UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21474
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Oppenheimer Limited Term 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
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LIMITED TERM
CALIFORNIA
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MUNICIPAL FUND
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JANUARY 31, 2008
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Management
Oppenheimer Commentaries
Limited Term and
California Municipal Semiannual
Fund 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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Tobacco Master Settlement Agreement 21.3%
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Special Tax 10.5
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General Obligation 7.7
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Marine/Aviation Facilities 6.8
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Multifamily Housing 5.0
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Municipal Leases 4.9
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Hospital/Health Care 4.8
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Single Family Housing 4.4
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Tax Increment Financing (TIF) 4.0
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Special Assessment 2.7
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 44.0%
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AA 3.4
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A 7.0
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BBB 41.4
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BB or lower 4.2
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 22.85% 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 LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS
OF OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND. BEFORE INVESTING IN ANY
OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN
THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR
FINANCIAL ADVISOR, CALL US AT 1.8000.525.7048, OR VISIT OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 2/25/04. The average
annual total returns are shown net of the applicable 3.50% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 2/25/04. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 4% (1-year) and 2% (since inception). Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 2/25/04. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees (if
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 the
Statement
17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND EXPENSES Continued
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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.
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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 $ 998.10 $ 5.30
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Class B 1,000.00 993.90 9.49
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Class C 1,000.00 994.40 9.24
HYPOTHETICAL
(5% return before expenses)
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Class A 1,000.00 1,019.91 5.36
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Class B 1,000.00 1,015.73 9.60
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Class C 1,000.00 1,015.98 9.34
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 1.05%
- ---------------------------
Class B 1.88
- ---------------------------
Class C 1.83
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 LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2008 / Unaudited
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PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
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MUNICIPAL BONDS AND NOTES--104.5%
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CALIFORNIA--100.6%
$ 695,000 Adelanto, CA Improvement Agency, Series B 1 5.500% 12/01/2023 06/01/2008 A $ 699,879
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210,000 Adelanto, CA Public Financing Authority,
Series B 1 6.300 09/01/2028 03/01/2008 A 210,374
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110,000 Alameda County, CA COP (Alameda County
Medical Center) 5.300 06/01/2026 06/01/2008 A 110,156
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480,000 Alameda, CA COP 5.750 12/01/2021 06/01/2008 A 485,698
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25,000 Alvord, CA Unified School District
Community Facilities District 6.200 09/01/2025 03/01/2008 A 25,508
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10,000 Anaheim, CA Public Financing Authority 5.000 10/01/2023 10/01/2008 A 10,291
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20,000 Apple Valley, CA Improvement Bond
Act 1915 6.900 09/02/2015 03/02/2008 A 20,642
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15,000 Aromas, CA Water District 5.600 09/01/2018 03/01/2008 A 15,004
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25,000 Atwater, CA Community Facilities District 7.875 08/01/2015 02/01/2008 A 25,072
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20,000 Atwater, CA Public Financing Authority
(Sewer and Water) 5.500 05/01/2028 05/01/2009 A 20,106
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15,000 Atwater, CA Redevel. Agency (Downtown
Redevel.) 5.500 06/01/2019 06/01/2010 A 15,079
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25,000 Azusa, CA COP 5.750 08/01/2020 02/01/2008 A 25,336
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40,000 Bakersfield, CA Improvement Bond Act 1915 5.600 09/02/2020 03/02/2016 A 40,342
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50,000 Bakersfield, CA Improvement Bond Act 1915 6.100 09/02/2024 03/02/2008 A 51,509
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25,000 Beaumont, CA Financing Authority, Series A 5.700 09/01/2035 10/10/2033 B 23,803
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135,000 Beaumont, CA Financing Authority, Series A 7.000 09/01/2023 03/01/2008 A 137,827
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55,000 Beaumont, CA Financing Authority, Series B 6.000 09/01/2034 04/01/2030 B 54,671
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30,000 Belmont, CA Redevel. Agency (Los Costano
Community Devel.) 5.500 08/01/2016 02/01/2008 A 30,070
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50,000 Blythe, CA Redevel. Agency (Redevel. Project
No. 1 Tax Allocation) 5.750 05/01/2034 06/29/2032 B 48,066
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750,000 Blythe, CA Redevel. Agency (Redevel. Project
No. 1 Tax Allocation) 6.200 05/01/2031 05/01/2011 A 757,763
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145,000 Bonita Canyon, CA Public Facilities Financing
Authority 5.375 09/01/2028 11/21/2022 B 143,569
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25,000 Brawley, CA Union High School District 5.000 08/01/2028 08/01/2009 A 25,423
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80,000 Brentwood, CA Improvement Bond
Act 1915 6.800 09/02/2017 03/02/2008 A 81,495
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25,000 Brentwood, CA Infrastructure Financing
Authority (Water & Sewer) 5.625 07/01/2026 07/01/2008 A 25,204
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30,000 Brisbane, CA Improvement Bond Act 1915
(Northeast Ridge) 5.875 09/02/2020 03/02/2008 A 30,907
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205,000 Brisbane, CA Public Financing Authority 6.000 05/01/2026 05/01/2010 A 205,853
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35,000 Buena Park, CA Special Tax (Park Mall) 6.125 09/01/2033 09/01/2015 A 35,240
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250,000 Burbank, CA Community Facilities District
Special Tax 5.200 12/01/2023 06/24/2022 B 242,763
19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
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CALIFORNIA Continued
$ 25,000 Burbank, CA Public Service Dept. 5.125% 06/01/2016 06/01/2008 A $ 25,467
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40,000 CA ABAG Finance Authority for NonProfit
Corporations (Driftwood Family Apartments) 5.300 06/01/2029 06/01/2010 A 40,202
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280,000 CA ABAG Finance Authority for NonProfit
Corporations (Lincoln Glen Manor) 6.100 02/15/2025 02/15/2008 A 283,251
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10,000 CA ABAG Finance Authority for NonProfit
Corporations COP 5.600 11/01/2023 05/01/2008 A 10,010
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15,000 CA ABAG Finance Authority for NonProfit
Corporations COP 5.750 08/15/2014 02/15/2008 A 15,029
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20,000 CA ABAG Finance Authority for NonProfit
Corporations COP 5.800 03/01/2023 03/01/2008 A 20,020
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150,000 CA ABAG Finance Authority for NonProfit
Corporations COP (American Baptist
Homes of the West) 5.850 10/01/2027 10/01/2009 A 150,929
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65,000 CA ABAG Finance Authority for NonProfit
Corporations COP (American Baptist
Homes of the West) 6.100 10/01/2017 10/01/2009 A 66,362
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25,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Episcopal Homes
Foundation) 5.125 07/01/2013 07/01/2010 A 25,356
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90,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Home for Jewish Parents) 5.625 05/15/2022 05/15/2008 A 91,959
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30,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Home for Jewish Parents) 5.625 05/15/2022 05/15/2008 A 30,516
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275,000 CA ABAG Finance Authority for NonProfit
Corporations COP (Lytton Gardens) 6.000 02/15/2019 02/15/2008 A 278,097
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335,000 CA ABAG Finance Authority for NonProfit
Corporations, Series A 5.769 2 04/20/2019 04/20/2012 A 173,811
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30,000 CA ABAG Tax Allocation 6.500 12/15/2009 06/15/2008 A 30,280
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55,000 CA ABAG Tax Allocation, Series A 5.800 12/15/2008 06/15/2008 A 55,730
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55,000 CA ABAG Tax Allocation, Series A 6.000 12/15/2014 06/15/2008 A 55,752
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100,000 CA Affordable Hsg. Agency (Merced County
Hsg. Authority) 6.500 01/01/2033 01/01/2013 A 101,311
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2,455,000 CA Aztec Shops Auxiliary Organization
(San Diego State University) 6.000 09/01/2031 09/01/2010 A 2,501,866
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9,815,000 CA County Tobacco Securitization Agency 5.830 2 06/01/2033 03/18/2015 B 1,779,656
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1,810,000 CA County Tobacco Securitization Agency
(TASC) 0.000 3 06/01/2021 03/15/2014 C 1,475,096
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1,240,000 CA County Tobacco Securitization Agency
(TASC) 0.000 3 06/01/2028 09/12/2018 B 948,451
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4,035,000 CA County Tobacco Securitization Agency
(TASC) 1 0.000 3 06/01/2028 01/16/2017 B 3,373,744
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5,000,000 CA County Tobacco Securitization Agency
(TASC) 1 0.000 3 06/01/2036 11/23/2021 B 3,752,150
20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 290,000 CA County Tobacco Securitization Agency
(TASC) 5.500% 06/01/2033 06/01/2011 C $ 279,917
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1,670,000 CA County Tobacco Securitization Agency
(TASC) 5.750 06/01/2029 11/23/2011 C 1,645,050
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25,000 CA County Tobacco Securitization Agency
(TASC) 5.875 06/01/2027 06/01/2012 A 25,188
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290,000 CA County Tobacco Securitization Agency
(TASC) 5.875 06/01/2035 03/28/2017 B 286,091
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280,000 CA County Tobacco Securitization Agency
(TASC) 5.875 06/01/2043 08/27/2019 B 275,873
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765,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2029 12/01/2010 C 773,775
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665,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2035 06/01/2012 A 665,559
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435,000 CA County Tobacco Securitization Agency
(TASC) 6.000 06/01/2042 06/01/2012 A 435,365
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10,700,000 CA County Tobacco Securitization Agency
(TASC) 6.068 2 06/01/2046 09/09/2028 B 736,374
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51,520,000 CA County Tobacco Securitization Agency
(TASC) 6.192 2 06/01/2050 01/02/2026 B 2,681,616
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50,000 CA County Tobacco Securitization Agency
(TASC) 6.250 06/01/2037 06/01/2012 A 50,513
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3,520,000 CA Dept. of Transportation COP 5.250 03/01/2016 03/01/2008 A 3,597,862
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85,000 CA Dept. of Veterans Affairs Home Purchase 5.200 12/01/2027 06/01/2008 A 86,348
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 CA Dept. of Veterans Affairs Home Purchase 5.200 12/01/2028 06/01/2008 A 60,023
- -----------------------------------------------------------------------------------------------------------------------------------
3,590,000 CA Dept. of Veterans Affairs Home Purchase 1 5.450 12/01/2019 12/01/2008 A 3,736,257
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Dept. of Veterans Affairs Home Purchase 5.500 12/01/2018 12/01/2008 A 10,211
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3,025,000 CA Dept. of Veterans Affairs Home Purchase 5.500 12/01/2019 01/09/2012 A 3,070,163
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30,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2019 06/01/2008 A 30,346
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5,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2022 06/01/2008 A 5,057
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2029 12/01/2008 A 25,137
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA Dept. of Water Resources (Center Valley) 5.125 12/01/2011 06/01/2008 A 15,108
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA Dept. of Water Resources (Center Valley) 5.125 12/01/2012 06/01/2008 A 15,108
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Dept. of Water Resources (Center Valley) 5.250 12/01/2017 06/01/2008 A 45,328
- -----------------------------------------------------------------------------------------------------------------------------------
515,000 CA Dept. of Water Resources (Center Valley) 1 5.250 07/01/2022 07/01/2008 A 556,004
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 CA Dept. of Water Resources (Center Valley) 5.375 12/01/2027 06/01/2008 A 316,777
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA Dept. of Water Resources (Center Valley) 5.400 07/01/2012 07/01/2008 A 15,036
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA Educational Facilities Authority 5.125 04/01/2017 04/01/2009 A 20,878
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45,000 CA Educational Facilities Authority 5.125 04/01/2017 04/01/2011 A 45,461
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25,000 CA Educational Facilities Authority
(California College of Arts and Crafts) 5.875 06/01/2030 06/01/2011 A 25,284
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10,000 CA Educational Facilities Authority (College
& University Financing) 6.125 06/01/2009 06/01/2008 A 10,037
21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
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CALIFORNIA Continued
$ 5,000 CA Educational Facilities Authority (College
& University Financing) 6.250% 06/01/2018 06/01/2008 A $ 5,019
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85,000 CA Educational Facilities Authority
(Dominican University of California/Harvey
Mudd College Obligated Group) 5.500 03/01/2011 03/01/2008 A 86,902
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA Educational Facilities Authority
(Los Angeles College of Chiropractic) 5.600 11/01/2017 11/01/2009 A 15,116
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Educational Facilities Authority
(Stanford University) 5.125 01/01/2031 07/01/2008 A 50,562
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 CA Educational Facilities Authority
(University of Southern California) 5.000 10/01/2028 10/01/2008 A 35,466
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 CA Financing Authority (Wastewater
Improvement) 6.100 11/01/2033 11/01/2015 A 336,705
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 4.750 09/01/2018 03/01/2008 A 5,011
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 CA GO 4.800 08/01/2014 02/01/2008 A 60,075
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.000 06/01/2017 06/01/2008 A 25,293
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.000 06/01/2019 06/02/2008 A 25,020
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.000 06/01/2019 06/01/2011 A 5,179
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 CA GO 5.000 02/01/2021 02/01/2008 A 176,750
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.000 02/01/2021 02/01/2008 A 5,037
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 CA GO 5.000 11/01/2022 05/01/2008 A 150,609
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.000 02/01/2023 02/01/2008 A 25,280
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.000 10/01/2023 10/01/2008 A 5,074
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA GO 5.000 10/01/2023 10/01/2008 A 75,251
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.000 10/01/2023 10/01/2008 A 10,103
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.000 02/01/2025 02/01/2008 A 10,113
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA GO 5.000 02/01/2025 02/01/2009 A 45,159
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.100 10/01/2008 04/01/2008 A 10,048
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 CA GO 5.100 03/01/2010 03/01/2008 A 60,118
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.125 10/01/2027 04/01/2008 A 15,225
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.125 10/01/2027 04/01/2008 A 25,060
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.150 12/01/2013 06/01/2008 A 25,029
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.200 06/01/2010 06/01/2008 A 15,124
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 CA GO 5.250 06/01/2011 06/01/2008 A 105,887
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA GO 5.250 10/01/2013 04/01/2008 A 30,158
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.250 10/01/2013 04/01/2008 A 25,111
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.250 06/01/2016 06/01/2008 A 20,169
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.250 04/01/2018 04/01/2008 A 25,031
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.250 04/01/2019 04/01/2008 A 10,011
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.250 04/01/2021 04/01/2008 A 10,010
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 CA GO 5.250 06/01/2021 06/01/2008 A 160,976
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.250 02/01/2029 02/01/2013 A 10,245
22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 CA GO 5.250% 02/01/2030 02/01/2012 A $ 10,193
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.300 09/01/2011 03/01/2008 A 15,107
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.350 12/01/2013 04/27/2011 A 15,766
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.375 06/01/2026 06/01/2008 A 15,088
- -----------------------------------------------------------------------------------------------------------------------------------
2,780,000 CA GO 1 5.400 12/01/2014 12/01/2008 A 2,864,123
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.500 03/01/2008 03/01/2008 5,012
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 CA GO 5.500 03/01/2009 03/01/2008 A 70,173
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.500 03/01/2010 03/01/2008 A 15,039
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA GO 5.500 06/01/2010 06/01/2008 A 101,340
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.500 06/01/2013 06/01/2008 A 15,035
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 CA GO 5.500 04/01/2015 04/01/2008 A 55,272
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.500 04/01/2019 04/01/2008 A 5,028
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA GO 5.500 04/01/2019 04/01/2008 A 30,133
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.500 03/01/2020 03/01/2008 A 20,057
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.500 03/01/2020 03/01/2008 A 15,031
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.500 03/01/2020 03/01/2008 A 10,029
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.500 03/01/2020 03/01/2008 A 25,052
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.500 10/01/2022 04/01/2008 A 20,064
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.600 09/01/2021 03/01/2008 A 5,035
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.625 10/01/2021 04/01/2008 A 25,272
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA GO 5.625 10/01/2021 04/01/2008 A 30,279
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.625 10/01/2023 04/01/2008 A 20,217
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 5.625 10/01/2023 04/01/2008 A 20,175
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.625 09/01/2024 03/01/2008 A 10,067
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 5.625 10/01/2026 04/01/2008 A 10,109
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA GO 5.625 10/01/2026 04/01/2008 A 15,124
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA GO 5.750 03/01/2010 03/01/2008 A 75,194
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 5.750 03/01/2012 03/01/2008 A 5,014
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 CA GO 5.750 03/01/2015 03/01/2008 A 35,092
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 CA GO 5.750 11/01/2017 05/01/2008 A 120,959
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 CA GO 5.750 11/01/2017 05/01/2008 A 35,280
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA GO 5.800 06/01/2013 06/01/2008 A 25,066
- -----------------------------------------------------------------------------------------------------------------------------------
155,000 CA GO 5.900 04/01/2023 04/01/2008 A 156,764
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 CA GO 5.900 04/01/2023 04/01/2008 A 35,138
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA GO 5.900 03/01/2025 03/01/2008 A 75,143
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 6.000 08/01/2010 02/01/2008 A 20,358
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 6.000 05/01/2011 05/01/2008 A 10,085
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA GO 6.000 10/01/2014 04/01/2008 A 10,058
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 6.000 08/01/2015 02/01/2008 A 20,348
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA GO 6.000 05/01/2018 05/01/2008 A 20,170
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 6.000 08/01/2019 02/01/2008 A 5,074
23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 CA GO 6.000% 10/01/2021 04/01/2008 A $ 15,076
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 CA GO 6.000 08/01/2024 02/01/2008 A 40,535
- -----------------------------------------------------------------------------------------------------------------------------------
605,000 CA GO 6.250 10/01/2019 04/01/2008 A 608,660
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA GO 6.800 11/01/2008 05/01/2008 A 5,053
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 CA GO (Safe Drinking Water) 8.250 09/01/2010 03/01/2008 A 296,472
- -----------------------------------------------------------------------------------------------------------------------------------
1,505,000 CA Golden State Tobacco Securitization
Corp. 5.000 06/01/2017 06/01/2008 A 1,506,234
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Golden State Tobacco Securitization
Corp. 5.000 06/01/2020 06/01/2010 A 25,414
- -----------------------------------------------------------------------------------------------------------------------------------
4,380,000 CA Golden State Tobacco Securitization
Corp. 6.250 06/01/2033 09/11/2012 C 4,905,950
- -----------------------------------------------------------------------------------------------------------------------------------
3,115,000 CA Golden State Tobacco Securitization
Corp. 6.750 06/01/2039 06/01/2013 A 3,691,649
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 CA Golden State Tobacco Securitization
Corp. (TASC) 1 0.000 3 06/01/2037 05/22/2022 C 3,250,400
- -----------------------------------------------------------------------------------------------------------------------------------
25,525,000 CA Golden State Tobacco Securitization
Corp. (TASC) 4.500 06/01/2027 08/29/2012 B 23,404,638
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Golden State Tobacco Securitization
Corp. (TASC) 5.000 06/01/2015 06/01/2008 A 45,037
- -----------------------------------------------------------------------------------------------------------------------------------
855,000 CA Golden State Tobacco Securitization
Corp. (TASC) 5.000 06/01/2018 06/01/2008 A 857,847
- -----------------------------------------------------------------------------------------------------------------------------------
1,865,000 CA Golden State Tobacco Securitization
Corp. (TASC) 7.800 06/01/2042 06/01/2013 A 2,308,031
- -----------------------------------------------------------------------------------------------------------------------------------
2,900,000 CA Golden State Tobacco Securitization
Corp. (TASC) 7.875 06/01/2042 06/01/2013 A 3,599,074
- -----------------------------------------------------------------------------------------------------------------------------------
2,680,000 CA Golden State Tobacco Securitization
Corp. (TASC) 7.900 06/01/2042 06/01/2013 A 3,329,176
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 5.000 07/01/2011 07/01/2008 A 10,019
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 5.000 07/01/2021 07/01/2008 A 145,167
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 5.125 07/01/2024 07/01/2009 A 15,315
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 5.250 07/01/2023 07/01/2008 A 161,147
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 5.250 07/01/2023 07/01/2008 A 30,215
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 CA Health Facilities Financing Authority
(Catholic Healthcare West) 6.000 07/01/2013 07/01/2008 A 160,446
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 CA Health Facilities Financing Authority
(Cedars-Sinai Medical Center) 1 5.250 08/01/2027 08/01/2008 A 61,267
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA Health Facilities Financing Authority
(Community Program) 7.200 01/01/2012 02/01/2008 A 75,433
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Health Facilities Financing Authority
(Downey Community Hospital) 5.750 05/15/2015 08/04/2012 B 49,717
24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 CA Health Facilities Financing Authority
(Fellowship Homes) 6.000% 09/01/2019 03/01/2008 A $ 25,243
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 CA Health Facilities Financing Authority
(Kaiser Permanente) 1 5.500 06/01/2022 06/01/2008 A 2,568,975
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 CA Health Facilities Financing Authority
(Marshall Hospital) 5.000 11/01/2018 05/01/2008 A 115,098
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 CA Health Facilities Financing Authority
(Marshall Hospital) 5.125 11/01/2012 05/01/2008 A 80,134
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA Health Facilities Financing Authority
(Mercy Senior Hsg.) 5.800 12/01/2018 06/01/2008 A 20,030
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA Health Facilities Financing Authority
(Providence Health System-Southern
California) 5.500 10/01/2013 04/01/2008 A 30,369
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 CA Health Facilities Financing Authority
(San Fernando Valley Community Mental
Health Center) 5.250 06/01/2023 06/01/2008 A 40,228
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Health Facilities Financing Authority
(Sunny View Lutheran Home) 5.100 01/01/2024 01/01/2010 A 50,528
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA Health Facilities Financing Authority
(Sutter Health) 5.000 08/15/2017 02/15/2008 A 5,110
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 CA Health Facilities Financing Authority
(Sutter Health) 5.125 08/15/2022 08/15/2008 A 137,876
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Health Facilities Financing Authority
(Sutter Health) 5.250 08/15/2027 02/15/2008 A 25,533
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA Health Facilities Financing Authority
(Sutter Health) 5.375 08/15/2030 08/15/2008 A 30,564
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA HFA 5.650 02/01/2008 02/01/2008 A 10,000
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 CA HFA 8.037 2 08/01/2015 04/14/2011 B 21,507
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 CA HFA 8.277 2 02/01/2015 02/11/2011 B 74,623
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 CA HFA (Multifamily Hsg.) 5.375 08/01/2028 02/01/2011 A 55,400
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 CA HFA (Multifamily Hsg.) 5.375 02/01/2036 02/01/2011 A 35,154
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA HFA (Multifamily Hsg.) 5.400 08/01/2018 08/01/2008 A 15,290
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 CA HFA (Multifamily Hsg.) 5.400 08/01/2018 08/01/2008 A 40,774
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 CA HFA (Multifamily Hsg.) 1 5.450 08/01/2028 08/01/2010 A 448,355
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 CA HFA (Multifamily Hsg.) 1 5.850 02/01/2010 02/01/2008 A 85,941
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 CA HFA (Multifamily Hsg.) 1 5.950 08/01/2028 02/01/2009 A 556,100
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 CA HFA (Multifamily Hsg.) 1 6.050 08/01/2016 02/01/2008 A 327,613
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 CA HFA (Multifamily Hsg.) 6.050 08/01/2027 08/01/2008 A 82,115
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA HFA (Multifamily Hsg.) 6.050 08/01/2038 02/01/2009 A 25,194
- -----------------------------------------------------------------------------------------------------------------------------------
2,155,000 CA HFA (Multifamily Hsg.) 1 6.150 08/01/2022 02/01/2008 A 2,198,574
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA HFA (Multifamily Hsg.), Series B 5.500 08/01/2039 08/01/2010 A 25,109
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA HFA (Single Family Mtg.) 5.400 08/01/2028 02/01/2010 A 15,308
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA HFA (Single Family Mtg.), Series A 5.300 08/01/2018 02/01/2010 A 10,096
25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,245,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine,
Food and the Arts) 5.350% 2 12/01/2019 12/01/2019 $ 526,610
- -----------------------------------------------------------------------------------------------------------------------------------
1,320,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine,
Food and the Arts) 5.400 2 12/01/2020 12/01/2020 515,975
- -----------------------------------------------------------------------------------------------------------------------------------
3,235,000 CA Infrastructure & Economic Devel.
(Copia: The American Center for Wine,
Food and the Arts) 5.420 2 12/01/2021 12/01/2021 1,164,374
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 CA Infrastructure & Economic Devel.
(Stockton Port District) 5.375 07/01/2022 02/23/2020 B 14,055
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Infrastructure & Economic Devel.
(Stockton Port District) 5.500 07/01/2032 06/08/2028 B 44,336
- -----------------------------------------------------------------------------------------------------------------------------------
17,500,000 CA Inland Empire Tobacco Securitization
Authority (TASC) 1 4.625 06/01/2021 06/23/2013 B 16,499,525
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 CA Intercommunity Hospital Financing
Authority COP 5.250 11/01/2019 11/01/2010 A 235,545
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Loan Purchasing Finance Authority 5.500 10/01/2008 04/01/2008 A 10,027
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 CA Loan Purchasing Finance Authority 5.600 10/01/2014 04/01/2008 A 70,187
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 CA M-S-R Public Power Agency (San Juan) 6.000 07/01/2022 07/01/2008 A 39,563
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Maritime Infrastructure Authority
(Santa Cruz Port District) 5.750 05/01/2024 05/01/2014 A 10,127
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 CA Mobilehome Park Financing Authority
(Palomar Estates East & West) 5.250 03/15/2034 01/28/2030 B 79,054
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Padre Dam Municipal Water District
COP 5.500 10/01/2016 10/01/2008 A 25,367
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.750 09/01/2019 03/01/2008 A 1,350,108
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA Pollution Control Financing Authority
(Sacramento Biosolids Facility) 5.300 12/01/2017 06/24/2016 B 28,745
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 CA Pollution Control Financing Authority
(Sacramento Biosolids Facility) 5.500 12/01/2024 07/27/2022 B 218,952
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 5.850 06/01/2021 06/01/2008 A 190,255
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 5.850 06/01/2021 06/01/2008 A 150,164
- -----------------------------------------------------------------------------------------------------------------------------------
805,000 CA Pollution Control Financing Authority
(San Diego Gas & Electric Company) 1 5.850 06/01/2021 06/01/2008 A 806,151
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA Pollution Control Financing Authority
(Southern California Edison Company) 5.550 09/01/2031 09/01/2009 A 20,575
- -----------------------------------------------------------------------------------------------------------------------------------
360,000 CA Pollution Control Financing Authority
(Southern California Water Company) 1 5.500 12/01/2026 06/01/2008 A 360,360
- -----------------------------------------------------------------------------------------------------------------------------------
11,260,000 CA Pollution Control Financing Authority
(Pacific Gas & Electric Company) 4 5.350 12/01/2016 04/01/2011 A 11,952,040
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Port of Oakland, Series N 5.000 11/01/2022 11/01/2012 A 10,233
26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 150,000 CA Public Works 5.250% 12/01/2013 06/01/2008 A $ 150,324
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 CA Public Works (California Community
College) 5.375 03/01/2011 03/01/2008 A 115,266
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Public Works (California Science Center) 5.250 10/01/2017 04/01/2008 A 45,991
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Public Works (Dept. of Corrections) 5.000 09/01/2021 09/01/2008 A 25,507
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 CA Public Works (Dept. of Food &
Agriculture) 5.400 06/01/2013 06/01/2008 A 175,390
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 CA Public Works (State Universities) 5.250 12/01/2013 06/01/2008 A 185,389
- -----------------------------------------------------------------------------------------------------------------------------------
565,000 CA Public Works (State Universities) 5.500 12/01/2018 06/01/2008 A 565,797
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Public Works (Various Community
Colleges) 5.375 03/01/2013 03/01/2008 A 100,231
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Public Works (Various Community
Colleges) 5.375 03/01/2014 03/01/2008 A 25,060
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA Public Works (Various Community
Colleges) 5.500 09/01/2011 03/01/2008 A 20,246
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Public Works (Various Community
Colleges) 5.600 04/01/2014 04/01/2008 A 51,119
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CA Public Works (Various Community
Colleges) 5.625 03/01/2016 03/01/2008 A 30,076
- -----------------------------------------------------------------------------------------------------------------------------------
3,050,000 CA Public Works (Various Community
Colleges) 5.625 03/01/2016 03/01/2008 A 3,057,717
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 CA Public Works (Various Community
Colleges) 5.625 03/01/2019 03/01/2008 A 240,494
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 CA Public Works (Various Community
Colleges) 5.875 10/01/2008 04/01/2008 A 601,668
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Public Works (Various Community
Colleges) 5.875 10/01/2008 04/01/2008 A 50,151
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Public Works (Various State Universities) 5.375 12/01/2019 06/01/2008 A 25,543
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Public Works (Various State Universities) 5.400 10/01/2022 04/01/2008 A 50,687
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Public Works (Various State Universities) 5.500 09/01/2015 03/01/2008 A 10,223
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA Resource Efficiency Financing Authority
COP 5.500 04/01/2017 04/01/2008 A 5,112
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 CA River Highlands Community Services
District 7.750 09/02/2020 03/02/2008 A 85,162
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA River Highlands Community Services
District 8.125 09/02/2020 03/02/2008 A 20,041
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.500 02/01/2043 02/01/2021 A 2,944,398
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.700 02/01/2033 02/01/2021 A 1,092,230
- -----------------------------------------------------------------------------------------------------------------------------------
1,980,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 5.750 02/01/2044 06/30/2013 A 2,143,192
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.) 7.500 08/01/2027 08/25/2020 B 20,423
27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 230,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.), Series A 6.350% 12/01/2029 10/01/2008 C $ 237,427
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 CA Rural Home Mtg. Finance Authority
(Single Family Mtg.), Series A 7.000 09/01/2029 03/01/2010 C 117,207
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA Sierra View Local Health Care District 5.250 07/01/2018 07/01/2009 A 75,357
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 CA Sierra View Local Health Care District 1 5.400 07/01/2022 07/01/2009 A 6,072,420
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA 6.625 09/01/2027 09/01/2008 A 25,023
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Statewide CDA (Arc of San Diego) COP 5.625 05/01/2021 05/01/2008 A 45,980
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA (Bouquet Canyon) 5.300 07/01/2018 07/01/2010 A 101,935
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 CA Statewide CDA (California Odd Fellow
Hsg.) 5.375 10/01/2013 04/01/2008 A 120,211
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 CA Statewide CDA (California Odd Fellow
Hsg.) 5.500 10/01/2023 04/01/2008 A 110,099
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA (Citrus Valley Health
Partners/Citrus Valley Medical Center/Foothill
Hospital Obligated Group) COP 5.500 04/01/2013 04/01/2008 A 1,014,640
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 CA Statewide CDA (Del Nido Apartments) 5.550 05/01/2028 11/01/2008 A 4,128,440
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 CA Statewide CDA (East Campus
Apartments) 5.500 08/01/2022 05/12/2019 B 155,565
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 CA Statewide CDA (East Tabor Apartments) 6.850 08/20/2036 02/20/2011 A 542,705
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA Statewide CDA (Eastfield Ming Quong) 5.625 06/01/2020 06/01/2008 A 75,644
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Statewide CDA (Escrow Term) 6.750 09/01/2037 09/01/2014 A 47,359
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide CDA (Fairfield Apartments) 6.500 01/01/2016 12/22/2011 B 256,425
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 CA Statewide CDA (Family House & Hsg.
Foundation-Torrence I) 1 7.000 04/20/2036 04/20/2011 A 639,343
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Statewide CDA (GP Steinbeck) 5.700 09/20/2019 09/20/2014 A 10,637
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 CA Statewide CDA (GP Steinbeck) 5.897 2 09/20/2027 09/20/2014 A 26,778
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 CA Statewide CDA (John Muir/Mt. Diablo
Health System) 5.250 08/15/2027 02/15/2008 A 137,854
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 CA Statewide CDA (Kaiser Permanente) 5.300 12/01/2015 06/01/2008 A 422,904
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide CDA (Live Oak School) 6.750 10/01/2030 10/01/2011 A 261,163
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA (Methodist Hospital of
Southern California) 5.500 07/01/2010 07/01/2008 A 25,314
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA (Multifamily) 5.696 2 09/20/2021 09/20/2014 A 46,035
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide CDA (Multifamily) 5.744 2 09/20/2023 09/20/2014 A 40,415
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 CA Statewide CDA (Quail Ridge
Apartments) 5.375 07/01/2032 11/26/2029 B 190,844
- -----------------------------------------------------------------------------------------------------------------------------------
430,000 CA Statewide CDA (Rio Bravo) 6.300 12/01/2018 02/19/2014 B 409,390
- -----------------------------------------------------------------------------------------------------------------------------------
560,000 CA Statewide CDA (Sycamore) 6.000 03/20/2038 03/20/2016 A 595,134
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Statewide CDA Community Facilities
District 6.350 09/01/2021 09/01/2012 A 26,504
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 CA Statewide CDA COP (CVHP/CVMC/FH
Obligated Group) 5.000 04/01/2018 04/01/2008 A 5,064
28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 45,000 CA Statewide CDA COP (CVHP/CVMC/FH
Obligated Group) 5.125% 04/01/2023 04/01/2008 A $ 45,561
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 CA Statewide CDA Linked PARS & INFLOS 5.600 5 10/01/2011 04/28/2010 B 1,059,750
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Statewide CDA, Series B 6.900 07/01/2008 07/01/2008 45,115
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 CA Statewide Financing Authority Tobacco
Settlement (TASC) 5.625 05/01/2029 04/04/2011 C 892,206
- -----------------------------------------------------------------------------------------------------------------------------------
1,305,000 CA Statewide Financing Authority Tobacco
Settlement (TASC) 5.625 05/01/2029 07/30/2010 C 1,293,699
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 CA Statewide Financing Authority Tobacco
Settlement (TASC) 6.000 05/01/2037 05/01/2012 A 250,205
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA University (CSU Institute) 4.875 06/01/2008 06/01/2008 100,211
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Valley Health System COP 6,7 6.875 05/15/2023 04/02/2017 C 29,250
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Valley Health System, Series A 6,7 6.500 05/15/2025 05/21/2021 C 58,500
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 CA Valley Health System, Series A 6 6.500 05/15/2025 05/21/2021 B 292,500
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Veterans GO 4.700 12/01/2012 06/01/2008 A 100,118
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 CA Veterans GO 5.125 12/01/2019 06/01/2008 A 950,656
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 CA Veterans GO 5.300 12/01/2029 06/01/2008 A 180,058
- -----------------------------------------------------------------------------------------------------------------------------------
1,730,000 CA Veterans GO 5.400 12/01/2015 12/01/2008 A 1,783,803
- -----------------------------------------------------------------------------------------------------------------------------------
4,445,000 CA Veterans GO, Series BH 1 5.400 12/01/2014 12/01/2008 A 4,589,596
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 CA Veterans GO, Series BH 5.400 12/01/2016 12/01/2009 A 319,647
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Veterans GO, Series BJ 5.700 12/01/2032 12/19/2008 A 45,303
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 CA Veterans GO, Series BP 5.500 12/01/2026 06/01/2008 A 110,055
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 CA Veterans GO, Series BR 5.250 12/01/2026 06/01/2008 A 180,068
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 CA Veterans GO, Series BX 5.000 12/01/2014 06/01/2008 A 90,074
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Veterans GO, Series BX 5.450 12/01/2024 06/01/2008 A 10,018
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 CA Veterans GO, Series BX 5.500 12/01/2031 06/01/2008 A 140,235
- -----------------------------------------------------------------------------------------------------------------------------------
6,610,000 CA Veterans GO, Series BZ 5.350 12/01/2021 06/01/2008 A 6,630,161
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 CA Water Resource Devel. GO, Series N 5.500 06/01/2011 06/01/2008 A 75,176
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CA Water Resource Devel. GO, Series P 5.800 06/01/2011 06/01/2008 A 10,026
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CA Water Resource Devel. GO, Series P 5.800 06/01/2014 06/01/2008 A 25,066
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Water Resource Devel. GO, Series Q 5.000 03/01/2016 03/01/2008 A 50,092
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities No. 1) 6.750 09/01/2022 09/01/2014 A 121,724
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.000 09/01/2024 09/01/2014 A 120,932
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.125 09/01/2031 09/01/2014 A 49,966
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities) 6.875 09/01/2031 09/01/2009 A 46,158
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 CA William S. Hart Union School District 6.000 09/01/2027 09/01/2013 A 210,825
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 CA Y/S School Facilities Financing Authority
(Chula Vista Elementary School) 5.000 09/01/2015 03/01/2008 A 143,060
29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 50,000 Calleguas-Las Virgines, CA Public Financing
Authority Municipal Water District 5.000% 11/01/2023 07/30/2010 C $ 51,110
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Camarillo, CA Hsg. (Park Glenn Apartments) 5.400 03/01/2028 03/01/2008 A 75,014
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Campbell, CA Improvement Bond Act 1915
(Dillon-Gilman Local Improvement District) 7.150 09/02/2012 03/02/2008 A 25,809
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Camrosa, CA Water District 5.500 01/15/2011 07/15/2008 A 60,445
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Capistrano, CA Unified School District
(Education & Support Facilities) COP 5.250 12/01/2026 06/01/2008 A 40,221
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Capistrano, CA Unified School District
(Las Flores) 5.000 09/01/2023 09/01/2010 A 77,094
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Carlsbad, CA Hsg. and Redevel. Commission
Tax Allocation 5.250 09/01/2019 03/01/2008 A 130,213
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Carlsbad, CA Improvement Bond Act 1915 5.550 09/02/2028 08/29/2022 B 76,674
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Carlsbad, CA Improvement Bond Act 1915 5.950 09/02/2025 09/02/2012 A 123,600
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Carlsbad, CA Improvement Bond Act 1915 6.000 09/02/2022 03/01/2008 A 30,008
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Carlsbad, CA Unified School District COP
(Aviara Oaks Middle School) 5.300 06/01/2022 06/01/2008 A 125,746
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Carson, CA Improvement Bond Act 1915 7.375 09/02/2022 03/02/2008 A 105,154
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Castaic, CA Union School District
Community Facilities District No. 92-1 8.500 10/01/2013 04/01/2008 A 60,458
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Castaic, CA Union School District
Community Facilities District No. 92-1 1 9.000 10/01/2019 04/01/2008 A 2,765,868
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Cathedral City, CA Improvement Bond
Act 1915 5.950 09/02/2034 05/03/2032 B 69,122
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Cathedral City, CA Special Tax Community
Facilities District No. 1 6.625 09/01/2023 09/01/2008 A 51,320
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Cathedral City, CA Special Tax Community
Facilities District No. 1 6.700 09/01/2030 09/01/2008 A 51,334
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Central CA Unified School District 5.625 03/01/2018 03/01/2008 A 20,045
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Central Contra Costa, CA Sanitation District 5.000 09/01/2022 09/01/2010 A 52,420
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Central Valley, CA Financing Authority
Cogeneration Project (Carson Ice) 5.200 07/01/2020 07/01/2008 A 150,242
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Chico, CA Improvement Bond Act 1915
(Mission Ranch) 6.625 09/02/2011 03/01/2008 A 36,139
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Chico, CA Improvement Bond Act 1915
(Mission Ranch) 6.625 09/02/2012 03/01/2008 A 98,066
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Chico, CA Improvement Bond Act 1915
(Mission Ranch) 6.625 09/02/2013 03/01/2008 A 103,211
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Chino Hills, CA Improvement Bond Act 1915 7.500 09/02/2016 03/01/2008 A 30,954
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Chino Hills, CA Improvement Bond Act 1915 7.600 09/02/2021 03/01/2008 A 5,157
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Chino, CA Community Facilities District
Special Tax 5.750 09/01/2034 10/11/2032 B 53,932
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Chowchilla, CA Improvement Bond Act 1915 6.700 09/02/2027 09/02/2014 A 26,591
30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 55,000 Chula Vista, CA Community Facilities
District (Eastlake Woods) 5.700% 09/01/2016 09/01/2013 A $ 57,176
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Chula Vista, CA Community Facilities
District (Eastlake Woods) 6.100 09/01/2021 09/01/2011 A 15,620
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Chula Vista, CA Improvement Bond Act 1915
Assessment District No. 94-1 (Eastlake) 7.000 09/02/2015 03/02/2008 A 10,318
- -----------------------------------------------------------------------------------------------------------------------------------
12,500,000 Chula Vista, CA Industrial Devel. (San Diego
Gas & Electric Company) 4 5.000 12/01/2027 12/01/2017 A 12,664,000
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Chula Vista, CA Redevel. Agency 5.375 09/01/2029 03/01/2008 A 246,355
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Chula Vista, CA Special Tax 7.625 09/01/2029 09/01/2009 A 66,207
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Coalinga, CA Regional Medical Center COP 5.000 09/01/2014 08/12/2011 B 829,696
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Colton, CA Community Facilities District
Special Tax 5.800 09/01/2018 03/01/2008 A 25,011
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Colton, CA Joint Unified School District 5.700 09/01/2034 10/17/2030 B 166,964
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Colton, CA Joint Unified School District COP 5.100 06/01/2020 06/01/2008 A 50,313
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Colton, CA Public Financing Authority 5.300 08/01/2027 08/01/2008 A 46,237
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Colton, CA Public Financing Authority,
Series B 5.875 08/01/2027 08/01/2010 A 50,012
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Colton, CA Redevel. Agency (West Valley) 6.375 09/01/2035 03/01/2008 A 20,004
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Compton, CA COP (Civic Center & Capital
Improvement) 5.500 09/01/2015 09/01/2008 A 2,549,000
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Concord, CA Joint Powers Financing
Authority (Concord Police Facilities) 5.250 08/01/2019 02/01/2008 A 40,039
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Contra Costa County, CA Public Financing
Authority (Pleasant Hill Bart) 5.125 08/01/2019 08/01/2011 A 20,407
- -----------------------------------------------------------------------------------------------------------------------------------
3,075,000 Contra Costa County, CA Special Tax
Community Facilities District 1 5.580 08/01/2016 06/28/2010 C 3,127,613
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Contra Costa, CA Community College
District COP (Diablo Valley College) 6.000 06/01/2021 06/01/2008 A 25,153
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Corona, CA Redevel. Agency Tax Allocation 5.400 09/01/2011 09/01/2008 A 101,223
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Corona, CA Redevel. Agency Tax Allocation 5.500 09/01/2016 03/01/2008 A 25,306
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Corona-Norco, CA Unified School District 5.625 09/01/2033 01/09/2030 B 14,278
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Corona-Norco, CA Unified School District 5.750 09/01/2014 03/01/2008 A 101,262
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Costa Mesa, CA COP 5.750 12/01/2012 12/01/2008 A 20,256
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Crescent City, CA Public Financing Authority 7.750 09/15/2012 03/15/2008 A 55,297
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Cypress, CA Improvement Bond Act 1915
(Business & Professional Center) 5.700 09/02/2022 03/02/2008 A 20,000
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Davis, CA Joint Unified School District
Special Tax 5.300 08/15/2024 02/15/2008 A 20,217
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Davis, CA Public Facilities Financing
Authority (Local Agency) 5.750 09/01/2029 09/01/2008 A 20,437
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Del Mar, CA Unified School District 5.875 09/01/2029 10/13/2027 B 9,951
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Del Mar, CA Unified School District 5.875 09/01/2038 01/19/2035 B 292,095
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Dixon, CA Public Financing Authority 5.150 09/02/2020 03/02/2008 A 45,073
31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 40,000 Dixon, CA Public Financing Authority 5.700% 09/02/2020 03/02/2008 A $ 40,007
- -----------------------------------------------------------------------------------------------------------------------------------
480,000 Downey, CA Community Devel. Commission
Tax Allocation (Downey Redevel.) 5.125 08/01/2020 02/01/2008 A 484,608
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 Duarte, CA COP (Hope National Medical
Center) 5.250 04/01/2024 05/08/2022 B 241,962
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 Duarte, CA Hsg. (Heritage Park Apartments) 5.850 05/01/2030 05/01/2008 A 214,292
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 East Bay, CA Municipal Utility District 5.250 06/01/2018 06/01/2008 A 30,618
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 East Bay, CA Municipal Utility District
(Wastewater Treatment) 5.250 06/01/2017 06/01/2008 A 10,206
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 East Side CA Union High School District 5.250 09/01/2025 03/01/2008 A 25,289
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Eastern CA Municipal Water District
Community Facilities Special Tax (Crown
Valley Village) 5.500 09/01/2028 09/14/2027 B 85,685
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Eastern CA Municipal Water District
Community Facilities Special Tax (Crown
Valley Village) 5.625 09/01/2034 04/30/2032 B 61,326
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Eastern CA Municipal Water District
Community Facilities Special Tax
(Promontory Park) 5.500 09/01/2024 03/24/2023 B 49,065
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Eastern CA Municipal Water District
Improvement Bond Act 1915 5.750 09/02/2020 09/02/2012 A 15,207
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 El Dorado County, CA Special Tax 6.250 09/01/2029 09/01/2009 A 142,815
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Emeryville, CA Public Financing Authority 6.100 09/01/2012 03/01/2008 A 25,061
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Emeryville, CA Public Financing Authority 6.200 09/01/2025 03/01/2008 A 145,112
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Encinitas, CA Improvement Bond Act 1915 6.900 09/02/2017 03/01/2008 A 21,731
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Etiwanda, CA School District Special Tax 5.900 09/01/2031 09/01/2009 A 112,836
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Etiwanda, CA School District Special Tax 6.000 09/01/2018 09/01/2012 A 15,345
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Etiwanda, CA School District Special Tax 6.250 09/01/2022 03/01/2008 A 20,465
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Etiwanda, CA School District Special Tax 6.300 09/01/2023 03/01/2008 A 86,979
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Etiwanda, CA School District Special Tax 6.400 09/01/2032 03/01/2008 A 51,168
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Fairfax, CA GO 6.100 08/01/2025 02/01/2008 A 51,115
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Fairfield, CA Improvement Bond Act 1915
(Green Valley Road/Mangels Blvd.) 7.200 09/02/2009 03/02/2008 A 25,819
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Fairfield, CA Improvement Bond Act 1915
(Green Valley Road/Mangels Blvd.) 7.375 09/02/2018 03/02/2008 A 5,158
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Florin, CA Resource Conservation District
COP 6 6.000 02/01/2029 02/01/2015 A 15,030
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Folsom, CA Improvement Bond Act 1915 6.500 09/02/2013 03/02/2008 A 10,018
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Folsom, CA Public Financing Authority 5.000 11/01/2028 11/01/2008 A 20,172
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Folsom, CA Public Financing Authority 5.400 09/02/2020 08/14/2017 B 24,830
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Folsom, CA Public Financing Authority 5.625 09/02/2020 03/02/2011 A 25,217
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Folsom, CA Public Financing Authority 6.400 09/02/2009 03/02/2008 A 30,069
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Folsom, CA Public Financing Authority 6.875 09/02/2019 03/02/2008 A 10,016
32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Folsom, CA Public Financing Authority 7.200% 09/02/2019 03/02/2008 A $ 25,040
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Folsom, CA Special Tax Community Facilities
District No. 7 6.000 09/01/2024 09/01/2011 A 30,378
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Fontana, CA Special Tax (Citrus) 5.000 09/01/2020 09/01/2020 252,489
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Fontana, CA Special Tax (Sierra Hills) 6.000 09/01/2034 12/22/2030 B 138,251
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Fontana, CA Special Tax Community Facilities
District No. 4 7.125 10/01/2015 04/01/2008 A 10,041
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Fowler, CA Public Financing Authority 6.750 09/15/2023 09/15/2009 A 25,927
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Fremont, CA Unified School District 5.250 09/01/2016 03/01/2008 A 30,664
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Fresno, CA Unified School District COP 4.625 05/01/2011 05/01/2008 A 25,129
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Fresno, CA Water System, Series A 5.000 06/01/2024 06/01/2008 A 101,473
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Fullerton, CA Community Facilities District
No. 1 Special Tax (Amerige Heights) 6.200 09/01/2032 09/01/2012 A 25,714
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Fullerton, CA School District Special Tax 6.300 09/01/2023 09/01/2013 A 84,302
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Galt, CA Improvement Bond Act 1915 5.900 09/02/2022 03/02/2008 A 10,302
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Garden Grove, CA COP (Bahia Village/
Emerald Isle) 5.700 08/01/2023 02/01/2008 A 50,229
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Garden Grove, CA Hsg. Authority (Rose
Garden) 6.375 07/01/2012 07/01/2008 A 50,350
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Granada, CA Sanitation District Improvement
Bond Act 1915 6.125 09/02/2022 03/02/2011 A 20,446
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 Grass Valley, CA Redevel. Agency Tax
Allocation 6.400 12/01/2034 12/01/2008 A 986,537
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Hawthorne, CA Community Redevel.
Agency 6.600 10/01/2019 04/01/2008 A 10,318
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Hawthorne, CA Community Redevel.
Agency Special Tax 6.450 10/01/2017 04/01/2008 A 10,318
- -----------------------------------------------------------------------------------------------------------------------------------
880,000 Hawthorne, CA Community Redevel.
Agency Special Tax 6.750 10/01/2025 10/01/2012 A 907,755
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Hawthorne, CA Parking Authority 8.000 09/01/2015 03/01/2008 A 149,351
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 Hawthorne, CA Parking Authority 8.125 09/01/2019 03/01/2008 A 135,917
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Hayward, CA Improvement Bond Act 1915 7.100 09/02/2018 03/02/2008 A 45,069
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Hayward, CA Public Finance Authority
(Hayward Water System) 5.000 06/01/2011 06/01/2008 A 50,097
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Hayward, CA Public Finance Authority
(Hayward Water System) 5.100 06/01/2013 06/01/2008 A 50,100
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Healdsburg, CA Community Redevel.
Agency (Sotoyome Community Devel.) 5.250 12/01/2025 06/01/2008 A 40,048
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Hesperia, CA Public Financing Authority,
Tranche A 6.250 09/01/2035 03/01/2008 A 2,000,140
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Hi-Desert, CA Memorial Health Care
District 5.500 10/01/2015 10/01/2008 A 2,264,603
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Hollister, CA Improvement Bond Act 1915 7.125 09/02/2022 03/02/2008 A 10,313
33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 Huntington Beach, CA Community Facilities
District 5.400% 10/01/2020 10/01/2011 A $ 15,466
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Huntington Beach, CA Community Facilities
District Special Tax 6.250 09/01/2027 09/01/2012 A 20,304
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Huntington Beach, CA Public Financing
Authority 5.500 12/15/2022 06/15/2008 A 25,298
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Huntington Beach, CA Public Financing
Authority 5.500 12/15/2027 06/15/2008 A 10,117
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Imperial County, CA Special Tax 6.500 09/01/2031 09/01/2009 A 35,888
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Indio, CA Community Facilities District
Special Tax (Talavera) 5.000 09/01/2017 09/01/2017 49,791
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Indio, CA Hsg. (Olive Court Apartments) 6.375 12/01/2026 12/01/2009 A 101,685
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Indio, CA Improvement Bond Act 1915 6.350 09/02/2027 09/02/2012 A 20,586
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Indio, CA Improvement Bond Act 1915 6.375 09/02/2027 09/02/2012 A 20,615
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Indio, CA Public Financing Authority 5.350 08/15/2027 02/15/2008 A 146,277
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Industry, CA Urban Devel. Agency 5.000 05/01/2024 05/01/2008 A 25,559
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Irvine, CA Improvement Bond Act 1915 5.550 09/02/2026 09/02/2013 A 151,346
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Irvine, CA Improvement Bond Act 1915 5.600 09/02/2022 09/02/2014 A 20,477
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Irvine, CA Improvement Bond Act 1915 5.625 09/02/2024 09/02/2013 A 30,515
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Irvine, CA Mobile Home Park (Meadows
Mobile Home Park) 6.050 03/01/2028 02/23/2024 B 24,766
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Jefferson, CA Union High School District 5.000 08/01/2024 08/01/2009 A 30,525
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Jefferson, CA Union High School District 5.125 08/01/2029 08/01/2009 A 25,417
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Jurupa, CA Community Facilities District
Special Tax 5.875 09/01/2033 03/26/2029 B 78,338
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Jurupa, CA Community Services District COP 5.125 09/01/2013 03/01/2008 A 50,097
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Jurupa, CA Community Services District
Special Tax 6.125 09/01/2032 09/01/2011 A 20,303
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Kern County, CA (Fire Dept.) COP 5.250 05/01/2013 05/01/2008 A 70,850
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Kern County, CA (Fire Dept.) COP 5.250 05/01/2015 05/01/2008 A 50,607
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Kern County, CA COP 5.750 08/01/2009 08/01/2008 A 95,263
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 King, CA Community Devel. Agency Tax
Allocation (King City Redevel.) 7.000 09/01/2021 09/01/2008 A 25,034
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Kingsburg, CA Public Financing Authority 7.800 09/15/2010 03/15/2008 A 5,017
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Kingsburg, CA Public Financing Authority 8.000 09/15/2021 09/15/2008 A 15,030
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 La Canada Flintridge, CA (City Hall
Acquisition) COP 5.250 12/01/2021 06/01/2008 A 101,139
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 La Habra, CA Redevel. Agency Community
Facilities District 6.000 09/01/2014 03/02/2008 A 30,037
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 La Habra, CA Redevel. Agency Community
Facilities District 6.000 09/01/2019 09/02/2008 A 10,005
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 La Mesa, CA Improvement Bond Act 1915 5.750 09/02/2023 09/02/2011 A 55,253
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 La Quinta, CA Redevel. Agency Tax Allocation 5.200 09/01/2028 03/01/2008 A 321,640
34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 La Verne, CA COP 6.000% 11/01/2018 11/01/2008 A $ 15,186
- -----------------------------------------------------------------------------------------------------------------------------------
1,835,000 Lake Elsinore, CA Improvement Bond
Act 1915 7.000 09/02/2030 09/02/2010 A 1,937,521
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Lake Elsinore, CA School Financing Authority 6.000 09/01/2011 03/01/2008 A 60,716
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Lake Elsinore, CA Special Tax 5.100 09/01/2022 09/01/2017 A 498,705
- -----------------------------------------------------------------------------------------------------------------------------------
1,135,000 Lake Elsinore, CA Unified School District 5.300 09/01/2026 11/01/2024 B 1,081,451
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Lammersville, CA School District Community
Facilities District (Mountain House) 6.300 09/01/2024 09/01/2012 A 52,017
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Lancaster, CA Community Facilities District
Special Tax 6.000 10/01/2016 10/01/2008 A 61,513
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Lancaster, CA Redevel. Agency (Desert
Sands Mobile Home Park) 6.375 11/01/2027 11/01/2009 A 20,165
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Lathrop, CA Financing Authority (Water
Supply) 5.700 06/01/2019 06/01/2013 A 116,417
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Lathrop, CA Financing Authority (Water
Supply) 5.750 06/01/2020 06/01/2013 A 15,167
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Lathrop, CA Financing Authority (Water
Supply) 5.900 06/01/2023 06/01/2013 A 50,553
- -----------------------------------------------------------------------------------------------------------------------------------
1,440,000 Lathrop, CA Financing Authority (Water
Supply) 1 5.900 06/01/2027 06/01/2013 A 1,442,146
- -----------------------------------------------------------------------------------------------------------------------------------
1,075,000 Lathrop, CA Financing Authority (Water
Supply) 6.000 06/01/2035 06/01/2013 A 1,074,172
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Lathrop, CA Improvement Bond Act 1915 6.000 09/02/2021 03/02/2014 A 10,202
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Lathrop, CA Improvement Bond Act 1915
(Louise Avenue) 6.875 09/02/2017 03/02/2008 A 15,467
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Lathrop, CA Improvement Bond Act 1915
(Mossdale Village) 6.000 09/02/2023 03/02/2014 A 10,175
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Lathrop, CA Improvement Bond Act 1915
(Mossdale Village) 6.125 09/02/2028 03/02/2014 A 60,800
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Lincoln, CA Improvement Bond Act 1915
Public Financing Authority (Twelve Bridges) 6.200 09/02/2025 09/02/2009 A 154,029
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Lincoln, CA Public Financing Authority
(Public Safety & Corp. Yard) 5.000 08/01/2028 02/01/2008 A 10,058
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Lincoln, CA Public Financing Authority
(Twelve Bridges) 6.125 09/02/2027 09/02/2010 A 25,550
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Livermore, CA Capital Projects Financing
Authority 5.650 09/02/2016 03/01/2008 A 25,511
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Livermore, CA Community Facilities District
Special Tax (Tri Valley Tech Park) 5.750 09/01/2012 09/01/2010 A 15,432
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Livermore, CA Community Facilities District
Special Tax (Tri Valley Tech Park) 6.400 09/01/2026 09/01/2010 A 50,787
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Livermore, CA Community Facilities District
Special Tax (Tri Valley Tech Park) 6.400 09/01/2030 09/01/2010 A 15,168
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Loma Linda, CA Collateralized Loan
(Redlands) 7.375 06/01/2009 06/01/2008 A 10,430
35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 10,000 Loma Linda, CA Collateralized Loan
(Redlands) 7.375% 06/01/2009 06/01/2008 A $ 10,197
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Long Beach, CA Airport COP 5.000 06/01/2016 06/01/2008 A 50,095
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Long Beach, CA Bond Finance Authority
(Civic Center) 5.000 10/01/2027 10/01/2009 A 50,901
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Long Beach, CA Special Tax (Pike) 6.250 10/01/2026 10/01/2012 A 25,153
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Long Beach, CA Special Tax (Pine Avenue) 6.375 09/01/2023 09/01/2009 A 36,045
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Long Beach, CA Special Tax (Towne Center) 5.900 10/01/2010 10/01/2008 A 151,988
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Long Beach, CA Special Tax (Towne Center) 6.800 10/01/2020 10/01/2008 A 50,471
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Long Beach, CA Special Tax (Towne Center) 6.875 10/01/2025 10/01/2008 A 20,167
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Long Beach, CA Unified School District 5.250 08/01/2029 02/01/2008 A 25,463
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Long Beach, CA Unified School District 5.300 08/01/2018 02/01/2008 A 20,220
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Long Beach, CA Unified School District 5.500 08/01/2029 02/01/2008 A 50,477
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles County, CA Community
Facilities District No. 4 Special Tax 7.750 09/01/2017 03/01/2008 A 10,022
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Los Angeles County, CA COP (Insured
Health Clinic) 5.750 01/01/2024 07/01/2008 A 50,054
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Los Angeles County, CA COP (Insured
Health Clinic) 5.800 12/01/2023 06/01/2008 A 85,434
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles County, CA Metropolitan
Transportation Authority 5.000 07/01/2015 07/01/2009 A 10,445
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Los Angeles County, CA Metropolitan
Transportation Authority 5.000 07/01/2023 07/01/2009 A 25,720
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Los Angeles County, CA Metropolitan
Transportation Authority 5.000 07/01/2023 07/01/2008 A 5,079
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Los Angeles, CA Community Facilities
District Special Tax (Cascade Business Park) 6.400 09/01/2022 09/01/2009 A 101,579
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Los Angeles, CA Community Redevel.
Agency (Cinerama Dome Public Parking) 5.700 07/01/2020 07/01/2011 A 23,403
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Los Angeles, CA Community Redevel.
Agency (Grand Central Square) 5.100 12/01/2015 05/01/2008 A 40,040
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Los Angeles, CA Community Redevel.
Agency (Grand Central Square) 5.200 12/01/2017 06/01/2008 A 50,038
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Los Angeles, CA Community Redevel.
Agency (Grand Central Square) 5.200 12/01/2018 05/01/2008 A 50,036
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Los Angeles, CA Community Redevel.
Agency (Grand Central Square) 5.200 12/01/2019 05/01/2008 A 120,086
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Los Angeles, CA Community Redevel.
Agency (Grand Central Square) 5.250 12/01/2020 05/01/2008 A 35,027
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Los Angeles, CA Community Redevel.
Agency (Grand Central Square) 5.250 12/01/2021 06/01/2008 A 55,042
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Los Angeles, CA Dept. of Airports
(Los Angeles International Airport) 5.500 05/15/2009 05/15/2008 A 140,337
36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 15,000 Los Angeles, CA Dept. of Airports
(Los Angeles International Airport) 5.500% 05/15/2015 05/15/2008 A $ 15,016
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Los Angeles, CA Dept. of Airports
(Los Angeles International Airport) 5.625 05/15/2012 05/15/2008 A 20,047
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Los Angeles, CA Dept. of Airports
(Los Angeles International Airport) 5.625 05/15/2013 05/15/2008 A 45,105
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Los Angeles, CA Dept. of Water & Power 4.750 08/15/2017 02/15/2008 A 15,025
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles, CA Dept. of Water & Power 4.750 10/15/2020 04/15/2008 A 10,014
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Los Angeles, CA Dept. of Water & Power 5.000 07/01/2024 07/01/2009 A 5,105
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Los Angeles, CA Hsg. (Arminta North &
South) 7.700 06/20/2028 06/20/2008 A 15,604
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Los Angeles, CA Hsg. (Multifamily) 5.750 01/01/2024 07/01/2008 A 5,026
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Los Angeles, CA Hsg. (Multifamily) 5.900 01/01/2030 07/01/2009 A 45,487
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Los Angeles, CA Hsg. (Park Plaza) 5.500 01/20/2043 07/20/2013 A 1,217,784
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Los Angeles, CA Hsg. Authority (Palms
Apartments) 5.300 07/01/2018 07/01/2010 A 10,191
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Los Angeles, CA Mtg. (Section 8) 5.350 07/01/2022 07/01/2008 A 75,055
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Los Angeles, CA Mtg. (Section 8) 6.500 07/01/2022 03/01/2008 A 25,388
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Los Angeles, CA Regional Airports
Improvement Corp. (Laxfuel Corp.) 5.250 01/01/2023 01/01/2012 A 102,590
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Los Angeles, CA Single Family Mtg.
(GNMA & FNMA Mtg. Backed), Series A 6.875 06/01/2025 06/01/2008 A 5,167
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Los Banos, CA Sewer System COP 5.000 12/01/2019 06/01/2008 A 75,121
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Los Banos, CA Unified School District COP 5.625 08/01/2016 08/01/2008 A 15,188
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Madera County, CA COP (Valley Children's
Hospital) 5.000 03/15/2023 03/15/2008 A 25,291
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Madera County, CA COP (Valley Children's
Hospital) 1 5.750 03/15/2028 03/15/2008 A 275,468
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Mammoth Lakes, CA Community Facilities
District (North Village Area) 5.750 10/01/2033 09/17/2029 B 48,148
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Martinez, CA Mtg. (Ridgecrest Apartments) 5.625 07/01/2025 07/01/2008 A 10,009
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Menifee, CA Union School District Special
Tax 6.050 09/01/2026 09/01/2012 A 25,212
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Mill Valley, CA COP (The Redwoods) 5.750 12/01/2020 06/01/2008 A 126,531
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Milpitas, CA Improvement Bond Act 1915 5.700 09/02/2018 03/02/2008 A 10,301
- -----------------------------------------------------------------------------------------------------------------------------------
415,000 Modesto, CA Irrigation District COP 5.300 07/01/2022 07/01/2008 A 415,639
- -----------------------------------------------------------------------------------------------------------------------------------
3,225,000 Modesto, CA Irrigation District COP 1 5.300 07/01/2022 07/01/2008 A 3,273,246
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Monrovia, CA Redevel. Agency Public
Parking Facilities 5.200 04/01/2013 04/01/2008 A 30,063
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Montclair, CA Redevel. Agency Mobile Home
Park (Augusta Homes Villa Del Arroyo) 6.100 11/15/2037 11/15/2014 A 10,047
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Montclair, CA Redevel. Agency Mobile Home
Park (Hacienda Mobile Home Park) 6.000 11/15/2029 11/15/2014 A 25,170
37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 20,000 Montclair, CA Redevel. Agency Mobile
Home Park (Villa Mobile Home Park) 6.100% 06/15/2029 06/15/2011 A $ 20,078
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Montebello, CA Community Redevel.
Agency (South Montebello) 5.500 09/01/2022 09/01/2011 A 10,024
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Monterey County, CA Hsg. Authority
(Parkside Manor Apartments) 6.000 01/01/2029 10/01/2010 C 5,003
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) 5.500 03/01/2010 03/01/2008 A 10,097
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) 5.500 03/01/2011 03/01/2008 A 30,362
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) 5.600 03/01/2012 03/01/2008 A 65,940
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) 5.600 03/01/2013 03/01/2008 A 50,843
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) 5.700 03/01/2015 03/01/2008 A 66,407
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) 5.700 03/01/2016 03/01/2008 A 20,481
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Moorpark, CA Mobile Home Park (Villa
Del Arroyo) 6.300 05/15/2030 05/15/2012 A 95,289
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Moorpark, CA Mobile Home Park (Villa
Del Arroyo) 7.050 05/15/2035 06/26/2008 A 110,008
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Moorpark, CA Mobile Home Park (Villa
Del Arroyo) 7.000 05/15/2020 05/25/2016 B 9,897
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Moorpark, CA Special Tax Community
Facilities District No.97-1 6.700 09/01/2027 03/01/2008 A 142,860
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Morgan Hill, CA Improvement Bond Act 1915 5.600 09/02/2011 03/02/2008 A 15,019
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Morgan Hill, CA Improvement Bond Act 1915 5.600 09/02/2018 03/02/2008 A 125,031
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Morgan Hill, CA Improvement Bond Act 1915 5.650 09/02/2023 03/02/2008 A 140,007
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 Mountain View, CA Shoreline Regional Park
Community 5.500 08/01/2013 02/01/2008 A 354,340
- -----------------------------------------------------------------------------------------------------------------------------------
205,000 Mountain View, CA Shoreline Regional Park
Community 5.500 08/01/2021 02/01/2008 A 207,077
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Murrieta County, CA Water District 6.500 10/01/2015 10/01/2010 A 10,608
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Murrieta County, CA Water District Special
Tax Community Facilities District No.88-1 6.700 12/01/2030 12/01/2008 A 30,872
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Murrieta, CA Community Facilities District
Special Tax (Blackmore Ranch) 6.100 09/01/2034 09/01/2013 A 10,035
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Murrieta, CA Community Facilities District
Special Tax (Bluestone) 6.300 09/01/2031 09/01/2013 A 20,326
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Murrieta, CA Community Facilities District
Special Tax (Bremerton) 5.625 09/01/2034 01/13/2031 B 669,319
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Murrieta, CA Community Facilities District
Special Tax (Murrieta Springs) 5.500 09/01/2034 10/09/2032 B 97,210
38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 55,000 Murrieta, CA Improvement Bond Act 1915 6.375% 09/01/2031 09/01/2011 A $ 57,297
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Murrieta, CA Water Public Financing
Authority 5.700 10/01/2021 04/01/2008 A 50,731
- -----------------------------------------------------------------------------------------------------------------------------------
1,020,000 Napa-Vallejo, CA Waste Management
Authority (Solid Waste Transfer Facility) 5.300 02/15/2012 08/15/2009 A 1,035,014
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Needles, CA Public Utility Authority 6.350 02/01/2012 02/01/2009 A 10,119
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 Needles, CA Public Utility Authority 6.650 02/01/2032 02/01/2009 A 192,014
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 New Haven, CA Unified School District 5.250 2 08/01/2018 08/01/2018 23,215
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Northern CA Power Agency (Hydroelectric) 5.000 07/01/2018 07/01/2008 A 15,260
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Northern CA Power Agency (Hydroelectric) 5.125 07/01/2023 07/01/2008 A 76,223
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Northern CA Power Agency (Hydroelectric) 5.200 07/01/2032 07/01/2008 A 15,237
- -----------------------------------------------------------------------------------------------------------------------------------
2,830,000 Northern CA Tobacco Securitization
Authority (TASC) 1 4.750 06/01/2023 07/18/2011 C 2,718,045
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Novato, CA GO 5.000 08/01/2012 02/01/2008 A 35,371
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Oakdale, CA Public Financing Authority Tax
Allocation (Central City Redevel.) 5.900 06/01/2014 06/01/2008 A 30,444
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Oakdale, CA Public Financing Authority Tax
Allocation (Central City Redevel.) 6.000 06/01/2019 06/01/2008 A 10,098
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Oakdale, CA Public Financing Authority Tax
Allocation (Central City Redevel.) 6.100 06/01/2027 06/01/2009 A 50,125
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Oakland, CA Unified School District 5.000 08/01/2018 08/01/2008 A 5,123
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Ontario, CA Improvement Bond Act 1915 6.800 09/02/2013 03/02/2008 A 25,299
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Orange County, CA Community Facilities
District (Ladera Ranch) 5.550 08/15/2033 08/15/2012 A 24,996
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Orange County, CA Improvement Bond
Act 1915 5.500 09/02/2016 03/02/2008 A 15,009
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Orange County, CA Improvement Bond
Act 1915 (Irvine Coast Assessment) 5.375 09/02/2012 03/02/2008 A 10,012
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Orange County, CA Improvement Bond
Act 1915 (Irvine Coast Assessment) 5.500 09/02/2018 03/02/2008 A 115,043
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Orange County, CA Improvement Bond
Act 1915 (Irvine Coast Assessment) 5.850 09/02/2013 03/02/2008 A 20,528
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Oroville, CA Hospital 5.400 12/01/2022 06/01/2008 A 55,048
- -----------------------------------------------------------------------------------------------------------------------------------
1,415,000 Oxnard, CA Harbor District 1 5.550 08/01/2013 08/01/2009 A 1,438,022
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Oxnard, CA Improvement Bond Act 1915 5.625 09/02/2027 10/10/2025 B 24,277
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Oxnard, CA Improvement Bond Act 1915
(Rice Avenue) 5.700 09/02/2032 10/12/2030 B 47,902
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Oxnard, CA School District COP 5.550 08/01/2021 02/01/2008 A 40,240
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Oxnard, CA School District, Series A 5.250 08/01/2027 02/01/2008 A 20,018
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Oxnard, CA Special Tax Community Facilities
District No. 1 6.000 09/01/2027 09/01/2011 A 10,027
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Palm Desert, CA Financing Authority 5.200 10/01/2028 10/01/2008 A 25,555
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Palm Desert, CA Financing Authority 5.900 10/01/2015 10/01/2008 A 20,120
39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 60,000 Palm Desert, CA Financing Authority 6.000% 10/01/2020 10/01/2009 A $ 60,368
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Palm Springs, CA Financing Authority
(Palm Springs Regional Airport) 5.500 01/01/2028 01/01/2010 A 45,642
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Palmdale, CA Community Facilities District
Special Tax 5.400 09/01/2035 10/09/2033 B 113,770
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Palmdale, CA Community Redevel. Agency 5.750 08/01/2009 02/01/2008 A 250,413
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area) 5.100 09/02/2024 03/02/2008 A 102,121
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area) 5.125 09/02/2025 03/02/2008 A 102,103
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area) 5.700 09/02/2018 03/02/2008 A 45,927
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Pasadena, CA Public Financing Authority
(Orange Grove & Villa Parke) 5.250 06/01/2008 06/01/2008 50,273
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Pasadena, CA Public Financing Authority
(Orange Grove & Villa Parke) 5.450 06/01/2012 06/01/2008 A 25,108
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Perris, CA Community Facilities District
Special Tax 6.375 09/01/2032 09/01/2013 A 281,047
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Perris, CA Public Financing Authority 5.750 09/01/2024 09/01/2016 A 62,027
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Perris, CA Public Financing Authority 7.875 09/01/2025 03/01/2008 A 160,254
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Perris, CA Public Financing Authority, Series A 6.125 09/01/2034 09/01/2014 A 20,817
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Petaluma, CA Improvement Bond Act 1915 6.000 09/02/2020 03/02/2009 A 10,072
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Pittsburg, CA Improvement Bond Act 1915 6.300 09/02/2025 09/02/2008 A 60,034
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburg, CA Improvement Bond Act 1915 6.350 09/02/2031 09/02/2008 A 10,002
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Pittsburg, CA Improvement Bond Act 1915
(San Marco Phase I) 6.350 09/02/2031 09/02/2011 A 20,318
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Pittsburg, CA Infrastructure Financing
Authority 5.850 09/02/2015 09/02/2010 A 50,940
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Pittsburg, CA Infrastructure Financing
Authority, Series B 6.000 09/02/2024 09/02/2010 A 130,957
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Placentia, CA Public Financing Authority 5.450 09/01/2015 03/01/2008 A 45,556
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Placer County, CA Community Facilities
District 6.500 09/01/2026 09/01/2010 A 10,308
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Placer County, CA Community Facilities
District Special Tax No. 2001-1 (Dry Creek) 6.300 09/01/2019 09/01/2010 A 5,220
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Pleasant Hill, CA Special Tax Downtown
Community Facilities District No. 1 5.875 09/01/2025 09/01/2012 A 10,067
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Pomona, CA Unified School District 5.100 08/01/2028 08/01/2008 A 50,334
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Port Redwood City, CA GO 5.400 06/01/2019 06/01/2011 A 102,782
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Poway, CA Public Financing Authority
(Water Services) 5.500 11/01/2015 11/01/2008 A 20,048
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Poway, CA Unified School District Special
Tax Community Facilities District No. 10 5.750 09/01/2032 09/01/2009 A 29,900
40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 25,000 Poway, CA Unified School District Special
Tax Community Facilities District No. 10 5.950% 09/01/2018 09/01/2009 A $ 25,534
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Poway, CA Unified School District Special
Tax Community Facilities District No. 10 6.100 09/01/2031 09/01/2010 A 35,301
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Poway, CA Unified School District Special
Tax Community Facilities District No. 6 5.600 09/01/2033 09/01/2011 A 200,986
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Ramona, CA Unified School District Special
Tax 6.800 09/01/2020 03/01/2008 A 10,011
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Rancho Cucamonga, CA Public Finance
Authority 6.000 09/02/2020 09/02/2011 A 10,175
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Rancho Mirage, CA Improvement Bond
Act 1915 5.500 09/02/2024 05/02/2022 B 19,626
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Rancho Mirage, CA Improvement Bond
Act 1915 5.750 09/02/2022 09/02/2012 A 30,414
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Rancho Santa Fe, CA Community Services
District Special Tax 6.600 09/01/2020 09/01/2010 A 36,007
- -----------------------------------------------------------------------------------------------------------------------------------
440,000 Rancho Santa Fe, CA Community Services
District Special Tax 6.700 09/01/2030 09/01/2010 A 453,028
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Redding, CA Electric System COP 5.000 06/01/2017 06/01/2008 A 35,063
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Redding, CA Improvement Bond Act 1915
(Tierra Oaks Assesment District 1993-1) 7.000 09/02/2013 03/02/2008 A 25,804
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Redding, CA Joint Powers Financing Authority
Electric System 5.250 06/01/2015 06/01/2008 A 201,744
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Redlands, CA Community Facilities District 5.850 09/01/2033 05/27/2031 B 9,760
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Redwood City, CA Special Tax 5.750 09/01/2027 06/20/2024 B 98,666
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Reedley, CA COP (Sierra View Homes) 5.850 03/01/2021 03/01/2008 A 50,102
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Rialto, CA Special Tax Community Facilities
District No. 2006-1 5.000 09/01/2016 09/01/2016 49,912
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Rialto, CA Special Tax Community Facilities
District No. 2006-1 5.050 09/01/2017 09/01/2017 24,817
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Rialto, CA Special Tax Community Facilities
District No. 2006-1 5.125 09/01/2018 09/01/2018 64,656
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Rialto, CA Special Tax Community Facilities
District No. 2006-1 5.200 09/01/2019 09/01/2019 99,608
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Rialto, CA Special Tax Community Facilities
District No. 2006-1 5.250 09/01/2020 09/01/2020 99,314
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Rialto, CA Special Tax Community Facilities
District No. 2006-1 5.250 09/01/2021 09/01/2021 49,401
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 River Islands, CA Public Financing Authority 6.000 09/01/2027 09/01/2010 A 80,156
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 River Islands, CA Public Financing Authority 6.150 09/01/2035 09/01/2010 A 100,289
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Riverside County, CA Community Facilities
District Special Tax 5.000 09/01/2012 09/01/2012 255,270
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Riverside County, CA Community Facilities
District Special Tax 6.000 09/01/2030 09/01/2014 A 15,052
41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 150,000 Riverside County, CA Community Facilities
District Special Tax No. 87-1 5.100% 09/01/2013 09/01/2013 $ 153,273
- -----------------------------------------------------------------------------------------------------------------------------------
215,000 Riverside County, CA Community Facilities
District Special Tax No. 87-1 5.150 09/01/2014 09/01/2014 219,696
- -----------------------------------------------------------------------------------------------------------------------------------
385,000 Riverside County, CA Community Facilities
District Special Tax No. 87-1 5.200 09/01/2015 09/01/2015 392,496
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 Riverside County, CA Community Facilities
District Special Tax No. 87-1 5.250 09/01/2016 09/01/2016 228,641
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Riverside County, CA Community Facilities
District Special Tax No. 87-1 5.500 09/01/2020 09/01/2016 A 1,257,058
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 4.950 09/01/2008 09/01/2008 336,966
- -----------------------------------------------------------------------------------------------------------------------------------
370,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 5.150 09/01/2010 09/01/2010 378,843
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 5.300 09/01/2011 09/01/2011 207,006
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 5.350 09/01/2012 09/01/2012 217,793
- -----------------------------------------------------------------------------------------------------------------------------------
430,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 5.400 09/01/2013 09/01/2013 446,430
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 5.450 09/01/2014 09/01/2014 467,996
- -----------------------------------------------------------------------------------------------------------------------------------
475,000 Riverside County, CA Community Facilities
District Special Tax No. 88-8 5.500 09/01/2015 09/01/2015 493,915
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Riverside County, CA Public
Financing Authority (Menifee Village) 7.150 09/01/2011 03/01/2008 A 105,272
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 Riverside County, CA Public Financing
Authority COP 5.750 05/15/2019 05/15/2009 A 515,666
- -----------------------------------------------------------------------------------------------------------------------------------
630,000 Riverside County, CA Public Financing
Authority Improvement Bond Act 1915
(Rancho Village) 6.250 09/02/2013 06/18/2009 C 656,088
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Riverside, CA Improvement Bond Act 1915
(Riverwalk Business) 6.250 09/02/2029 09/02/2013 A 204,648
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Riverside, CA Improvement Bond Act 1915
(Sycamore Canyon Assessment District) 8.500 09/02/2012 03/02/2008 A 15,053
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Riverside, CA Unified School District 5.000 02/01/2027 02/01/2013 A 10,269
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Riverside, CA Unified School District 5.350 09/01/2024 03/04/2024 B 97,054
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Riverside, CA Unified School District 5.450 09/01/2025 10/10/2023 B 87,761
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Riverside, CA Unified School District 5.500 09/01/2034 10/10/2032 B 92,581
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Riverside, CA Unified School District 5.700 09/01/2034 01/01/2031 B 76,326
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Riverside, CA Unified School District 6.000 09/01/2029 09/01/2011 A 10,027
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Rocklin, CA Redevel. Agency Tax Allocation
(Rocklin Redevel.) 5.500 09/01/2031 09/01/2011 A 20,219
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Romoland, CA School District Special Tax 6.000 09/01/2033 09/01/2012 A 24,885
42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 50,000 Romoland, CA School District Special Tax 6.375% 09/01/2033 03/01/2008 A $ 50,789
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Romoland, CA School District Special Tax 6.375 09/01/2033 03/01/2008 A 50,789
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Roseville, CA Special Tax (North Central
Community District) 5.800 09/01/2017 09/01/2011 A 46,217
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Roseville, CA Special Tax (Stoneridge) 6.000 09/01/2020 09/01/2013 A 22,819
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Sacramento County, CA Airport System 5.750 07/01/2024 07/01/2008 A 40,076
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Sacramento County, CA Airport System,
Series B 1 5.000 07/01/2026 07/01/2008 A 5,073,100
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sacramento County, CA Airport System,
Series B 5.750 07/01/2024 07/01/2008 A 30,057
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sacramento County, CA COP 5.375 02/01/2019 02/01/2008 A 25,294
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Sacramento County, CA Hsg. Authority
(Cottage Estates Apartments) 6.000 02/01/2033 08/01/2012 A 1,034,770
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Sacramento County, CA Sanitation District
Financing Authority 5.600 12/01/2017 12/01/2008 A 20,053
- -----------------------------------------------------------------------------------------------------------------------------------
230,000 Sacramento, CA City Financing Authority
(Convention Center Hotel) 6.250 01/01/2030 05/07/2023 B 226,587
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Sacramento, CA Cogeneration Authority 5.200 07/01/2021 07/01/2008 A 375,506
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Sacramento, CA Improvement Bond
Act 1915 (Citywide Landscaping & Lighting) 5.500 09/02/2016 03/02/2008 A 10,124
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sacramento, CA Municipal Utility District 5.125 07/01/2022 07/01/2008 A 30,630
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sacramento, CA Municipal Utility District 5.200 07/01/2017 07/01/2008 A 25,549
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Sacramento, CA Municipal Utility District 5.750 11/15/2009 05/15/2008 A 57,767
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Sacramento, CA Municipal Utility District 8.000 11/15/2010 05/15/2008 A 20,551
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Sacramento, CA Special Tax 5.700 12/01/2020 12/01/2009 A 70,285
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sacramento, CA Special Tax (North Natomas
Community Facilities) 6.300 09/01/2026 03/01/2010 A 30,593
- -----------------------------------------------------------------------------------------------------------------------------------
875,000 Saddleback, CA Community College District 5.500 06/01/2021 06/01/2008 A 880,845
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Saddleback, CA Valley Unified School District 7.200 12/01/2011 06/01/2008 A 5,053
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Salida, CA Public Facilities Financing Agency 5.250 09/01/2028 03/02/2008 A 97,028
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Salinas, CA Improvement Bond Act 1915 5.450 09/02/2013 03/02/2008 A 103,042
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Salinas, CA Improvement Bond Act 1915
(Bella Vista) 5.500 09/02/2013 03/02/2008 A 51,539
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Salinas, CA Redevel. Agency Tax Allocation
(Central City Revitalization) 5.500 11/01/2010 11/01/2008 A 30,377
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 Salinas, CA Redevel. Agency Tax Allocation
(Central City Revitalization) 5.500 11/01/2023 11/01/2008 A 222,578
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 San Bernardino County, CA (Single Family
Mtg.) 5.376 2 05/01/2031 05/01/2031 87,117
- -----------------------------------------------------------------------------------------------------------------------------------
885,000 San Bernardino County, CA COP (Medical
Center Financing) 5.000 08/01/2026 08/01/2008 A 885,089
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 San Bernardino County, CA COP (Medical
Center Financing) 5.000 08/01/2028 08/01/2008 A 730,343
43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 100,000 San Bernardino County, CA COP (Medical
Center Financing) 5.250% 08/01/2016 02/01/2008 A $ 101,206
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 San Bernardino County, CA COP (Medical
Center Financing) 5.500 08/01/2019 02/01/2008 A 65,074
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 San Bernardino County, CA COP (Medical
Center Financing) 5.500 08/01/2022 02/01/2008 A 20,033
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 San Bernardino County, CA COP (Medical
Center Financing) 1 5.500 08/01/2024 02/01/2008 A 295,271
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 San Bernardino County, CA Hsg. Authority
(Glen Aire Mobile Home Park) 6.700 12/20/2041 11/20/2011 A 65,745
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Bernardino, CA Joint Powers Financing
Authority (California Dept. of Transportation
Lease) 5.500 12/01/2020 06/01/2008 A 25,051
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 San Bernardino, CA Joint Powers Financing
Authority (California Dept. of Transportation
Lease) 5.500 12/01/2020 06/01/2008 A 110,141
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 San Bernardino, CA Joint Powers Financing
Authority (City Hall) 5.600 01/01/2015 07/01/2008 A 75,936
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 San Bernardino, CA Joint Powers Financing
Authority (Tax Allocation) 6.625 04/01/2026 04/01/2012 A 158,489
- -----------------------------------------------------------------------------------------------------------------------------------
685,000 San Bernardino, CA Mountains Community
Hospital District COP 6 5.000 02/01/2017 03/07/2015 B 644,249
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 San Bernardino, CA Redevel. Agency
(Ramona Senior Complex) 7.875 07/01/2025 07/01/2008 A 15,026
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 San Buenaventura, CA Public Facilities
Financing Authority 5.750 06/01/2014 06/01/2008 A 40,452
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Diego County, CA COP (Central Jail) 5.000 10/01/2025 04/01/2008 A 25,527
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 San Diego County, CA COP (San Diego
Hospital Assoc./Sharp Memorial Hospital
Obligated Group) 5.000 08/15/2018 08/15/2010 A 97,785
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 San Diego County, CA COP (San Diego
Hospital Assoc./Sharp Memorial Hospital
Obligated Group) 5.000 08/15/2028 08/15/2010 A 71,206
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 San Diego, CA COP (Balboa & Mission Bay
Parks) 5.500 11/01/2009 05/01/2008 A 50,124
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Diego, CA COP (Balboa & Mission Bay
Parks) 5.600 11/01/2010 05/01/2008 A 25,056
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 San Diego, CA COP (Balboa & Mission Bay
Parks) 5.600 11/01/2010 05/01/2008 A 320,822
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 San Diego, CA COP (Balboa & Mission Bay
Parks) 5.800 11/01/2016 05/01/2008 A 35,055
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 San Diego, CA COP (Balboa & Mission Bay
Parks) 6.000 11/01/2019 05/01/2008 A 105,160
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Diego, CA COP (Balboa & Mission Bay
Parks) 6.000 11/01/2020 05/01/2008 A 25,036
44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 175,000 San Diego, CA Mtg. (Mariners Cove) 5.800% 09/01/2015 03/01/2008 A $ 175,301
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 San Diego, CA Public Facilities Financing
Authority 5.000 05/15/2015 05/15/2008 A 65,124
- -----------------------------------------------------------------------------------------------------------------------------------
1,030,000 San Diego, CA Public Facilities Financing
Authority 5.000 05/15/2020 05/15/2008 A 1,031,545
- -----------------------------------------------------------------------------------------------------------------------------------
2,035,000 San Diego, CA Public Facilities Financing
Authority 5.000 05/15/2025 05/15/2008 A 2,037,422
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 San Diego, CA Public Facilities Financing
Authority 5.200 05/15/2013 05/15/2008 A 200,420
- -----------------------------------------------------------------------------------------------------------------------------------
2,090,000 San Diego, CA Public Facilities Financing
Authority 5.250 05/15/2020 05/15/2008 A 2,091,839
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Diego, CA Public Facilities Financing
Authority 5.250 05/15/2022 05/15/2008 A 25,286
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Diego, CA Public Facilities Financing
Authority 5.250 05/15/2022 05/15/2008 A 25,286
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 San Diego, CA Public Facilities Financing
Authority 1 5.250 05/15/2027 05/15/2008 A 369,077
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 San Diego, CA Public Facilities Financing
Authority 5.250 05/15/2027 05/15/2008 A 70,782
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 San Diego, CA Public Facilities Financing
Authority 5.375 05/15/2017 05/15/2008 A 15,184
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 San Diego, CA Redevel. Agency (Central
Imperial) 6.600 10/01/2030 10/01/2010 A 10,386
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 San Diego, CA Sewer 1 5.000 05/15/2023 05/15/2008 A 250,313
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 San Diego, CA Sewer, Series A 5.000 05/15/2013 05/15/2008 A 120,228
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 San Diego, CA Sewer, Series A 5.250 05/15/2020 05/15/2008 A 35,061
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 San Diego, CA Sewer, Series A 1 5.250 05/15/2020 05/15/2008 A 729,002
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 San Francisco City & County, CA Airports
Commission 4.800 05/01/2014 01/01/2010 A 40,841
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 San Francisco City & County, CA Airports
Commission 4.900 05/01/2016 01/01/2010 A 30,625
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 San Francisco City & County, CA Airports
Commission 5.000 05/01/2017 05/01/2009 A 56,167
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 San Francisco City & County, CA Airports
Commission 5.000 05/01/2019 05/01/2008 A 273,083
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 San Francisco City & County, CA Airports
Commission 1 5.000 05/01/2019 01/01/2010 A 584,033
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 San Francisco City & County, CA Airports
Commission 5.000 05/01/2021 01/01/2010 A 70,809
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 San Francisco City & County, CA Airports
Commission 1 5.000 05/01/2022 01/01/2010 A 277,637
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 San Francisco City & County, CA Airports
Commission 5.000 05/01/2022 05/01/2010 A 261,960
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 San Francisco City & County, CA Airports
Commission 5.000 05/01/2023 05/01/2011 A 131,036
45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 278,000 San Francisco City & County, CA Airports
Commission 1 5.000% 05/01/2025 01/01/2010 A $ 279,451
- -----------------------------------------------------------------------------------------------------------------------------------
230,000 San Francisco City & County, CA Airports
Commission 1 5.000 05/01/2028 01/01/2010 A 230,656
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 San Francisco City & County, CA Airports
Commission 5.000 05/01/2029 05/01/2010 A 150,432
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 San Francisco City & County, CA Airports
Commission 5.125 05/01/2021 05/01/2011 A 30,731
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 San Francisco City & County, CA Airports
Commission 5.250 01/01/2026 01/01/2010 A 186,802
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 San Francisco City & County, CA Airports
Commission 5.500 05/01/2015 05/01/2008 A 86,175
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County, CA Airports
Commission 5.500 05/01/2016 05/01/2012 A 26,346
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 San Francisco City & County, CA Airports
Commission 5.500 05/01/2024 05/01/2010 A 36,257
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 San Francisco City & County, CA Airports
Commission (SFO Fuel Company) 5.000 01/01/2014 07/01/2008 A 10,112
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 San Francisco City & County, CA Airports
Commission (SFO Fuel Company) 1 5.125 01/01/2017 07/01/2008 A 262,852
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 San Francisco City & County, CA Airports
Commission (SFO Fuel Company) 5.250 01/01/2021 07/01/2008 A 40,428
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 San Francisco City & County, CA Airports
Commission (SFO Fuel Company) 5.250 01/01/2027 01/01/2010 A 50,424
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County, CA COP
(2789 25th Street Property) 5.000 09/01/2013 03/01/2008 A 25,045
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 San Francisco City & County, CA COP
(77th Street Property) 5.300 09/01/2022 03/02/2008 A 20,432
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 San Francisco City & County, CA COP
(San Bruno Jail) 5.250 10/01/2026 10/01/2008 A 92,650
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 San Francisco City & County, CA COP
(San Bruno Jail) 5.250 10/01/2033 10/01/2008 A 2,058,880
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 San Francisco City & County, CA Financing
Corp. (Comb Emergency Communications) 5.300 04/01/2011 04/01/2008 A 70,155
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 San Francisco City & County, CA
Improvement Bond Act 1915 6.850 09/02/2026 03/02/2008 A 46,386
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Francisco City & County, CA Parking
Authority (Parking Meter) 5.000 06/01/2018 06/01/2009 A 25,535
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 San Francisco City & County, CA Redevel.
Agency 6.750 07/01/2025 07/01/2008 A 117,182
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 San Francisco City & County, CA Redevel.
Agency (South Beach) 5.700 03/01/2029 03/01/2008 A 90,060
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 San Francisco, CA Bay Area Rapid Transit
District 5.000 07/01/2028 07/01/2008 A 116,681
46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,875,000 San Francisco, CA City & County Airports
Commission 4.500% 5 05/01/2025 02/08/2008 A $ 2,870,688
- -----------------------------------------------------------------------------------------------------------------------------------
4,350,000 San Francisco, CA City & County Airports
Commission 4.500 5 05/01/2025 02/29/2008 A 4,343,475
- -----------------------------------------------------------------------------------------------------------------------------------
3,325,000 San Francisco, CA City & County Airports
Commission 4.750 5 05/01/2025 02/01/2008 A 3,320,013
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Joaquin County, CA Community
Facilities District Special Tax (Delta Farms) 6.125 09/01/2024 03/02/2008 A 25,757
- -----------------------------------------------------------------------------------------------------------------------------------
775,000 San Joaquin Hills, CA Transportation
Corridor Agency 5.375 01/15/2029 07/15/2008 A 783,773
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 San Jose, CA Improvement Bond Act 1915 5.600 09/02/2016 03/02/2008 A 20,604
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Jose, CA Improvement Bond Act 1915 5.700 09/02/2018 03/02/2008 A 25,752
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 San Jose, CA Improvement Bond Act 1915 5.750 09/02/2019 03/02/2008 A 97,861
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 San Jose, CA Improvement Bond Act 1915 5.750 09/02/2020 03/02/2008 A 61,808
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 San Jose, CA Multifamily (Sixth & Martha
Family Apartments) 5.875 03/01/2033 03/01/2010 A 280,396
- -----------------------------------------------------------------------------------------------------------------------------------
280,000 San Jose, CA Multifamily Hsg. (Almaden
Senior Hsg. Partners) 5.350 07/15/2034 09/14/2015 C 291,892
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 San Jose, CA Multifamily Hsg. (El Parador
Apartments) 6.100 01/01/2031 01/01/2013 A 30,613
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 San Jose, CA Redevel. Agency 5.250 08/01/2029 08/01/2008 A 5,179
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 San Jose, CA Redevel. Agency 5.500 08/01/2016 02/01/2008 A 10,223
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 San Jose, CA Redevel. Agency 5.750 08/01/2017 02/01/2008 A 46,060
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 San Jose, CA Unified School District COP 5.000 06/01/2016 06/01/2008 A 20,041
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 San Jose, CA Unified School District COP 5.125 06/01/2022 06/01/2008 A 35,050
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 San Leandro, CA Community Facilities
District No.1 Special Tax 6.400 09/01/2019 09/01/2008 A 193,200
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 San Marcos, CA Public Facilities Authority 5.800 09/01/2018 09/01/2008 A 203,380
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 San Marcos, CA Redevel. Agency Tax
Allocation (Affordable Hsg.) 5.650 10/01/2028 10/01/2008 A 35,459
- -----------------------------------------------------------------------------------------------------------------------------------
1,045,000 San Marcos, CA Special Tax 5.900 09/01/2028 03/01/2012 A 1,045,564
- -----------------------------------------------------------------------------------------------------------------------------------
1,665,000 San Marcos, CA Special Tax 5.950 09/01/2035 11/23/2032 B 1,641,590
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 San Mateo, CA Sewer 5.000 08/01/2028 02/01/2008 A 20,116
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 San Rafael, CA Joint Powers Financing
Authority 6.000 09/02/2011 03/02/2008 A 25,042
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Santa Barbara, CA Redevel. Agency
(Central City) 6.000 03/01/2008 03/01/2008 30,084
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Santa Clara County, CA Financing Authority 5.000 11/15/2022 05/15/2008 A 71,476
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Santa Clara County, CA Hsg. Authority
(Rivertown Apartments) 5.700 08/01/2021 02/01/2013 A 83,412
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Santa Clara, CA Unified School District 5.000 08/01/2022 02/01/2008 A 25,192
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Santa Cruz County, CA Hsg. Authority
(Northgate Apartments) 5.350 07/20/2022 07/20/2011 A 50,958
47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 40,000 Santa Cruz County, CA Redevel. Agency
(Live Oak/Soquel Community) 5.500% 09/01/2014 03/02/2008 A $ 40,912
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Santa Margarita, CA Water District Special
Tax Facilities District No. 99-1 6.200 09/01/2020 09/01/2009 A 5,411
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Santa Margarita, CA Water District Special
Tax Facilities District No. 99-1 6.200 09/01/2020 09/01/2009 A 20,723
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Santa Margarita, CA Water District Special
Tax Facilities District No. 99-1 6.250 09/01/2029 09/01/2009 A 16,245
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Santa Margarita, CA Water District Special
Tax Facilities District No. 99-1 6.250 09/01/2029 09/01/2009 A 46,133
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Santa Maria, CA COP 5.500 08/01/2021 02/01/2008 A 25,041
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Santa Nella County, CA Water District 6.250 09/02/2028 09/02/2010 A 30,257
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Santa Rosa, CA Improvement Bond Act 1915
(Fountaingrove Parkway) 5.700 09/02/2019 09/02/2008 A 179,788
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Santa Rosa, CA Improvement Bond Act 1915
(Nielson Ranch) 6.700 09/02/2022 03/02/2008 A 20,418
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Santa Rosa, CA Improvement Bond Act 1915
(Skyhawk) 5.750 09/02/2020 09/02/2013 A 40,516
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Santaluz, CA Special Tax Community Facilities
District No. 2 5.500 09/01/2030 04/26/2028 B 49,646
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 Santaluz, CA Special Tax Community Facilities
District No. 2 6.375 09/01/2030 03/01/2008 A 950,599
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Scotts Valley, CA Special Tax 5.200 09/01/2028 03/01/2008 A 115,132
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Sequoia, CA Hospital District 5.375 08/15/2023 08/15/2008 A 15,863
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Shafter, CA Community Devel. Agency Tax
Allocation 5.000 11/01/2013 11/01/2013 113,172
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Shafter, CA Community Devel. Agency Tax
Allocation 5.250 11/01/2017 11/01/2016 A 100,934
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Shafter, CA Community Devel. Agency Tax
Allocation 5.300 11/01/2018 11/01/2018 100,652
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Shafter, CA Community Devel. Agency Tax
Allocation 5.350 11/01/2019 11/01/2019 100,721
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Shafter, CA Community Devel. Agency Tax
Allocation 5.375 11/01/2020 11/01/2020 100,337
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Solana Beach, CA Community Facilities
District 5.200 09/01/2009 09/01/2009 76,528
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Solana Beach, CA Community Facilities
District 5.300 09/01/2010 09/01/2010 82,219
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southern CA Public Power Authority 5.000 07/01/2015 07/01/2008 A 1,001,940
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Southern CA Public Power Authority 5.500 07/01/2020 07/01/2008 A 15,021
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Southern CA Public Power Authority
(Palo Verde) 5.000 07/01/2017 07/01/2008 A 30,061
- -----------------------------------------------------------------------------------------------------------------------------------
2,265,000 Southern CA Tobacco Securitization
Authority 4.750 06/01/2025 10/14/2012 C 2,168,058
48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,935,000 Southern CA Tobacco Securitization
Authority (TASC) 5.000% 06/01/2037 11/25/2020 B $ 1,668,086
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Stockton, CA Community Facilities District 5.550 08/01/2014 08/01/2008 A 25,162
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Stockton, CA Community Facilities District 6.750 08/01/2010 02/01/2008 A 25,384
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Stockton, CA COP 5.200 09/01/2029 09/01/2008 A 20,558
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Stockton, CA Health Facilities (Dameron
Hospital Assoc.) 5.700 12/01/2014 06/01/2008 A 25,524
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Stockton, CA Improvement Bond Act 1915 5.800 09/02/2020 03/02/2010 A 30,288
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Stockton, CA Improvement Bond Act 1915
(Weber/Sperry) 5.650 09/02/2013 09/02/2013 50,072
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Stockton, CA Public Financing Authority,
Series B 6.350 09/02/2010 03/02/2008 A 57,971
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Stockton, CA Public Financing Authority,
Series B 6.700 09/02/2016 03/02/2008 A 32,270
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Susanville, CA COP 6 5.750 05/01/2011 05/01/2008 A 50,821
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Susanville, CA COP 6 6.000 05/01/2011 05/01/2008 A 86,412
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Susanville, CA Public Financing Authority 5.500 09/01/2027 09/01/2014 A 63,191
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Sweetwater, CA Authority 5.250 04/01/2010 10/23/2008 B 66,812
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Tejon Ranch, CA Public Facilities Finance
Authority 7.200 09/01/2030 03/01/2008 A 15,467
- -----------------------------------------------------------------------------------------------------------------------------------
740,000 Tejon Ranch, CA Public Facilities Finance
Authority Special Tax (Community Facilities
District No. 1) 7.200 09/01/2030 03/01/2008 A 763,088
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Temecula Valley, CA Unified School District
Community Facilities District No. 02-1 6.125 09/01/2033 09/01/2013 A 30,160
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 Temecula, CA Public Financing Authority
Community Facilities District (Roripaugh) 6 4.350 09/01/2009 09/01/2009 804,170
- -----------------------------------------------------------------------------------------------------------------------------------
865,000 Temecula, CA Public Financing Authority
Community Facilities District (Roripaugh) 6 4.500 09/01/2010 09/01/2010 824,241
- -----------------------------------------------------------------------------------------------------------------------------------
905,000 Temecula, CA Public Financing Authority
Community Facilities District (Roripaugh) 6 4.650 09/01/2011 09/01/2011 849,668
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Torrance, CA Redevel. Agency (Downtown
Redevel.) 5.550 09/01/2018 09/01/2008 A 20,523
- -----------------------------------------------------------------------------------------------------------------------------------
835,000 Tracy, CA Area Public Facilities Financing
Agency 5.875 10/01/2013 04/01/2008 A 905,549
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Tracy, CA Community Facilities District 5.400 09/01/2015 09/01/2012 A 51,103
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Tracy, CA Community Facilities District 6.100 09/01/2015 09/02/2011 A 51,554
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Tracy, CA Community Facilities District 6.500 09/01/2020 09/02/2011 A 10,308
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Tracy, CA Community Facilities District
(205 Parcel Glen) 6.250 09/01/2032 09/02/2014 A 25,368
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Tracy, CA Community Facilities District
(South Mac Arthur Area) 6.000 09/01/2027 09/01/2012 A 100,265
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Tracy, CA Community Facilities District
(South Mac Arthur Area) 6.300 09/01/2017 09/02/2011 A 30,920
49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 35,000 Tracy, CA Improvement Bond Act 1915 5.700% 09/02/2023 03/02/2008 A $ 35,003
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Tracy, CA Operating Partnership Joint
Powers Authority 6.100 09/02/2021 03/02/2008 A 75,787
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Truckee-Donner, CA Public Utility District
Special Tax 5.800 09/01/2035 05/25/2033 B 28,979
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Truckee-Donner, CA Public Utility District
Special Tax 6.000 09/01/2028 09/01/2013 A 75,224
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Truckee-Donner, CA Public Utility District
Special Tax 6.100 09/01/2033 09/01/2013 A 20,078
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Tulare County, CA COP 5.700 02/15/2009 02/15/2008 A 30,084
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Turlock, CA Auxiliary Organization COP
(California Universities-Stanlius Foundation) 5.875 06/01/2022 06/01/2008 A 272,182
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Turlock, CA Irrigation District, Series A 5.000 01/01/2026 07/01/2008 A 25,516
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 Upland, CA Community Facilities District
Special Tax 5.900 09/01/2024 09/01/2013 A 214,435
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 Upland, CA COP (San Antonio Community
Hospital) 5.000 01/01/2018 07/01/2008 A 185,117
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Vacaville, CA COP 5.500 08/15/2021 02/15/2008 A 40,436
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Vacaville, CA COP 5.500 08/15/2027 02/15/2008 A 35,340
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Vacaville, CA Improvement Bond Act 1915
(East Monte Vista Avenue) 5.850 09/02/2016 03/02/2008 A 20,609
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Vacaville, CA Improvement Bond Act 1915
(Green Tree Reassessment District) 6.300 09/02/2013 03/02/2008 A 10,217
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 Vacaville, CA Public Financing Authority 5.400 09/01/2022 03/01/2008 A 195,839
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 Vacaville, CA Redevel. Agency (Vacaville
Community Hsg.) 6.000 11/01/2024 11/01/2010 A 139,622
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Val Verde, CA Unified School District 6.125 09/01/2034 03/01/2013 A 276,334
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Vallejo, CA Public Financing Authority,
Series A 7.500 09/01/2020 03/01/2008 A 30,046
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Vallejo, CA Quadrant Improvement
District No. 001 6.000 09/01/2017 09/01/2015 A 42,329
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Vallejo, CA Quadrant Improvement
District No. 001 6.000 09/01/2026 09/01/2015 A 30,371
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Vallejo, CA Quadrant Improvement
District No. 001 6.125 09/01/2034 09/01/2015 A 40,250
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Valley Center-Pauma, CA Unified School
District (Woods Valley Ranch) 5.500 09/01/2019 09/01/2013 A 25,304
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Valley Center-Pauma, CA Unified School
District (Woods Valley Ranch) 6.000 09/01/2025 03/01/2008 A 10,202
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Valley Center-Pauma, CA Unified School
District (Woods Valley Ranch) 6.000 09/01/2028 09/01/2013 A 20,060
- -----------------------------------------------------------------------------------------------------------------------------------
1,825,000 Ventura County, CA Area Hsg. Authority
(Mira Vista Senior Apartments) 5.000 12/01/2022 10/04/2016 C 1,851,828
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Ventura, CA Port District COP 6.375 08/01/2028 08/01/2010 A 465,276
50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 145,000 Victor, CA Elementary School District 5.600% 09/01/2034 04/06/2033 B $ 136,291
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Vista, CA Joint Powers Financing Authority 6.100 10/01/2021 04/01/2008 A 60,159
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Vista, CA Joint Powers Financing Authority 6.250 12/01/2019 06/01/2008 A 5,028
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Wasco, CA Improvement Bond Act 1915 8.750 09/02/2010 03/02/2008 A 20,667
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Wasco, CA Improvement Bond Act 1915 8.750 09/02/2013 03/02/2008 A 25,836
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 West Contra Costa, CA Unified School
District 5.000 08/01/2023 08/01/2009 A 25,785
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 West Covina, CA Redevel. Agency Tax
Allocation (Executive Lodge Apartments) 5.100 09/01/2014 09/01/2008 A 100,955
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 West Patterson, CA Financing Authority
Special Tax 5.850 09/01/2028 09/01/2015 A 19,916
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 West Patterson, CA Financing Authority
Special Tax 6.000 09/01/2019 09/01/2015 A 10,480
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 West Patterson, CA Financing Authority
Special Tax 6.000 09/01/2039 05/18/2035 B 14,863
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 West Patterson, CA Financing Authority
Special Tax 6.600 09/01/2033 03/01/2008 A 105,078
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 West Patterson, CA Financing Authority
Special Tax 6.700 09/01/2032 03/01/2008 A 25,022
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 West Patterson, CA Financing Authority
Special Tax 6.750 09/01/2035 03/01/2008 A 10,009
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 West Patterson, CA Financing Authority
Special Tax 6.750 09/01/2036 03/01/2008 A 120,106
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 West Patterson, CA Financing Authority
Special Tax Community Facilities District 5.600 09/01/2019 09/01/2015 A 10,248
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 West Sacramento, CA Financing Authority
Special Tax 6.100 09/01/2029 03/01/2009 A 60,135
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 West Sacramento, CA Improvement Bond
Act 1915 8.500 09/02/2017 03/02/2008 A 5,185
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 West Sacramento, CA Special Tax
Community Facilities District No. 12 5.750 09/01/2029 03/01/2008 A 202,350
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 West Sacramento, CA Special Tax
Community Facilities District No. 14 6.125 09/01/2021 03/01/2011 A 51,114
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 West Sacramento, CA Special Tax
Community Facilities District No. 17 5.875 09/01/2033 08/17/2029 B 9,792
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 West Sacramento, CA Special Tax
Community Facilities District No. 8
(Southport) 6.500 09/01/2031 09/01/2009 A 50,897
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Western CA Municipal Water Districts 7.125 09/02/2014 03/02/2008 A 25,803
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Yorba Linda, CA Redevel. Agency Tax
Allocation 5.250 09/01/2013 03/01/2008 A 30,065
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Yorba Linda, CA Redevel. Agency Tax
Allocation 5.250 09/01/2023 03/01/2008 A 70,099
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Yuba City, CA Unified School District COP 4.900 02/01/2011 02/01/2008 A 50,094
51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 30,000 Yuba City, CA Unified School District COP 5.250% 02/01/2022 02/01/2008 A $ 30,043
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Yucaipa, CA Redevel. Agency (Eldorado
Palms Mobile Home) 6.000 05/01/2030 05/01/2010 A 25,026
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Yucaipa, CA Special Tax Community
Facilities District No. 98-1 6.000 09/01/2028 09/01/2011 A 30,060
-------------
311,101,502
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--3.9%
600,000 Guam Government Waterworks Authority
and Wastewater System 6.000 07/01/2025 07/01/2015 A 613,824
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 Guam Power Authority, Series A 5.250 10/01/2023 04/01/2008 A 260,070
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 05/15/2014 B 58,299
- -----------------------------------------------------------------------------------------------------------------------------------
360,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 07/01/2016 A 358,754
- -----------------------------------------------------------------------------------------------------------------------------------
355,000 Puerto Rico HFC (Homeowner Mtg.) 5.200 12/01/2032 12/01/2008 A 360,407
- -----------------------------------------------------------------------------------------------------------------------------------
590,000 Puerto Rico HFC, Series B 1 5.300 12/01/2028 06/01/2011 A 597,228
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Puerto Rico IMEPCF (American Home
Products) 1 5.100 12/01/2018 12/01/2008 A 119,154
- -----------------------------------------------------------------------------------------------------------------------------------
2,535,000 Puerto Rico ITEMECF (Cogeneration
Facilities) 6.625 06/01/2026 06/01/2010 A 2,646,743
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Municipal Finance Agency,
Series A 5.250 08/01/2023 08/01/2015 A 1,523,685
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 07/01/2008 A 75,304
- -----------------------------------------------------------------------------------------------------------------------------------
1,305,000 Puerto Rico Port Authority, Series D 1 7.000 07/01/2014 07/01/2008 A 1,312,164
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 10/01/2014 A 256,623
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2010 A 162,328
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Public Finance Authority, Series A 1 6.375 10/01/2019 10/01/2010 A 2,687,225
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Water & Power Authority 5.000 07/01/2023 07/01/2017 A 1,025,587
-------------
12,057,395
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $326,119,928)--104.5% 323,158,897
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(4.5) (13,825,349)
-------------
NET ASSETS--100.0% $ 309,333,548
=============
52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
* Call Date, Put Date or Average Life of Sinking Fund, if applicable, as
detailed.
A. Optional call date; corresponds to the most conservative yield
calculation.
B. Average life due to mandatory, or expected, sinking fund principal
payments prior to maturity.
C. Average life due to mandatory, or expected, sinking fund principal
payments prior to the applicable optional call date.
1. 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. Illiquid security. The aggregate value of illiquid securities as of January
31, 2008 was $3,654,841, which represents 1.18% of the Fund's net assets. See
Note 5 of accompanying Notes.
7. Issue is in default. 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
CDA Communities Devel. Authority
COP Certificates of Participation
CSU California State University
CVHP Citrus Valley Health Partners
CVMC Citrus Valley Medical Center
FH Foothill Hospital
FNMA Federal National Mortgage Assoc.
GNMA Government National Mortgage Assoc.
GO General Obligation
GP General Purpose
HFA Housing Finance Agency
HFC Housing Finance Corp.
IMEPCF Industrial, Medical and Environmental
Pollution Control Facilities
INFLOS Inverse Floating Rate Securities
ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community
Facilities
M-S-R Modesto Irrigation District of the City of Santa Clara and the City of
Redding
PARS Periodic Auction Reset Securities
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
TASC Tobacco Settlement Asset-Backed Bonds
V.I. United States Virgin Islands
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2008
- --------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------
Investments, at value (cost $326,119,928)--see
accompanying statement of investments $ 323,158,897
- --------------------------------------------------------------------------------
Cash 490,220
- --------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 20,924,200
Interest 4,057,840
Shares of beneficial interest sold 3,691,844
Other 13,768
---------------
Total assets 352,336,769
- --------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------
Payables and other liabilities:
Payable on borrowings (See Note 6) 26,300,000
Payable for short-term floating rate notes issued (See Note 1) 14,695,000
Shares of beneficial interest redeemed 1,459,490
Dividends 260,142
Investments purchased 98,997
Distribution and service plan fees 65,248
Interest expense on borrowings 62,866
Trustees' compensation 17,794
Transfer and shareholder servicing agent fees 6,090
Shareholder communications 827
Other 36,767
---------------
Total liabilities 43,003,221
- --------------------------------------------------------------------------------
NET ASSETS $ 309,333,548
===============
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 89,279
- --------------------------------------------------------------------------------
Additional paid-in capital 313,287,834
- --------------------------------------------------------------------------------
Accumulated net investment income 66,082
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (1,148,616)
- --------------------------------------------------------------------------------
Net unrealized depreciation on investments (2,961,031)
---------------
NET ASSETS $ 309,333,548
===============
54 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net
assets of $234,968,706 and 67,782,556 shares of
beneficial interest outstanding) $3.47
Maximum offering price per share (net asset value plus sales
charge of 3.50% of offering price) $3.60
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $2,041,476 and 576,842 shares
of beneficial interest outstanding) $3.54
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $72,323,366 and 20,919,982
shares of beneficial interest outstanding) $3.46
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 7,740,386
- --------------------------------------------------------------------------------
Other income 60
---------------
Total investment income 7,740,446
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 683,300
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 282,610
Class B 10,488
Class C 336,283
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 26,900
Class B 1,207
Class C 15,404
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 16,545
Class B 30
Class C 6,223
- --------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes
issued (See Note 1) 296,628
- --------------------------------------------------------------------------------
Interest expense on borrowings 106,730
- --------------------------------------------------------------------------------
Custodian fees and expenses 8,425
- --------------------------------------------------------------------------------
Trustees' compensation 2,996
- --------------------------------------------------------------------------------
Other 42,225
---------------
Total expenses 1,835,994
Less reduction to custodian expenses (3,993)
---------------
Net expenses 1,832,001
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 5,908,445
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- --------------------------------------------------------------------------------
Net realized loss on investments (949,881)
- --------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (5,264,603)
- --------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (306,039)
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | OPPENHEIMER LIMITED TERM 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 $ 5,908,445 $ 9,572,724
- ---------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (949,881) 233,194
- ---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (5,264,603) 891,554
----------------------------------
Net increase (decrease) in net assets resulting from operations (306,039) 10,697,472
- ---------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (4,733,858) (7,492,067)
Class B (33,784) (71,582)
Class C (1,158,719) (1,830,315)
----------------------------------
(5,926,361) (9,393,964)
- ---------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial interest
transactions:
Class A 31,742,441 45,500,859
Class B (47,679) (407,225)
Class C 14,665,215 7,070,729
----------------------------------
46,359,977 52,164,363
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Total increase 40,127,577 53,467,871
- ---------------------------------------------------------------------------------------------------------------
Beginning of period 269,205,971 215,738,100
----------------------------------
End of period (including accumulated net investment income
of $66,082 and $83,998, respectively) $ 309,333,548 $ 269,205,971
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | OPPENHEIMER LIMITED TERM 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 $ (306,039)
- ----------------------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (67,564,939)
Proceeds from disposition of investment securities 52,173,069
Short-term investment securities, net (36,894,275)
Premium amortization 915,175
Discount accretion (694,549)
Net realized loss on investments 949,881
Net change in unrealized depreciation on investments 5,264,603
Increase in interest receivable (645,867)
Increase in receivable for securities sold (19,799,710)
Increase in other assets (8,252)
Decrease in payable for securities purchased (142,957)
Increase in payable for accrued expenses 58,286
---------------
Net cash used in operating activities (66,695,574)
- ----------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ----------------------------------------------------------------------------------------------
Proceeds from bank borrowings 70,100,000
Payments on bank borrowings (45,700,000)
Proceeds from shares sold 139,850,001
Payment on shares redeemed (95,374,589)
Cash distributions paid (2,090,278)
---------------
Net cash provided by financing activities 66,785,134
- ----------------------------------------------------------------------------------------------
Net increase in cash 89,560
- ----------------------------------------------------------------------------------------------
Cash, beginning balance 400,660
---------------
Cash, ending balance $ 490,220
===============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $3,746,591.
Cash paid for interest on bank borrowings--$55,207.
Cash paid for interest on short-term floating rate notes issued--$296,628.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 1
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.55 $ 3.52 $ 3.56 $ 3.30 $ 3.35
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .07 2 .15 2 .15 2 .16 2 .07
Net realized and unrealized gain (loss) (.08) .02 (.03) .25 (.06)
--------------------------------------------------------------
Total from investment operations (.01) .17 .12 .41 .01
- -------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.07) (.14) (.16) (.15) (.06)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.47 $ 3.55 $ 3.52 $ 3.56 $ 3.30
==============================================================
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (0.19)% 4.99% 3.32% 12.78% 0.21%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 234,969 $ 208,041 $ 161,562 $ 44,554 $ 11,627
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 226,619 $ 186,689 $ 105,009 $ 21,877 $ 8,381
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.15% 4.10% 4.19% 4.76% 4.99%
Expenses excluding interest and fees on short-term
floating rate notes issued 0.85% 1.04% 1.42% 1.66% 1.92%
Interest and fees on short-term floating rate notes
issued 0.20% 5 0.24% 5 -- -- --
--------------------------------------------------------------
Total expenses 1.05% 1.28% 1.42% 1.66% 1.92%
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses 1.05% 1.08% 0.80% 0.80% 0.76%
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 23% 17% 33% 4% 2%
1. For the period from February 25, 2004 (commencement of operations) to July
31, 2004.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment at net asset value on the business day before the first
day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total return. Total returns are not annualized for
periods less than one full year. Returns do not reflect the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund
shares.
4. Annualized for periods less than one full year.
5. 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.
59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 1
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.62 $ 3.59 $ 3.63 $ 3.36 $ 3.35
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 2 .12 2 .13 2 .14 2 .05
Net realized and unrealized gain (loss) (.08) .02 (.04) .26 -- 3
---------------------------------------------------------------
Total from investment operations (.02) .14 .09 .40 .05
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.06) (.11) (.13) (.13) (.04)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.54 $ 3.62 $ 3.59 $ 3.63 $ 3.36
===============================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 4 (0.61)% 4.05% 2.49% 12.03% 1.60%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 2,042 $ 2,136 $ 2,517 $ 1,295 $ 510
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 2,082 $ 2,276 $ 1,980 $ 836 $ 297
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 5
Net investment income 3.31% 3.34% 3.49% 4.11% 3.96%
Expenses excluding interest and fees on short-term
floating rate notes issued 1.68% 1.94% 2.30% 2.86% 2.86%
Interest and fees on short-term floating rate notes
issued 0.20% 6 0.24% 6 -- -- --
---------------------------------------------------------------
Total expenses 1.88% 2.18% 2.30% 2.86% 2.86%
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses 1.88% 1.89% 1.55% 1.55% 1.55%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 23% 17% 33% 4% 2%
1. For the period from February 25, 2004 (commencement of operations) to July
31, 2004.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Less than $0.005 per share.
4. Assumes an investment at net asset value on the business day before the first
day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total return. Total returns are not annualized for
periods less than one full year. Returns do not reflect the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund
shares.
5. Annualized for periods less than one full year.
6. 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.
60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 1
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.54 $ 3.51 $ 3.56 $ 3.30 $ 3.35
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 2 .12 2 .12 2 .14 2 .05
Net realized and unrealized gain (loss) (.08) .03 (.04) .25 (.06)
---------------------------------------------------------------
Total from investment operations (.02) .15 .08 .39 (.01)
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.06) (.12) (.13) (.13) (.04)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.46 $ 3.54 $ 3.51 $ 3.56 $ 3.30
===============================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (0.56)% 4.25% 2.30% 12.00% (0.16)%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 72,323 $ 59,029 $ 51,659 $ 21,589 $ 4,079
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 66,811 $ 55,357 $ 39,346 $ 9,836 $ 2,044
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.36% 3.34% 3.46% 3.98% 3.92%
Expenses excluding interest and fees on short-term
floating rate notes issued 1.63% 1.84% 2.21% 2.55% 2.93%
Interest and fees on short-term floating rate notes
issued 0.20% 5 0.24% 5 -- -- --
---------------------------------------------------------------
Total expenses 1.83% 2.08% 2.21% 2.55% 2.93%
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses 1.83% 1.86% 1.55% 1.55% 1.55%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 23% 17% 33% 4% 2%
1. For the period from February 25, 2004 (commencement of operations) to July
31, 2004.
2. Per share amounts calculated based on the average shares
outstanding during the period.
3. Assumes an investment at net asset value on the business day before the first
day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total return. Total returns are not annualized for
periods less than one full year. Returns do not reflect the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund
shares.
4. Annualized for periods less than one full year.
5. 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.
61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Limited Term California Municipal Fund (the "Fund") is a
non-diversified, open-end management investment company registered under the
Investment Company Act of 1940, as amended. The Fund's investment objective is
to seek as high a level of income exempt from federal income tax and California
individual income taxes as is consistent with its investment policies and
prudent investment management. The Fund's investment 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
62 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
determined in good 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 $15,296,030 as of January 31, 2008, which represents 4.34%
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 $24,616,040 shown on the Fund's Statement of Investments are
held by such Trusts and serve as collateral for the $14,695,000 in short-term
floating rate notes issued and outstanding at that date.
63 | OPPENHEIMER LIMITED TERM 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 COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- --------------------------------------------------------------------------------
CA Pollution Control Financing
$ 2,815,000 Authority ROLs 13.350% 12/1/16 $ 3,507,040
Chula Vista, CA Industrial
6,250,000 Devel. RITES 7.149 12/1/27 6,414,000
------------
$ 9,921,040
============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 53 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond.
- --------------------------------------------------------------------------------
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 $87,750, representing 0.03%
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.
- --------------------------------------------------------------------------------
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
64 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
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 $1,141,116 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 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
unused capital loss carryforwards as follows:
EXPIRING
---------------------
2013 $ 17,565
2014 1,553
2015 172,117
---------
Total $ 191,235
=========
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the 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 $ 97
Payments Made to Retired Trustees 1,551
Accumulated Liability as of January 31, 2008 12,114
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
65 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
- --------------------------------------------------------------------------------
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.
66 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
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 31,952,085 $ 110,901,655 27,342,239 $ 97,596,183
Dividends and/or
distributions reinvested 869,589 3,023,271 1,424,806 5,091,404
Redeemed (23,702,084) (82,182,485) (15,988,716) (57,186,728)
------------------------------------------------------------
Net increase 9,119,590 $ 31,742,441 12,778,329 $ 45,500,859
============================================================
- -------------------------------------------------------------------------------------------
CLASS B
Sold 123,597 $ 438,256 100,220 $ 364,668
Dividends and/or
distributions reinvested 7,273 25,801 12,889 46,976
Redeemed (144,203) (511,736) (223,948) (818,869)
------------------------------------------------------------
Net decrease (13,333) $ (47,679) (110,839) $ (407,225)
============================================================
- -------------------------------------------------------------------------------------------
CLASS C
Sold 7,591,178 $ 26,278,852 6,963,581 $ 24,823,382
Dividends and/or
distributions reinvested 201,163 697,519 306,294 1,092,111
Redeemed (3,555,831) (12,311,156) (5,283,912) (18,844,764)
------------------------------------------------------------
Net increase 4,236,510 $ 14,665,215 1,985,963 $ 7,070,729
============================================================
- --------------------------------------------------------------------------------
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 $ 67,564,939 $ 52,173,069
- --------------------------------------------------------------------------------
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 $100 million 0.50%
Next $150 million 0.45
Next $1.75 billion 0.40
Over $2 billion 0.39
67 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 $43,835 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 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 C shares
was $775,089. 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.
68 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
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 $45,541 $7,669 $4,266 $7,816
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. 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.
- --------------------------------------------------------------------------------
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.
69 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS Continued
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 $ 4,143,478
Average Daily Interest Rate 5.2030%
Fees Paid $ 6,869
Interest Paid $ 55,207
- --------------------------------------------------------------------------------
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.
70 | OPPENHEIMER LIMITED TERM 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, QUALITY, 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.
71 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the 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 short/intermediate municipal debt funds
advised by other investment advisers. The Board noted that the Fund's one-year
and since inception 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 short/intermediate municipal
debt funds and "other states" short/intermediate municipal debt funds and other
funds with comparable asset levels and
72 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
distribution features. The Board noted that the Fund's contractual and actual
management fees and total expenses are lower 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.
73 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington, D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
74 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable 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 Limited Term 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