UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-5586
Oppenheimer California Municipal Fund
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(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JULY 31
Date of reporting period: 07/31/2007
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Master Settlement Agreements 24.8%
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Special Tax 19.4
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General Obligation 7.4
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Single Family Housing 6.9
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Hospital/Health Care 6.2
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Tax Increment Financing (TIF) 6.0
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Marine/Aviation Facilities 4.3
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Electric Utilities 4.1
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Multifamily Housing 4.1
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Special Assessment 3.3
Portfolio holdings are subject to change. Percentages are as of July 31, 2007,
and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 29.6%
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AA 7.4
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A 3.3
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BBB 42.5
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BB or lower 17.2
Allocations are subject to change. Percentages are as of July 31, 2007, and are
dollar-weighted based on the total market value of investments. Securities rated
by any rating organization are included in the equivalent Standard & Poor's
rating category in the allocation above. The allocation above also includes
unrated securities whose ratings have been assigned by the Manager; these
unrated securities, currently 41.57% of the portfolio's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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14 | OPPENHEIMER 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, 2007, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that
Oppenheimer California Municipal Fund distributed high levels of tax-free income
to its shareholders during this reporting period, outperforming many
fixed-income alternatives on an after-tax basis. As of July 31, 2007,
Oppenheimer California Municipal Fund's Class A shares provided a distribution
yield of 4.71% at net asset value. Lipper Inc.--an independent mutual fund
rating service--reported an average distribution yield of 3.92% among the 119
funds in its California Municipal Debt Funds category as of the same date. 1
Tax-free income generated 100% of the Fund's positive total return for the
reporting period, providing significant benefit to our yield-oriented investors.
The Fund's Class A shares generated a 1-year total return of 4.67% without sales
charge. By comparison, the Lehman Brothers Municipal Bond Index produced a total
return of 4.27% in the same period. On July 31, 2007, the Fund was ranked in the
top 2% of funds in its Lipper category in total return for periods of 1, 3, 5
and 10 years. 2 These results clearly demonstrate how the Fund's income-oriented
approach continued to provide significant benefit to our investors in the past
12 months.
Early in this reporting period, a marked shift in the risk-return levels
of bonds for sale made lower-grade offerings less attractive than usual. As a
result, the Fund's newer purchases included many high-grade investments, which
generally offer lower yields than their low-grade counterparts. This development
forced the Fund to lower its dividend to 4.5 cents per Class A share, from 4.9
cents, beginning with the September distribution. Distributions for other share
classes were adjusted accordingly. The monthly distribution was unchanged for
the remainder of the reporting period, during which the Fund distributed 54.4
cents per Class A share, including a small amount of taxable income.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. Lipper Inc. As of July 31, 2007, Lipper Inc. ranked Oppenheimer California
Municipal Fund 2nd among 116 funds for the past year,1st among 104 funds for the
past 3 years,1st among 92 funds for the past 5 years and 1st among 70 funds for
the past 10 years in its California Municipal Debt Funds category. Lipper
rankings are based on total returns, but do not consider sales charges. Lipper
rankings are for the A share class only; other classes may have different
performance characteristics. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
15 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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The Fund's holdings in tobacco Master Settlement Agreement (MSA) bonds
continued to provide significant benefit this reporting period. These so-called
tobacco bonds are backed by state and/or U.S. territory proceeds from a national
litigation settlement with tobacco manufacturers. At the end of this reporting
period, MSA-backed tobacco bonds accounted for one-quarter of Fund investments
and comprised the Fund's largest industry category.
This sector contributed strongly to the Fund's total return this reporting
period, which included two large pre-refundings that elevated bond prices.
Tobacco manufacturers continue to face litigation, but we believe the risks have
been overstated. In the history of MSA-backed tobacco bonds, interest payments
and scheduled payments of principal on the bonds held by our funds have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity.
Some recent courtroom decisions, nonetheless, are worth noting. Tobacco
manufacturers received good news in August 2006 when a judge ruled that she
could not authorize financial remedies, despite a finding that federal
racketeering laws had been violated. In November 2006, the U.S. Supreme Court
declined to review a 2005 ruling by the Illinois Supreme Court that reversed a
$10.1 billion judgment against Philip Morris USA. Late in this reporting period,
a federal judge in the Southern District of New York ruled that a smoker's claim
for punitive damages cannot be awarded because New York State, which had sued
the tobacco industry in 1997, ultimately agreed to participate in the MSA.
The Fund's current weighting in MSA-backed bonds reflects our belief that
these bonds can continue to help the Fund deliver high levels of tax-free
income.
In this reporting period, the Fund continued to favor bonds issued to
finance the infrastructure of new real estate development projects. The credit
structure of these Special Tax and Special Assessment bonds (known as "dirt
bonds") are advantageous, we believe, because the payments that secure the bonds
are on parity with real estate taxes. Additionally, the responsibility for
servicing the debt passes to all subsequent property owners as the land is
developed and subdivided. Thus, as the number of owners increases, the risk
bondholders face decreases. Further, the fear of foreclosure leads most property
owners to stay current with their debt service payments--to the benefit of the
Fund.
In all, Special Tax and Special Assessment bonds constituted nearly
one-quarter of the portfolio's market value as of July 31, 2007, included
largely attractive holdings and contributed positively to total return. The
Fund's small position in bonds issued to finance infrastructure development in
the Roripaugh Community Facilities District, in Temecula,
16 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
California, however, was a concern this reporting period. The construction
timeline was delayed and various building permits were withheld when a financial
institution affiliated with both the lead developer and a participating home
builder filed for bankruptcy protection this reporting period. The prices of the
bonds held by the Fund fell as a result and detracted from overall performance.
All scheduled payments were made this reporting period, with the affiliated
developers using a letter of credit to offset any payment shortfalls. We expect
payments to remain timely after the financial institution emerges from
bankruptcy protection and construction resumes. Importantly, we continue to
believe that our tax-free investments in "dirt bonds" represent valuable and
relatively low-risk opportunities to participate in the today's challenging
housing market.
Credit spreads were relatively stable this reporting period. AAA- and
AA-rated securities continued to represent a significant share of the Fund's
market value as of July 31, 2007, as Fund managers scoured the municipal markets
for securities that offered an attractive balance of risk and reward. At the end
of the reporting period, more than 80% of the Fund's portfolio consisted of
investment-grade securities, and the Fund's average credit quality was A.
Including the effects of leverage, the Fund increased its position this
reporting period in municipal inverse-floating-rate securities, which are
tax-exempt securities whose interest payments move inversely to changes in
short-term interest rates. Most of the Fund's new investments in these bonds
were PLNs (percentage of LIBOR notes), which are designed to have minimal (if
any) reaction to interest rate fluctuations. Additionally, PLNs reset quarterly
and, to the benefit of the Fund, these "inverse floaters" offered yields that
were higher than market averages during this reporting period.
During this reporting period, the U.S. Supreme Court announced that it
would hear DEPARTMENT OF REVENUE (KENTUCKY) V. DAVIS this fall or early in 2008,
with a ruling to follow. The question posed in the case is whether Kentucky can
tax the income that state residents earn on out-of-state municipal securities if
the income that residents earn from in-state municipal securities is exempt from
taxation. While the Court's decision could have implications for other states,
exemption from federal taxes, which provides investors with the greatest
benefit, is not in question. We cannot confidently predict what the Court will
decide. However, we will continue to serve our shareholders by focusing on how
best to create tax-free yield advantages in any current and future market
scenario. We remain committed to helping fixed-income investors achieve their
financial goals for tax-free income and will continue to offer a full complement
of municipal bond funds to serve our shareholders' diverse needs.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall
17 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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portfolio risk. Shareholders should note that market conditions during this
reporting period did not affect the Fund's overall investment strategies or
cause it to pay any capital gain distributions. In closing, we believe that the
Fund's structure and composition as well as our time-tested strategies will
continue to benefit long-term investors through interest rate and economic
cycles.
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, 2007. In the case of Class A, Class B and Class C
shares, performance is measured over a ten-year period. The Fund's performance
reflects the deduction of the maximum initial sales charge on Class A shares,
the applicable contingent deferred sales charge on Class B and Class C shares,
and reinvestments of all dividends and capital gains distributions. Past
performance cannot guarantee future results.
The Fund's performance is compared to the performance of the Lehman
Brothers Municipal Bond Index, an unmanaged index of a broad range of investment
grade municipal bonds that is widely regarded as a measure of the performance of
the general municipal bond market. Index performance reflects the reinvestment
of income but does not consider the effect of transaction costs, and none of the
data in the graphs shows the effect of taxes. The Fund's performance reflects
the effects of the Fund's business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
18 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer California Municipal Fund (Class A)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer California Lehman Brothers Municipal
Municipal Fund (Class A) Bond Index
07/31/1997 $ 9,525 $ 10,000
10/31/1997 $ 9,600 $ 10,088
01/31/1998 $ 9,920 $ 10,402
04/30/1998 $ 9,821 $ 10,367
07/31/1998 $ 10,064 $ 10,599
10/31/1998 $ 10,324 $ 10,897
01/31/1999 $ 10,514 $ 11,093
04/30/1999 $ 10,500 $ 11,087
07/31/1999 $ 10,224 $ 10,904
10/31/1999 $ 9,769 $ 10,704
01/31/2000 $ 9,603 $ 10,691
04/30/2000 $ 9,934 $ 10,986
07/31/2000 $ 10,313 $ 11,374
10/31/2000 $ 10,582 $ 11,615
01/31/2001 $ 10,977 $ 12,111
04/30/2001 $ 10,895 $ 12,125
07/31/2001 $ 11,258 $ 12,521
10/31/2001 $ 11,616 $ 12,835
01/31/2002 $ 11,497 $ 12,825
04/30/2002 $ 11,584 $ 12,974
07/31/2002 $ 11,955 $ 13,361
10/31/2002 $ 12,026 $ 13,588
01/31/2003 $ 11,926 $ 13,782
04/30/2003 $ 11,890 $ 14,076
07/31/2003 $ 11,887 $ 13,842
10/31/2003 $ 12,448 $ 14,283
01/31/2004 $ 13,236 $ 14,635
04/30/2004 $ 12,976 $ 14,453
07/31/2004 $ 13,021 $ 14,643
10/31/2004 $ 13,813 $ 15,145
01/31/2005 $ 14,429 $ 15,346
04/30/2005 $ 14,866 $ 15,438
07/31/2005 $ 15,390 $ 15,573
10/31/2005 $ 15,399 $ 15,529
01/31/2006 $ 15,682 $ 15,780
04/30/2006 $ 15,785 $ 15,771
07/31/2006 $ 16,119 $ 15,970
10/31/2006 $ 16,713 $ 16,422
01/31/2007 $ 16,837 $ 16,458
04/30/2007 $ 17,128 $ 16,683
07/31/2007 $ 16,871 $ 16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -0.31% 5-Year 6.09% 10-Year 5.37%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 22 FOR FURTHER INFORMATION.
19 | OPPENHEIMER 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 California Municipal Fund (Class B)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer California Lehman Brothers Municipal
Municipal Fund (Class B) Bond Index
07/31/1997 $ 10,000 $ 10,000
10/31/1997 $ 10,068 $ 10,088
01/31/1998 $ 10,385 $ 10,402
04/30/1998 $ 10,253 $ 10,367
07/31/1998 $ 10,486 $ 10,599
10/31/1998 $ 10,747 $ 10,897
01/31/1999 $ 10,913 $ 11,093
04/30/1999 $ 10,888 $ 11,087
07/31/1999 $ 10,572 $ 10,904
10/31/1999 $ 10,083 $ 10,704
01/31/2000 $ 9,903 $ 10,691
04/30/2000 $ 10,214 $ 10,986
07/31/2000 $ 10,583 $ 11,374
10/31/2000 $ 10,839 $ 11,615
01/31/2001 $ 11,233 $ 12,111
04/30/2001 $ 11,118 $ 12,125
07/31/2001 $ 11,478 $ 12,521
10/31/2001 $ 11,820 $ 12,835
01/31/2002 $ 11,677 $ 12,825
04/30/2002 $ 11,732 $ 12,974
07/31/2002 $ 12,097 $ 13,361
10/31/2002 $ 12,134 $ 13,588
01/31/2003 $ 12,009 $ 13,782
04/30/2003 $ 11,963 $ 14,076
07/31/2003 $ 11,932 $ 13,842
10/31/2003 $ 12,495 $ 14,283
01/31/2004 $ 13,286 $ 14,635
04/30/2004 $ 13,025 $ 14,453
07/31/2004 $ 13,070 $ 14,643
10/31/2004 $ 13,866 $ 15,145
01/31/2005 $ 14,484 $ 15,346
04/30/2005 $ 14,923 $ 15,438
07/31/2005 $ 15,448 $ 15,573
10/31/2005 $ 15,458 $ 15,529
01/31/2006 $ 15,741 $ 15,780
04/30/2006 $ 15,845 $ 15,771
07/31/2006 $ 16,180 $ 15,970
10/31/2006 $ 16,776 $ 16,422
01/31/2007 $ 16,900 $ 16,458
04/30/2007 $ 17,193 $ 16,683
07/31/2007 $ 16,935 $ 16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -1.06% 5-Year 5.99% 10-Year 5.41%
20 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer California Municipal Fund (Class C)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer California Lehman Brothers Municipal
Municipal Fund (Class C) Bond Index
07/31/1997 $ 10,000 $ 10,000
10/31/1997 $ 10,059 $ 10,088
01/31/1998 $ 10,376 $ 10,402
04/30/1998 $ 10,244 $ 10,367
07/31/1998 $ 10,487 $ 10,599
10/31/1998 $ 10,739 $ 10,897
01/31/1999 $ 10,905 $ 11,093
04/30/1999 $ 10,880 $ 11,087
07/31/1999 $ 10,564 $ 10,904
10/31/1999 $ 10,074 $ 10,704
01/31/2000 $ 9,894 $ 10,691
04/30/2000 $ 10,216 $ 10,986
07/31/2000 $ 10,575 $ 11,374
10/31/2000 $ 10,832 $ 11,615
01/31/2001 $ 11,226 $ 12,111
04/30/2001 $ 11,111 $ 12,125
07/31/2001 $ 11,471 $ 12,521
10/31/2001 $ 11,813 $ 12,835
01/31/2002 $ 11,671 $ 12,825
04/30/2002 $ 11,726 $ 12,974
07/31/2002 $ 12,080 $ 13,361
10/31/2002 $ 12,128 $ 13,588
01/31/2003 $ 12,003 $ 13,782
04/30/2003 $ 11,957 $ 14,076
07/31/2003 $ 11,919 $ 13,842
10/31/2003 $ 12,457 $ 14,283
01/31/2004 $ 13,222 $ 14,635
04/30/2004 $ 12,937 $ 14,453
07/31/2004 $ 12,957 $ 14,643
10/31/2004 $ 13,720 $ 15,145
01/31/2005 $ 14,306 $ 15,346
04/30/2005 $ 14,712 $ 15,438
07/31/2005 $ 15,201 $ 15,573
10/31/2005 $ 15,181 $ 15,529
01/31/2006 $ 15,430 $ 15,780
04/30/2006 $ 15,502 $ 15,771
07/31/2006 $ 15,786 $ 15,970
10/31/2006 $ 16,352 $ 16,422
01/31/2007 $ 16,428 $ 16,458
04/30/2007 $ 16,682 $ 16,683
07/31/2007 $ 16,399 $ 16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 2.89% 5-Year 6.30% 10-Year 5.07%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 22 FOR FURTHER INFORMATION.
21 | OPPENHEIMER 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 CALIFORNIA
MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS.
FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR
VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY
BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 11/3/88. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 5/3/93. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 1% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 11/1/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the 1-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
22 | OPPENHEIMER 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, 2007.
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 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.
23 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND EXPENSES Continued
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(2/1/07) (7/31/07) JULY 31, 2007
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Class A Actual $ 1,000.00 $ 1,002.10 $ 6.52
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Class A Hypothetical 1,000.00 1,018.30 6.58
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Class B Actual 1,000.00 998.10 10.46
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Class B Hypothetical 1,000.00 1,014.38 10.54
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Class C Actual 1,000.00 998.30 10.31
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Class C Hypothetical 1,000.00 1,014.53 10.39
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, 2007 are as follows:
CLASS EXPENSE RATIOS
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Class A 1.31%
- -------------------------
Class B 2.10
- -------------------------
Class C 2.07
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
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24 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS July 31, 2007
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--118.5%
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA--109.1%
$ 50,000 ABAG Finance Authority for NonProfit Corporations
(Bijou Woods Apartments) 5.200% 12/01/2021 $ 50,635
- --------------------------------------------------------------------------------------------------------------------
3,025,000 ABAG Finance Authority for NonProfit Corporations
(Channing House) 5.500 02/15/2029 3,057,307
- --------------------------------------------------------------------------------------------------------------------
65,000 ABAG Finance Authority for NonProfit Corporations
(Redding Assisted Living Corp.) 5.250 11/15/2031 66,013
- --------------------------------------------------------------------------------------------------------------------
1,660,000 ABAG Finance Authority for NonProfit Corporations
(S.F. Rincon Hill) 5.250 09/01/2036 1,674,840
- --------------------------------------------------------------------------------------------------------------------
2,500,000 ABAG Finance Authority for NonProfit Corporations
(Schools of Sacred Heart) 6.450 06/01/2030 2,621,250
- --------------------------------------------------------------------------------------------------------------------
90,000 ABAG Finance Authority for NonProfit Corporations
COP 6.000 08/15/2020 90,104
- --------------------------------------------------------------------------------------------------------------------
450,000 ABAG Finance Authority for NonProfit Corporations
COP (American Baptist Homes of the West) 5.750 10/01/2017 454,379
- --------------------------------------------------------------------------------------------------------------------
55,000 ABAG Finance Authority for NonProfit Corporations
COP (American Baptist Homes of the West) 6.200 10/01/2027 56,184
- --------------------------------------------------------------------------------------------------------------------
450,000 ABAG Finance Authority for NonProfit Corporations
COP (Lytton Gardens) 6.000 02/15/2019 457,875
- --------------------------------------------------------------------------------------------------------------------
440,000 ABAG Finance Authority for NonProfit Corporations
COP (O'Connor Woods) 6.200 11/01/2029 461,353
- --------------------------------------------------------------------------------------------------------------------
4,300,000 ABAG Finance Authority for NonProfit Corporations
COP (Redwood Senior Homes & Services) 6.125 11/15/2032 4,582,940
- --------------------------------------------------------------------------------------------------------------------
265,000 ABAG Finance Authority for NonProfit Corporations,
Series A 5.747 1 04/20/2019 132,267
- --------------------------------------------------------------------------------------------------------------------
235,000 ABAG Improvement Bond Act 1915 (Windemere Ranch) 6.150 09/02/2029 294,446
- --------------------------------------------------------------------------------------------------------------------
2,675,000 Adelanto Elementary School District Community
Facilities District No. 1 5.250 09/01/2026 2,689,606
- --------------------------------------------------------------------------------------------------------------------
7,310,000 Adelanto Elementary School District Community
Facilities District No. 1 5.350 09/01/2036 7,356,053
- --------------------------------------------------------------------------------------------------------------------
1,145,000 Adelanto Elementary School District Community
Facilities District No. 1 5.400 09/01/2036 1,153,817
- --------------------------------------------------------------------------------------------------------------------
55,000 Adelanto Improvement Agency, Series B 5.500 12/01/2023 55,300
- --------------------------------------------------------------------------------------------------------------------
50,000 Adelanto Public Financing Authority, Series B 6.300 09/01/2028 50,097
- --------------------------------------------------------------------------------------------------------------------
5,295,000 Agua Mansa Industrial Growth Assoc. Special Tax 6.500 09/01/2033 5,562,292
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Alameda COP 5.750 12/01/2021 1,532,235
- --------------------------------------------------------------------------------------------------------------------
200,000 Alameda Public Financing Authority 5.450 09/02/2014 204,148
- --------------------------------------------------------------------------------------------------------------------
25,000 Alvord Unified School District Community Facilities
District 5.875 09/01/2034 25,513
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Anaheim Public Financing Authority RITES 2 8.970 3 12/28/2018 4,231,480
- --------------------------------------------------------------------------------------------------------------------
150,000 Arcadia Hospital (Methodist Hospital of Southern
California) 6.625 11/15/2022 150,225
- --------------------------------------------------------------------------------------------------------------------
500,000 Arvin Community Redevel. Agency 5.000 09/01/2025 492,090
25 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,435,000 Arvin Community Redevel. Agency 5.125% 09/01/2035 $ 2,420,536
- --------------------------------------------------------------------------------------------------------------------
2,025,000 Aztec Shops Auxiliary Organization (San Diego State
University) 4 6.000 09/01/2031 2,105,676
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Azusa Special Tax Community Facilities District
(Mountain Cove) 6.000 09/01/2032 2,609,175
- --------------------------------------------------------------------------------------------------------------------
200,000 Azusa Special Tax Community Facilities District No. 05-1 5.000 09/01/2027 198,364
- --------------------------------------------------------------------------------------------------------------------
500,000 Azusa Special Tax Community Facilities District No. 05-1 5.000 09/01/2037 490,445
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Bakersfield Improvement Bond Act 1915 5.000 09/02/2027 985,620
- --------------------------------------------------------------------------------------------------------------------
615,000 Bakersfield Improvement Bond Act 1915 5.350 09/02/2022 629,200
- --------------------------------------------------------------------------------------------------------------------
2,310,000 Bakersfield Improvement Bond Act 1915 5.400 09/02/2025 2,351,973
- --------------------------------------------------------------------------------------------------------------------
3,700,000 Beaumont Financing Authority, Series A 5.350 09/01/2036 3,737,814
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Beaumont Financing Authority, Series A 5.750 09/01/2034 1,577,340
- --------------------------------------------------------------------------------------------------------------------
685,000 Beaumont Financing Authority, Series B 5.000 09/01/2027 666,772
- --------------------------------------------------------------------------------------------------------------------
1,685,000 Beaumont Financing Authority, Series B 5.050 09/01/2037 1,665,639
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Beaumont Financing Authority, Series B 5.350 09/01/2028 1,030,670
- --------------------------------------------------------------------------------------------------------------------
1,490,000 Beaumont Financing Authority, Series B 5.400 09/01/2035 1,537,576
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Beaumont Financing Authority, Series B 6.000 09/01/2034 5,299,900
- --------------------------------------------------------------------------------------------------------------------
1,525,000 Beaumont Financing Authority, Series B 6.000 09/01/2034 1,625,421
- --------------------------------------------------------------------------------------------------------------------
2,340,000 Beaumont Financing Authority, Series C 5.500 09/01/2035 2,392,861
- --------------------------------------------------------------------------------------------------------------------
2,925,000 Beaumont Financing Authority, Series D 5.800 09/01/2035 3,073,327
- --------------------------------------------------------------------------------------------------------------------
75,000 Berkeley Unified School District 5.000 08/01/2022 75,714
- --------------------------------------------------------------------------------------------------------------------
500,000 Blythe Community Facilities District Special Tax
(Hidden Beaches) 5.300 09/01/2035 505,230
- --------------------------------------------------------------------------------------------------------------------
30,000 Blythe Redevel. Agency (Redevel. Project No. 1
Tax Allocation) 5.650 05/01/2029 31,076
- --------------------------------------------------------------------------------------------------------------------
7,605,000 Brentwood Infrastructure Financing Authority 5.200 09/02/2036 7,649,109
- --------------------------------------------------------------------------------------------------------------------
30,000 Brentwood Infrastructure Financing Authority
(Water & Sewer) 5.625 07/01/2026 30,340
- --------------------------------------------------------------------------------------------------------------------
60,000 Butte County Hsg. Authority (Affordable Hsg. Pool) 7.000 10/01/2020 63,077
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Affordable Hsg. Agency (Merced County Hsg.
Authority) 6.000 01/01/2023 52,478
- --------------------------------------------------------------------------------------------------------------------
39,700,000 CA County Tobacco Securitization Agency 5.750 1 06/01/2057 2,173,575
- --------------------------------------------------------------------------------------------------------------------
18,530,000 CA County Tobacco Securitization Agency 5.820 1 06/01/2033 4,215,390
- --------------------------------------------------------------------------------------------------------------------
43,500,000 CA County Tobacco Securitization Agency 5.890 1 06/01/2046 4,823,280
- --------------------------------------------------------------------------------------------------------------------
45,600,000 CA County Tobacco Securitization Agency 6.125 1 06/01/2057 2,175,120
- --------------------------------------------------------------------------------------------------------------------
20,000,000 CA County Tobacco Securitization Agency 6.300 1 06/01/2055 1,031,400
- --------------------------------------------------------------------------------------------------------------------
82,110,000 CA County Tobacco Securitization Agency 6.423 1 06/01/2046 7,318,464
- --------------------------------------------------------------------------------------------------------------------
51,500,000 CA County Tobacco Securitization Agency 6.700 1 06/01/2057 1,861,210
- --------------------------------------------------------------------------------------------------------------------
55,250,000 CA County Tobacco Securitization Agency 6.901 1 06/01/2057 1,889,550
- --------------------------------------------------------------------------------------------------------------------
71,700,000 CA County Tobacco Securitization Agency 7.000 1 06/01/2055 2,839,320
- --------------------------------------------------------------------------------------------------------------------
123,750,000 CA County Tobacco Securitization Agency 7.251 1 06/01/2055 4,247,100
26 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 347,900,000 CA County Tobacco Securitization Agency 7.550% 1 06/01/2055 $ 10,666,614
- --------------------------------------------------------------------------------------------------------------------
409,500,000 CA County Tobacco Securitization Agency 8.251 1 06/01/2055 11,646,180
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2036 4,331,950
- --------------------------------------------------------------------------------------------------------------------
25,725,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2041 22,336,503
- --------------------------------------------------------------------------------------------------------------------
28,270,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2046 24,623,453
- --------------------------------------------------------------------------------------------------------------------
12,030,000 CA County Tobacco Securitization Agency (TASC) 5.125 06/01/2038 11,388,320
- --------------------------------------------------------------------------------------------------------------------
3,725,000 CA County Tobacco Securitization Agency (TASC) 5.125 06/01/2038 3,526,309
- --------------------------------------------------------------------------------------------------------------------
11,435,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 10,919,968
- --------------------------------------------------------------------------------------------------------------------
5,815,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 5,553,092
- --------------------------------------------------------------------------------------------------------------------
4,375,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2029 4,497,938
- --------------------------------------------------------------------------------------------------------------------
6,230,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2027 6,465,058
- --------------------------------------------------------------------------------------------------------------------
9,125,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2035 9,421,836
- --------------------------------------------------------------------------------------------------------------------
1,250,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 1,286,250
- --------------------------------------------------------------------------------------------------------------------
10,545,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2035 10,959,419
- --------------------------------------------------------------------------------------------------------------------
21,960,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 22,762,199
- --------------------------------------------------------------------------------------------------------------------
10,025,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2038 10,457,278
- --------------------------------------------------------------------------------------------------------------------
50,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2043 52,237
- --------------------------------------------------------------------------------------------------------------------
86,970,000 CA County Tobacco Securitization Agency (TASC) 6.375 1 06/01/2046 8,502,187
- --------------------------------------------------------------------------------------------------------------------
65,800,000 CA County Tobacco Securitization Agency (TASC) 6.600 1 06/01/2046 5,354,804
- --------------------------------------------------------------------------------------------------------------------
10,575,000 CA Dept. of Veterans Affairs Home Purchase 5.000 12/01/2027 10,696,190
- --------------------------------------------------------------------------------------------------------------------
10,000,000 CA Dept. of Veterans Affairs Home Purchase 5.000 12/01/2042 9,920,600
- --------------------------------------------------------------------------------------------------------------------
45,000 CA Dept. of Veterans Affairs Home Purchase 5.200 12/01/2027 45,234
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Dept. of Veterans Affairs Home Purchase 5.500 12/01/2019 51,880
- --------------------------------------------------------------------------------------------------------------------
20,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2029 20,144
- --------------------------------------------------------------------------------------------------------------------
15,000 CA Dept. of Water Resources (Center Valley) 5.400 07/01/2012 15,019
- --------------------------------------------------------------------------------------------------------------------
55,000 CA Educational Facilities Authority
(Golden Gate University) 5.500 10/01/2031 55,592
- --------------------------------------------------------------------------------------------------------------------
380,000 CA Educational Facilities Authority (Stanford
University) 5.200 12/01/2027 385,229
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Educational Facilities Authority
(Western University Health Sciences) 4 6.000 10/01/2032 1,049,360
- --------------------------------------------------------------------------------------------------------------------
24,980,000 CA GO 6 5.000 06/01/2031 25,637,723
- --------------------------------------------------------------------------------------------------------------------
21,700,000 CA GO 6 5.000 08/01/2035 22,253,567
- --------------------------------------------------------------------------------------------------------------------
45,000 CA GO 5.000 04/01/2022 46,470
- --------------------------------------------------------------------------------------------------------------------
500,000 CA GO 5.000 02/01/2023 506,920
- --------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.000 10/01/2023 10,089
- --------------------------------------------------------------------------------------------------------------------
100,000 CA GO 5.000 02/01/2024 103,167
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.000 08/01/2024 5,129
- --------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.000 03/01/2028 20,513
- --------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.000 02/01/2033 15,402
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.125 02/01/2027 5,184
27 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 CA GO 5.125% 10/01/2027 $ 15,175
- --------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.125 03/01/2031 20,425
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.125 06/01/2031 5,182
- --------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.500 04/01/2019 25,070
- --------------------------------------------------------------------------------------------------------------------
255,000 CA GO 5.500 03/01/2020 255,357
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.500 10/01/2022 5,011
- --------------------------------------------------------------------------------------------------------------------
200,000 CA GO 6.250 10/01/2019 200,822
- --------------------------------------------------------------------------------------------------------------------
60,000 CA GO 6.250 10/01/2019 60,246
- --------------------------------------------------------------------------------------------------------------------
43,535,000 CA Golden State Tobacco Securitization Corp. 6 5.000 06/01/2045 44,222,932
- --------------------------------------------------------------------------------------------------------------------
10,530,000 CA Golden State Tobacco Securitization Corp. 5.000 06/01/2047 9,627,053
- --------------------------------------------------------------------------------------------------------------------
32,165,000 CA Golden State Tobacco Securitization Corp. 6.625 06/01/2040 36,690,937
- --------------------------------------------------------------------------------------------------------------------
37,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 6 5.000 06/01/2035 37,900,950
- --------------------------------------------------------------------------------------------------------------------
55,410,000 CA Golden State Tobacco Securitization Corp. (TASC) 0.000 5 06/01/2037 41,272,693
- --------------------------------------------------------------------------------------------------------------------
4,785,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2033 4,466,080
- --------------------------------------------------------------------------------------------------------------------
22,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.125 06/01/2047 20,553,940
- --------------------------------------------------------------------------------------------------------------------
182,695,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.750 06/01/2047 188,422,488
- --------------------------------------------------------------------------------------------------------------------
1,350,000 CA Golden State Tobacco Securitization Corp. (TASC) 4 7.800 06/01/2042 1,620,905
- --------------------------------------------------------------------------------------------------------------------
2,825,000 CA Golden State Tobacco Securitization Corp. (TASC) 4 7.875 06/01/2042 3,401,865
- --------------------------------------------------------------------------------------------------------------------
150,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875 06/01/2042 180,630
- --------------------------------------------------------------------------------------------------------------------
2,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 4 7.900 06/01/2042 2,410,740
- --------------------------------------------------------------------------------------------------------------------
10,500,000 CA Health Facilities Financing Authority
(Cedars-Sinai Medical Center) 5.000 11/15/2034 10,573,605
- --------------------------------------------------------------------------------------------------------------------
2,025,000 CA Health Facilities Financing Authority
(Cedars-Sinai Medical Center) 4 5.125 08/01/2027 2,064,852
- --------------------------------------------------------------------------------------------------------------------
495,000 CA Health Facilities Financing Authority
(Hospital of the Good Samaritan) 7.000 09/01/2021 495,747
- --------------------------------------------------------------------------------------------------------------------
85,000 CA Health Facilities Financing Authority
(Pomona Valley Hospital Medical Center) 5.625 07/01/2019 86,816
- --------------------------------------------------------------------------------------------------------------------
125,000 CA Health Facilities Financing Authority
(Small Facilities Loan), Series B 7.400 04/01/2014 125,293
- --------------------------------------------------------------------------------------------------------------------
385,000 CA Health Facilities Financing Authority (Sutter Health) 4 5.250 08/15/2027 393,050
- --------------------------------------------------------------------------------------------------------------------
80,000 CA Health Facilities Financing Authority (Sutter Health) 5.350 08/15/2028 82,562
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Health Facilities Financing Authority
(UCSF-Stanford Health Care) 5.000 11/15/2028 25,510
- --------------------------------------------------------------------------------------------------------------------
25,000 CA HFA (Multifamily Hsg.) 5.375 08/01/2028 25,453
- --------------------------------------------------------------------------------------------------------------------
190,000 CA HFA (Multifamily Hsg.) 5.950 08/01/2028 194,053
- --------------------------------------------------------------------------------------------------------------------
380,000 CA HFA (Multifamily Hsg.), Series A 5.900 02/01/2028 384,081
- --------------------------------------------------------------------------------------------------------------------
95,000 CA HFA (Multifamily Hsg.), Series B 5.500 08/01/2039 96,295
- --------------------------------------------------------------------------------------------------------------------
35,000 CA HFA, Series A 5.600 08/01/2011 35,382
- --------------------------------------------------------------------------------------------------------------------
300,000 CA HFA, Series B 7.125 08/01/2024 303,441
- --------------------------------------------------------------------------------------------------------------------
275,000 CA HFA, Series B-1 5.600 08/01/2017 279,285
28 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,915,000 CA HFA, Series C 5.750% 08/01/2030 $ 11,560,731
- --------------------------------------------------------------------------------------------------------------------
17,250,000 CA HFA, Series E 5.000 02/01/2024 17,398,523
- --------------------------------------------------------------------------------------------------------------------
9,290,000 CA HFA, Series E 5.050 02/01/2026 9,382,714
- --------------------------------------------------------------------------------------------------------------------
15,770,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 5.800 08/01/2043 16,693,334
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 6.000 02/01/2033 5,276,050
- --------------------------------------------------------------------------------------------------------------------
3,000,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 6.000 02/01/2049 3,290,850
- --------------------------------------------------------------------------------------------------------------------
4,560,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 6.100 02/01/2046 4,992,562
- --------------------------------------------------------------------------------------------------------------------
6,430,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine, Food and the Arts) 5.000 12/01/2032 6,446,397
- --------------------------------------------------------------------------------------------------------------------
4,885,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine, Food and the Arts) 5.530 1 12/01/2026 1,704,767
- --------------------------------------------------------------------------------------------------------------------
3,620,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine, Food and the Arts) 5.550 1 12/01/2027 1,191,632
- --------------------------------------------------------------------------------------------------------------------
25,250,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine, Food and the Arts) 5.624 1 12/01/2032 6,231,700
- --------------------------------------------------------------------------------------------------------------------
26,275,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine, Food and the Arts) 5.655 1 12/01/2037 4,876,640
- --------------------------------------------------------------------------------------------------------------------
3,000,000 CA Municipal Finance Authority
(Cancer Center of Santa Barbara) 4 5.000 06/01/2036 3,002,970
- --------------------------------------------------------------------------------------------------------------------
2,100,000 CA Municipal Finance Authority
(ECHS/AHEF/HK-8CS Obligated Group) 4 5.250 06/01/2036 2,104,998
- --------------------------------------------------------------------------------------------------------------------
120,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 5.800 12/01/2016 121,055
- --------------------------------------------------------------------------------------------------------------------
11,500,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.875 11/01/2027 11,561,755
- --------------------------------------------------------------------------------------------------------------------
30,000 CA Pollution Control Financing Authority
(General Motors Corp.) 5.500 04/01/2008 29,948
- --------------------------------------------------------------------------------------------------------------------
1,015,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 4 5.850 06/01/2021 1,016,370
- --------------------------------------------------------------------------------------------------------------------
185,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 5.850 06/01/2021 185,253
- --------------------------------------------------------------------------------------------------------------------
4,065,000 CA Pollution Control Financing Authority
(Waste Management) 5.000 01/01/2022 4,001,261
- --------------------------------------------------------------------------------------------------------------------
3,000,000 CA Pollution Control Financing Authority
(Waste Management) 5.400 04/01/2025 3,038,070
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Public Works (Dept. of Corrections) 5.250 06/01/2028 26,029
- --------------------------------------------------------------------------------------------------------------------
200,000 CA Public Works (Dept. of General Services) 5.000 12/01/2027 206,386
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Public Works (State Universities) 5.400 10/01/2022 102,217
- --------------------------------------------------------------------------------------------------------------------
440,000 CA Public Works (State Universities) 5.500 12/01/2018 440,400
- --------------------------------------------------------------------------------------------------------------------
20,000 CA Resource Efficiency Financing Authority COP 5.500 04/01/2013 20,415
- --------------------------------------------------------------------------------------------------------------------
11,905,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.400 08/01/2035 12,499,893
- --------------------------------------------------------------------------------------------------------------------
4,500,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.400 12/01/2036 4,709,160
29 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 4,565,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.400% 02/01/2037 $ 4,815,755
- --------------------------------------------------------------------------------------------------------------------
10,000,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.400 06/01/2048 10,420,700
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.450 02/01/2048 5,315,050
- --------------------------------------------------------------------------------------------------------------------
25,440,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.500 02/01/2043 26,670,278
- --------------------------------------------------------------------------------------------------------------------
3,970,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.500 08/01/2047 4,150,040
- --------------------------------------------------------------------------------------------------------------------
495,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.500 08/01/2047 500,207
- --------------------------------------------------------------------------------------------------------------------
13,900,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.650 02/01/2049 14,794,465
- --------------------------------------------------------------------------------------------------------------------
8,890,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.700 02/01/2033 9,278,938
- --------------------------------------------------------------------------------------------------------------------
6,450,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.700 08/01/2044 6,886,536
- --------------------------------------------------------------------------------------------------------------------
6,040,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.750 02/01/2044 6,448,364
- --------------------------------------------------------------------------------------------------------------------
4,505,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.750 02/01/2046 4,837,379
- --------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide CDA 5.000 09/02/2018 250,305
- --------------------------------------------------------------------------------------------------------------------
245,000 CA Statewide CDA 5.000 09/02/2019 244,221
- --------------------------------------------------------------------------------------------------------------------
245,000 CA Statewide CDA 5.125 09/02/2020 246,149
- --------------------------------------------------------------------------------------------------------------------
3,000,000 CA Statewide CDA 5.125 09/02/2025 2,961,570
- --------------------------------------------------------------------------------------------------------------------
8,495,000 CA Statewide CDA 5.200 09/02/2036 8,338,437
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA 6.527 1 09/01/2028 26,240
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA 6.625 09/01/2027 25,029
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA 6.750 09/01/2037 53,518
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA 6.773 1 09/01/2034 16,741
- --------------------------------------------------------------------------------------------------------------------
15,000 CA Statewide CDA 7.000 07/01/2022 15,026
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA (Arc of San Diego) COP 5.625 05/01/2021 25,534
- --------------------------------------------------------------------------------------------------------------------
5,400,000 CA Statewide CDA (Berkeley Montessori School) 7.250 10/01/2033 5,948,586
- --------------------------------------------------------------------------------------------------------------------
265,000 CA Statewide CDA (California Odd Fellow Hsg.) 5.500 10/01/2023 265,223
- --------------------------------------------------------------------------------------------------------------------
830,000 CA Statewide CDA (Citrus Gardens Apartments) 6.500 07/01/2032 860,992
- --------------------------------------------------------------------------------------------------------------------
1,405,000 CA Statewide CDA (Citrus Gardens Apartments) 9.000 07/01/2032 1,405,253
- --------------------------------------------------------------------------------------------------------------------
2,290,000 CA Statewide CDA (Clara) 5.050 01/20/2041 2,280,794
- --------------------------------------------------------------------------------------------------------------------
23,175,000 CA Statewide CDA (Daughters of Charity) 4 5.250 07/01/2035 23,405,591
- --------------------------------------------------------------------------------------------------------------------
1,070,000 CA Statewide CDA (Drew School) 5.300 10/01/2037 1,051,724
- --------------------------------------------------------------------------------------------------------------------
1,250,000 CA Statewide CDA (East Tabor Apartments) 4 6.850 08/20/2036 1,366,388
- --------------------------------------------------------------------------------------------------------------------
9,800,000 CA Statewide CDA (East Valley Tourist) 9.250 10/01/2020 10,584,196
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA (Eastfield Ming Quong) 5.500 06/01/2012 50,553
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Statewide CDA (Fairfield Apartments) 7 7.250 01/01/2035 3,018,700
- --------------------------------------------------------------------------------------------------------------------
4,215,000 CA Statewide CDA (Family House & Hsg.
Foundation-Torrence I) 7.000 04/20/2036 4,744,151
- --------------------------------------------------------------------------------------------------------------------
43,650,000 CA Statewide CDA (Foxdale Apartments) 5.500 03/01/2040 42,803,627
- --------------------------------------------------------------------------------------------------------------------
60,000 CA Statewide CDA (GP Steinbeck) 5.492 1 03/20/2022 25,841
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (Huntington Park Charter School) 5.250 07/01/2042 950,200
- --------------------------------------------------------------------------------------------------------------------
1,145,000 CA Statewide CDA (International School Peninsula) 5.000 11/01/2025 1,113,524
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (International School Peninsula) 5.000 11/01/2029 961,620
30 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 5,000,000 CA Statewide CDA (John F. Kennedy University) 6.750% 10/01/2033 $ 5,419,000
- --------------------------------------------------------------------------------------------------------------------
100,000,000 CA Statewide CDA (Kaiser Permanente) 2,6 4.371 8 04/01/2036 99,500,000
- --------------------------------------------------------------------------------------------------------------------
2,050,000 CA Statewide CDA (Kaiser Permanente) 4 5.300 12/01/2015 2,113,427
- --------------------------------------------------------------------------------------------------------------------
2,750,000 CA Statewide CDA (Live Oak School) 6.750 10/01/2030 2,930,703
- --------------------------------------------------------------------------------------------------------------------
6,000,000 CA Statewide CDA (Marin Montessori School) 7.000 10/01/2033 6,576,900
- --------------------------------------------------------------------------------------------------------------------
6,590,000 CA Statewide CDA (Mountain Shadows Community) 5.000 07/01/2031 6,608,518
- --------------------------------------------------------------------------------------------------------------------
1,400,000 CA Statewide CDA (Napa Valley Hospice) 7.000 01/01/2034 1,494,094
- --------------------------------------------------------------------------------------------------------------------
1,650,000 CA Statewide CDA (Notre Dame de Namur University) 6.500 10/01/2023 1,779,360
- --------------------------------------------------------------------------------------------------------------------
1,635,000 CA Statewide CDA (Notre Dame de Namur University) 6.625 10/01/2033 1,765,816
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA (Quail Ridge Apartments) 5.250 07/01/2022 50,503
- --------------------------------------------------------------------------------------------------------------------
1,425,000 CA Statewide CDA (Quail Ridge Apartments) 6.500 07/01/2032 1,465,983
- --------------------------------------------------------------------------------------------------------------------
2,060,000 CA Statewide CDA (Quail Ridge Apartments) 9.000 07/01/2032 2,024,630
- --------------------------------------------------------------------------------------------------------------------
450,000 CA Statewide CDA (Rio Bravo) 6.300 12/01/2018 438,246
- --------------------------------------------------------------------------------------------------------------------
1,885,000 CA Statewide CDA (Sonoma Country Day School) 6.000 01/01/2029 1,859,194
- --------------------------------------------------------------------------------------------------------------------
210,000 CA Statewide CDA (Stonehaven Student Hsg.) 5.875 07/01/2032 221,342
- --------------------------------------------------------------------------------------------------------------------
15,000 CA Statewide CDA (Sutter Health Obligated Group) 5.500 08/15/2034 15,769
- --------------------------------------------------------------------------------------------------------------------
450,000 CA Statewide CDA (Sycamore) 6.000 03/20/2038 483,471
- --------------------------------------------------------------------------------------------------------------------
4,000,000 CA Statewide CDA (Turning Point) 4 6.500 11/01/2031 4,219,200
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (Valleycare Health System) 5.125 07/15/2031 971,760
- --------------------------------------------------------------------------------------------------------------------
240,000 CA Statewide CDA COP (Children's Hospital of Los Angeles) 5.250 08/15/2029 241,685
- --------------------------------------------------------------------------------------------------------------------
165,000 CA Statewide CDA COP (Internext Group) 5.375 04/01/2030 165,096
- --------------------------------------------------------------------------------------------------------------------
1,065,000 CA Statewide CDA COP (Windward School) 6.900 09/01/2023 1,088,089
- --------------------------------------------------------------------------------------------------------------------
9,000,000 CA Statewide CDA Linked PARS & INFLOS 5.600 8 10/01/2011 9,380,430
- --------------------------------------------------------------------------------------------------------------------
270,000 CA Statewide CDA Special Tax Community
Facilities District No. 97 6.842 1 09/01/2022 113,497
- --------------------------------------------------------------------------------------------------------------------
10,000,000 CA Statewide CDA, Series A 5.150 09/02/2037 9,738,500
- --------------------------------------------------------------------------------------------------------------------
490,000 CA Statewide CDA, Series A 5.200 09/02/2025 487,986
- --------------------------------------------------------------------------------------------------------------------
3,945,000 CA Statewide CDA, Series A 5.350 09/02/2035 3,964,843
- --------------------------------------------------------------------------------------------------------------------
141,950,000 CA Statewide Financing Authority Tobacco Settlement 6.250 1 06/01/2046 13,607,327
- --------------------------------------------------------------------------------------------------------------------
45,175,000 CA Statewide Financing Authority Tobacco Settlement 6.375 1 06/01/2046 4,106,859
- --------------------------------------------------------------------------------------------------------------------
220,000,000 CA Statewide Financing Authority Tobacco Settlement 7.876 1 06/01/2055 5,968,600
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2037 5,186,200
- --------------------------------------------------------------------------------------------------------------------
11,745,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 12,167,350
- --------------------------------------------------------------------------------------------------------------------
30,010,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 31,089,160
- --------------------------------------------------------------------------------------------------------------------
3,675,000 CA Valley Health System COP 4 6.875 05/15/2023 3,680,182
- --------------------------------------------------------------------------------------------------------------------
130,000 CA Valley Health System, Series A 4 6.500 05/15/2025 131,542
- --------------------------------------------------------------------------------------------------------------------
120,000 CA Veterans GO 4.700 12/01/2012 120,030
31 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 CA Veterans GO, Series BP 5.500% 12/01/2026 $ 25,016
- --------------------------------------------------------------------------------------------------------------------
165,000 CA Veterans GO, Series BR 5.250 12/01/2026 165,071
- --------------------------------------------------------------------------------------------------------------------
12,000,000 CA Veterans GO, Series BZ 5.350 12/01/2021 12,017,040
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Water Resource Devel. GO, Series S 5.500 04/01/2009 25,034
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Calexico Community Facilities District No. 2005-1
Special Tax (Hearthstone) 5.500 09/01/2036 2,549,100
- --------------------------------------------------------------------------------------------------------------------
2,325,000 Calexico Community Facilities District No. 2005-1
Special Tax (Hearthstone) 5.550 09/01/2036 2,371,221
- --------------------------------------------------------------------------------------------------------------------
145,000 Campbell (Civic Center) COP 5.250 10/01/2028 148,157
- --------------------------------------------------------------------------------------------------------------------
25,000 Carlsbad Improvement Bond Act 1915 5.500 09/02/2028 25,155
- --------------------------------------------------------------------------------------------------------------------
1,480,000 Carlsbad Special Tax Community Facilities District No. 3 5.300 09/01/2036 1,498,559
- --------------------------------------------------------------------------------------------------------------------
200,000 Carlsbad Unified School District COP
(Aviara Oaks Middle School) 5.300 06/01/2022 202,140
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Carson Improvement Bond Act 1915 7.375 09/02/2022 1,372,795
- --------------------------------------------------------------------------------------------------------------------
1,040,000 Carson Public Financing Authority 5.000 09/02/2031 1,029,184
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Carson Redevel. Agency 6.000 01/01/2035 6,277,020
- --------------------------------------------------------------------------------------------------------------------
50,000 Central CA Joint Powers Health Financing Authority
COP (CHCC/FCHMC/SHF Obligated Group) 6.000 02/01/2030 53,209
- --------------------------------------------------------------------------------------------------------------------
2,190,000 Chino Community Facilities District Special Tax 5.150 09/01/2036 2,193,657
- --------------------------------------------------------------------------------------------------------------------
45,000 Chino Community Facilities District Special Tax 5.950 09/01/2033 46,917
- --------------------------------------------------------------------------------------------------------------------
1,200,000 Chino Community Facilities District Special Tax 6.000 09/01/2028 1,258,056
- --------------------------------------------------------------------------------------------------------------------
1,340,000 Chino Community Facilities District Special Tax 6.000 09/01/2033 1,404,106
- --------------------------------------------------------------------------------------------------------------------
50,000 Chino Community Facilities District Special Tax No. 10 6.850 09/01/2020 53,880
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Chino Community Facilities District Special Tax No. 2005-1 5.000 09/01/2023 984,220
- --------------------------------------------------------------------------------------------------------------------
1,625,000 Chino Community Facilities District Special Tax No. 2005-1 5.000 09/01/2027 1,591,655
- --------------------------------------------------------------------------------------------------------------------
5,010,000 Chino Community Facilities District Special Tax No. 2005-1 5.000 09/01/2036 4,878,688
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Chino Hills COP 5.000 09/01/2026 7,000,910
- --------------------------------------------------------------------------------------------------------------------
5,000 Chino Valley Unified School District COP 5.000 09/01/2026 5,167
- --------------------------------------------------------------------------------------------------------------------
2,175,000 Chowchilla Community Facilities Sales Tax District 5.000 09/01/2037 2,117,167
- --------------------------------------------------------------------------------------------------------------------
2,790,000 Chowchilla Redevel. Agency 5.000 08/01/2037 2,792,734
- --------------------------------------------------------------------------------------------------------------------
1,825,000 Chowchilla Redevel. Agency 5.000 08/01/2037 1,826,789
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Chula Vista Community Facilities District
(Otay Ranch Village Seven) 5.250 09/01/2026 2,020,780
- --------------------------------------------------------------------------------------------------------------------
2,670,000 Chula Vista Community Facilities District
(Otay Ranch Village Seven) 5.350 09/01/2036 2,703,402
- --------------------------------------------------------------------------------------------------------------------
3,655,000 Clearlake Public Financing Authority (Highlands Park) 5.000 10/01/2036 3,781,098
- --------------------------------------------------------------------------------------------------------------------
2,525,000 Coalinga Regional Medical Center COP 5.125 03/01/2032 2,383,474
- --------------------------------------------------------------------------------------------------------------------
1,825,000 Coalinga Regional Medical Center COP 5.750 09/01/2024 1,866,044
- --------------------------------------------------------------------------------------------------------------------
3,040,000 Coalinga Regional Medical Center COP 6.000 09/01/2034 3,105,330
- --------------------------------------------------------------------------------------------------------------------
2,195,000 Colton Community Facilities District Special Tax 7.500 09/01/2020 2,320,247
- --------------------------------------------------------------------------------------------------------------------
2,800,000 Commerce Community Devel. Corp. Tax Allocation 6.000 08/01/2021 2,858,352
32 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,970,000 Contra Costa County Public Financing Authority
(Contra Costa Centre) 5.000% 08/01/2035 $ 3,974,645
- --------------------------------------------------------------------------------------------------------------------
30,000 Contra Costa County Public Financing Authority
Tax Allocation 5.850 08/01/2033 31,530
- --------------------------------------------------------------------------------------------------------------------
25,000 Contra Costa Water District 5.000 10/01/2022 25,053
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Corcoran Hospital District, Series A 5.000 08/01/2035 4,004,320
- --------------------------------------------------------------------------------------------------------------------
2,005,000 Corona Community Facilities District (Buchanan Street) 5.150 09/01/2036 2,008,509
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Corona-Norco Unified School District Community
Facilities District No. 04-1 5.200 09/01/2036 1,759,363
- --------------------------------------------------------------------------------------------------------------------
500,000 Downey Community Devel. Commission Tax Allocation
(Downey Redevel.) 5.125 08/01/2028 502,455
- --------------------------------------------------------------------------------------------------------------------
8,450,000 Duarte COP (Hope National Medical Center) 4 5.250 04/01/2031 8,533,486
- --------------------------------------------------------------------------------------------------------------------
3,280,000 East Palo Alto Redevel. Agency Tax Allocation
(University Circle Gateway) 6.625 10/01/2029 3,485,525
- --------------------------------------------------------------------------------------------------------------------
400,000 Eastern CA Municipal Water District 5.125 09/01/2035 400,216
- --------------------------------------------------------------------------------------------------------------------
3,740,000 Eastern CA Municipal Water District 5.250 09/01/2035 3,772,912
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Eastern CA Municipal Water District
(Crown Valley Village) 5.625 09/01/2034 1,530,390
- --------------------------------------------------------------------------------------------------------------------
200,000 Eastern CA Municipal Water District
Community Facilities Special Tax 5.000 09/01/2030 198,502
- --------------------------------------------------------------------------------------------------------------------
340,000 Eastern CA Municipal Water District
Community Facilities Special Tax 5.000 09/01/2037 333,503
- --------------------------------------------------------------------------------------------------------------------
200,000 Eastern CA Municipal Water District
Community Facilities Special Tax 5.100 09/01/2037 197,716
- --------------------------------------------------------------------------------------------------------------------
425,000 Eastern CA Municipal Water District
Community Facilities Special Tax No. 2003-25 5.000 09/01/2036 416,993
- --------------------------------------------------------------------------------------------------------------------
20,000 Eastern CA Municipal Water District
Community Facilities Special Tax No. 2004-26 5.000 09/01/2025 19,917
- --------------------------------------------------------------------------------------------------------------------
525,000 Eastern CA Municipal Water District
Improvement Bond Act 1915 5.200 09/01/2036 527,809
- --------------------------------------------------------------------------------------------------------------------
1,725,000 Eastern CA Municipal Water District
Improvement Bond Act 1915 5.500 09/02/2035 1,758,586
- --------------------------------------------------------------------------------------------------------------------
1,205,000 Eastern CA Municipal Water District
Improvement Bond Act 1915 (Faircrest) 5.250 09/01/2036 1,216,243
- --------------------------------------------------------------------------------------------------------------------
4,000,000 El Dorado County Special Tax 5.250 09/01/2035 3,991,080
- --------------------------------------------------------------------------------------------------------------------
1,900,000 El Dorado County Special Tax 5.350 09/01/2035 1,929,165
- --------------------------------------------------------------------------------------------------------------------
1,875,000 El Monte Public Finance Authority (Multiple Redevel.) 5.300 06/01/2038 1,884,131
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Elk Grove Special Tax Community Facilities
District No. 2005-1X 5.200 09/01/2027 3,509,380
- --------------------------------------------------------------------------------------------------------------------
18,000,000 Elk Grove Special Tax Community Facilities
District No. 2005-1X 5.250 09/01/2037 18,034,020
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Escondido Special Tax Community Facilities
District No. 01 (Eureka) 5.100 09/01/2026 1,399,090
33 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,800,000 Escondido Special Tax Community Facilities
District No. 01 (Eureka) 5.150% 09/01/2036 $ 2,804,900
- --------------------------------------------------------------------------------------------------------------------
700,000 Farmersville Unified School District COP 5.000 08/01/2026 712,019
- --------------------------------------------------------------------------------------------------------------------
100,000 Fillmore Public Financing (Central City Redevel.) 5.500 06/01/2031 100,970
- --------------------------------------------------------------------------------------------------------------------
570,000 Fillmore Redevel. Agency Tax Allocation 5.000 05/01/2014 573,038
- --------------------------------------------------------------------------------------------------------------------
760,000 Fillmore Redevel. Agency Tax Allocation 5.000 05/01/2015 762,607
- --------------------------------------------------------------------------------------------------------------------
935,000 Fillmore Redevel. Agency Tax Allocation 5.000 05/01/2016 937,225
- --------------------------------------------------------------------------------------------------------------------
1,080,000 Fillmore Redevel. Agency Tax Allocation 5.000 05/01/2017 1,080,313
- --------------------------------------------------------------------------------------------------------------------
1,135,000 Fillmore Redevel. Agency Tax Allocation 5.000 05/01/2018 1,131,640
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Fillmore Redevel. Agency Tax Allocation 5.125 05/01/2021 3,991,840
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Fillmore Redevel. Agency Tax Allocation 5.300 05/01/2023 3,022,650
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Fillmore Redevel. Agency Tax Allocation 5.375 05/01/2031 13,140,530
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Folsom Public Financing Authority 5.200 09/01/2032 3,003,360
- --------------------------------------------------------------------------------------------------------------------
625,000 Folsom Special Tax Community Facilities District No. 10 6.300 09/01/2012 668,356
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Folsom Special Tax Community Facilities District No. 10 6.300 09/01/2012 1,050,020
- --------------------------------------------------------------------------------------------------------------------
3,270,000 Folsom Special Tax Community Facilities District No. 10 6.875 09/01/2019 3,533,856
- --------------------------------------------------------------------------------------------------------------------
5,230,000 Folsom Special Tax Community Facilities District No. 10 6.875 09/01/2019 5,530,254
- --------------------------------------------------------------------------------------------------------------------
2,615,000 Folsom Special Tax Community Facilities District No. 31 5.000 09/01/2026 2,581,659
- --------------------------------------------------------------------------------------------------------------------
5,195,000 Folsom Special Tax Community Facilities District No. 31 5.000 09/01/2036 5,097,126
- --------------------------------------------------------------------------------------------------------------------
10,000 Fontana Redevel. Agency (Jurupa Hills) 5.500 10/01/2027 10,215
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Foothill Eastern Transportation Corridor
Agency Toll Road 4 5.877 1 01/15/2030 2,716,300
- --------------------------------------------------------------------------------------------------------------------
5,100,000 Fremont Community Facilities District (Pacific Commons) 5.375 09/01/2036 5,166,453
- --------------------------------------------------------------------------------------------------------------------
20,000 Fremont Community Facilities District (Pacific Commons) 6.250 09/01/2026 20,826
- --------------------------------------------------------------------------------------------------------------------
5,180,000 Fullerton Redevel. Agency COP 5.000 04/01/2034 5,189,479
- --------------------------------------------------------------------------------------------------------------------
1,675,000 Hawthorne Community Redevel. Agency Special Tax 7.200 10/01/2025 1,728,600
- --------------------------------------------------------------------------------------------------------------------
1,180,000 Hawthorne Community Redevel. Agency Special Tax 7.200 10/01/2025 1,217,760
- --------------------------------------------------------------------------------------------------------------------
1,165,000 Heber Public Utilities District (Heber Meadows) 5.300 09/01/2035 1,181,764
- --------------------------------------------------------------------------------------------------------------------
785,000 Hemet Unified School District 5.125 09/01/2036 784,961
- --------------------------------------------------------------------------------------------------------------------
1,505,000 Hemet Unified School District 5.250 09/01/2035 1,518,244
- --------------------------------------------------------------------------------------------------------------------
50,000 Hesperia Improvement Bond Act 1915 8.500 09/02/2024 51,659
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Hesperia Public Financing Authority, Tranche A 6.250 09/01/2035 1,371,082
- --------------------------------------------------------------------------------------------------------------------
3,375,000 Hesperia Public Financing Authority, Tranche B 6.250 09/01/2035 3,377,666
- --------------------------------------------------------------------------------------------------------------------
3,355,000 Hesperia Public Financing Authority, Tranche C 6.250 09/01/2035 3,357,650
- --------------------------------------------------------------------------------------------------------------------
1,070,000 Hesperia Unified School District 5.000 09/01/2030 1,047,712
- --------------------------------------------------------------------------------------------------------------------
855,000 Hesperia Unified School District 5.000 09/01/2037 832,266
- --------------------------------------------------------------------------------------------------------------------
50,000 Hesperia Unified School District 5.200 09/01/2035 50,248
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Huntington Beach Community Facilities District
Special Tax (Huntington Center) 5.850 09/01/2033 1,550,940
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Huntington Park Public Financing Authority, Series A 2 6.200 10/01/2025 3,064,740
34 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 Imperial County COP 6.000% 09/01/2009 $ 10,013
- --------------------------------------------------------------------------------------------------------------------
870,000 Imperial County Special Tax 5.000 09/01/2026 848,546
- --------------------------------------------------------------------------------------------------------------------
1,070,000 Imperial County Special Tax 5.000 09/01/2037 1,049,552
- --------------------------------------------------------------------------------------------------------------------
3,385,000 Imperial County Special Tax 5.000 09/01/2037 3,320,313
- --------------------------------------------------------------------------------------------------------------------
295,000 Imperial County Special Tax 5.000 09/01/2037 289,363
- --------------------------------------------------------------------------------------------------------------------
1,550,000 Imperial County Special Tax 5.100 09/01/2037 1,532,299
- --------------------------------------------------------------------------------------------------------------------
3,710,000 Imperial County Special Tax 5.125 09/01/2037 3,626,377
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Independent Cities Lease Finance Authority (Caritas) 4 5.200 08/15/2045 7,040,040
- --------------------------------------------------------------------------------------------------------------------
130,000 Independent Cities Lease Finance Authority
(El Granada Mobile Home Park) 6.000 05/15/2034 137,586
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Independent Cities Lease Finance Authority
(San Juan Mobile Estates) 5.125 05/15/2041 3,020,880
- --------------------------------------------------------------------------------------------------------------------
500,000 Independent Cities Lease Finance Authority
(San Juan Mobile Estates) 5.450 05/15/2026 502,555
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Independent Cities Lease Finance Authority
(San Juan Mobile Estates) 5.850 05/15/2041 1,119,459
- --------------------------------------------------------------------------------------------------------------------
2,445,000 Indio Community Facilities District Special Tax 5.200 09/01/2027 2,454,095
- --------------------------------------------------------------------------------------------------------------------
2,215,000 Indio Community Facilities District Special Tax 5.250 09/01/2027 2,223,218
- --------------------------------------------------------------------------------------------------------------------
2,520,000 Indio Community Facilities District Special Tax 5.250 09/01/2036 2,533,835
- --------------------------------------------------------------------------------------------------------------------
4,095,000 Indio Community Facilities District Special Tax 5.250 09/01/2036 4,117,482
- --------------------------------------------------------------------------------------------------------------------
295,000 Indio Community Facilities District Special Tax
(Sonora Wells) 5.000 09/01/2020 295,522
- --------------------------------------------------------------------------------------------------------------------
310,000 Indio Community Facilities District Special Tax
(Sonora Wells) 5.000 09/01/2021 308,593
- --------------------------------------------------------------------------------------------------------------------
645,000 Indio Community Facilities District Special Tax
(Sonora Wells) 5.050 09/01/2026 640,679
- --------------------------------------------------------------------------------------------------------------------
2,885,000 Indio Community Facilities District Special Tax
(Sonora Wells) 5.125 09/01/2036 2,884,856
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Indio Improvement Bond Act 1915 Assessment
District No. 2003-03 6.125 09/02/2029 2,131,020
- --------------------------------------------------------------------------------------------------------------------
25,000 Indio Improvement Bond Act 1915 Assessment
District No. 2003-5 (Sunburst) 5.875 09/02/2029 26,162
- --------------------------------------------------------------------------------------------------------------------
2,820,000 Indio Improvement Bond Act 1915 Assessment
District No. 2004-03 5.500 09/02/2030 2,906,828
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Indio Public Financing Authority 6.100 09/02/2029 2,149,460
- --------------------------------------------------------------------------------------------------------------------
4,250,000 Indio Redevel. Agency Tax, Series B 6.500 08/15/2034 4,601,985
- --------------------------------------------------------------------------------------------------------------------
305,000 Industry COP 4 5.300 08/01/2019 316,151
- --------------------------------------------------------------------------------------------------------------------
10,000 Irvine Improvement Bond Act 1915 5.625 09/02/2024 10,303
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Jurupa Community Services District Special Tax 5.000 09/01/2036 1,471,740
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Jurupa Community Services District Special Tax 5.000 09/01/2036 1,962,320
- --------------------------------------------------------------------------------------------------------------------
1,540,000 Jurupa Unified School District 5.450 09/01/2035 1,568,629
- --------------------------------------------------------------------------------------------------------------------
5,000 King Community Devel. Agency (King City Redevel.) 6.400 09/01/2009 4,986
35 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 50,000 King Community Devel. Agency (King City Redevel.) 6.750% 09/01/2016 $ 50,103
- --------------------------------------------------------------------------------------------------------------------
30,000 Kingsburg Public Financing Authority 8.000 09/15/2021 30,064
- --------------------------------------------------------------------------------------------------------------------
4,500,000 La Verne COP (Bethren Hillcrest Homes) 4 6.625 02/15/2025 4,850,190
- --------------------------------------------------------------------------------------------------------------------
1,300,000 Laguna Beach Improvement Bond Act 1915
Underground Utility Assessment No. 06-1 5.500 09/02/2022 1,271,920
- --------------------------------------------------------------------------------------------------------------------
846,000 Lake Berryessa Resort Improvement District 9 5.250 09/02/2017 845,628
- --------------------------------------------------------------------------------------------------------------------
1,440,000 Lake Berryessa Resort Improvement District 9 5.250 09/02/2027 1,443,787
- --------------------------------------------------------------------------------------------------------------------
2,470,000 Lake Berryessa Resort Improvement District 9 5.550 09/02/2037 2,475,360
- --------------------------------------------------------------------------------------------------------------------
2,020,000 Lake Elsinore Community Facilities District
No. 2006-2 Special Tax (Viscaya) 5.400 09/01/2036 2,052,562
- --------------------------------------------------------------------------------------------------------------------
1,665,000 Lake Elsinore Public Financing Authority, Series F 7.100 09/01/2020 1,701,946
- --------------------------------------------------------------------------------------------------------------------
1,325,000 Lake Elsinore Special Tax 5.150 09/01/2036 1,310,160
- --------------------------------------------------------------------------------------------------------------------
980,000 Lake Elsinore Special Tax 5.200 09/01/2026 982,548
- --------------------------------------------------------------------------------------------------------------------
920,000 Lake Elsinore Special Tax 5.200 09/01/2026 919,402
- --------------------------------------------------------------------------------------------------------------------
2,800,000 Lake Elsinore Special Tax 5.250 09/01/2037 2,789,360
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Lake Elsinore Special Tax 5.350 09/01/2036 1,107,997
- --------------------------------------------------------------------------------------------------------------------
1,210,000 Lake Elsinore Special Tax 5.350 09/01/2036 1,218,797
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Lake Elsinore Special Tax 5.450 09/01/2036 2,026,260
- --------------------------------------------------------------------------------------------------------------------
1,170,000 Lake Elsinore Unified School District 5.000 09/01/2037 1,147,641
- --------------------------------------------------------------------------------------------------------------------
3,430,000 Lake Elsinore Unified School District 5.350 09/01/2035 3,477,231
- --------------------------------------------------------------------------------------------------------------------
1,220,000 Lake Elsinore Unified School District 5.350 09/01/2035 1,236,799
- --------------------------------------------------------------------------------------------------------------------
2,435,000 Lake Elsinore Unified School District 5.400 09/01/2035 2,485,210
- --------------------------------------------------------------------------------------------------------------------
1,800,000 Lathrop Financing Authority (Water Supply) 6.000 06/01/2035 1,881,162
- --------------------------------------------------------------------------------------------------------------------
3,430,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 5.100 09/02/2035 3,422,214
- --------------------------------------------------------------------------------------------------------------------
50,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 6.000 09/02/2022 51,523
- --------------------------------------------------------------------------------------------------------------------
20,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 6.125 09/02/2028 20,623
- --------------------------------------------------------------------------------------------------------------------
30,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 6.125 09/02/2033 30,920
- --------------------------------------------------------------------------------------------------------------------
4,490,000 Lathrop Special Tax Community Facilities District No. 03-2 7.000 09/01/2033 4,630,492
- --------------------------------------------------------------------------------------------------------------------
475,000 Lathrop Special Tax Community Facilities District No. 06-1 5.000 09/01/2015 479,855
- --------------------------------------------------------------------------------------------------------------------
445,000 Lathrop Special Tax Community Facilities District No. 06-1 5.000 09/01/2016 447,728
- --------------------------------------------------------------------------------------------------------------------
670,000 Lathrop Special Tax Community Facilities District No. 06-1 5.125 09/01/2017 679,688
- --------------------------------------------------------------------------------------------------------------------
800,000 Lathrop Special Tax Community Facilities District No. 06-1 5.125 09/01/2018 810,112
- --------------------------------------------------------------------------------------------------------------------
1,015,000 Lathrop Special Tax Community Facilities District No. 06-1 5.200 09/01/2019 1,030,743
- --------------------------------------------------------------------------------------------------------------------
505,000 Lathrop Special Tax Community Facilities District No. 06-1 5.250 09/01/2021 510,611
- --------------------------------------------------------------------------------------------------------------------
2,680,000 Lathrop Special Tax Community Facilities District No. 06-1 5.300 09/01/2026 2,698,117
- --------------------------------------------------------------------------------------------------------------------
15,305,000 Lathrop Special Tax Community Facilities District No. 06-1 5.375 09/01/2036 15,413,512
- --------------------------------------------------------------------------------------------------------------------
110,000 Lee Lake Water District Community Facilities
District No. 1 (Sycamore Creek) 6.000 09/01/2033 116,673
- --------------------------------------------------------------------------------------------------------------------
635,000 Lincoln Special Tax 5.000 09/01/2026 630,726
- --------------------------------------------------------------------------------------------------------------------
1,315,000 Lincoln Special Tax 5.000 09/01/2036 1,290,225
36 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,305,000 Lindsay Redevel. Agency 5.000% 08/01/2025 $ 1,320,869
- --------------------------------------------------------------------------------------------------------------------
2,290,000 Lindsay Redevel. Agency 5.000 08/01/2035 2,292,244
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Lindsay Redevel. Agency 5.000 08/01/2037 2,008,600
- --------------------------------------------------------------------------------------------------------------------
25,000 Loma Linda Collateralized Loan (Redlands) 7.375 06/01/2009 25,686
- --------------------------------------------------------------------------------------------------------------------
25,000 Long Beach Bond Finance Authority
(Aquarium of the South Pacific) 5.000 11/01/2026 25,837
- --------------------------------------------------------------------------------------------------------------------
150,000 Long Beach Special Tax (Towne Center) 6.875 10/01/2025 151,977
- --------------------------------------------------------------------------------------------------------------------
10,165,000 Long Beach Special Tax Community Facilities
District No. 7 (Douglas Park) 5.250 09/01/2037 10,050,847
- --------------------------------------------------------------------------------------------------------------------
135,000 Los Angeles Community Redevel. Agency
(Angelus Plaza) 6.400 07/01/2023 137,723
- --------------------------------------------------------------------------------------------------------------------
1,675,000 Los Angeles Community Redevel. Agency
(Grand Central Square) 5.000 12/01/2026 1,684,966
- --------------------------------------------------------------------------------------------------------------------
4,700,000 Los Angeles Community Redevel. Agency
(Manchester Social Services) 5.000 09/01/2030 4,820,743
- --------------------------------------------------------------------------------------------------------------------
200,000 Los Angeles Dept. of Water & Power, Series A 5.125 07/01/2041 204,256
- --------------------------------------------------------------------------------------------------------------------
17,585,000 Los Angeles Harbor Dept., Series A 6 5.000 08/01/2025 18,187,448
- --------------------------------------------------------------------------------------------------------------------
18,495,000 Los Angeles Harbor Dept., Series A 6 5.000 08/01/2026 19,095,972
- --------------------------------------------------------------------------------------------------------------------
5,230,000 Los Angeles Hsg. (Park Plaza) 4 5.500 01/20/2043 5,394,693
- --------------------------------------------------------------------------------------------------------------------
5,530,000 Los Angeles Hsg. Authority 4 5.000 06/01/2033 5,544,544
- --------------------------------------------------------------------------------------------------------------------
5,370,000 Los Angeles Hsg. Authority 4 5.000 06/01/2037 5,375,853
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Los Angeles IDA (Santee Court Parking Facility) 5.000 12/01/2020 1,519,275
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Los Angeles IDA (Santee Court Parking Facility) 5.000 12/01/2027 1,105,885
- --------------------------------------------------------------------------------------------------------------------
25,000 Los Angeles Regional Airports Improvement Corp.
(United Airlines) 7,10 8.800 11/15/2021 24,988
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Los Angeles Unified School District 6 5.625 07/01/2015 5,265,775
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Los Angeles Unified School District 6 5.625 07/01/2016 5,265,775
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Los Angeles Unified School District 6 5.625 07/01/2017 3,159,465
- --------------------------------------------------------------------------------------------------------------------
9,500,000 Los Angeles Water & Power System 6 5.000 07/01/2024 9,598,943
- --------------------------------------------------------------------------------------------------------------------
25,000 Los Banos COP 2 6.000 12/01/2019 25,021
- --------------------------------------------------------------------------------------------------------------------
15,000 Los Gatos Union School District 5.000 08/01/2024 15,471
- --------------------------------------------------------------------------------------------------------------------
65,000 M-S-R Public Power Agency (San Juan) 6.000 07/01/2022 71,311
- --------------------------------------------------------------------------------------------------------------------
135,000 Madera County COP (Valley Children's Hospital) 5.750 03/15/2028 135,284
- --------------------------------------------------------------------------------------------------------------------
925,000 Madera Special Tax 5.000 09/01/2036 900,756
- --------------------------------------------------------------------------------------------------------------------
50,000 Marina Community Facilities District Special Tax 6.250 09/01/2023 51,560
- --------------------------------------------------------------------------------------------------------------------
4,575,000 Maywood Community Devel. Commission
(Maywood Redevel.) 5.000 08/01/2032 4,589,366
- --------------------------------------------------------------------------------------------------------------------
100,000 Mendocino Coast Healthcare District 5.875 02/01/2020 100,739
- --------------------------------------------------------------------------------------------------------------------
1,375,000 Mendota Joint Powers Financing Authority Wastewater 4 5.150 07/01/2035 1,378,355
- --------------------------------------------------------------------------------------------------------------------
610,000 Menifee Union School District Special Tax 5.000 09/01/2026 598,575
- --------------------------------------------------------------------------------------------------------------------
3,520,000 Menifee Union School District Special Tax 5.000 09/01/2036 3,453,683
37 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 915,000 Menifee Union School District Special Tax 5.200% 09/01/2030 $ 922,778
- --------------------------------------------------------------------------------------------------------------------
400,000 Menifee Union School District Special Tax 5.200 09/01/2035 401,980
- --------------------------------------------------------------------------------------------------------------------
500,000 Menifee Union School District Special Tax 5.250 09/01/2035 503,945
- --------------------------------------------------------------------------------------------------------------------
1,010,000 Menifee Union School District Special Tax 5.250 09/01/2036 1,018,221
- --------------------------------------------------------------------------------------------------------------------
690,000 Menifee Union School District Special Tax 5.500 09/01/2034 703,904
- --------------------------------------------------------------------------------------------------------------------
385,000 Menifee Union School District Special Tax 5.500 09/01/2034 392,758
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Merced Irrigation District 6 5.250 09/01/2036 13,694,590
- --------------------------------------------------------------------------------------------------------------------
2,930,000 Merced Special Tax 5.000 09/01/2036 2,874,799
- --------------------------------------------------------------------------------------------------------------------
500,000 Merced Special Tax 5.100 09/01/2035 495,190
- --------------------------------------------------------------------------------------------------------------------
25,000 Metropolitan Water District of Southern CA, Series A 5.000 07/01/2037 25,297
- --------------------------------------------------------------------------------------------------------------------
1,785,000 Mission Springs Water District 5.200 09/02/2032 1,797,709
- --------------------------------------------------------------------------------------------------------------------
25,000 Mission Viejo Community Devel.
(City Hall Construction/Library) 5.000 05/01/2028 25,481
- --------------------------------------------------------------------------------------------------------------------
50,000 Modesto Health Facility (Sutter Health/Alta Bates
Medical Center/Berkeley Long-Term Care Company
Obligated Group) 5.250 06/01/2021 51,038
- --------------------------------------------------------------------------------------------------------------------
22,500,000 Modesto Irrigation District (Domestic Water) 6 4.210 8 09/01/2037 22,421,250
- --------------------------------------------------------------------------------------------------------------------
445,000 Modesto Irrigation District COP 4 5.300 07/01/2022 445,490
- --------------------------------------------------------------------------------------------------------------------
15,000 Modesto Multifamily Hsg. (Valley Oak) 5.450 05/01/2028 15,265
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Modesto Special Tax Community Facilities District No. 4 5.150 09/01/2036 2,988,660
- --------------------------------------------------------------------------------------------------------------------
4,250,000 Moorpark Community Facilities District No. 2004-1
(Moorpark Highlands) 5.300 09/01/2038 4,300,193
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Moreno Valley Special Tax Community
Facilities District No. 5 5.000 09/01/2037 1,226,113
- --------------------------------------------------------------------------------------------------------------------
815,000 Moreno Valley Unified School District
Community Facilities District 5.000 09/01/2036 799,645
- --------------------------------------------------------------------------------------------------------------------
1,475,000 Moreno Valley Unified School District
Community Facilities District 5.150 09/01/2035 1,471,667
- --------------------------------------------------------------------------------------------------------------------
680,000 Moreno Valley Unified School District
Community Facilities District 5.200 09/01/2036 683,475
- --------------------------------------------------------------------------------------------------------------------
100,000 Mountain View Los Altos Union High School
District COP 4 5.250 08/01/2040 100,596
- --------------------------------------------------------------------------------------------------------------------
700,000 Murrieta Community Facilities District Special Tax
(Bremerton) 5.625 09/01/2034 726,831
- --------------------------------------------------------------------------------------------------------------------
1,810,000 Murrieta Community Facilities District Special Tax
(Creekside Village) 5.200 09/01/2035 1,849,187
- --------------------------------------------------------------------------------------------------------------------
240,000 Murrieta Community Facilities District Special Tax
(Meadowlane/Amberwalk) 5.125 09/01/2035 240,058
- --------------------------------------------------------------------------------------------------------------------
875,000 Murrieta Community Facilities District Special Tax
(Murrieta Fields) 5.250 09/01/2035 880,189
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Murrieta Community Facilities District Special Tax
(Murrieta Springs) 5.500 09/01/2034 2,535,875
38 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Murrieta Valley Unified School District Special Tax 5.250% 09/01/2037 $ 25,183
- --------------------------------------------------------------------------------------------------------------------
370,000 Murrieta Valley Unified School District Special Tax 5.375 09/01/2026 375,828
- --------------------------------------------------------------------------------------------------------------------
680,000 Murrieta Valley Unified School District Special Tax 5.450 09/01/2038 692,893
- --------------------------------------------------------------------------------------------------------------------
25,000 Murrieta Water Public Financing Authority 6.600 10/01/2016 25,095
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Napa-Vallejo Waste Management Authority
(Solid Waste Transfer Facility) 5.300 02/15/2012 1,040,288
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Northern CA Gas Authority 6 4.311 8 07/01/2027 14,700,000
- --------------------------------------------------------------------------------------------------------------------
40,000 Northern CA Gas Authority 4.191 8 07/01/2017 39,400
- --------------------------------------------------------------------------------------------------------------------
300,000 Northern CA Power Agency (Hydroelectric) 5.000 07/01/2028 305,271
- --------------------------------------------------------------------------------------------------------------------
1,025,000 Northern CA Power Agency (Hydroelectric) 4 5.125 07/01/2023 1,044,434
- --------------------------------------------------------------------------------------------------------------------
23,675,000 Northern CA Tobacco Securitization Authority (TASC) 4 5.500 06/01/2045 23,542,183
- --------------------------------------------------------------------------------------------------------------------
157,335,000 Northern CA Tobacco Securitization Authority (TASC) 4 6.700 1 06/01/2045 13,425,396
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Northstar Community Services District 4 5.000 09/01/2037 4,980,500
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Northstar Community Services District 4 5.550 09/01/2036 6,123,360
- --------------------------------------------------------------------------------------------------------------------
900,000 Oakley Public Finance Authority 5.200 09/02/2026 910,170
- --------------------------------------------------------------------------------------------------------------------
4,445,000 Oakley Public Finance Authority 5.250 09/02/2036 4,488,117
- --------------------------------------------------------------------------------------------------------------------
4,060,000 Orange Unified School District 4 5.375 09/01/2036 4,126,300
- --------------------------------------------------------------------------------------------------------------------
30,000 Oxnard School District 5.000 08/01/2031 30,648
- --------------------------------------------------------------------------------------------------------------------
1,555,000 Palm Desert Financing Authority 4 5.000 1 08/01/2014 1,113,380
- --------------------------------------------------------------------------------------------------------------------
440,000 Palm Desert Financing Authority 5.050 1 08/01/2015 299,746
- --------------------------------------------------------------------------------------------------------------------
390,000 Palm Desert Financing Authority 5.100 1 08/01/2016 251,687
- --------------------------------------------------------------------------------------------------------------------
230,000 Palm Desert Financing Authority 5.650 1 04/01/2018 131,726
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Palm Desert Financing Authority 5.650 1 08/01/2018 574,046
- --------------------------------------------------------------------------------------------------------------------
265,000 Palm Desert Financing Authority 5.750 1 04/01/2019 141,229
- --------------------------------------------------------------------------------------------------------------------
1,165,000 Palm Desert Financing Authority 5.750 1 08/01/2019 610,006
- --------------------------------------------------------------------------------------------------------------------
305,000 Palm Desert Financing Authority 5.850 1 04/01/2020 151,966
- --------------------------------------------------------------------------------------------------------------------
1,310,000 Palm Desert Financing Authority 5.850 1 08/01/2020 641,114
- --------------------------------------------------------------------------------------------------------------------
340,000 Palm Desert Financing Authority 5.950 1 04/01/2021 157,668
- --------------------------------------------------------------------------------------------------------------------
1,450,000 Palm Desert Financing Authority 5.950 1 08/01/2021 660,229
- --------------------------------------------------------------------------------------------------------------------
380,000 Palm Desert Financing Authority 6.000 1 04/01/2022 164,445
- --------------------------------------------------------------------------------------------------------------------
1,605,000 Palm Desert Financing Authority 6.000 1 08/01/2022 681,788
- --------------------------------------------------------------------------------------------------------------------
395,000 Palm Desert Financing Authority 6.010 1 04/01/2023 161,148
- --------------------------------------------------------------------------------------------------------------------
1,755,000 Palm Desert Financing Authority 6.010 1 08/01/2023 702,842
- --------------------------------------------------------------------------------------------------------------------
410,000 Palm Desert Financing Authority 6.020 1 04/01/2024 157,661
- --------------------------------------------------------------------------------------------------------------------
1,910,000 Palm Desert Financing Authority 6.020 1 08/01/2024 721,006
- --------------------------------------------------------------------------------------------------------------------
430,000 Palm Desert Financing Authority 6.030 1 04/01/2025 155,170
- --------------------------------------------------------------------------------------------------------------------
2,070,000 Palm Desert Financing Authority 6.030 1 08/01/2025 733,194
- --------------------------------------------------------------------------------------------------------------------
445,000 Palm Desert Financing Authority 6.040 1 04/01/2026 150,793
- --------------------------------------------------------------------------------------------------------------------
2,235,000 Palm Desert Financing Authority 6.040 1 08/01/2026 743,294
- --------------------------------------------------------------------------------------------------------------------
465,000 Palm Desert Financing Authority 6.050 1 04/01/2027 148,186
39 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,400,000 Palm Desert Financing Authority 6.050% 1 08/01/2027 $ 437,850
- --------------------------------------------------------------------------------------------------------------------
480,000 Palm Desert Financing Authority 6.060 1 04/01/2028 143,462
- --------------------------------------------------------------------------------------------------------------------
1,415,000 Palm Desert Financing Authority 6.060 1 08/01/2028 414,991
- --------------------------------------------------------------------------------------------------------------------
500,000 Palm Desert Financing Authority 6.070 1 04/01/2029 140,485
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Palm Desert Financing Authority 4 6.070 1 08/01/2029 377,709
- --------------------------------------------------------------------------------------------------------------------
520,000 Palm Desert Financing Authority 6.080 1 04/01/2030 137,436
- --------------------------------------------------------------------------------------------------------------------
1,430,000 Palm Desert Financing Authority 4 6.080 1 08/01/2030 370,871
- --------------------------------------------------------------------------------------------------------------------
540,000 Palm Desert Financing Authority 6.090 1 04/01/2031 134,228
- --------------------------------------------------------------------------------------------------------------------
1,495,000 Palm Desert Financing Authority 4 6.090 1 08/01/2031 364,645
- --------------------------------------------------------------------------------------------------------------------
560,000 Palm Desert Financing Authority 6.100 1 04/01/2032 130,782
- --------------------------------------------------------------------------------------------------------------------
1,560,000 Palm Desert Financing Authority 4 6.100 1 08/01/2032 357,474
- --------------------------------------------------------------------------------------------------------------------
580,000 Palm Desert Financing Authority 6.100 1 04/01/2033 127,554
- --------------------------------------------------------------------------------------------------------------------
1,625,000 Palm Desert Financing Authority 4 6.100 1 08/01/2033 350,659
- --------------------------------------------------------------------------------------------------------------------
590,000 Palm Desert Financing Authority 6.100 1 04/01/2034 122,183
- --------------------------------------------------------------------------------------------------------------------
1,705,000 Palm Desert Financing Authority 4 6.100 1 08/01/2034 346,456
- --------------------------------------------------------------------------------------------------------------------
2,075,000 Palm Desert Financing Authority 4 6.100 1 08/01/2035 396,719
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Palm Desert Special Tax Community Facilities
District No. 2005-1 5.150 09/01/2027 2,921,160
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Palm Desert Special Tax Community Facilities
District No. 2005-1 5.200 09/01/2037 8,700,840
- --------------------------------------------------------------------------------------------------------------------
2,335,000 Palm Desert Special Tax Community Facilities
District No. 2005-1-A 5.250 09/01/2026 2,342,425
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Palm Desert Special Tax Community Facilities
District No. 2005-1-A 5.450 09/01/2032 6,113,760
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Palm Desert Special Tax Community Facilities
District No. 2005-1-A 5.500 09/01/2036 8,157,120
- --------------------------------------------------------------------------------------------------------------------
500,000 Palm Springs Airport Passenger Facilities
(Palm Springs International Airport) 4 5.450 07/01/2020 506,845
- --------------------------------------------------------------------------------------------------------------------
2,685,000 Palm Springs Airport Passenger Facilities
(Palm Springs International Airport) 4 5.550 07/01/2028 2,709,487
- --------------------------------------------------------------------------------------------------------------------
20,000 Palm Springs Financing Authority
(Palm Springs Regional Airport) 5.250 01/01/2028 20,316
- --------------------------------------------------------------------------------------------------------------------
10,000 Palm Springs Improvement Bond Act 1915 5.550 09/02/2023 10,270
- --------------------------------------------------------------------------------------------------------------------
100,000 Palmdale Community Facilities District Special Tax 5.400 09/01/2035 102,045
- --------------------------------------------------------------------------------------------------------------------
5,765,000 Palmdale Community Facilities District Special Tax 6.250 09/01/2035 6,124,736
- --------------------------------------------------------------------------------------------------------------------
20,000 Palo Alto Improvement Bond Act 1915
(University Ave. Area) 5.750 09/02/2022 20,419
- --------------------------------------------------------------------------------------------------------------------
120,000 Perris Community Facilities District (May Farms) 5.150 09/01/2035 120,323
- --------------------------------------------------------------------------------------------------------------------
1,390,000 Perris Community Facilities District Special Tax 5.300 09/01/2035 1,410,002
- --------------------------------------------------------------------------------------------------------------------
2,115,000 Perris Community Facilities District Special Tax 5.300 09/01/2035 2,137,905
- --------------------------------------------------------------------------------------------------------------------
2,085,000 Perris Community Facilities District Special Tax
(Amber Oaks) 6.000 09/01/2034 2,222,297
40 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,500,000 Perris Community Facilities District Special Tax
(Chaparral Ridge) 6.250% 09/01/2033 $ 2,692,925
- --------------------------------------------------------------------------------------------------------------------
1,310,000 Perris Community Facilities District Special Tax, Series A 5.750 09/01/2035 1,371,714
- --------------------------------------------------------------------------------------------------------------------
3,605,000 Perris Community Facilities District Special Tax, Series B 6.000 09/01/2034 3,842,389
- --------------------------------------------------------------------------------------------------------------------
4,350,000 Perris Public Financing Authority 5.350 10/01/2036 4,407,768
- --------------------------------------------------------------------------------------------------------------------
10,000 Perris Public Financing Authority, Series A 6.000 09/01/2023 10,675
- --------------------------------------------------------------------------------------------------------------------
80,000 Perris Public Financing Authority, Series A 6.125 09/01/2034 86,337
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Perris Public Financing Authority, Series A 6.250 09/01/2033 1,346,463
- --------------------------------------------------------------------------------------------------------------------
95,000 Pittsburg Infrastructure Financing Authority, Series A 5.600 09/02/2024 97,662
- --------------------------------------------------------------------------------------------------------------------
25,000 Pleasant Hill Community Facilities District Special Tax 6.000 09/01/2032 25,922
- --------------------------------------------------------------------------------------------------------------------
1,275,000 Plumas Elementary School District Community
Facilities District No. 2 5.625 06/01/2037 1,249,602
- --------------------------------------------------------------------------------------------------------------------
1,220,000 Plumas Elementary School District COP 5.200 06/01/2027 1,225,807
- --------------------------------------------------------------------------------------------------------------------
2,620,000 Plumas Elementary School District COP 5.250 06/01/2037 2,628,332
- --------------------------------------------------------------------------------------------------------------------
500,000 Pomona (Single Family Mtg.), Series B 7.500 08/01/2023 637,845
- --------------------------------------------------------------------------------------------------------------------
1,155,000 Pomona Public Financing Authority 5.000 02/01/2026 1,140,597
- --------------------------------------------------------------------------------------------------------------------
10,640,000 Port of Oakland, Series G 6 5.375 11/01/2025 10,878,283
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Port of Oakland, Series K 6 5.750 11/01/2015 5,203,550
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Port of Oakland, Series K 6 5.875 11/01/2017 5,219,625
- --------------------------------------------------------------------------------------------------------------------
20,100,000 Port of Oakland, Series L 6 5.000 11/01/2032 20,394,867
- --------------------------------------------------------------------------------------------------------------------
25,000 Port of Oakland, Series L 4 5.000 11/01/2023 25,519
- --------------------------------------------------------------------------------------------------------------------
400,000 Port of Oakland, Series L 4 5.000 11/01/2032 405,868
- --------------------------------------------------------------------------------------------------------------------
9,720,000 Port of Oakland, Series N 6 5.000 11/01/2022 9,935,201
- --------------------------------------------------------------------------------------------------------------------
750,000 Poway Hsg. (Poinsetta Mobile Home Park) 4 5.000 05/01/2023 758,588
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Poway Unified School District Special Tax
Community Facilities District No. 14 5.250 09/01/2036 7,567,050
- --------------------------------------------------------------------------------------------------------------------
5,250,000 Poway Unified School District Special Tax
Community Facilities District No. 14 5.250 09/01/2036 5,296,935
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Ramona Unified School District COP 0.000 5 05/01/2032 2,404,290
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Rancho Cordova Community Facilities District
Special Tax (Sunridge Anatolia) 6.000 09/01/2028 2,045,760
- --------------------------------------------------------------------------------------------------------------------
25,000 Rancho Cordova Community Facilities District
Special Tax (Sunridge Anatolia) 6.000 09/01/2033 25,569
- --------------------------------------------------------------------------------------------------------------------
20,000 Rancho Cordova Community Facilities District
Special Tax (Sunridge Anatolia) 6.100 09/01/2037 20,451
- --------------------------------------------------------------------------------------------------------------------
600,000 Rancho Cucamonga Community Facilities District
Special Tax (Amador) 5.000 09/01/2027 591,378
- --------------------------------------------------------------------------------------------------------------------
1,260,000 Rancho Cucamonga Community Facilities District
Special Tax (Amador) 5.000 09/01/2037 1,235,921
- --------------------------------------------------------------------------------------------------------------------
13,585,000 Rancho Cucamonga Community Facilities District
Special Tax (Etiwanda) 5.375 09/01/2036 13,828,579
41 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 570,000 Rancho Cucamonga Community Facilities District
Special Tax (Vintners) 5.000% 09/01/2027 $ 561,809
- --------------------------------------------------------------------------------------------------------------------
1,120,000 Rancho Cucamonga Community Facilities District
Special Tax (Vintners) 5.000 09/01/2037 1,098,597
- --------------------------------------------------------------------------------------------------------------------
2,400,000 Rancho Cucamonga Community Facilities District
Special Tax (Vintners) 5.375 09/01/2036 2,443,032
- --------------------------------------------------------------------------------------------------------------------
25,000 Rancho Mirage Improvement Bond Act 1915 5.750 09/02/2026 25,567
- --------------------------------------------------------------------------------------------------------------------
20,000 Rancho Santa Fe Community Services District Special Tax 6.600 09/01/2023 20,921
- --------------------------------------------------------------------------------------------------------------------
2,575,000 Redding Electric System COP RIBS 4 8.812 3 07/08/2022 3,440,226
- --------------------------------------------------------------------------------------------------------------------
10,000 Redding Improvement Bond Act 1915
(Tierra Oaks Assessment District 1993-1) 7.000 09/02/2012 9,939
- --------------------------------------------------------------------------------------------------------------------
500,000 Rialto Special Tax Community Facilities District No. 2006-1 5.250 09/01/2026 505,195
- --------------------------------------------------------------------------------------------------------------------
1,490,000 Rialto Special Tax Community Facilities District No. 2006-1 5.350 09/01/2036 1,514,034
- --------------------------------------------------------------------------------------------------------------------
25,000 Richgrove School District 6.375 07/01/2018 25,155
- --------------------------------------------------------------------------------------------------------------------
2,660,000 Richmond Joint Powers Financing Authority
(Westridge Hilltop Apartments) 4 5.000 12/15/2026 2,632,176
- --------------------------------------------------------------------------------------------------------------------
2,165,000 Richmond Joint Powers Financing Authority
(Westridge Hilltop Apartments) 4 5.000 12/15/2033 2,119,838
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Rio Elementary School District 5.200 09/01/2035 5,010,050
- --------------------------------------------------------------------------------------------------------------------
7,780,000 Rio Vista Community Facilities District Special Tax No. 1 5.125 09/01/2036 7,664,000
- --------------------------------------------------------------------------------------------------------------------
15,445,000 River Islands Public Financing Authority 5.200 09/01/2037 15,043,430
- --------------------------------------------------------------------------------------------------------------------
100,000 River Islands Public Financing Authority 6.000 09/01/2027 101,976
- --------------------------------------------------------------------------------------------------------------------
25,000 River Islands Public Financing Authority 6.000 09/01/2035 25,565
- --------------------------------------------------------------------------------------------------------------------
700,000 Riverbank Redevel. Agency (Riverbank Reinvestment) 5.000 08/01/2032 686,777
- --------------------------------------------------------------------------------------------------------------------
3,545,000 Riverbank Redevel. Agency (Riverbank Reinvestment) 5.000 08/01/2037 3,477,468
- --------------------------------------------------------------------------------------------------------------------
890,000 Riverbank Redevel. Agency (Riverbank Reinvestment) 5.000 08/01/2037 873,046
- --------------------------------------------------------------------------------------------------------------------
25,000 Riverside County Community Facilities District Special Tax 5.600 09/01/2019 25,619
- --------------------------------------------------------------------------------------------------------------------
17,500,000 Riverside County Public Financing Authority 4 5.000 10/01/2035 18,001,025
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Riverside Improvement Bond Act 1915
(Hunter Park Assessment District) 5.200 09/02/2036 1,503,060
- --------------------------------------------------------------------------------------------------------------------
335,000 Riverside Improvement Bond Act 1915
(Sycamore Canyon Assessment District) 8.500 09/02/2012 336,008
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Riverside Special Tax Community Facilities
District No. 92-1, Series A 5.300 09/01/2034 2,027,980
- --------------------------------------------------------------------------------------------------------------------
365,000 Riverside Unified School District 5.250 09/01/2027 365,975
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Riverside Unified School District 5.250 09/01/2035 1,008,800
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Riverside Unified School District 5.250 09/01/2035 1,549,828
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Riverside Unified School District 5.375 09/01/2037 1,003,810
- --------------------------------------------------------------------------------------------------------------------
25,000 Riverside Unified School District 5.500 09/01/2032 25,403
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Romoland School District Special Tax 5.375 09/01/2038 2,024,740
- --------------------------------------------------------------------------------------------------------------------
7,745,000 Roseville Special Tax 5.050 09/01/2030 7,739,424
42 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,115,000 Roseville Special Tax (Diamond Creek) 5.000% 09/01/2026 $ 1,087,504
- --------------------------------------------------------------------------------------------------------------------
4,850,000 Roseville Special Tax (Diamond Creek) 5.000 09/01/2037 4,721,039
- --------------------------------------------------------------------------------------------------------------------
8,135,000 Roseville Special Tax (Fiddyment Ranch) 5.250 09/01/2036 8,207,727
- --------------------------------------------------------------------------------------------------------------------
3,445,000 Roseville Special Tax (Stone Point) 5.250 09/01/2036 3,475,798
- --------------------------------------------------------------------------------------------------------------------
235,000 Sacramento City Financing Authority
(Convention Center Hotel) 4 6.250 01/01/2030 237,858
- --------------------------------------------------------------------------------------------------------------------
35,000 Sacramento County Airport System, Series B 4 5.750 07/01/2024 35,053
- --------------------------------------------------------------------------------------------------------------------
108,000,000 Sacramento County Sanitation District
Financing Authority 6 4.120 8 12/01/2035 107,352,000
- --------------------------------------------------------------------------------------------------------------------
75,000 Sacramento Health Facility (Center for Aids Research
Education and Services) 4 5.300 01/01/2024 76,105
- --------------------------------------------------------------------------------------------------------------------
12,580,000 Sacramento Hsg. Authority (Northpointe Park Apartments) 6 5.000 06/01/2037 12,742,597
- --------------------------------------------------------------------------------------------------------------------
2,515,000 Sacramento Hsg. Authority (Summerfield) 5.000 01/20/2048 2,474,182
- --------------------------------------------------------------------------------------------------------------------
5,000 Sacramento Municipal Utility District 4 5.000 08/15/2028 5,143
- --------------------------------------------------------------------------------------------------------------------
15,000 Sacramento Special Tax (North Natomas
Community Facilities) 6.000 09/01/2033 15,771
- --------------------------------------------------------------------------------------------------------------------
50,000 Salinas Redevel. Agency Tax Allocation
(Central City Revitalization) 5.500 11/01/2023 50,895
- --------------------------------------------------------------------------------------------------------------------
125,000 San Bernardino County COP (Medical Center Financing) 4 5.500 08/01/2024 125,163
- --------------------------------------------------------------------------------------------------------------------
150,000 San Bernardino Joint Powers Financing Authority
(California Dept. of Transportation Lease) 5.500 12/01/2020 150,875
- --------------------------------------------------------------------------------------------------------------------
1,850,000 San Bernardino Joint Powers Financing Authority
(Tax Allocation) 6.625 04/01/2026 2,000,794
- --------------------------------------------------------------------------------------------------------------------
1,410,000 San Bernardino Mountains Community Hospital
District COP 2 5.000 02/01/2027 1,367,968
- --------------------------------------------------------------------------------------------------------------------
3,235,000 San Bernardino Mountains Community Hospital
District COP 2 5.000 02/01/2037 3,070,241
- --------------------------------------------------------------------------------------------------------------------
5,000,000 San Bernardino Redevel. (San Sevaine) 5.000 09/01/2035 5,004,750
- --------------------------------------------------------------------------------------------------------------------
1,225,000 San Diego County COP 4 5.700 02/01/2028 1,224,853
- --------------------------------------------------------------------------------------------------------------------
3,750,000 San Diego County COP (Developmental Service
Foundation) 5.500 09/01/2027 3,820,463
- --------------------------------------------------------------------------------------------------------------------
1,775,000 San Diego County Redevel. Agency (Gillespie Field) 5.400 12/01/2025 1,757,552
- --------------------------------------------------------------------------------------------------------------------
6,645,000 San Diego County Redevel. Agency (Gillespie Field) 5.750 12/01/2032 6,631,178
- --------------------------------------------------------------------------------------------------------------------
140,000 San Diego Hsg. Authority (Park Crest Properties) 4 5.450 08/20/2040 142,086
- --------------------------------------------------------------------------------------------------------------------
35,000 San Diego Improvement Bond Act 1915 6.200 09/02/2033 35,043
- --------------------------------------------------------------------------------------------------------------------
50,000 San Diego Public Facilities Financing Authority 5.000 05/15/2025 50,041
- --------------------------------------------------------------------------------------------------------------------
15,000 San Diego Public Facilities Financing Authority 4 5.000 05/15/2029 15,364
- --------------------------------------------------------------------------------------------------------------------
50,000 San Diego Public Facilities Financing Authority 5.250 05/15/2027 50,547
- --------------------------------------------------------------------------------------------------------------------
100,000 San Diego Public Facilities Financing Authority 5.250 05/15/2027 101,094
- --------------------------------------------------------------------------------------------------------------------
3,000,000 San Diego Public Facilities Financing Authority
(Southcrest) 5.250 10/01/2032 3,089,130
- --------------------------------------------------------------------------------------------------------------------
35,000 San Diego Public Facilities Financing Authority, Series B 4 5.000 05/15/2029 35,719
43 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,000,000 San Diego Sewer 4 5.000% 05/15/2023 $ 1,000,820
- --------------------------------------------------------------------------------------------------------------------
1,650,000 San Diego Sewer, Series A 4 5.000 05/15/2023 1,650,363
- --------------------------------------------------------------------------------------------------------------------
2,815,000 San Diego Sewer, Series A 4 5.250 05/15/2020 2,824,149
- --------------------------------------------------------------------------------------------------------------------
50,000 San Diego State University Foundation Auxiliary
Organization 4 5.000 03/01/2032 51,524
- --------------------------------------------------------------------------------------------------------------------
9,780,000 San Diego Unified School District 6 5.250 07/01/2023 10,541,031
- --------------------------------------------------------------------------------------------------------------------
7,525,000 San Diego Unified School District, Series D 6 5.000 07/01/2027 7,903,594
- --------------------------------------------------------------------------------------------------------------------
15,000 San Francisco Bay Area Rapid Transit District 5.000 07/01/2028 15,261
- --------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County Airports Commission 4 5.000 05/01/2020 55,684
- --------------------------------------------------------------------------------------------------------------------
15,000 San Francisco City & County Airports Commission 5.000 05/01/2023 15,465
- --------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County Airports Commission 4 5.000 05/01/2028 20,162
- --------------------------------------------------------------------------------------------------------------------
245,000 San Francisco City & County Airports Commission 4 5.000 05/01/2029 247,109
- --------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County Airports Commission 5.000 05/01/2029 20,172
- --------------------------------------------------------------------------------------------------------------------
65,000 San Francisco City & County Airports Commission 4 5.000 05/01/2030 65,692
- --------------------------------------------------------------------------------------------------------------------
100,000 San Francisco City & County Airports Commission 4 5.250 05/01/2031 102,346
- --------------------------------------------------------------------------------------------------------------------
15,000 San Francisco City & County Airports Commission
(SFO Fuel Company) 5.250 01/01/2024 15,200
- --------------------------------------------------------------------------------------------------------------------
200,000 San Francisco City & County Airports Commission
Special Facilities Lease (SFO Fuel Company) 5.250 01/01/2022 202,714
- --------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County Financing Corp.
(Comb Emergency Communications) 4 5.500 04/01/2020 55,079
- --------------------------------------------------------------------------------------------------------------------
435,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.630 1 08/01/2020 214,259
- --------------------------------------------------------------------------------------------------------------------
590,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.750 1 08/01/2022 256,143
- --------------------------------------------------------------------------------------------------------------------
615,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.800 1 08/01/2023 250,717
- --------------------------------------------------------------------------------------------------------------------
540,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.850 1 08/01/2024 206,680
- --------------------------------------------------------------------------------------------------------------------
420,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.900 1 08/01/2025 151,948
- --------------------------------------------------------------------------------------------------------------------
2,745,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.904 1 08/01/2030 738,158
- --------------------------------------------------------------------------------------------------------------------
6,035,000 San Francisco City & County Redevel. Agency
(Mission Bay South) 5.958 1 08/01/2034 1,272,782
- --------------------------------------------------------------------------------------------------------------------
450,000 San Francisco City & County Redevel. Financing
Authority, Series A 5.000 08/01/2017 450,473
- --------------------------------------------------------------------------------------------------------------------
6,490,000 San Jacinto Financing Authority, Tranche A 6.600 09/01/2033 6,213,915
- --------------------------------------------------------------------------------------------------------------------
6,345,000 San Jacinto Financing Authority, Tranche B 6.600 09/01/2033 5,947,295
- --------------------------------------------------------------------------------------------------------------------
6,530,000 San Jacinto Financing Authority, Tranche C 6.600 09/01/2033 5,658,114
- --------------------------------------------------------------------------------------------------------------------
500,000 San Jacinto Unified School District Special Tax 5.100 09/01/2036 498,100
- --------------------------------------------------------------------------------------------------------------------
50,000 San Joaquin Hills Transportation Corridor Agency 4 5.250 01/15/2030 50,818
44 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 400,000 San Joaquin Hills Transportation Corridor Agency 5.375% 01/15/2029 $ 407,468
- --------------------------------------------------------------------------------------------------------------------
35,000 San Jose Improvement Bond Act 1915 5.875 09/02/2023 36,063
- --------------------------------------------------------------------------------------------------------------------
1,270,000 San Jose Multifamily Hsg. (Almaden Senior Hsg. Partners) 4 5.350 07/15/2034 1,306,005
- --------------------------------------------------------------------------------------------------------------------
1,400,000 San Jose Multifamily Hsg. (Fallen Leaves Apartments) 4 5.150 06/01/2036 1,432,844
- --------------------------------------------------------------------------------------------------------------------
6,500,000 San Jose Redevel. Agency 5.000 08/01/2032 6,516,380
- --------------------------------------------------------------------------------------------------------------------
25,000 San Jose Special Tax Community Facilities
District No. 9 (Bailey Highway 101) 6.600 09/01/2027 26,954
- --------------------------------------------------------------------------------------------------------------------
25,000 San Jose Unified School District COP 5.125 06/01/2022 25,023
- --------------------------------------------------------------------------------------------------------------------
1,500,000 San Leandro Community Facilities
District No. 1 Special Tax 6.400 09/01/2019 1,545,270
- --------------------------------------------------------------------------------------------------------------------
2,980,000 San Marcos Public Facilities Authority 5.050 09/01/2038 2,940,753
- --------------------------------------------------------------------------------------------------------------------
6,000,000 San Marcos Special Tax 5.950 09/01/2035 6,226,920
- --------------------------------------------------------------------------------------------------------------------
300,000 San Mateo Joint Powers Financing Authority 4 5.125 07/15/2032 305,856
- --------------------------------------------------------------------------------------------------------------------
35,000 San Mateo Sewer, Series A 4 5.000 08/01/2025 35,333
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Santa Ana Financing Authority (Mainplace) 5.600 09/01/2019 1,056,020
- --------------------------------------------------------------------------------------------------------------------
5,125,000 Santa Clara County Financing Authority
(Hsg. Authority Office) 5.000 09/01/2038 5,296,739
- --------------------------------------------------------------------------------------------------------------------
575,000 Santa Clara County Hsg. Authority
(Rivertown Apartments) 4 6.000 08/01/2041 600,530
- --------------------------------------------------------------------------------------------------------------------
50,000 Santa Clarita Community Facilities District Special Tax 5.850 11/15/2032 52,032
- --------------------------------------------------------------------------------------------------------------------
3,845,000 Santaluz Special Tax Community Facilities District No. 2 6.375 09/01/2030 3,848,653
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Seal Beach Community Facilities District
(Pacific Gateway Business Center) 5.300 09/01/2036 2,017,840
- --------------------------------------------------------------------------------------------------------------------
10,000 Seaside Redevel. Agency Tax Allocation 5.375 08/01/2033 10,305
- --------------------------------------------------------------------------------------------------------------------
1,090,000 Shafter Community Devel. Agency Tax Allocation 5.400 11/01/2026 1,105,358
- --------------------------------------------------------------------------------------------------------------------
3,335,000 Shafter Community Devel. Agency Tax Allocation 5.450 11/01/2036 3,389,194
- --------------------------------------------------------------------------------------------------------------------
34,000,000 Silicon Valley Tobacco Securitization Authority 5.621 1 06/01/2036 6,753,420
- --------------------------------------------------------------------------------------------------------------------
21,465,000 Silicon Valley Tobacco Securitization Authority 5.680 1 06/01/2041 3,179,396
- --------------------------------------------------------------------------------------------------------------------
43,990,000 Silicon Valley Tobacco Securitization Authority 5.700 1 06/01/2047 4,643,584
- --------------------------------------------------------------------------------------------------------------------
17,650,000 Silicon Valley Tobacco Securitization Authority 5.850 1 06/01/2047 1,730,406
- --------------------------------------------------------------------------------------------------------------------
165,000,000 Silicon Valley Tobacco Securitization Authority 6.300 1 06/01/2056 8,075,100
- --------------------------------------------------------------------------------------------------------------------
100,000,000 Silicon Valley Tobacco Securitization Authority 6.850 1 06/01/2056 3,753,000
- --------------------------------------------------------------------------------------------------------------------
355,000 Soledad Redevel. Agency (Soledad Redevel.) 5.350 12/01/2028 363,499
- --------------------------------------------------------------------------------------------------------------------
15,000 Sonoma County Community Redevel. Agency (Roseland) 7.900 08/01/2013 15,253
- --------------------------------------------------------------------------------------------------------------------
1,585,000 South El Monte Improvement District (Merged Area) 4 5.000 08/01/2030 1,593,052
- --------------------------------------------------------------------------------------------------------------------
5,245,000 South El Monte Improvement District (Merged Area) 4 5.000 08/01/2035 5,251,137
- --------------------------------------------------------------------------------------------------------------------
5,460,000 Southern CA Logistics Airport Authority 4 5.000 12/01/2043 5,582,522
- --------------------------------------------------------------------------------------------------------------------
19,335,000 Southern CA Logistics Airport Authority 5.000 12/01/2043 19,768,877
- --------------------------------------------------------------------------------------------------------------------
97,775,000 Southern CA Tobacco Securitization Authority 7.100 1 06/01/2046 6,874,560
- --------------------------------------------------------------------------------------------------------------------
8,130,000 Southern CA Tobacco Securitization Authority (TASC) 5.000 06/01/2037 7,553,583
45 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 Spreckels Union School District 6.125% 08/01/2018 $ 15,184
- --------------------------------------------------------------------------------------------------------------------
4,340,000 Stanislaus County Redevel. (Keyes Storm Drain) 5.375 08/01/2036 4,410,482
- --------------------------------------------------------------------------------------------------------------------
1,450,000 Stockton Public Financing Authority, Series A 4 5.000 09/01/2022 1,480,189
- --------------------------------------------------------------------------------------------------------------------
1,450,000 Stockton Public Financing Authority, Series A 5.000 09/01/2023 1,475,897
- --------------------------------------------------------------------------------------------------------------------
1,325,000 Stockton Public Financing Authority, Series A 5.000 09/01/2024 1,346,717
- --------------------------------------------------------------------------------------------------------------------
1,350,000 Stockton Public Financing Authority, Series A 5.000 09/01/2025 1,368,144
- --------------------------------------------------------------------------------------------------------------------
3,025,000 Stockton Public Financing Authority, Series A 5.250 09/01/2031 3,109,549
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Stockton Public Financing Authority, Series A 5.250 07/01/2037 10,257,400
- --------------------------------------------------------------------------------------------------------------------
220,000 Stockton Public Financing Authority, Series A 4 5.875 09/02/2016 221,756
- --------------------------------------------------------------------------------------------------------------------
10,000 Suisun City Public Financing Authority
(Suisun City Redevel.) 5.200 10/01/2028 10,108
- --------------------------------------------------------------------------------------------------------------------
15,000 Sulphur Springs Unified School District Community
Facilities District No. 2002-1-A 6.000 09/01/2033 15,768
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Tehachapi Redevel. Agency Tax 5.250 12/01/2035 1,537,710
- --------------------------------------------------------------------------------------------------------------------
2,240,000 Tejon Ranch Public Facilities Finance Authority
Special Tax (Community Facilities District No. 1) 7.200 09/01/2030 2,311,523
- --------------------------------------------------------------------------------------------------------------------
20,000 Temecula Public Financing Authority Community
Facilities District (Harveston) 5.100 09/01/2036 19,924
- --------------------------------------------------------------------------------------------------------------------
100,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 4.000 09/01/2007 99,985
- --------------------------------------------------------------------------------------------------------------------
990,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 4.900 09/01/2013 952,915
- --------------------------------------------------------------------------------------------------------------------
165,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 5.000 09/01/2014 158,384
- --------------------------------------------------------------------------------------------------------------------
740,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 5.050 09/01/2015 707,536
- --------------------------------------------------------------------------------------------------------------------
805,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 5.100 09/01/2016 766,424
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 5.450 09/01/2026 7,439,200
- --------------------------------------------------------------------------------------------------------------------
13,790,000 Temecula Public Financing Authority Community
Facilities District (Roripaugh) 5.500 09/01/2036 12,573,446
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Temecula Valley Unified School District Community
Facilities District No. 03-2 5.500 09/01/2035 2,039,720
- --------------------------------------------------------------------------------------------------------------------
1,025,000 Tracy Community Facilities District 5.700 09/01/2026 1,045,828
- --------------------------------------------------------------------------------------------------------------------
3,105,000 Tracy Community Facilities District 5.750 09/01/2036 3,167,907
- --------------------------------------------------------------------------------------------------------------------
1,080,000 Tracy Community Facilities District 5.750 09/01/2036 1,101,881
- --------------------------------------------------------------------------------------------------------------------
100,000 Travis Unified School District COP 5.450 09/01/2027 103,131
- --------------------------------------------------------------------------------------------------------------------
4,560,000 Trinity County COP 2 8.500 01/15/2026 4,621,013
- --------------------------------------------------------------------------------------------------------------------
50,000 Truckee-Donner Public Utility District Special Tax 6.100 09/01/2033 51,529
- --------------------------------------------------------------------------------------------------------------------
60,000 Turlock Public Financing Authority 5.450 09/01/2024 61,172
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Tustin Community Facilities District Special Tax
(John Lang Homes) 5.500 09/01/2034 1,637,104
46 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 35,000 Union City Special Tax Community Facilities
District No. 1997-1 5.800% 09/01/2028 $ 36,077
- --------------------------------------------------------------------------------------------------------------------
40,000,000 University of California (Regents Medical Center) 6 4.381 8 05/15/2047 39,970,000
- --------------------------------------------------------------------------------------------------------------------
10,000 Upland Community Facilities District (San Antonio) 6.000 09/01/2024 10,689
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Upland Community Facilities District (San Antonio) 6.100 09/01/2034 3,999,225
- --------------------------------------------------------------------------------------------------------------------
100,000 Upland Community Facilities District Special Tax 5.900 09/01/2024 104,426
- --------------------------------------------------------------------------------------------------------------------
200,000 Vacaville Improvement Bond Act 1915
(Nut Tree Assessment District) 5.600 09/02/2025 205,874
- --------------------------------------------------------------------------------------------------------------------
195,000 Vacaville Public Financing Authority 5.400 09/01/2022 195,525
- --------------------------------------------------------------------------------------------------------------------
2,635,000 Val Verde Unified School District 6.000 10/01/2021 2,814,233
- --------------------------------------------------------------------------------------------------------------------
415,000 Val Verde Unified School District Special Tax 5.450 09/01/2036 427,147
- --------------------------------------------------------------------------------------------------------------------
30,000 Vallejo COP (Touro University) 7.375 06/01/2029 31,733
- --------------------------------------------------------------------------------------------------------------------
30,000 Vallejo Public Financing Authority COP 5.250 07/15/2029 31,144
- --------------------------------------------------------------------------------------------------------------------
1,375,000 Valley Sanitation District 5.200 09/02/2030 1,377,943
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Ventura County Area Hsg. Authority
(Mira Vista Senior Apartments) 4 5.150 12/01/2031 2,024,240
- --------------------------------------------------------------------------------------------------------------------
5,015,000 Ventura County Area Hsg. Authority
(Mira Vista Senior Apartments) 5.200 12/01/2039 5,071,920
- --------------------------------------------------------------------------------------------------------------------
15,000 Ventura County Superintendent of Schools Office COP 5.000 12/01/2033 15,282
- --------------------------------------------------------------------------------------------------------------------
30,000 West Hills Community College District 5.000 08/01/2029 30,502
- --------------------------------------------------------------------------------------------------------------------
125,000 West Patterson Financing Authority Special Tax 6.100 09/01/2032 134,433
- --------------------------------------------------------------------------------------------------------------------
4,900,000 West Sacramento Financing Authority Special Tax 6.100 09/01/2029 4,994,178
- --------------------------------------------------------------------------------------------------------------------
2,000,000 West Sacramento Special Tax Community Facilities
District No. 23 5.300 09/01/2037 1,992,440
- --------------------------------------------------------------------------------------------------------------------
50,000 Western Hills Water District Special Tax
(Diablo Grande Community Facilities No. 1) 6.700 09/01/2020 52,824
- --------------------------------------------------------------------------------------------------------------------
50,000 Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.000 09/01/2024 51,022
- --------------------------------------------------------------------------------------------------------------------
4,160,000 Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.125 09/01/2031 4,300,733
- --------------------------------------------------------------------------------------------------------------------
2,305,000 Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.875 09/01/2031 2,434,172
- --------------------------------------------------------------------------------------------------------------------
700,000 Westside Union School District 5.000 09/01/2026 674,541
- --------------------------------------------------------------------------------------------------------------------
2,080,000 Westside Union School District 5.000 09/01/2036 2,010,320
- --------------------------------------------------------------------------------------------------------------------
4,200,000 Westside Union School District 5.250 09/01/2036 4,237,548
- --------------------------------------------------------------------------------------------------------------------
750,000 Whittier Redevel. Agency Tax Allocation 5.000 11/01/2038 740,018
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Whittier Redevel. Agency Tax Allocation 5.050 11/01/2038 1,457,415
- --------------------------------------------------------------------------------------------------------------------
50,000 Whittier Redevel. Agency Tax Allocation (Whittier Blvd.) 5.700 11/01/2019 50,069
- --------------------------------------------------------------------------------------------------------------------
10,000 William S. Hart Union School District 6.000 09/01/2033 10,478
- --------------------------------------------------------------------------------------------------------------------
10,000 Woodland Special Tax Community Facilities District No. 1 6.000 09/01/2028 10,674
47 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 5,300,000 Yuba City Redevel. Agency 5.250% 09/01/2039 $ 5,439,602
- --------------------------------------------------------------------------------------------------------------------
15,000 Yucaipa Redevel. Agency (Eldorado Palms Mobile Home) 4 6.000 05/01/2030 15,415
--------------
2,680,471,573
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--9.4%
3,250,000 Northern Mariana Islands Ports Authority, Series A 4 5.500 03/15/2031 3,237,000
- --------------------------------------------------------------------------------------------------------------------
1,955,000 Northern Mariana Islands Ports Authority, Series A 4 6.250 03/15/2028 1,957,170
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2035 10,227,100
- --------------------------------------------------------------------------------------------------------------------
11,315,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 11,819,762
- --------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 11,484,880
- --------------------------------------------------------------------------------------------------------------------
11,385,000 Puerto Rico Commonwealth GO 4 5.250 07/01/2024 11,984,648
- --------------------------------------------------------------------------------------------------------------------
7,395,000 Puerto Rico Commonwealth GO 5.250 07/01/2026 7,784,495
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 5,252,100
- --------------------------------------------------------------------------------------------------------------------
24,900,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 26,099,682
- --------------------------------------------------------------------------------------------------------------------
595,000 Puerto Rico HFC (Homeowner Mtg.) 4 5.200 12/01/2032 601,152
- --------------------------------------------------------------------------------------------------------------------
195,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 197,732
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation Authority, Series K 4 5.000 07/01/2030 2,049,160
- --------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 7,299,917
- --------------------------------------------------------------------------------------------------------------------
35,000,000 Puerto Rico Highway & Transportation Authority, Series N 6 4.120 8 07/01/2045 34,790,000
- --------------------------------------------------------------------------------------------------------------------
6,055,000 Puerto Rico ITEMECF (Cogeneration Facilities) 4 6.625 06/01/2026 6,478,123
- --------------------------------------------------------------------------------------------------------------------
2,290,000 Puerto Rico ITEMECF (Mennonite General Hospital) 4 6.500 07/01/2012 2,297,397
- --------------------------------------------------------------------------------------------------------------------
6,900,000 Puerto Rico Municipal Finance Agency, Series A 4 5.250 08/01/2023 7,242,102
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 1,572,315
- --------------------------------------------------------------------------------------------------------------------
33,715,000 Puerto Rico Port Authority (American Airlines), Series A 4 6.250 06/01/2026 33,777,710
- --------------------------------------------------------------------------------------------------------------------
6,625,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 6,627,783
- --------------------------------------------------------------------------------------------------------------------
27,000,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,814,130
- --------------------------------------------------------------------------------------------------------------------
4,515,000 V.I. Public Finance Authority, Series A 4 6.375 10/01/2019 4,853,038
- --------------------------------------------------------------------------------------------------------------------
5,150,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 5,295,702
--------------
231,743,098
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $2,874,804,834)-118.5% 2,912,214,671
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS-(18.5) (455,363,527)
--------------
NET ASSETS-100.0% $2,456,851,144
==============
48 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Zero coupon bond reflects effective yield on the date of purchase.
2. Illiquid security. The aggregate value of illiquid securities as of July 31,
2007 was $115,880,463, which represents 4.72% of the Fund's net assets. See Note
5 of accompanying Notes.
3. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
4. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 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. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
7. Issue is in default. See Note 1 of accompanying Notes.
8. Represents the current interest rate for a variable or increasing rate
security.
9. When-issued security or forward commitment to be delivered and settled after
July 31, 2007. See Note 1 of accompanying Notes.
10. Non-income producing security.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ABAG Association of Bay Area Governments
AHEF American Heritage Education Foundation
CDA Communities Devel. Authority
CHCC Community Hospitals of Central California
COP Certificates of Participation
DRIVERS Derivative Inverse Tax Exempt Receipts
ECHS Escondido Charter High School
FCHMC Fresno Community Hospital & Medical Center
GO General Obligation
GP General Purpose
HFA Housing Finance Agency
HFC Housing Finance Corp.
HK-8CS Heritage 8-K Charter School
IDA Industrial Devel. Agency
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
ROLs Residual Option Long
SHF Sierra Hospital Foundation
TASC Tobacco Settlement Asset-Backed Bonds
V.I. United States Virgin Islands
49 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY CATEGORY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
CATEGORY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreements $ 721,852,391 24.8%
Special Tax 565,029,535 19.4
General Obligation 214,852,658 7.4
Single Family Housing 199,916,899 6.9
Hospital/Health Care 181,835,704 6.2
Tax Increment Financing (TIF) 174,070,770 6.0
Marine/Aviation Facilities 123,908,147 4.3
Electric Utilities 119,155,169 4.1
Multifamily Housing 119,061,478 4.1
Special Assessment 103,328,822 3.3
Higher Education 50,532,643 1.7
Water Utilities 49,294,409 1.7
Municipal Leases 48,068,748 1.7
Highways/Commuter Facilities 47,511,395 1.6
Airlines 40,430,481 1.4
Education 37,684,417 1.3
Oil, Gas & Consumable Fuels 28,853,530 1.0
Resource Recovery 19,762,429 0.7
Gas Utilities 16,397,370 0.6
Casino 10,584,196 0.4
Adult Living Facilities 10,108,789 0.3
Not-for-Profit Organization 8,099,382 0.3
Sewer Utilities 5,763,430 0.2
Government Appropriation 5,525,853 0.2
Sales Tax Revenue 5,310,963 0.2
Parking Fee Revenue 2,625,160 0.1
Multiline Retail 2,105,676 0.1
Hotels, Restaurants & Leisure 237,858 0.0
Student Housing 221,342 0.0
Telephone Utilities 55,079 0.0
Automobiles 29,948 0.0
--------------------------
Total $ 2,912,214,671 100.0%
==========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2007
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------------------------------------------------------
Investments, at value (cost $2,874,804,834)--see accompanying statement of investments $ 2,912,214,671
- ----------------------------------------------------------------------------------------------------------
Cash 10,026,788
- ----------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 30,610,530
Investments sold 22,950,432
Shares of beneficial interest sold 11,113,500
Other 55,410
-----------------
Total assets 2,986,971,331
- ----------------------------------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 460,930,000
Investments purchased (including $4,756,000 purchased on a
when-issued basis or forward commitment) 34,184,827
Payable on borrowings (See Note 6) 24,100,000
Shares of beneficial interest redeemed 7,810,572
Dividends 1,850,244
Distribution and service plan fees 519,524
Interest expense on borrowings 350,084
Trustees' compensation 196,004
Transfer and shareholder servicing agent fees 59,429
Shareholder communications 24,450
Other 95,053
-----------------
Total liabilities 530,120,187
- ----------------------------------------------------------------------------------------------------------
NET ASSETS $ 2,456,851,144
=================
- ----------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ----------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 215,064
- ----------------------------------------------------------------------------------------------------------
Additional paid-in capital 2,428,340,296
- ----------------------------------------------------------------------------------------------------------
Accumulated net investment loss (1,650,063)
- ----------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (7,463,990)
- ----------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 37,409,837
-----------------
NET ASSETS $ 2,456,851,144
=================
51 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ----------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,907,201,790 and
166,882,281 shares of beneficial interest outstanding) $ 11.43
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $ 12.00
- ----------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and
offering price per share (based on net assets of $66,992,433 and 5,857,529 shares
of beneficial interest outstanding) $ 11.44
- ----------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and
offering price per share (based on net assets of $482,656,921 and 42,324,565 shares
of beneficial interest outstanding) $ 11.40
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ----------------------------------------------------------------------------------------------------------
Interest $ 118,630,484
- ----------------------------------------------------------------------------------------------------------
Other income 1,341
--------------
Total investment income 118,631,825
- ----------------------------------------------------------------------------------------------------------
EXPENSES
- ----------------------------------------------------------------------------------------------------------
Management fees 8,486,762
- ----------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,941,927
Class B 680,604
Class C 3,617,457
- ----------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 411,491
Class B 39,606
Class C 128,311
- ----------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 49,682
Class B 4,397
Class C 14,076
- ----------------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 9,746,370
- ----------------------------------------------------------------------------------------------------------
Interest expense on borrowings 1,870,013
- ----------------------------------------------------------------------------------------------------------
Trustees' compensation 123,091
- ----------------------------------------------------------------------------------------------------------
Custodian fees and expenses 114,193
- ----------------------------------------------------------------------------------------------------------
Other 333,387
--------------
Total expenses 29,561,367
Less reduction to custodian expenses (90,226)
--------------
Net expenses 29,471,141
- ----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 89,160,684
- ----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- ----------------------------------------------------------------------------------------------------------
Net realized loss on investments (4,504,881)
- ----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (14,738,656)
- ----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 69,917,147
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2007 2006
- --------------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------------
Net investment income $ 89,160,684 $ 52,319,051
- --------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (4,504,881) 639,056
- --------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (14,738,656) (1,677,737)
--------------------------------
Net increase in net assets resulting from operations 69,917,147 51,280,370
- --------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (74,272,037) (47,693,962)
Class B (2,631,066) (2,801,541)
Class C (14,015,585) (6,728,044)
--------------------------------
(90,918,688) (57,223,547)
- --------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 709,301,068 596,412,265
Class B 2,657,860 5,353,808
Class C 255,912,065 153,276,896
--------------------------------
967,870,993 755,042,969
- --------------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------------
Total increase 946,869,452 749,099,792
- --------------------------------------------------------------------------------------------------------------
Beginning of period 1,509,981,692 760,881,900
--------------------------------
End of period (including accumulated net investment income (loss) of
$(1,650,063) and $107,941, respectively) $2,456,851,144 $1,509,981,692
================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ----------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 69,917,147
- ----------------------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (1,203,086,008)
Proceeds from disposition of investment securities 216,238,524
Short-term investment securities, net (218,948,838)
Premium amortization 4,029,790
Discount accretion (11,038,585)
Net realized loss on investments 4,504,881
Net change in unrealized appreciation on investments 14,738,656
Increase in interest receivable (11,341,379)
Increase in receivable for securities sold (7,942,441)
Increase in other assets (25,960)
Increase in payable for securities purchased 6,381,008
Increase in payable for accrued expenses 646,694
-----------------
Net cash used in operating activities (1,135,936,511)
- ----------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ----------------------------------------------------------------------------------------------------------
Proceeds from bank borrowings 766,600,000
Payments on bank borrowings (762,800,000)
Proceeds from short-term floating rate notes issued 254,550,000
Proceeds from shares sold 1,282,640,268
Payment on shares redeemed (360,250,687)
Cash distributions paid (35,633,092)
-----------------
Net cash provided by financing activities 1,145,106,489
- ----------------------------------------------------------------------------------------------------------
Net increase in cash 9,179,978
- ----------------------------------------------------------------------------------------------------------
Cash, beginning balance 846,810
-----------------
Cash, ending balance $ 10,026,788
=================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $54,760,581.
Cash paid for interest on bank borrowings--$1,551,891.
Cash paid for interest on short-term floating rate notes issued--$9,746,370.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.44 $ 11.52 $ 10.31 $ 9.97 $ 10.60
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .53 1 .55 1 .62 1 .68 .63
Net realized and unrealized gain (loss) -- (.02) 1.21 .27 (.66)
-----------------------------------------------------------------------
Total from investment operations .53 .53 1.83 .95 (.03)
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.54) (.61) (.62) (.61) (.60)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.43 $ 11.44 $ 11.52 $ 10.31 $ 9.97
=======================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.67% 4.74% 18.20% 9.54% (0.57)%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,907,202 $ 1,213,319 $ 621,736 $ 401,491 $ 385,141
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,603,883 $ 901,717 $ 477,934 $ 400,452 $ 410,237
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.56% 4.85% 5.59% 6.52% 5.88%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.81% 0.92% 0.92% 1.00% 0.96%
Interest and fees on short-term floating
rate notes issued 4 0.48% 0.52% 0.34% 0.20% 0.17%
-----------------------------------------------------------------------
Total expenses 1.29% 1.44% 1.26% 1.20% 1.13%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 1.29% 1.44% 1.26% 1.17% 1.13%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 11% 43% 4% 27% 50%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
CLASS B YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.44 $ 11.53 $ 10.31 $ 9.97 $ 10.61
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .44 1 .47 1 .54 1 .64 .55
Net realized and unrealized gain (loss) .01 (.04) 1.22 .22 (.68)
--------------------------------------------------------------------
Total from investment operations .45 .43 1.76 .86 (.13)
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.45) (.52) (.54) (.52) (.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.44 $ 11.44 $ 11.53 $ 10.31 $ 9.97
====================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.94% 3.83% 17.40% 8.70% (1.42)%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 66,992 $ 64,421 $ 59,530 $ 65,991 $ 101,079
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 68,193 $ 61,780 $ 61,244 $ 84,482 $ 118,611
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.79% 4.11% 4.90% 5.76% 5.09%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.60% 1.71% 1.69% 1.77% 1.73%
Interest and fees on short-term floating
rate notes issued 4 0.48% 0.52% 0.34% 0.20% 0.17%
--------------------------------------------------------------------
Total expenses 2.08% 2.23% 2.03% 1.97% 1.90%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.08% 2.23% 2.03% 1.94% 1.90%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 11% 43% 4% 27% 50%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.41 $ 11.50 $ 10.29 $ 9.95 $ 10.58
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .44 1 .46 1 .52 1 .60 .54
Net realized and unrealized gain (loss) .01 (.03) 1.23 .26 (.66)
---------------------------------------------------------------------
Total from investment operations .45 .43 1.75 .86 (.12)
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.46) (.52) (.54) (.52) (.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.40 $ 11.41 $ 11.50 $ 10.29 $ 9.95
=====================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.89% 3.85% 17.33% 8.71% (1.33)%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 482,657 $ 232,242 $ 79,616 $ 31,102 $ 27,898
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 362,456 $ 149,437 $ 43,444 $ 30,371 $ 27,011
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.78% 4.05% 4.73% 5.74% 5.12%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.58% 1.68% 1.69% 1.78% 1.73%
Interest and fees on short-term floating
rate notes issued 4 0.48% 0.52% 0.34% 0.20% 0.17%
---------------------------------------------------------------------
Total expenses 2.06% 2.20% 2.03% 1.98% 1.90%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.06% 2.20% 2.03% 1.95% 1.90%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 11% 43% 4% 27% 50%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer California Municipal Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a non-diversified, open-end
management investment company. The Fund's investment objective is to seek as
high a level of current interest income exempt from federal and California
income taxes for individual investors as is consistent with preservation of
capital. The Fund's investment 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(R) 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. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign
59 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
and domestic securities whose values have been materially affected by what the
Manager identifies as a significant event occurring before the Fund's assets are
valued but after the close of their respective exchanges will be fair valued.
Fair value is determined in good faith using consistently applied procedures
under the supervision of the Board of Trustees. Investments in open-end
registered investment companies (including affiliated funds) are valued at that
fund's net asset value. Short-term "money market type" debt securities with
remaining maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $152,576,844 as of July 31, 2007, which represents
5.11% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the short-term floating rate notes
issued by the Trust and exchanges the inverse floating rate security for the
underlying municipal bond. These transactions are considered secured borrowings
for financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At July 31, 2007, municipal bond holdings with a
value of $605,835,138 shown on the Fund's Statement of Investments are held
60 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
by such Trusts and serve as collateral for the $460,930,000 in short-term
floating rate notes issued and outstanding at that date.
At July 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JULY 31, 2007
- --------------------------------------------------------------------------------------------------------------------
$10,850,000 CA GO DRIVERS 6.091% 8/1/13 $ 11,403,567
12,490,000 CA GO RITES 4.690 6/1/31 13,147,723
10,885,000 CA Golden State Tobacco Securitization Corp. ROLs 8.470 6/1/45 11,572,932
9,250,000 CA Golden State Tobacco Securitization Corp. ROLs 8.470 6/1/35 10,150,950
25,000,000 CA Statewide CDA ROLs 5.900 4/1/36 24,500,000
2,375,000 Los Angeles Dept. of Water & Power RITES 6.535 7/1/24 2,473,943
4,400,000 Los Angeles Harbor Dept. ROLs 8.680 8/1/25 5,002,448
4,625,000 Los Angeles Harbor Dept. ROLs 8.690 8/1/26 5,225,973
2,500,000 Los Angeles Unified School District ROLs 7.560 7/1/15 2,765,775
2,500,000 Los Angeles Unified School District ROLs 7.560 7/1/16 2,765,775
1,500,000 Los Angeles Unified School District ROLs 7.560 7/1/17 1,659,465
3,250,000 Merced Irrigation District ROLs 9.790 9/1/36 3,944,590
2,250,000 Modesto Irrigation District (Domestic Water) 9.317 9/1/37 2,171,250
1,500,000 Northern CA Gas Authority ROLs 3 8.360 7/1/27 1,200,000
2,500,000 Port of Oakland RITES 7.035 11/1/15 2,703,550
2,500,000 Port of Oakland RITES 7.285 11/1/17 2,719,625
2,660,000 Port of Oakland RITES 8.035 11/1/25 2,898,283
5,025,000 Port of Oakland RITES 6.535 11/1/32 5,319,867
2,430,000 Port of Oakland RITES 6.535 11/1/22 2,645,201
4,375,000 Puerto Rico Highway & Transportation Authority ROLs 5.900 7/1/45 4,165,000
7,000,000 Sacramento County Sanitation District Financing Authority RITES 6.240 12/1/35 6,706,000
7,375,000 Sacramento County Sanitation District Financing Authority ROLs 5.940 12/1/35 7,021,000
3,145,000 Sacramento Hsg. Authority ROLs 8.690 6/1/37 3,307,597
1,880,000 San Diego Unified School District GO RITES 6.604 7/1/27 2,258,594
2,445,000 San Diego Unified School District GO RITES 6.590 7/1/23 3,206,030
4,000,000 University of California (Regents Medical Center) ROLs 7.840 5/15/47 3,970,000
--------------
$ 144,905,138
==============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 49 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
3. Security is subject to a shortfall and forbearance agreement.
61 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the floating rate notes issued by the Trust in conjunction
with the inverse floating rate security. Under the standard terms of an inverse
floating rate security, absent such a shortfall and forbearance agreement, the
Fund would not be required to make such a reimbursement. The Manager monitors
the Fund's potential exposure with respect to these agreements on a daily basis
and intends to take action to terminate the Fund's investment in such inverse
floating rate securities, if it deems it appropriate to do so. As of July 31,
2007, in addition to the exposure detailed in the preceding table, the Fund's
maximum exposure under such agreements is estimated at approximately
$13,500,000.
- --------------------------------------------------------------------------------
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 take place generally at least 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, 2007, the Fund had purchased $4,756,000 of
securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and may be more sensitive to economic conditions than
lower-yielding, higher-rated fixed-income securities. The Fund may acquire
securities in default, and is not obligated to dispose of securities whose
issuers subsequently default. As of July 31, 2007, securities with an aggregate
market value of $3,043,688, representing 0.12% of the Fund's net assets, were in
default.
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.
62 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the following table represent
distribution requirements the Fund must satisfy under the income tax
regulations, losses the Fund may be able to offset against income and gains
realized in future years and unrealized appreciation or depreciation of
securities and other investments for federal income tax purposes.
NET UNREALIZED
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
--------------------------------------------------------------------------
$702,448 $-- $7,502,280 $37,448,127
1. As of July 31, 2007, the Fund had $2,856,319 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, 2007, details
of the capital loss carryforwards were as follows:
EXPIRING
----------------------------------
2009 $ 789,546
2015 2,066,773
----------
Total $2,856,319
==========
2. As of July 31, 2007, the Fund had $4,645,961 of post-October losses available
to offset future realized capital gains, if any. Such losses, if unutilized,
will expire in 2016.
3. During the fiscal year ended July 31, 2007, the Fund did not utilize any
capital loss carryforward.
4. During the fiscal year ended July 31, 2006, the Fund utilized $2,383,733 of
capital loss carryforward to offset capital gains realized in that fiscal year.
The tax character of distributions paid during the years ended July 31, 2007 and
July 31, 2006 was as follows:
YEAR ENDED YEAR ENDED
JULY 31, 2007 JULY 31, 2006
--------------------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $90,850,879 $57,223,547
Ordinary income 67,809 --
--------------------------------
Total $90,918,688 $57,223,547
================================
63 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, 2007 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $2,413,483,247
==============
Gross unrealized appreciation $ 59,803,301
Gross unrealized depreciation (22,355,174)
--------------
Net unrealized appreciation $ 37,448,127
==============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the year ended July 31, 2007, the Fund's
projected benefit obligations were increased by $84,464 and payments of $42,688
were made to retired trustees, resulting in an accumulated liability of $142,781
as of July 31, 2007.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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.
64 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
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, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------
CLASS A
Sold 81,514,563 $ 949,983,417 61,470,593 $ 702,679,345
Dividends and/or distributions
reinvested 3,850,157 44,843,901 2,356,584 26,919,076
Redeemed (24,577,715) (285,526,250) (11,682,307) (133,186,156)
----------------------------------------------------------
Net increase 60,787,005 $ 709,301,068 52,144,870 $ 596,412,265
==========================================================
65 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------
CLASS B
Sold 1,606,321 $ 18,718,253 1,827,466 $ 20,914,336
Dividends and/or distributions
reinvested 147,140 1,715,814 146,686 1,677,801
Redeemed (1,524,838) (17,776,207) (1,507,341) (17,238,329)
---------------------------------------------------------
Net increase 228,623 $ 2,657,860 466,811 $ 5,353,808
=========================================================
- ------------------------------------------------------------------------------------------
CLASS C
Sold 26,732,550 $ 311,135,710 15,301,733 $ 174,645,638
Dividends and/or distributions
reinvested 706,001 8,200,866 318,044 3,624,253
Redeemed (5,461,755) (63,424,511) (2,193,411) (24,992,995)
---------------------------------------------------------
Net increase 21,976,796 $ 255,912,065 13,426,366 $ 153,276,896
=========================================================
- --------------------------------------------------------------------------------
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, 2007, were as follows:
PURCHASES SALES
--------------------------------------------------------
Investment securities $1,203,086,008 $216,238,524
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of average net assets as shown in the following table:
FEE SCHEDULE
---------------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended July 31, 2007, the Fund paid $561,139
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.
66 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
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% per year
under each plan. If either the Class B or Class C plan is terminated by the Fund
or by the shareholders of a class, the Board of Trustees and its independent
trustees must determine whether the Distributor shall be entitled to payment
from the Fund of all or a portion of the service fee and/or asset-based sales
charge in respect to shares sold prior to the effective date of such
termination. The Distributor determines its uncompensated expenses under the
plan at calendar quarter ends. The Distributor's aggregate uncompensated
expenses under the plan at June 30, 2007 for Class B and Class C shares were
$2,848,334 and $6,300,812, 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, 2007 $1,386,073 $123,030 $118,947 $163,736
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. The Manager has voluntarily undertaken
to limit its management fees not to exceed 0.55% of average annual net assets
for each class of shares. This voluntary undertaking may be amended or withdrawn
by the Manager at any time without notice to shareholders.
67 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
OFS has voluntarily agreed to limit transfer and shareholder servicing
agent fees for all classes to 0.35% of average annual net assets per class. This
undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of July 31, 2007, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund will not invest more than 15% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities. Securities that are
illiquid are marked with the applicable footnote on the Statement of
Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund.
The Fund has entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $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 (5.2958% as of July 31, 2007). 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, 2007, the average daily loan balance was
$34,926,849 at an average daily interest rate of 5.286%. The Fund had borrowings
outstanding of $24,100,000 at July 31, 2007 at an interest rate of 5.2958%. The
Fund had gross borrowings and gross loan repayments of $766,600,000 and
$762,800,000, respectively, during the year ended July 31, 2007. The maximum
amount of borrowings outstanding at any month-end during the year ended July 31,
2007 was $122,000,000. The Fund paid $137,359 in fees and $1,551,891 in interest
during the year ended July 31, 2007.
68 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS
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, 2007, the Manager has evaluated the implications of FIN 48 and does not
currently anticipate a material impact to the Fund's financial statements. The
Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, ("FASB") issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of July 31, 2007, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
69 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER CALIFORNIA MUNICIPAL FUND:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer California Municipal Fund, including the statement of investments,
as of July 31, 2007, and the related statements of operations and cash flows for
the year then ended, the statements of changes in net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the five-year period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 31, 2007, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer California Municipal Fund as of July 31, 2007, the results of its
operations and its cash flows for the year then ended, the changes in its net
assets for each of the years in the two-year period then ended, and the
financial highlights for each of the years in the five-year period then ended,
in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
September 17, 2007
70 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2008, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2007. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended July
31, 2007 are eligible for the corporate dividend-received deduction. 99.93% of
the dividends were derived from interest on municipal bonds and are not subject
to federal income taxes. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
71 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for
the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
72 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO
TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of
Chairman of the Board Special Value Opportunities Fund, LLC (registered investment company) (since September 2004);
of Trustees (since 2007), Member of Zurich Financial Investment Advisory Board (insurance) (since October 2004); Board of
Trustee (since 2005) Governing Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the
Age: 64 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 (investment research, non-profit) (2000-2002);
Governor, Jerome Levy Economics Institute of Bard College (economics research) (August
1990-September 2001); Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April
2002). Oversees 65 portfolios in the OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment
Trustee (since 2007) management company) (since January 2004); President of The Community Reinvestment Act Qualified
Age: 67 Investment Fund (investment management company) (since January 2004); Independent Chairman of the
Board of Trustees of Quaker Investment Trust (registered investment company) (since January
2004); Director of Internet Capital Group (information technology company) (since October 2003);
Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies,
Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware
Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation)
(1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of
Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds,
Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer
of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and
subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer
of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial
Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment
subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill
Lynch & Company (financial services holding company) (1977-1985); held the following positions at
the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977),
Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following
positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax
Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959).
Oversees 65 portfolios in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation) (since 2005);
Trustee (since 2005) Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President
Age: 66 of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI
Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 55 portfolios
in the OppenheimerFunds complex.
73 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 65 portfolios in the OppenheimerFunds
Trustee (since 1993) complex.
Age: 74
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979)
Trustee (since 1999) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI
Age: 68 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 55 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice
Trustee (since 2004) President and General Auditor of American Express Company (financial services company) (July
Age: 64 1998-February 2003). Oversees 55 portfolios in the OppenheimerFunds complex.
JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial adviser) (since
Trustee (since 2002) January 2006); Director of Columbia Equity Financial Corp. (privately-held financial adviser)
Age: 55 (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser)
(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, Member of the Investment Committee of the Episcopal Church of America,
Member of the Investment Committee and Board of Human Rights Watch and the Investment Committee
of Historic Hudson Valley. Oversees 55 portfolios in the OppenheimerFunds complex.
RUSSELL S. REYNOLDS, JR., Chairman of RSR Partners (formerly "The Directorship Search Group, Inc.") (corporate governance
Trustee (since 1989) consulting and executive recruiting) (since 1993); Life Trustee of International House
Age: 75 (non-profit educational organization); Former Trustee of The Historical Society of the Town of
Greenwich; Former Director of Greenwich Hospital Association. Oversees 55 portfolios in the
OppenheimerFunds complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco (since
Trustee (since 2005) 1996); Director of Lakes Environmental Association (environmental protection association) (since
Age: 66 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since
1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 55 portfolios in
the OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since
Trustee (since 2005) 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999);
Age: 59 Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President,
Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production)
(1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas
City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 55
portfolios in the OppenheimerFunds complex.
74 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- -----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW
AND OFFICER 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 of the Manager (since June 2001); President of the
Trustee, President and Manager (September 2000-March 2007); President and a director or trustee of other Oppenheimer
Principal Executive Officer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent
(since 2002) holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the
Age: 58 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 subsidiaries of the Manager) (since July
2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program
established by the Manager) (since July 2001); Director of the following investment advisory
subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management
Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc.
(since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc.
(since July 2001); President (since November 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 102 portfolios in the OppenheimerFunds complex.
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE AND
THE FUND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR
MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL,
COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS,
ROCHESTER, NEW YORK 14625. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of the Manager (since
Vice President and January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund
Senior Portfolio Manager and other Oppenheimer funds.
(since 2002)
Age: 58
DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since April 2007); Vice President of the Manager (April
Vice President and 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior
Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2005)
Age: 43
75 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory
Vice President (since 2005) Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the
and Senior Portfolio Manager Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005) and a Portfolio Manager with the
Vice President (since 2005) Manager (since 2003). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior
and Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2006)
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Distributor,
Vice President and Chief Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice
Compliance Officer President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and
(since 2004) Shareholder Services, Inc. (June 1983-February 2004). Former Vice President and Director of
Age: 57 Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the
OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the
Treasurer and Principal following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc.,
Financial & Accounting Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership
Officer (since 2004) Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000),
Age: 47 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 102 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Manager
Assistant Treasurer (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November
(since 2004) 1998-July 2002). An officer of 102 portfolios in the OppenheimerFunds complex.
Age: 37
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and
Assistant Treasurer Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger
(since 2005) Financial Group LLC (May 2001-March 2003); Director of Mutual Fund Operations at American Data
Age: 37 Services, Inc. (September 2000-May 2001). An officer of 102 portfolios in the OppenheimerFunds
complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the
Vice President and Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel
Secretary of Centennial Asset Management Corporation (since December 2001); Senior Vice President and
(since 2004) General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and
Age: 59 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
76 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
ROBERT G. ZACK, Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management,
Continued 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 102 portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President (April
Assistant Secretary 2001-April 2004), Associate General Counsel (December 2000-April 2004), Corporate Vice President
(since 2004) (May 1999-April 2001) and Assistant General Counsel (May 1999-December 2000) of UBS Financial
Age: 39 Services Inc. (formerly, PaineWebber Incorporated). An officer of 102 portfolios in the
OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); First
Assistant Secretary Vice President (2001-September 2004); Director (2000-September 2004) and Vice President
(since 2004) (1998-2000) of Merrill Lynch Investment Management. An officer of 102 portfolios in the
Age: 43 OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October 2003)
Assistant Secretary of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the
(since 2004) Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003);
Age: 41 Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant
Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since
December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102
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 CALIFORNIA MUNICIPAL FUND
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that David Downes, a
member of the Board's Audit Committee, is an audit committee financial expert
and that Mr. Downes is "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $38,000 in fiscal 2007 and $21,000 in fiscal 2006.
(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 $315,954 in fiscal 2007 and $24,746 in fiscal 2006 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, professional services relating
to FAS 123R and review of internal controls of SAP conversion.
(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 in fiscal 2007 and $1,536 in fiscal 2006 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: preparation of form 5500.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $315,954 in fiscal 2007 and $26,282 in fiscal
2006 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 07/31/2007, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this
report that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer California Municipal Fund
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 09/13/2007
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: 09/13/2007
By: /s/ Brian W.Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 09/13/2007