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
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TOP TEN INDUSTRIES
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Tobacco Settlement Payments 21.7%
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General Obligation 15.5
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Special Tax 12.2
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Special Assessment 6.8
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Municipal Leases 5.5
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Gas Utilities 5.1
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Water Utilities 4.5
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Marine/Aviation Facilities 4.4
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Multifamily Housing 3.3
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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.
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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.
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12 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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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
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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
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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
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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
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[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%
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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
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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
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[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%
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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
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[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%
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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
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. THIS 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
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended 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
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the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(2/1/06) (7/31/06) JULY 31, 2006
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Class A Actual $1,000.00 $1,019.00 $4.01
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Class A Hypothetical 1,000.00 1,020.83 4.02
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Class B Actual 1,000.00 1,014.90 7.77
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Class B Hypothetical 1,000.00 1,017.11 7.78
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Class C Actual 1,000.00 1,015.50 7.78
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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
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Class A 0.80%
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Class B 1.55
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Class C 1.55
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Manager that can be terminated at any time, without advance notice.
The "Financial Highlights" tables in the Fund's financial statements, included
in this report, also show the gross expense ratios, without such waivers or
reimbursements.
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22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENT July 31, 2006
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EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--113.5%
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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
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15,000 ABAG Finance Authority for NonProfit
Corporations COP 1 5.600 11/01/2023 11/01/2006 A 15,012
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30,000 ABAG Finance Authority for NonProfit
Corporations COP 5.800 03/01/2023 09/01/2006 A 30,031
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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
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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
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250,000 ABAG Finance Authority for NonProfit
Corporations COP (Lytton Gardens) 1 6.000 02/15/2019 02/15/2008 A 258,468
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335,000 ABAG Finance Authority for NonProfit
Corporations, Series A 1 5.770 2 04/20/2019 04/20/2012 A 158,891
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55,000 ABAG Tax Allocation, Series A 5.800 12/15/2008 12/15/2006 A 55,411
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55,000 ABAG Tax Allocation, Series A 6.000 12/15/2014 12/15/2006 A 55,457
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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
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75,000 Alameda County COP 1 5.000 06/01/2022 06/01/2008 A 76,724
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55,000 Alameda County COP
(Alameda County Medical Center) 1 5.300 06/01/2026 12/01/2006 A 55,058
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65,000 Anaheim COP
(Anaheim Memorial Hospital) 1 5.125 05/15/2020 11/15/2006 A 65,068
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10,000 Anaheim Public Financing Authority 5.000 10/01/2023 10/01/2008 A 10,255
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20,000 Anaheim Public Financing Authority 5.250 02/01/2018 02/01/2007 A 20,531
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15,000 Anaheim Public Financing Authority
(Electric Systems) 1 5.000 10/01/2025 10/01/2008 A 15,414
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5,000,000 Anaheim Public Financing Authority RITES 3 9.120 4 12/28/2018 12/01/2007 A 5,547,750
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20,000 Apple Valley Improvement Bond Act 1915 6.900 09/02/2015 09/02/2006 A 20,645
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15,000 Aromas Water District 5.600 09/01/2018 09/01/2006 A 15,006
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25,000 Atwater Community Facilities District 3 7.875 08/01/2015 08/01/2006 A 25,074
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20,000 Atwater Public Financing Authority
(Sewer & Water) 5.500 05/01/2028 05/01/2009 A 20,327
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15,000 Atwater Redevel. Agency
(Downtown Redevel.) 5.500 06/01/2019 06/01/2010 A 15,408
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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
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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
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25,000 Azusa COP 1 5.750 08/01/2020 08/01/2006 A 25,364
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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
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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.
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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