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
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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
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Date of fiscal year end: July 31
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Date of reporting period: 01/31/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
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OPPENHEIMER
---------------
CALIFORNIA
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MUNICIPAL FUND
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JANUARY 31, 2008
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Management
Oppenheimer Commentaries
California and
Municipal Fund Semiannual
Report
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MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Listing of Top Holdings
SEMIANNUAL REPORT [GRAPHIC]
Listing of Investments
Financial Statements
"AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL
DON'T PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO
COMPOUND OVER TIME HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS."
-- RONALD H. FIELDING, Chief Strategist, Senior Vice President
and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[LOGO] OPPENHEIMERFUNDS(R)
The Right Way to Invest
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Special Tax 27.2%
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Tobacco Master Settlement Agreement 25.5
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Single Family Housing 8.2
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Tax Increment Financing (TIF) 4.9
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Hospital/Health Care 4.3
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Multifamily Housing 4.0
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Marine/Aviation Facilities 3.5
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Special Assessment 3.2
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Oil, Gas & Consumable Fuels 1.9
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Airlines 1.6
Portfolio holdings are subject to change. Percentages are as of January 31,
2008, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 24.2%
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AA 9.7
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A 4.2
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BBB 41.7
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BB or lower 20.2
Allocations are subject to change. Percentages are as of January 31, 2008, 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 48.4% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Market value, the total value of the Fund's securities, does not include cash.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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15 | 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 SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS
OF 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 2% (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 one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
16 | 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
applicable); and (2) ongoing costs, including management fees; distribution and
service fees; and other Fund expenses. These examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section for the class of shares you hold, together with the amount you invested,
to estimate the expense that you paid over the period. Simply divide your
account value by $1,000.00 (for example, an $8,600.00 account value divided by
$1,000.00 = 8.60), then multiply the result by the number in the first section
under the heading entitled "Expenses Paid During Period" to estimate the
expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Fund's actual expense ratio for each class of shares, and an
assumed rate of return of 5% per year for each class before expenses, which is
not the actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
17 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FUND EXPENSES Continued
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the Statement of Additional Information). Therefore, the "hypothetical" section
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL AUGUST 1, 2007 JANUARY 31, 2008 JANUARY 31, 2008
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Class A $1,000.00 $ 920.00 $ 7.92
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Class B 1,000.00 916.30 11.91
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Class C 1,000.00 917.10 11.72
HYPOTHETICAL
(5% return before expenses)
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Class A 1,000.00 1,016.99 8.32
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Class B 1,000.00 1,012.85 12.51
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Class C 1,000.00 1,013.06 12.30
EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO FOR THAT CLASS,
MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 184/365
(TO REFLECT THE ONE-HALF YEAR PERIOD). THOSE ANNUALIZED EXPENSE RATIOS BASED ON
THE 6-MONTH PERIOD ENDED JANUARY 31, 2008 ARE AS FOLLOWS:
CLASS EXPENSE RATIOS
- ----------------------------
Class A 1.63%
- ----------------------------
Class B 2.45
- ----------------------------
Class C 2.41
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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18 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2008 / Unaudited
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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MUNICIPAL BONDS AND NOTES--126.3%
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CALIFORNIA--120.6%
$ 2,675,000 Adelanto, CA Elementary School District Community
Facilities District No. 1 5.250% 09/01/2026 $ 2,461,776
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7,310,000 Adelanto, CA Elementary School District Community
Facilities District No. 1 5.350 09/01/2036 6,495,739
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2,145,000 Adelanto, CA Elementary School District Community
Facilities District No. 1 5.400 09/01/2036 1,920,376
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55,000 Adelanto, CA Improvement Agency, Series B 5.500 12/01/2023 55,386
- --------------------------------------------------------------------------------------------------------------------
50,000 Adelanto, CA Public Financing Authority, Series B 6.300 09/01/2028 50,089
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5,025,000 Agua Mansa, CA Industrial Growth Assoc. Special Tax 6.500 09/01/2033 5,196,855
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1,435,000 Alameda, CA COP 5.750 12/01/2021 1,452,033
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200,000 Alameda, CA Public Financing Authority 5.450 09/02/2014 204,204
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535,000 Aliso Viejo, CA Community Facility District Special
Tax (Glenwood at Aliso) 5.600 09/01/2021 540,227
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675,000 Aliso Viejo, CA Community Facility District Special
Tax (Glenwood at Aliso) 5.700 09/01/2022 681,959
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5,200,000 Aliso Viejo, CA Community Facility District Special
Tax (Glenwood at Aliso) 6.000 09/01/2038 5,212,844
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25,000 Alvord, CA Unified School District Community
Facilities District 5.875 09/01/2034 25,497
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150,000 Arcadia, CA Hospital (Methodist Hospital of
Southern California) 1 6.625 11/15/2022 150,204
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500,000 Arvin, CA Community Redevel. Agency 5.000 09/01/2025 460,125
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2,435,000 Arvin, CA Community Redevel. Agency 5.125 09/01/2035 2,127,167
- --------------------------------------------------------------------------------------------------------------------
60,000 Atwater, CA Public Financing Authority (Sewer and
Water) 5.500 05/01/2028 60,318
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2,500,000 Azusa, CA Special Tax Community Facilities District
(Mountain Cove) 6.000 09/01/2032 2,532,250
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1,000,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 5.000 09/01/2021 923,250
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2,735,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 5.000 09/01/2027 2,383,826
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9,780,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 5.000 09/01/2037 7,988,500
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1,000,000 Bakersfield, CA Improvement Bond Act 1915 5.000 09/02/2027 897,850
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1,325,000 Bakersfield, CA Improvement Bond Act 1915 5.125 09/02/2026 1,228,991
- --------------------------------------------------------------------------------------------------------------------
615,000 Bakersfield, CA Improvement Bond Act 1915 5.350 09/02/2022 610,363
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2,310,000 Bakersfield, CA Improvement Bond Act 1915 5.400 09/02/2025 2,264,932
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3,700,000 Beaumont, CA Financing Authority, Series A 5.350 09/01/2036 3,333,441
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1,500,000 Beaumont, CA Financing Authority, Series A 5.750 09/01/2034 1,490,820
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685,000 Beaumont, CA Financing Authority, Series B 5.000 09/01/2027 615,034
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3,170,000 Beaumont, CA Financing Authority, Series B 5.050 09/01/2037 2,722,174
19 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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CALIFORNIA Continued
$ 1,000,000 Beaumont, CA Financing Authority, Series B 5.350% 09/01/2028 $ 934,330
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1,490,000 Beaumont, CA Financing Authority, Series B 5.400 09/01/2035 1,356,138
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Beaumont, CA Financing Authority, Series B 6.000 09/01/2034 4,970,100
- --------------------------------------------------------------------------------------------------------------------
1,525,000 Beaumont, CA Financing Authority, Series B 6.000 09/01/2034 1,515,881
- --------------------------------------------------------------------------------------------------------------------
2,340,000 Beaumont, CA Financing Authority, Series C 5.500 09/01/2035 2,160,896
- --------------------------------------------------------------------------------------------------------------------
2,925,000 Beaumont, CA Financing Authority, Series D 5.800 09/01/2035 2,825,404
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5,245,000 Beaumont, CA Financing Authority, Series E 6.250 09/01/2038 5,254,441
- --------------------------------------------------------------------------------------------------------------------
75,000 Berkeley, CA Unified School District 5.000 08/01/2022 75,575
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500,000 Blythe, CA Community Facilities District Special Tax
(Hidden Beaches) 5.300 09/01/2035 448,425
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30,000 Blythe, CA Redevel. Agency (Redevel. Project No. 1
Tax Allocation) 5.650 05/01/2029 29,014
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7,605,000 Brentwood, CA Infrastructure Financing Authority 5.200 09/02/2036 6,744,646
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30,000 Brentwood, CA Infrastructure Financing Authority
(Water & Sewer) 5.625 07/01/2026 30,245
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25,000 Buena Park, CA Special Tax (Park Mall) 6.100 09/01/2028 25,278
- --------------------------------------------------------------------------------------------------------------------
60,000 Butte County, CA Hsg. Authority (Affordable Hsg.
Pool) 7.000 10/01/2020 62,344
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50,000 CA ABAG Finance Authority for NonProfit
Corporations (Bijou Woods Apartments) 5.200 12/01/2021 51,062
- --------------------------------------------------------------------------------------------------------------------
3,025,000 CA ABAG Finance Authority for NonProfit
Corporations (Channing House) 5.500 02/15/2029 3,032,048
- --------------------------------------------------------------------------------------------------------------------
65,000 CA ABAG Finance Authority for NonProfit
Corporations (Redding Assisted Living Corp.) 5.250 11/15/2031 60,097
- --------------------------------------------------------------------------------------------------------------------
90,000 CA ABAG Finance Authority for NonProfit
Corporations COP 6.000 08/15/2020 90,116
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450,000 CA ABAG Finance Authority for NonProfit
Corporations COP (American Baptist Homes of
the West) 1 5.750 10/01/2017 457,133
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210,000 CA ABAG Finance Authority for NonProfit
Corporations COP (American Baptist Homes of
the West) 6.200 10/01/2027 212,682
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450,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Lytton Gardens) 1 6.000 02/15/2019 455,067
- --------------------------------------------------------------------------------------------------------------------
10,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Merced Family Health Centers) 5.950 01/01/2024 10,013
- --------------------------------------------------------------------------------------------------------------------
440,000 CA ABAG Finance Authority for NonProfit
Corporations COP (O'Connor Woods) 6.200 11/01/2029 445,676
- --------------------------------------------------------------------------------------------------------------------
25,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Palo Alto Gardens Apartments) 5.350 10/01/2029 24,428
- --------------------------------------------------------------------------------------------------------------------
4,300,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Redwood Senior Homes &
Services) 6.125 11/15/2032 4,460,132
20 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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CALIFORNIA Continued
$ 265,000 CA ABAG Finance Authority for NonProfit
Corporations, Series A 5.747% 2 04/20/2019 $ 137,493
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235,000 CA ABAG Improvement Bond Act 1915
(Windemere Ranch) 6.150 09/02/2029 297,588
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75,000 CA Affordable Hsg. Agency
(Merced County Hsg. Authority) 6.000 01/01/2023 75,677
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2,025,000 CA Aztec Shops Auxiliary Organization
(San Diego State University) 1 6.000 09/01/2031 2,063,657
- ---------------------------------------------------------------------------------------------------------------------
10,530,000 CA County Tobacco Securitization Agency 5.000 06/01/2047 8,924,912
- ---------------------------------------------------------------------------------------------------------------------
39,700,000 CA County Tobacco Securitization Agency 5.750 2 06/01/2057 1,267,621
- ---------------------------------------------------------------------------------------------------------------------
18,530,000 CA County Tobacco Securitization Agency 5.820 2 06/01/2033 3,359,860
- ---------------------------------------------------------------------------------------------------------------------
43,500,000 CA County Tobacco Securitization Agency 5.890 2 06/01/2046 3,283,815
- ---------------------------------------------------------------------------------------------------------------------
45,600,000 CA County Tobacco Securitization Agency 6.125 2 06/01/2057 1,175,112
- ---------------------------------------------------------------------------------------------------------------------
20,000,000 CA County Tobacco Securitization Agency 6.300 2 06/01/2055 597,800
- ---------------------------------------------------------------------------------------------------------------------
82,110,000 CA County Tobacco Securitization Agency 6.423 2 06/01/2046 6,198,484
- ---------------------------------------------------------------------------------------------------------------------
51,500,000 CA County Tobacco Securitization Agency 6.700 2 06/01/2057 1,046,995
- ---------------------------------------------------------------------------------------------------------------------
55,250,000 CA County Tobacco Securitization Agency 6.901 2 06/01/2057 1,123,233
- ---------------------------------------------------------------------------------------------------------------------
71,700,000 CA County Tobacco Securitization Agency 7.000 2 06/01/2055 2,143,113
- ---------------------------------------------------------------------------------------------------------------------
123,750,000 CA County Tobacco Securitization Agency 7.251 2 06/01/2055 2,945,250
- ---------------------------------------------------------------------------------------------------------------------
347,900,000 CA County Tobacco Securitization Agency 7.550 2 06/01/2055 8,280,020
- ---------------------------------------------------------------------------------------------------------------------
409,500,000 CA County Tobacco Securitization Agency 8.251 2 06/01/2055 9,746,100
- ---------------------------------------------------------------------------------------------------------------------
5,000,000 CA County Tobacco Securitization Agency (TASC) 1 0.000 3 06/01/2036 3,752,150
- ---------------------------------------------------------------------------------------------------------------------
28,225,000 CA County Tobacco Securitization Agency (TASC) 0.000 3 06/01/2041 21,104,397
- ---------------------------------------------------------------------------------------------------------------------
28,270,000 CA County Tobacco Securitization Agency (TASC) 0.000 3 06/01/2046 21,186,952
- ---------------------------------------------------------------------------------------------------------------------
12,030,000 CA County Tobacco Securitization Agency (TASC) 5.125 06/01/2038 10,589,287
- ---------------------------------------------------------------------------------------------------------------------
3,725,000 CA County Tobacco Securitization Agency (TASC) 5.125 06/01/2038 3,278,894
- ---------------------------------------------------------------------------------------------------------------------
11,435,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 10,138,843
- ---------------------------------------------------------------------------------------------------------------------
5,815,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 5,155,870
- ---------------------------------------------------------------------------------------------------------------------
6,000,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2046 5,315,100
- ---------------------------------------------------------------------------------------------------------------------
4,375,000 CA County Tobacco Securitization Agency (TASC) 1 5.750 06/01/2029 4,309,638
- ---------------------------------------------------------------------------------------------------------------------
6,230,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2027 6,276,725
- ---------------------------------------------------------------------------------------------------------------------
9,125,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2035 9,001,995
- ---------------------------------------------------------------------------------------------------------------------
1,250,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 1,231,575
- ---------------------------------------------------------------------------------------------------------------------
10,545,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2035 10,553,858
- ---------------------------------------------------------------------------------------------------------------------
21,960,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 21,978,446
- ---------------------------------------------------------------------------------------------------------------------
10,025,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2038 10,080,639
- ---------------------------------------------------------------------------------------------------------------------
50,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2043 50,278
- ---------------------------------------------------------------------------------------------------------------------
86,970,000 CA County Tobacco Securitization Agency (TASC) 6.375 2 06/01/2046 5,985,275
- ---------------------------------------------------------------------------------------------------------------------
65,800,000 CA County Tobacco Securitization Agency (TASC) 6.600 2 06/01/2046 3,834,166
- ---------------------------------------------------------------------------------------------------------------------
9,975,000 CA Dept. of Veterans Affairs Home Purchase 4 5.000 5 12/01/2027 9,999,102
21 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 45,000 CA Dept. of Veterans Affairs Home Purchase 5.200% 12/01/2027 $ 45,714
- --------------------------------------------------------------------------------------------------------------------
2,925,000 CA Dept. of Veterans Affairs Home Purchase 1 5.500 12/01/2019 2,968,670
- --------------------------------------------------------------------------------------------------------------------
20,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2029 20,110
- --------------------------------------------------------------------------------------------------------------------
15,000 CA Dept. of Water Resources (Center Valley) 5.400 07/01/2012 15,036
- --------------------------------------------------------------------------------------------------------------------
55,000 CA Educational Facilities Authority
(Golden Gate University) 5.500 10/01/2031 54,600
- --------------------------------------------------------------------------------------------------------------------
2,500,000 CA Enterprise Devel. Authority
(Anheuser-Busch Companies) 5.300 09/01/2047 2,445,600
- --------------------------------------------------------------------------------------------------------------------
10,000,000 CA Foothill Eastern Transportation Corridor Agency
Toll Road 1 5.877 2 01/15/2030 2,774,600
- --------------------------------------------------------------------------------------------------------------------
45,000 CA GO 5.000 04/01/2022 46,075
- --------------------------------------------------------------------------------------------------------------------
200,000 CA GO 5.000 02/01/2023 202,242
- --------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.000 10/01/2023 10,034
- --------------------------------------------------------------------------------------------------------------------
100,000 CA GO 5.000 02/01/2024 101,574
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.000 08/01/2024 5,158
- --------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.000 03/01/2028 20,445
- --------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.000 02/01/2033 15,047
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.125 02/01/2027 5,092
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.125 10/01/2027 5,075
- --------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.125 10/01/2027 10,096
- --------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.125 03/01/2031 20,124
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.125 06/01/2031 5,053
- --------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.500 04/01/2019 25,111
- --------------------------------------------------------------------------------------------------------------------
115,000 CA GO 5.500 03/01/2020 115,327
- --------------------------------------------------------------------------------------------------------------------
140,000 CA GO 5.500 03/01/2020 140,291
- --------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.500 10/01/2022 5,016
- --------------------------------------------------------------------------------------------------------------------
60,000 CA GO 6.250 10/01/2019 60,325
- --------------------------------------------------------------------------------------------------------------------
200,000 CA GO 6.250 10/01/2019 201,210
- --------------------------------------------------------------------------------------------------------------------
78,410,000 CA Golden State Tobacco Securitization Corp. (TASC) 0.000 3 06/01/2037 50,972,773
- --------------------------------------------------------------------------------------------------------------------
4,785,000 CA Golden State Tobacco Securitization Corp. (TASC) 1 5.000 06/01/2033 4,207,785
- --------------------------------------------------------------------------------------------------------------------
163,795,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.125 06/01/2047 141,900,522
- --------------------------------------------------------------------------------------------------------------------
45,350,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.750 06/01/2047 43,476,138
- --------------------------------------------------------------------------------------------------------------------
205,940,000 CA Golden State Tobacco Securitization Corp. (TASC) 6.902 2 06/01/2047 14,533,186
- --------------------------------------------------------------------------------------------------------------------
495,000 CA Health Facilities Financing Authority (Hospital of
the Good Samaritan) 1 7.000 09/01/2021 495,074
- --------------------------------------------------------------------------------------------------------------------
2,500,000 CA Health Facilities Financing Authority
(Kaiser Permanente) 5.500 06/01/2022 2,568,975
- --------------------------------------------------------------------------------------------------------------------
1,575,000 CA Health Facilities Financing Authority (Pomona
Valley Hospital Medical Center) 5.625 07/01/2019 1,603,539
- --------------------------------------------------------------------------------------------------------------------
140,000 CA Health Facilities Financing Authority (Sutter Health) 5.250 08/15/2027 142,982
- --------------------------------------------------------------------------------------------------------------------
80,000 CA Health Facilities Financing Authority (Sutter Health) 5.350 08/15/2028 82,576
22 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 CA Health Facilities Financing Authority
(UCSF-Stanford Health Care) 5.000% 11/15/2028 $ 25,424
- --------------------------------------------------------------------------------------------------------------------
25,000 CA HFA (Multifamily Hsg.) 5.375 08/01/2028 25,321
- --------------------------------------------------------------------------------------------------------------------
205,000 CA HFA (Multifamily Hsg.) 5.950 08/01/2028 207,273
- --------------------------------------------------------------------------------------------------------------------
380,000 CA HFA (Multifamily Hsg.), Series A 5.900 02/01/2028 382,322
- --------------------------------------------------------------------------------------------------------------------
95,000 CA HFA (Multifamily Hsg.), Series B 5.500 08/01/2039 95,415
- --------------------------------------------------------------------------------------------------------------------
30,000 CA HFA, Series A 5.600 08/01/2011 30,340
- --------------------------------------------------------------------------------------------------------------------
215,000 CA HFA, Series B-1 5.600 08/01/2017 218,406
- --------------------------------------------------------------------------------------------------------------------
10,060,000 CA HFA, Series C 5.750 08/01/2030 10,843,070
- --------------------------------------------------------------------------------------------------------------------
17,250,000 CA HFA, Series E 5.000 02/01/2024 17,334,698
- --------------------------------------------------------------------------------------------------------------------
9,290,000 CA HFA, Series E 5.050 02/01/2026 9,314,247
- --------------------------------------------------------------------------------------------------------------------
15,770,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 5.800 08/01/2043 17,250,015
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 6.000 02/01/2033 5,512,600
- --------------------------------------------------------------------------------------------------------------------
3,000,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 6.000 02/01/2049 3,179,190
- --------------------------------------------------------------------------------------------------------------------
4,560,000 CA Home Mtg. Finance Authority (Homebuyers Fund) 6.100 02/01/2046 5,013,811
- --------------------------------------------------------------------------------------------------------------------
6,430,000 CA Infrastructure & Economic Devel. (Copia: The
American Center for Wine, Food and the Arts) 1 5.000 12/01/2032 4,741,996
- --------------------------------------------------------------------------------------------------------------------
4,885,000 CA Infrastructure & Economic Devel. (Copia: The
American Center for Wine, Food and the Arts) 5.530 2 12/01/2026 1,163,509
- --------------------------------------------------------------------------------------------------------------------
3,620,000 CA Infrastructure & Economic Devel. (Copia: The
American Center for Wine, Food and the Arts) 5.550 2 12/01/2027 789,848
- --------------------------------------------------------------------------------------------------------------------
25,250,000 CA Infrastructure & Economic Devel. (Copia: The
American Center for Wine, Food and the Arts) 5.624 2 12/01/2032 3,629,940
- --------------------------------------------------------------------------------------------------------------------
26,275,000 CA Infrastructure & Economic Devel. (Copia: The
American Center for Wine, Food and the Arts) 5.655 2 12/01/2037 2,526,867
- --------------------------------------------------------------------------------------------------------------------
65,000 CA M-S-R Public Power Agency (San Juan) 6.000 07/01/2022 73,473
- --------------------------------------------------------------------------------------------------------------------
30,000 CA Maritime Infrastructure Authority
(Santa Cruz Port District) 5.750 05/01/2024 30,381
- --------------------------------------------------------------------------------------------------------------------
10,000 CA Mobilehome Park Financing Authority
(Palomar Estates East & West) 5.100 09/15/2023 9,344
- --------------------------------------------------------------------------------------------------------------------
2,100,000 CA Municipal Finance Authority
(ECHS/AHEF/HK-8CS Obligated Group) 5.250 06/01/2036 1,911,672
- --------------------------------------------------------------------------------------------------------------------
120,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 5.800 12/01/2016 116,310
- --------------------------------------------------------------------------------------------------------------------
14,500,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.875 11/01/2027 14,515,515
- --------------------------------------------------------------------------------------------------------------------
185,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 5.850 06/01/2021 185,265
- --------------------------------------------------------------------------------------------------------------------
1,015,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 1 5.850 06/01/2021 1,016,106
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Port of Oakland, Series K 4 5.750 11/01/2015 5,175,775
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Port of Oakland, Series K 4 5.875 11/01/2017 5,176,025
23 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 20,100,000 CA Port of Oakland, Series L 4 5.000% 11/01/2032 $ 20,140,602
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Port of Oakland, Series L 5.000 11/01/2023 25,410
- --------------------------------------------------------------------------------------------------------------------
400,000 CA Port of Oakland, Series L 1 5.000 11/01/2032 400,808
- --------------------------------------------------------------------------------------------------------------------
9,720,000 CA Port of Oakland, Series N 4 5.000 11/01/2022 9,945,990
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Public Works (Dept. of Corrections) 5.250 06/01/2028 25,292
- --------------------------------------------------------------------------------------------------------------------
200,000 CA Public Works (Dept. of General Services) 5.000 12/01/2027 204,638
- --------------------------------------------------------------------------------------------------------------------
440,000 CA Public Works (State Universities) 5.500 12/01/2018 440,620
- --------------------------------------------------------------------------------------------------------------------
12,000,000 CA Public Works (Various Community Colleges) 5.625 03/01/2016 12,030,360
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Public Works (Various State Universities) 5.400 10/01/2022 102,151
- --------------------------------------------------------------------------------------------------------------------
11,780,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.400 08/01/2035 12,506,944
- --------------------------------------------------------------------------------------------------------------------
4,465,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 1 5.400 12/01/2036 4,759,869
- --------------------------------------------------------------------------------------------------------------------
9,925,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.400 06/01/2048 10,539,854
- --------------------------------------------------------------------------------------------------------------------
4,955,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.450 02/01/2048 5,079,024
- --------------------------------------------------------------------------------------------------------------------
25,440,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.500 02/01/2043 27,238,354
- --------------------------------------------------------------------------------------------------------------------
3,970,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.500 08/01/2047 4,202,602
- --------------------------------------------------------------------------------------------------------------------
495,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.500 08/01/2047 513,043
- --------------------------------------------------------------------------------------------------------------------
13,900,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.650 02/01/2049 14,120,732
- --------------------------------------------------------------------------------------------------------------------
8,890,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 1 5.700 02/01/2033 9,709,925
- --------------------------------------------------------------------------------------------------------------------
6,450,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.700 08/01/2044 6,855,060
- --------------------------------------------------------------------------------------------------------------------
5,980,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.750 02/01/2044 6,472,872
- --------------------------------------------------------------------------------------------------------------------
4,505,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.750 02/01/2046 4,760,749
- --------------------------------------------------------------------------------------------------------------------
34,000,000 CA Silicon Valley Tobacco Securitization Authority 5.621 2 06/01/2036 5,036,080
- --------------------------------------------------------------------------------------------------------------------
21,465,000 CA Silicon Valley Tobacco Securitization Authority 5.680 2 06/01/2041 2,269,924
- --------------------------------------------------------------------------------------------------------------------
17,650,000 CA Silicon Valley Tobacco Securitization Authority 5.850 2 06/01/2047 1,132,777
- --------------------------------------------------------------------------------------------------------------------
165,000,000 CA Silicon Valley Tobacco Securitization Authority 6.300 2 06/01/2056 4,580,400
- --------------------------------------------------------------------------------------------------------------------
100,000,000 CA Silicon Valley Tobacco Securitization Authority 6.850 2 06/01/2056 2,200,000
- --------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide CDA 5.000 09/02/2018 246,458
- --------------------------------------------------------------------------------------------------------------------
245,000 CA Statewide CDA 5.000 09/02/2019 239,826
- --------------------------------------------------------------------------------------------------------------------
245,000 CA Statewide CDA 5.125 09/02/2020 240,536
- --------------------------------------------------------------------------------------------------------------------
2,950,000 CA Statewide CDA 5.125 09/02/2025 2,802,264
24 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 8,495,000 CA Statewide CDA 1 5.200% 09/02/2036 $ 7,481,716
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA 6.527 2 09/01/2028 25,107
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA 6.625 09/01/2027 25,023
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA 6.750 09/01/2037 52,622
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA 6.773 2 09/01/2034 15,806
- --------------------------------------------------------------------------------------------------------------------
15,000 CA Statewide CDA 7.000 07/01/2022 15,019
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA (Arc of San Diego) COP 5.625 05/01/2021 25,544
- --------------------------------------------------------------------------------------------------------------------
5,400,000 CA Statewide CDA (Berkeley Montessori School) 7.250 10/01/2033 5,782,050
- --------------------------------------------------------------------------------------------------------------------
265,000 CA Statewide CDA (California Odd Fellow Hsg.) 5.500 10/01/2023 265,239
- --------------------------------------------------------------------------------------------------------------------
3,955,000 CA Statewide CDA (Casa De Los Amigos) 5.250 10/20/2042 3,895,635
- --------------------------------------------------------------------------------------------------------------------
825,000 CA Statewide CDA (Citrus Gardens Apartments) 6.500 07/01/2032 838,976
- --------------------------------------------------------------------------------------------------------------------
1,395,000 CA Statewide CDA (Citrus Gardens Apartments) 9.000 07/01/2032 1,394,623
- --------------------------------------------------------------------------------------------------------------------
3,290,000 CA Statewide CDA (Clara) 5.050 01/20/2041 3,179,818
- --------------------------------------------------------------------------------------------------------------------
1,070,000 CA Statewide CDA (Drew School) 1 5.300 10/01/2037 1,001,028
- --------------------------------------------------------------------------------------------------------------------
1,250,000 CA Statewide CDA (East Tabor Apartments) 6.850 08/20/2036 1,356,763
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA (Eastfield Ming Quong) 5.500 06/01/2012 50,405
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Statewide CDA (Fairfield Apartments) 6 7.250 01/01/2035 2,331,900
- --------------------------------------------------------------------------------------------------------------------
4,200,000 CA Statewide CDA (Family House & Hsg.
Foundation-Torrence I) 7.000 04/20/2036 4,669,980
- --------------------------------------------------------------------------------------------------------------------
43,650,000 CA Statewide CDA (Foxdale Apartments) 5.500 03/01/2040 40,465,733
- --------------------------------------------------------------------------------------------------------------------
60,000 CA Statewide CDA (GP Steinbeck) 5.492 2 03/20/2022 27,003
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (Huntington Park Charter School) 5.250 07/01/2042 882,760
- --------------------------------------------------------------------------------------------------------------------
1,145,000 CA Statewide CDA (International School Peninsula) 1 5.000 11/01/2025 1,055,541
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (International School Peninsula) 1 5.000 11/01/2029 895,500
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Statewide CDA (John F. Kennedy University) 6.750 10/01/2033 5,304,000
- --------------------------------------------------------------------------------------------------------------------
100,000,000 CA Statewide CDA (Kaiser Permanente) 4 3.948 5 04/01/2036 79,213,000
- --------------------------------------------------------------------------------------------------------------------
2,050,000 CA Statewide CDA (Kaiser Permanente) 1 5.300 12/01/2015 2,167,383
- --------------------------------------------------------------------------------------------------------------------
2,750,000 CA Statewide CDA (Live Oak School) 1 6.750 10/01/2030 2,872,788
- --------------------------------------------------------------------------------------------------------------------
6,000,000 CA Statewide CDA (Marin Montessori School) 7.000 10/01/2033 6,394,980
- --------------------------------------------------------------------------------------------------------------------
6,240,000 CA Statewide CDA (Mountain Shadows Community) 5.000 07/01/2031 5,334,701
- --------------------------------------------------------------------------------------------------------------------
1,400,000 CA Statewide CDA (Napa Valley Hospice) 1 7.000 01/01/2034 1,453,970
- --------------------------------------------------------------------------------------------------------------------
1,650,000 CA Statewide CDA (Notre Dame de Namur University) 1 6.500 10/01/2023 1,721,511
- --------------------------------------------------------------------------------------------------------------------
1,635,000 CA Statewide CDA (Notre Dame de Namur University) 1 6.625 10/01/2033 1,688,448
- --------------------------------------------------------------------------------------------------------------------
50,000 CA Statewide CDA (Quail Ridge Apartments) 5.250 07/01/2022 49,823
- --------------------------------------------------------------------------------------------------------------------
30,000 CA Statewide CDA (Quail Ridge Apartments) 5.375 07/01/2032 28,627
- --------------------------------------------------------------------------------------------------------------------
1,415,000 CA Statewide CDA (Quail Ridge Apartments) 1 6.500 07/01/2032 1,435,235
- --------------------------------------------------------------------------------------------------------------------
2,050,000 CA Statewide CDA (Quail Ridge Apartments) 1 9.000 07/01/2032 2,044,691
- --------------------------------------------------------------------------------------------------------------------
425,000 CA Statewide CDA (Rio Bravo) 6.300 12/01/2018 404,630
25 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,845,000 CA Statewide CDA (Sonoma Country Day School) 1 6.000% 01/01/2029 $ 1,755,351
- --------------------------------------------------------------------------------------------------------------------
220,000 CA Statewide CDA (Stonehaven Student Hsg.) 5.875 07/01/2032 213,880
- --------------------------------------------------------------------------------------------------------------------
15,000 CA Statewide CDA (Sutter Health Obligated Group) 5.500 08/15/2034 15,426
- --------------------------------------------------------------------------------------------------------------------
450,000 CA Statewide CDA (Sycamore) 6.000 03/20/2038 478,233
- --------------------------------------------------------------------------------------------------------------------
4,000,000 CA Statewide CDA (Turning Point) 1 6.500 11/01/2031 4,133,280
- --------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (Valleycare Health System) 1 5.125 07/15/2031 889,430
- --------------------------------------------------------------------------------------------------------------------
52,800,000 CA Statewide CDA COP (Children's Hospital of
Los Angeles) 7 5.000 08/15/2043 51,053,904
- --------------------------------------------------------------------------------------------------------------------
260,000 CA Statewide CDA COP (Children's Hospital of
Los Angeles) 1 5.250 08/15/2029 253,932
- --------------------------------------------------------------------------------------------------------------------
165,000 CA Statewide CDA COP (Internext Group) 1 5.375 04/01/2030 163,510
- --------------------------------------------------------------------------------------------------------------------
270,000 CA Statewide CDA Special Tax Community Facilities
District No. 97 6.842 2 09/01/2022 122,056
- --------------------------------------------------------------------------------------------------------------------
9,995,000 CA Statewide CDA, Series A 1 5.150 09/02/2037 8,719,338
- --------------------------------------------------------------------------------------------------------------------
490,000 CA Statewide CDA, Series A 5.200 09/02/2025 469,547
- --------------------------------------------------------------------------------------------------------------------
3,945,000 CA Statewide CDA, Series A 1 5.350 09/02/2035 3,564,308
- --------------------------------------------------------------------------------------------------------------------
8,005,000 CA Statewide CDA, Series B 1 6.250 09/02/2037 8,053,190
- --------------------------------------------------------------------------------------------------------------------
45,175,000 CA Statewide Financing Authority Tobacco Settlement 6.375 2 06/01/2046 3,108,944
- --------------------------------------------------------------------------------------------------------------------
220,000,000 CA Statewide Financing Authority Tobacco Settlement 7.876 2 06/01/2055 5,236,000
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 1 6.000 05/01/2037 5,004,100
- --------------------------------------------------------------------------------------------------------------------
11,745,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 11,754,631
- --------------------------------------------------------------------------------------------------------------------
30,010,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 30,034,608
- --------------------------------------------------------------------------------------------------------------------
3,675,000 CA Valley Health System COP 6,8 6.875 05/15/2023 2,149,875
- --------------------------------------------------------------------------------------------------------------------
280,000 CA Valley Health System, Series A 8 6.500 05/15/2025 163,800
- --------------------------------------------------------------------------------------------------------------------
1,375,000 CA Valley Sanitation District 5.200 09/02/2030 1,246,919
- --------------------------------------------------------------------------------------------------------------------
120,000 CA Veterans GO 4.700 12/01/2012 120,142
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Veterans GO, Series BP 5.500 12/01/2026 25,013
- --------------------------------------------------------------------------------------------------------------------
165,000 CA Veterans GO, Series BR 5.250 12/01/2026 165,063
- --------------------------------------------------------------------------------------------------------------------
3,000,000 CA Veterans GO, Series BX 5.500 12/01/2031 3,005,040
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Water Resource Devel. GO, Series S 5.500 04/01/2009 25,062
- --------------------------------------------------------------------------------------------------------------------
25,000 CA Western Hills Water District Special Tax (Diablo
Grande Community Facilities) 5.700 09/01/2011 26,051
- --------------------------------------------------------------------------------------------------------------------
85,000 CA Western Hills Water District Special Tax (Diablo
Grande Community Facilities) 6.000 09/01/2024 85,660
- --------------------------------------------------------------------------------------------------------------------
4,495,000 CA Western Hills Water District Special Tax (Diablo
Grande Community Facilities) 6.125 09/01/2031 4,491,943
- --------------------------------------------------------------------------------------------------------------------
245,000 CA Western Hills Water District Special Tax (Diablo
Grande Community Facilities) 6.700 09/01/2020 253,568
26 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,030,000 CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.875% 09/01/2031 $ 3,107,962
- --------------------------------------------------------------------------------------------------------------------
10,000 CA William S. Hart Joint School Financing Authority 5.600 09/01/2023 10,167
- --------------------------------------------------------------------------------------------------------------------
10,000 CA William S. Hart Union School District 6.000 09/01/2033 9,954
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Calexico, CA Community Facilities District No. 2005-1
Special Tax (Hearthstone) 5.500 09/01/2036 2,302,825
- --------------------------------------------------------------------------------------------------------------------
2,325,000 Calexico, CA Community Facilities District No. 2005-1
Special Tax (Hearthstone) 5.550 09/01/2036 2,158,484
- --------------------------------------------------------------------------------------------------------------------
175,000 Campbell, CA (Civic Center) COP 5.250 10/01/2028 178,700
- --------------------------------------------------------------------------------------------------------------------
25,000 Carlsbad, CA Improvement Bond Act 1915 5.500 09/02/2028 23,802
- --------------------------------------------------------------------------------------------------------------------
200,000 Carlsbad, CA Unified School District COP
(Aviara Oaks Middle School) 5.300 06/01/2022 201,194
- --------------------------------------------------------------------------------------------------------------------
1,320,000 Carson, CA Improvement Bond Act 1915 7.375 09/02/2022 1,321,940
- --------------------------------------------------------------------------------------------------------------------
4,510,000 Castaic, CA Union School District Community
Facilities District No. 92-1 9.000 10/01/2019 4,536,023
- --------------------------------------------------------------------------------------------------------------------
50,000 Central CA Joint Powers Health Financing Authority
COP (CHCC/FCHMC/SHF Obligated Group) 6.000 02/01/2030 54,048
- --------------------------------------------------------------------------------------------------------------------
5,000 Chino Valley, CA Unified School District COP 5.000 09/01/2026 5,255
- --------------------------------------------------------------------------------------------------------------------
2,190,000 Chino, CA Community Facilities District Special Tax 5.150 09/01/2036 1,954,663
- --------------------------------------------------------------------------------------------------------------------
45,000 Chino, CA Community Facilities District Special Tax 5.950 09/01/2033 45,135
- --------------------------------------------------------------------------------------------------------------------
50,000 Chino, CA Community Facilities District Special Tax
No. 10 6.850 09/01/2020 52,253
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Chino, CA Community Facilities District Special Tax
No. 2005-1 5.000 09/01/2023 950,590
- --------------------------------------------------------------------------------------------------------------------
1,625,000 Chino, CA Community Facilities District Special Tax
No. 2005-1 5.000 09/01/2027 1,476,589
- --------------------------------------------------------------------------------------------------------------------
2,175,000 Chowchilla, CA Community Facilities Sales Tax District 5.000 09/01/2037 1,852,904
- --------------------------------------------------------------------------------------------------------------------
1,825,000 Chowchilla, CA Redevel. Agency 1 5.000 08/01/2037 1,780,999
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Chula Vista, CA Community Facilities District
(Otay Ranch Village Seven) 5.250 09/01/2026 1,861,800
- --------------------------------------------------------------------------------------------------------------------
2,670,000 Chula Vista, CA Community Facilities District
(Otay Ranch Village Seven) 5.350 09/01/2036 2,405,483
- --------------------------------------------------------------------------------------------------------------------
210,000 Chula Vista, CA Hsg. Authority (Oxford Terrace
Apartments) 5.625 12/20/2042 208,872
- --------------------------------------------------------------------------------------------------------------------
2,525,000 Coalinga, CA Regional Medical Center COP 1 5.125 03/01/2032 2,312,799
- --------------------------------------------------------------------------------------------------------------------
1,825,000 Coalinga, CA Regional Medical Center COP 1 5.750 09/01/2024 1,896,175
- --------------------------------------------------------------------------------------------------------------------
3,040,000 Coalinga, CA Regional Medical Center COP 1 6.000 09/01/2034 3,025,803
- --------------------------------------------------------------------------------------------------------------------
2,100,000 Colton, CA Community Facilities District Special Tax 7.500 09/01/2020 2,184,735
- --------------------------------------------------------------------------------------------------------------------
25,000 Contra Costa County, CA Public Financing Authority
Tax Allocation 5.850 08/01/2033 28,921
- --------------------------------------------------------------------------------------------------------------------
5,000 Contra Costa County, CA Public Financing Authority
Tax Allocation 5.850 08/01/2033 4,774
27 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,005,000 Corona, CA Community Facilities District
(Buchanan Street) 5.150% 09/01/2036 $ 1,740,200
- --------------------------------------------------------------------------------------------------------------------
1,975,000 Corona-Norco, CA Unified School District 6.000 09/01/2037 1,943,993
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Daly City, CA Hsg. Devel. Finance Agency
(Third Tier Francsican) 6.500 12/15/2047 950,330
- --------------------------------------------------------------------------------------------------------------------
500,000 Downey, CA Community Devel. Commission Tax
Allocation (Downey Redevel.) 5.125 08/01/2028 503,325
- --------------------------------------------------------------------------------------------------------------------
8,450,000 Duarte, CA COP (Hope National Medical Center) 1 5.250 04/01/2031 8,505,601
- --------------------------------------------------------------------------------------------------------------------
3,280,000 East Palo Alto, CA Redevel. Agency Tax Allocation
(University Circle Gateway) 6.625 10/01/2029 3,526,033
- --------------------------------------------------------------------------------------------------------------------
200,000 Eastern CA Municipal Water District Community
Facilities Special Tax 5.000 09/01/2030 176,440
- --------------------------------------------------------------------------------------------------------------------
340,000 Eastern CA Municipal Water District Community
Facilities Special Tax 5.000 09/01/2037 289,649
- --------------------------------------------------------------------------------------------------------------------
200,000 Eastern CA Municipal Water District Community
Facilities Special Tax 5.100 09/01/2037 173,110
- --------------------------------------------------------------------------------------------------------------------
3,740,000 Eastern CA Municipal Water District Community
Facilities Special Tax 5.250 09/01/2035 3,329,348
- --------------------------------------------------------------------------------------------------------------------
25,000 Eastern CA Municipal Water District Community
Facilities Special Tax (Crown Valley Village) 5.400 09/01/2023 24,547
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Eastern CA Municipal Water District Community
Facilities Special Tax (Crown Valley Village) 5.625 09/01/2034 1,415,205
- --------------------------------------------------------------------------------------------------------------------
425,000 Eastern CA Municipal Water District Community
Facilities Special Tax No. 2003-25 5.000 09/01/2036 362,857
- --------------------------------------------------------------------------------------------------------------------
20,000 Eastern CA Municipal Water District Community
Facilities Special Tax No. 2004-26 5.000 09/01/2025 18,405
- --------------------------------------------------------------------------------------------------------------------
525,000 Eastern CA Municipal Water District Improvement
Bond Act 1915 5.200 09/01/2036 462,378
- --------------------------------------------------------------------------------------------------------------------
1,725,000 Eastern CA Municipal Water District Improvement
Bond Act 1915 5.500 09/02/2035 1,592,951
- --------------------------------------------------------------------------------------------------------------------
1,205,000 Eastern CA Municipal Water District Improvement
Bond Act 1915 (Faircrest) 5.250 09/01/2036 1,069,389
- --------------------------------------------------------------------------------------------------------------------
4,000,000 El Dorado County, CA Special Tax 5.250 09/01/2035 3,585,320
- --------------------------------------------------------------------------------------------------------------------
1,900,000 El Dorado County, CA Special Tax 5.350 09/01/2035 1,728,430
- --------------------------------------------------------------------------------------------------------------------
1,875,000 El Monte, CA Public Finance Authority
(Multiple Redevel.) 5.300 06/01/2038 1,660,444
- --------------------------------------------------------------------------------------------------------------------
5,750,000 Elk Grove, CA Special Tax Community Facilities
District No. 2005-1X 5.200 09/01/2027 5,171,953
- --------------------------------------------------------------------------------------------------------------------
22,500,000 Elk Grove, CA Special Tax Community Facilities
District No. 2005-1X 5.250 09/01/2037 19,522,125
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Escondido, CA Special Tax Community Facilities
District No. 01 (Eureka) 5.100 09/01/2026 1,287,118
- --------------------------------------------------------------------------------------------------------------------
4,200,000 Escondido, CA Special Tax Community Facilities
District No. 01 (Eureka) 5.150 09/01/2036 3,696,462
28 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Etiwanda, CA School District Special Tax 5.400% 09/01/2035 $ 22,754
- --------------------------------------------------------------------------------------------------------------------
10,300,000 Etiwanda, CA School District Special Tax Community
Facilities District No. 2004-2 1 6.000 09/01/2037 10,278,164
- --------------------------------------------------------------------------------------------------------------------
700,000 Farmersville, CA Unified School District COP 5.000 08/01/2026 698,327
- --------------------------------------------------------------------------------------------------------------------
100,000 Fillmore, CA Public Financing (Central City Redevel.) 5.500 06/01/2031 94,054
- --------------------------------------------------------------------------------------------------------------------
935,000 Fillmore, CA Redevel. Agency Tax Allocation 5.000 05/01/2016 933,364
- --------------------------------------------------------------------------------------------------------------------
1,080,000 Fillmore, CA Redevel. Agency Tax Allocation 5.000 05/01/2017 1,067,720
- --------------------------------------------------------------------------------------------------------------------
1,135,000 Fillmore, CA Redevel. Agency Tax Allocation 5.000 05/01/2018 1,119,258
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Fillmore, CA Redevel. Agency Tax Allocation 5.125 05/01/2021 3,905,760
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Fillmore, CA Redevel. Agency Tax Allocation 5.300 05/01/2023 2,945,910
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Fillmore, CA Redevel. Agency Tax Allocation 1 5.375 05/01/2031 13,875,450
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Folsom, CA Special Tax Community Facilities
District No. 10 6.300 09/01/2012 1,052,660
- --------------------------------------------------------------------------------------------------------------------
5,230,000 Folsom, CA Special Tax Community Facilities
District No. 10 6.875 09/01/2019 5,447,463
- --------------------------------------------------------------------------------------------------------------------
2,615,000 Folsom, CA Special Tax Community Facilities
District No. 31 5.000 09/01/2026 2,347,276
- --------------------------------------------------------------------------------------------------------------------
9,050,000 Folsom, CA Special Tax Community Facilities
District No. 31 5.000 09/01/2036 7,672,862
- --------------------------------------------------------------------------------------------------------------------
10,000 Fontana, CA Redevel. Agency (Jurupa Hills) 5.500 10/01/2027 10,160
- --------------------------------------------------------------------------------------------------------------------
20,000 Fremont, CA Community Facilities District
(Pacific Commons) 6.250 09/01/2026 20,354
- --------------------------------------------------------------------------------------------------------------------
50,000 Garden Grove, CA Hsg. Authority (Multifamily Hsg.) 6.700 07/01/2024 50,550
- --------------------------------------------------------------------------------------------------------------------
10,000 Garden Grove, CA Hsg. Authority
(Stuart Drive-Rose Garden) 6.700 01/01/2025 10,021
- --------------------------------------------------------------------------------------------------------------------
1,675,000 Hawthorne, CA Community Redevel. Agency
Special Tax 7.200 10/01/2025 1,728,265
- --------------------------------------------------------------------------------------------------------------------
1,180,000 Hawthorne, CA Community Redevel. Agency
Special Tax 7.200 10/01/2025 1,217,524
- --------------------------------------------------------------------------------------------------------------------
1,165,000 Heber, CA Public Utilities District (Heber Meadows) 5.300 09/01/2035 1,044,830
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Hemet, CA Unified School District 5.100 09/01/2030 912,421
- --------------------------------------------------------------------------------------------------------------------
785,000 Hemet, CA Unified School District 5.125 09/01/2036 683,437
- --------------------------------------------------------------------------------------------------------------------
1,285,000 Hemet, CA Unified School District 5.125 09/01/2037 1,116,626
- --------------------------------------------------------------------------------------------------------------------
1,505,000 Hemet, CA Unified School District 5.250 09/01/2035 1,426,319
- --------------------------------------------------------------------------------------------------------------------
1,155,000 Hemet, CA Unified School District Community
Facilities District No. 2005-3 5.375 09/01/2026 1,097,666
- --------------------------------------------------------------------------------------------------------------------
5,835,000 Hemet, CA Unified School District Community
Facilities District No. 2005-3 5.750 09/01/2039 5,577,501
- --------------------------------------------------------------------------------------------------------------------
35,000 Hemet, CA Unified School District Community
Facilities District Special Tax 5.625 09/01/2035 32,947
- --------------------------------------------------------------------------------------------------------------------
50,000 Hesperia, CA Improvement Bond Act 1915 8.500 09/02/2024 51,604
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Hesperia, CA Public Financing Authority, Tranche A 6.250 09/01/2035 1,370,096
29 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,375,000 Hesperia, CA Public Financing Authority, Tranche B 6.250% 09/01/2035 $ 3,375,236
- --------------------------------------------------------------------------------------------------------------------
3,355,000 Hesperia, CA Public Financing Authority, Tranche C 6.250 09/01/2035 3,355,235
- --------------------------------------------------------------------------------------------------------------------
1,070,000 Hesperia, CA Unified School District 5.000 09/01/2030 943,954
- --------------------------------------------------------------------------------------------------------------------
1,710,000 Hesperia, CA Unified School District 5.000 09/01/2037 1,467,163
- --------------------------------------------------------------------------------------------------------------------
50,000 Hesperia, CA Unified School District 5.200 09/01/2035 44,178
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Huntington Beach, CA Community Facilities
District Special Tax (Huntington Center) 5.850 09/01/2033 1,463,970
- --------------------------------------------------------------------------------------------------------------------
1,520,000 Imperial County, CA Community Facilities
District No. 2004-2 Special Tax 5.900 09/01/2037 1,495,878
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Imperial County, CA Community Facilities
District No. 2004-2 Special Tax 6.000 09/01/2037 1,968,600
- --------------------------------------------------------------------------------------------------------------------
5,000 Imperial County, CA COP 6.000 09/01/2009 5,012
- --------------------------------------------------------------------------------------------------------------------
870,000 Imperial County, CA Special Tax 5.000 09/01/2026 790,047
- --------------------------------------------------------------------------------------------------------------------
1,070,000 Imperial County, CA Special Tax 5.000 09/01/2037 911,544
- --------------------------------------------------------------------------------------------------------------------
3,385,000 Imperial County, CA Special Tax 5.000 09/01/2037 2,883,715
- --------------------------------------------------------------------------------------------------------------------
295,000 Imperial County, CA Special Tax 5.000 09/01/2037 251,313
- --------------------------------------------------------------------------------------------------------------------
1,550,000 Imperial County, CA Special Tax 5.100 09/01/2037 1,341,603
- --------------------------------------------------------------------------------------------------------------------
3,710,000 Imperial County, CA Special Tax 5.125 09/01/2037 3,223,879
- --------------------------------------------------------------------------------------------------------------------
40,000 Independent Cities, CA Lease Finance Authority
(Caritas Affordable Hsg.) 5.375 08/15/2040 35,840
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Independent Cities, CA Lease Finance Authority
(Caritas) 5.200 08/15/2045 3,543,360
- --------------------------------------------------------------------------------------------------------------------
130,000 Independent Cities, CA Lease Finance Authority
(El Granada Mobile Home Park) 6.000 05/15/2034 130,559
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Independent Cities, CA Lease Finance Authority
(San Juan Mobile Estates) 5.125 05/15/2041 2,636,970
- --------------------------------------------------------------------------------------------------------------------
500,000 Independent Cities, CA Lease Finance Authority
(San Juan Mobile Estates) 5.450 05/15/2026 457,990
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Independent Cities, CA Lease Finance Authority
(San Juan Mobile Estates) 5.850 05/15/2041 998,679
- --------------------------------------------------------------------------------------------------------------------
2,445,000 Indio, CA Community Facilities District Special Tax 5.200 09/01/2027 2,251,674
- --------------------------------------------------------------------------------------------------------------------
2,215,000 Indio, CA Community Facilities District Special Tax 5.250 09/01/2027 2,052,641
- --------------------------------------------------------------------------------------------------------------------
2,520,000 Indio, CA Community Facilities District Special Tax 5.250 09/01/2036 2,236,399
- --------------------------------------------------------------------------------------------------------------------
4,095,000 Indio, CA Community Facilities District Special Tax 5.250 09/01/2036 3,634,149
- --------------------------------------------------------------------------------------------------------------------
295,000 Indio, CA Community Facilities District Special Tax
(Sonora Wells) 5.000 09/01/2020 286,277
- --------------------------------------------------------------------------------------------------------------------
310,000 Indio, CA Community Facilities District Special Tax
(Sonora Wells) 5.000 09/01/2021 297,439
- --------------------------------------------------------------------------------------------------------------------
645,000 Indio, CA Community Facilities District Special Tax
(Sonora Wells) 5.050 09/01/2026 589,356
- --------------------------------------------------------------------------------------------------------------------
2,885,000 Indio, CA Community Facilities District Special Tax
(Sonora Wells) 5.125 09/01/2036 2,511,739
30 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Indio, CA Improvement Bond Act 1915 Assessment
District No. 2002-2 6.125% 09/02/2027 $ 25,359
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Indio, CA Improvement Bond Act 1915 Assessment
District No. 2003-03 6.125 09/02/2029 2,024,480
- --------------------------------------------------------------------------------------------------------------------
25,000 Indio, CA Improvement Bond Act 1915 Assessment
District No. 2003-5 (Sunburst) 5.875 09/02/2029 24,727
- --------------------------------------------------------------------------------------------------------------------
2,820,000 Indio, CA Improvement Bond Act 1915 Assessment
District No. 2004-03 5.500 09/02/2030 2,645,019
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Indio, CA Public Financing Authority 6.100 09/02/2029 2,020,480
- --------------------------------------------------------------------------------------------------------------------
4,185,000 Indio, CA Redevel. Agency Tax, Series B 1 6.500 08/15/2034 4,302,347
- --------------------------------------------------------------------------------------------------------------------
305,000 Industry, CA COP 5.300 08/01/2019 314,116
- --------------------------------------------------------------------------------------------------------------------
10,000 Irvine, CA Improvement Bond Act 1915 5.625 09/02/2024 10,198
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Jurupa, CA Community Services District Special Tax
Community Facilities District No. 17 5.200 09/01/2036 880,720
- --------------------------------------------------------------------------------------------------------------------
5,000 King, CA Community Devel. Agency
(King City Redevel.) 6.400 09/01/2009 5,012
- --------------------------------------------------------------------------------------------------------------------
50,000 King, CA Community Devel. Agency
(King City Redevel.) 6.750 09/01/2016 50,073
- --------------------------------------------------------------------------------------------------------------------
30,000 Kingsburg, CA Public Financing Authority 8.000 09/15/2021 30,059
- --------------------------------------------------------------------------------------------------------------------
4,040,000 La Puente, CA Community Devel. Commission
(La Puente Redevel.) 1 6.875 08/01/2037 4,040,323
- --------------------------------------------------------------------------------------------------------------------
5,000,000 La Verne, CA COP (Bethren Hillcrest Homes) 5.600 02/15/2033 4,570,600
- --------------------------------------------------------------------------------------------------------------------
4,500,000 La Verne, CA COP (Bethren Hillcrest Homes) 1 6.625 02/15/2025 4,835,340
- --------------------------------------------------------------------------------------------------------------------
1,300,000 Laguna Beach, CA Improvement Bond Act 1915
Underground Utility Assessment No. 06-1 5.500 09/02/2022 1,265,004
- --------------------------------------------------------------------------------------------------------------------
840,000 Lake Berryessa, CA Resort Improvement District 5.250 09/02/2017 842,159
- --------------------------------------------------------------------------------------------------------------------
1,440,000 Lake Berryessa, CA Resort Improvement District 5.250 09/02/2027 1,375,963
- --------------------------------------------------------------------------------------------------------------------
2,470,000 Lake Berryessa, CA Resort Improvement District 5.550 09/02/2037 2,290,826
- --------------------------------------------------------------------------------------------------------------------
2,020,000 Lake Elsinore, CA Community Facilities District
No. 2006-2 Special Tax (Viscaya) 5.400 09/01/2036 1,833,473
- --------------------------------------------------------------------------------------------------------------------
5,575,000 Lake Elsinore, CA Special Tax 5.150 09/01/2036 4,838,710
- --------------------------------------------------------------------------------------------------------------------
920,000 Lake Elsinore, CA Special Tax 5.200 09/01/2026 846,382
- --------------------------------------------------------------------------------------------------------------------
980,000 Lake Elsinore, CA Special Tax 5.200 09/01/2026 901,580
- --------------------------------------------------------------------------------------------------------------------
2,800,000 Lake Elsinore, CA Special Tax 5.250 09/01/2037 2,463,524
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Lake Elsinore, CA Special Tax 5.350 09/01/2036 984,214
- --------------------------------------------------------------------------------------------------------------------
1,210,000 Lake Elsinore, CA Special Tax 5.350 09/01/2036 1,113,079
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Lake Elsinore, CA Special Tax 5.450 09/01/2036 1,828,800
- --------------------------------------------------------------------------------------------------------------------
1,170,000 Lake Elsinore, CA Unified School District 5.000 09/01/2037 989,703
- --------------------------------------------------------------------------------------------------------------------
3,430,000 Lake Elsinore, CA Unified School District 5.350 09/01/2035 3,099,039
- --------------------------------------------------------------------------------------------------------------------
1,220,000 Lake Elsinore, CA Unified School District 5.350 09/01/2035 1,102,282
- --------------------------------------------------------------------------------------------------------------------
1,435,000 Lake Elsinore, CA Unified School District 5.400 09/01/2035 1,306,080
31 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,100,000 Lake Elsinore, CA Unified School District Community
Facilities District Special Tax No. 2006-6 5.900% 09/01/2037 $ 1,067,770
- --------------------------------------------------------------------------------------------------------------------
10,000 Lathrop, CA Financing Authority (Water Supply) 5.700 06/01/2019 10,123
- --------------------------------------------------------------------------------------------------------------------
1,800,000 Lathrop, CA Financing Authority (Water Supply) 1 6.000 06/01/2035 1,798,614
- --------------------------------------------------------------------------------------------------------------------
3,430,000 Lathrop, CA Improvement Bond Act 1915
(Mossdale Village) 5.100 09/02/2035 3,005,606
- --------------------------------------------------------------------------------------------------------------------
50,000 Lathrop, CA Improvement Bond Act 1915
(Mossdale Village) 6.000 09/02/2022 51,004
- --------------------------------------------------------------------------------------------------------------------
20,000 Lathrop, CA Improvement Bond Act 1915
(Mossdale Village) 6.125 09/02/2028 20,267
- --------------------------------------------------------------------------------------------------------------------
50,000 Lathrop, CA Improvement Bond Act 1915
(Mossdale Village) 6.125 09/02/2033 50,413
- --------------------------------------------------------------------------------------------------------------------
4,475,000 Lathrop, CA Special Tax Community Facilities
District No. 03-2 7.000 09/01/2033 4,773,975
- --------------------------------------------------------------------------------------------------------------------
475,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.000 09/01/2015 457,420
- --------------------------------------------------------------------------------------------------------------------
445,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.000 09/01/2016 421,891
- --------------------------------------------------------------------------------------------------------------------
670,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.125 09/01/2017 633,070
- --------------------------------------------------------------------------------------------------------------------
800,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.125 09/01/2018 749,272
- --------------------------------------------------------------------------------------------------------------------
1,015,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.200 09/01/2019 948,254
- --------------------------------------------------------------------------------------------------------------------
505,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.250 09/01/2021 464,620
- --------------------------------------------------------------------------------------------------------------------
5,680,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 5.300 09/01/2026 4,969,886
- --------------------------------------------------------------------------------------------------------------------
27,305,000 Lathrop, CA Special Tax Community Facilities
District No. 06-1 1 5.375 09/01/2036 22,769,366
- --------------------------------------------------------------------------------------------------------------------
110,000 Lee Lake Water District, CA Community Facilities
District No. 1 (Sycamore Creek) 6.000 09/01/2033 109,495
- --------------------------------------------------------------------------------------------------------------------
635,000 Lincoln, CA Special Tax 5.000 09/01/2026 566,699
- --------------------------------------------------------------------------------------------------------------------
1,315,000 Lincoln, CA Special Tax 5.000 09/01/2036 1,107,164
- --------------------------------------------------------------------------------------------------------------------
25,000 Loma Linda, CA Collateralized Loan (Redlands) 7.375 06/01/2009 26,074
- --------------------------------------------------------------------------------------------------------------------
25,000 Long Beach, CA Bond Finance Authority
(Aquarium of the South Pacific) 5.000 11/01/2026 25,664
- --------------------------------------------------------------------------------------------------------------------
60,000,000 Long Beach, CA Bond Finance Authority Natural Gas 4 4.812 5 11/15/2033 51,300,000
- --------------------------------------------------------------------------------------------------------------------
52,500,000 Long Beach, CA Bond Finance Authority Natural Gas
Purchase 4 5.500 11/15/2037 52,077,375
- --------------------------------------------------------------------------------------------------------------------
3,085,000 Long Beach, CA Bond Finance Authority Natural Gas
Purchase 1 5.500 11/15/2037 3,060,135
- --------------------------------------------------------------------------------------------------------------------
5,005,000 Long Beach, CA Special Tax 6.300 10/01/2032 5,010,255
32 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 150,000 Long Beach, CA Special Tax (Towne Center) 6.875% 10/01/2025 $ 151,256
- --------------------------------------------------------------------------------------------------------------------
10,165,000 Long Beach, CA Special Tax Community Facilities
District No. 7 (Douglas Park) 5.250 09/01/2037 9,006,393
- --------------------------------------------------------------------------------------------------------------------
130,000 Los Angeles, CA Community Redevel. Agency
(Angelus Plaza) 6.400 07/01/2023 131,104
- --------------------------------------------------------------------------------------------------------------------
1,675,000 Los Angeles, CA Community Redevel. Agency
(Grand Central Square) 1 5.000 12/01/2026 1,610,647
- --------------------------------------------------------------------------------------------------------------------
200,000 Los Angeles, CA Dept. of Water & Power, Series A 5.125 07/01/2041 203,624
- --------------------------------------------------------------------------------------------------------------------
17,585,000 Los Angeles, CA Harbor Dept., Series A 4 5.000 08/01/2025 17,930,928
- --------------------------------------------------------------------------------------------------------------------
18,495,000 Los Angeles, CA Harbor Dept., Series A 4 5.000 08/01/2026 18,889,235
- --------------------------------------------------------------------------------------------------------------------
5,230,000 Los Angeles, CA Hsg. (Park Plaza) 5.500 01/20/2043 5,307,509
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Los Angeles, CA Hsg. Authority 1 5.000 06/01/2033 1,468,260
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Los Angeles, CA IDA (Santee Court Parking Facility) 5.000 12/01/2020 1,442,835
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Los Angeles, CA IDA (Santee Court Parking Facility) 5.000 12/01/2027 997,612
- --------------------------------------------------------------------------------------------------------------------
35,000 Los Angeles, CA Regional Airports Improvement
Corp. (United Airlines) 6,8,9 8.800 11/15/2021 23,960
- --------------------------------------------------------------------------------------------------------------------
9,500,000 Los Angeles, CA Water & Power System 4 5.000 07/01/2024 9,602,457
- --------------------------------------------------------------------------------------------------------------------
25,000 Los Banos, CA COP 8 6.000 12/01/2019 25,013
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Los Banos, CA Redevel. Agency Tax Allocation 5.000 09/01/2036 1,972,960
- --------------------------------------------------------------------------------------------------------------------
15,000 Los Gatos, CA Union School District 5.000 08/01/2024 15,660
- --------------------------------------------------------------------------------------------------------------------
135,000 Madera County, CA COP (Valley Children's Hospital) 1 5.750 03/15/2028 135,230
- --------------------------------------------------------------------------------------------------------------------
925,000 Madera, CA Special Tax 5.000 09/01/2036 789,747
- --------------------------------------------------------------------------------------------------------------------
10,000 Manteca, CA Unified School District Special Tax
Community Facilities District No. 89 5.400 09/01/2023 9,768
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Maywood, CA Community Devel. Commission
(Maywood Redevel.) 5.000 08/01/2037 1,951,780
- --------------------------------------------------------------------------------------------------------------------
100,000 Mendocino Coast, CA Healthcare District 1 5.875 02/01/2020 100,145
- --------------------------------------------------------------------------------------------------------------------
1,375,000 Mendota, CA Joint Powers Financing Authority
Wastewater 1 5.150 07/01/2035 1,206,150
- --------------------------------------------------------------------------------------------------------------------
610,000 Menifee, CA Union School District Special Tax 5.000 09/01/2026 553,941
- --------------------------------------------------------------------------------------------------------------------
3,520,000 Menifee, CA Union School District Special Tax 5.000 09/01/2036 3,026,461
- --------------------------------------------------------------------------------------------------------------------
915,000 Menifee, CA Union School District Special Tax 5.200 09/01/2030 829,777
- --------------------------------------------------------------------------------------------------------------------
400,000 Menifee, CA Union School District Special Tax 5.200 09/01/2035 355,860
- --------------------------------------------------------------------------------------------------------------------
500,000 Menifee, CA Union School District Special Tax 5.250 09/01/2035 448,165
- --------------------------------------------------------------------------------------------------------------------
1,010,000 Menifee, CA Union School District Special Tax 5.250 09/01/2036 902,587
- --------------------------------------------------------------------------------------------------------------------
690,000 Menifee, CA Union School District Special Tax 5.500 09/01/2034 643,108
- --------------------------------------------------------------------------------------------------------------------
385,000 Menifee, CA Union School District Special Tax 5.500 09/01/2034 358,835
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Merced, CA Irrigation District 7 5.250 09/01/2036 13,363,480
- --------------------------------------------------------------------------------------------------------------------
2,930,000 Merced, CA Special Tax 5.000 09/01/2036 2,501,575
- --------------------------------------------------------------------------------------------------------------------
500,000 Merced, CA Special Tax 5.100 09/01/2035 435,125
- --------------------------------------------------------------------------------------------------------------------
1,785,000 Mission Springs, CA Water District 5.200 09/02/2032 1,603,590
33 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Mission Viejo, CA Community Devel.
(City Hall Construction/Library) 5.000% 05/01/2028 $ 25,399
- --------------------------------------------------------------------------------------------------------------------
50,000 Modesto, CA Health Facility (Sutter Health/Alta
Bates Medical Center/Berkeley Long-Term Care
Company Obligated Group) 5.250 06/01/2021 51,068
- --------------------------------------------------------------------------------------------------------------------
445,000 Modesto, CA Irrigation District COP 5.300 07/01/2022 445,685
- --------------------------------------------------------------------------------------------------------------------
15,000 Modesto, CA Multifamily Hsg. (Valley Oak) 5.450 05/01/2028 15,177
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Modesto, CA Special Tax Community Facilities
District No. 4 5.150 09/01/2036 2,621,970
- --------------------------------------------------------------------------------------------------------------------
105,000 Moorpark, CA Mobile Home Park (Villa Del Arroyo) 6.300 05/15/2030 105,319
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Moreno Valley, CA Special Tax Community Facilities
District No. 5 5.000 09/01/2037 1,064,888
- --------------------------------------------------------------------------------------------------------------------
1,475,000 Moreno Valley, CA Unified School District
Community Facilities District 5.150 09/01/2035 1,293,428
- --------------------------------------------------------------------------------------------------------------------
680,000 Moreno Valley, CA Unified School District
Community Facilities District 5.200 09/01/2036 598,890
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Moreno Valley, CA Unified School District
Community Facilities District Special Tax 5.000 09/01/2037 1,703,820
- --------------------------------------------------------------------------------------------------------------------
750,000 Moreno Valley, CA Unified School District
Community Facilities District Special Tax No. 2004-3 5.000 09/01/2037 638,933
- --------------------------------------------------------------------------------------------------------------------
100,000 Mountain View, CA Los Altos Union High School
District COP 5.250 08/01/2040 100,741
- --------------------------------------------------------------------------------------------------------------------
10,000 Murrieta, CA Community Facilities District Special Tax
(Bluestone) 6.300 09/01/2031 10,163
- --------------------------------------------------------------------------------------------------------------------
700,000 Murrieta, CA Community Facilities District Special Tax
(Bremerton) 5.625 09/01/2034 669,319
- --------------------------------------------------------------------------------------------------------------------
1,810,000 Murrieta, CA Community Facilities District Special Tax
(Creekside Village) 5.200 09/01/2035 1,610,267
- --------------------------------------------------------------------------------------------------------------------
240,000 Murrieta, CA Community Facilities District Special Tax
(Meadowlane/Amberwalk) 5.125 09/01/2035 209,659
- --------------------------------------------------------------------------------------------------------------------
875,000 Murrieta, CA Community Facilities District Special Tax
(Murrieta Fields) 5.250 09/01/2035 778,925
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Murrieta, CA Community Facilities District Special Tax
(Murrieta Springs) 5.500 09/01/2034 2,314,525
- --------------------------------------------------------------------------------------------------------------------
35,000 Murrieta, CA Valley Unified School District Special Tax 5.250 09/01/2037 31,011
- --------------------------------------------------------------------------------------------------------------------
370,000 Murrieta, CA Valley Unified School District Special Tax 5.375 09/01/2026 351,633
- --------------------------------------------------------------------------------------------------------------------
1,355,000 Murrieta, CA Valley Unified School District Special Tax 5.450 09/01/2038 1,244,893
- --------------------------------------------------------------------------------------------------------------------
25,000 Murrieta, CA Water Public Financing Authority 6.600 10/01/2016 25,067
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Northern CA Gas Authority 4 3.768 5 07/01/2017 892,440
- --------------------------------------------------------------------------------------------------------------------
20,000,000 Northern CA Gas Authority 4,8 3.798 5 07/01/2019 17,098,200
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Northern CA Gas Authority 4,8 3.888 5 07/01/2027 11,972,700
- --------------------------------------------------------------------------------------------------------------------
40,000 Northern CA Gas Authority 3.768 5 07/01/2017 35,698
- --------------------------------------------------------------------------------------------------------------------
30,000,000 Northern CA Gas Authority 8 3.888 5 07/01/2027 23,945,400
34 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 300,000 Northern CA Power Agency (Hydroelectric) 5.000% 07/01/2028 $ 304,386
- --------------------------------------------------------------------------------------------------------------------
1,025,000 Northern CA Power Agency (Hydroelectric) 1 5.125 07/01/2023 1,041,708
- --------------------------------------------------------------------------------------------------------------------
23,675,000 Northern CA Tobacco Securitization Authority (TASC) 5.500 06/01/2045 21,769,399
- --------------------------------------------------------------------------------------------------------------------
157,335,000 Northern CA Tobacco Securitization Authority (TASC) 6.700 2 06/01/2045 9,872,771
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Northstar, CA Community Services District 5.550 09/01/2036 1,935,640
- --------------------------------------------------------------------------------------------------------------------
10,000 Oakdale, CA Public Financing Authority Tax Allocation
(Central City Redevel.) 6.100 06/01/2027 10,025
- --------------------------------------------------------------------------------------------------------------------
900,000 Oakley, CA Public Finance Authority 5.200 09/02/2026 823,239
- --------------------------------------------------------------------------------------------------------------------
4,445,000 Oakley, CA Public Finance Authority 1 5.250 09/02/2036 3,890,575
- --------------------------------------------------------------------------------------------------------------------
30,000 Oxnard, CA School District 5.000 08/01/2031 30,544
- --------------------------------------------------------------------------------------------------------------------
1,555,000 Palm Desert, CA Financing Authority 5.000 2 08/01/2014 1,197,474
- --------------------------------------------------------------------------------------------------------------------
440,000 Palm Desert, CA Financing Authority 5.050 2 08/01/2015 322,014
- --------------------------------------------------------------------------------------------------------------------
390,000 Palm Desert, CA Financing Authority 5.100 2 08/01/2016 270,387
- --------------------------------------------------------------------------------------------------------------------
230,000 Palm Desert, CA Financing Authority 5.650 2 04/01/2018 139,893
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Palm Desert, CA Financing Authority 5.650 2 08/01/2018 610,694
- --------------------------------------------------------------------------------------------------------------------
265,000 Palm Desert, CA Financing Authority 5.750 2 04/01/2019 149,237
- --------------------------------------------------------------------------------------------------------------------
1,165,000 Palm Desert, CA Financing Authority 5.750 2 08/01/2019 645,352
- --------------------------------------------------------------------------------------------------------------------
305,000 Palm Desert, CA Financing Authority 5.850 2 04/01/2020 159,750
- --------------------------------------------------------------------------------------------------------------------
1,310,000 Palm Desert, CA Financing Authority 5.850 2 08/01/2020 674,585
- --------------------------------------------------------------------------------------------------------------------
340,000 Palm Desert, CA Financing Authority 5.950 2 04/01/2021 163,214
- --------------------------------------------------------------------------------------------------------------------
1,450,000 Palm Desert, CA Financing Authority 5.950 2 08/01/2021 683,646
- --------------------------------------------------------------------------------------------------------------------
380,000 Palm Desert, CA Financing Authority 6.000 2 04/01/2022 168,823
- --------------------------------------------------------------------------------------------------------------------
1,605,000 Palm Desert, CA Financing Authority 6.000 2 08/01/2022 699,876
- --------------------------------------------------------------------------------------------------------------------
395,000 Palm Desert, CA Financing Authority 6.010 2 04/01/2023 164,123
- --------------------------------------------------------------------------------------------------------------------
1,755,000 Palm Desert, CA Financing Authority 6.010 2 08/01/2023 715,531
- --------------------------------------------------------------------------------------------------------------------
410,000 Palm Desert, CA Financing Authority 6.020 2 04/01/2024 159,675
- --------------------------------------------------------------------------------------------------------------------
1,910,000 Palm Desert, CA Financing Authority 6.020 2 08/01/2024 729,754
- --------------------------------------------------------------------------------------------------------------------
430,000 Palm Desert, CA Financing Authority 6.030 2 04/01/2025 156,808
- --------------------------------------------------------------------------------------------------------------------
2,070,000 Palm Desert, CA Financing Authority 6.030 2 08/01/2025 740,398
- --------------------------------------------------------------------------------------------------------------------
445,000 Palm Desert, CA Financing Authority 6.040 2 04/01/2026 152,043
- --------------------------------------------------------------------------------------------------------------------
2,235,000 Palm Desert, CA Financing Authority 6.040 2 08/01/2026 748,859
- --------------------------------------------------------------------------------------------------------------------
465,000 Palm Desert, CA Financing Authority 6.050 2 04/01/2027 148,949
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Palm Desert, CA Financing Authority 6.050 2 08/01/2027 439,698
- --------------------------------------------------------------------------------------------------------------------
480,000 Palm Desert, CA Financing Authority 6.060 2 04/01/2028 144,000
- --------------------------------------------------------------------------------------------------------------------
1,415,000 Palm Desert, CA Financing Authority 6.060 2 08/01/2028 416,137
- --------------------------------------------------------------------------------------------------------------------
500,000 Palm Desert, CA Financing Authority 6.070 2 04/01/2029 140,155
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Palm Desert, CA Financing Authority 6.070 2 08/01/2029 376,408
- --------------------------------------------------------------------------------------------------------------------
520,000 Palm Desert, CA Financing Authority 6.080 2 04/01/2030 136,672
- --------------------------------------------------------------------------------------------------------------------
1,430,000 Palm Desert, CA Financing Authority 6.080 2 08/01/2030 368,368
- --------------------------------------------------------------------------------------------------------------------
540,000 Palm Desert, CA Financing Authority 6.090 2 04/01/2031 133,326
35 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,495,000 Palm Desert, CA Financing Authority 6.090% 2 08/01/2031 $ 361,760
- --------------------------------------------------------------------------------------------------------------------
560,000 Palm Desert, CA Financing Authority 6.100 2 04/01/2032 130,161
- --------------------------------------------------------------------------------------------------------------------
1,560,000 Palm Desert, CA Financing Authority 6.100 2 08/01/2032 355,368
- --------------------------------------------------------------------------------------------------------------------
580,000 Palm Desert, CA Financing Authority 6.100 2 04/01/2033 125,982
- --------------------------------------------------------------------------------------------------------------------
1,625,000 Palm Desert, CA Financing Authority 6.100 2 08/01/2033 345,914
- --------------------------------------------------------------------------------------------------------------------
590,000 Palm Desert, CA Financing Authority 6.100 2 04/01/2034 120,614
- --------------------------------------------------------------------------------------------------------------------
1,705,000 Palm Desert, CA Financing Authority 6.100 2 08/01/2034 341,563
- --------------------------------------------------------------------------------------------------------------------
2,075,000 Palm Desert, CA Financing Authority 6.100 2 08/01/2035 390,183
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Palm Desert, CA Improvement Bond Act 1915 1 5.100 09/02/2037 4,420,950
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Palm Desert, CA Special Tax Community Facilities
District No. 2005-1 5.150 09/01/2027 2,745,480
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Palm Desert, CA Special Tax Community Facilities
District No. 2005-1 5.200 09/01/2037 7,912,800
- --------------------------------------------------------------------------------------------------------------------
2,335,000 Palm Desert, CA Special Tax Community Facilities
District No. 2005-1-A 5.250 09/01/2026 2,186,190
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Palm Desert, CA Special Tax Community Facilities
District No. 2005-1-A 5.450 09/01/2032 5,545,680
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Palm Desert, CA Special Tax Community Facilities
District No. 2005-1-A 5.500 09/01/2036 7,369,040
- --------------------------------------------------------------------------------------------------------------------
500,000 Palm Springs, CA Airport Passenger Facilities
(Palm Springs International Airport) 1 5.450 07/01/2020 497,525
- --------------------------------------------------------------------------------------------------------------------
2,685,000 Palm Springs, CA Airport Passenger Facilities
(Palm Springs International Airport) 1 5.550 07/01/2028 2,602,329
- --------------------------------------------------------------------------------------------------------------------
95,000 Palm Springs, CA Financing Authority
(Palm Springs Regional Airport) 1 5.250 01/01/2028 95,770
- --------------------------------------------------------------------------------------------------------------------
10,000 Palm Springs, CA Improvement Bond Act 1915 5.550 09/02/2023 10,043
- --------------------------------------------------------------------------------------------------------------------
6,460,000 Palmdale, CA Community Facilities District 6.125 09/01/2037 6,402,894
- --------------------------------------------------------------------------------------------------------------------
100,000 Palmdale, CA Community Facilities District Special Tax 5.400 09/01/2035 91,016
- --------------------------------------------------------------------------------------------------------------------
5,690,000 Palmdale, CA Community Facilities District Special Tax 6.250 09/01/2035 5,793,956
- --------------------------------------------------------------------------------------------------------------------
1,380,000 Palmdale, CA Improvement Bond Act 1915 5.000 09/02/2016 1,363,371
- --------------------------------------------------------------------------------------------------------------------
20,000 Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area) 5.750 09/02/2022 20,407
- --------------------------------------------------------------------------------------------------------------------
10,000 Perris, CA Community Facilities District (May Farms) 5.100 09/01/2030 9,418
- --------------------------------------------------------------------------------------------------------------------
120,000 Perris, CA Community Facilities District (May Farms) 5.150 09/01/2035 112,055
- --------------------------------------------------------------------------------------------------------------------
1,390,000 Perris, CA Community Facilities District Special Tax 5.300 09/01/2035 1,246,622
- --------------------------------------------------------------------------------------------------------------------
2,115,000 Perris, CA Community Facilities District Special Tax 5.300 09/01/2035 1,896,838
- --------------------------------------------------------------------------------------------------------------------
2,085,000 Perris, CA Community Facilities District Special Tax
(Amber Oaks) 6.000 09/01/2034 2,092,485
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Perris, CA Community Facilities District Special Tax
(Chaparral Ridge) 6.250 09/01/2033 2,539,750
- --------------------------------------------------------------------------------------------------------------------
1,310,000 Perris, CA Community Facilities District Special Tax,
Series A 5.750 09/01/2035 1,309,031
36 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,605,000 Perris, CA Community Facilities District Special Tax,
Series B 6.000% 09/01/2034 $ 3,583,442
- --------------------------------------------------------------------------------------------------------------------
140,000 Perris, CA Public Financing Authority 5.000 09/01/2017 137,850
- --------------------------------------------------------------------------------------------------------------------
85,000 Perris, CA Public Financing Authority 5.100 09/01/2018 84,059
- --------------------------------------------------------------------------------------------------------------------
4,350,000 Perris, CA Public Financing Authority 1 5.350 10/01/2036 4,086,303
- --------------------------------------------------------------------------------------------------------------------
10,000 Perris, CA Public Financing Authority, Series A 6.000 09/01/2023 10,429
- --------------------------------------------------------------------------------------------------------------------
80,000 Perris, CA Public Financing Authority, Series A 6.125 09/01/2034 83,269
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Perris, CA Public Financing Authority, Series A 6.250 09/01/2033 1,300,750
- --------------------------------------------------------------------------------------------------------------------
2,035,000 Perris, CA Public Financing Authority, Series C 6.200 09/01/2038 2,037,584
- --------------------------------------------------------------------------------------------------------------------
870,000 Perris, CA Public Financing Authority, Series D 5.500 09/01/2024 853,731
- --------------------------------------------------------------------------------------------------------------------
8,800,000 Perris, CA Public Financing Authority, Series D 5.800 09/01/2038 8,476,776
- --------------------------------------------------------------------------------------------------------------------
95,000 Pittsburg, CA Infrastructure Financing Authority,
Series A 5.600 09/02/2024 96,581
- --------------------------------------------------------------------------------------------------------------------
25,000 Pleasant Hill, CA Community Facilities District
Special Tax 6.000 09/01/2032 24,919
- --------------------------------------------------------------------------------------------------------------------
1,275,000 Plumas, CA Elementary School District Community
Facilities District No. 2 5.625 06/01/2037 1,205,079
- --------------------------------------------------------------------------------------------------------------------
1,220,000 Plumas, CA Elementary School District COP 1 5.200 06/01/2027 1,221,366
- --------------------------------------------------------------------------------------------------------------------
2,620,000 Plumas, CA Elementary School District COP 1 5.250 06/01/2037 2,549,103
- --------------------------------------------------------------------------------------------------------------------
500,000 Pomona, CA (Single Family Mtg.), Series B 7.500 08/01/2023 662,235
- --------------------------------------------------------------------------------------------------------------------
1,155,000 Pomona, CA Public Financing Authority 5.000 02/01/2026 1,131,507
- --------------------------------------------------------------------------------------------------------------------
8,500,000 Poway, CA Unified School District Special Tax
Community Facilities District No. 14 5.250 09/01/2036 7,239,195
- --------------------------------------------------------------------------------------------------------------------
15,485,000 Poway, CA Unified School District Special Tax
Community Facilities District No. 14 5.250 09/01/2036 13,188,110
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Ramona, CA Unified School District COP 0.000 3 05/01/2032 2,471,880
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Rancho Cordova, CA Community Facilities District
Special Tax (Sunridge Anatolia) 6.000 09/01/2028 2,006,440
- --------------------------------------------------------------------------------------------------------------------
25,000 Rancho Cordova, CA Community Facilities District
Special Tax (Sunridge Anatolia) 6.000 09/01/2033 24,885
- --------------------------------------------------------------------------------------------------------------------
20,000 Rancho Cordova, CA Community Facilities District
Special Tax (Sunridge Anatolia) 6.100 09/01/2037 20,054
- --------------------------------------------------------------------------------------------------------------------
600,000 Rancho Cucamonga, CA Community Facilities
District Special Tax (Amador) 5.000 09/01/2027 538,716
- --------------------------------------------------------------------------------------------------------------------
1,260,000 Rancho Cucamonga, CA Community Facilities
District Special Tax (Amador) 5.000 09/01/2037 1,073,407
- --------------------------------------------------------------------------------------------------------------------
13,585,000 Rancho Cucamonga, CA Community Facilities
District Special Tax (Etiwanda) 1 5.375 09/01/2036 12,284,916
- --------------------------------------------------------------------------------------------------------------------
570,000 Rancho Cucamonga, CA Community Facilities
District Special Tax (Vintners) 5.000 09/01/2027 511,780
- --------------------------------------------------------------------------------------------------------------------
1,120,000 Rancho Cucamonga, CA Community Facilities
District Special Tax (Vintners) 5.000 09/01/2037 954,139
37 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,400,000 Rancho Cucamonga, CA Community Facilities
District Special Tax (Vintners) 5.375% 09/01/2036 $ 2,170,320
- --------------------------------------------------------------------------------------------------------------------
25,000 Rancho Mirage, CA Improvement Bond Act 1915 5.750 09/02/2026 24,872
- --------------------------------------------------------------------------------------------------------------------
20,000 Rancho Santa Fe, CA Community Services District
Special Tax 6.600 09/01/2023 20,581
- --------------------------------------------------------------------------------------------------------------------
2,575,000 Redding, CA Electric System COP RIBS 1 7.382 10 07/08/2022 3,684,671
- --------------------------------------------------------------------------------------------------------------------
10,000 Redding, CA Improvement Bond Act 1915
(Tierra Oaks Assessment District 1993-1) 7.000 09/02/2012 9,860
- --------------------------------------------------------------------------------------------------------------------
500,000 Rialto, CA Special Tax Community Facilities District
No. 2006-1 5.250 09/01/2026 468,135
- --------------------------------------------------------------------------------------------------------------------
1,490,000 Rialto, CA Special Tax Community Facilities District
No. 2006-1 5.350 09/01/2036 1,342,386
- --------------------------------------------------------------------------------------------------------------------
25,000 Richgrove, CA School District 6.375 07/01/2018 25,107
- --------------------------------------------------------------------------------------------------------------------
2,660,000 Richmond, CA Joint Powers Financing Authority
(Westridge Hilltop Apartments) 1 5.000 12/15/2026 2,436,188
- --------------------------------------------------------------------------------------------------------------------
2,165,000 Richmond, CA Joint Powers Financing Authority
(Westridge Hilltop Apartments) 1 5.000 12/15/2033 1,898,878
- --------------------------------------------------------------------------------------------------------------------
5,780,000 Rio Vista, CA Community Facilities District Special
Tax No. 1 5.125 09/01/2036 5,212,288
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Rio, CA Elementary School District 5.200 09/01/2035 4,417,750
- --------------------------------------------------------------------------------------------------------------------
15,445,000 River Islands, CA Public Financing Authority 1 5.200 09/01/2037 13,579,244
- --------------------------------------------------------------------------------------------------------------------
100,000 River Islands, CA Public Financing Authority 6.000 09/01/2027 100,195
- --------------------------------------------------------------------------------------------------------------------
25,000 River Islands, CA Public Financing Authority 6.000 09/01/2035 24,815
- --------------------------------------------------------------------------------------------------------------------
700,000 Riverbank, CA Redevel. Agency (Riverbank
Reinvestment) 5.000 08/01/2032 646,569
- --------------------------------------------------------------------------------------------------------------------
890,000 Riverbank, CA Redevel. Agency (Riverbank
Reinvestment) 5.000 08/01/2037 809,179
- --------------------------------------------------------------------------------------------------------------------
25,000 Riverside County, CA Community Facilities District
Special Tax 5.600 09/01/2019 25,499
- --------------------------------------------------------------------------------------------------------------------
11,585,000 Riverside County, CA Community Facilities Districts
(Scott Road) 7.250 09/01/2038 11,184,622
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Riverside, CA Improvement Bond Act 1915 (Hunter
Park Assessment District) 5.200 09/02/2036 1,321,080
- --------------------------------------------------------------------------------------------------------------------
295,000 Riverside, CA Improvement Bond Act 1915
(Sycamore Canyon Assessment District) 8.500 09/02/2012 296,047
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Riverside, CA Special Tax Community Facilities
District No. 92-1, Series A 5.300 09/01/2034 1,799,160
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Riverside, CA Unified School District 5.250 09/01/2035 890,200
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Riverside, CA Unified School District 5.250 09/01/2035 1,366,457
- --------------------------------------------------------------------------------------------------------------------
25,000 Riverside, CA Unified School District 5.500 09/01/2032 23,266
- --------------------------------------------------------------------------------------------------------------------
25,000 Romoland, CA School District Special Tax 5.250 09/01/2035 22,408
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Romoland, CA School District Special Tax 5.375 09/01/2038 1,803,840
38 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 7,745,000 Roseville, CA Special Tax 5.050% 09/01/2030 $ 6,969,028
- --------------------------------------------------------------------------------------------------------------------
1,115,000 Roseville, CA Special Tax (Diamond Creek) 5.000 09/01/2026 1,012,532
- --------------------------------------------------------------------------------------------------------------------
4,850,000 Roseville, CA Special Tax (Diamond Creek) 5.000 09/01/2037 4,191,031
- --------------------------------------------------------------------------------------------------------------------
2,880,000 Roseville, CA Special Tax (Fiddyment Ranch) 5.250 09/01/2036 2,609,914
- --------------------------------------------------------------------------------------------------------------------
3,445,000 Roseville, CA Special Tax (Stone Point) 5.250 09/01/2036 3,100,156
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Roseville, CA Special Tax (Westpark) 5.200 09/01/2036 3,019,275
- --------------------------------------------------------------------------------------------------------------------
35,000 Sacramento County, CA Airport System, Series B 5.750 07/01/2024 35,066
- --------------------------------------------------------------------------------------------------------------------
4,040,000 Sacramento County, CA Special Tax Community
Facilities District No. 05-2 6.000 09/01/2037 4,031,435
- --------------------------------------------------------------------------------------------------------------------
245,000 Sacramento, CA City Financing Authority
(Convention Center Hotel) 6.250 01/01/2030 241,364
- --------------------------------------------------------------------------------------------------------------------
75,000 Sacramento, CA Health Facility (Center for Aids
Research Education and Services) 5.300 01/01/2024 75,862
- --------------------------------------------------------------------------------------------------------------------
12,580,000 Sacramento, CA Hsg. Authority (Northpointe Park
Apartments) 4 5.000 06/01/2037 12,677,621
- --------------------------------------------------------------------------------------------------------------------
2,015,000 Sacramento, CA Hsg. Authority (Summerfield) 5.000 01/20/2048 1,907,983
- --------------------------------------------------------------------------------------------------------------------
5,000 Sacramento, CA Municipal Utility District 5.000 08/15/2028 5,064
- --------------------------------------------------------------------------------------------------------------------
15,000 Sacramento, CA Special Tax (North Natomas
Community Facilities) 6.000 09/01/2033 15,215
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Sacramento, CA Special Tax Community Facilities
No. 05-1 (College Square) 5.900 09/01/2037 9,707,000
- --------------------------------------------------------------------------------------------------------------------
50,000 Salinas, CA Redevel. Agency Tax Allocation
(Central City Revitalization) 5.500 11/01/2023 50,586
- --------------------------------------------------------------------------------------------------------------------
20,000 San Bernardino County, CA COP
(Medical Center Financing) 5.500 08/01/2019 20,023
- --------------------------------------------------------------------------------------------------------------------
125,000 San Bernardino County, CA COP
(Medical Center Financing) 5.500 08/01/2024 125,210
- --------------------------------------------------------------------------------------------------------------------
1,750,000 San Bernardino County, CA Redevel. Agency Tax
Allocation (San Sevaine Redevel.) 5.000 09/01/2025 1,785,333
- --------------------------------------------------------------------------------------------------------------------
150,000 San Bernardino, CA Joint Powers Financing Authority
(California Dept. of Transportation Lease) 5.500 12/01/2020 150,305
- --------------------------------------------------------------------------------------------------------------------
1,850,000 San Bernardino, CA Joint Powers Financing Authority
(Tax Allocation) 6.625 04/01/2026 1,954,692
- --------------------------------------------------------------------------------------------------------------------
1,410,000 San Bernardino, CA Mountains Community Hospital
District COP 8 5.000 02/01/2027 1,205,804
- --------------------------------------------------------------------------------------------------------------------
3,235,000 San Bernardino, CA Mountains Community Hospital
District COP 8 5.000 02/01/2037 2,577,033
- --------------------------------------------------------------------------------------------------------------------
1,225,000 San Diego County, CA COP 5.700 02/01/2028 1,183,767
- --------------------------------------------------------------------------------------------------------------------
3,750,000 San Diego County, CA COP
(Developmental Service Foundation) 5.500 09/01/2027 3,785,288
- --------------------------------------------------------------------------------------------------------------------
1,775,000 San Diego County, CA Redevel. Agency
(Gillespie Field) 5.400 12/01/2025 1,730,252
39 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 6,645,000 San Diego County, CA Redevel. Agency
(Gillespie Field) 5.750% 12/01/2032 $ 6,410,498
- ---------------------------------------------------------------------------------------------------------------------
140,000 San Diego, CA Hsg. Authority (Park Crest Properties) 5.450 08/20/2040 140,599
- ---------------------------------------------------------------------------------------------------------------------
35,000 San Diego, CA Improvement Bond Act 1915 6.200 09/02/2033 35,001
- ---------------------------------------------------------------------------------------------------------------------
50,000 San Diego, CA Public Facilities Financing Authority 5.000 05/15/2025 50,060
- ---------------------------------------------------------------------------------------------------------------------
15,000 San Diego, CA Public Facilities Financing Authority 5.000 05/15/2029 15,208
- ---------------------------------------------------------------------------------------------------------------------
50,000 San Diego, CA Public Facilities Financing Authority 5.250 05/15/2027 50,559
- ---------------------------------------------------------------------------------------------------------------------
100,000 San Diego, CA Public Facilities Financing Authority 5.250 05/15/2027 101,117
- ---------------------------------------------------------------------------------------------------------------------
35,000 San Diego, CA Public Facilities Financing Authority,
Series B 5.000 05/15/2029 35,582
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 San Diego, CA Sewer 1 5.000 05/15/2023 1,001,250
- ---------------------------------------------------------------------------------------------------------------------
1,650,000 San Diego, CA Sewer, Series A 1 5.000 05/15/2023 1,650,660
- ---------------------------------------------------------------------------------------------------------------------
2,815,000 San Diego, CA Sewer, Series A 1 5.250 05/15/2020 2,830,539
- ---------------------------------------------------------------------------------------------------------------------
50,000 San Diego, CA State University Foundation Auxiliary
Organization 5.000 03/01/2032 50,735
- ---------------------------------------------------------------------------------------------------------------------
9,780,000 San Diego, CA Unified School District 4 5.250 07/01/2023 10,890,666
- ---------------------------------------------------------------------------------------------------------------------
7,520,000 San Diego, CA Unified School District, Series D 4 5.000 07/01/2027 8,132,767
- ---------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County, CA Airports Commission 5.000 05/01/2020 55,757
- ---------------------------------------------------------------------------------------------------------------------
15,000 San Francisco City & County, CA Airports Commission 5.000 05/01/2023 15,574
- ---------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County, CA Airports Commission 5.000 05/01/2028 20,057
- ---------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County, CA Airports Commission 5.000 05/01/2029 20,058
- ---------------------------------------------------------------------------------------------------------------------
245,000 San Francisco City & County, CA Airports Commission 5.000 05/01/2029 243,711
- ---------------------------------------------------------------------------------------------------------------------
65,000 San Francisco City & County, CA Airports Commission 5.000 05/01/2030 65,005
- ---------------------------------------------------------------------------------------------------------------------
100,000 San Francisco City & County, CA Airports Commission 5.250 05/01/2031 100,942
- ---------------------------------------------------------------------------------------------------------------------
15,000 San Francisco City & County, CA Airports Commission
(SFO Fuel Company) 5.250 01/01/2024 15,160
- ---------------------------------------------------------------------------------------------------------------------
245,000 San Francisco City & County, CA Airports Commission
Special Facilities Lease (SFO Fuel Company) 1 5.250 01/01/2022 247,624
- ---------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County, CA Financing Corp.
(Comb Emergency Communications) 5.500 04/01/2020 55,106
- ---------------------------------------------------------------------------------------------------------------------
435,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.630 2 08/01/2020 214,033
- ---------------------------------------------------------------------------------------------------------------------
590,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.750 2 08/01/2022 255,529
- ---------------------------------------------------------------------------------------------------------------------
615,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.800 2 08/01/2023 243,964
- ---------------------------------------------------------------------------------------------------------------------
540,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.850 2 08/01/2024 205,065
- ---------------------------------------------------------------------------------------------------------------------
420,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.900 2 08/01/2025 149,134
- ---------------------------------------------------------------------------------------------------------------------
2,745,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.904 2 08/01/2030 660,145
40 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 6,035,000 San Francisco City & County, CA Redevel. Agency
(Mission Bay South) 5.958% 2 08/01/2034 $ 1,109,354
- ---------------------------------------------------------------------------------------------------------------------
15,000 San Francisco, CA Bay Area Rapid Transit District 5.000 07/01/2028 15,219
- ---------------------------------------------------------------------------------------------------------------------
6,490,000 San Jacinto, CA Financing Authority, Tranche A 6.600 09/01/2033 5,928,226
- ---------------------------------------------------------------------------------------------------------------------
6,345,000 San Jacinto, CA Financing Authority, Tranche B 6.600 09/01/2033 5,677,760
- ---------------------------------------------------------------------------------------------------------------------
6,530,000 San Jacinto, CA Financing Authority, Tranche C 6.600 09/01/2033 5,415,329
- ---------------------------------------------------------------------------------------------------------------------
500,000 San Jacinto, CA Unified School District Special Tax 5.100 09/01/2036 433,625
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 San Joaquin County, CA Public Facilities Corp.
(Wastewater Conveyance) 6.000 08/01/2037 1,002,510
- ---------------------------------------------------------------------------------------------------------------------
175,000 San Joaquin Hills, CA Transportation Corridor Agency 5.250 01/15/2030 176,955
- ---------------------------------------------------------------------------------------------------------------------
400,000 San Joaquin Hills, CA Transportation Corridor Agency 1 5.375 01/15/2029 404,528
- ---------------------------------------------------------------------------------------------------------------------
20,000,000 San Jose, CA Airport 4 5.000 03/01/2037 19,579,000
- ---------------------------------------------------------------------------------------------------------------------
35,000,000 San Jose, CA Airport 6.000 03/01/2047 37,804,200
- ---------------------------------------------------------------------------------------------------------------------
35,000 San Jose, CA Improvement Bond Act 1915 5.875 09/02/2023 36,054
- ---------------------------------------------------------------------------------------------------------------------
1,260,000 San Jose, CA Multifamily Hsg. (Almaden Senior Hsg.
Partners) 5.350 07/15/2034 1,313,512
- ---------------------------------------------------------------------------------------------------------------------
25,000 San Jose, CA Special Tax Community Facilities
District No. 9 (Bailey Highway 101) 6.600 09/01/2027 26,258
- ---------------------------------------------------------------------------------------------------------------------
25,000 San Jose, CA Unified School District COP 5.125 06/01/2022 25,036
- ---------------------------------------------------------------------------------------------------------------------
1,500,000 San Leandro, CA Community Facilities District No.1
Special Tax 6.400 09/01/2019 1,525,260
- ---------------------------------------------------------------------------------------------------------------------
2,980,000 San Marcos, CA Public Facilities Authority 5.050 09/01/2038 2,554,009
- ---------------------------------------------------------------------------------------------------------------------
45,000 San Marcos, CA Public Facilities Authority 5.800 09/01/2027 45,571
- ---------------------------------------------------------------------------------------------------------------------
6,000,000 San Marcos, CA Special Tax 5.950 09/01/2035 5,915,640
- ---------------------------------------------------------------------------------------------------------------------
300,000 San Mateo, CA Joint Powers Financing Authority 5.125 07/15/2032 305,115
- ---------------------------------------------------------------------------------------------------------------------
35,000 San Mateo, CA Sewer, Series A 5.000 08/01/2025 35,258
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 Santa Ana, CA Financing Authority (Mainplace) 5.600 09/01/2019 1,031,180
- ---------------------------------------------------------------------------------------------------------------------
575,000 Santa Clara County, CA Hsg. Authority
(Rivertown Apartments) 6.000 08/01/2041 594,901
- ---------------------------------------------------------------------------------------------------------------------
50,000 Santa Clarita, CA Community Facilities District
Special Tax 5.850 11/15/2032 48,876
- ---------------------------------------------------------------------------------------------------------------------
3,795,000 Santaluz, CA Special Tax Community Facilities
District No. 2 6.375 09/01/2030 3,797,391
- ---------------------------------------------------------------------------------------------------------------------
10,000 Seaside, CA Redevel. Agency Tax Allocation 5.375 08/01/2033 10,253
- ---------------------------------------------------------------------------------------------------------------------
1,090,000 Shafter, CA Community Devel. Agency Tax Allocation 5.400 11/01/2026 1,038,661
- ---------------------------------------------------------------------------------------------------------------------
3,335,000 Shafter, CA Community Devel. Agency Tax Allocation 5.450 11/01/2036 3,069,901
- ---------------------------------------------------------------------------------------------------------------------
355,000 Soledad, CA Redevel. Agency (Soledad Redevel.) 5.350 12/01/2028 362,547
- ---------------------------------------------------------------------------------------------------------------------
15,000 Sonoma County, CA Community Redevel. Agency
(Roseland) 7.900 08/01/2013 15,366
- ---------------------------------------------------------------------------------------------------------------------
2,085,000 South El Monte, CA Improvement District
(Merged Area) 1 5.000 08/01/2030 2,091,255
41 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,335,000 Southern CA Logistics Airport Authority 5.000% 12/01/2043 $ 3,310,021
- ---------------------------------------------------------------------------------------------------------------------
97,775,000 Southern CA Tobacco Securitization Authority 7.100 2 06/01/2046 5,697,349
- ---------------------------------------------------------------------------------------------------------------------
8,130,000 Southern CA Tobacco Securitization Authority (TASC) 1 5.000 06/01/2037 7,008,548
- ---------------------------------------------------------------------------------------------------------------------
100,000,000 Southern California Public Power Authority Natural
Gas 4 3.640 5 11/01/2038 86,697,000
- ---------------------------------------------------------------------------------------------------------------------
15,000 Spreckels, CA Union School District 6.125 08/01/2018 15,049
- ---------------------------------------------------------------------------------------------------------------------
1,935,000 Stockton, CA Community Facilities District 6.125 09/01/2031 1,921,745
- ---------------------------------------------------------------------------------------------------------------------
2,930,000 Stockton, CA Community Facilities District 6.250 09/01/2037 2,904,450
- ---------------------------------------------------------------------------------------------------------------------
5,000,000 Stockton, CA Community Facilities District
(Arch Road East No. 99-02) 5.875 09/01/2037 4,903,500
- ---------------------------------------------------------------------------------------------------------------------
1,450,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2023 1,480,378
- ---------------------------------------------------------------------------------------------------------------------
1,325,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2024 1,348,068
- ---------------------------------------------------------------------------------------------------------------------
3,025,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2031 3,037,312
- ---------------------------------------------------------------------------------------------------------------------
2,930,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2034 2,933,868
- ---------------------------------------------------------------------------------------------------------------------
10,000,000 Stockton, CA Public Financing Authority, Series A 5.250 07/01/2037 9,940,000
- ---------------------------------------------------------------------------------------------------------------------
215,000 Stockton, CA Public Financing Authority, Series A 5.875 09/02/2016 217,829
- ---------------------------------------------------------------------------------------------------------------------
10,000 Suisun City, CA Public Financing Authority
(Suisun City Redevel.) 5.200 10/01/2028 10,085
- ---------------------------------------------------------------------------------------------------------------------
15,000 Sulphur Springs, CA Unified School District
Community Facilities District No. 2002-1-A 6.000 09/01/2033 14,931
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 Sulphur Springs, CA Union School District Special Tax 5.850 09/15/2038 970,160
- ---------------------------------------------------------------------------------------------------------------------
1,500,000 Tehachapi, CA Redevel. Agency Tax 5.250 12/01/2035 1,485,795
- ---------------------------------------------------------------------------------------------------------------------
2,230,000 Tejon Ranch, CA Public Facilities Finance Authority
Special Tax (Community Facilities District No. 1) 7.200 09/01/2030 2,299,576
- ---------------------------------------------------------------------------------------------------------------------
2,000,000 Temecula Valley, CA Unified School District
Community Facilities District No. 03-2 5.500 09/01/2035 1,885,080
- ---------------------------------------------------------------------------------------------------------------------
20,000 Temecula, CA Public Financing Authority Community
Facilities District (Harveston) 5.100 09/01/2036 17,714
- ---------------------------------------------------------------------------------------------------------------------
990,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 8 4.900 09/01/2013 904,741
- ---------------------------------------------------------------------------------------------------------------------
165,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 8 5.000 09/01/2014 148,843
- ---------------------------------------------------------------------------------------------------------------------
740,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 8 5.050 09/01/2015 657,312
- ---------------------------------------------------------------------------------------------------------------------
805,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 8 5.100 09/01/2016 704,238
- ---------------------------------------------------------------------------------------------------------------------
8,000,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 8 5.450 09/01/2026 6,396,560
- ---------------------------------------------------------------------------------------------------------------------
13,790,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 8 5.500 09/01/2036 10,485,916
- ---------------------------------------------------------------------------------------------------------------------
1,025,000 Tracy, CA Community Facilities District 5.700 09/01/2026 963,582
42 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,105,000 Tracy, CA Community Facilities District 5.750% 09/01/2036 $ 2,817,104
- ---------------------------------------------------------------------------------------------------------------------
1,080,000 Tracy, CA Community Facilities District 5.750 09/01/2036 979,862
- ---------------------------------------------------------------------------------------------------------------------
4,560,000 Trinity County, CA COP 8 8.500 01/15/2026 4,479,607
- ---------------------------------------------------------------------------------------------------------------------
50,000 Truckee-Donner, CA Public Utility District Special Tax 6.100 09/01/2033 50,196
- ---------------------------------------------------------------------------------------------------------------------
60,000 Turlock, CA Public Financing Authority 5.450 09/01/2024 60,569
- ---------------------------------------------------------------------------------------------------------------------
35,000 Union City, CA Special Tax Community Facilities
District No. 1997-1 5.800 09/01/2028 34,646
- ---------------------------------------------------------------------------------------------------------------------
40,000,000 University of California (Regents Medical Center) 4 4.052 5 05/15/2047 33,230,000
- ---------------------------------------------------------------------------------------------------------------------
60,000 Upland, CA Community Facilities District
(San Antonio) 6.000 09/01/2024 62,214
- ---------------------------------------------------------------------------------------------------------------------
1,750,000 Upland, CA Community Facilities District
(San Antonio) 6.100 09/01/2034 1,787,958
- ---------------------------------------------------------------------------------------------------------------------
100,000 Upland, CA Community Facilities District Special Tax 5.900 09/01/2024 102,112
- ---------------------------------------------------------------------------------------------------------------------
200,000 Vacaville, CA Improvement Bond Act 1915
(Nut Tree Assessment District) 5.600 09/02/2025 200,372
- ---------------------------------------------------------------------------------------------------------------------
195,000 Vacaville, CA Public Financing Authority 5.400 09/01/2022 195,839
- ---------------------------------------------------------------------------------------------------------------------
2,635,000 Val Verde, CA Unified School District 6.000 10/01/2021 2,740,505
- ---------------------------------------------------------------------------------------------------------------------
415,000 Val Verde, CA Unified School District Special Tax 5.450 09/01/2036 407,024
- ---------------------------------------------------------------------------------------------------------------------
30,000 Vallejo, CA COP (Touro University) 7.375 06/01/2029 31,172
- ---------------------------------------------------------------------------------------------------------------------
30,000 Vallejo, CA Public Financing Authority COP 5.250 07/15/2029 31,191
- ---------------------------------------------------------------------------------------------------------------------
50,000 Valley Center-Pauma, CA Unified School District
(Woods Valley Ranch) 6.000 09/01/2033 49,771
- ---------------------------------------------------------------------------------------------------------------------
2,000,000 Ventura County, CA Area Hsg. Authority
(Mira Vista Senior Apartments) 1 5.150 12/01/2031 1,991,700
- ---------------------------------------------------------------------------------------------------------------------
5,015,000 Ventura County, CA Area Hsg. Authority
(Mira Vista Senior Apartments) 5.200 12/01/2039 4,965,301
- ---------------------------------------------------------------------------------------------------------------------
15,000 Ventura County, CA Superintendent of Schools
Office COP 5.000 12/01/2033 15,080
- ---------------------------------------------------------------------------------------------------------------------
600,000 Victoria Gardens, CA Public Facilities Community
Facilities District of Etiwanda School District 6.000 09/01/2027 601,482
- ---------------------------------------------------------------------------------------------------------------------
4,685,000 Victoria Gardens, CA Public Facilities Community
Facilities District of Etiwanda School District 6.000 09/01/2037 4,643,069
- ---------------------------------------------------------------------------------------------------------------------
30,000 West Hills, CA Community College District 5.000 08/01/2029 30,474
- ---------------------------------------------------------------------------------------------------------------------
135,000 West Patterson, CA Financing Authority Special Tax 6.100 09/01/2032 135,842
- ---------------------------------------------------------------------------------------------------------------------
4,900,000 West Sacramento, CA Financing Authority Special Tax 6.100 09/01/2029 4,911,025
- ---------------------------------------------------------------------------------------------------------------------
2,000,000 West Sacramento, CA Special Tax Community
Facilities District No. 23 5.300 09/01/2037 1,785,680
- ---------------------------------------------------------------------------------------------------------------------
700,000 Westside, CA Union School District 5.000 09/01/2026 635,670
- ---------------------------------------------------------------------------------------------------------------------
3,860,000 Westside, CA Union School District 5.000 09/01/2036 3,295,591
- ---------------------------------------------------------------------------------------------------------------------
4,200,000 Westside, CA Union School District 5.250 09/01/2036 3,727,332
43 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 Woodland, CA Special Tax Community Facilities
District No. 1 6.000% 09/01/2028 $ 10,043
- ---------------------------------------------------------------------------------------------------------------------
5,300,000 Yuba City, CA Redevel. Agency 5.250 09/01/2039 5,311,607
- ---------------------------------------------------------------------------------------------------------------------
15,000 Yucaipa, CA Redevel. Agency (Eldorado Palms
Mobile Home) 6.000 05/01/2030 15,015
--------------
2,445,967,332
- ---------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--5.7%
3,250,000 Northern Mariana Islands Ports Authority, Series A 1 5.500 03/15/2031 2,990,910
- ---------------------------------------------------------------------------------------------------------------------
1,955,000 Northern Mariana Islands Ports Authority, Series A 1 6.250 03/15/2028 1,773,400
- ---------------------------------------------------------------------------------------------------------------------
35,000,000 Puerto Rico Highway & Transportation Authority,
Series N 4,7 3.698 5 07/01/2045 26,655,016
- ---------------------------------------------------------------------------------------------------------------------
6,055,000 Puerto Rico ITEMECF (Cogeneration Facilities) 1 6.625 06/01/2026 6,321,904
- ---------------------------------------------------------------------------------------------------------------------
2,290,000 Puerto Rico ITEMECF (Mennonite General Hospital) 1 6.500 07/01/2012 2,292,817
- ---------------------------------------------------------------------------------------------------------------------
33,715,000 Puerto Rico Port Authority (American Airlines),
Series A 6.250 06/01/2026 30,846,191
- ---------------------------------------------------------------------------------------------------------------------
6,625,000 Puerto Rico Port Authority (American Airlines),
Series A 6.300 06/01/2023 6,164,165
- ---------------------------------------------------------------------------------------------------------------------
27,000,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,224,450
- ---------------------------------------------------------------------------------------------------------------------
4,515,000 V.I. Public Finance Authority, Series A 1 6.375 10/01/2019 4,853,128
- ---------------------------------------------------------------------------------------------------------------------
5,150,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 5,219,695
--------------
115,341,676
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $2,736,079,282)--126.3% 2,561,309,008
- ---------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(26.3) (533,577,099)
--------------
NET ASSETS--100.0% $2,027,731,909
==============
44 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Zero coupon bond reflects effective yield on the date of purchase.
3. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
4. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
5. Represents the current interest rate for a variable or increasing rate
security.
6. Issue is in default. See Note 1 of accompanying Notes.
7. When-issued security or delayed delivery to be delivered and settled after
January 31, 2008. See Note 1 of accompanying Notes.
8. Illiquid security. The aggregate value of illiquid securities as of January
31, 2008 was $82,939,002, which represents 4.09% of the Fund's net assets. See
Note 5 of accompanying Notes.
9. Non-income producing security.
10. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ABAG Association of Bay Area Governments
AHEF American Heritage Education Foundation
CDA Communities Devel. Authority
CHCC Community Hospitals of Central California
COP Certificates of Participation
ECHS Escondido Charter High School
FCHMC Fresno Community Hospital & Medical Center
GO General Obligation
HFA Housing Finance Agency
HK-8CS Heritage K-8 Charter School
IDA Industrial Devel. Agency
ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community
Facilities
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
SHF Sierra Hospital Foundation
TASC Tobacco Settlement Asset-Backed Bonds
UCSF University of California at San Francisco
V.I. United States Virgin Islands
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
JANUARY 31, 2008
- --------------------------------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------------------------------
Investments, at value (cost $2,736,079,282)--see accompanying statement of investments $ 2,561,309,008
- --------------------------------------------------------------------------------------------------------------
Cash 846,337
- --------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold (including $85,219,922 sold on a when-issued or
delayed delivery basis) 92,251,577
Interest 35,150,971
Shares of beneficial interest sold 12,696,969
Other 160,884
-----------------
Total assets 2,702,415,746
- --------------------------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 446,940,000
Investments purchased (including $139,691,366 purchased on a when-issued
or delayed delivery basis) 167,431,853
Payable on borrowings (See Note 6) 49,100,000
Shares of beneficial interest redeemed 8,072,719
Dividends 2,238,189
Interest expense on borrowings 304,003
Distribution and service plan fees 302,143
Trustees' compensation 194,285
Transfer and shareholder servicing agent fees 52,526
Other 48,119
-----------------
Total liabilities 674,683,837
- --------------------------------------------------------------------------------------------------------------
NET ASSETS $ 2,027,731,909
=================
- --------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 197,912
- --------------------------------------------------------------------------------------------------------------
Additional paid-in capital 2,249,395,592
- --------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (449,113)
- --------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (46,642,208)
- --------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (174,770,274)
-----------------
NET ASSETS $ 2,027,731,909
=================
46 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- -----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $1,572,827,852 and 153,448,010 shares of beneficial interest outstanding) $ 10.25
Maximum offering price per share (net asset value plus sales charge of 4.75%
of offering price) $ 10.76
- -----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $52,560,326
and 5,123,868 shares of beneficial interest outstanding) $ 10.26
- -----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $402,343,731
and 39,339,975 shares of beneficial interest outstanding) $ 10.23
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- -----------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------------------
Interest $ 75,941,530
- -----------------------------------------------------------------------------------------------
Other income 1,471
--------------
Total investment income 75,943,001
- -----------------------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------------------
Management fees 4,611,177
- -----------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,989,995
Class B 294,888
Class C 2,220,565
- -----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 260,382
Class B 23,110
Class C 91,996
- -----------------------------------------------------------------------------------------------
Shareholder communications:
Class A 10,480
Class B 761
Class C 5,954
- -----------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued
(See Note 1) 8,936,104
- -----------------------------------------------------------------------------------------------
Interest expense on borrowings 1,431,072
- -----------------------------------------------------------------------------------------------
Custodian fees and expenses 57,959
- -----------------------------------------------------------------------------------------------
Trustees' compensation 25,190
- -----------------------------------------------------------------------------------------------
Other 193,875
--------------
Total expenses 20,153,508
Less reduction to custodian expenses (27,147)
--------------
Net expenses 20,126,361
- -----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 55,816,640
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- -----------------------------------------------------------------------------------------------
Net realized loss on investments (39,178,218)
- -----------------------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (212,180,111)
- -----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(195,541,689)
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2008 JULY 31,
(UNAUDITED) 2007
- --------------------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------------------
Net investment income $ 55,816,640 $ 89,160,684
- --------------------------------------------------------------------------------------------------------------------
Net realized loss (39,178,218) (4,504,881)
- --------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (212,180,111) (14,738,656)
-----------------------------------
Net increase (decrease) in net assets resulting from operations (195,541,689) 69,917,147
- --------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (43,852,242) (74,272,037)
Class B (1,249,106) (2,631,066)
Class C (9,514,342) (14,015,585)
-----------------------------------
(54,615,690) (90,918,688)
- --------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial
interest transactions:
Class A (140,114,802) 709,301,068
Class B (7,868,847) 2,657,860
Class C (30,978,207) 255,912,065
-----------------------------------
(178,961,856) 967,870,993
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------------------
Total increase (decrease) (429,119,235) 946,869,452
- --------------------------------------------------------------------------------------------------------------------
Beginning of period 2,456,851,144 1,509,981,692
-----------------------------------
End of period (including accumulated net investment
loss of $449,113 and $1,650,063, respectively) $ 2,027,731,909 $ 2,456,851,144
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- -----------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- -----------------------------------------------------------------------------------------------
Net decrease in net assets from operations $(195,541,689)
- -----------------------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from operations
to net cash provided by operating activities:
Purchase of investment securities (543,292,150)
Proceeds from disposition of investment securities 839,782,182
Short-term investment securities, net (189,996,806)
Premium amortization 1,534,999
Discount accretion (8,480,891)
Net realized loss on investments 39,178,218
Net change in unrealized depreciation on investments 212,180,111
Increase in interest receivable (4,540,441)
Increase in receivable for securities sold (69,301,145)
Increase in other assets (105,474)
Increase in payable for securities purchased 133,247,026
Decrease in payable for accrued expenses (343,468)
--------------
Net cash provided by operating activities 214,320,472
- -----------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- -----------------------------------------------------------------------------------------------
Proceeds from bank borrowings 538,300,000
Payments on bank borrowings (513,300,000)
Payments from short-term floating rate notes issued (13,990,000)
Proceeds from shares sold 417,440,527
Payment on shares redeemed (631,452,452)
Cash distributions paid (20,498,998)
--------------
Net cash used in financing activities $(223,500,923)
- -----------------------------------------------------------------------------------------------
Net decrease in cash (9,180,451)
- -----------------------------------------------------------------------------------------------
Cash, beginning balance 10,026,788
--------------
Cash, ending balance $ 846,337
==============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $33,728,747.
Cash paid for interest on bank borrowings--$1,477,153.
Cash paid for interest on short-term floating rate notes issued--$8,936,104.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.43 $ 11.44 $ 11.52 $ 10.31 $ 9.97 $ 10.60
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .28 1 .53 1 .55 1 .62 1 .68 .63
Net realized and unrealized gain (loss) (1.19) -- (.02) 1.21 .27 (.66)
---------------------------------------------------------------------------------
Total from investment operations (.91) .53 .53 1.83 .95 (.03)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.27) (.54) (.61) (.62) (.61) (.60)
---------------------------------------------------------------------------------
Net asset value, end of period $ 10.25 $ 11.43 $ 11.44 $ 11.52 $ 10.31 $ 9.97
=================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (8.00)% 4.67% 4.74% 18.20% 9.54% (0.57)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 1,572,828 $ 1,907,202 $ 1,213,319 $ 621,736 $ 401,491 $ 385,141
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,720,697 $ 1,603,883 $ 901,717 $ 477,934 $ 400,452 $ 410,237
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.17% 4.56% 4.85% 5.59% 6.52% 5.88%
Expenses excluding interest and fees
on short-term floating rate notes issued 0.83% 0.81% 0.92% 0.92% 1.00% 0.96%
Interest and fees on short-term floating
rate notes issued 4 0.80% 0.48% 0.52% 0.34% 0.20% 0.17%
---------------------------------------------------------------------------------
Total expenses 1.63% 1.29% 1.44% 1.26% 1.20% 1.13%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 1.63% 1.29% 1.44% 1.26% 1.17% 1.13%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 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.
51 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.44 $ 11.44 $ 11.53 $ 10.31 $ 9.97 $ 10.61
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .24 1 .44 1 .47 1 .54 1 .64 .55
Net realized and unrealized gain (loss) (1.19) .01 (.04) 1.22 .22 (.68)
---------------------------------------------------------------------------------
Total from investment operations (.95) .45 .43 1.76 .86 (.13)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.23) (.45) (.52) (.54) (.52) (.51)
---------------------------------------------------------------------------------
Net asset value, end of period $ 10.26 $ 11.44 $ 11.44 $ 11.53 $ 10.31 $ 9.97
=================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (8.37)% 3.94% 3.83% 17.40% 8.70% (1.42)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 52,560 $ 66,992 $ 64,421 $ 59,530 $ 65,991 $ 101,079
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 58,455 $ 68,193 $ 61,780 $ 61,244 $ 84,482 $ 118,611
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.35% 3.79% 4.11% 4.90% 5.76% 5.09%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.65% 1.60% 1.71% 1.69% 1.77% 1.73%
Interest and fees on short-term floating
rate notes issued 4 0.80% 0.48% 0.52% 0.34% 0.20% 0.17%
---------------------------------------------------------------------------------
Total expenses 2.45% 2.08% 2.23% 2.03% 1.97% 1.90%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 2.45% 2.08% 2.23% 2.03% 1.94% 1.90%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 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.
52 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.40 $ 11.41 $ 11.50 $ 10.29 $ 9.95 $ 10.58
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .24 1 .44 1 .46 1 .52 1 .60 .54
Net realized and unrealized gain (loss) (1.18) .01 (.03) 1.23 .26 (.66)
---------------------------------------------------------------------------------
Total from investment operations (.94) .45 .43 1.75 .86 (.12)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.23) (.46) (.52) (.54) (.52) (.51)
---------------------------------------------------------------------------------
Net asset value, end of period $ 10.23 $ 11.40 $ 11.41 $ 11.50 $ 10.29 $ 9.95
=================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (8.29)% 3.89% 3.85% 17.33% 8.71% (1.33)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 402,344 $ 482,657 $ 232,242 $ 79,616 $ 31,102 $ 27,898
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 440,249 $ 362,456 $ 149,437 $ 43,444 $ 30,371 $ 27,011
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.39% 3.78% 4.05% 4.73% 5.74% 5.12%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.61% 1.58% 1.68% 1.69% 1.78% 1.73%
Interest and fees on short-term floating
rate notes issued 4 0.80% 0.48% 0.52% 0.34% 0.20% 0.17%
---------------------------------------------------------------------------------
Total expenses 2.41% 2.06% 2.20% 2.03% 1.98% 1.90%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 2.41% 2.06% 2.20% 2.03% 1.95% 1.90%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 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
53 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer California Municipal Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a non-diversified, open-end
management investment company. The Fund's investment objective is to seek as
high a level of current interest income exempt from federal and California
income taxes for individual investors as is consistent with preservation of
capital. The Fund's investment adviser is OppenheimerFunds, Inc. (the
"Manager").
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge ("CDSC"). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares 72 months after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange are valued based on the last sale price of the security
traded on that exchange prior to the time when the Fund's assets are valued.
Securities whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities, collateralized
mortgage obligations and other asset-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities for which market
quotations are not readily available are valued at their fair value. Securities
whose values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
determined in good
54 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
faith using consistently applied procedures under the supervision of the Board
of Trustees. Shares of a registered investment company that are not traded on an
exchange are valued at the acquired investment company's net asset value per
share. "Money market-type" debt instruments with remaining maturities of sixty
days or less are valued at cost adjusted by the amortization of discount or
premium to maturity (amortized cost), which approximates market value.
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund may invest up to 20% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $393,352,116 as of January 31, 2008, which represents 14.56%
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 January 31, 2008, municipal bond holdings
with a value of $507,275,899 shown on the Fund's Statement of Investments are
held by such Trusts and serve as collateral for the $446,940,000 in short-term
floating rate notes issued and outstanding at that date.
55 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
At January 31, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL INVERSE COUPON MATURITY
AMOUNT FLOATER 1 RATE 2 DATE VALUE
- ------------------------------------------------------------------------------------------------------------------
CA Dept. of Veterans Affairs Home Purchase
$ 2,495,000 ROLs 0.000% 4 12/1/27 $ 2,519,101
25,000,000 CA Statewide CDA ROLs 8.301 4/1/36 4,213,000
2,500,000 CA Port of Oakland RITES 8.080 11/1/15 2,675,775
2,500,000 CA Port of Oakland RITES 8.330 11/1/17 2,676,025
5,025,000 CA Port of Oakland RITES 7.433 11/1/32 5,065,602
2,430,000 CA Port of Oakland RITES 9.670 11/1/22 2,655,990
Long Beach, CA Bond Finance Authority
13,125,000 Natural Gas ROLs 13.710 11/15/37 12,702,375
Long Beach, CA Bond Finance Authority
12,000,000 Natural Gas ROLs 3 15.840 11/15/33 3,300,000
2,375,000 Los Angeles, CA Dept. of Water & Power RITES 10.944 7/1/24 2,477,458
4,400,000 Los Angeles, CA Harbor Dept. ROLs 9.818 8/1/25 4,745,928
4,625,000 Los Angeles, CA Harbor Dept. ROLs 9.822 8/1/26 5,019,235
3,000,000 Northern CA Gas Authority ROLs 3 11.870 7/1/27 (27,300)
200,000 Northern CA Gas Authority ROLs 3 11.170 7/1/17 92,440
4,000,000 Northern CA Gas Authority ROLs 3 11.170 7/1/19 1,098,200
Puerto Rico Highway & Transportation
11,670,000 Authority ROLs 0.000 4 7/1/45 3,325,016
3,145,000 Sacramento, CA Hsg. Authority ROLs 9.769 6/1/37 3,242,621
San Diego, CA Unified School District
1,880,000 GO RITES 8.810 7/1/27 2,492,767
San Diego, CA Unified School District
2,445,000 GO RITES 13.365 7/1/23 3,555,666
5,000,000 San Jose, CA Airport ROLs 10.300 3/1/37 4,579,000
Southern CA Public Power Authority
10,000,000 Natural Gas ROLs 3 20.510 11/1/38 (3,303,000)
University of California (Regents Medical
4,000,000 Center) ROLs 3 22.380 5/15/47 (2,770,000)
-------------
$ 60,335,899
=============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 45 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond.
3. Security is subject to a shortfall and forbearance agreement.
4. This inverse floater settles at a future date, at which time the interest
rate will be determined.
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the short-term floating rate notes issued by the Trust in
conjunction with the inverse floating rate security. Under the
56 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
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 January 31, 2008, in addition to the exposure
detailed in the preceding table, the Fund's maximum exposure under such
agreements is estimated at approximately $202,800,000.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the 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 purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of January 31, 2008, the Fund had purchased securities issued on a
when-issued or delayed delivery basis and sold securities issued on a delayed
delivery basis:
WHEN-ISSUED OR DELAYED DELIVERY
BASIS TRANSACTIONS
--------------------------------------------------------
Purchased securities $139,691,366
Sold securities 85,219,922
- --------------------------------------------------------------------------------
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which
may be subject to a greater degree of credit risk. Credit risk relates to the
ability of the issuer to meet interest or principal payments or both as they
become due. The Fund may acquire securities in default, and is not obligated to
dispose of securities whose issuers subsequently default. As of January 31,
2008, securities with an aggregate market value of $4,505,735, representing
0.22% of the Fund's net assets, were in default.
- --------------------------------------------------------------------------------
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may impair the ability of certain issuers of
municipal securities to pay principal and interest on their obligations.
57 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of January 31, 2008, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $46,680,498 expiring by 2016.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. During the
six months ended January 31, 2008, it is estimated that the Fund will not
utilize any of capital loss carryforward to offset realized capital gains.
During the fiscal year ended July 31, 2007, the Fund did not utilize any capital
loss carryforward to offset capital gains realized in that fiscal year.
As of July 31, 2007, the Fund had available for federal income tax purposes
post-October losses of $4,645,961 and unused capital loss carryforwards as
follows:
EXPIRING
------------------------------
2009 $ 789,546
2015 2,066,773
------------
Total $ 2,856,319
============
- --------------------------------------------------------------------------------
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
58 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
method with respect to their benefits under the Plan. During the six months
ended January 31, 2008, the Fund's projected benefit obligations, payments to
retired trustees and accumulated liability were as follows:
Projected Benefit Obligations Increased $ 841
Payments Made to Retired Trustees $ 16,038
Accumulated Liability as of January 31, 2008 $ 127,584
The Board of Trustees has adopted a compensation deferral plan for independent
trustees that enables trustees to elect to defer receipt of all or a portion of
the annual compensation they are entitled to receive from the Fund. For purposes
of determining the amount owed to the Trustee under the plan, deferred amounts
are treated as though equal dollar amounts had been invested in shares of the
Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases
shares of the funds selected for deferral by the Trustee in amounts equal to his
or her deemed investment, resulting in a Fund asset equal to the deferred
compensation liability. Such assets are included as a component of "Other"
within the asset section of the Statement of Assets and Liabilities. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, are recorded on
the ex-dividend date. Income distributions, if any, are declared daily and paid
monthly. Capital gain distributions, if any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
- --------------------------------------------------------------------------------
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.
59 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
SIX MONTHS ENDED JANUARY 31, 2008 YEAR ENDED JULY 31, 2007
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------
CLASS A
Sold 32,071,300 $ 342,003,024 81,514,563 $ 949,983,417
Dividends and/or
distributions reinvested 2,541,521 27,052,702 3,850,157 44,843,901
Redeemed (48,047,092) (509,170,528) (24,577,715) (285,526,250)
----------------------------------------------------------------
Net increase (decrease) (13,434,271) $ (140,114,802) 60,787,005 $ 709,301,068
================================================================
- -----------------------------------------------------------------------------------------------------
CLASS B
Sold 406,767 $ 4,350,226 1,606,321 $ 18,718,253
Dividends and/or
distributions reinvested 80,219 854,829 147,140 1,715,814
Redeemed (1,220,647) (13,073,902) (1,524,838) (17,776,207)
----------------------------------------------------------------
Net increase (decrease) (733,661) $ (7,868,847) 228,623 $ 2,657,860
================================================================
- -----------------------------------------------------------------------------------------------------
CLASS C
Sold 6,818,500 $ 72,670,746 26,732,550 $ 311,135,710
Dividends and/or
distributions reinvested 548,020 5,821,216 706,001 8,200,866
Redeemed (10,351,110) (109,470,169) (5,461,755) (63,424,511)
----------------------------------------------------------------
Net increase (decrease) (2,984,590) $ (30,978,207) 21,976,796 $ 255,912,065
================================================================
60 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2008, were as
follows:
PURCHASES SALES
-----------------------------------------------------
Investment securities $ 543,292,150 $839,782,182
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
---------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended January 31, 2008, the
Fund paid $382,391 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the "Distributor")
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund reimburses the Distributor for a portion of its
costs incurred for services provided to accounts that hold Class A shares.
Reimbursement is made periodically at an annual rate of up to 0.25% of the
average annual net assets of Class A shares of the Fund. The Distributor
currently uses all of those fees to pay dealers, brokers, banks and other
financial institutions periodically for providing personal service and
maintenance of accounts of their customers that hold Class A shares. Any
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent periods. Fees incurred by the
Fund under the Plan are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the
Distributor for its services in connection with the distribution of those shares
and servicing accounts. Under the Plans, the Fund pays the Distributor an annual
asset-based sales charge of 0.75% on
61 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
Class B and Class C shares. The Distributor also receives a service fee of 0.25%
per year under each plan. If either the Class B or Class C plan is terminated by
the Fund or by the shareholders of a class, the Board of Trustees and its
independent trustees must determine whether the Distributor shall be entitled to
payment from the Fund of all or a portion of the service fee and/or asset-based
sales charge in respect to shares sold prior to the effective date of such
termination. The Distributor's aggregate uncompensated expenses under the Plans
at December 31, 2007 for Class B and Class C shares were $2,754,583 and
$6,071,461, 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
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------
January 31, 2008 $ 296,248 $ 254,654 $ 126,880 $ 199,055
- --------------------------------------------------------------------------------
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.
OFS has voluntarily agreed to limit transfer and shareholder servicing
agent fees for all classes to 0.35% of average annual net assets per class. This
undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of January 31, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Fund will not invest more than 15% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with an applicable footnote
on the Statement of Investments.
62 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund. The use of leverage will
subject the Fund to greater costs than funds that do not borrow for leverage,
and may also make the Fund's share price more sensitive to interest changes. The
interest on borrowed money is an expense that might reduce the Fund's yield.
Expenses incurred by the Fund with respect to interest on borrowings and
commitment fees are disclosed separately or as other expenses on the Statement
of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $1,250,000,000, collectively. To secure the
loan, the Fund pledges investment securities in accordance with the terms of the
Agreement. Interest is charged to the Fund, based on its borrowings, at current
commercial paper issuance rates (4.6038% as of January 31, 2008). The Fund pays
additional fees annually to its lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of an annual
commitment fee on the amount of the unused portion of total facility size. The
Fund has the right to prepay such loans and terminate its participation in the
conduit loan facility at any time upon prior notice.
As of January 31, 2008, the Fund had borrowings outstanding at an interest rate
of 4.6038%. Details of the borrowings for the six months ended January 31, 2008
are listed in the following table.
Average Daily Loan Balance $ 53,459,783
Average Daily Interest Rate 5.274%
Fees Paid $ 115,279
Interest Paid $ 1,477,153
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE
MEASUREMENTS. This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing standards. SFAS No. 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of January
31, 2008, the Manager does not believe the adoption of SFAS No. 157 will
materially impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements on changes in net assets for the
period.
63 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
64 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the fact that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding, Daniel G. Loughran, Scott S. Cottier, Troy E. Willis, Mark R. DeMitry,
and Marcus V. Franz, the portfolio managers for the Fund, and the Manager's
Rochester Municipal Bond investment team and analysts. The Board members also
considered their experiences with the Manager and its officers and other
personnel through their service on the Boards of the Fund and other funds
advised by the Manager. The Board considered information regarding the quality
of services provided by affiliates of the Manager, which its members have become
knowledgeable about in connection with the renewal of the Fund's service
agreements. In light of the foregoing, the Board concluded that the Fund
benefits from the services provided under the Agreement and from the Manager's
experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each regular quarterly Board meeting, including comparative
performance information. The Board also reviewed information, prepared by the
Manager and by the independent consultant, comparing the Fund's historical
performance to relevant market indices and to the performance of other retail
front-end load and no-load California municipal debt funds advised by other
investment advisers. The Board noted that the Fund's one-year, three-year,
five-year and ten-year performance were better than its peer group median at the
time of its annual review.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also considered the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other California municipal debt funds and
other funds with comparable asset levels and distribution features. The manager
has voluntarily agreed to waive a portion of its management fee so that
management fees will not exceed 0.55% of average annual net assets. This
65 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
voluntary undertaking may be amended or withdrawn by the Manager at any time
without shareholder notice. The Board noted that the Fund's contractual and
actual management fees are lower than its peer group median although its total
expenses are higher than its peer group median.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted the Fund's breakpoints, which are intended
to share economies of scale that may exist as the Fund grows with its
shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
66 | 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.
67 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semiannual reports.
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 01/31/2008, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer California Municipal Fund
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 03/11/2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 03/11/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 03/11/2008