-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H0KKcNcuz2pJatzmbEvbULWT4E4g4yUCTjtN3nENTEjlt9f0ZSudPl+8JTiVL5Yd lV4FId+PIEdWXUlfScSffw== 0000935069-07-002371.txt : 20070928 0000935069-07-002371.hdr.sgml : 20070928 20070928134913 ACCESSION NUMBER: 0000935069-07-002371 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070731 FILED AS OF DATE: 20070928 DATE AS OF CHANGE: 20070928 EFFECTIVENESS DATE: 20070928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER LTD TERM CALIFORNIA MUNICIPAL FUND CENTRAL INDEX KEY: 0001272949 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21474 FILM NUMBER: 071141711 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUSCON WAY CITY: DENVER STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0001272949 S000008497 OPPENHEIMER LTD TERM CALIFORNIA MUNICIPAL FUND C000023327 A C000023328 B C000023329 C N-CSR 1 ra801_41835ncsr.txt RA801_41835NCSR.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21474 Oppenheimer Limited Term California Municipal Fund -------------------------------------------------- (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: JULY 31 Date of reporting period: 07/31/2007 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN CATEGORIES - -------------------------------------------------------------------------------- Tobacco Master Settlement Agreement 22.2% - -------------------------------------------------------------------------------- Special Tax 12.2 - -------------------------------------------------------------------------------- General Obligation 9.5 - -------------------------------------------------------------------------------- Gas Utilities 9.3 - -------------------------------------------------------------------------------- Marine/Aviation Facilities 6.4 - -------------------------------------------------------------------------------- Municipal Leases 4.5 - -------------------------------------------------------------------------------- Tax Increment Financing (TIF) 4.3 - -------------------------------------------------------------------------------- Single Family Housing 4.0 - -------------------------------------------------------------------------------- Multifamily Housing 3.6 - -------------------------------------------------------------------------------- Higher Education 3.4 Portfolio holdings are subject to change. Percentages are as of July 31, 2007, and are based on the total market value of investments. CREDIT ALLOCATION - -------------------------------------------------------------------------------- AAA 46.7% - -------------------------------------------------------------------------------- AA 3.4 - -------------------------------------------------------------------------------- A 7.6 - -------------------------------------------------------------------------------- BBB 38.7 - -------------------------------------------------------------------------------- BB or lower 3.6 Allocations are subject to change. Percentages are as of July 31, 2007, and are dollar-weighted based on the total market value of investments. Securities rated by any rating organization are included in the equivalent Standard & Poor's rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 22.28% of the portfolio's market value, are deemed comparable in the Manager's judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities. - -------------------------------------------------------------------------------- 14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2007, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that Oppenheimer Limited Term California Municipal Fund distributed high levels of tax-free income to its shareholders during this reporting period, outperforming many fixed-income alternatives on an after-tax basis. As of July 31, 2007, the Fund's Class A shares provided a distribution yield of 4.06% at net asset value. Lipper Inc.--an independent mutual fund rating service--reported an average distribution yield of 3.38% among the 22 funds in its California Short-Intermediate Municipal Debt Funds category as of the same date. 1 Tax-free income generated more than 80% of the Fund's total return for the reporting period, providing significant benefit to our yield-oriented investors; price appreciation contributed the balance. The Fund's Class A shares generated a 1-year total return of 4.99% without sales charge. By comparison, the Lehman Brothers Municipal Bond Index produced a total return of 4.27% in the same period. On July 31, 2007, the Fund led its Lipper category in total return for 1- and 3-year periods. 2 These results clearly demonstrate how the Fund's income-oriented approach continued to provide significant benefit to our investors in the past 12 months. Throughout this reporting period, the monthly dividend for Class A shares held steady at 1.2 cents per share. We believe this demonstrates the benefits of investing with seasoned fund managers who are skilled at finding bonds with generous yields even in challenging credit markets. In all, the Fund distributed 14.4 cents per Class A share in the reporting period ended July 31, 2007, including a small amount of taxable income. The Fund's holdings in tobacco Master Settlement Agreement (MSA) bonds continued to provide significant benefit this reporting period. These so-called tobacco bonds are backed by state and/or U.S. territory proceeds from a national litigation settlement with tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco 1. Lipper Inc. Lipper calculations do not include sales charges which, if included, would reduce results. 2. Lipper Inc. As of July 31, 2007, Lipper Inc. ranked Oppenheimer Limited Term California Municipal Fund 1st among 19 funds for the past year and 1st among 16 funds for the past 3 years in its California Short-Intermediate Municipal Debt Funds category. Lipper rankings are based on total returns, but do not consider sales charges. Lipper rankings are for the A share class only; other classes may have different performance characteristics. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. 15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- bonds accounted for more than one-fifth of Fund investments and comprised the Fund's largest industry category. This sector contributed strongly to the Fund's total return this reporting period, which included two large pre-refundings that elevated bond prices. Tobacco manufacturers continue to face litigation, but we believe the risks have been overstated. In the history of MSA-backed tobacco bonds, interest payments and scheduled payments of principal on the bonds held by our funds have never been interrupted--and many bonds have repaid principal earlier than their scheduled final maturity. Some recent courtroom decisions, nonetheless, are worth noting. Tobacco manufacturers received good news in August 2006 when a judge ruled that she could not authorize financial remedies, despite a finding that federal racketeering laws had been violated. In November 2006, the U.S. Supreme Court declined to review a 2005 ruling by the Illinois Supreme Court that reversed a $10.1 billion judgment against Philip Morris USA. Late in this reporting period, a federal judge in the Southern District of New York ruled that a smoker's claim for punitive damages cannot be awarded because New York State, which had sued the tobacco industry in 1997, ultimately agreed to participate in the MSA. The Fund's current weighting in MSA-backed bonds reflects our belief that these bonds can continue to help the Fund deliver high levels of tax-free income. In this reporting period, the Fund continued to favor bonds issued to finance the infrastructure of new real estate development projects. The credit structure of these Special Tax and Special Assessment bonds (known as "dirt bonds") are advantageous, we believe, because the payments that secure the bonds are on parity with real estate taxes. Additionally, the responsibility for servicing the debt passes to all subsequent property owners as the land is developed and subdivided. Thus, as the number of owners increases, the risk bondholders face decreases. Further, the fear of foreclosure leads most property owners to stay current with their debt service payments--to the benefit of the Fund. In all, Special Tax and Special Assessment bonds constituted 14.3% of the portfolio's market value as of July 31, 2007, included largely attractive holdings and contributed positively to total return. Credit spreads were relatively stable this reporting period. AAA- and AA-rated securities continued to represent a significant share of the Fund's market value as of July 31, 2007, as Fund managers scoured the municipal markets for securities that offered an attractive balance of risk and reward. At the end of the reporting period, about 96% of the Fund's portfolio consisted of investment-grade securities, and the Fund's average credit quality was AA-minus. 16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND During this reporting period, the U.S. Supreme Court announced that it would hear DEPARTMENT OF REVENUE (KENTUCKY) V. DAVIS this fall or early in 2008, with a ruling to follow. The question posed in the case is whether Kentucky can tax the income that state residents earn on out-of-state municipal securities if the income that residents earn from in-state municipal securities is exempt from taxation. While the Court's decision could have implications for other states, exemption from federal taxes, which provides investors with the greatest benefit, is not in question. We cannot confidently predict what the Court will decide. However, we will continue to serve our shareholders by focusing on how best to create tax-free yield advantages in any current and future market scenario. We remain committed to helping fixed-income investors achieve their financial goals for tax-free income and will continue to offer a full complement of municipal bond funds to serve our shareholders' diverse needs. Our approach to municipal bond investing is flexible and responsive to market conditions; our strategies are intended to balance many different types of risk to reduce overall portfolio risk. Shareholders should note that market conditions during this reporting period did not affect the Fund's overall investment strategies or cause it to pay any capital gain distributions. In closing, we believe that the Fund's structure and composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles. COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2007. For all share classes, performance is measured from the Fund's inception on February 25, 2004. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Lehman Brothers Municipal Bond Index, an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Limited Term California Municipal Fund (Class A) Lehman Brothers Municipal Bond Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Limited Term California Municipal Lehman Brothers Fund (Class A) Municipal Bond Index 02/25/2004 $ 9,650 $10,000 04/30/2004 9,660 9,729 07/31/2004 9,705 9,857 10/31/2004 10,079 10,195 01/31/2005 10,345 10,330 04/30/2005 10,583 10,392 07/31/2005 10,945 10,483 10/31/2005 11,005 10,454 01/31/2006 11,097 10,623 04/30/2006 11,122 10,617 07/31/2006 11,308 10,750 10/31/2006 11,651 11,054 01/31/2007 11,737 11,079 04/30/2007 11,886 11,230 07/31/2007 11,872 11,209 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 7/31/07 1-Year 1.31% Since Inception (2/25/04) 5.13% 18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Limited Term California Municipal Fund (Class B) Lehman Brothers Municipal Bond Index Oppenheimer Limited Term California Municipal Lehman Brothers Fund (Class B) Municipal Bond Index 02/25/2004 $10,000 $10,000 04/30/2004 10,170 9,729 07/31/2004 10,194 9,857 10/31/2004 10,590 10,195 01/31/2005 10,845 10,330 04/30/2005 11,068 10,392 07/31/2005 11,420 10,483 10/31/2005 11,460 10,454 01/31/2006 11,532 10,623 04/30/2006 11,537 10,617 07/31/2006 11,704 10,750 10/31/2006 12,030 11,054 01/31/2007 12,092 11,079 04/30/2007 12,217 11,230 07/31/2007 11,978 11,209 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 7/31/07 1-Year 0.05% Since Inception (2/25/04) 5.40% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 3.50%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 4% (1-YEAR); AND FOR CLASS C SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. SEE PAGE 21 FOR FURTHER INFORMATION. 19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Limited Term California Municipal Fund (Class C) Lehman Brothers Municipal Bond Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Limited Term California Municipal Lehman Brothers Fund (Class C) Municipal Bond Index 02/25/2004 $10,000 $10,000 04/30/2004 9,993 9,729 07/31/2004 10,017 9,857 10/31/2004 10,384 10,195 01/31/2005 10,641 10,330 04/30/2005 10,866 10,392 07/31/2005 11,219 10,483 10/31/2005 11,228 10,454 01/31/2006 11,302 10,623 04/30/2006 11,340 10,617 07/31/2006 11,477 10,750 10/31/2006 11,805 11,054 01/31/2007 11,871 11,079 04/30/2007 12,000 11,230 07/31/2007 11,964 11,209 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 7/31/07 1-Year 3.25% Since Inception (2/25/04) 5.36% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 3.50%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 4% (1-YEAR); AND FOR CLASS C SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. SEE PAGE 21 FOR FURTHER INFORMATION. 20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES - -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. THIS ANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF THE OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 3.50%. CLASS B shares of the Fund were first publicly offered on 2/25/04. The average annual total returns are shown net of the applicable contingent deferred sales charge of 4% (1-year). Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2007. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in 22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND the Statement of Additional Information). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (2/1/07) (7/31/07) JULY 31, 2007 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,011.50 $5.60 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.24 5.62 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,007.10 9.80 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.08 9.84 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,007.90 9.50 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.37 9.54 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2007 are as follows: CLASS EXPENSE RATIOS - --------------------------- Class A 1.12% - --------------------------- Class B 1.96 - --------------------------- Class C 1.90 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. - -------------------------------------------------------------------------------- 23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS July 31, 2007 - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES--103.0% - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA--91.6% $ 40,000 ABAG Finance Authority for NonProfit Corporations (Driftwood Family Apartments) 5.300% 06/01/2029 06/01/2010 A $ 40,316 - ---------------------------------------------------------------------------------------------------------------------------- 280,000 ABAG Finance Authority for NonProfit Corporations (Lincoln Glen Manor) 6.100 02/15/2025 02/15/2008 A 285,530 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 ABAG Finance Authority for NonProfit Corporations (Windemere Ranch) 6.000 09/01/2024 09/01/2014 A 566,470 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 ABAG Finance Authority for NonProfit Corporations COP 5.600 11/01/2023 11/01/2007 A 10,009 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 ABAG Finance Authority for NonProfit Corporations COP 5.750 08/15/2014 08/15/2007 A 20,024 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 ABAG Finance Authority for NonProfit Corporations COP 5.800 03/01/2023 09/01/2007 A 20,022 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West) 5.850 10/01/2027 10/01/2009 A 151,031 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 ABAG Finance Authority for NonProfit Corporations COP (American Baptist Homes of the West) 6.100 10/01/2017 10/01/2009 A 66,412 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 ABAG Finance Authority for NonProfit Corporations COP (Episcopal Homes Foundation) 5.125 07/01/2013 07/01/2010 A 25,372 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents) 5.625 05/15/2022 11/15/2007 A 91,921 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents) 5.625 05/15/2022 11/15/2007 A 30,626 - ---------------------------------------------------------------------------------------------------------------------------- 275,000 ABAG Finance Authority for NonProfit Corporations COP (Lytton Gardens) 6.000 02/15/2019 02/15/2008 A 279,813 - ---------------------------------------------------------------------------------------------------------------------------- 335,000 ABAG Finance Authority for NonProfit Corporations, Series A 10.446 1 04/20/2019 04/20/2012 A 167,205 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 ABAG Tax Allocation 6.500 12/15/2009 12/15/2007 A 30,184 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 ABAG Tax Allocation, Series A 5.800 12/15/2008 12/15/2007 A 55,428 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 ABAG Tax Allocation, Series A 6.000 12/15/2014 12/15/2007 A 55,466 - ---------------------------------------------------------------------------------------------------------------------------- 395,000 Adelanto Improvement Agency, Series B 5.500 12/01/2023 12/01/2007 A 397,153 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 Adelanto Public Financing Authority, Series B 6.300 09/01/2028 09/01/2007 A 200,386 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Alameda COP 2 5.750 12/01/2021 12/01/2007 A 510,745 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Alameda County COP (Alameda County Medical Center) 5.300 06/01/2026 12/01/2007 A 90,101 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Alvord Unified School District Community Facilities District 6.200 09/01/2025 09/01/2007 A 25,513 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Anaheim Public Financing Authority 5.000 10/01/2023 10/01/2008 A 10,257 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Anaheim Public Financing Authority 5.000 09/01/2027 09/01/2007 A 5,055 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Anaheim Public Financing Authority 5.250 02/01/2018 08/01/2007 A 101,970
24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 5,000,000 Anaheim Public Financing Authority RITES 3 8.970% 4 12/28/2018 12/01/2007 A $ 5,289,350 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Apple Valley Improvement Bond Act 1915 6.900 09/02/2015 09/02/2007 A 20,646 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Aromas Water District 5.600 09/01/2018 09/01/2007 A 15,007 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Atwater Community Facilities District 7.875 08/01/2015 08/01/2007 A 25,075 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Atwater Public Financing Authority (Sewer & Water) 5.500 05/01/2028 05/01/2009 A 20,260 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Atwater Redevel. Agency (Downtown Redevel.) 5.500 06/01/2019 06/01/2010 A 15,344 - ---------------------------------------------------------------------------------------------------------------------------- 2,455,000 Aztec Shops Auxiliary Organization (San Diego State University) 6.000 09/01/2031 09/01/2010 A 2,552,807 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Azusa COP 5.750 08/01/2020 08/01/2007 A 25,241 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Bakersfield Improvement Bond Act 1915 5.600 09/02/2020 09/02/2007 A 41,214 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Bakersfield Improvement Bond Act 1915 6.100 09/02/2024 09/02/2007 A 51,574 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Beaumont Financing Authority, Series A 5.700 09/01/2035 09/01/2017 A 26,172 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 Beaumont Financing Authority, Series A 7.000 09/01/2023 09/01/2007 A 121,688 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Beaumont Financing Authority, Series B 6.000 09/01/2034 09/01/2015 A 58,299 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Belmont Redevel. Agency (Los Costano Community Devel.) 5.500 08/01/2016 08/01/2007 A 30,044 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Blythe Redevel. Agency (Redevel. Project No. 1 Tax Allocation) 5.750 05/01/2034 05/01/2015 A 52,104 - ---------------------------------------------------------------------------------------------------------------------------- 750,000 Blythe Redevel. Agency (Redevel. Project No. 1 Tax Allocation) 6.200 05/01/2031 05/01/2011 A 792,000 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 Bonita Canyon Public Facilities Financing Authority 5.375 09/01/2028 09/01/2007 A 145,389 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Brawley Union High School District 5.000 08/01/2028 08/01/2007 A 25,418 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Brisbane Improvement Bond Act 1915 (Northeast Ridge) 5.875 09/02/2020 09/02/2007 A 30,913 - ---------------------------------------------------------------------------------------------------------------------------- 205,000 Brisbane Public Financing Authority 6.000 05/01/2026 05/01/2008 A 208,319 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Buena Park Special Tax (Park Mall) 6.125 09/01/2033 09/01/2007 A 36,070 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 Burbank Community Facilities District Special Tax 5.200 12/01/2023 12/01/2016 A 253,768 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Burbank Public Service Dept. 5.125 06/01/2016 06/01/2008 A 25,539 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Affordable Hsg. Agency (Merced County Hsg. Authority) 6.500 01/01/2033 01/01/2013 A 105,605 - ---------------------------------------------------------------------------------------------------------------------------- 9,815,000 CA County Tobacco Securitization Agency 5.830 1 06/01/2033 06/01/2011 A 2,232,814 - ---------------------------------------------------------------------------------------------------------------------------- 1,810,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2021 03/15/2014 B 1,575,877 - ---------------------------------------------------------------------------------------------------------------------------- 1,240,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2028 12/01/2018 A 1,074,510 - ---------------------------------------------------------------------------------------------------------------------------- 4,035,000 CA County Tobacco Securitization Agency (TASC) 0.000 5 06/01/2028 01/16/2017 C 3,746,457
25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 5,000,000 CA County Tobacco Securitization Agency (TASC) 0.000% 5 06/01/2036 12/01/2018 A $ 4,331,950 - ---------------------------------------------------------------------------------------------------------------------------- 4,885,000 CA County Tobacco Securitization Agency (TASC) 5.000 06/01/2026 10/24/2015 C 4,719,838 - ---------------------------------------------------------------------------------------------------------------------------- 290,000 CA County Tobacco Securitization Agency (TASC) 5.500 06/01/2033 06/01/2011 B 295,699 - ---------------------------------------------------------------------------------------------------------------------------- 1,670,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2029 11/23/2011 B 1,716,927 - ---------------------------------------------------------------------------------------------------------------------------- 445,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2030 06/01/2012 B 483,924 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2027 06/01/2012 A 25,943 - ---------------------------------------------------------------------------------------------------------------------------- 290,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2035 06/01/2012 A 299,434 - ---------------------------------------------------------------------------------------------------------------------------- 280,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 06/01/2012 A 288,120 - ---------------------------------------------------------------------------------------------------------------------------- 765,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2029 12/01/2010 B 794,598 - ---------------------------------------------------------------------------------------------------------------------------- 665,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2035 06/01/2012 A 691,135 - ---------------------------------------------------------------------------------------------------------------------------- 435,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 06/01/2012 A 450,891 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2043 06/01/2012 A 32,953 - ---------------------------------------------------------------------------------------------------------------------------- 10,700,000 CA County Tobacco Securitization Agency (TASC) 6.068 1 06/01/2046 06/01/2016 A 1,046,032 - ---------------------------------------------------------------------------------------------------------------------------- 51,520,000 CA County Tobacco Securitization Agency (TASC) 6.192 1 06/01/2050 06/01/2016 A 3,860,909 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA County Tobacco Securitization Agency (TASC) 6.250 06/01/2037 06/01/2012 A 52,421 - ---------------------------------------------------------------------------------------------------------------------------- 3,520,000 CA Dept. of Transportation COP 5.250 03/01/2016 09/01/2007 A 3,594,307 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 CA Dept. of Veterans Affairs Home Purchase 5.200 12/01/2027 12/01/2007 A 85,442 - ---------------------------------------------------------------------------------------------------------------------------- 3,595,000 CA Dept. of Veterans Affairs Home Purchase 5.450 12/01/2019 10/06/2009 C 3,667,871 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA Dept. of Veterans Affairs Home Purchase 5.500 12/01/2018 12/01/2008 A 10,242 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA Dept. of Veterans Affairs Home Purchase 5.500 12/01/2019 01/09/2012 A 20,752 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2019 12/01/2007 A 30,390 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2022 12/01/2007 A 15,185 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Dept. of Water Resources (Center Valley) 5.000 12/01/2029 12/01/2008 A 25,180 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Dept. of Water Resources (Center Valley) 5.125 12/01/2011 12/01/2007 A 15,167 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Dept. of Water Resources (Center Valley) 5.125 12/01/2012 12/01/2007 A 15,167 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Dept. of Water Resources (Center Valley) 5.250 12/01/2017 12/01/2007 A 45,504 - ---------------------------------------------------------------------------------------------------------------------------- 515,000 CA Dept. of Water Resources (Center Valley) 2 5.250 07/01/2022 01/01/2008 A 538,433 - ---------------------------------------------------------------------------------------------------------------------------- 295,000 CA Dept. of Water Resources (Center Valley) 5.375 12/01/2027 12/01/2007 A 298,221
26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 15,000 CA Dept. of Water Resources (Center Valley) 5.400% 07/01/2012 01/01/2008 A $ 15,019 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Educational Facilities Authority (California College of Arts and Crafts) 5.875 06/01/2030 06/01/2011 A 25,722 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 CA Educational Facilities Authority (College & University Financing) 5.125 04/01/2017 04/01/2009 A 65,742 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA Educational Facilities Authority (College & University Financing) 6.125 06/01/2009 12/01/2007 A 10,020 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA Educational Facilities Authority (College & University Financing) 6.250 06/01/2018 12/01/2007 A 5,011 - ---------------------------------------------------------------------------------------------------------------------------- 350,000 CA Educational Facilities Authority (College of Osteopathic Medicine) 2 5.750 06/01/2018 12/01/2007 A 350,574 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 CA Educational Facilities Authority (Dominican University of California/Harvey Mudd College Obligated Group) 5.500 03/01/2011 09/01/2007 A 86,811 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Educational Facilities Authority (Heald Colleges) 5.450 02/15/2022 02/15/2008 A 15,010 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Educational Facilities Authority (Los Angeles College of Chiropractic) 5.600 11/01/2017 11/01/2009 A 15,081 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Educational Facilities Authority (Stanford University) 5.125 01/01/2031 01/01/2008 A 50,700 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Educational Facilities Authority (Stanford University) 5.200 12/01/2027 12/01/2007 A 25,344 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA Educational Facilities Authority (University of Southern California) 5.000 10/01/2028 10/01/2008 A 35,553 - ---------------------------------------------------------------------------------------------------------------------------- 335,000 CA Financing Authority (Wastewater Improvement) 6.100 11/01/2033 11/01/2013 A 358,159 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 4.750 09/01/2018 09/01/2007 A 5,002 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 CA GO 4.800 08/01/2014 08/01/2007 A 60,038 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.000 06/01/2017 12/02/2007 A 25,125 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.000 08/01/2018 08/01/2009 A 10,363 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.000 06/01/2019 12/02/2007 A 25,016 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.000 06/01/2019 06/01/2011 A 5,147 - ---------------------------------------------------------------------------------------------------------------------------- 180,000 CA GO 5.000 02/01/2021 02/01/2008 A 182,722 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.000 02/01/2021 02/01/2009 A 25,284 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 CA GO 5.000 11/01/2022 11/01/2007 A 150,380 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA GO 5.000 02/01/2023 02/01/2008 A 50,692 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.000 10/01/2023 10/01/2007 A 5,060 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 CA GO 5.000 10/01/2023 10/01/2008 A 55,663 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 CA GO 5.000 10/01/2023 10/01/2008 A 80,714 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.000 10/01/2023 10/01/2008 A 10,109 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.000 02/01/2025 02/01/2008 A 10,138 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA GO 5.000 02/01/2025 02/01/2009 A 45,346 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.100 10/01/2008 10/01/2007 A 10,023
27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 60,000 CA GO 5.100% 03/01/2010 09/01/2007 A $ 60,061 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.125 06/01/2022 06/01/2011 A 5,251 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.125 10/01/2027 10/01/2007 A 5,061 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 5.125 10/01/2027 10/01/2007 A 20,245 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.125 10/01/2027 10/01/2007 A 5,055 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.200 06/01/2010 09/01/2007 A 15,142 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 CA GO 5.250 10/01/2013 10/01/2007 A 55,126 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 5.250 06/01/2016 12/01/2007 A 20,192 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.250 04/01/2018 10/01/2007 A 25,022 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 04/01/2019 10/01/2007 A 10,009 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 04/01/2021 10/01/2007 A 10,009 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 CA GO 5.250 06/01/2021 12/01/2007 A 161,509 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 02/01/2029 02/01/2013 A 10,439 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.250 02/01/2030 02/01/2012 A 10,447 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.300 09/01/2011 09/01/2007 A 15,092 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.350 12/01/2013 04/27/2011 A 15,515 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.375 06/01/2026 12/01/2007 A 15,143 - ---------------------------------------------------------------------------------------------------------------------------- 2,780,000 CA GO 5.400 12/01/2014 12/01/2008 A 2,848,694 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.500 03/01/2008 09/01/2007 A 5,007 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA GO 5.500 03/01/2009 09/01/2007 A 50,067 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.500 03/01/2010 09/01/2007 A 15,022 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA GO 5.500 06/01/2010 12/02/2007 A 100,788 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 5.500 06/01/2013 12/02/2007 A 15,020 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 CA GO 5.500 04/01/2015 10/01/2007 A 55,149 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.500 04/01/2019 10/01/2007 A 35,098 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.500 03/01/2020 09/01/2007 A 35,049 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.500 03/01/2020 09/01/2007 A 35,049 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 5.500 10/01/2022 10/01/2007 A 20,044 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 5.600 09/01/2021 09/01/2007 A 5,031 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 CA GO 5.625 10/01/2021 10/01/2007 A 55,444 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 CA GO 5.625 10/01/2023 10/01/2007 A 40,315 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 5.625 09/01/2024 09/01/2007 A 10,062 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.625 10/01/2026 10/01/2007 A 25,194 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 CA GO 5.750 03/01/2010 09/01/2007 A 75,116 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.750 03/01/2015 09/01/2007 A 35,058 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 CA GO 5.750 11/01/2017 11/01/2007 A 120,613 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.750 11/01/2017 11/01/2007 A 35,179 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA GO 5.800 06/01/2013 12/02/2007 A 25,040 - ---------------------------------------------------------------------------------------------------------------------------- 155,000 CA GO 5.900 04/01/2023 10/01/2007 A 156,004 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA GO 5.900 04/01/2023 10/01/2007 A 35,101
28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 75,000 CA GO 5.900% 03/01/2025 09/01/2007 A $ 75,122 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 6.000 08/01/2010 08/01/2007 A 20,230 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 6.000 05/01/2011 11/01/2007 A 10,053 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 6.000 10/01/2014 10/01/2007 A 10,037 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 6.000 08/01/2015 08/01/2007 A 20,231 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA GO 6.000 05/01/2018 11/01/2007 A 20,095 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA GO 6.000 08/01/2019 08/01/2007 A 5,054 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA GO 6.000 10/01/2021 10/01/2007 A 15,056 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 CA GO 6.000 08/01/2024 08/01/2007 A 40,419 - ---------------------------------------------------------------------------------------------------------------------------- 605,000 CA GO 6.250 10/01/2019 10/01/2007 A 607,487 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA GO 6.800 11/01/2008 11/01/2007 A 10,073 - ---------------------------------------------------------------------------------------------------------------------------- 295,000 CA GO (Safe Drinking Water) 8.250 09/01/2010 09/01/2007 A 296,097 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Golden State Tobacco Securitization Corp. 5.000 06/01/2017 12/01/2007 A 45,030 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Golden State Tobacco Securitization Corp. 5.000 06/01/2020 06/01/2010 A 25,511 - ---------------------------------------------------------------------------------------------------------------------------- 4,380,000 CA Golden State Tobacco Securitization Corp. 6.250 06/01/2033 09/11/2012 B 4,788,128 - ---------------------------------------------------------------------------------------------------------------------------- 3,245,000 CA Golden State Tobacco Securitization Corp. 6.625 06/01/2040 06/01/2013 A 3,701,604 - ---------------------------------------------------------------------------------------------------------------------------- 3,115,000 CA Golden State Tobacco Securitization Corp. 6.750 06/01/2039 06/01/2013 A 3,573,466 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 0.000 5 06/01/2037 05/22/2022 B 2,234,580 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2015 12/01/2007 A 85,056 - ---------------------------------------------------------------------------------------------------------------------------- 830,000 CA Golden State Tobacco Securitization Corp. (TASC) 2 5.000 06/01/2018 06/01/2008 A 834,756 - ---------------------------------------------------------------------------------------------------------------------------- 1,865,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.800 06/01/2042 06/01/2013 A 2,239,250 - ---------------------------------------------------------------------------------------------------------------------------- 1,715,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875 06/01/2042 06/01/2013 A 2,065,203 - ---------------------------------------------------------------------------------------------------------------------------- 2,900,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875 06/01/2042 06/01/2013 A 3,492,180 - ---------------------------------------------------------------------------------------------------------------------------- 2,680,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.900 06/01/2042 06/01/2013 A 3,230,392 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 5.000 07/01/2011 01/01/2008 A 5,005 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 2 5.000 07/01/2021 01/01/2008 A 145,107 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 2 5.125 07/01/2024 07/01/2009 A 15,275 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 2 5.250 07/01/2023 01/01/2008 A 161,698 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 5.250 07/01/2023 01/01/2008 A 30,318 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 CA Health Facilities Financing Authority (Catholic Healthcare West) 2 6.000 07/01/2013 01/01/2008 A 160,274
29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 315,000 CA Health Facilities Financing Authority (Cedars-Sinai Medical Center) 2 5.125% 08/01/2027 08/01/2007 A $ 321,199 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Health Facilities Financing Authority (Cedars-Sinai Medical Center) 2 5.250 08/01/2027 08/01/2007 A 30,627 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 CA Health Facilities Financing Authority (Community Program) 7.200 01/01/2012 08/01/2007 A 80,345 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Health Facilities Financing Authority (Fellowship Homes) 6.000 09/01/2019 09/01/2007 A 25,398 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 CA Health Facilities Financing Authority (Marshall Hospital) 5.000 11/01/2018 11/01/2007 A 115,047 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Health Facilities Financing Authority (Marshall Hospital) 5.125 11/01/2012 11/01/2007 A 100,078 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA Health Facilities Financing Authority (Mercy Senior Hsg.) 5.800 12/01/2018 12/01/2007 A 20,023 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Health Facilities Financing Authority (Providence Health System-Southern California) 5.500 10/01/2013 10/01/2007 A 30,561 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Health Facilities Financing Authority (Small Facilities Loan), Series B 7.400 04/01/2014 10/01/2007 A 45,105 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Health Facilities Financing Authority (Sunny View Lutheran Home) 5.100 01/01/2024 01/01/2010 A 50,599 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA Health Facilities Financing Authority (Sutter Health) 5.000 08/15/2017 08/15/2007 A 5,104 - ---------------------------------------------------------------------------------------------------------------------------- 135,000 CA Health Facilities Financing Authority (Sutter Health) 5.125 08/15/2022 08/15/2007 A 137,624 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 CA Health Facilities Financing Authority (Sutter Health) 5.250 08/15/2027 08/15/2007 A 35,732 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA HFA 5.650 02/01/2008 08/01/2007 A 10,067 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA HFA 7.539 1 02/01/2015 02/11/2011 C 13,691 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 CA HFA 8.037 1 08/01/2015 08/01/2015 19,791 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 CA HFA (Multifamily Hsg.) 5.375 08/01/2028 02/01/2009 A 55,812 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA HFA (Multifamily Hsg.) 5.375 02/01/2036 02/01/2011 A 25,180 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA HFA (Multifamily Hsg.) 5.400 08/01/2018 08/01/2008 A 15,305 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 CA HFA (Multifamily Hsg.) 5.400 08/01/2018 08/01/2008 A 40,814 - ---------------------------------------------------------------------------------------------------------------------------- 440,000 CA HFA (Multifamily Hsg.) 2 5.450 08/01/2028 08/01/2010 A 446,578 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 CA HFA (Multifamily Hsg.) 2 5.850 02/01/2010 08/01/2007 A 85,930 - ---------------------------------------------------------------------------------------------------------------------------- 390,000 CA HFA (Multifamily Hsg.) 2 5.950 08/01/2028 02/01/2009 A 398,319 - ---------------------------------------------------------------------------------------------------------------------------- 320,000 CA HFA (Multifamily Hsg.) 2 6.050 08/01/2016 08/01/2007 A 327,117 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 CA HFA (Multifamily Hsg.) 6.050 08/01/2027 08/01/2007 A 81,867 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA HFA (Multifamily Hsg.) 6.050 08/01/2038 02/01/2009 A 25,343 - ---------------------------------------------------------------------------------------------------------------------------- 265,000 CA HFA (Multifamily Hsg.) 6.150 08/01/2022 08/01/2007 A 267,870 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA HFA (Multifamily Hsg.), Series B 5.500 08/01/2039 08/01/2010 A 25,341 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA HFA (Single Family Mtg.) 5.400 08/01/2028 02/01/2010 A 20,211
30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 10,000 CA HFA (Single Family Mtg.), Series A 5.300% 08/01/2018 02/01/2010 A $ 10,047 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 CA HFA (Single Family Mtg.), Series B-2 6.250 08/01/2014 10/01/2007 A 60,531 - ---------------------------------------------------------------------------------------------------------------------------- 1,735,000 CA HFA, Series A 4.800 08/01/2012 01/24/2009 C 1,737,325 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA HFA, Series B 7.000 08/01/2014 08/01/2007 A 5,009 - ---------------------------------------------------------------------------------------------------------------------------- 465,000 CA HFA, Series B 7.125 08/01/2024 08/01/2007 A 470,334 - ---------------------------------------------------------------------------------------------------------------------------- 1,245,000 CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) 5.350 1 12/01/2019 12/01/2019 651,533 - ---------------------------------------------------------------------------------------------------------------------------- 1,320,000 CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) 5.400 1 12/01/2020 12/01/2020 652,898 - ---------------------------------------------------------------------------------------------------------------------------- 3,235,000 CA Infrastructure & Economic Devel. (Copia: The American Center for Wine, Food and the Arts) 5.420 1 12/01/2021 12/01/2021 1,513,592 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Infrastructure & Economic Devel. (Stockton Port District) 5.375 07/01/2022 07/01/2010 A 15,334 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Infrastructure & Economic Devel. (Stockton Port District) 5.500 07/01/2032 07/01/2011 A 51,339 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 CA Loan Purchasing Finance Authority 5.500 10/01/2008 10/01/2007 A 15,022 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 CA Loan Purchasing Finance Authority 5.600 10/01/2014 10/01/2007 A 70,108 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA Maritime Infrastructure Authority (Santa Cruz Port District) 5.750 05/01/2024 05/01/2014 A 10,283 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 CA Mobilehome Park Financing Authority (Palomar Estate East & West) 5.250 03/15/2034 03/15/2015 A 91,463 - ---------------------------------------------------------------------------------------------------------------------------- 750,000 CA Pollution Control Financing Authority (Browning-Ferris Industries) 6.750 09/01/2019 09/01/2007 A 750,615 - ---------------------------------------------------------------------------------------------------------------------------- 1,490,000 CA Pollution Control Financing Authority (General Motors Corp.) 5.500 04/01/2008 04/01/2008 1,487,407 - ---------------------------------------------------------------------------------------------------------------------------- 11,260,000 CA Pollution Control Financing Authority (Pacific Gas & Electric) 6 5.350 12/01/2016 04/01/2011 A 11,882,622 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Pollution Control Financing Authority (Sacramento Biosolids Facility) 5.300 12/01/2017 12/01/2012 A 30,826 - ---------------------------------------------------------------------------------------------------------------------------- 220,000 CA Pollution Control Financing Authority (Sacramento Biosolids Facility) 5.500 12/01/2024 12/01/2012 A 227,572 - ---------------------------------------------------------------------------------------------------------------------------- 760,000 CA Pollution Control Financing Authority (San Diego Gas & Electric Company) 2 5.850 06/01/2021 12/01/2007 A 761,041 - ---------------------------------------------------------------------------------------------------------------------------- 190,000 CA Pollution Control Financing Authority (San Diego Gas & Electric Company) 5.850 06/01/2021 12/01/2007 A 191,716 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Pollution Control Financing Authority (San Diego Gas & Electric Company) 5.850 06/01/2021 12/01/2007 A 45,061 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA Pollution Control Financing Authority (Southern California Edison Company) 5.550 09/01/2031 09/01/2009 A 20,725 - ---------------------------------------------------------------------------------------------------------------------------- 265,000 CA Pollution Control Financing Authority (Southern California Water Company) 2 5.500 12/01/2026 12/01/2007 A 265,270
31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 150,000 CA Public Works 5.250% 12/01/2013 12/01/2007 A $ 150,176 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 CA Public Works (California Community College) 5.375 03/01/2011 03/01/2008 A 116,058 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Public Works (California Community College) 5.875 10/01/2008 10/01/2007 A 50,089 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Public Works (California Science Center) 5.250 10/01/2017 10/01/2007 A 45,995 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA Public Works (California State University- Long Beach Foundation) 5.800 09/01/2007 09/01/2007 10,014 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Public Works (Dept. of Corrections) 5.000 09/01/2021 09/01/2008 A 25,522 - ---------------------------------------------------------------------------------------------------------------------------- 165,000 CA Public Works (Dept. of Food & Agriculture) 5.400 06/01/2013 12/01/2007 A 165,180 - ---------------------------------------------------------------------------------------------------------------------------- 185,000 CA Public Works (State Universities) 5.250 12/01/2013 12/01/2007 A 185,187 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Public Works (State Universities) 5.400 10/01/2022 10/01/2007 A 51,057 - ---------------------------------------------------------------------------------------------------------------------------- 445,000 CA Public Works (State Universities) 5.500 12/01/2018 12/01/2007 A 445,405 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Public Works (Various California Universities) 5.375 12/01/2019 12/01/2007 A 25,625 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Public Works (Various Community Colleges) 5.375 03/01/2013 03/01/2008 A 100,920 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Public Works (Various Community Colleges) 5.375 03/01/2014 03/01/2008 A 25,245 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA Public Works (Various Community Colleges) 5.500 09/01/2011 09/01/2007 A 20,314 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Public Works (Various Community Colleges) 5.600 04/01/2014 04/01/2008 A 51,067 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Public Works (Various Community Colleges) 5.625 03/01/2016 09/01/2007 A 30,338 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Public Works (Various Community Colleges) 5.625 03/01/2016 03/01/2008 A 50,785 - ---------------------------------------------------------------------------------------------------------------------------- 240,000 CA Public Works (Various Community Colleges) 5.625 03/01/2019 09/01/2007 A 242,568 - ---------------------------------------------------------------------------------------------------------------------------- 600,000 CA Public Works (Various Community Colleges) 5.875 10/01/2008 10/01/2007 A 600,912 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 CA Resource Efficiency Financing Authority COP 5.500 04/01/2017 04/01/2008 A 163,317 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA Resource Efficiency Financing Authority COP 5.500 04/01/2017 04/01/2008 A 5,107 - ---------------------------------------------------------------------------------------------------------------------------- 2,750,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.500 02/01/2043 02/01/2021 A 2,882,990 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 5.700 02/01/2033 02/01/2021 A 1,043,750 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.) 7.500 08/01/2027 08/25/2020 C 20,324 - ---------------------------------------------------------------------------------------------------------------------------- 255,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A 6.350 12/01/2029 10/01/2007 B 260,623
32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 155,000 CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A 7.000% 09/01/2029 03/01/2010 B $ 157,207 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA (Bouquet Canyon) 5.300 07/01/2018 07/01/2010 A 101,464 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 CA Statewide CDA (California Odd Fellow Hsg.) 5.375 10/01/2013 10/01/2007 A 90,086 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 CA Statewide CDA (California Odd Fellow Hsg.) 5.500 10/01/2023 10/01/2007 A 85,071 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 CA Statewide CDA (East Tabor Apartments) 2 6.850 08/20/2036 02/20/2011 A 546,555 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 CA Statewide CDA (East Valley Tourist) 9.250 10/01/2020 10/01/2015 A 1,080,020 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 CA Statewide CDA (Eastfield Ming Quong) 5.625 06/01/2020 12/01/2007 A 75,861 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Statewide CDA (Escrow Term) 6.750 09/01/2037 09/01/2014 A 48,166 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 CA Statewide CDA (Fairfield Apartments) 6.500 01/01/2016 12/22/2011 C 254,270 - ---------------------------------------------------------------------------------------------------------------------------- 580,000 CA Statewide CDA (Family House & Hsg. Foundation-Torrence I) 7.000 04/20/2036 04/20/2011 A 652,813 - ---------------------------------------------------------------------------------------------------------------------------- 135,000 CA Statewide CDA (John Muir/Mt. Diablo Health System) 5.250 08/15/2027 08/15/2007 A 137,817 - ---------------------------------------------------------------------------------------------------------------------------- 400,000 CA Statewide CDA (Kaiser Permanente) 2 5.300 12/01/2015 12/01/2007 A 412,376 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 CA Statewide CDA (Live Oak School) 6.750 10/01/2030 10/01/2011 A 266,428 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA (Multifamily) 5.696 1 09/20/2021 09/20/2014 A 44,229 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Statewide CDA (Multifamily) 5.744 1 09/20/2023 09/20/2014 A 39,139 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 CA Statewide CDA (Quail Ridge Apartments) 5.375 07/01/2032 07/01/2014 A 201,886 - ---------------------------------------------------------------------------------------------------------------------------- 455,000 CA Statewide CDA (Rio Bravo) 6.300 12/01/2018 02/19/2014 C 443,115 - ---------------------------------------------------------------------------------------------------------------------------- 560,000 CA Statewide CDA (Sycamore) 2 6.000 03/20/2038 03/20/2016 A 601,653 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Statewide CDA Community Facilities District 6.350 09/01/2021 09/01/2012 A 26,669 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group) 5.000 04/01/2018 04/01/2008 A 5,082 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group) 5.125 04/01/2023 04/01/2008 A 45,759 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 CA Statewide CDA Linked PARS & INFLOS 5.600 7 10/01/2011 04/28/2010 C 1,042,270 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 CA Statewide CDA, Series B 6.900 07/01/2008 01/01/2008 A 45,079 - ---------------------------------------------------------------------------------------------------------------------------- 1,355,000 CA Statewide Financing Authority Tobacco Settlement (TASC) 5.625 05/01/2029 07/30/2010 B 1,385,420 - ---------------------------------------------------------------------------------------------------------------------------- 935,000 CA Statewide Financing Authority Tobacco Settlement (TASC) 5.625 05/01/2029 04/04/2011 B 955,991 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 CA Statewide Financing Authority Tobacco Settlement (TASC) 6.000 05/01/2037 05/01/2012 A 259,310 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA University (CSU Institute) 4.875 06/01/2008 12/01/2007 A 100,092 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA University (Fullerton Student Union) 5.400 03/01/2016 03/01/2008 A 50,497 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA University (Fullerton Student Union) 5.400 03/01/2021 03/01/2008 A 30,275 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA University (Northridge) 5.000 11/01/2022 11/01/2007 A 25,510 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 CA University (San Diego State University) 5.000 11/01/2018 11/01/2007 A 5,112
33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 45,000 CA Valley Health System COP 6.875% 05/15/2023 11/15/2007 A $ 45,063 - ---------------------------------------------------------------------------------------------------------------------------- 425,000 CA Valley Health System, Series A 6.500 05/15/2025 11/15/2007 A 430,041 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 CA Veterans GO 4.700 12/01/2012 12/01/2007 A 100,025 - ---------------------------------------------------------------------------------------------------------------------------- 850,000 CA Veterans GO 5.125 12/01/2019 12/01/2007 A 850,281 - ---------------------------------------------------------------------------------------------------------------------------- 170,000 CA Veterans GO 5.300 12/01/2029 12/01/2007 A 170,077 - ---------------------------------------------------------------------------------------------------------------------------- 1,730,000 CA Veterans GO 5.400 12/01/2015 12/01/2008 A 1,773,596 - ---------------------------------------------------------------------------------------------------------------------------- 4,445,000 CA Veterans GO, Series BH 5.400 12/01/2014 12/01/2008 A 4,557,014 - ---------------------------------------------------------------------------------------------------------------------------- 265,000 CA Veterans GO, Series BH 5.400 12/01/2016 12/01/2009 A 271,683 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 CA Veterans GO, Series BJ 5.700 12/01/2032 12/19/2007 A 30,409 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 CA Veterans GO, Series BP 5.500 12/01/2026 12/01/2007 A 110,072 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 CA Veterans GO, Series BR 5.250 12/01/2026 12/01/2007 A 80,034 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 CA Veterans GO, Series BX 5.000 12/01/2014 12/01/2007 A 90,060 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA Veterans GO, Series BX 5.450 12/01/2024 12/01/2007 A 10,013 - ---------------------------------------------------------------------------------------------------------------------------- 140,000 CA Veterans GO, Series BX 5.500 12/01/2031 12/01/2007 A 140,178 - ---------------------------------------------------------------------------------------------------------------------------- 2,610,000 CA Veterans GO, Series BZ 5.350 12/01/2021 06/01/2008 A 2,613,706 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 CA Water Resource Devel. GO, Series N 5.500 06/01/2011 12/01/2007 A 75,101 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 CA Water Resource Devel. GO, Series P 5.800 06/01/2011 12/01/2007 A 10,016 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 CA Water Resource Devel. GO, Series P 5.800 06/01/2014 12/01/2007 A 25,040 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 CA Water Resource Devel. GO, Series Q 5.000 03/01/2016 09/01/2007 A 50,047 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Calleguas-Las Virgines Public Financing Authority Municipal Water District 5.000 11/01/2023 07/30/2010 B 51,057 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Camarillo Hsg. (Park Glenn Apartments) 5.400 03/01/2028 03/01/2008 A 45,110 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Camrosa Water District 5.500 01/15/2011 01/15/2008 A 60,680 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Capistrano Unified School District (Education & Support Facilities) COP 5.250 12/01/2026 12/01/2007 A 40,156 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 Capistrano Unified School District (Las Flores) 5.000 09/01/2023 09/01/2010 A 76,847 - ---------------------------------------------------------------------------------------------------------------------------- 130,000 Carlsbad Hsg. & Redevel. Commission Tax Allocation 5.250 09/01/2019 09/01/2007 A 130,147 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 Carlsbad Improvement Bond Act 1915 5.550 09/02/2028 03/02/2009 A 80,686 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 Carlsbad Improvement Bond Act 1915 5.950 09/02/2025 09/02/2012 A 113,814 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Carlsbad Improvement Bond Act 1915 6.000 09/02/2022 09/02/2007 A 35,215 - ---------------------------------------------------------------------------------------------------------------------------- 125,000 Carlsbad Unified School District COP (Aviara Oaks Middle School) 5.300 06/01/2022 12/01/2007 A 126,338 - ---------------------------------------------------------------------------------------------------------------------------- 105,000 Carson Improvement Bond Act 1915 7.375 09/02/2022 09/02/2007 A 105,214 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 Carson Redevel. Agency 6.000 01/01/2028 01/01/2014 A 261,265 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Castaic Union School District 8.500 10/01/2013 10/01/2007 A 70,468 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Cathedral City Improvement Bond Act 1915 5.950 09/02/2034 09/02/2007 A 72,135 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Cathedral City Special Tax Community Facilities District No. 1 6.700 09/01/2030 09/01/2008 A 51,819 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Central CA Unified School District 5.625 03/01/2018 09/01/2007 A 20,032 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Central Contra Costa Sanitation District 5.000 09/01/2022 09/01/2010 A 51,599
34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 150,000 Central Valley Financing Authority Cogeneration Project (Carson Ice) 5.200% 07/01/2020 01/01/2008 A $ 150,162 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Chico Improvement Bond Act 1915 (Mission Ranch) 6.625 09/02/2011 09/02/2007 A 36,114 - ---------------------------------------------------------------------------------------------------------------------------- 95,000 Chico Improvement Bond Act 1915 (Mission Ranch) 6.625 09/02/2012 09/02/2007 A 98,031 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Chico Improvement Bond Act 1915 (Mission Ranch) 6.625 09/02/2013 09/02/2007 A 103,198 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Chico Public Financing Authority 5.375 04/01/2016 10/01/2007 A 15,190 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Chico Public Financing Authority 5.500 04/01/2025 10/01/2007 A 116,434 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Chino Community Facilities District Special Tax 5.750 09/01/2034 09/01/2014 A 57,150 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Chino Hills Improvement Bond Act 1915 7.500 09/02/2016 09/02/2007 A 30,962 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Chino Hills Improvement Bond Act 1915 7.600 09/02/2021 09/02/2007 A 5,160 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Chowchilla Improvement Bond Act 1915 6.700 09/02/2027 09/02/2014 A 27,015 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Chula Vista Community Facilities District (Eastlake Woods) 5.700 09/01/2016 09/01/2013 A 57,965 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Chula Vista Community Facilities District (Eastlake Woods) 6.100 09/01/2021 09/01/2011 A 15,868 - ---------------------------------------------------------------------------------------------------------------------------- 12,500,000 Chula Vista Industrial Devel. (San Diego Gas & Electric) 6 5.000 12/01/2027 12/01/2017 A 13,021,750 - ---------------------------------------------------------------------------------------------------------------------------- 240,000 Chula Vista Redevel. Agency 5.375 09/01/2029 09/01/2007 A 246,242 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Chula Vista Special Tax 7.625 09/01/2029 09/01/2009 A 65,779 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Clayton Financing Authority Special Tax 5.900 09/02/2022 09/02/2007 A 51,277 - ---------------------------------------------------------------------------------------------------------------------------- 845,000 Coalinga Regional Medical Center COP 5.000 09/01/2014 03/10/2011 C 840,243 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Colton Community Facilities District Special Tax 5.800 09/01/2018 09/01/2007 A 25,014 - ---------------------------------------------------------------------------------------------------------------------------- 175,000 Colton Joint Unified School District 5.700 09/01/2034 09/01/2013 A 178,556 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Colton Joint Unified School District COP 5.100 06/01/2020 12/01/2007 A 50,191 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Colton Public Financing Authority 5.300 08/01/2027 08/01/2008 A 46,388 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Colton Public Financing Authority, Series B 5.875 08/01/2027 08/01/2010 A 50,795 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Colton Redevel. Agency (West Valley) 6.375 09/01/2035 09/01/2007 A 20,020 - ---------------------------------------------------------------------------------------------------------------------------- 815,000 Commerce Community Devel. Corp. Tax Allocation 5.750 08/01/2010 08/01/2007 A 831,699 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Commerce Community Devel. Corp. Tax Allocation 6.000 08/01/2021 08/01/2007 A 71,459 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Concord Joint Powers Financing Authority (Concord Police Facilities) 5.250 08/01/2019 08/01/2007 A 40,024 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Contra Costa Community College District COP (Diablo Valley College) 6.000 06/01/2021 12/01/2007 A 25,281 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Contra Costa County (Merrithew Memorial Hospital) COP 5.375 11/01/2017 11/01/2007 A 10,236
35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 10,000 Contra Costa County (Merrithew Memorial Hospital) COP 5.500% 11/01/2022 11/01/2007 A $ 10,236 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Contra Costa County Public Financing Authority (Pleasant Hill Bart) 5.125 08/01/2019 08/01/2011 A 20,336 - ---------------------------------------------------------------------------------------------------------------------------- 3,075,000 Contra Costa County Special Tax Community Facilities District 5.580 08/01/2016 06/28/2010 B 3,133,979 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Contra Costa Water District 5.000 10/01/2022 10/01/2007 A 15,032 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Corona Redevel. Agency 5.500 09/01/2016 09/01/2007 A 25,486 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Corona-Norco Unified School District 5.625 09/01/2033 09/01/2007 A 15,340 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Corona-Norco Unified School District 5.750 09/01/2014 09/01/2007 102,160 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Crescent City Public Financing Authority 7.750 09/15/2012 09/15/2007 A 56,091 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Cypress Improvement Bond Act 1915 (Business & Professional Center) 5.700 09/02/2022 09/02/2007 A 20,009 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Daly City Hsg. Devel. Finance Agency (Linc Franciscan) 7.000 12/15/2033 12/15/2007 A 46,232 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Davis Joint Unified School District 5.400 08/15/2011 08/15/2007 A 25,216 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Davis Joint Unified School District Special Tax 5.300 08/15/2024 08/15/2007 A 20,289 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Davis Public Facilities Financing Authority (Mace Ranch Area) 6.300 09/01/2023 09/01/2009 A 15,328 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Del Mar Unified School District 5.875 09/01/2029 09/01/2007 A 10,204 - ---------------------------------------------------------------------------------------------------------------------------- 300,000 Del Mar Unified School District 5.875 09/01/2038 09/01/2007 A 306,132 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Dixon Public Financing Authority 5.150 09/02/2020 03/02/2008 A 45,322 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Dixon Public Financing Authority 5.700 09/02/2020 03/02/2008 A 40,087 - ---------------------------------------------------------------------------------------------------------------------------- 245,000 Duarte COP (Hope National Medical Center) 5.250 04/01/2024 04/01/2009 A 248,320 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Duarte Hsg. (Heritage Park Apartments) 5.850 05/01/2030 11/01/2007 A 91,949 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 East Bay Municipal Utility District 5.250 06/01/2018 06/01/2008 A 30,704 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 East Bay Municipal Utility District (Wastewater Treatment System) 5.250 06/01/2017 06/01/2008 A 10,235 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 East Side Union High School District 5.000 09/01/2018 09/01/2007 A 100,087 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 East Side Union High School District 5.250 09/01/2025 09/01/2007 A 25,279 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Eastern CA Municipal Water District (Crown Valley Village) 5.500 09/01/2028 09/01/2007 A 91,811 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Eastern CA Municipal Water District (Crown Valley Village) 5.625 09/01/2034 09/01/2007 A 66,317 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Eastern CA Municipal Water District (Promontory Park) 5.500 09/01/2024 03/24/2023 C 49,915 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Eastern CA Municipal Water District Improvement Bond Act 1915 5.750 09/02/2020 09/02/2007 A 15,394 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 El Dorado County Special Tax 6.250 09/01/2029 09/01/2009 A 149,569 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Emeryville Public Financing Authority 6.100 09/01/2012 09/01/2007 A 25,042 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 Emeryville Public Financing Authority 6.200 09/01/2025 09/01/2007 A 145,260 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Encinitas Improvement Bond Act 1915 3 6.900 09/02/2017 09/02/2007 A 20,934
36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 105,000 Etiwanda School District Special Tax 5.900% 09/01/2031 09/01/2011 A $ 109,151 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Etiwanda School District Special Tax 6.000 09/01/2018 09/01/2012 A 15,309 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Etiwanda School District Special Tax 6.250 09/01/2022 09/01/2007 A 20,425 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Etiwanda School District Special Tax 6.300 09/01/2023 09/01/2007 A 86,761 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Etiwanda School District Special Tax 6.400 09/01/2032 09/01/2007 A 51,043 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Fairfax GO 6.100 08/01/2025 08/01/2007 A 51,094 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Fairfield Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.) 7.375 09/02/2018 09/02/2007 A 5,159 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Fairfield Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.) 7.200 09/02/2009 09/02/2007 A 25,799 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Florin Resource Conservation District COP 3 6.000 02/01/2029 02/01/2015 A 15,479 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Folsom Public Financing Authority 5.000 11/01/2028 11/01/2007 A 20,212 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Folsom Public Financing Authority 5.400 09/02/2020 03/02/2008 A 25,052 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Folsom Public Financing Authority 5.625 09/02/2020 03/02/2011 A 25,494 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Folsom Public Financing Authority 6.400 09/02/2009 09/02/2007 A 30,327 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Folsom Public Financing Authority 6.875 09/02/2019 09/02/2007 A 10,121 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Folsom Public Financing Authority 7.200 09/02/2019 09/02/2007 A 25,296 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Folsom Special Tax Community Facilities District No. 7 6.000 09/01/2024 09/01/2011 A 31,156 - ---------------------------------------------------------------------------------------------------------------------------- 265,000 Fontana Special Tax (Citrus) 5.000 09/01/2020 09/01/2016 A 266,431 - ---------------------------------------------------------------------------------------------------------------------------- 140,000 Fontana Special Tax (Sierra Hills) 6.000 09/01/2034 09/01/2014 A 147,533 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Fontana Special Tax Community Facilities District No. 4 7.125 10/01/2015 10/01/2007 A 10,038 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Fowler Public Financing Authority 6.750 09/15/2023 09/15/2009 A 26,288 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Fremont Unified School District 5.250 09/01/2016 09/01/2007 A 30,636 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Fresno Unified School District 5.375 08/01/2021 08/01/2007 A 10,075 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Fresno Unified School District 5.400 08/01/2017 08/01/2007 A 30,257 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Fresno Unified School District COP 4.625 05/01/2011 11/01/2007 A 25,052 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Fresno Water System, Series A 5.000 06/01/2024 06/01/2008 A 101,765 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Fullerton Community Facilities District No. 1 Special Tax (Amerige Heights) 6.200 09/01/2032 09/01/2012 A 26,284 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 Fullerton School District Special Tax 6.300 09/01/2023 09/01/2013 A 85,130 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Galt Improvement Bond Act 1915 5.900 09/02/2022 09/02/2007 A 25,761 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Garden Grove COP (Bahia Village/Emerald Isle) 5.700 08/01/2023 08/01/2007 A 50,142 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Garden Grove Hsg. Authority (Rose Garden) 6.375 07/01/2012 07/01/2008 A 50,545 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Glendora Public Finance Authority 7.625 09/01/2010 09/01/2007 A 5,011 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Hawthorne Community Redevel. Agency 6.600 10/01/2019 10/01/2007 A 10,319 - ---------------------------------------------------------------------------------------------------------------------------- 880,000 Hawthorne Community Redevel. Agency Special Tax 6.750 10/01/2025 10/01/2012 A 907,808 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 Hawthorne Parking Authority 8.000 09/01/2015 09/01/2007 A 163,562 - ---------------------------------------------------------------------------------------------------------------------------- 135,000 Hawthorne Parking Authority 8.125 09/01/2019 09/01/2007 A 135,702
37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 10,000 Hayward COP 5.125% 08/01/2014 08/01/2007 A $ 10,012 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Hayward COP (Civic Center) 5.500 08/01/2017 08/01/2007 A 70,452 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Hayward Improvement Bond Act 1915 7.100 09/02/2018 09/02/2007 A 45,081 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Hayward Public Finance Authority (Hayward Water System) 5.000 06/01/2011 12/01/2007 A 50,049 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Hayward Public Finance Authority (Hayward Water System) 5.100 06/01/2013 12/01/2007 A 50,053 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Hayward Sewer System Improvement COP 5.000 02/01/2018 02/01/2008 A 40,034 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Haywood COP (Civic Center) 5.250 08/01/2026 08/01/2007 A 15,089 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Healdsburg Community Redevel. Agency (Sotoyome Community Devel.) 5.250 12/01/2025 12/01/2007 A 40,161 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 Hesperia Public Financing Authority, Tranche A 2 6.250 09/01/2035 09/01/2007 A 2,001,580 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Hollister Improvement Bond Act 1915 7.125 09/02/2022 09/02/2007 A 10,316 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Huntington Beach Community Facilities District 5.400 10/01/2020 10/01/2011 A 15,441 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Huntington Beach Community Facilities District Special Tax 6.250 09/01/2027 09/01/2007 A 20,613 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Huntington Beach Public Financing Authority 5.500 12/15/2027 12/15/2007 A 10,205 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Huntington Beach Public Financing Authority 5.500 12/15/2022 12/15/2007 A 25,533 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Huntington Park Public Financing Authority, Series A 3 6.200 10/01/2025 10/01/2007 A 10,216 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Huntington Park Redevel. Agency Tax Allocation (Santa Fe) 6.200 10/01/2027 10/01/2007 A 10,214 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Imperial County Special Tax 6.500 09/01/2031 09/01/2009 A 26,029 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Indio Hsg. (Olive Court Apartments) 6.375 12/01/2026 12/01/2009 A 86,472 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Indio Improvement Bond Act 1915 6.350 09/02/2027 09/02/2012 A 21,456 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Indio Improvement Bond Act 1915 6.375 09/02/2027 09/02/2012 A 21,434 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Indio Public Financing Authority 5.350 08/15/2027 08/15/2007 A 116,270 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Industry Urban Devel. Agency 5.000 05/01/2024 11/01/2007 A 25,548 - ---------------------------------------------------------------------------------------------------------------------------- 235,000 Intercommunity Hospital Financing Authority COP 5.250 11/01/2019 11/01/2010 A 238,553 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 Irvine Improvement Bond Act 1915 5.550 09/02/2026 09/02/2013 A 153,873 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Irvine Improvement Bond Act 1915 5.600 09/02/2022 09/02/2014 A 20,607 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Irvine Improvement Bond Act 1915 5.625 09/02/2024 09/02/2013 A 30,909 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Irvine Mobile Home Park (Meadows Mobile Home Park) 6.050 03/01/2028 03/01/2009 A 25,633 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Jefferson Union High School District 5.000 08/01/2024 08/01/2007 A 30,548 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Jefferson Union High School District 5.125 08/01/2029 08/01/2007 A 25,492 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 Jurupa Community Facilities District Special Tax 5.875 09/01/2033 09/01/2007 A 81,634
38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 50,000 Jurupa Community Services District COP 5.125% 09/01/2013 09/01/2007 A $ 50,054 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Jurupa Community Services District Special Tax 6.125 09/01/2032 09/01/2009 A 20,746 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Kern Community College District COP 5.000 01/01/2025 01/01/2008 A 86,086 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Kern County (Fire Dept.) COP 5.250 05/01/2013 11/01/2007 A 70,780 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Kern County (Fire Dept.) COP 5.250 05/01/2015 11/01/2007 A 50,561 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Kingsburg Public Financing Authority 7.800 09/15/2010 09/15/2007 A 5,013 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 La Canada Flintridge (City Hall Acquisition) COP 5.250 12/01/2021 12/01/2007 A 101,607 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 La Habra Redevel. Agency Community Facilities District 5.300 09/01/2007 09/01/2007 30,013 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 La Habra Redevel. Agency Community Facilities District 6.000 09/01/2014 09/02/2007 30,028 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 La Mesa Improvement Bond Act 1915 5.750 09/02/2023 09/02/2011 A 56,250 - ---------------------------------------------------------------------------------------------------------------------------- 315,000 La Quinta Redevel. Agency Tax Allocation 5.200 09/01/2028 09/01/2007 A 321,533 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 La Verne COP (Bethren Hillcrest Homes) 5.600 02/15/2033 02/15/2013 A 5,223,900 - ---------------------------------------------------------------------------------------------------------------------------- 595,000 Lake Elsinore Public Financing Authority, Series F 7.100 09/01/2020 09/01/2007 A 608,203 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Lake Elsinore School Financing Authority 6.000 09/01/2011 09/01/2007 A 60,683 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Lake Elsinore Special Tax 5.100 09/01/2022 09/01/2017 A 501,345 - ---------------------------------------------------------------------------------------------------------------------------- 1,135,000 Lake Elsinore Unified School District 5.300 09/01/2026 09/01/2007 A 1,158,415 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Lammersville School District Community Facilities District (Mountain House) 6.300 09/01/2024 09/01/2012 A 53,363 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Lancaster Community Facilities District Special Tax 6.000 10/01/2016 10/01/2008 A 61,618 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Lancaster Redevel. Agency (Desert Sands Mobile Home Park) 6.375 11/01/2027 11/01/2009 A 20,185 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Lathrop Financing Authority (Water Supply) 5.700 06/01/2019 06/01/2013 A 120,090 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Lathrop Financing Authority (Water Supply) 5.750 06/01/2020 06/01/2013 A 15,635 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Lathrop Financing Authority (Water Supply) 5.900 06/01/2023 06/01/2013 A 52,185 - ---------------------------------------------------------------------------------------------------------------------------- 1,440,000 Lathrop Financing Authority (Water Supply) 5.900 06/01/2027 06/01/2013 A 1,494,072 - ---------------------------------------------------------------------------------------------------------------------------- 1,075,000 Lathrop Financing Authority (Water Supply) 6.000 06/01/2035 06/01/2013 A 1,123,472 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Lathrop Improvement Bond Act 1915 6.000 09/02/2021 03/02/2008 A 10,305 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Lathrop Improvement Bond Act 1915 (Louise Avenue) 6.875 09/02/2017 09/01/2007 A 15,473 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 6.000 09/02/2023 03/02/2008 A 10,305 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Lathrop Improvement Bond Act 1915 (Mossdale Village) 6.125 09/02/2028 09/02/2007 A 61,868 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 Lincoln Improvement Bond Act 1915 Public Financing Authority (Twelve Bridges) 6.200 09/02/2025 09/02/2009 A 156,249 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Lincoln Public Financing Authority (Public Safety & Corp. Yard) 5.000 08/01/2028 08/01/2007 A 10,044
39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 Lincoln Public Financing Authority (Twelve Bridges) 6.125% 09/02/2027 09/02/2010 A $ 25,985 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Livermore Capital Projects Financing Authority 5.650 09/02/2016 09/02/2007 A 25,511 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Livermore Community Facilities District Special Tax (Tri Valley Tech Park) 5.750 09/01/2012 09/01/2010 A 15,436 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Livermore Community Facilities District Special Tax (Tri Valley Tech Park) 6.400 09/01/2026 09/01/2010 A 51,652 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Livermore Community Facilities District Special Tax (Tri Valley Tech Park) 6.400 09/01/2030 09/01/2008 A 15,495 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Loma Linda Collateralized Loan (Redlands) 7.375 06/01/2009 12/01/2007 A 10,274 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Loma Linda Collateralized Loan (Redlands) 7.375 06/01/2009 12/01/2007 A 10,124 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Long Beach Airport COP 5.000 06/01/2016 12/01/2007 A 50,053 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Long Beach Finance Authority (Civic Center) 5.000 10/01/2027 10/01/2009 A 50,901 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Long Beach Special Tax (Pike) 6.250 10/01/2026 10/01/2012 A 26,342 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Long Beach Special Tax (Pine Avenue) 6.375 09/01/2023 09/01/2009 A 36,253 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 Long Beach Special Tax (Towne Center) 5.900 10/01/2010 10/01/2007 A 151,772 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Long Beach Special Tax (Towne Center) 6.800 10/01/2020 10/01/2007 A 50,697 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Long Beach Special Tax (Towne Center) 6.875 10/01/2025 10/01/2007 A 20,264 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Long Beach Unified School District 5.250 08/01/2029 08/01/2007 A 25,566 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Long Beach Unified School District 5.300 08/01/2018 08/01/2007 A 20,223 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Long Beach Unified School District 5.500 08/01/2029 08/01/2007 A 50,562 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Los Angeles Community Facilities District Special Tax (Cascade Business Park) 6.400 09/01/2022 09/01/2007 A 102,101 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Los Angeles Community Redevel. Agency (Cinerama Dome Public Parking) 5.700 07/01/2020 07/01/2010 A 25,868 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Los Angeles Community Redevel. Agency (Grand Central Square) 5.200 12/01/2017 12/01/2007 A 50,036 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Los Angeles Community Redevel. Agency (Grand Central Square) 5.200 12/01/2018 11/01/2007 A 50,036 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 Los Angeles Community Redevel. Agency (Grand Central Square) 5.200 12/01/2019 11/01/2007 A 120,085 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Los Angeles Community Redevel. Agency (Grand Central Square) 5.250 12/01/2020 05/01/2008 A 35,027 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles County Community Facilities District No. 4 Special Tax 7.750 09/01/2017 09/01/2007 A 10,147 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles County COP (Antelope Valley Courthouse) 5.250 11/01/2027 11/01/2010 A 10,459 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Los Angeles County COP (Insured Health Clinic) 5.800 12/01/2023 12/01/2007 A 90,376 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles County Metropolitan Transportation Authority 5.000 07/01/2015 07/01/2009 A 10,329
40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 Los Angeles County Metropolitan Transportation Authority 5.000% 07/01/2023 07/01/2009 A $ 25,612 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Los Angeles County Metropolitan Transportation Authority 5.000 07/01/2023 07/01/2008 A 5,086 - ---------------------------------------------------------------------------------------------------------------------------- 140,000 Los Angeles Dept. of Airports (Los Angeles International Airport) 5.500 05/15/2009 11/15/2007 A 140,164 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Dept. of Airports (Los Angeles International Airport) 5.500 05/15/2015 11/15/2007 A 10,011 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Los Angeles Dept. of Airports (Los Angeles International Airport) 5.625 05/15/2012 11/15/2007 A 20,025 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Los Angeles Dept. of Airports (Los Angeles International Airport) 5.625 05/15/2013 11/15/2007 A 45,057 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Los Angeles Dept. of Water & Power 4.750 08/15/2017 08/15/2007 A 15,011 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Dept. of Water & Power 4.750 10/15/2020 10/15/2007 A 10,007 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Los Angeles Dept. of Water & Power 5.000 07/01/2024 07/01/2009 A 5,082 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Los Angeles Hsg. (Arminta North & South) 7.700 06/20/2028 12/20/2007 A 15,451 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Los Angeles Hsg. (Multifamily) 5.750 01/01/2024 01/01/2008 A 5,023 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Los Angeles Hsg. (Multifamily) 5.900 01/01/2030 07/01/2009 A 40,637 - ---------------------------------------------------------------------------------------------------------------------------- 1,200,000 Los Angeles Hsg. (Park Plaza) 5.500 01/20/2043 07/20/2013 A 1,237,788 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Los Angeles Mtg. (Section 8) 5.350 07/01/2022 01/01/2008 A 60,033 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Los Angeles Mtg. (Section 8) 6.500 07/01/2022 09/04/2007 A 25,226 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Los Angeles Regional Airports Improvement Corp. (Laxfuel Corp.) 5.250 01/01/2023 01/01/2012 A 102,567 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Los Angeles Single Family Mtg. (GNMA & FNMA Mtg. Backed), Series A 6.875 06/01/2025 12/01/2007 A 10,233 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Los Banos Sewer System COP 5.000 12/01/2019 12/01/2007 A 50,175 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 M-S-R Public Power Agency (San Juan) 5.375 07/01/2014 01/01/2008 A 101,124 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 M-S-R Public Power Agency (San Juan) 6.000 07/01/2022 01/01/2008 A 38,398 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Madera County COP (Valley Children's Hospital) 5.000 03/15/2023 03/15/2008 A 25,386 - ---------------------------------------------------------------------------------------------------------------------------- 275,000 Madera County COP (Valley Children's Hospital) 2 5.750 03/15/2028 09/15/2007 A 275,578 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Mammoth Lakes Community Facilities District (North Village Area) 5.750 10/01/2033 10/01/2007 A 51,498 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Martinez Mtg. (Ridgecrest Apartments) 5.625 07/01/2025 01/01/2008 A 10,007 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Menifee Union School District Special Tax 6.050 09/01/2026 09/01/2012 A 26,074 - ---------------------------------------------------------------------------------------------------------------------------- 125,000 Mill Valley COP (The Redwoods) 5.750 12/01/2020 12/01/2007 A 127,694 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Milpitas Improvement Bond Act 1915 5.700 09/02/2018 09/02/2007 A 10,305 - ---------------------------------------------------------------------------------------------------------------------------- 415,000 Modesto Irrigation District COP 2 5.300 07/01/2022 01/01/2008 A 415,457 - ---------------------------------------------------------------------------------------------------------------------------- 375,000 Modesto Irrigation District COP 2 5.300 07/01/2022 01/01/2008 A 375,221 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Monrovia Redevel. Agency Public Parking Facilities 5.200 04/01/2013 10/01/2007 A 30,034
41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 10,000 Montclair Redevel. Agency Mobile Home Park (Augusta Homes Villa Del Arroyo) 6.100% 11/15/2037 11/15/2014 A $ 10,342 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Montclair Redevel. Agency Mobile Home Park (Hacienda Mobile Home Park) 6.000 11/15/2029 11/15/2014 A 25,869 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Montclair Redevel. Agency Mobile Home Park (Villa Mobile Home Park) 6.100 06/15/2029 06/15/2009 A 20,786 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Montclair Redevel. Agency Tax Allocation (Redevel. Project Area III) 5.500 12/01/2027 12/01/2007 A 117,271 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Montebello Community Redevel. Agency (South Montebello) 5.500 09/01/2022 09/01/2011 A 10,121 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Monterey County Hsg. Authority (Parkside Manor Apartments) 6.000 01/01/2029 10/01/2010 B 5,005 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.500 03/01/2010 03/01/2008 A 10,086 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.500 03/01/2011 03/01/2008 A 15,166 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.600 03/01/2012 03/01/2008 A 65,884 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.600 03/01/2013 03/01/2008 A 50,804 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.700 03/01/2015 03/01/2008 A 66,367 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Monterey Joint Powers Financing Authority (Materials Recovery Facilities) 5.700 03/01/2016 03/01/2008 A 20,469 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Moorpark Mobile Home Park (Augusta Homes Villa Del Arroyo) 7.000 05/15/2020 06/26/2008 A 9,999 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Moorpark Mobile Home Park (Villa Del Arroyo) 6.300 05/15/2030 05/15/2010 A 74,184 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 Moorpark Mobile Home Park (Villa Del Arroyo) 7.050 05/15/2035 12/26/2007 A 110,040 - ---------------------------------------------------------------------------------------------------------------------------- 130,000 Moorpark Special Tax Community Facilities District No. 97-1 6.700 09/01/2027 09/01/2007 A 132,811 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Moreno Valley Special Tax (Towngate Community Facilities) 6.125 12/01/2021 12/01/2007 A 55,437 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Morgan Hill Improvement Bond Act 1915 5.600 09/02/2011 09/02/2007 A 15,009 - ---------------------------------------------------------------------------------------------------------------------------- 125,000 Morgan Hill Improvement Bond Act 1915 5.600 09/02/2018 09/02/2007 A 125,075 - ---------------------------------------------------------------------------------------------------------------------------- 140,000 Morgan Hill Improvement Bond Act 1915 5.650 09/02/2023 09/02/2007 A 140,035 - ---------------------------------------------------------------------------------------------------------------------------- 350,000 Mountain View Shoreline Regional Park Community 5.500 08/01/2013 08/01/2007 A 353,969 - ---------------------------------------------------------------------------------------------------------------------------- 135,000 Mountain View Shoreline Regional Park Community 5.500 08/01/2021 08/01/2007 A 136,516 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Murrieta Community Facilities District Special Tax (Blackmore Ranch) 6.100 09/01/2034 09/01/2011 A 10,531
42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 20,000 Murrieta Community Facilities District Special Tax (Bluestone) 6.300% 09/01/2031 09/01/2013 A $ 21,259 - ---------------------------------------------------------------------------------------------------------------------------- 700,000 Murrieta Community Facilities District Special Tax (Bremerton) 5.625 09/01/2034 09/01/2009 A 726,831 - ---------------------------------------------------------------------------------------------------------------------------- 105,000 Murrieta Community Facilities District Special Tax (Murrieta Springs) 5.500 09/01/2034 09/01/2011 A 106,507 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Murrieta Improvement Bond Act 1915 6.375 09/01/2031 09/01/2011 A 58,627 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Murrieta Water Public Financing Authority 5.700 10/01/2021 10/01/2007 A 50,658 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Needles Public Utility Authority 6.350 02/01/2012 02/01/2009 A 10,214 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 Needles Public Utility Authority 6.650 02/01/2032 02/01/2009 A 163,414 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Northern CA Power Agency (Hydroelectric) 5.000 07/01/2018 07/01/2008 A 15,275 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 Northern CA Power Agency (Hydroelectric) 5.125 07/01/2023 07/01/2008 A 76,422 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Northern CA Power Agency (Hydroelectric) 5.200 07/01/2032 07/01/2008 A 15,300 - ---------------------------------------------------------------------------------------------------------------------------- 2,310,000 Northern CA Tobacco Securitization Authority (TASC) 0.000 5 06/01/2027 06/12/2016 B 2,245,297 - ---------------------------------------------------------------------------------------------------------------------------- 2,840,000 Northern CA Tobacco Securitization Authority (TASC) 4.750 06/01/2023 07/18/2011 B 2,773,402 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Novato GO 5.000 08/01/2012 08/01/2007 A 35,195 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Oakdale Public Financing Authority Tax Allocation (Central City Redevel.) 5.900 06/01/2014 12/01/2007 A 30,642 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Oakdale Public Financing Authority Tax Allocation (Central City Redevel.) 6.100 06/01/2027 12/01/2007 A 50,832 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 Oakland Unified School District 5.000 08/01/2013 08/01/2007 A 250,263 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Oakland Unified School District 5.000 08/01/2018 08/01/2008 A 5,098 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Oakland Unified School District 5.125 08/01/2016 08/01/2007 A 30,035 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Oakland Unified School District 5.250 08/01/2021 08/01/2007 A 85,946 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Olivenhain Municipal Water District Bond Act 1915 5.450 09/02/2027 09/02/2009 A 51,059 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Ontario Improvement Bond Act 1915 6.800 09/02/2013 09/02/2007 A 25,289 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Orange County Community Facilities District (Ladera Ranch) 5.550 08/15/2033 08/15/2012 A 25,953 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Orange County Improvement Bond Act 1915 5.500 09/02/2016 03/02/2008 A 15,068 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Orange County Improvement Bond Act 1915 (Irvine Coast Assessment) 5.375 09/02/2012 03/02/2008 A 10,044 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Orange County Improvement Bond Act 1915 (Irvine Coast Assessment) 5.500 09/02/2018 03/02/2008 A 115,445 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Orange County Improvement Bond Act 1915 (Irvine Coast Assessment) 5.850 09/02/2013 09/02/2007 A 20,518 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Oroville Hospital 5.400 12/01/2022 12/01/2007 A 55,166 - ---------------------------------------------------------------------------------------------------------------------------- 1,415,000 Oxnard Harbor District 5.550 08/01/2013 08/01/2007 A 1,443,526 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Oxnard Improvement Bond Act 1915 5.625 09/02/2027 09/02/2007 A 25,575 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Oxnard Improvement Bond Act 1915 (Rice Avenue) 5.700 09/02/2032 09/02/2007 A 51,397
43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 40,000 Oxnard School District COP 5.550% 08/01/2021 08/01/2007 A $ 40,183 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Oxnard School District, Series A 5.250 08/01/2027 08/01/2007 A 20,128 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Oxnard Special Tax Community Facilities District No. 1 6.000 09/01/2027 09/01/2009 A 10,311 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Padre Dam Municipal Water District COP 5.500 10/01/2016 10/01/2007 A 25,318 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Palm Desert Financing Authority 5.200 10/01/2028 10/01/2007 A 25,538 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Palm Desert Financing Authority 5.900 10/01/2015 10/01/2007 A 20,432 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Palm Desert Financing Authority 6.000 10/01/2020 10/01/2009 A 61,300 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Palm Springs COP 5.500 04/01/2013 04/01/2008 A 25,569 - ---------------------------------------------------------------------------------------------------------------------------- 125,000 Palmdale Community Facilities District Special Tax 5.400 09/01/2035 09/01/2016 A 127,556 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Palmdale Community Redevel. Agency 5.750 08/01/2009 08/01/2007 A 100,092 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Palo Alto Improvement Bond Act 1915 (University Ave. Area) 5.100 09/02/2024 09/02/2007 A 102,088 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Palo Alto Improvement Bond Act 1915 (University Ave. Area) 5.125 09/02/2025 09/02/2007 A 102,082 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Palo Alto Improvement Bond Act 1915 (University Ave. Area) 5.700 09/02/2018 09/02/2007 A 45,941 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Paramount Multifamily Hsg. (Prince Twin Towers Property) 5.700 02/20/2033 08/20/2009 A 25,251 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Pasadena Public Financing Authority (Orange Grove & Villa Parke) 5.250 06/01/2008 12/01/2007 A 50,118 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Pasadena Public Financing Authority (Orange Grove & Villa Parke) 5.450 06/01/2012 12/01/2007 A 25,062 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Peninsula Corridor Joint Powers Board 5.375 10/01/2014 10/01/2007 A 25,068 - ---------------------------------------------------------------------------------------------------------------------------- 275,000 Perris Community Facilities District Special Tax 6.375 09/01/2032 09/01/2013 A 295,732 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Perris Public Financing Authority 5.750 09/01/2024 09/01/2016 A 37,040 - ---------------------------------------------------------------------------------------------------------------------------- 155,000 Perris Public Financing Authority 7.875 09/01/2025 09/01/2007 A 155,460 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Perris Public Financing Authority, Series A 6.125 09/01/2034 09/01/2014 A 21,584 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Perris Public Financing Authority, Series F 5.750 09/01/2016 09/01/2007 A 15,324 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Petaluma Improvement Bond Act 1915 6.000 09/02/2020 03/02/2008 A 10,142 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Pittsburg Improvement Bond Act 1915 6.300 09/02/2025 09/02/2008 A 60,053 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Pittsburg Improvement Bond Act 1915 6.350 09/02/2031 09/02/2008 A 10,009 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Pittsburg Improvement Bond Act 1915 (San Marco Phase I) 6.350 09/02/2031 09/02/2011 A 21,061 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Pittsburg Infrastructure Financing Authority 5.850 09/02/2015 09/02/2010 A 51,033 - ---------------------------------------------------------------------------------------------------------------------------- 130,000 Pittsburg Infrastructure Financing Authority, Series B 6.000 09/02/2024 09/02/2010 A 132,166 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Placentia Public Financing Authority 5.450 09/01/2015 09/01/2007 A 20,376 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Placer County Community Facilities District 6.500 09/01/2026 09/01/2010 A 10,585
44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 5,000 Placer County Community Facilities District Special Tax No. 2001-1 (Dry Creek) 6.300% 09/01/2019 09/01/2010 A $ 5,294 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Pleasant Hill Special Tax Downtown Community Facilities District No. 1 5.875 09/01/2025 09/01/2012 A 10,135 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Pomona Unified School District 5.100 08/01/2028 08/01/2008 A 50,501 - ---------------------------------------------------------------------------------------------------------------------------- 195,000 Port of Oakland, Series G 5.375 11/01/2025 11/01/2007 A 199,366 - ---------------------------------------------------------------------------------------------------------------------------- 5,275,000 Port of Oakland, Series G 5.500 11/01/2017 11/01/2007 A 5,402,128 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Port of Oakland, Series H 5.500 11/01/2015 11/01/2007 A 40,948 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Port of Oakland, Series I 5.400 11/01/2017 11/01/2007 A 40,961 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Port of Oakland, Series J 5.500 11/01/2026 11/01/2007 A 66,529 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Port of Oakland, Series N 5.000 11/01/2022 11/01/2012 A 10,221 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Port Redwood City GO 5.400 06/01/2019 06/01/2011 A 102,472 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 Poway Hsg. (Poinsetta Mobile Home Park) 5.000 05/01/2023 05/01/2015 A 252,863 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Poway Unified School District Special Tax Community Facilities District No. 10 5.750 09/01/2032 09/01/2009 A 30,371 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Poway Unified School District Special Tax Community Facilities District No. 10 5.950 09/01/2018 09/01/2009 A 25,797 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Poway Unified School District Special Tax Community Facilities District No. 10 6.100 09/01/2031 09/01/2008 A 35,992 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 Poway Unified School District Special Tax Community Facilities District No. 6 5.600 09/01/2033 09/01/2011 A 203,362 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 R.E. Badger Water Facilities Financing Authority 5.750 10/01/2024 10/01/2007 A 25,328 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Rancho Cucamonga Public Finance Authority 6.000 09/02/2020 09/02/2011 A 10,363 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Rancho Mirage Improvement Bond Act 1915 5.500 09/02/2024 09/02/2007 20,005 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Rancho Mirage Improvement Bond Act 1915 5.750 09/02/2022 09/02/2007 A 30,802 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Rancho Mirage Joint Powers Financing Authority (Eisenhower Medical Center) 5.250 07/01/2017 07/01/2008 A 102,107 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Rancho Mirage Joint Powers Financing Authority (Eisenhower Medical Center) 5.375 07/01/2022 01/01/2008 A 86,794 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Rancho Santa Fe Community Services District Special Tax 6.600 09/01/2020 09/01/2010 A 36,734 - ---------------------------------------------------------------------------------------------------------------------------- 440,000 Rancho Santa Fe Community Services District Special Tax 6.700 09/01/2030 09/01/2010 A 460,812 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 Redding Joint Powers Financing Authority Electric System 5.250 06/01/2015 12/01/2007 A 202,244 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Redlands Community Facilities District 5.850 09/01/2033 09/01/2012 A 10,426 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Redwood City Special Tax 5.750 09/01/2027 09/01/2011 A 102,198 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Reedley COP (Sierra View Homes) 5.850 03/01/2021 03/01/2008 A 50,556 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Rialto Special Tax Community Facilities District No. 2006-1 5.000 09/01/2016 09/01/2016 50,672 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Rialto Special Tax Community Facilities District No. 2006-1 5.050 09/01/2017 09/01/2016 A 25,387
45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 65,000 Rialto Special Tax Community Facilities District No. 2006-1 5.125% 09/01/2018 09/01/2016 A $ 66,059 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Rialto Special Tax Community Facilities District No. 2006-1 5.200 09/01/2019 09/01/2016 A 101,917 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Rialto Special Tax Community Facilities District No. 2006-1 5.250 09/01/2020 09/01/2016 A 101,986 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Rialto Special Tax Community Facilities District No. 2006-1 5.250 09/01/2021 09/01/2016 A 50,738 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 Richmond Joint Powers Financing Authority 3 6.600 09/01/2016 09/01/2008 A 122,597 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 River Highlands Community Services District 7.750 09/02/2020 09/02/2007 A 85,184 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 River Highlands Community Services District 8.125 09/02/2020 09/02/2007 A 20,049 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 River Islands Public Financing Authority 6.000 09/01/2027 09/01/2010 A 81,581 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 River Islands Public Financing Authority 6.150 09/01/2035 09/01/2008 C 102,164 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 Riverside County Community Facilities District Special Tax 5.000 09/01/2012 09/01/2012 250,045 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Riverside County Community Facilities District Special Tax 6.000 09/01/2030 09/01/2014 A 15,459 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 Riverside County Community Facilities District Special Tax No. 87-1 5.100 09/01/2013 09/01/2013 150,374 - ---------------------------------------------------------------------------------------------------------------------------- 215,000 Riverside County Community Facilities District Special Tax No. 87-1 5.150 09/01/2014 09/01/2014 216,017 - ---------------------------------------------------------------------------------------------------------------------------- 385,000 Riverside County Community Facilities District Special Tax No. 87-1 5.200 09/01/2015 09/01/2015 388,042 - ---------------------------------------------------------------------------------------------------------------------------- 225,000 Riverside County Community Facilities District Special Tax No. 87-1 5.250 09/01/2016 09/01/2016 228,155 - ---------------------------------------------------------------------------------------------------------------------------- 1,255,000 Riverside County Community Facilities District Special Tax No. 87-1 5.500 09/01/2020 09/01/2016 A 1,266,094 - ---------------------------------------------------------------------------------------------------------------------------- 335,000 Riverside County Community Facilities District Special Tax No. 88-8 4.950 09/01/2008 09/01/2008 334,652 - ---------------------------------------------------------------------------------------------------------------------------- 370,000 Riverside County Community Facilities District Special Tax No. 88-8 5.150 09/01/2010 09/01/2010 369,430 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 Riverside County Community Facilities District Special Tax No. 88-8 5.300 09/01/2011 09/01/2011 199,808 - ---------------------------------------------------------------------------------------------------------------------------- 210,000 Riverside County Community Facilities District Special Tax No. 88-8 5.350 09/01/2012 09/01/2012 209,943 - ---------------------------------------------------------------------------------------------------------------------------- 430,000 Riverside County Community Facilities District Special Tax No. 88-8 5.400 09/01/2013 09/01/2013 431,858 - ---------------------------------------------------------------------------------------------------------------------------- 450,000 Riverside County Community Facilities District Special Tax No. 88-8 5.450 09/01/2014 09/01/2014 452,732 - ---------------------------------------------------------------------------------------------------------------------------- 475,000 Riverside County Community Facilities District Special Tax No. 88-8 5.500 09/01/2015 09/01/2015 479,446 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Riverside County COP 5.125 11/01/2021 11/01/2007 A 50,635 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Riverside County Public Financing Authority (Menifee Village) 7.150 09/01/2011 09/01/2007 A 115,220
46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 505,000 Riverside County Public Financing Authority COP 5.750% 05/15/2019 05/15/2009 A $ 516,635 - ---------------------------------------------------------------------------------------------------------------------------- 635,000 Riverside County Public Financing Authority Improvement Bond Act 1915 (Rancho Village) 6.250 09/02/2013 06/18/2009 B 659,581 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 Riverside Improvement Bond Act 1915 (Riverwalk Business) 6.250 09/02/2029 09/02/2013 A 213,776 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Riverside Improvement Bond Act 1915 (Sycamore Canyon Assessment District) 8.500 09/02/2012 09/02/2007 A 15,045 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Riverside Multifamily Hsg. (Olive Grove) 5.750 09/01/2025 12/01/2007 A 20,016 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Riverside Unified School District 5.000 02/01/2027 02/01/2013 A 10,340 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Riverside Unified School District 5.350 09/01/2024 09/01/2014 A 100,492 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Riverside Unified School District 5.450 09/01/2025 09/01/2014 A 92,468 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Riverside Unified School District 5.500 09/01/2034 09/01/2014 A 102,015 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 Riverside Unified School District 5.700 09/01/2034 09/01/2014 A 82,422 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Riverside Unified School District 6.000 09/01/2029 09/01/2011 A 10,318 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Rocklin Redevel. Agency Tax Allocation (Rocklin Redevel.) 5.500 09/01/2031 09/01/2011 A 20,542 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Rocklin Unified School District Community Facilities District Special Tax No. 1 5.400 09/01/2012 09/01/2007 A 10,172 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 Rocklin Unified School District Community Facilities District Special Tax No. 1 5.750 09/01/2018 09/01/2007 A 153,083 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Romoland School District Special Tax 6.000 09/01/2033 09/01/2007 A 25,534 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Romoland School District Special Tax 6.375 09/01/2033 09/01/2007 A 51,068 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Romoland School District Special Tax 6.375 09/01/2033 09/01/2007 A 51,066 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Roseville Special Tax (North Central Community District) 5.800 09/01/2017 09/01/2011 A 46,556 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Roseville Special Tax (Stoneridge) 6.000 09/01/2020 09/01/2013 A 21,863 - ---------------------------------------------------------------------------------------------------------------------------- 215,000 Roseville Water Utilities COP 5.200 12/01/2018 12/01/2007 A 218,057 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Sacramento City Financing Authority (Convention Center Hotel) 6.250 01/01/2030 07/01/2011 A 101,216 - ---------------------------------------------------------------------------------------------------------------------------- 365,000 Sacramento Cogeneration Authority 5.200 07/01/2021 01/01/2008 A 365,358 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Sacramento County Airport System 5.750 07/01/2024 01/01/2008 A 40,062 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 Sacramento County Airport System, Series B 5.000 07/01/2026 07/01/2008 A 5,086,950 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Sacramento County Airport System, Series B 5.750 07/01/2024 01/01/2008 A 30,045 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Sacramento County COP 5.375 02/01/2019 08/01/2007 A 25,530 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Sacramento County Sanitation District Financing Authority 5.600 12/01/2017 12/01/2007 A 20,030 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Sacramento Improvement Bond Act 1915 (Citywide Landscaping & Lighting) 5.500 09/02/2016 09/02/2007 A 10,195 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Sacramento Municipal Utility District 5.125 07/01/2022 07/01/2008 A 30,593 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Sacramento Municipal Utility District 5.750 11/15/2009 11/15/2007 A 56,671 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Sacramento Municipal Utility District 8.000 11/15/2010 11/15/2007 A 20,506
47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 70,000 Sacramento Special Tax 5.700% 12/01/2020 12/01/2009 A $ 71,356 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Sacramento Special Tax (North Natomas Community Facilities) 6.300 09/01/2026 03/01/2010 A 31,233 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 Saddleback Community College District 5.500 06/01/2021 12/01/2007 A 116,296 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Saddleback Valley Unified School District 7.200 12/01/2011 12/01/2007 A 10,080 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Salida Public Facilities Financing Agency 5.250 09/01/2028 09/01/2007 A 86,777 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Salinas Improvement Bond Act 1915 5.450 09/02/2013 09/02/2007 A 102,347 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Salinas Improvement Bond Act 1915 (Bella Vista) 5.500 09/02/2013 09/02/2007 A 51,519 - ---------------------------------------------------------------------------------------------------------------------------- 220,000 Salinas Redevel. Agency Tax Allocation (Central City Revitalization) 5.500 11/01/2023 11/01/2008 A 223,938 - ---------------------------------------------------------------------------------------------------------------------------- 350,000 San Bernardino County (Single Family Mtg.) 5.376 1 05/01/2031 05/01/2031 91,382 - ---------------------------------------------------------------------------------------------------------------------------- 885,000 San Bernardino County COP (Medical Center Financing) 5.000 08/01/2026 08/01/2007 A 885,062 - ---------------------------------------------------------------------------------------------------------------------------- 625,000 San Bernardino County COP (Medical Center Financing) 5.000 08/01/2028 08/01/2007 A 631,769 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 San Bernardino County COP (Medical Center Financing) 5.250 08/01/2016 08/01/2007 A 101,108 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 San Bernardino County COP (Medical Center Financing) 5.500 08/01/2019 08/01/2007 A 65,055 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 San Bernardino County COP (Medical Center Financing) 5.500 08/01/2022 02/01/2008 A 20,026 - ---------------------------------------------------------------------------------------------------------------------------- 285,000 San Bernardino County COP (Medical Center Financing) 5.500 08/01/2024 08/01/2007 A 285,237 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 San Bernardino County Hsg. Authority (Glen Aire Mobile Home Park) 6.700 12/20/2041 11/20/2011 A 66,268 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 San Bernardino Joint Powers Financing Authority (California Dept. of Transportation Lease) 5.500 12/01/2020 12/01/2007 A 110,270 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Bernardino Joint Powers Financing Authority (California Dept. of Transportation Lease) 5.500 12/01/2020 12/01/2007 A 25,146 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 San Bernardino Joint Powers Financing Authority (City Hall) 5.600 01/01/2015 01/01/2008 A 76,611 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 San Bernardino Joint Powers Financing Authority (Tax Allocation) 6.625 04/01/2026 04/01/2012 A 162,227 - ---------------------------------------------------------------------------------------------------------------------------- 685,000 San Bernardino Mountains Community Hospital District COP 3 5.000 02/01/2017 03/07/2015 C 686,281 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 San Bernardino Redevel. Agency (Ramona Senior Complex) 7.875 07/01/2025 01/01/2008 A 15,051 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 San Buenaventura Public Facilities Financing Authority 5.750 06/01/2014 12/01/2007 A 40,272 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 San Clemente Improvement Bond Act 1915 6.050 09/02/2028 09/02/2007 A 60,710 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 San Clemente Improvement Bond Act 1915 6.050 09/02/2028 09/02/2007 A 101,183
48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 50,000 San Diego COP (Balboa & Mission Bay Parks) 5.500% 11/01/2009 11/01/2007 A $ 50,180 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Diego COP (Balboa & Mission Bay Parks) 5.600 11/01/2010 11/01/2007 A 25,028 - ---------------------------------------------------------------------------------------------------------------------------- 320,000 San Diego COP (Balboa & Mission Bay Parks) 5.600 11/01/2010 11/01/2007 A 321,229 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 San Diego COP (Balboa & Mission Bay Parks) 5.800 11/01/2016 11/01/2007 A 35,035 - ---------------------------------------------------------------------------------------------------------------------------- 105,000 San Diego COP (Balboa & Mission Bay Parks) 6.000 11/01/2019 11/01/2007 A 105,118 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Diego COP (Balboa & Mission Bay Parks) 6.000 11/01/2020 11/01/2007 A 25,028 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Diego County COP (Central Jail) 5.000 10/01/2025 10/01/2007 A 25,481 - ---------------------------------------------------------------------------------------------------------------------------- 95,000 San Diego County COP (San Diego Hospital Assoc./Sharp Memorial Hospital Obligated Group) 5.000 08/15/2018 08/15/2010 A 97,595 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 San Diego County COP (San Diego Hospital Assoc./Sharp Memorial Hospital Obligated Group) 5.000 08/15/2028 08/15/2010 A 71,481 - ---------------------------------------------------------------------------------------------------------------------------- 130,000 San Diego Mtg. (Mariners Cove) 5.800 09/01/2015 09/01/2007 A 130,159 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 San Diego Public Facilities Financing Authority 5.000 05/15/2015 11/15/2007 A 65,068 - ---------------------------------------------------------------------------------------------------------------------------- 1,015,000 San Diego Public Facilities Financing Authority 5.000 05/15/2020 11/15/2007 A 1,015,883 - ---------------------------------------------------------------------------------------------------------------------------- 1,210,000 San Diego Public Facilities Financing Authority 5.000 05/15/2025 11/15/2007 A 1,210,992 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 San Diego Public Facilities Financing Authority 5.200 05/15/2013 11/15/2007 A 200,242 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 San Diego Public Facilities Financing Authority 5.250 05/15/2020 11/15/2007 A 90,050 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Diego Public Facilities Financing Authority 5.250 05/15/2022 11/15/2007 A 25,277 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Diego Public Facilities Financing Authority 5.250 05/15/2022 11/15/2007 A 25,277 - ---------------------------------------------------------------------------------------------------------------------------- 365,000 San Diego Public Facilities Financing Authority 5.250 05/15/2027 11/15/2007 A 368,993 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 San Diego Public Facilities Financing Authority 5.250 05/15/2027 11/15/2007 A 70,766 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 San Diego Redevel. Agency (Central Imperial) 6.600 10/01/2030 10/01/2010 A 10,660 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 San Diego Sewer 5.000 05/15/2023 11/15/2007 A 200,164 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 San Diego Sewer, Series A 5.000 05/15/2013 11/15/2007 A 120,116 - ---------------------------------------------------------------------------------------------------------------------------- 655,000 San Diego Sewer, Series A 5.250 05/15/2020 11/15/2007 A 657,129 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 San Diego Sewer, Series A 5.250 05/15/2020 11/15/2007 A 35,041 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 San Francisco Bay Area Rapid Transit District 5.000 07/01/2028 07/01/2008 A 117,000 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 San Francisco City & County Airports Commission 4.800 05/01/2014 01/01/2010 A 40,612 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 San Francisco City & County Airports Commission 4.900 05/01/2016 01/01/2010 A 30,461 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 San Francisco City & County Airports Commission 5.000 05/01/2017 05/01/2009 A 56,159 - ---------------------------------------------------------------------------------------------------------------------------- 270,000 San Francisco City & County Airports Commission 5.000 05/01/2019 05/01/2008 A 273,758 - ---------------------------------------------------------------------------------------------------------------------------- 575,000 San Francisco City & County Airports Commission 5.000 05/01/2019 01/01/2010 A 582,676 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 San Francisco City & County Airports Commission 5.000 05/01/2021 01/01/2010 A 70,823 - ---------------------------------------------------------------------------------------------------------------------------- 275,000 San Francisco City & County Airports Commission 5.000 05/01/2022 01/01/2010 A 277,978
49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 260,000 San Francisco City & County Airports Commission 5.000% 05/01/2022 05/01/2008 A $ 263,175 - ---------------------------------------------------------------------------------------------------------------------------- 130,000 San Francisco City & County Airports Commission 5.000 05/01/2023 05/01/2009 A 131,986 - ---------------------------------------------------------------------------------------------------------------------------- 278,000 San Francisco City & County Airports Commission 5.000 05/01/2025 01/01/2010 A 280,505 - ---------------------------------------------------------------------------------------------------------------------------- 230,000 San Francisco City & County Airports Commission 5.000 05/01/2028 01/01/2010 A 231,863 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 San Francisco City & County Airports Commission 5.000 05/01/2029 05/01/2008 A 151,292 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 San Francisco City & County Airports Commission 5.125 05/01/2021 05/01/2011 A 30,768 - ---------------------------------------------------------------------------------------------------------------------------- 185,000 San Francisco City & County Airports Commission 5.250 01/01/2026 01/01/2008 A 187,346 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 San Francisco City & County Airports Commission 5.500 05/01/2015 05/01/2008 A 86,698 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Francisco City & County Airports Commission 5.500 05/01/2016 05/01/2012 A 26,368 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 San Francisco City & County Airports Commission 5.500 05/01/2024 05/01/2010 A 36,447 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 San Francisco City & County Airports Commission (SFO Fuel Company) 5.000 01/01/2014 01/01/2008 A 10,134 - ---------------------------------------------------------------------------------------------------------------------------- 220,000 San Francisco City & County Airports Commission (SFO Fuel Company) 5.125 01/01/2017 01/01/2008 A 222,897 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 San Francisco City & County Airports Commission (SFO Fuel Company) 5.250 01/01/2021 01/01/2008 A 40,543 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 San Francisco City & County Airports Commission (SFO Fuel Company) 5.250 01/01/2027 01/01/2008 A 50,630 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Francisco City & County COP (2789 25th Street Property) 5.000 09/01/2013 09/01/2007 A 25,024 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 San Francisco City & County COP (77th Street Property) 5.300 09/01/2022 09/01/2007 A 20,421 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 San Francisco City & County COP (San Bruno Jail) 5.250 10/01/2026 10/01/2008 A 92,899 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 San Francisco City & County COP (San Bruno Jail) 5.250 10/01/2033 10/01/2008 A 2,065,060 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 San Francisco City & County Financing Corp. (Comb Emergency Communications) 5.300 04/01/2011 10/01/2007 A 70,085 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 San Francisco City & County Improvement Bond Act 1915 6.850 09/02/2026 09/02/2007 A 46,426 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Francisco City & County Parking Authority (Parking Meter) 5.000 06/01/2018 06/01/2009 A 25,474 - ---------------------------------------------------------------------------------------------------------------------------- 115,000 San Francisco City & County Redevel. Agency 6.750 07/01/2025 01/01/2008 A 116,592
50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 10,000 San Francisco City & County Redevel. Agency (FHA Insured-Section 8) 6.850% 07/01/2024 01/01/2008 A $ 10,325 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 San Francisco City & County Redevel. Agency (South Beach) 5.700 03/01/2029 09/01/2007 A 90,063 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 San Francisco City & County Redevel. Financing Authority 4.800 08/01/2016 08/01/2016 20,017 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 San Francisco City & County Redevel. Financing Authority 5.000 08/01/2018 08/01/2007 A 100,084 - ---------------------------------------------------------------------------------------------------------------------------- 125,000 San Francisco City & County Redevel. Financing Authority 5.000 08/01/2022 08/01/2016 A 125,094 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Joaquin County Community Facilities District Special Tax (Delta Farms) 6.125 09/01/2024 09/01/2007 A 25,763 - ---------------------------------------------------------------------------------------------------------------------------- 305,000 San Joaquin Hills Transportation Corridor Agency 5.375 01/15/2029 01/15/2008 A 310,694 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 San Jose Financing Authority (Golf Course) 5.400 08/15/2017 08/15/2007 A 30,372 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 San Jose Improvement Bond Act 1915 5.600 09/02/2016 09/02/2007 A 20,609 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 San Jose Improvement Bond Act 1915 5.700 09/02/2018 09/02/2007 A 25,762 - ---------------------------------------------------------------------------------------------------------------------------- 95,000 San Jose Improvement Bond Act 1915 5.750 09/02/2019 09/02/2007 A 97,900 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 San Jose Improvement Bond Act 1915 5.750 09/02/2020 09/02/2007 A 61,822 - ---------------------------------------------------------------------------------------------------------------------------- 225,000 San Jose Multifamily (Sixth & Martha Family Apartments) 5.875 03/01/2033 03/01/2010 A 230,531 - ---------------------------------------------------------------------------------------------------------------------------- 285,000 San Jose Multifamily Hsg. (Almaden Senior Hsg. Partners) 5.350 07/15/2034 09/14/2015 B 293,080 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 San Jose Multifamily Hsg. (El Parador Apartments) 6.100 01/01/2031 01/01/2013 A 31,277 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 San Jose Redevel. Agency 5.250 08/01/2029 08/01/2008 A 5,179 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 San Jose Redevel. Agency 5.500 08/01/2016 08/01/2007 A 10,214 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 San Jose Redevel. Agency 5.750 08/01/2017 08/01/2007 A 46,238 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 San Jose Unified School District COP 5.000 06/01/2016 06/01/2008 A 20,021 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 San Jose Unified School District COP 5.125 06/01/2022 12/01/2007 A 35,032 - ---------------------------------------------------------------------------------------------------------------------------- 190,000 San Leandro Community Facilities District No. 1 Special Tax 6.400 09/01/2019 09/01/2008 A 195,734 - ---------------------------------------------------------------------------------------------------------------------------- 1,045,000 San Marcos Special Tax 5.900 09/01/2028 03/01/2012 A 1,081,262 - ---------------------------------------------------------------------------------------------------------------------------- 1,665,000 San Marcos Special Tax 5.950 09/01/2035 03/01/2012 A 1,727,970 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 San Mateo Sewer 5.000 08/01/2028 08/01/2007 A 20,173 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Santa Barbara Redevel. Agency (Central City) 6.000 03/01/2008 03/01/2008 30,403 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Santa Clara County Financing Authority 5.000 11/15/2022 11/15/2007 A 71,451 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 Santa Clara County Hsg. Authority (Rivertown Apartments) 5.700 08/01/2021 02/01/2013 A 82,901 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Santa Clara Unified School District 5.000 08/01/2022 08/01/2007 A 25,238 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Santa Cruz County Hsg. Authority (Northgate Apartments) 5.350 07/20/2022 07/20/2011 A 51,001
51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 40,000 Santa Cruz County Redevel. Agency (Live Oak/Soquel Community) 5.500% 09/01/2014 09/01/2007 A $ 40,834 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Santa Margarita Water District Special Tax Community Facilities District No. 99-1 6.200 09/01/2020 09/01/2009 A 26,726 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Santa Margarita Water District Special Tax Community Facilities District No. 99-1 6.250 09/01/2029 09/01/2009 A 64,203 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Santa Maria COP 5.500 08/01/2021 08/01/2007 A 25,033 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Santa Nella County Water District 6.250 09/02/2028 09/02/2010 A 30,899 - ---------------------------------------------------------------------------------------------------------------------------- 175,000 Santa Rosa Improvement Bond Act 1915 (Fountaingrove Parkway) 5.700 09/02/2019 09/02/2007 A 180,320 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Santa Rosa Improvement Bond Act 1915 (Nielson Ranch) 6.700 09/02/2022 09/02/2007 A 20,419 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Santa Rosa Improvement Bond Act 1915 (Skyhawk) 5.750 09/02/2020 09/02/2007 A 40,818 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Santa Rosa Wastewater 5.000 09/01/2022 09/01/2007 A 15,090 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Santaluz Special Tax Community Facilities District No. 2 5.500 09/01/2030 09/01/2007 A 51,160 - ---------------------------------------------------------------------------------------------------------------------------- 965,000 Santaluz Special Tax Community Facilities District No. 2 6.375 09/01/2030 09/01/2007 A 965,917 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Scotts Valley Special Tax 5.200 09/01/2028 09/01/2007 A 15,014 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Sequoia Hospital District 5.375 08/15/2023 08/15/2007 A 15,258 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 Shafter Community Devel. Agency Tax Allocation 5.000 11/01/2013 11/01/2013 110,725 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.250 11/01/2017 11/01/2016 A 102,160 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.300 11/01/2018 11/01/2016 A 102,081 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.350 11/01/2019 11/01/2016 A 102,298 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Shafter Community Devel. Agency Tax Allocation 5.375 11/01/2020 11/01/2016 A 102,185 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Sierra View Local Health Care District 5.250 07/01/2018 07/01/2009 A 25,253 - ---------------------------------------------------------------------------------------------------------------------------- 125,000 Signal Hill Redevel. Agency 5.250 10/01/2023 10/01/2007 A 125,271 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 Solana Beach Community Facilities District 5.200 09/01/2009 09/01/2009 75,705 - ---------------------------------------------------------------------------------------------------------------------------- 80,000 Solana Beach Community Facilities District 5.300 09/01/2010 09/01/2010 80,686 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Southern CA Public Power Authority 5.000 07/01/2015 01/01/2008 A 1,001,020 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Southern CA Public Power Authority 5.500 07/01/2020 01/01/2008 A 15,015 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Southern CA Public Power Authority (Palo Verde) 5.000 07/01/2017 01/01/2008 A 30,031 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Stockton Community Facilities District 5.550 08/01/2014 08/01/2008 A 25,232 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Stockton Community Facilities District 6.750 08/01/2010 08/01/2007 A 25,280 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Stockton COP 5.200 09/01/2029 09/01/2008 A 20,584
52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 25,000 Stockton Health Facilities (Dameron Hospital Assoc.) 5.700% 12/01/2014 12/01/2007 A $ 25,600 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Stockton Improvement Bond Act 1915 5.800 09/02/2020 03/02/2010 A 30,534 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Stockton Public Financing Authority, Series B 6.350 09/02/2010 09/02/2007 A 57,232 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Stockton Public Financing Authority, Series B 6.700 09/02/2016 09/02/2007 A 31,241 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Susanville COP 3 5.750 05/01/2011 11/01/2007 A 50,786 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Susanville COP 3 6.000 05/01/2011 11/01/2007 A 86,354 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Susanville Public Financing Authority 5.500 09/01/2027 09/01/2014 A 63,064 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Sweetwater Authority 5.250 04/01/2010 10/23/2008 C 66,434 - ---------------------------------------------------------------------------------------------------------------------------- 745,000 Tejon Ranch Public Facilities Finance Authority Special Tax (Community Facilities District No. 1) 7.200 09/01/2030 09/01/2007 A 768,788 - ---------------------------------------------------------------------------------------------------------------------------- 830,000 Temecula Public Financing Authority Community Facilities District (Roripaugh) 4.350 09/01/2009 09/01/2009 810,860 - ---------------------------------------------------------------------------------------------------------------------------- 865,000 Temecula Public Financing Authority Community Facilities District (Roripaugh) 4.500 09/01/2010 09/01/2010 838,713 - ---------------------------------------------------------------------------------------------------------------------------- 905,000 Temecula Public Financing Authority Community Facilities District (Roripaugh) 4.650 09/01/2011 09/01/2011 874,764 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Temecula Valley Unified School District Community Facilities District No. 02-1 6.125 09/01/2033 09/01/2007 A 30,618 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Torrance Redevel. Agency (Downtown Redevel.) 5.550 09/01/2018 09/01/2008 A 20,536 - ---------------------------------------------------------------------------------------------------------------------------- 835,000 Tracy Area Public Facilities Financing Agency 2 5.875 10/01/2013 10/01/2007 A 886,879 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Tracy Community Facilities District 5.400 09/01/2015 09/01/2012 A 50,890 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Tracy Community Facilities District 6.100 09/01/2015 09/02/2011 A 51,546 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Tracy Community Facilities District 6.500 09/01/2020 09/02/2011 A 10,311 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Tracy Community Facilities District (205 Parcel Glen) 6.250 09/01/2032 09/02/2014 A 25,769 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Tracy Community Facilities District (South MacArthur Area) 6.000 09/01/2027 09/01/2012 A 103,047 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Tracy Community Facilities District (South MacArthur Area) 6.300 09/01/2017 09/02/2011 A 30,930 - ---------------------------------------------------------------------------------------------------------------------------- 55,000 Tracy COP (Community Park & Civic Center) 6.625 03/01/2018 09/01/2007 A 55,186 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Tracy Improvement Bond Act 1915 5.700 09/02/2023 09/02/2007 A 35,014 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Tracy Operating Partnership Joint Powers Authority 6.100 09/02/2021 09/02/2007 A 60,639 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Truckee-Donner Public Utility District Special Tax 5.800 09/01/2035 09/01/2007 A 30,909 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 Truckee-Donner Public Utility District Special Tax 6.000 09/01/2028 09/01/2007 A 77,288 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Truckee-Donner Public Utility District Special Tax 6.100 09/01/2033 09/01/2007 A 20,612
53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 220,000 Turlock Auxiliary Organization COP (California Universities-Stanlius Foundation) 5.875% 06/01/2022 12/01/2007 A $ 223,496 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Turlock Irrigation District, Series A 5.000 01/01/2026 01/01/2008 A 25,460 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 University of CA, Series E 5.375 09/01/2024 09/01/2007 A 20,227 - ---------------------------------------------------------------------------------------------------------------------------- 210,000 Upland Community Facilities District Special Tax 5.900 09/01/2024 09/01/2013 A 219,295 - ---------------------------------------------------------------------------------------------------------------------------- 185,000 Upland COP (San Antonio Community Hospital) 5.000 01/01/2018 01/01/2008 A 185,056 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Vacaville COP 5.500 08/15/2021 08/15/2007 A 40,451 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Vacaville COP 5.500 08/15/2027 08/15/2007 A 35,392 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Vacaville Improvement Bond Act 1915 (East Monte Vista Avenue) 5.850 09/02/2016 09/02/2007 A 20,619 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Vacaville Improvement Bond Act 1915 (Green Tree Reassessment District) 6.300 09/02/2013 09/02/2007 A 10,213 - ---------------------------------------------------------------------------------------------------------------------------- 195,000 Vacaville Public Financing Authority 5.400 09/01/2022 09/01/2007 A 195,525 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 Vacaville Redevel. Agency (Vacaville Community Hsg.) 6.000 11/01/2024 11/01/2010 A 113,497 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Val Verde Unified School District 6.125 09/01/2034 09/01/2007 A 102,090 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Vallejo Public Financing Authority, Series A 7.500 09/01/2020 09/01/2007 A 10,020 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Vallejo Quadrant Improvement District No. 001 6.000 09/01/2017 09/01/2015 A 42,983 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Vallejo Quadrant Improvement District No. 001 6.000 09/01/2026 09/01/2013 A 31,799 - ---------------------------------------------------------------------------------------------------------------------------- 40,000 Vallejo Quadrant Improvement District No. 001 6.125 09/01/2034 09/01/2015 A 42,632 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Valley Center-Pauma Unified School District (Woods Valley Ranch) 6.000 09/01/2025 09/01/2007 A 10,204 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Valley Center-Pauma Unified School District (Woods Valley Ranch) 6.000 09/01/2028 09/01/2007 A 20,409 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Valley Center-Pauma Unified School District Community Facilities District No. 1 (Woods Valley Ranch) 5.500 09/01/2019 09/01/2007 A 25,504 - ---------------------------------------------------------------------------------------------------------------------------- 1,825,000 Ventura County Area Hsg. Authority (Mira Vista Senior Apartments) 5.000 12/01/2022 10/04/2016 B 1,833,669 - ---------------------------------------------------------------------------------------------------------------------------- 440,000 Ventura Port District COP 6.375 08/01/2028 08/01/2010 A 453,662 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 Victor Elementary School District 5.600 09/01/2034 09/01/2014 A 149,285 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Vista Joint Powers Financing Authority 6.100 10/01/2021 10/01/2007 A 50,108 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Vista Joint Powers Financing Authority 6.250 12/01/2019 12/01/2007 A 5,029 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Wasco Improvement Bond Act 1915 8.750 09/02/2010 09/02/2007 A 20,672 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Wasco Improvement Bond Act 1915 8.750 09/02/2013 09/02/2007 A 25,841 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 West Contra Costa Unified School District 5.000 08/01/2023 08/01/2009 A 25,643 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 West Covina Redevel. Agency Tax Allocation (Executive Lodge Apartments) 5.100 09/01/2014 09/01/2007 A 101,032
54 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 20,000 West Patterson Financing Authority Special Tax 5.850% 09/01/2028 09/01/2015 A $ 21,030 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 West Patterson Financing Authority Special Tax 6.000 09/01/2019 09/01/2015 A 10,716 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 West Patterson Financing Authority Special Tax 6.000 09/01/2039 09/01/2015 A 15,818 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 West Patterson Financing Authority Special Tax 6.600 09/01/2033 03/01/2008 A 75,647 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 West Patterson Financing Authority Special Tax 6.700 09/01/2032 09/01/2007 A 10,013 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 West Patterson Financing Authority Special Tax 6.750 09/01/2036 03/01/2008 A 60,562 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 West Patterson Financing Authority Special Tax Community Facilities District 5.600 09/01/2019 09/01/2015 A 10,488 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 West Sacramento Financing Authority Special Tax 6.100 09/01/2029 03/01/2008 A 61,153 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 West Sacramento Improvement Bond Act 1915 8.500 09/02/2017 11/01/2015 C 10,292 - ---------------------------------------------------------------------------------------------------------------------------- 200,000 West Sacramento Special Tax Community Facilities District No. 12 5.750 09/01/2029 09/01/2007 A 204,290 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 West Sacramento Special Tax Community Facilities District No. 14 6.125 09/01/2021 03/01/2011 A 52,055 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 West Sacramento Special Tax Community Facilities District No. 17 5.875 09/01/2033 09/01/2010 A 10,197 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 West Sacramento Special Tax Community Facilities District No. 8 (Southport) 6.500 09/01/2031 09/01/2009 A 52,260 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 Western Hills Water District Special Tax (Diablo Grande Community Facilities) 6.000 09/01/2024 09/01/2014 A 122,452 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Western Hills Water District Special Tax (Diablo Grande Community Facilities) 6.125 09/01/2031 09/01/2014 A 51,692 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Western Hills Water District Special Tax (Diablo Grande Community Facilities) 6.875 09/01/2031 09/01/2009 A 47,522 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Western Municipal Water Districts 7.125 09/02/2014 09/02/2007 A 25,794 - ---------------------------------------------------------------------------------------------------------------------------- 210,000 William S. Hart Union School District 6.000 09/01/2027 09/01/2013 A 219,824 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Woodlake Schools Finance Authority COP 5.900 02/01/2023 08/01/2007 A 10,049 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Woodland Redevel. Agency 6.375 12/01/2026 12/01/2007 A 25,422 - ---------------------------------------------------------------------------------------------------------------------------- 140,000 Y/S School Facilities Financing Authority (Chula Vista Elementary School) 5.000 09/01/2015 09/01/2007 A 142,939 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Yorba Linda Redevel. Agency Tax Allocation 5.250 09/01/2023 09/01/2007 A 50,052 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Yuba City Unified School District COP 4.900 02/01/2011 02/01/2008 A 50,043 - ---------------------------------------------------------------------------------------------------------------------------- 15,000 Yuba City Unified School District COP 5.250 02/01/2022 08/01/2007 A 15,016 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Yucaipa Redevel. Agency (Eldorado Palms Mobile Home) 6.000 05/01/2030 05/01/2010 A 25,692
55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
EFFECTIVE PRINCIPAL MATURITY* VALUE AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued $ 30,000 Yucaipa Special Tax Community Facilities District No. 98-1 6.000% 09/01/2028 09/01/2009 A $ 30,966 ------------ 246,678,442 - ---------------------------------------------------------------------------------------------------------------------------- U.S.POSSESSIONS--11.4% 1,000,000 Guam Education Financing Foundation COP 5.000 10/01/2023 10/01/2016 A 1,033,360 - ---------------------------------------------------------------------------------------------------------------------------- 600,000 Guam Government Waterworks Authority & Wastewater System 6.000 07/01/2025 07/01/2015 A 647,544 - ---------------------------------------------------------------------------------------------------------------------------- 260,000 Guam Power Authority, Series A 5.250 10/01/2023 10/01/2007 A 260,863 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 05/15/2012 A 60,803 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 07/01/2014 A 511,270 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 07/01/2016 A 2,100,840 - ---------------------------------------------------------------------------------------------------------------------------- 950,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 07/01/2016 A 995,771 - ---------------------------------------------------------------------------------------------------------------------------- 370,000 Puerto Rico HFC (Homeowner Mtg.) 5.200 12/01/2032 12/01/2008 A 373,826 - ---------------------------------------------------------------------------------------------------------------------------- 590,000 Puerto Rico HFC, Series B 2 5.300 12/01/2028 06/01/2011 A 601,110 - ---------------------------------------------------------------------------------------------------------------------------- 6,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2021 07/01/2015 A 6,195,720 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 07/01/2015 A 513,295 - ---------------------------------------------------------------------------------------------------------------------------- 110,000 Puerto Rico IMEPCF (American Home Products) 5.100 12/01/2018 12/01/2007 A 114,477 - ---------------------------------------------------------------------------------------------------------------------------- 2,535,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 06/01/2010 A 2,712,146 - ---------------------------------------------------------------------------------------------------------------------------- 1,500,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2023 08/01/2015 A 1,574,370 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 01/01/2008 A 75,185 - ---------------------------------------------------------------------------------------------------------------------------- 1,305,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 01/01/2008 A 1,310,181 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Puerto Rico Public Finance Corp. 7.250 08/01/2009 08/01/2008 A 45,007 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 University of Puerto Rico 2 5.000 06/01/2025 06/01/2016 A 1,028,340 - ---------------------------------------------------------------------------------------------------------------------------- 7,125,000 University of Puerto Rico, Series P 5.000 06/01/2021 06/01/2016 A 7,363,474 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 10/01/2014 A 261,050 - ---------------------------------------------------------------------------------------------------------------------------- 160,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2010 A 163,683 - ---------------------------------------------------------------------------------------------------------------------------- 2,500,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 10/01/2010 A 2,687,105 ------------ 30,629,420 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $275,004,290)--103.0% 277,307,862 - ---------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(3.0) (8,101,891) ------------ NET ASSETS--100.0% $269,205,971 ============
56 | 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 the applicable optional call date. C. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity. 1. Zero coupon bond reflects effective yield on the date of purchase. 2. All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes. 3. Illiquid security. The aggregate value of illiquid securities as of July 31, 2007 was $6,281,997, which represents 2.33% of the Fund's net assets. See Note 5 of accompanying Notes. 4. Represents the current interest rate for a variable rate bond known as an "inverse floater." See Note 1 of accompanying Notes. 5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes. 7. Represents the current interest rate for a variable or increasing rate security. 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 FHA Federal Housing Agency/Authority FNMA Federal National Mortgage Assoc. GNMA Government National Mortgage Assoc. GO General Obligation 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 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 57 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY CATEGORY OF ISSUE, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: CATEGORY VALUE PERCENT - -------------------------------------------------------------------------------- Tobacco Master Settlement Agreement $ 61,645,270 22.2% Special Tax 33,729,291 12.2 General Obligation 26,220,418 9.5 Gas Utilities 25,902,190 9.3 Marine/Aviation Facilities 17,830,188 6.4 Municipal Leases 12,461,290 4.5 Tax Increment Financing (TIF) 11,776,381 4.3 Single Family Housing 11,214,276 4.0 Multifamily Housing 9,903,214 3.6 Higher Education 9,283,869 3.4 Hospital/Health Care 7,428,053 2.7 Highways/Commuter Facilities 7,070,389 2.5 Water Utilities 6,070,100 2.2 Special Assessment 5,818,716 2.1 Adult Living Facilities 5,816,556 2.1 Electric Utilities 5,809,666 2.1 Government Appropriation 5,234,792 1.9 Sewer Utilities 4,537,510 1.6 Multiline Retail 2,552,807 0.9 Correctional Facilities 2,157,959 0.8 Automobiles 1,487,407 0.5 Casino 1,080,020 0.4 Resource Recovery 988,273 0.4 Sales Tax Revenue 504,191 0.2 Education 427,871 0.2 Pharmaceuticals 114,477 0.0 Hotels, Restaurants & Leisure 101,216 0.0 Student Loans 70,108 0.0 Parking Fee Revenue 51,342 0.0 Not-for-Profit Organization 20,022 0.0 --------------------------- Total $ 277,307,862 100.0% =========================== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF ASSETS AND LIABILITIES July 31, 2007 - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- ASSETS - ------------------------------------------------------------------------------------- Investments, at value (cost $275,004,290)--see accompanying statement of investments $ 277,307,862 - ------------------------------------------------------------------------------------- Cash 400,660 - ------------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 5,923,082 Interest 3,411,973 Investments sold 1,124,490 Other 5,516 ----------------- Total assets 288,173,583 - ------------------------------------------------------------------------------------- LIABILITIES - ------------------------------------------------------------------------------------- Payables and other liabilities: Payable for short-term floating rate notes issued (See Note 1) 14,695,000 Payable on borrowings (See Note 6) 1,900,000 Shares of beneficial interest redeemed 1,828,702 Investments purchased 241,954 Dividends 170,650 Distribution and service plan fees 54,906 Trustees' compensation 17,430 Interest expense on borrowings 11,343 Transfer and shareholder servicing agent fees 6,414 Shareholder communications 2,066 Other 39,147 ----------------- Total liabilities 18,967,612 - ------------------------------------------------------------------------------------- NET ASSETS $ 269,205,971 ================= - ------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 75,937 - ------------------------------------------------------------------------------------- Additional paid-in capital 266,941,199 - ------------------------------------------------------------------------------------- Accumulated net investment income 83,998 - ------------------------------------------------------------------------------------- Accumulated net realized loss on investments (198,735) - ------------------------------------------------------------------------------------- Net unrealized appreciation on investments 2,303,572 ----------------- NET ASSETS $ 269,205,971 =================
59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF ASSETS AND LIABILITIES Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - -------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $208,041,387 and 58,662,966 shares of beneficial interest outstanding) $3.55 Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) $3.68 - -------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,135,860 and 590,175 shares of beneficial interest outstanding) $3.62 - -------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $59,028,724 and 16,683,472 shares of beneficial interest outstanding) $3.54 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF OPERATIONS For the Year Ended July 31, 2007 - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- INVESTMENT INCOME - ------------------------------------------------------------------------------------- Interest $ 12,659,544 - ------------------------------------------------------------------------------------- Other income 36 -------------- Total investment income 12,659,580 - ------------------------------------------------------------------------------------- EXPENSES - ------------------------------------------------------------------------------------- Management fees 1,147,857 - ------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 460,960 Class B 22,756 Class C 553,410 - ------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 23,770 Class B 2,166 Class C 24,758 - ------------------------------------------------------------------------------------- Shareholder communications: Class A 17,274 Class B 816 Class C 9,552 - ------------------------------------------------------------------------------------- Interest expense on borrowings 594,243 - ------------------------------------------------------------------------------------- Interest expense and fees on short-term floating rate notes issued (See Note 1) 585,609 - ------------------------------------------------------------------------------------- Custodian fees and expenses 22,660 - ------------------------------------------------------------------------------------- Trustees' compensation 16,654 - ------------------------------------------------------------------------------------- Other 107,815 -------------- Total expenses 3,590,300 Less reduction to custodian expenses (10,043) Less waivers and reimbursements of expenses (493,401) -------------- Net expenses 3,086,856 - ------------------------------------------------------------------------------------- NET INVESTMENT INCOME 9,572,724 - ------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN - ------------------------------------------------------------------------------------- Net realized gain on investments 233,194 - ------------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 891,554 - ------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 10,697,472 ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- YEAR ENDED JULY 31, 2007 2006 - -------------------------------------------------------------------------------- OPERATIONS - -------------------------------------------------------------------------------- Net investment income $ 9,572,724 $ 5,832,649 - -------------------------------------------------------------------------------- Net realized gain (loss) 233,194 (406,967) - -------------------------------------------------------------------------------- Net change in unrealized appreciation 891,554 (691,224) ------------------------------- Net increase in net assets resulting from operations 10,697,472 4,734,458 - -------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - -------------------------------------------------------------------------------- Dividends from net investment income: Class A (7,492,067) (4,575,181) Class B (71,582) (70,666) Class C (1,830,315) (1,443,220) ------------------------------- (9,393,964) (6,089,067) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - -------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 45,500,859 117,912,748 Class B (407,225) 1,241,294 Class C 7,070,729 30,500,265 ------------------------------- 52,164,363 149,654,307 - -------------------------------------------------------------------------------- NET ASSETS - -------------------------------------------------------------------------------- Total increase 53,467,871 148,299,698 - -------------------------------------------------------------------------------- Beginning of period 215,738,100 67,438,402 ------------------------------- End of period (including accumulated net investment income (loss) of $83,998 and $(94,762), respectively) $ 269,205,971 $ 215,738,100 =============================== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 62 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND STATEMENT OF CASH FLOWS For the Year Ended July 31, 2007 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES - -------------------------------------------------------------------------------- Net increase in net assets from operations $ 10,697,472 - -------------------------------------------------------------------------------- Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: Purchase of investment securities (57,470,147) Proceeds from disposition of investment securities 34,401,801 Short-term investment securities, net (8,034,327) Premium amortization 1,888,407 Discount accretion (909,057) Net realized gain on investments (233,194) Net change in unrealized appreciation on investments (891,554) Increase in interest receivable (205,688) Decrease in receivable for securities sold 4,420,473 Increase in other assets (2,954) Decrease in payable for securities purchased (292,826) Decrease in payable for accrued expenses (133,663) ---------------- Net cash used in operating activities (16,765,257) - -------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES - -------------------------------------------------------------------------------- Proceeds from bank borrowing 94,100,000 Payments on bank borrowing (134,600,000) Proceeds from short-term floating rate notes issued 14,695,000 Proceeds from shares sold 120,676,808 Payment on shares redeemed (75,246,333) Cash distributions paid (3,141,075) ---------------- Net cash provided by financing activities 16,484,400 - -------------------------------------------------------------------------------- Net decrease in cash (280,857) - -------------------------------------------------------------------------------- Cash, beginning balance 681,517 ---------------- Cash, ending balance $ 400,660 ================ Supplemental disclosure of cash flow information: Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $6,230,491. Cash paid for interest on bank borrowings--$712,230. Cash paid for interest on short-term floating rate notes issued--$585,609. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 63 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2007 2006 2005 2004 1 - ------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 3.52 $ 3.56 $ 3.30 $ 3.35 - ------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .15 2 .15 2 .16 2 .07 Net realized and unrealized gain (loss) .02 (.03) .25 (.06) ------------------------------------------------- Total from investment operations .17 .12 .41 .01 - ------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.14) (.16) (.15) (.06) - ------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 3.55 $ 3.52 $ 3.56 $ 3.30 ================================================= - ------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 4.99% 3.32% 12.78% 0.21% - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 208,041 $ 161,562 $ 44,554 $ 11,627 - ------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 186,689 $ 105,009 $ 21,877 $ 8,381 - ------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment income 4.10% 4.19% 4.76% 4.99% Expenses excluding interest and fees on short-term floating rate notes issued 1.04% 1.42% 1.66% 1.92% Interest and fees on short-term floating rate notes issued 0.24% 5 -- -- -- ------------------------------------------------- Total expenses 1.28% 1.42% 1.66% 1.92% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.08% 0.80% 0.80% 0.76% - ------------------------------------------------------------------------------------------------------ Portfolio turnover rate 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. 64 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
CLASS B YEAR ENDED JULY 31, 2007 2006 2005 2004 1 - ------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 3.59 $ 3.63 $ 3.36 $ 3.35 - ------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .12 2 .13 2 .14 2 .05 Net realized and unrealized gain (loss) .02 (.04) .26 -- 3 ------------------------------------------------- Total from investment operations .14 .09 .40 .05 - ------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.11) (.13) (.13) (.04) - ------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 3.62 $ 3.59 $ 3.63 $ 3.36 ================================================= - ------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 4 4.05% 2.49% 12.03% 1.60% - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 2,136 $ 2,517 $ 1,295 $ 510 - ------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 2,276 $ 1,980 $ 836 $ 297 - ------------------------------------------------------------------------------------------------------ Ratios to average net assets: 5 Net investment income 3.34% 3.49% 4.11% 3.96% Expenses excluding interest and fees on short-term floating rate notes issued 1.94% 2.30% 2.86% 2.86% Interest and fees on short-term floating rate notes issued 0.24% 6 -- -- -- ------------------------------------------------- Total expenses 2.18% 2.30% 2.86% 2.86% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.89% 1.55% 1.55% 1.55% - ------------------------------------------------------------------------------------------------------ Portfolio turnover rate 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. 65 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS C YEAR ENDED JULY 31, 2007 2006 2005 2004 1 - ------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 3.51 $ 3.56 $ 3.30 $ 3.35 - ------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .12 2 .12 2 .14 2 .05 Net realized and unrealized gain (loss) .03 (.04) .25 (.06) ------------------------------------------------- Total from investment operations .15 .08 .39 (.01) - ------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.12) (.13) (.13) (.04) - ------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 3.54 $ 3.51 $ 3.56 $ 3.30 ================================================= - ------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 4.25% 2.30% 12.00% (0.16)% - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 59,029 $ 51,659 $ 21,589 $ 4,079 - ------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 55,357 $ 39,346 $ 9,836 $ 2,044 - ------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment income 3.34% 3.46% 3.98% 3.92% Expenses excluding interest and fees on short-term floating rate notes issued 1.84% 2.21% 2.55% 2.93% Interest and fees on short-term floating rate notes issued 0.24% 5 -- -- -- ------------------------------------------------- Total expenses 2.08% 2.21% 2.55% 2.93% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.86% 1.55% 1.55% 1.55% - ------------------------------------------------------------------------------------------------------ Portfolio turnover rate 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. 66 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Limited Term California Municipal Fund (the Fund) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek as high a level of income exempt from federal income tax and California individual income taxes as is consistent with its investment policies and prudent investment management. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(R) are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing "bid" and "asked" prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. Securities (including restricted securities) for which market quotations are not 67 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund will not invest more than 20% of its total assets in inverse floaters. Inverse floaters amount to $15,498,722 as of July 31, 2007, which represents 5.38% of the Fund's total assets. Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the "municipal bond") to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the "sponsor") creates a trust (the "Trust") and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an "inverse floating rate security") to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund's repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust's liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of Operations. At July 31, 2007, municipal bond holdings with a value of $24,904,372 shown on the Fund's Statement of Investments are held by such Trusts and 68 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND serve as collateral for the $14,695,000 in short-term floating rate notes issued and outstanding at that date. At July 31, 2007, the Fund's residual exposure to these types of inverse floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF AMOUNT INVERSE FLOATER 1 RATES 2 DATES JULY 31, 2007 - ---------------------------------------------------------------------------------------------------------- $ 2,815,000 CA Pollution Control Financing Authority ROLs 9.78% 12/1/16 $ 3,437,622 6,250,000 Chula Vista Industrial Devel. RITES 4.81 12/1/27 6,771,750 ------------- $ 10,209,372 =============
1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page 57 of the Statement of Investments. 2. Represents the current interest rate for a variable rate bond known as an "inverse floater." - -------------------------------------------------------------------------------- SECURITY CREDIT RISK. There are certain risks arising from geographic concentration in any state. Certain revenue or tax related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. - -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. - -------------------------------------------------------------------------------- FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES ------------------------------------------------------------------------ $281,177 $-- $191,235 $2,296,072 1. As of July 31, 2007, the Fund had $191,235 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2007, details of the capital loss carryforwards were as follows: 69 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued EXPIRING ----------------------- 2013 $ 17,565 2014 1,553 2015 172,117 -------- Total $191,235 ======== 2. During the fiscal year ended July 31, 2007, the Fund did not utilize any capital loss carryforward. 3. During the fiscal year ended July 31, 2006, the Fund did not utilize any capital loss carryforward. The tax character of distributions paid during the years ended July 31, 2007 and July 31, 2006 was as follows: YEAR ENDED YEAR ENDED JULY 31, 2007 JULY 31, 2006 -------------------------------------------------------------- Distributions paid from: Exempt-interest dividends $ 9,387,112 $ 6,089,067 Ordinary income 6,852 -- ------------------------------ Total $ 9,393,964 $ 6,089,067 ============================== The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2007 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $ 260,333,855 ============= Gross unrealized appreciation $ 3,180,795 Gross unrealized depreciation (884,723) ------------- Net unrealized appreciation $ 2,296,072 ============= - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2007, the Fund's projected benefit obligations were increased by $11,401 and payments of $4,883 were made to retired trustees, resulting in an accumulated liability of $13,568 as of July 31, 2007. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though 70 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- INVESTMENT INCOME. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- INDEMNIFICATIONS. The Fund's organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 71 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006 SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------------------------- CLASS A Sold 27,342,239 $ 97,596,183 38,919,816 $ 137,404,928 Dividends and/or distributions reinvested 1,424,806 5,091,404 826,945 2,913,454 Redeemed (15,988,716) (57,186,728) (6,361,823) (22,405,634) ----------------------------------------------------------------- Net increase 12,778,329 $ 45,500,859 33,384,938 $ 117,912,748 ================================================================= - --------------------------------------------------------------------------------------------------------- CLASS B Sold 100,220 $ 364,668 421,049 $ 1,516,182 Dividends and/or distributions reinvested 12,889 46,976 11,689 42,026 Redeemed (223,948) (818,869) (88,484) (316,914) ----------------------------------------------------------------- Net increase (decrease) (110,839) $ (407,225) 344,254 $ 1,241,294 ================================================================= - --------------------------------------------------------------------------------------------------------- CLASS C Sold 6,963,581 $ 24,823,382 11,449,252 $ 40,404,104 Dividends and/or distributions reinvested 306,294 1,092,111 230,439 811,122 Redeemed (5,283,912) (18,844,764) (3,047,285) (10,714,961) ----------------------------------------------------------------- Net increase 1,985,963 $ 7,070,729 8,632,406 $ 30,500,265 =================================================================
- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2007, were as follows: PURCHASES SALES --------------------------------------------------------- Investment securities $ 57,470,147 $ 34,401,801 - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of average net assets as shown in the following table: FEE SCHEDULE -------------------------------------- Up to $100 million 0.50% Next $150 million 0.45 Next $1.75 billion 0.40 Over $2 billion 0.39 - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2007, the Fund paid $65,260 to OFS for services to the Fund. 72 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has adopted Distribution and Service Plans for Class B and Class C shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor also receives a service fee of up to 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor determines its uncompensated expenses under the plan at calendar quarter ends. The Distributor's aggregate uncompensated expenses under the plan at June 30, 2007 for Class B and Class C shares were $2,508 and $718,536, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
CLASS A CLASS B CLASS C CLASS A CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - --------------------------------------------------------------------------------------- July 31, 2007 $ 94,173 $ 15,589 $ 11,911 $ 22,728
73 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued WAIVERS AND REIMBURSEMENTS OF EXPENSES. The Manager has voluntarily agreed to waive management fees and/or reimburse the Fund for certain expenses so that total expenses will not exceed 0.80% for Class A shares and 1.55% for Class B and Class C shares, respectively. During the year ended July 31, 2007, the Manager waived management fees and/or reimbursed fees of the Fund in the amounts of $363,195, $6,529 and $123,677 for Class A, Class B and Class C shares, respectively. The voluntary waiver was withdrawn effective November 30, 2006. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- 5. ILLIQUID SECURITIES As of July 31, 2007, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. - -------------------------------------------------------------------------------- 6. BORROWINGS The Fund can borrow money from banks in amounts up to one-third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings to purchase portfolio securities, to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The Fund has entered into a Revolving Credit and Security Agreement (the "Agreement") with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $900 million, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (5.2958% as of July 31, 2007). The Fund pays additional fees of 0.30% per annum on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of a 0.13% per annum commitment fee for a liquidity backstop facility with respect to the $900 million facility size. For the year ended July 31, 2007, the average daily loan balance was $11,041,096 at an average daily interest rate of 5.293%. The Fund had borrowings outstanding of $1,900,000 at July 31, 2007 at an interest rate of 5.2958%. The Fund had gross borrowings and gross loan repayments of $94,100,000 and $134,600,000, respectively, during the year ended July 31, 2007. The maximum amount of borrowings outstanding at any month-end during 74 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND the year ended July 31, 2007 was $32,800,000. The Fund paid $46,539 in fees and $712,230 in interest during the year ended July 31, 2007. - -------------------------------------------------------------------------------- 7. RECENT ACCOUNTING PRONOUNCEMENTS In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with FASB Statement No. 109, ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" that tax positions taken in the Fund's tax return will be ultimately sustained. A tax liability and expense must be recorded in respect of any tax position that, in Management's judgment, will not be fully realized. FIN 48 is effective for fiscal years beginning after December 15, 2006. As of July 31, 2007, the Manager has evaluated the implications of FIN 48 and does not currently anticipate a material impact to the Fund's financial statements. The Manager will continue to monitor the Fund's tax positions prospectively for potential future impacts. In September 2006, ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of July 31, 2007, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 75 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND: We have audited the accompanying statement of assets and liabilities of Oppenheimer Limited Term California Municipal Fund, including the statement of investments, as of July 31, 2007, and the related statements of operations and cash flows for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial statements for the period February 25, 2004 (commencement of operations) to July 31, 2005 were audited by another independent registered public accounting firm, whose report dated August 30, 2005, expressed an unqualified opinion thereon. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2007, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Limited Term California Municipal Fund as of July 31, 2007, the results of its operations and its cash flows for the year then ended, and the changes in its net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles. KPMG LLP Denver, Colorado September 17, 2007 76 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2008, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. None of the dividends paid by the Fund during the fiscal year ended July 31, 2007 are eligible for the corporate dividend-received deduction. 99.93% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 77 | 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. 78 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND TRUSTEES AND OFFICERS Unaudited - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; NUMBER FUND, LENGTH OF SERVICE, AGE OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of Chairman of the Board Special Value Opportunities Fund, LLC (registered investment company) (since September 2004); of Trustees (since 2007), Member of Zurich Financial Investment Advisory Board (insurance) (since October 2004); Board of Trustee (since 2005) Governing Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the Age: 64 Institute for Advanced Study (non-profit educational institute) (since May 1992); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004); Trustee of Research Foundation of AIMR (investment research, non-profit) (2000-2002); Governor, Jerome Levy Economics Institute of Bard College (economics research) (August 1990-September 2001); Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April 2002). Oversees 65 portfolios in the OppenheimerFunds complex. DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment Trustee (since 2007) management company) (since January 2004); President of The Community Reinvestment Act Qualified Age: 67 Investment Fund (investment management company) (since January 2004); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993- 2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 65 portfolios in the OppenheimerFunds complex. MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Trustee (since 2005) Director of ICI Education Foundation (education foundation) (October 1991-August 2006); Age: 66 President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 55 portfolios in the OppenheimerFunds complex.
79 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 65 portfolios in the Trustee (since 2005) OppenheimerFunds complex. Age: 74 PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since Trustee (since 2005) 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director Age: 68 of GSI Lumonics Inc. (precision medical equipment supplier) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 55 portfolios in the OppenheimerFunds complex. MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Trustee (since 2005) Vice President and General Auditor of American Express Company (financial services company) Age: 64 (July 1998-February 2003). Oversees 55 portfolios in the OppenheimerFunds complex. JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial adviser) (since Trustee (since 2005) January 2006); Director of Columbia Equity Financial Corp. (privately-held financial adviser) Age: 55 (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser) (since January 2002); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial adviser) (January 1998- December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and the Investment Committee of Historic Hudson Valley. Oversees 55 portfolios in the OppenheimerFunds complex. RUSSELL S. REYNOLDS, JR., Chairman of RSR Partners (formerly "The Directorship Search Group, Inc.") (corporate Trustee (since 2005) governance consulting and executive recruiting) (since 1993); Life Trustee of International Age: 75 House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 55 portfolios in the OppenheimerFunds complex. JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco (since Trustee (since 2004) 1996); Director of Lakes Environmental Association (environmental protection organization) Age: 66 (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 55 portfolios in the OppenheimerFunds complex. PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since Trustee (since 2004) 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Age: 59 Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 55 portfolios in the OppenheimerFunds complex.
80 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND - ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW AND OFFICER YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of Trustee, President and the Manager (September 2000-March 2007); President and a director or trustee of other Principal Executive Officer Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the (since 2004) Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding Age: 58 company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989- June 1998). Oversees 102 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------------------------------ OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE THE FUND AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NEW YORK 14625. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of the Manager Vice President and Senior (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for Portfolio Manager the Fund and other Oppenheimer funds. (since 2004) Age: 58 DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since April 2007); Vice President of the Manager (April Vice President and Senior 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. (since 2005) Age: 43
81 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Vice President (since 2005) Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for and Senior Portfolio Manager the Fund and other Oppenheimer funds. (since 2004) Age: 35 TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005) and a Portfolio Manager with the Vice President (since 2005) Manager (since 2003). Corporate Attorney for Southern Resource Group (from 1999 to 2003). and Senior Portfolio Manager Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. (since 2006) Age: 34 MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Vice President and Chief Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March Compliance Officer 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management (since 2004) Corporation and Shareholder Services, Inc. (June 1983-February 2004). Former Vice President and Age: 57 Director of Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the OppenheimerFunds complex. BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the Treasurer and Principal following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Financial & Accounting Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Officer (since 2004) Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), Age: 47 OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 102 portfolios in the OppenheimerFunds complex. BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Manager Assistant Treasurer (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November (since 2004) 1998-July 2002). An officer of 102 portfolios in the OppenheimerFunds complex. Age: 37 BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Assistant Treasurer Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger (since 2005) Financial Group LLC (May 2001-March 2003); Director of Mutual Fund Operations at American Data Age: 37 Services, Inc. (September 2000-May 2001). An officer of 102 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Vice President and Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel Secretary of Centennial Asset Management Corporation (since December 2001); Senior Vice President and (since 2004) General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary Age: 59 and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc.
82 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND ROBERT G. ZACK, (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November Continued 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 102 portfolios in the OppenheimerFunds complex. LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President Assistant Secretary (April 2001-April 2004), Associate General Counsel (December 2000-April 2004), Corporate Vice (since 2004) President (May 1999-April 2001) and Assistant General Counsel (May 1999-December 2000) of UBS Age: 39 Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 102 portfolios in the OppenheimerFunds complex. PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); First Assistant Secretary Vice President (2001-September 2004); Director (2000- September 2004) and Vice President (since 2004) (1998-2000) of Merrill Lynch Investment Management. An officer of 102 portfolios in the Age: 43 OppenheimerFunds complex. KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October Assistant Secretary 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) (since 2004) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since Age: 41 October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST, BY CALLING 1.800.525.7048. 83 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Trustees of the registrant has determined that David Downes, a member of the Board's Audit Committee, is an audit committee financial expert and that Mr. Downes is "independent" for purposes of this Item 3. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $33,000 in fiscal 2007 and $20,000 in fiscal 2006. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $315,954 in fiscal 2007 and $24,746 in fiscal 2006 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services include: internal control reviews, professional services relating to FAS 123R and review of internal controls of SAP conversion. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2007 and $1,536 in fiscal 2006 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services include: preparation of form 5500. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $315,954 in fiscal 2007 and $26,282 in fiscal 2006 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) No such services were rendered. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 07/31/2007, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Limited Term California Municipal Fund By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 09/13/2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 09/13/2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 09/13/2007 EX-99.CERT 2 ra801_41835cert302.txt RA801_41835CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Limited Term California Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 09/13/2007 /s/ John V. Murphy - --------------------------- John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Limited Term California Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 09/13/2007 /s/ Brian W. Wixted - --------------------------- Brian W. Wixted Principal Financial Officer EX-99.906CERT 3 ra801_41835cert906.txt RA801_41835CERT906.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Limited Term California Municipal Fund (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended 07/31/2007 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Oppenheimer Limited Term Oppenheimer Limited Term California Municipal Fund California Municipal Fund /s/ John V. Murphy /s/ Brian W. Wixted - --------------------------- --------------------------- John V. Murphy Brian W. Wixted Date: 09/13/2007 Date: 09/13/2007 EX-99.CODE ETH 4 ra801_41835codeeth.txt RA801_41835CODEETH.TXT EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to OFI's and each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A. 1 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. - --------------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its officia documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules. 2 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; - --------------- 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI. (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003, as revised August 30, 2006. Exhibit A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI, WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Chief Financial Officer Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting -----END PRIVACY-ENHANCED MESSAGE-----