 20,019 - ---------------------------------------------------------------------------------------------------------------------------------- 815,000 Commerce Community Devel. Corp. Tax Allocation 1 5.750 08/01/2010 08/01/2007 A 839,752 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 Commerce Community Devel. Corp. Tax Allocation 6.000 08/01/2021 08/01/2007 A 72,428 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Concord Joint Powers Financing Authority (Concord Police Facilities) 5.250 08/01/2019 08/01/2006 A 40,022 - ---------------------------------------------------------------------------------------------------------------------------------- 400,000 Contra Costa County Public Financing Authority (Bay Pointe Redevel.) 6.900 08/01/2025 08/01/2006 A 404,808 - ---------------------------------------------------------------------------------------------------------------------------------- 3,075,000 Contra Costa County Special Tax Community Facilities District 5.580 08/01/2016 08/01/2008 A 3,145,079 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Contra Costa Water District 1 5.000 10/01/2022 10/01/2007 A 15,157 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Coronado Community Devel. 5.500 09/01/2022 09/01/2006 A 51,075 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Crescent City Public Financing Authority 7.750 09/15/2012 09/15/2006 A 30,083 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Cypress Improvement Bond Act 1915 (Business & Professional Center) 5.700 09/02/2022 03/02/2007 A 20,066 33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 20,000 Davis Joint Unified School District Special Tax Community Facilities District No. 2 5.300% 08/15/2024 08/15/2007 A $ 20,497 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Davis Public Facilities Financing Authority (Mace Ranch Area) 6.300 09/01/2023 09/01/2009 A 15,592 - ---------------------------------------------------------------------------------------------------------------------------------- 300,000 Del Mar Unified School District 5.875 09/01/2038 09/01/2006 A 306,111 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Dixon Public Financing Authority 5.700 09/02/2020 03/02/2008 A 30,152 - ---------------------------------------------------------------------------------------------------------------------------------- 245,000 Duarte COP (Hope National Medical Center) 1 5.250 04/01/2024 04/01/2009 A 250,767 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 Duarte Hsg. (Heritage Park Apartments) 1 5.850 05/01/2030 11/01/2007 A 92,696 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 East Bay Municipal Utility District 1 5.000 06/01/2013 12/01/2006 A 25,494 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 East Bay Municipal Utility District 5.000 06/01/2014 12/01/2006 A 15,314 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 East Bay Municipal Utility District 1 5.000 06/01/2026 12/01/2006 A 116,175 - ---------------------------------------------------------------------------------------------------------------------------------- 490,000 East Bay Municipal Utility District (Wastewater Treatment System) 1 5.000 06/01/2016 12/01/2006 D 500,241 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 East Bay Municipal Utility District (Wastewater Treatment System) 5.250 06/01/2017 06/01/2008 A 10,339 - ---------------------------------------------------------------------------------------------------------------------------------- 4,055,000 East Bay Municipal Utility District Floaters 3 3.640 6 06/01/2035 08/03/2006 D 4,055,000 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 East Side Union High School District 5.000 09/01/2018 09/01/2006 A 100,082 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Eastern CA Municipal Water District 5.950 09/01/2033 09/01/2006 A 25,512 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Eastern CA Municipal Water District (Crown Valley Village) 5.500 09/01/2028 09/01/2006 A 81,612 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Eastern CA Municipal Water District (Crown Valley Village) 5.625 09/01/2034 09/01/2006 A 15,303 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Eastern CA Municipal Water District (Promontory Park) 5.500 09/01/2024 03/24/2023 B 49,856 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 Eastern CA Municipal Water District (Sheffield/Rancho) 5.875 09/01/2034 09/01/2006 A 127,549 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 El Centro Redevel. Agency 5.500 11/01/2026 11/01/2008 A 51,159 - ---------------------------------------------------------------------------------------------------------------------------------- 145,000 El Dorado County Special Tax 6.250 09/01/2029 09/01/2009 A 150,830 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 El Monte Public Financing Authority 1 5.750 06/01/2028 06/01/2010 A 51,054 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 El Monte Public Financing Authority (El Monte Community Redevel.) 1 5.750 06/01/2028 06/01/2010 A 25,527 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Elk Grove Special Tax (East Franklin Community) 5.850 08/01/2036 08/01/2009 A 10,374 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Elk Grove Special Tax (East Franklin Community) 6.000 08/01/2033 08/01/2007 A 79,354 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Emeryville Public Financing Authority 6.100 09/01/2012 09/01/2006 A 25,042 - ---------------------------------------------------------------------------------------------------------------------------------- 145,000 Emeryville Public Financing Authority 1 6.200 09/01/2025 09/01/2006 A 145,260 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Encinitas Improvement Bond Act 1915 6.900 09/02/2017 09/02/2006 A 26,190 - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 Escondido Joint Powers Financing Authority (California Center for the Arts) 1 6.000 09/01/2018 09/01/2006 A 1,005,770 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Etiwanda School District 6.250 09/01/2022 09/01/2006 A 20,427 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 Etiwanda School District Facilities 5.900 09/01/2031 09/01/2011 A 108,501 34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 30,000 Fairfield Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.) 7.200% 09/02/2009 09/02/2006 A $ 30,961 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Florin Resource Conservation District COP 3 6.000 02/01/2029 02/01/2015 A 15,244 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Folsom Public Financing Authority 5.000 11/01/2028 11/01/2007 A 20,249 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Folsom Public Financing Authority 5.400 09/02/2020 03/02/2008 A 25,121 - ----------------------------------------------------------------------------------------------------------------------------------- 25,000 Folsom Public Financing Authority 5.625 09/02/2020 03/02/2011 A 25,565 - ----------------------------------------------------------------------------------------------------------------------------------- 10,000 Folsom Public Financing Authority 6.875 09/02/2019 09/02/2006 A 10,220 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Folsom Special Tax Community Facilities District No. 7 6.000 09/01/2024 09/01/2011 A 20,963 - ---------------------------------------------------------------------------------------------------------------------------------- 140,000 Fontana Special Tax (Sierra Hills) 6.000 09/01/2034 09/01/2014 A 147,073 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Fresno Unified School District 5.375 08/01/2021 08/01/2006 A 10,153 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Fresno Unified School District 5.400 08/01/2017 08/01/2007 A 30,498 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Fresno Water System, Series A 5.000 06/01/2024 06/01/2008 A 102,497 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Fullerton Community Facilities District No. 1 Special Tax (Amerige Heights) 6.200 09/01/2032 09/01/2012 A 26,380 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Fullerton School District Special Tax 6.300 09/01/2023 09/01/2013 A 85,854 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Galt Improvement Bond Act 1915 5.900 09/02/2022 09/02/2006 A 25,760 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Garden Grove COP (Bahia Village/Emerald Isle) 1 5.700 08/01/2023 08/01/2006 A 50,090 - ----------------------------------------------------------------------------------------------------------------------------------- 5,000 Glendora Public Finance Authority 7.625 09/01/2010 09/01/2006 A 5,012 - ----------------------------------------------------------------------------------------------------------------------------------- 880,000 Hawthorne Community Redevel. Agency Special Tax 3 6.750 10/01/2025 10/01/2006 A 893,913 - ----------------------------------------------------------------------------------------------------------------------------------- 140,000 Hawthorne Parking Authority 8.000 09/01/2015 09/01/2006 A 141,582 - ----------------------------------------------------------------------------------------------------------------------------------- 135,000 Hawthorne Parking Authority 8.125 09/01/2019 09/01/2006 A 136,580 - ----------------------------------------------------------------------------------------------------------------------------------- 45,000 Hayward Improvement Bond Act 1915 7.100 09/02/2018 09/02/2006 A 45,525 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Hayward Public Finance Authority (Hayward Water System) 5.000 06/01/2011 06/01/2007 A 50,046 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Hayward Public Finance Authority (Hayward Water System) 5.100 06/01/2013 12/01/2006 A 50,051 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Haywood COP (Civic Center) 5.250 08/01/2026 08/01/2006 A 5,054 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Healdsburg Community Redevel. Agency (Sotoyome Community Devel.) 5.250 12/01/2025 12/01/2006 A 40,604 - ---------------------------------------------------------------------------------------------------------------------------------- 2,000,000 Hesperia Public Financing Authority, Tranche A 0.000 5 09/01/2035 09/01/2006 A 2,000,040 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Hollister Improvement Bond Act 1915 7.125 09/02/2022 09/02/2006 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 52,971 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Huntington Beach Community Facilities District 5.400 10/01/2020 10/01/2011 A 15,462 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Huntington Beach Public Financing Authority 5.500 12/15/2027 12/15/2006 A 10,251 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Imperial County Special Tax 6.500 09/01/2031 03/04/2026 B 26,264 35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 40,000 Indio Hsg. (Olive Court Apartments) 1 6.375% 12/01/2026 12/01/2009 A $ 40,926 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Indio Improvement Bond Act 1915 Assessment District No. 2002-3 6.350 09/02/2027 09/02/2012 A 21,667 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 Indio Public Financing Authority 5.350 08/15/2027 08/15/2006 A 117,406 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Industry Urban Devel. Agency 5.000 05/01/2024 05/01/2007 A 25,603 - ---------------------------------------------------------------------------------------------------------------------------------- 235,000 Intercommunity Hospital Financing Authority COP 1 5.250 11/01/2019 11/01/2010 A 240,682 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Irvine GO 5.550 09/02/2026 09/02/2013 A 154,535 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Irvine Improvement Bond Act 1915 5.600 09/02/2022 09/02/2014 A 20,606 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Irvine Improvement Bond Act 1915 5.625 09/02/2024 09/02/2013 A 15,449 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Jurupa Community Facilities District Special Tax 5.875 09/01/2033 09/01/2006 A 81,632 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 Kern County (Fire Dept.) COP 1 5.250 05/01/2013 05/01/2007 A 71,399 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Kern County (Fire Dept.) COP 5.250 05/01/2015 05/01/2007 A 51,014 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Kingsburg Public Financing Authority 7.800 09/15/2010 09/15/2006 A 5,014 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 La Habra Redevel. Agency Community Facilities District 5.300 09/01/2007 09/02/2006 A 30,019 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 La Habra Redevel. Agency Community Facilities District 6.000 09/01/2014 09/02/2006 A 30,026 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 La Mesa Improvement Bond Act 1915 5.750 09/02/2023 09/02/2011 A 46,021 - ---------------------------------------------------------------------------------------------------------------------------------- 215,000 La Quinta Redevel. Agency Tax Allocation 1 5.200 09/01/2028 09/01/2007 A 220,775 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000,000 La Verne COP (Bethren Hillcrest Homes) 1 5.600 02/15/2033 02/15/2013 A 5,228,100 - ---------------------------------------------------------------------------------------------------------------------------------- 520,000 Lake Elsinore Public Financing Authority, Series F 1 7.100 09/01/2020 09/01/2007 A 545,173 - ---------------------------------------------------------------------------------------------------------------------------------- 300,000 Lake Elsinore Redevel. Agency 6.050 10/01/2024 10/01/2011 A 314,178 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Lake Elsinore Special Tax 1 5.100 09/01/2022 09/01/2017 A 505,255 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Lake Elsinore Unified School District 5.870 09/01/2029 09/01/2006 A 76,530 - ---------------------------------------------------------------------------------------------------------------------------------- 175,000 Lake Elsinore Unified School District 5.900 09/01/2034 09/01/2006 A 178,579 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 Lake Elsinore Unified School District 6.000 09/01/2034 09/01/2006 A 91,841 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Lancaster Community Facilities District Special Tax 6.000 10/01/2016 10/01/2008 A 36,133 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Lancaster Redevel. Agency (Desert Sands Mobile Home Park) 6.375 11/01/2027 11/01/2009 A 20,213 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 Lathrop Financing Authority (Water Supply) 1 5.700 06/01/2019 06/01/2013 A 120,490 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Lathrop Financing Authority (Water Supply) 1 5.750 06/01/2020 06/01/2013 A 15,683 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Lathrop Financing Authority (Water Supply) 1 5.900 06/01/2023 06/01/2013 A 52,471 - ---------------------------------------------------------------------------------------------------------------------------------- 1,440,000 Lathrop Financing Authority (Water Supply) 1 5.900 06/01/2027 06/01/2013 A 1,512,850 - ---------------------------------------------------------------------------------------------------------------------------------- 1,075,000 Lathrop Financing Authority (Water Supply) 1 6.000 06/01/2035 06/01/2013 A 1,121,644 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Lathrop Improvement Bond Act 1915 (Louise Avenue) 6.875 09/02/2017 09/01/2006 A 15,472 36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 10,000 Lathrop Improvement Bond Act 1915 (Mossdale Village Assessment District No. 03-1) 6.000% 09/02/2021 03/02/2008 A $ 10,304 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 6.125 09/02/2028 09/02/2006 A 61,873 - ---------------------------------------------------------------------------------------------------------------------------------- 155,000 Lincoln Improvement Bond Act 1915 Public Financing Authority (Twelve Bridges) 6.200 09/02/2025 09/02/2009 A 162,680 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Lincoln Special Tax 5.900 09/01/2024 09/01/2015 A 266,160 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Livermore Capital Projects Financing Authority 5.650 09/02/2016 09/02/2006 A 25,510 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Livermore Community Facilities District Special Tax (Tri Valley Tech Park) 5.750 09/01/2012 09/01/2010 A 15,588 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Livermore Community Facilities District Special Tax (Tri Valley Tech Park) 6.400 09/01/2026 09/01/2010 A 52,164 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Livermore Community Facilities District Special Tax (Tri Valley Tech Park) 6.400 09/01/2030 09/01/2008 A 15,640 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Loma Linda Collateralized Loan (Redlands) 7.375 06/01/2009 12/01/2006 A 10,293 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Loma Linda Collateralized Loan (Redlands) 7.375 06/01/2009 12/01/2006 A 10,037 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Long Beach Airport COP 5.000 06/01/2016 12/01/2006 A 50,048 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Long Beach Special Tax (Towne Center) 5.900 10/01/2010 10/01/2006 A 153,281 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Long Beach Special Tax Community Facilities District No. 3 6.375 09/01/2023 09/01/2009 A 36,505 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Long Beach Special Tax Community Facilities District No. 6 6.250 10/01/2026 10/01/2012 A 26,483 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Long Beach Unified School District 5.250 08/01/2029 08/01/2007 A 25,752 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Long Beach Unified School District 5.300 08/01/2018 08/01/2007 A 20,487 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Long Beach Unified School District 5.500 08/01/2029 08/01/2007 A 51,199 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Los Angeles Community Facilities District Special Tax (Cascade Business Park) 6.400 09/01/2022 09/01/2007 A 155,084 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Los Angeles Community Redevel. Agency (Cinerama Dome Public Parking) 5.700 07/01/2020 07/01/2010 A 26,075 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Los Angeles Community Redevel. Agency (Grand Central Square) 5.200 12/01/2018 11/01/2006 A 50,036 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Los Angeles Community Redevel. Agency (Grand Central Square) 5.200 12/01/2019 11/01/2006 A 20,014 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles County COP (Antelope Valley Courthouse) 5.250 11/01/2027 11/01/2010 A 10,369 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 Los Angeles County COP (Insured Health Clinic) 1 5.800 12/01/2023 12/01/2006 A 90,383 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Los Angeles County Metropolitan Transportation Authority 5.000 07/01/2023 07/01/2009 A 25,815 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Los Angeles County Metropolitan Transportation Authority 5.000 07/01/2023 07/01/2008 A 5,124 37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 40,000 Los Angeles County Public Works Financing Authority, Series B 5.250% 09/01/2014 09/01/2006 A $ 40,845 - ---------------------------------------------------------------------------------------------------------------------------------- 140,000 Los Angeles Dept. of Airports (Los Angeles International Airport) 1 5.500 05/15/2009 11/15/2006 A 140,857 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Dept. of Airports (Los Angeles International Airport) 5.500 05/15/2015 05/15/2007 A 10,062 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Dept. of Airports (Ontario International Airport) 5.800 05/15/2010 11/15/2006 A 10,114 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Los Angeles Dept. of Airports (Ontario International Airport) 1 5.900 05/15/2011 11/15/2006 A 101,144 - ---------------------------------------------------------------------------------------------------------------------------------- 200,000 Los Angeles Dept. of Airports (Ontario International Airport) 1 5.900 05/15/2012 05/15/2007 A 202,288 - ---------------------------------------------------------------------------------------------------------------------------------- 215,000 Los Angeles Dept. of Airports (Ontario International Airport) 1 6.000 05/15/2026 11/15/2006 A 217,498 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Los Angeles Dept. of Water & Power 1 4.750 08/15/2017 08/15/2006 A 15,008 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Dept. of Water & Power 4.750 10/15/2020 10/15/2006 A 10,005 - ---------------------------------------------------------------------------------------------------------------------------------- 160,000 Los Angeles Harbor Dept. 1 5.375 11/01/2025 11/01/2006 A 162,086 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Harbor Dept., Series B 5.375 11/01/2023 11/01/2006 A 10,127 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Los Angeles Hsg. (Arminta North & South) 1 7.700 06/20/2028 12/20/2006 A 20,642 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Los Angeles Hsg. (Multifamily) 5.750 01/01/2024 01/01/2007 A 5,022 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Los Angeles Hsg. (Multifamily) 1 5.900 01/01/2030 07/01/2009 A 82,109 - ---------------------------------------------------------------------------------------------------------------------------------- 1,200,000 Los Angeles Hsg. (Park Plaza) 1 5.500 01/20/2043 07/20/2011 A 1,247,436 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Mtg. (Section 8) 5.350 07/01/2022 01/01/2007 A 10,006 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Los Angeles Mtg. (Section 8) 6.500 07/01/2022 03/04/2007 A 25,256 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Los Angeles Regional Airports Improvement Corp. (Laxfuel Corp.) 1 5.250 01/01/2023 01/01/2012 A 102,192 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 Los Angeles Single Family Mtg. (GNMA & FNMA Mtg. Backed), Series A 1 6.875 06/01/2025 12/01/2006 A 71,758 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Los Angeles Unified School District GO 5.000 07/01/2023 07/01/2008 A 51,746 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 M-S-R Public Power Agency (San Juan) 1 6.000 07/01/2022 01/01/2007 A 38,385 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Madera County COP (Valley Children's Hospital) 1 5.000 03/15/2023 03/15/2008 A 25,559 - ---------------------------------------------------------------------------------------------------------------------------------- 275,000 Madera County COP (Valley Children's Hospital) 1 5.750 03/15/2028 09/15/2006 A 277,965 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Menifee Union School District Special Tax 6.050 09/01/2026 09/01/2012 A 26,309 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 Mill Valley COP (The Redwoods) 1 5.750 12/01/2020 12/01/2006 A 128,266 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Milpitas Improvement Bond Act 1915 5.700 09/02/2018 09/02/2006 A 10,309 - ---------------------------------------------------------------------------------------------------------------------------------- 425,000 Modesto Irrigation District COP 1 5.300 07/01/2022 01/01/2007 A 425,472 - ---------------------------------------------------------------------------------------------------------------------------------- 370,000 Modesto Irrigation District COP 1 5.300 07/01/2022 01/01/2007 A 370,192 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Montclair Redevel. Agency Mobile Home Park (Augusta Homes Villa Del Arroyo) 6.100 11/15/2037 11/15/2014 A 10,339 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Montclair Redevel. Agency Mobile Home Park (Hacienda Mobile Home Park) 6.000 11/15/2029 11/15/2014 A 25,846 38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 20,000 Montclair Redevel. Agency Mobile Home Park (Villa Mobile Home Park) 6.100% 06/15/2029 06/15/2009 A $ 20,872 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 Montclair Redevel. Agency Tax Allocation (Redevel. Project Area III) 5.500 12/01/2027 12/01/2006 A 117,792 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Montebello Community Redevel. Agency (South Montebello) 5.500 09/01/2022 09/01/2011 A 10,143 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Monterey County COP (Natividad Medical Center) 5.700 08/01/2017 08/01/2006 A 60,686 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Monterey County COP (Natividad Medical Center) 1 5.750 08/01/2028 08/01/2006 A 50,569 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Monterey County COP (Sheriffs Facility) 5.000 12/01/2014 12/01/2006 A 10,010 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.500 03/01/2010 09/01/2006 A 10,111 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.600 03/01/2012 09/01/2006 A 45,722 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.600 03/01/2013 09/01/2006 A 50,927 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.700 03/01/2015 09/01/2006 A 66,527 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.700 03/01/2016 09/01/2006 A 20,519 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 Moorpark Mobile Home Park (Villa Del Arroyo) 1 6.300 05/15/2030 05/15/2010 A 75,097 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Moorpark Mobile Home Park (Villa Del Arroyo) 1 7.050 05/15/2035 12/26/2006 A 60,019 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 Moreno Valley Special Tax (Towngate Community Facilities) 6.125 12/01/2021 12/01/2006 A 55,449 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Morgan Hill Improvement Bond Act 1915 5.600 09/02/2018 09/02/2006 A 50,008 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 Morgan Hill Improvement Bond Act 1915 5.650 09/02/2023 09/02/2006 A 120,029 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Mountain View Shoreline Regional Park Community 1 5.500 08/01/2013 08/01/2006 A 255,323 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 Mountain View Shoreline Regional Park Community 5.500 08/01/2021 08/01/2006 A 86,805 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Murrieta Community Facilities District Special Tax (Blackmore Ranch) 6.100 09/01/2034 09/01/2011 A 10,519 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Murrieta Community Facilities District Special Tax (Bluestone) 6.300 09/01/2031 09/01/2013 A 10,657 - ---------------------------------------------------------------------------------------------------------------------------------- 700,000 Murrieta Community Facilities District Special Tax (Bremerton) 1 5.625 09/01/2034 09/01/2009 A 730,667 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 Murrieta Community Facilities District Special Tax (Murrieta Springs) 5.500 09/01/2034 09/01/2011 A 106,409 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Murrieta Improvement Bond Act 1915 6.375 09/01/2031 09/01/2011 A 53,467 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Murrieta Valley Unified School District Special Tax 5.700 09/01/2018 09/01/2006 A 10,161 39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 Murrieta Valley Unified School District Special Tax 6.200% 09/01/2026 09/01/2006 A $ 25,521 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Murrieta Valley Unified School District Special Tax 6.300 09/01/2024 03/01/2012 A 26,855 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Murrieta Valley Unified School District Special Tax 6.375 09/01/2032 03/01/2012 A 26,638 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Murrieta Water Public Financing Authority 5.700 10/01/2021 10/01/2006 A 51,156 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Needles Public Utility Authority 6.350 02/01/2012 02/01/2009 A 10,295 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Needles Public Utility Authority 1 6.650 02/01/2032 02/01/2009 A 30,918 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Northern CA Power Agency (Hydroelectric) 1 5.125 07/01/2023 07/01/2008 A 77,053 - ---------------------------------------------------------------------------------------------------------------------------------- 2,310,000 Northern CA Tobacco Securitization Authority (TASC) 0.000 5 06/01/2027 06/12/2016 C 2,113,627 - ---------------------------------------------------------------------------------------------------------------------------------- 2,935,000 Northern CA Tobacco Securitization Authority (TASC) 1 4.750 06/01/2023 07/18/2011 B 2,919,679 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Novato GO 5.000 08/01/2012 08/01/2006 A 35,092 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Oakdale Public Financing Authority Tax Allocation (Central City Redevel.) 6.100 06/01/2027 06/01/2007 A 51,362 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Oakland Unified School District 5.000 08/01/2013 08/01/2006 A 250,230 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Oakland Unified School District 5.125 08/01/2016 08/01/2006 A 30,032 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 Oakland Unified School District 5.250 08/01/2021 08/01/2007 A 86,873 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Olivenhain Municipal Water District Bond Act 1915 5.450 09/02/2027 09/02/2009 A 51,553 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Orange County Community Facilities District (Ladera Ranch) 5.550 08/15/2033 08/15/2012 A 25,473 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Orange County Improvement Bond Act 1915 5.500 09/02/2018 03/02/2008 A 80,569 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Orange County Improvement Bond Act 1915 (Irvine Coast Assessment) 5.850 09/02/2013 09/02/2006 A 20,519 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Oroville Hospital 1 5.400 12/01/2022 12/01/2006 A 25,280 - ---------------------------------------------------------------------------------------------------------------------------------- 1,415,000 Oxnard Harbor District 1 5.550 08/01/2013 08/01/2007 A 1,460,988 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Oxnard Improvement Bond Act 1915 (Rice Avenue) 5.700 09/02/2032 09/02/2006 A 51,395 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Oxnard School District COP 5.550 08/01/2021 08/01/2006 A 40,334 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Oxnard School District, Series A 5.250 08/01/2027 08/01/2006 A 20,245 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Oxnard Special Tax Community Facilities District No. 1 6.000 09/01/2027 09/01/2009 A 10,391 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Palm Desert Financing Authority 5.900 10/01/2015 10/01/2006 A 20,648 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Palm Desert Financing Authority 6.000 10/01/2020 10/01/2009 A 41,288 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 Palmdale Community Facilities District Special Tax 5.400 09/01/2035 09/01/2016 A 126,888 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Palmdale Community Redel. Agency 5.750 08/01/2009 08/01/2006 A 50,053 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Palo Alto Improvement Bond Act 1915 (University Ave. Area) 5.100 09/02/2024 09/02/2006 A 102,087 40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 100,000 Palo Alto Improvement Bond Act 1915 (University Ave. Area) 5.125% 09/02/2025 09/02/2006 A $ 102,065 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 Palo Alto Improvement Bond Act 1915 (University Ave. Area) 5.700 09/02/2018 09/02/2006 A 45,942 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Palomar Pomerado Health System 1 5.000 11/01/2013 11/01/2006 A 35,030 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Paramount Multifamily Hsg. (Prince Twin Towers Property) 1 5.700 02/20/2033 08/20/2009 A 25,402 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Pasadena Public Financing Authority (Orange Grove & Villa Parke) 5.250 06/01/2008 12/01/2006 A 50,143 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 Perris Community Facilities District Special Tax 6.375 09/01/2032 09/01/2013 A 113,094 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Perris Public Financing Authority 5.750 09/01/2024 09/01/2016 A 10,584 - ---------------------------------------------------------------------------------------------------------------------------------- 170,000 Perris Public Financing Authority 7.875 09/01/2025 09/01/2006 A 173,774 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Perris Public Financing Authority, Series A 6.125 09/01/2034 09/01/2014 A 21,420 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Pismo Beach Public Financing Authority 5.250 12/01/2024 12/01/2006 A 50,247 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Pittsburg Improvement Bond Act 1915 (San Marco Phase I) 6.350 09/02/2031 09/02/2011 A 21,117 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Pittsburg Infrastructure Financing Authority 5.850 09/02/2015 08/05/2006 A 51,379 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 Pittsburg Infrastructure Financing Authority, Series B 6.000 09/02/2024 09/02/2010 A 127,793 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Placentia Public Financing Authority 5.450 09/01/2015 09/01/2006 A 10,213 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Placer County Community Facilities District 6.500 09/01/2026 09/01/2010 A 10,694 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Placer County COP (Administrative & Emergency Service) 5.650 06/01/2024 06/01/2007 A 20,721 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Pleasant Hill Special Tax Downtown Community Facilities District No. 1 5.875 09/01/2025 09/01/2012 A 10,152 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Port of Oakland, Series G 1 5.375 11/01/2025 11/01/2007 A 103,314 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Port of Oakland, Series J 5.500 11/01/2026 11/01/2007 A 15,541 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Port Redwood City GO 1 5.400 06/01/2019 06/01/2011 A 102,593 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Poway Hsg. (Poinsetta Mobile Home Park) 1 5.000 05/01/2023 05/01/2015 A 251,125 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Poway Unified School District Special Tax Community Facilities District No. 10 6.100 09/01/2031 09/01/2008 A 10,352 - ---------------------------------------------------------------------------------------------------------------------------------- 200,000 Poway Unified School District Special Tax Community Facilities District No. 6 5.600 09/01/2033 09/01/2011 A 204,176 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 R.E. Badger Water Facilities Financing Authority 1 5.750 10/01/2024 10/01/2007 A 25,812 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Rancho Mirage Joint Powers Financing Authority (Eisenhower Medical Center) 1 5.375 07/01/2022 07/01/2007 A 61,929 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Rancho Santa Fe Community Services District Special Tax 6.600 09/01/2020 09/01/2010 A 10,622 - ---------------------------------------------------------------------------------------------------------------------------------- 440,000 Rancho Santa Fe Community Services District Special Tax 1 6.700 09/01/2030 09/01/2010 A 465,414 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Redlands Community Facilities District 5.850 09/01/2033 09/01/2012 A 10,381 41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 100,000 Redwood City Special Tax 5.750% 09/01/2027 09/01/2011 A $ 103,257 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Reedley COP (Sierra View Homes) 1 5.850 03/01/2021 09/01/2006 A 51,082 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Rialto Special Tax Community Facilities District No. 2006-1 7 5.000 09/01/2016 09/01/2016 50,491 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Rialto Special Tax Community Facilities District No. 2006-1 7 5.050 09/01/2017 09/01/2016 A 25,182 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 Rialto Special Tax Community Facilities District No. 2006-1 7 5.125 09/01/2018 09/01/2016 A 65,583 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Rialto Special Tax Community Facilities District No. 2006-1 7 5.200 09/01/2019 09/01/2016 A 100,894 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Rialto Special Tax Community Facilities District No. 2006-1 7 5.250 09/01/2020 09/01/2016 A 100,970 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Rialto Special Tax Community Facilities District No. 2006-1 7 5.250 09/01/2021 09/01/2016 A 50,329 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 Richmond Joint Powers Financing Authority 3 6.600 09/01/2016 09/01/2008 A 112,380 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Rio School District COP 5.700 09/01/2028 09/01/2006 A 15,296 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 River Highlands Community Services District 7.750 09/02/2020 09/02/2006 A 86,018 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 River Highlands Community Services District 8.125 09/02/2020 03/02/2007 A 20,046 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 River Islands Public Financing Authority 6.000 09/01/2027 09/01/2010 A 82,873 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 River Islands Public Financing Authority 6.150 09/01/2035 09/01/2008 B 103,386 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Riverside County Community Facilities District 6.000 09/01/2030 09/01/2014 A 15,457 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Riverside County Community Facilities District Special Tax No. 87-1 5.000 09/01/2012 09/01/2012 251,355 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Riverside County Community Facilities District Special Tax No. 87-1 5.100 09/01/2013 09/01/2013 150,870 - ---------------------------------------------------------------------------------------------------------------------------------- 215,000 Riverside County Community Facilities District Special Tax No. 87-1 5.150 09/01/2014 09/01/2014 216,133 - ---------------------------------------------------------------------------------------------------------------------------------- 385,000 Riverside County Community Facilities District Special Tax No. 87-1 5.200 09/01/2015 09/01/2015 387,503 - ---------------------------------------------------------------------------------------------------------------------------------- 225,000 Riverside County Community Facilities District Special Tax No. 87-1 5.250 09/01/2016 09/01/2016 227,360 - ---------------------------------------------------------------------------------------------------------------------------------- 1,255,000 Riverside County Community Facilities District Special Tax No. 87-1 1 5.500 09/01/2020 09/01/2016 A 1,262,179 - ---------------------------------------------------------------------------------------------------------------------------------- 335,000 Riverside County Community Facilities District Special Tax No. 88-8 4.950 09/01/2008 09/01/2008 335,342 - ---------------------------------------------------------------------------------------------------------------------------------- 370,000 Riverside County Community Facilities District Special Tax No. 88-8 5.150 09/01/2010 09/01/2010 371,021 - ---------------------------------------------------------------------------------------------------------------------------------- 200,000 Riverside County Community Facilities District Special Tax No. 88-8 5.300 09/01/2011 09/01/2011 200,830 - ---------------------------------------------------------------------------------------------------------------------------------- 210,000 Riverside County Community Facilities District Special Tax No. 88-8 5.350 09/01/2012 09/01/2012 211,016 42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 430,000 Riverside County Community Facilities District Special Tax No. 88-8 5.400% 09/01/2013 09/01/2013 $ 433,376 - ---------------------------------------------------------------------------------------------------------------------------------- 450,000 Riverside County Community Facilities District Special Tax No. 88-8 5.450 09/01/2014 09/01/2014 453,047 - ---------------------------------------------------------------------------------------------------------------------------------- 475,000 Riverside County Community Facilities District Special Tax No. 88-8 1 5.500 09/01/2015 09/01/2015 478,862 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Riverside County Public Financing Authority (Menifee Village) 7.150 09/01/2011 09/01/2006 A 10,119 - ---------------------------------------------------------------------------------------------------------------------------------- 505,000 Riverside County Public Financing Authority COP 1 5.750 05/15/2019 05/15/2009 A 521,342 - ---------------------------------------------------------------------------------------------------------------------------------- 675,000 Riverside County Public Financing Authority Improvement Bond Act 1915 (Rancho Village) 1 6.250 09/02/2013 08/12/2010 C 707,738 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Riverside Improvement Bond Act 1915 (Sycamore Canyon Assessment District) 8.500 09/02/2012 09/02/2006 A 20,061 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Riverside Multifamily Hsg. (Olive Grove) 5.750 09/01/2025 12/01/2006 A 20,017 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Riverside Unified School District 5.000 02/01/2027 02/01/2013 A 10,299 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Riverside Unified School District 5.350 09/01/2024 09/01/2014 A 100,531 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 Riverside Unified School District 5.450 09/01/2025 09/01/2014 A 92,391 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Riverside Unified School District 5.500 09/01/2034 09/01/2014 A 102,007 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Riverside Unified School District 5.700 09/01/2034 09/01/2014 A 82,416 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Riverside Unified School District 6.200 09/01/2030 09/01/2011 A 10,328 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Rocklin Redevel. Agency, Series B 5.500 09/01/2031 09/01/2011 A 51,322 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Rocklin Unified School District 5.750 09/01/2018 09/01/2006 A 102,150 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Romoland School District 6.375 09/01/2033 09/01/2006 A 51,070 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Romoland School District Special Tax 6.375 09/01/2033 09/01/2006 A 51,070 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Romoland School District Special Tax Community Facilities District No. 01-1 6.000 09/01/2033 09/01/2006 A 25,533 - ---------------------------------------------------------------------------------------------------------------------------------- 420,000 Rosemead Redevel. Agency 1 5.600 10/01/2033 10/01/2006 A 420,202 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Roseville Special Tax 6.000 09/01/2031 09/01/2011 A 10,502 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Roseville Special Tax (Stoneridge) 6.000 09/01/2020 09/01/2013 A 21,235 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Sacramento City Financing Authority (Convention Center Hotel) 1 6.250 01/01/2030 07/01/2011 A 104,788 - ---------------------------------------------------------------------------------------------------------------------------------- 220,000 Sacramento Cogeneration Authority 1 5.200 07/01/2021 01/01/2007 A 220,216 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Sacramento County Airport System 5.750 07/01/2024 01/01/2007 A 40,065 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000,000 Sacramento County Airport System, Series B 5.000 07/01/2026 07/01/2010 A 5,094,850 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Sacramento County Airport System, Series B 5.750 07/01/2024 01/01/2007 A 5,008 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Sacramento County COP 5.375 02/01/2019 02/01/2007 A 25,711 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Sacramento County COP 5.375 02/01/2019 02/01/2007 A 25,686 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Sacramento Improvement Bond Act 1915 (Citywide Landscaping & Lighting) 5.500 09/02/2016 09/02/2006 A 10,214 43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 15,000 Sacramento Improvement Bond Act 1915 (Willowcreek II) 6.350% 09/02/2011 09/02/2006 A $ 15,479 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Sacramento Improvement Bond Act 1915 (Willowcreek II) 6.700 09/02/2022 09/02/2006 A 61,936 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Sacramento Municipal Utility District 1 5.125 07/01/2022 07/01/2007 A 15,434 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Sacramento Special Tax (Community Facilities District No. 97-1) 5.700 12/01/2020 12/01/2009 A 10,102 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Sacramento Special Tax (North Natomas Community Facilities) 6.300 09/01/2026 03/01/2010 A 31,504 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Saddleback Community College District 1 5.500 06/01/2021 12/01/2006 A 102,126 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Saddleback Valley Unified School District 7.200 12/01/2011 12/01/2006 A 15,123 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Salinas Improvement Bond Act 1915 5.450 09/02/2013 09/02/2006 A 102,947 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Salinas Improvement Bond Act 1915 (Bella Vista) 5.500 09/02/2013 09/02/2006 A 51,521 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 Salinas Redevel. Agency Tax Allocation (Central City Revitalization) 5.500 11/01/2023 11/01/2008 A 87,018 - ---------------------------------------------------------------------------------------------------------------------------------- 335,000 San Bernardino County COP (Medical Center Financing) 1 5.000 08/01/2026 08/01/2006 A 335,057 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 San Bernardino County COP (Medical Center Financing) 1 5.000 08/01/2028 08/01/2006 A 107,080 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 San Bernardino County COP (Medical Center Financing) 1 5.250 08/01/2016 08/01/2006 A 102,101 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 San Bernardino County COP (Medical Center Financing) 1 5.500 08/01/2019 08/01/2006 A 50,039 - ---------------------------------------------------------------------------------------------------------------------------------- 285,000 San Bernardino County COP (Medical Center Financing) 1 5.500 08/01/2024 08/01/2006 A 285,197 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 San Bernardino Joint Powers Financing Authority (California Dept. of Transportation Lease) 1 5.500 12/01/2020 12/01/2007 A 75,733 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Bernardino Joint Powers Financing Authority (California Dept. of Transportation Lease) 5.500 12/01/2020 12/01/2006 A 25,533 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 San Bernardino Joint Powers Financing Authority (Tax Allocation) 3 6.625 04/01/2026 04/01/2012 A 162,705 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 San Bernardino Redevel. Agency (Ramona Senior Complex) 7.875 07/01/2025 07/01/2007 A 15,124 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 San Buenaventura Public Facilities Financing Authority 5.750 06/01/2014 06/01/2007 A 40,645 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Clemente Improvement Bond Act 1915 6.050 09/02/2028 09/02/2006 A 25,535 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Diego COP (Balboa Park & Mission Bay) 5.600 11/01/2010 11/01/2006 A 25,082 - ---------------------------------------------------------------------------------------------------------------------------------- 220,000 San Diego COP (Balboa Park & Mission Bay) 1 5.600 11/01/2010 11/01/2006 A 224,618 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 San Diego COP (Balboa Park & Mission Bay) 5.800 11/01/2016 11/01/2006 A 35,106 - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 San Diego COP (Balboa Park & Mission Bay) 1 6.000 11/01/2019 11/01/2006 A 105,344 44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 95,000 San Diego COP (San Diego Hospital Assoc./ Sharp Memorial Hospital Obligated Group) 5.000% 08/15/2018 08/15/2010 A $ 98,340 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 San Diego County COP (San Diego Hospital Assoc./Sharp Memorial Hospital) 5.000 08/15/2028 08/15/2010 A 20,365 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 San Diego County Hsg. (Orange Glen Apartments) 1 6.150 08/01/2020 08/01/2006 A 20,222 - ---------------------------------------------------------------------------------------------------------------------------------- 275,000 San Diego Industrial Devel. (San Diego Gas & Electric Company) 1 5.900 06/01/2018 12/01/2006 A 279,593 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 San Diego Industrial Devel. (San Diego Gas & Electric Company) 1 5.900 09/01/2018 09/01/2006 A 70,485 - ---------------------------------------------------------------------------------------------------------------------------------- 1,165,000 San Diego Industrial Devel. (San Diego Gas & Electric Company) 5.900 09/01/2018 09/01/2006 A 1,166,491 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 San Diego Industrial Devel. (San Diego Gas & Electric Company) 1 5.900 09/01/2018 09/01/2006 A 15,021 - ---------------------------------------------------------------------------------------------------------------------------------- 390,000 San Diego Industrial Devel. (San Diego Gas & Electric Company) 1 5.900 09/01/2018 09/01/2006 A 390,554 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 San Diego Mtg. (Mariners Cove) 1 5.800 09/01/2015 09/01/2006 A 50,058 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 San Diego Open Space Park Facilities District No.1 5.750 01/01/2007 01/01/2007 A 30,046 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 San Diego Public Facilities Financing Authority 1 5.000 05/15/2015 11/15/2006 A 65,612 - ---------------------------------------------------------------------------------------------------------------------------------- 545,000 San Diego Public Facilities Financing Authority 1 5.000 05/15/2020 11/15/2006 A 548,156 - ---------------------------------------------------------------------------------------------------------------------------------- 490,000 San Diego Public Facilities Financing Authority 1 5.000 05/15/2025 11/15/2006 A 492,832 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 San Diego Public Facilities Financing Authority 1 5.250 05/15/2020 11/15/2006 A 90,045 - ---------------------------------------------------------------------------------------------------------------------------------- 165,000 San Diego Sewer 1 5.000 05/15/2023 11/15/2006 A 165,132 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 San Diego Sewer, Series A 1 5.000 05/15/2013 11/15/2006 A 120,110 - ---------------------------------------------------------------------------------------------------------------------------------- 580,000 San Diego Sewer, Series A 1 5.250 05/15/2020 11/15/2006 A 581,067 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 San Francisco Bay Area Rapid Transit District 5.000 07/01/2028 07/01/2008 A 117,247 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 San Francisco Building Authority (San Francisco Civic Center Complex) 5.250 12/01/2021 12/01/2006 A 10,252 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Francisco City & County (Educational Facilities Community College) 5.500 06/15/2013 06/15/2007 A 25,844 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 San Francisco City & County (Golden Gate Park Improvements) 5.000 06/15/2011 12/15/2006 A 30,292 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 San Francisco City & County Airports Commission 1 4.800 05/01/2014 01/01/2010 A 40,783 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 San Francisco City & County Airports Commission 4.900 05/01/2016 01/01/2010 A 30,572 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 San Francisco City & County Airports Commission 1 5.000 05/01/2017 05/01/2009 A 56,467 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 San Francisco City & County Airports Commission 5.000 05/01/2019 05/01/2008 A 30,584 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 San Francisco City & County Airports Commission 1 5.000 05/01/2019 01/01/2010 A 76,304 45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 70,000 San Francisco City & County Airports Commission 1 5.000% 05/01/2021 01/01/2010 A $ 71,017 - ---------------------------------------------------------------------------------------------------------------------------------- 90,000 San Francisco City & County Airports Commission 1 5.000 05/01/2022 01/01/2010 A 91,222 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 San Francisco City & County Airports Commission 5.000 05/01/2022 05/01/2008 A 45,665 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 San Francisco City & County Airports Commission 5.000 05/01/2023 05/01/2009 A 25,415 - ---------------------------------------------------------------------------------------------------------------------------------- 160,000 San Francisco City & County Airports Commission 1 5.000 05/01/2025 01/01/2010 A 161,618 - ---------------------------------------------------------------------------------------------------------------------------------- 120,000 San Francisco City & County Airports Commission 1 5.000 05/01/2028 01/01/2010 A 120,875 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 San Francisco City & County Airports Commission 5.125 05/01/2021 05/01/2011 A 30,924 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 San Francisco City & County Airports Commission 1 5.500 05/01/2015 05/01/2008 A 87,783 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Francisco City & County Airports Commission 5.500 05/01/2016 05/01/2012 A 26,532 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 San Francisco City & County Airports Commission 1 5.500 05/01/2024 05/01/2010 A 36,892 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 San Francisco City & County Airports Commission 5.625 05/01/2010 11/01/2006 A 45,503 - ---------------------------------------------------------------------------------------------------------------------------------- 175,000 San Francisco City & County Airports Commission (SFO Fuel Company) 1 5.125 01/01/2017 01/01/2008 A 178,593 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 San Francisco City & County COP (77th Street Property) 5.300 09/01/2022 09/01/2007 A 20,658 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 San Francisco City & County COP (San Bruno Jail) 5.250 10/01/2026 10/01/2008 A 51,908 - ---------------------------------------------------------------------------------------------------------------------------------- 2,000,000 San Francisco City & County COP (San Bruno Jail) 1 5.250 10/01/2033 10/01/2008 A 2,078,620 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 San Francisco City & County Improvement Bond Act 1915 6.850 09/02/2026 09/02/2006 A 46,407 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 San Francisco City & County Public Utilities Commission 5.000 11/01/2026 11/01/2006 A 117,105 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Francisco City & County Public Utilities Commission 5.000 11/01/2026 11/01/2006 A 25,458 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 San Francisco City & County Redevel. Agency 6.750 07/01/2025 01/01/2007 A 116,726 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 San Francisco City & County Redevel. Agency (FHA Insured-Section 8) 6.850 07/01/2024 01/01/2007 A 10,125 - ---------------------------------------------------------------------------------------------------------------------------------- 65,000 San Francisco City & County Redevel. Agency (South Beach) 5.700 03/01/2029 09/01/2006 A 65,043 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 San Francisco City & County Redevel. Financing Authority 4.800 08/01/2016 08/01/2016 20,015 46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 100,000 San Francisco City & County Redevel. Financing Authority 5.000% 08/01/2018 08/01/2006 A $ 100,080 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 San Francisco City & County Redevel. Financing Authority 5.000 08/01/2022 08/01/2016 A 125,091 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Joaquin County Community Facilities District Special Tax (Delta Farms) 6.125 09/01/2024 09/01/2006 A 25,761 - ---------------------------------------------------------------------------------------------------------------------------------- 115,000 San Joaquin Hills Transportation Corridor Agency 5.375 01/15/2029 01/15/2007 A 117,914 - ---------------------------------------------------------------------------------------------------------------------------------- 275,000 San Jose Finance Authority, Series B 1 5.625 11/15/2018 11/15/2006 A 275,399 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 San Jose Improvement Bond Act 1915 5.750 09/02/2019 09/02/2006 A 51,525 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 San Jose Mulitfamily Hsg. (El Parador Apartments) 1 6.100 01/01/2031 01/01/2013 A 31,859 - ---------------------------------------------------------------------------------------------------------------------------------- 285,000 San Jose Multifamily Hsg. (Almaden Senior Hsg. Partners) 1 5.350 07/15/2034 07/01/2014 C 295,400 - ---------------------------------------------------------------------------------------------------------------------------------- 125,000 San Jose Redevel. Agency 4.750 08/01/2024 02/01/2007 A 125,011 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 San Jose Redevel. Agency 5.000 08/01/2021 08/01/2006 A 15,011 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 San Jose Redevel. Agency 5.500 08/01/2016 08/01/2007 A 5,180 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 San Jose Redevel. Agency 1 5.750 08/01/2017 08/01/2007 A 20,735 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 San Jose Redevel. Agency Tax Allocation 5.250 08/01/2029 08/01/2008 A 5,107 - ---------------------------------------------------------------------------------------------------------------------------------- 190,000 San Leandro Community Facilities District No. 1 Special Tax 6.400 09/01/2019 09/01/2008 A 199,511 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 San Marcos Public Facilities Authority, Series A 6.250 09/01/2024 09/01/2008 A 26,048 - ---------------------------------------------------------------------------------------------------------------------------------- 1,045,000 San Marcos Special Tax 5.900 09/01/2028 03/01/2012 A 1,089,036 - ---------------------------------------------------------------------------------------------------------------------------------- 1,665,000 San Marcos Special Tax 5.950 09/01/2035 03/01/2012 A 1,726,255 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 San Pablo Redevel. Agency 5.250 12/01/2016 12/01/2006 A 15,072 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 San Pablo Redevel. Agency 6.000 12/01/2017 12/01/2006 A 15,111 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 San Pablo Redevel. Agency (Tax Allocation-Merged Project Area) 5.250 12/01/2023 12/01/2006 A 70,294 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Sanger Public Financing Authority, Series A 7.125 08/01/2009 08/01/2006 A 10,023 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Sanger Public Financing Authority, Series A 7.250 06/01/2015 08/01/2006 A 15,024 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Santa Barbara COP (Fact Retirement Services) 1 5.750 08/01/2020 08/01/2006 A 35,755 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Santa Barbara Redevel. Agency (Central City) 6.000 03/01/2008 05/07/2007 B 51,283 - ---------------------------------------------------------------------------------------------------------------------------------- 70,000 Santa Clara County Financing Authority 1 5.000 11/15/2022 11/15/2007 A 71,981 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Santa Clara County Hsg. Authority (Rivertown Apartments) 1 5.700 08/01/2021 02/01/2013 A 84,121 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Santa Clara Unified School District 5.000 08/01/2022 08/01/2007 A 25,428 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Santa Margarita Water District Special Tax Community Facilities District No. 99-1 6.200 09/01/2020 09/01/2009 A 26,697 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Santa Nella County Water District 6.250 09/02/2028 09/02/2010 A 15,348 - ---------------------------------------------------------------------------------------------------------------------------------- 175,000 Santa Rosa Improvement Bond Act 1915 5.700 09/02/2019 09/02/2006 A 180,304 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Santa Rosa Improvement Bond Act 1915 5.750 09/02/2020 09/02/2006 A 40,814 47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 20,000 Santa Rosa Improvement Bond Act 1915 (Nielson Ranch) 6.700% 09/02/2022 09/02/2006 A $ 20,618 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Santa Rosa Wastewater 5.000 09/01/2022 09/01/2006 A 15,236 - ---------------------------------------------------------------------------------------------------------------------------------- 980,000 Santaluz Special Tax Community Facilities District No. 2 6.375 09/01/2030 09/01/2007 A 1,000,766 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Sausalito School District COP 5.650 04/01/2008 10/01/2006 A 50,163 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Sausalito School District COP 5.750 04/01/2009 10/01/2006 A 50,165 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Scotts Valley Special Tax 5.200 09/01/2028 09/01/2006 A 15,162 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Sequoia Hospital District 5.375 08/15/2023 08/15/2006 A 15,379 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 Shafter Community Devel. Agency Tax Allocation 5.000 11/01/2013 11/01/2013 110,490 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.250 11/01/2017 11/01/2016 A 100,582 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.300 11/01/2018 11/01/2016 A 100,581 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.350 11/01/2019 11/01/2016 A 100,501 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.375 11/01/2020 11/01/2016 A 100,775 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Signal Hill Redevel. Agency 5.250 10/01/2023 10/01/2006 A 25,276 - ---------------------------------------------------------------------------------------------------------------------------------- 5,525,000 Simi Valley Unified School District Floaters 3 3.640 6 08/01/2030 08/03/2006 D 5,525,000 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Solana Beach Community Facilities District 5.200 09/01/2009 09/01/2006 A 76,344 - ---------------------------------------------------------------------------------------------------------------------------------- 80,000 Solana Beach Community Facilities District 5.300 09/01/2010 09/01/2006 A 81,271 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 South Tahoe Redevel. Agency 6.700 10/01/2031 10/01/2013 A 21,290 - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 Southern CA Public Power Authority 1 5.000 07/01/2015 01/01/2007 A 1,000,990 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Southern CA Public Power Authority 5.500 07/01/2020 01/01/2007 A 5,005 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Southern CA Public Power Authority Linked SAVRS & RIBS 6.000 07/01/2012 01/01/2007 A 100,145 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Southern CA Tobacco Securitization Authority (TASC) 5.250 06/01/2027 12/08/2007 C 42,996 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 Stanislaus County COP 1 5.250 05/01/2018 11/01/2006 A 112,510 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Stockton Community Facilities District 5.550 08/01/2014 08/01/2008 A 25,169 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Stockton Community Facilities District 6.750 08/01/2010 08/01/2006 A 25,296 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Stockton COP 5.200 09/01/2029 09/01/2008 A 20,674 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Stockton Health Facilities (Dameron Hospital Assoc.) 5.700 12/01/2014 12/01/2007 A 25,869 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 Stockton Public Financing Authority, Series B 6.350 09/02/2010 09/02/2006 A 58,158 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Stockton Public Financing Authority, Series B 6.700 09/02/2016 09/02/2006 A 10,424 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Stockton Unified School District 1 5.450 02/01/2015 02/01/2007 A 30,537 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Susanville COP 3 6.000 05/01/2011 11/01/2006 A 25,523 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Susanville Public Facilities COP 3 5.750 05/01/2011 11/01/2006 A 51,036 - ---------------------------------------------------------------------------------------------------------------------------------- 60,000 Susanville Public Financing Authority 5.500 09/01/2027 09/01/2014 A 62,572 48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) 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 09/01/2006 A $ 774,053 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Temple City Unified School District 5.000 08/01/2023 08/01/2008 A 41,053 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Torrance Redevel. Agency (Downtown Redevel.) 5.550 09/01/2018 09/01/2008 A 20,601 - ---------------------------------------------------------------------------------------------------------------------------------- 800,000 Tracy Area Public Facilities Financing Agency 1 5.875 10/01/2013 10/01/2006 A 836,448 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Tracy Community Facilities District 5.400 09/01/2015 09/01/2012 A 51,014 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Tracy Community Facilities District 6.100 09/01/2015 09/02/2006 A 51,542 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Tracy Community Facilities District 6.500 09/01/2020 09/02/2006 A 10,310 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Tracy Community Facilities District (205 Parcel Glen) 6.250 09/01/2032 09/02/2014 A 25,760 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Tracy Community Facilities District (South MacArthur Area) 6.000 09/01/2027 09/01/2006 A 103,054 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Tracy Community Facilities District (South MacArthur Area) 6.300 09/01/2017 09/02/2006 A 30,926 - ---------------------------------------------------------------------------------------------------------------------------------- 55,000 Tracy COP (Community Park & Civic Center) 6.625 03/01/2018 09/01/2006 A 55,102 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 Tracy Improvement Bond Act 1915 5.700 09/02/2023 03/02/2007 A 35,100 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Tri-City Hospital District 1 5.750 02/01/2015 08/01/2006 A 52,122 - ---------------------------------------------------------------------------------------------------------------------------------- 1,035,000 Tri-City Hospital District 1 6.000 02/01/2022 08/01/2006 A 1,058,401 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Truckee-Donner Public Utility District COP 5.400 11/15/2021 11/15/2006 A 51,209 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Truckee-Donner Public Utility District Special Tax 5.800 09/01/2035 09/01/2006 A 30,907 - ---------------------------------------------------------------------------------------------------------------------------------- 200,000 Turlock Auxiliary Organization COP (California Universities-Stanlius Foundation) 1 5.875 06/01/2022 12/01/2006 A 205,346 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Turlock Irrigation District, Series A 1 5.000 01/01/2026 01/01/2008 A 15,263 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 University of California (Research Facilities) 5.000 09/01/2024 09/01/2006 A 25,269 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 University of California, Series E 5.375 09/01/2024 09/01/2007 A 20,508 - ---------------------------------------------------------------------------------------------------------------------------------- 210,000 Upland Community Facilities District Special Tax 5.900 09/01/2024 09/01/2013 A 220,445 - ---------------------------------------------------------------------------------------------------------------------------------- 85,000 Upland COP (San Antonio Community Hospital) 1 5.000 01/01/2018 01/01/2007 A 85,012 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Vacaville COP 5.500 08/15/2027 08/15/2006 A 25,526 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Vacaville Improvement Bond Act 1915 5.850 09/02/2016 09/02/2006 A 20,618 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Vacaville Improvement Bond Act 1915 (Green Tree Reassessment District) 6.300 09/02/2013 09/02/2006 A 10,313 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 Vacaville Public Financing Authority 5.400 09/01/2022 09/01/2006 A 251,393 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 Vacaville Redevel. Agency (Vacaville Community Hsg.) 6.000 11/01/2024 11/01/2010 A 114,422 - ---------------------------------------------------------------------------------------------------------------------------------- 100,000 Val Verde Unified School District 6.125 09/01/2034 09/01/2006 A 102,121 - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Vallejo COP (Marine World Foundation) 3 7.000 02/01/2017 02/01/2007 A 154,508 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Vallejo Public Financing Authority, Series A 7.500 09/01/2020 09/01/2006 A 10,019 49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 40,000 Vallejo Quadrant Improvement District No. 001 6.000% 09/01/2017 09/01/2015 A $ 42,965 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Vallejo Quadrant Improvement District No. 001 6.000 09/01/2026 09/01/2013 A 31,730 - ---------------------------------------------------------------------------------------------------------------------------------- 40,000 Vallejo Quadrant Improvement District No. 001 6.125 09/01/2034 09/01/2015 A 42,471 - ---------------------------------------------------------------------------------------------------------------------------------- 355,000 Vallejo Water Improvement 1 5.875 05/01/2026 11/01/2006 A 362,590 - ---------------------------------------------------------------------------------------------------------------------------------- 1,825,000 Ventura County Area Hsg. Authority (Mira Vista Senior Apartments) 1 5.000 12/01/2022 12/01/2016 A 1,847,667 - ---------------------------------------------------------------------------------------------------------------------------------- 240,000 Ventura Port District COP 6.375 08/01/2028 08/01/2010 A 250,111 - ---------------------------------------------------------------------------------------------------------------------------------- 145,000 Victor Elementary School District 5.600 09/01/2034 09/01/2014 A 148,906 - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 Vista Joint Powers Financing Authority 6.250 12/01/2019 12/01/2006 A 5,026 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Wasco Improvement Bond Act 1915 8.750 09/02/2010 09/02/2006 A 20,673 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Wasco Improvement Bond Act 1915 8.750 09/02/2013 09/02/2006 A 25,841 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Wasco Improvement Bond Act 1915 8.800 09/02/2019 09/02/2006 A 10,030 - ---------------------------------------------------------------------------------------------------------------------------------- 20,000 Washington Township Hospital District 1 5.500 07/01/2009 01/01/2007 A 20,026 - ---------------------------------------------------------------------------------------------------------------------------------- 175,000 Washington Township Hospital District 1 5.500 07/01/2018 01/01/2007 A 175,117 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Washington Township Hospital District 1 5.500 07/01/2018 01/01/2007 A 50,065 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 West & Central Basin Financing Authority 5.375 08/01/2017 08/01/2007 A 51,270 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 West Contra Costa Unified School District 5.000 08/01/2023 08/01/2009 A 25,849 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 West Patterson Financing Authority Special Tax 5.850 09/01/2028 09/01/2015 A 10,551 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 West Patterson Financing Authority Special Tax 6.000 09/01/2019 09/01/2015 A 10,599 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 West Patterson Financing Authority Special Tax 6.000 09/01/2039 09/01/2015 A 15,865 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 West Patterson Financing Authority Special Tax 6.600 09/01/2033 03/01/2008 A 77,364 - ---------------------------------------------------------------------------------------------------------------------------------- 35,000 West Patterson Financing Authority Special Tax 6.750 09/01/2036 03/01/2008 A 36,117 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 West Patterson Financing Authority Special Tax Community Facilities District No. 2001-1-A 6.700 09/01/2032 03/01/2007 A 10,137 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 West Sacramento Financing Authority Special Tax 6.100 09/01/2029 03/01/2008 A 51,710 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 West Sacramento Improvement Bond Act 1915 8.500 09/02/2017 11/01/2015 B 15,089 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 West Sacramento Special Tax Community Facilities District No. 11 6.400 09/01/2026 09/01/2007 A 10,446 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 West Sacramento Special Tax Community Facilities District No. 14 6.125 09/01/2021 03/01/2011 A 52,527 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 West Sacramento Special Tax Community Facilities District No. 8 (Southport) 6.500 09/01/2031 09/01/2009 A 52,312 50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 120,000 Western Hills Water District Special Tax (Diablo Grande Community Facilities) 6.000% 09/01/2024 09/01/2014 A $ 124,223 - ---------------------------------------------------------------------------------------------------------------------------------- 45,000 Western Hills Water District Special Tax (Diablo Grande Community Facilities) 6.875 09/01/2031 09/01/2009 A 48,124 - ---------------------------------------------------------------------------------------------------------------------------------- 15,000 Western Municipal Water Districts 7.125 09/02/2014 09/02/2006 A 15,476 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 William S. Hart Unified School District 6.000 09/01/2027 09/01/2013 A 10,581 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000 Woodlake Schools Finance Authority COP 5.900 02/01/2023 02/01/2007 A 10,132 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Woodland Redevel. Agency 6.375 12/01/2026 12/01/2006 A 25,596 - ---------------------------------------------------------------------------------------------------------------------------------- 140,000 Y/S School Facilities Financing Authority (Chula Vista Elementary School) 5.000 09/01/2015 09/01/2006 A 142,925 - ---------------------------------------------------------------------------------------------------------------------------------- 25,000 Yucaipa Redevel. Agency (Eldorado Palms Mobile Home) 6.000 05/01/2030 05/01/2010 A 25,911 - ---------------------------------------------------------------------------------------------------------------------------------- 30,000 Yucaipa Special Tax Community Facilities District No. 98-1 6.000 09/01/2028 09/01/2009 A 30,809 ------------- 212,193,943 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--15.1% 600,000 Guam Government Waterworks Authority & Wastewater System 6.000 07/01/2025 07/01/2015 A 637,608 - ---------------------------------------------------------------------------------------------------------------------------------- 260,000 Guam Power Authority, Series A 1 5.250 10/01/2023 10/01/2006 A 260,359 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 07/01/2014 A 505,355 - ---------------------------------------------------------------------------------------------------------------------------------- 10,000,000 Puerto Rico Commonwealth Government Devel. Bank 1 5.000 12/01/2009 12/01/2009 10,269,300 - ---------------------------------------------------------------------------------------------------------------------------------- 360,000 Puerto Rico Electric Power Authority, Series AA 1 5.375 07/01/2027 07/01/2007 A 369,572 - ---------------------------------------------------------------------------------------------------------------------------------- 275,000 Puerto Rico HBFA 1 6.250 04/01/2029 10/01/2006 A 278,784 - ---------------------------------------------------------------------------------------------------------------------------------- 420,000 Puerto Rico HFC (Homeowner Mtg.) 1 5.200 12/01/2032 12/01/2008 A 427,594 - ---------------------------------------------------------------------------------------------------------------------------------- 6,000,000 Puerto Rico Highway & Transportation Authority, Series K 1 5.000 07/01/2021 07/01/2015 A 6,123,060 - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico Highway & Transportation Authority, Series K 1 5.000 07/01/2027 07/01/2015 A 505,175 - ---------------------------------------------------------------------------------------------------------------------------------- 110,000 Puerto Rico IMEPCF (American Home Products) 1 5.100 12/01/2018 12/01/2006 A 112,299 - ---------------------------------------------------------------------------------------------------------------------------------- 2,535,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 06/01/2010 A 2,759,119 - ---------------------------------------------------------------------------------------------------------------------------------- 1,500,000 Puerto Rico Municipal Finance Agency, Series A 1 5.250 08/01/2023 08/01/2015 A 1,560,540 - ---------------------------------------------------------------------------------------------------------------------------------- 75,000 Puerto Rico Port Authority, Series D 1 6.000 07/01/2021 01/01/2007 A 75,926 - ---------------------------------------------------------------------------------------------------------------------------------- 1,445,000 Puerto Rico Port Authority, Series D 1 7.000 07/01/2014 01/01/2007 A 1,472,455 - ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Puerto Rico Public Finance Corp. 7.250 08/01/2009 08/01/2006 A 50,788 - ---------------------------------------------------------------------------------------------------------------------------------- 3,985,000 University of Puerto Rico, Series O 1 5.375 06/01/2030 12/01/2006 A 4,002,414 - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 10/01/2014 A 259,135 - ---------------------------------------------------------------------------------------------------------------------------------- 160,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2010 A 164,326 51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 2,500,000 V.I. Public Finance Authority, Series A 6.375% 10/01/2019 10/01/2010 A $ 2,729,673 -------------- 32,563,482 -------------- Total Municipal Bonds and Notes (Cost $243,347,773) 244,757,425 - ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES--0.6% - ----------------------------------------------------------------------------------------------------------------------------------- 1,300,000 Government Devel. Bank for Puerto Rico, Series 2004 (Cost $1,300,000) 5.000 10/23/2006 10/23/2006 1,302,366 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $244,647,773)--114.1% 246,059,791 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(14.1) (30,321,691) -------------- NET ASSETS--100.0% $ 215,738,100 ============== 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. D. Date of mandatory put. 1. All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes. 2. Zero coupon bond reflects effective yield on the date of purchase. 3. Illiquid security. The aggregate value of illiquid securities as of July 31, 2006 was $17,078,358, which represents 7.92% of the Fund's net assets. See Note 5 of accompanying Notes. 4. Represents the current interest rate for a variable rate bond known as an "inverse floater." See Note 1 of accompanying Notes. 5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. Represents the current interest rate for a variable or increasing rate security. 7. When-issued security or forward commitment to be delivered and settled after July 31, 2006. See Note 1 of accompanying Notes. 52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ABAG Assoc. of Bay Area Governments CALC Community Alzheimer's Living Center CCH Clovis Community Hospital CDA Communities Devel. Authority CHCC Community Hospitals of Central California COP Certificates of Participation CSU California State University CVHP Citrus Valley Health Partners CVMC Citrus Valley Medical Center FCH Fresno Community Hospital FH Foothill Hospital FHA Federal Housing Agency FNMA Federal National Mortgage Assoc. GNMA Government National Mortgage Assoc. GO General Obligation HBFA Housing Bank and Finance Agency HFA Housing Finance Agency HFC Housing Finance Corp. IMEPCF Industrial, Medical and Environmental Pollution Control Facilities INFLOS Inverse Floating Rate Securities ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities M-S-R Modesto Irrigation District of the City of Santa Clara and the City of Redding PARS Periodic Auction Reset Securities 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 V.I. United States Virgin Islands DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: INDUSTRY VALUE PERCENT - -------------------------------------------------------------------------------- Tobacco Settlement Payments $ 53,497,121 21.7% General Obligation 38,204,166 15.5 Special Tax 30,111,351 12.2 Special Assessment 16,746,758 6.8 Municipal Leases 13,457,181 5.5 Gas Utilities 12,422,703 5.1 Water Utilities 11,155,718 4.5 Marine/Aviation Facilities 10,861,078 4.4 Multifamily Housing 8,037,112 3.3 Hospital/Health Care 7,754,448 3.2 Higher Education 7,703,143 3.1 Highways/Railways 6,771,964 2.8 Adult Living Facilities 5,769,464 2.3 Electric Utilities 5,549,811 2.3 Single Family Housing 3,713,152 1.5 Sales Tax Revenue 3,462,281 1.4 Not-for-Profit Organization 2,654,481 1.1 Sewer Utilities 2,339,916 1.0 Manufacturing, Durable Goods 1,429,934 0.6 Hotels, Restaurants & Leisure 1,421,126 0.6 Commercial Banks 1,302,366 0.5 Resource Recovery 993,278 0.4 Education 266,085 0.1 Pollution Control 236,283 0.1 Manufacturing, Non-Durable Goods 112,299 0.0 Student Loans 60,497 0.0 Parking Fee Revenue 26,075 0.0 ------------------------------ Total $246,059,791 100.0% ============================== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF ASSETS AND LIABILITIES - -------------------------------------------------------------------------------- JULY 31, 2006 - ----------------------------------------------------------------------------------------------------- ASSETS - ----------------------------------------------------------------------------------------------------- Investments, at value (cost $244,647,773)--see accompanying statement of investments $ 246,059,791 - ----------------------------------------------------------------------------------------------------- Cash 681,517 - ----------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 5,544,963 Shares of beneficial interest sold 3,815,657 Interest 3,206,285 Other 2,562 -------------- Total assets 259,310,775 - ----------------------------------------------------------------------------------------------------- LIABILITIES - ----------------------------------------------------------------------------------------------------- Payables and other liabilities: Payable on borrowings (See Note 6) 42,400,000 Investments purchased (including $389,895 purchased on a when-issued basis or forward commitment) 534,780 Shares of beneficial interest redeemed 224,674 Dividends 148,252 Interest expense 129,330 Distribution and service plan fees 43,770 Shareholder communications 21,538 Transfer and shareholder servicing agent fees 20,980 Trustees' compensation 7,714 Other 41,637 -------------- Total liabilities 43,572,675 - ----------------------------------------------------------------------------------------------------- NET ASSETS $ 215,738,100 ============== - ----------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ----------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 61,283 - ----------------------------------------------------------------------------------------------------- Additional paid-in capital 214,791,490 - ----------------------------------------------------------------------------------------------------- Accumulated net investment loss (94,762) - ----------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments (431,929) - ----------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments 1,412,018 -------------- NET ASSETS $ 215,738,100 ============== 54 | 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 $161,562,386 and 45,884,637 shares of beneficial interest outstanding) $3.52 Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) $3.65 - ----------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,517,263 and 701,014 shares of beneficial interest outstanding) $3.59 - ----------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $51,658,451 and 14,697,509 shares of beneficial interest outstanding) $3.51 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF OPERATIONS - -------------------------------------------------------------------------------- FOR THE YEAR ENDED JULY 31, 2006 - -------------------------------------------------------------------------------- INVESTMENT INCOME - -------------------------------------------------------------------------------- Interest $ 7,318,263 - -------------------------------------------------------------------------------- Other income 12 ------------ Total investment income 7,318,275 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- Management fees 704,638 - -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 258,952 Class B 19,770 Class C 392,624 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 40,217 Class B 1,690 Class C 17,139 - -------------------------------------------------------------------------------- Shareholder communications: Class A 23,556 Class B 1,835 Class C 17,982 - -------------------------------------------------------------------------------- Interest expense 791,826 - -------------------------------------------------------------------------------- Trustees' compensation 14,218 - -------------------------------------------------------------------------------- Custodian fees and expenses 5,045 - -------------------------------------------------------------------------------- Other 111,294 ------------ Total expenses 2,400,786 Less reduction to custodian expenses (93) Less waivers and reimbursements of expenses (915,067) ------------ Net expenses 1,485,626 - -------------------------------------------------------------------------------- NET INVESTMENT INCOME 5,832,649 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED LOSS - -------------------------------------------------------------------------------- Net realized loss on investments (406,967) - -------------------------------------------------------------------------------- Net change in unrealized appreciation on investments (691,224) - -------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,734,458 ============ SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 56 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- YEAR ENDED JULY 31, 2006 2005 - -------------------------------------------------------------------------------------------------------- OPERATIONS - -------------------------------------------------------------------------------------------------------- Net investment income $ 5,832,649 $ 1,466,950 - -------------------------------------------------------------------------------------------------------- Net realized loss (406,967) (5,629) - -------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (691,224) 2,261,355 --------------------------------- Net increase in net assets resulting from operations 4,734,458 3,722,676 - -------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - -------------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (4,575,181) (956,961) Class B (70,666) (30,123) Class C (1,443,220) (362,033) - -------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - -------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Class A 117,912,748 31,329,937 Class B 1,241,294 723,518 Class C 30,500,265 16,796,002 - -------------------------------------------------------------------------------------------------------- NET ASSETS - -------------------------------------------------------------------------------------------------------- Total increase 148,299,698 51,223,016 - -------------------------------------------------------------------------------------------------------- Beginning of period 67,438,402 16,215,386 --------------------------------- End of period (including accumulated net investment income (loss) of $(94,762) and $161,656, respectively) $ 215,738,100 $ 67,438,402 ================================= SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 57 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF CASH FLOWS For the Year Ended July 31, 2006 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES - --------------------------------------------------------------------------------------- Net increase in net assets from operations $ 4,734,458 - --------------------------------------------------------------------------------------- Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: Purchase of investment securities (247,256,918) Proceeds from disposition of investment securities 74,675,193 Short-term investment securities, net (1,302,366) Premium amortization 1,807,895 Discount accretion (265,910) Net realized loss on investments 406,967 Net change in unrealized appreciation on investments 691,224 Increase in interest receivable (1,992,545) Increase in receivable for securities sold (3,946,013) Increase in other assets (414) Decrease in payable for securities purchased (5,036,338) Increase in payable for accrued expenses 188,481 -------------- Net cash used in operating activities (177,296,286) - --------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES - --------------------------------------------------------------------------------------- Proceeds from bank borrowing 164,300,000 Payments on bank borrowing (129,100,000) Proceeds from shares sold 177,648,514 Payment on shares redeemed (33,256,350) Cash distributions paid (2,214,517) -------------- Net cash provided by financing activities 177,377,647 - --------------------------------------------------------------------------------------- Net increase in cash 81,361 - --------------------------------------------------------------------------------------- Cash, beginning balance 600,156 -------------- Cash, ending balance $ 681,517 ============== Supplemental disclosure of cash flow information: Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $3,766,602. Cash paid for interest on bank borrowings--$686,309. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- CLASS A YEAR ENDED JULY 31, 2006 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 .15 2 .16 2 .07 Net realized and unrealized gain (loss) (.03) .25 (.06) ----------------------------------- Total from investment operations .12 .41 .01 - --------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.16) (.15) (.06) - --------------------------------------------------------------------------------------- Net asset value, end of period $ 3.52 $ 3.56 $ 3.30 =================================== - --------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 3.32% 12.78% 0.21% - --------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $161,562 $44,554 $11,627 - --------------------------------------------------------------------------------------- Average net assets (in thousands) $105,009 $21,877 $ 8,381 - --------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income 4.19% 4.76% 4.99% Total expenses 1.42% 1.66% 1.92% Expenses after payments and waivers and reduction to custodian expenses 0.80% 0.80% 0.76% - --------------------------------------------------------------------------------------- Portfolio turnover rate 33% 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. 59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------- CLASS B YEAR ENDED JULY 31, 2006 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 .13 2 .14 2 .05 Net realized and unrealized gain (loss) (.04) .26 -- 3 ------------------------------- Total from investment operations .09 .40 .05 - ------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.13) (.13) (.04) - ------------------------------------------------------------------------------------------ Net asset value, end of period $ 3.59 $ 3.63 $3.36 =============================== - ------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 4 2.49% 12.03% 1.60% - ------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $2,517 $1,295 $ 510 - ------------------------------------------------------------------------------------------ Average net assets (in thousands) $1,980 $ 836 $ 297 - ------------------------------------------------------------------------------------------ Ratios to average net assets: 5 Net investment income 3.49% 4.11% 3.96% Total expenses 2.30% 2.86% 2.86% Expenses after payments and waivers and reduction to custodian expenses 1.55% 1.55% 1.55% - ------------------------------------------------------------------------------------------ Portfolio turnover rate 33% 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. 60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND CLASS C YEAR ENDED JULY 31, 2006 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 .12 2 .14 2 .05 Net realized and unrealized gain (loss) (.04) .25 (.06) ---------------------------------- Total from investment operations .08 .39 (.01) - ------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.13) (.13) (.04) - ------------------------------------------------------------------------------------ Net asset value, end of period $ 3.51 $ 3.56 $ 3.30 ================================== - ------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 2.30% 12.00% (0.16)% - ------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $51,659 $21,589 $4,079 - ------------------------------------------------------------------------------------ Average net assets (in thousands) $39,346 $ 9,836 $2,044 - ------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment income 3.46% 3.98% 3.92% Total expenses 2.21% 2.55% 2.93% Expenses after payments and waivers and reduction to custodian expenses 1.55% 1.55% 1.55% - ------------------------------------------------------------------------------------ Portfolio turnover rate 33% 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. 61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Limited Term California Municipal Fund (the Fund) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek as high a level of income exempt from federal income tax and California individual income taxes as is consistent with its investment policies and prudent investment management. The Fund's investment 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 62 | 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). - -------------------------------------------------------------------------------- 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 July 31, 2006, the Fund had purchased $389,895 of securities issued on a when-issued basis or forward commitment. - -------------------------------------------------------------------------------- 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 $15,717,761 as of July 31, 2006, which represents 6.06% of the Fund's total assets. - -------------------------------------------------------------------------------- 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 investment company taxable income, including any net realized gain on investments 63 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2,3,4 TAX PURPOSES ------------------------------------------------------------------------------- $60,930 $-- $431,929 $1,412,018 1. As of July 31, 2006, the Fund had $19,118 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2006, details of the capital loss carryforwards were as follows: EXPIRING ------------------------------- 2013 $17,565 2014 1,553 ------- Total $19,118 ======= 2. As of July 31, 2006, the Fund had $412,811 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2015. 3. During the fiscal year ended July 31, 2006, the Fund did not utilize any capital loss carryforward. 4. During the fiscal year ended July 31, 2005, the Fund did not utilize any capital loss carryforward. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. The tax character of distributions paid during the years ended July 31, 2006 and July 31, 2005 was as follows: YEAR ENDED YEAR ENDED JULY 31, 2006 JULY 31, 2005 --------------------------------------------------------------- Distributions paid from: Exempt-interest dividends $6,089,067 $1,349,117 The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2006 are noted below. The primary difference between book 64 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $244,647,773 ============= Gross unrealized appreciation $ 2,451,331 Gross unrealized depreciation (1,039,313) ------------- Net unrealized appreciation $ 1,412,018 ============= - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the year ended July 31, 2006, the Fund's projected benefit obligations were increased by $7,050 and no payments were made to retired trustees, resulting in an accumulated liability of $7,050 as of July 31, 2006. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- 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. 65 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- INDEMNIFICATIONS. The Fund's organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with 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: YEAR ENDED JULY 31, 2006 YEAR ENDED JULY 31, 2005 SHARES AMOUNT SHARES AMOUNT - -------------------------------------------------------------------------------------------------- CLASS A Sold 38,919,816 $137,404,928 11,730,494 $ 40,958,956 Dividends and/or distributions reinvested 826,945 2,913,454 119,522 417,556 Redeemed (6,361,823) (22,405,634) (2,871,399) (10,046,575) ------------------------------------------------------------------- Net increase 33,384,938 $117,912,748 8,978,617 $ 31,329,937 =================================================================== - -------------------------------------------------------------------------------------------------- CLASS B Sold 421,049 $ 1,516,182 257,816 $ 906,437 Dividends and/or distributions reinvested 11,689 42,026 5,781 20,386 Redeemed (88,484) (316,914) (58,443) (203,305) ------------------------------------------------------------------- Net increase 344,254 $ 1,241,294 205,154 $ 723,518 =================================================================== - -------------------------------------------------------------------------------------------------- CLASS C Sold 11,449,252 $ 40,404,104 5,277,247 $ 18,364,343 Dividends and/or distributions reinvested 230,439 811,122 59,643 206,703 Redeemed (3,047,285) (10,714,961) (508,169) (1,775,044) ------------------------------------------------------------------- Net increase 8,632,406 $ 30,500,265 4,828,721 $ 16,796,002 =================================================================== 66 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND - -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2006, were as follows: PURCHASES SALES ------------------------------------------------------- Investment securities $146,782,768 $34,841,222 - -------------------------------------------------------------------------------- 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 average annual rate as shown in the following table: FEE SCHEDULE -------------------------------------------- Up to $100 million of net assets 0.50% Next $150 million of net assets 0.45 Next $1.75 billion of net assets 0.40 Over $2 billion of net assets 0.39 - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2006, the Fund paid $39,641 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 periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has adopted Distribution and Service Plans 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 67 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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 July 31, 2006 for Class B and Class C shares were $23,989 and $620,092, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated. CLASS A CLASS B CLASS C CLASS A CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ------------------------------------------------------------------------------- July 31, 2006 $132,085 $2,364 $5,466 $37,869 - -------------------------------------------------------------------------------- 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 year ended July 31, 2006, the Manager waived management fees and/or reimbursed fees of the Fund in the amounts of $643,088, $14,833 and $257,146 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 July 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 68 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND 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 $900 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 (5.3126% as of July 31, 2006). The Fund pays additional fees of 0.30% per annum on its 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 $900 million facility size. For the year ended July 31, 2006, the average daily loan balance was $17,533,699 at an average daily interest rate of 4.373%. The Fund had borrowings outstanding of $42,400,000 at July 31, 2006 at an interest rate of 5.3126%. The Fund had gross borrowings and gross loan repayments of $164,300,000 and $129,100,000, respectively, during the year ended July 31, 2006. The maximum amount of borrowings outstanding at any month-end during the year ended July 31, 2006 was $42,400,000. The Fund paid $52,789 in fees and $686,309 in interest during the year ended July 31, 2006. - -------------------------------------------------------------------------------- 7. RECENT ACCOUNTING PRONOUNCEMENT In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" that tax positions taken in the Fund's tax return will be ultimately sustained. A tax liability and expense must be recorded in respect of any tax position that, in Management's judgment, will not be fully realized. FIN 48 is effective for fiscal years beginning after December 15, 2006. As of July 31, 2006, the Manager is evaluating the implications of FIN 48. Its impact in the Fund's financial statements has not yet been determined. - -------------------------------------------------------------------------------- 8. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM At a meeting held on December 14, 2005, the Board of Trustees of the Fund appointed KPMG LLP as the independent registered public accounting firm to the Fund to replace the firm of Ernst & Young LLP, who were dismissed as the independent registered public accounting firm to the Fund. This change in the Fund's auditors was approved by the Fund's audit committee and ratified by the Fund's independent Trustees. 69 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 8. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Continued The reports of Ernst & Young LLP on the Fund's financial statements for the fiscal year ended July 31, 2005 and for the period from February 25, 2004 (commencement of operations) to July 31, 2004 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle. During the Fund's fiscal year ended July 31, 2005 and for the period from February 25, 2004 (commencement of operations) to July 31, 2004, there were no disagreements with Ernst & Young LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures which, if not resolved to the satisfaction of Ernst & Young LLP, would have caused Ernst & Young LLP to make reference to the matter in their reports. - -------------------------------------------------------------------------------- 9. LITIGATION A consolidated amended complaint was filed as a putative class action against the Manager and the Transfer Agent and other defendants (including 51 of the Oppenheimer funds excluding the Fund) in the U.S. District Court for the Southern District of New York on January 10, 2005 and was amended on March 4, 2005. The complaint alleged, among other things, that the Manager charged excessive fees for distribution and other costs, and that by permitting and/or participating in those actions, the Directors/Trustees and the Officers of the funds breached their fiduciary duties to fund shareholders under the Investment Company Act of 1940 and at common law. The plaintiffs sought unspecified damages, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. In response to the defendants' motions to dismiss the suit, seven of the eight counts in the complaint, including the claims against certain of the Oppenheimer funds, 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, by court order dated March 10, 2006, and the remaining count against the Manager and the Transfer Agent was dismissed with prejudice by court order dated April 5, 2006. The plaintiffs filed an appeal of those dismissals on May 11, 2006. The Manager believes that the allegations contained in the complaint are without merit and that there are substantial grounds to sustain the district court's rulings. The Manager also believes that it is premature to render any opinion as to the likelihood of an outcome unfavorable to it, the funds, the Directors/Trustees or the Officers on the appeal of the decisions of the district court, and that no estimate can yet be made with any degree of certainty as to the amount or range of any potential loss. 70 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND: We have audited the accompanying statement of assets and liabilities of Oppenheimer Limited Term California Municipal Fund, including the statement of investments, as of July 31, 2006, and the related statements of operations and cash flows, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended July 31, 2005 and the financial highlights for the period February 25, 2004 (commencement of operations) to July 31, 2005, were audited by another independent registered public accounting firm, whose report dated August 30, 2005, expressed an unqualified opinion theron. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2006, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Limited Term California Municipal Fund as of July 31, 2006, the results of its operations and its cash flows, the changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles. KPMG LLP Denver, Colorado September 14, 2006 71 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2007, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2006. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. None of the dividends paid by the Fund during the fiscal year ended July 31, 2006 are eligible for the corporate dividend-received deduction. The dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 72 | 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. 73 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND TRUSTEES AND OFFICERS Unaudited - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------ NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. CLAYTON K. YEUTTER, Director of American Commercial Lines (barge company) (since January 2005); Attorney Chairman of the Board at Hogan & Hartson (law firm) (since June 1993); Director of Covanta Holding Corp. of Trustees (since 2003), (waste-to-energy company) (since 2002); Director of Weyerhaeuser Corp. (1999-April Trustee (since 2005) 2004); Director of Caterpillar, Inc. (1993-December 2002); Director of ConAgra Foods Age: 75 (1993-2001); Director of Texas Instruments (1993-2001); Director of FMC Corporation (1993-2001). Oversees 43 portfolios in the OppenheimerFunds complex. MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation) (since Trustee (since 2005) 2005); Director of ICI Education Foundation (education foundation) (since October Age: 65 1991); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 43 portfolios in the OppenheimerFunds complex. ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 53 portfolios in the Trustee (since 2005) OppenheimerFunds complex. Age: 73 PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member Trustee (since 2005) (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since Age: 67 2002); Director of GSI Lumonics Inc. (precision medical equipment supplier) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983- 1991). Oversees 43 portfolios in the OppenheimerFunds complex. MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Trustee (since 2005) Senior Vice President and General Auditor of American Express Company (financial Age: 63 services company) (July 1998-February 2003). Oversees 43 portfolios in the OppenheimerFunds complex. JOEL W. MOTLEY, Director of Columbia Equity Financial Corp. (privately-held financial adviser) (since Trustee (since 2005) 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser) Age: 54 (since January 2002); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial adviser) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, the Investment Committee of the Episcopal Church of America, the Investment Committee and Board of Human Rights Watch and the Investment Committee of Historic Hudson Valley. Oversees 43 portfolios in the OppenheimerFunds complex. KENNETH A. RANDALL, Director of Dominion Resources, Inc. (electric utility holding company) (February Trustee (since 2005) 1972-October 2005); Former Director of Prime Retail, Inc. (real estate investment Age: 79 trust), Dominion Energy Inc. (electric power and oil & gas producer), Lumberman's Mutual Casualty Company, American Motorists Insurance Company and American Manufacturers Mutual Insurance Company; Former 74 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND KENNETH A. RANDALL, President and Chief Executive Officer of The Conference Board, Inc. (international Continued economic and business research). Oversees 43 portfolios in the OppenheimerFunds complex. RUSSELL S. REYNOLDS, JR., Chairman of The Directorship Search Group, Inc. (corporate governance consulting Trustee (since 2005) and executive recruiting) (since 1993); Life Trustee of International House Age: 74 (non-profit educational organization); Founder, Chairman and Chief Executive Officer of Russell Reynolds Associates, Inc. (1969-1993); Banker at J.P. Morgan & Co. (1958-1966); 1st Lt. Strategic Air Command, U.S. Air Force (1954-1958). Oversees 43 portfolios in the OppenheimerFunds complex. JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco Trustee (since 2004) (since 1996); Director of Lakes Environmental Association (since 1996); Member of the Age: 65 Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994- December 2001). Oversees 43 portfolios in the OppenheimerFunds complex. PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production Trustee (since 2004) company) (since 1994); Vice President, Secretary and Treasurer of Wold Trona Company, Age: 58 Inc. (soda ash processing and production) (since 1996); Vice President of Wold Talc Company, Inc. (talc mining) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 43 portfolios in the OppenheimerFunds complex. BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Trustee (since 2005) Director of Special Value Opportunities Fund, LLC (registered investment company) Age: 63 (since September 2004); Member of Zurich Financial Investment Advisory Board (insurance) (since October 2004); Board of Governing Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004); Trustee of Research Foundation of AIMR (2000-2002) (investment research, non-profit); Governor, Jerome Levy Economics Institute of Bard College (August 1990-September 2001) (economics research); Director of Ray & Berendtson, Inc. (May 2000-April 2002) (executive search firm). Oversees 53 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH AND OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President (since Trustee, President and September 2000) of the Manager; President and a director or trustee of other Principal Executive Officer Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (since 2004) (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. Age: 57 (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent sub- 75 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- JOHN V. MURPHY, Continued sidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 91 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------------------------------------------------- OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MR. ZACK, TWO THE FUND WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY AND WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 AND FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NY 14625. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. RONALD H. FIELDING, Senior Vice President of the Manager since January 1996; Chairman of the Rochester Vice President (since 2004) Division of the Manager since January 1996; an officer of 14 portfolios in the Age: 57 OppenheimerFunds complex. DANIEL G. LOUGHRAN, Vice President of the Manager since April 2001. An officer of 14 portfolios in the Vice President and Portfolio OppenheimerFunds complex. Manager (since 2005) Age: 42 SCOTT S. COTTIER, Vice President of the Manager since 2002; portfolio manager and trader at Victory Vice President and Portfolio Capital Management (1999-2002); an officer of 14 portfolios in the OppenheimerFunds Manager (since 2005) complex. Age: 34 TROY E. WILLIS, Assistant Vice President of the Manager since 2005; Associate Portfolio Manager of Vice President and Portfolio the Manager since 2003; corporate attorney for Southern Resource Group (1999-2003). Manager (since 2005) An officer of 14 portfolios in the OppenheimerFunds complex. Age: 33 MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Vice President and Chief Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Compliance Officer Corporation and Shareholder Services, Inc. (since June 1983). Former Vice President (since 2004) and Director of Internal Audit of the Manager (1997- February 2004). An officer of 91 Age: 56 portfolios in the OppenheimerFunds complex. 76 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of Treasurer and Principal the following: HarbourView Asset Management Corporation, Shareholder Financial Financial and Accounting Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Officer (since 2004) Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Age:46 Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999),Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 91 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) Secretary (since 2004) of the Manager; General Counsel and Director of the Distributor (since December Age:58 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 91 portfolios in the OppenheimerFunds complex. THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST, BY CALLING 1.800.525.7048. 77 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Trustees of the registrant has determined that the registrant does not have an audit committee financial expert serving on its Audit Committee. In this regard, no member of the Audit Committee was identified as having all of the technical attributes identified in Instruction 2(b) to Item 3 of Form N-CSR to qualify as an "audit committee financial expert," whether through the type of specialized education or experience described in that Instruction. The Board has concluded that while the members of the Audit Committee collectively have the necessary attributes and experience required to serve effectively as an Audit Committee, no single member possesses all of the required technical attributes through the particular methods of education or experience set forth in the Instructions to be designated as an audit committee financial expert. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $20,000 in fiscal 2006 and no such fees in fiscal 2005. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $87,615 in fiscal 2006 and no such fees in fiscal 2005 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services include: internal control reviews. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed $96 in fiscal 2006 and no such fees in fiscal 2005. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $96 in fiscal 2006 and no such fees in fiscal 2005 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) No such services were rendered. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: 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 07/31/2006, 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) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Limited Term California Municipal Fund By: /S/ JOHN V. MURPHY ---------------------------- John V. Murphy Principal Executive Officer Date: 09/14/2006 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: 09/14/2006 By: /S/ BRIAN W. WIXTED ---------------------------- Brian W. Wixted Principal Financial Officer Date: 09/14/2006