UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
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)
(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)
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: 7/29/2011
Item 1. Reports to Stockholders.
| MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SEMIANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements “If you’re looking for guidance about current market conditions and fixed-income strategies, it seems likely that portfolio managers with a long and focused track record in municipal bond investing would have sharper insights than any new media personality.” Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester |
TOP HOLDINGS AND ALLOCATIONS
Top Ten Categories
Tobacco-Master Settlement Agreement |
15.9 | % | ||
Special Tax |
14.4 | |||
Municipal Leases |
9.4 | |||
Hospital/Healthcare |
8.4 | |||
Marine/Aviation Facilities |
7.8 | |||
Single Family Housing |
7.4 | |||
Multifamily Housing |
6.2 | |||
General Obligation |
5.8 | |||
Tax Increment Financing (TIF) |
5.7 | |||
Higher Education |
3.4 |
Portfolio holdings are subject to change. Percentages are as of July 29, 2011, and are based
on total assets.
Credit Allocation
| Credit Rating Breakdown | NRSRO Only Total | |||
AAA |
1.6 | % | ||
AA |
12.3 | |||
A |
32.4 | |||
BBB |
32.6 | |||
BB or lower |
2.4 | |||
Unrated |
18.7 | |||
Total |
100.0 | % | ||
The percentages above are based on the market value of the Fund’s securities as of July 29,
2011, and are subject to change. All securities except for those labeled “unrated” have been rated
by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard &
Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the
“Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a
rating to a security, the highest rating is used. Unrated securities do not necessarily indicate
low credit quality.
For the purposes of this Credit Allocation table, “investment-grade” securities are securities
rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB.
Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further
details, please consult the Fund’s prospectus or Statement of Additional Information.
12 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion of the Fund’s performance during its fiscal
year ended July 29 2011, followed by a graphical comparison of the Fund’s performance to
appropriate broad-based market indices.1
Management’s Discussion of Fund Performance. Near the midpoint of the 12-month period ended
July 29, 2011, changes in market conditions and investor confidence created significant pricing
pressure in the municipal bond market, generally leading to declines in bond prices and bond fund
net asset values. Despite this market turmoil, the Class A shares of Oppenheimer Limited Term
California Municipal Fund produced a total return of 4.07% at net asset value for the reporting
period (0.43% with sales charge), with tax-free income providing all of the positive total return.
This development, we believe, points to the power of the Rochester Way, our time-tested
approach of focusing on tax-free yield as the key long-term driver of Fund performance.
Additionally, the distribution yield of this Fund’s Class A shares was 4.86% at NAV, 260 basis
points higher than the average in its peer category and 53 basis points higher than average for the
category of longer-term California municipal bond funds. In all, Oppenheimer Limited Term
California Municipal Fund distributed 16.2 cents per Class A share, including a small amount of
taxable income.
The charts on pages 18 to 21 show the Fund’s performance. We encourage investors to remain
focused on their long-term financial objectives for high levels of tax-free income and believe that
this Fund’s investments offer structural advantages over the long term.
Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the
national litigation settlement with U.S. tobacco manufacturers, comprised the Fund’s largest
industry sector as of July 29, 2011, representing 15.9% of the Fund’s total assets.2
Our long-term view of the sector remains bullish, and we will likely continue to hold a greater
percentage of tobacco bonds in our portfolios than our peers. As in all prior reporting periods,
the tobacco bonds this Fund held during this reporting period made all scheduled payments of
interest and principal on time and in full. In a move that we characterized as “of minimal
concern,” bond trustees for Golden State Tobacco Securitization
1. July 29, 2011, was the last business day of the Fund’s fiscal year. See Note 1 of the
accompanying Notes to Financial Statements.
2. Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives
from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to
economic and/or legislative events that affect issuers in a particular municipal market sector.
Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including
annual domestic cigarette shipments, inflation and the relative market share of non-participating
manufacturers. To date, we believe consumption figures remain within an acceptable range of the
assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were
to fall more rapidly than originally forecast.
13 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Corporation notified bondholders this reporting period that it would draw down reserves to
cover a small fraction of its spring MSA payments. The tobacco sector contributed positively to the
Fund’s total return this reporting period, and we are confident that this sector will continue to
provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.
Oppenheimer Limited Term California Municipal Fund remained invested in land development (or
“dirt”) bonds, which are Special Tax and Special Assessment bonds that help finance the
infrastructure needs of new real estate development. At the end of this reporting period, the
Special Tax and Special Assessment sectors represented 14.4% and 2.0% of the Fund’s total assets,
respectively.
In our opinion, bonds in these sectors overall have several appealing characteristics: the
debt service payments securing these bonds are on parity with real estate taxes and senior to
mortgage payments, and assessments or taxes must be paid by whoever owns the land when the tax bill
comes due. The Special Tax and Special Assessment sectors were both positive contributors to the
Fund’s total return this reporting period, once again supporting our long-standing belief that
carefully researched dirt bonds belong in our portfolios. During this reporting period, prices of
“dirt bonds” rose, reflecting gradual improvements in the housing market and overall economy.
The Fund had invested 9.4% of total assets in the municipal leases sector at the end of this
reporting period. Bonds in this sector are typically backed by securitized lease payments a
municipality makes to occupy municipal space. The sector enhanced Fund performance this reporting
period.
As of July 29, 2011, the Fund was invested in the hospital/health care sector, representing
8.4% of the Fund’s total assets. Our holdings in this sector consist of securities across the
credit spectrum. The sector remained in the news this reporting period as politicians, lobbyists,
activists and others argued about the viability of the Affordable Care Act of 2010; the debates
have not changed our perspective that our disciplined, security-specific approach to credit
research can uncover many potentially advantageous opportunities for the Fund in this and other
sectors. The hospital/health care sector also contributed positively to the Fund’s total return
this reporting period.
Also this reporting period, the Fund remained invested in securities used to finance marine
and aviation facilities. Like the Fund’s airline holdings, many of these bonds are high-grade
investments that are backed by a security interest in the terminals, maintenance facilities and
other on-site projects whose construction they finance. As a result, these bonds offer investors
valuable collateral. As of July 29, 2011, 7.8% of the Fund’s total assets were invested in this
sector, which contributed positively to the Fund’s total return this reporting period.
14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
As of July 29, 2011, the Fund’s investments in the single-family and multifamily housing
sectors represented 7.4% and 6.2% of the Fund’s total assets, respectively. These securities
continued to provide attractive levels of tax-free income and contributed favorably to the Fund’s
total return, despite the difficult conditions in the national and California housing market this
reporting period. We continue to believe that long-term investors should ultimately benefit from
this Fund’s carefully selected holdings in the housing sectors.
General obligation debt, which is backed by the full faith and taxing authority of state and
local governments, constituted 5.8% of the Fund’s total assets as of July 29, 2011. While
California and many of its municipalities faced budget challenges this reporting period, elected
officials consistently safeguarded the debt service payments on their general obligation bonds.
This sector also contributed positively to the Fund’s total return this reporting period.
Tax increment financing (TIF) bonds constituted 5.7% of the Fund’s total assets on July 29,
2011. Traditionally, this type of financing has been used for urban and suburban renewal projects.
Property values in Orange and Los Angeles counties, among others, began to edge up during this
reporting period, and rising property values have historically favored TIF investors. The Fund’s
holdings in this sector delivered highly competitive yield and, as a result, the sector contributed
positively to the Fund performance this reporting period.
Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and
local income taxes, represented 5.4% of the Fund’s net assets on July 29, 2011. Most of the Fund’s
investments in securities issued by Puerto Rico issuers are supported by taxes and other revenues
and are designed to help finance electric utilities, highways and education.
Near the end of this reporting period, Puerto Rico issued $305 million in new-money general
obligation debt, its first such offering in nearly three years. The bonds, which will mature in
2041, were sold with a yield of 5.95%.
This bond sale, we believe, confirms the market’s approval of the fiscal improvements that
have been championed by first-term governor Luis Fortuño. In a Municipal Forum speech in New York
this reporting period, the governor talked about the progress his team has made in reducing the
Commonwealth’s structural deficit, encouraging public-private partnerships, focusing on pension
reform and reducing spending. The Commonwealth, its agencies and the Government Development Bank
(GDB) retained their investment-grade ratings from Standard & Poor’s, Fitch Ratings and Moody’s
Investors Service this reporting period. The Fund’s Puerto Rico holdings contributed favorably to
total return this reporting period, and we remain confident in the Commonwealth’s ability to
collect taxes and make its bond payments.
15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
The Fund continued to favor the higher education sector this reporting period, which
constituted 3.4% of total assets as of July 29, 2011. The bonds we hold in this sector have
regularly provided high levels of tax-free income and, during the reporting period, they
contributed positively to the Fund’s total return.
The Fund’s holdings in municipal bonds issued by utilities represented 3.4% of total assets at
the end of this reporting period. It has been our experience that bonds issued by utilities
typically have predictable revenue streams to finance their debt service payments, to the benefit
of the Fund. This set of holdings as of July 29, 2011, included electric utilities with 1.7% of the
Fund’s total assets; water utilities with 0.8%; gas utilities with 0.6%, and sewer utilities with
0.3%. All four of these four sectors contributed favorably to the Fund’s total return this
reporting period.
During this reporting period, the Fund remained invested in municipal inverse-floating rate
securities, which are tax-exempt securities with interest payments that move inversely to changes
in short-term interest rates. “Inverse floaters” generally offer higher tax-free yields than
fixed-rate bonds of comparable maturity and credit quality, but they face also greater price
volatility. During this reporting period, “inverse floaters” provided attractive levels of tax-free
income and contributed favorably to the Fund’s total return. This outcome illustrates why we
continue to believe that “inverse floaters” belong in our fund portfolios.
Our approach to municipal bond investing is flexible and responsive to market conditions.
Shareholders should note that market conditions during this reporting period did not affect the
Fund’s overall investment objectives or cause it to pay any capital gain distributions. In closing,
we believe that the Fund’s structure and sector 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 29, 2011. In
the case of Class A, Class B and Class C shares, performance is measured from the Fund’s inception
on February 25, 2004. In the case of Class Y shares, performance is measured from inception of the
Class on November 29, 2010. 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 Barclays Capital 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.
16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
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 is also compared to the Consumer Price Index, a non-securities index that measures
changes in the inflation rate. 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
comprising the indices.
17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:1
18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:1
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. Returns do not consider
capital gains or income taxes on an individual’s investment. For performance data current to the
most recent month end, visit us at oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns
include changes in share price, reinvested distributions, and the applicable sales charge for Class
A shares, the current maximum initial sales charge of 3.50%; for Class B shares, and the contingent
deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the 1% contingent
deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because
Class B shares convert to Class A shares 72 months after purchase, the since inception return for
Class B shares uses Class A performance for the period after conversion. See page 22 for further
information.
1. The Fund’s returns have been calculated through July 29, 2011, the last business day of the
Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index
returns are calculated through July 31, 2011.
19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:1
20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:1
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. Returns do not consider
capital gains or income taxes on an individual’s investment. For performance data current to the
most recent month end, visit us at oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns
include changes in share price, reinvested distributions, and the applicable sales charge for Class
A shares, the current maximum initial sales charge of 3.50%; for Class B shares, and the contingent
deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the 1% contingent
deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because
Class B shares convert to Class A shares 72 months after purchase, the since inception return for
Class B shares uses Class A performance for the period after conversion. See page 22 for further
information.
1. The Fund’s returns have been calculated through July 29, 2011, the last business day of the
Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index
returns are calculated through July 31, 2011.
21 | 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 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 and, if available, summary
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 oppenheimerfunds.com. Read
prospectuses and, if available, summary 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. Unless otherwise noted, Class B
returns include the applicable contingent deferred sales charge of 4% (1-year) and 2% (5-year).
Because Class B shares convert to Class A shares 72 months after purchase, the since inception
return for Class B shares uses Class A performance for the period after conversion. Class B shares
are subject to an annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 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.
Class Y shares of the Fund were first publicly offered on 11/29/10. Class Y shares are offered only
to fee-based clients of dealers that have a special agreement with the Distributor, to certain
institutional investors under a special agreement with the Distributor, and to present or former
officers, directors, trustees and employees (and their eligible family members) of the Fund, the
Manager, its affiliates, its parent company and the subsidiaries of its parent company, and
retirement plans established for the benefit of such individuals. There is no sales charge for
Class Y shares.
An explanation of the calculation of performance is in the Fund’s
Statement of Additional Information.
22 | 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 (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 29, 2011.
Actual Expenses. The first section of the table provides information about actual account values
and actual expenses. You may use the information in this section for the class of shares you hold,
together with the amount you invested, to estimate the expense that you paid over the period.
Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by
$1,000.00 = 8.60), then multiply the result by the number in the first section under the heading
entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information
about hypothetical account values and hypothetical expenses based on the Fund’s actual expense
ratio for each class of shares, and an assumed rate of return of 5% per year for each class before
expenses, which is not the actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the period. You may use
this information to compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and
do not reflect any transactional costs, such as front-end or contingent deferred sales charges
(loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to
exceptions described in the Statement of Additional Information). Therefore, the “hypothetical”
section of the table is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these transactional costs were
included, your costs would have been higher.
23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FUND EXPENSES Continued
| Beginning | Ending | Expenses | ||||||||||
| Account | Account | Paid During | ||||||||||
| Value | Value | 6 Months Ended | ||||||||||
| February 1, 2011 | July 29, 2011 | July 29, 2011 | ||||||||||
Actual |
||||||||||||
Class A |
$ | 1,000.00 | $ | 1,053.20 | $ | 4.59 | ||||||
Class B |
1,000.00 | 1,046.90 | 9.43 | |||||||||
Class C |
1,000.00 | 1,046.10 | 8.67 | |||||||||
Class Y |
1,000.00 | 1,051.00 | 3.78 | |||||||||
Hypothetical (5% return before expenses) |
||||||||||||
Class A |
1,000.00 | 1,020.06 | 4.52 | |||||||||
Class B |
1,000.00 | 1,015.35 | 9.28 | |||||||||
Class C |
1,000.00 | 1,016.09 | 8.54 | |||||||||
Class Y |
1,000.00 | 1,020.84 | 3.72 | |||||||||
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the
average account value over the period, multiplied by 179/365 (to reflect the one-half year period).
Those annualized expense ratios based on the 6-month period ended July 29, 2011 are as follows:
| Class | Expense Ratios | |||
Class A |
0.91 | % | ||
Class B |
1.87 | |||
Class C |
1.72 | |||
Class Y |
0.75 | |||
The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s
Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated
in the Fund’s prospectus. 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.
24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS July 29, 2011*
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| Municipal Bonds and Notes—102.9% | ||||||||||||||||||||
| California—97.5% | ||||||||||||||||||||
| $ | 100,000 | Adelanto, CA Elementary School District
Community Facilities District No. 11 |
4.700 | % | 09/01/2012 | 09/01/2012 | $ | 96,541 | ||||||||||||
| 660,000 | Adelanto, CA Improvement Agency, Series B1 |
5.500 | 12/01/2023 | 10/09/2018 | A | 604,514 | ||||||||||||||
| 210,000 | Adelanto, CA Public Financing
Authority, Series B1 |
6.300 | 09/01/2028 | 07/12/2023 | A | 206,113 | ||||||||||||||
| 350,000 | Alameda, CA Transportation Authority1 |
5.250 | 10/01/2021 | 10/01/2011 | B | 350,186 | ||||||||||||||
| 25,000 | Alvord, CA Unified School District
Community Facilities District1 |
6.200 | 09/01/2025 | 04/03/2024 | A | 24,179 | ||||||||||||||
| 10,000 | Antelope Valley, CA Healthcare District1 |
5.200 | 01/01/2017 | 08/29/2011 | B | 10,016 | ||||||||||||||
| 1,000,000 | Antelope Valley, CA Healthcare District1 |
5.200 | 01/01/2020 | 08/29/2011 | B | 1,000,760 | ||||||||||||||
| 1,500,000 | Antelope Valley, CA Healthcare District1 |
5.250 | 09/01/2017 | 09/01/2017 | 1,451,385 | |||||||||||||||
| 550,000 | Antioch, CA Public Financing Authority1 |
5.625 | 01/01/2022 | 08/29/2011 | B | 550,424 | ||||||||||||||
| 3,005,000 | Antioch, CA Public Financing Authority1 |
5.625 | 01/01/2027 | 08/29/2011 | B | 3,005,361 | ||||||||||||||
| 30,000 | Apple Valley, CA Improvement Bond Act 19151 |
6.900 | 09/02/2015 | 09/02/2011 | B | 30,968 | ||||||||||||||
| 15,000 | Aromas, CA Water District1 |
5.600 | 09/01/2018 | 09/01/2011 | B | 14,998 | ||||||||||||||
| 15,000 | Atwater, CA Redevel. Agency
(Downtown Redevel.)1 |
5.500 | 06/01/2019 | 06/01/2019 | 14,472 | |||||||||||||||
| 25,000 | Azusa, CA COP1 |
5.750 | 08/01/2020 | 02/01/2012 | B | 25,544 | ||||||||||||||
| 35,000 | Bakersfield, CA Improvement Bond Act 19151 |
5.600 | 09/02/2020 | 03/02/2016 | A | 34,552 | ||||||||||||||
| 45,000 | Bakersfield, CA Improvement Bond Act 19151 |
6.100 | 09/02/2024 | 10/16/2022 | A | 43,812 | ||||||||||||||
| 15,000 | Bakersfield, CA Improvement Bond Act 19151 |
7.100 | 09/02/2015 | 09/02/2011 | B | 15,028 | ||||||||||||||
| 70,000 | Baldwin Park, CA Redevel. Agency1 |
5.750 | 09/01/2030 | 09/01/2012 | B | 70,226 | ||||||||||||||
| 25,000 | Beaumont, CA Financing Authority, Series A1 |
5.700 | 09/01/2035 | 10/11/2033 | A | 22,967 | ||||||||||||||
| 170,000 | Beaumont, CA Financing Authority, Series A1 |
7.000 | 09/01/2023 | 08/29/2011 | B | 170,109 | ||||||||||||||
| 55,000 | Beaumont, CA Financing Authority, Series B1 |
6.000 | 09/01/2034 | 04/02/2030 | A | 53,263 | ||||||||||||||
| 30,000 | Belmont, CA Redevel. Agency (Los Costanos
Community Devel.)1 |
5.500 | 08/01/2016 | 08/29/2011 | B | 30,048 | ||||||||||||||
| 50,000 | Belmont, CA Redevel. Agency (Los Costanos
Community Devel.)1 |
5.600 | 08/01/2018 | 08/29/2011 | B | 50,051 | ||||||||||||||
| 50,000 | Blythe, CA Redevel. Agency (Redevel. Project
No. 1 Tax Allocation)1 |
5.750 | 05/01/2034 | 06/30/2032 | A | 42,036 | ||||||||||||||
| 795,000 | Bonita Canyon, CA Public Facilities
Financing Authority1 |
5.375 | 09/01/2028 | 11/22/2022 | A | 761,117 | ||||||||||||||
| 70,000 | Brentwood, CA Improvement Bond Act 19151 |
6.800 | 09/02/2017 | 08/29/2011 | B | 70,107 | ||||||||||||||
| 30,000 | Brisbane, CA Improvement Bond Act 1915
(Northeast Ridge)1 |
5.875 | 09/02/2020 | 03/31/2019 | A | 30,176 | ||||||||||||||
| 205,000 | Brisbane, CA Public Financing Authority1 |
6.000 | 05/01/2026 | 07/26/2023 | A | 201,050 | ||||||||||||||
| 35,000 | Buena Park, CA Special Tax (Park Mall)1 |
6.125 | 09/01/2033 | 10/16/2031 | A | 30,867 | ||||||||||||||
| 250,000 | Burbank, CA Community Facilities
District Special Tax1 |
5.200 | 12/01/2023 | 06/25/2022 | A | 239,013 | ||||||||||||||
| 50,000 | CA ABAG Finance Authority for NonProfit
Corporations (Odd Fellows Home of California)1 |
6.000 | 08/15/2024 | 08/29/2011 | B | 51,135 | ||||||||||||||
25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 5,000 | CA ABAG Finance Authority for NonProfit
Corporations COP1 |
5.600 | % | 11/01/2023 | 08/29/2011 | B | $ | 5,003 | |||||||||||
| 20,000 | CA ABAG Finance Authority for NonProfit
Corporations COP1 |
5.800 | 03/01/2023 | 08/29/2011 | B | 20,026 | ||||||||||||||
| 15,000 | CA ABAG Finance Authority for NonProfit
Corporations COP (Episcopal Homes
Foundation) |
5.125 | 07/01/2013 | 08/29/2011 | B | 15,024 | ||||||||||||||
| 155,000 | CA ABAG Finance Authority for NonProfit
Corporations COP (O’Connor Woods)1 |
6.200 | 11/01/2029 | 08/05/2023 | A | 144,116 | ||||||||||||||
| 20,000 | CA ABAG Finance Authority for NonProfit
Corporations (OW/OWHC/SJRHC
Obligated Group)1 |
5.700 | 11/01/2013 | 11/01/2011 | B | 20,092 | ||||||||||||||
| 65,000 | CA ABAG Tax Allocation, Series A1 |
6.000 | 12/15/2014 | 12/15/2011 | B | 66,244 | ||||||||||||||
| 100,000 | CA Affordable Hsg. Agency
(Merced County Hsg. Authority)1 |
6.500 | 01/01/2033 | 01/02/2029 | A | 85,823 | ||||||||||||||
| 8,445,000 | CA County Tobacco Securitization Agency |
5.830 | 2 | 06/01/2033 | 06/01/2033 | 788,172 | ||||||||||||||
| 410,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.000 | 06/01/2026 | 11/29/2017 | A | 372,305 | ||||||||||||||
| 150,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.100 | 06/01/2028 | 02/11/2019 | A | 126,644 | ||||||||||||||
| 2,000,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.125 | 06/01/2038 | 06/25/2028 | A | 1,386,740 | ||||||||||||||
| 6,620,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.250 | 06/01/2021 | 01/12/2014 | A | 6,133,761 | ||||||||||||||
| 2,240,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.450 | 06/01/2028 | 01/06/2020 | A | 1,949,427 | ||||||||||||||
| 295,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.500 | 06/01/2033 | 05/29/2015 | A | 251,399 | ||||||||||||||
| 7,955,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.750 | 06/01/2029 | 09/10/2015 | A | 7,530,123 | ||||||||||||||
| 150,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.875 | 06/01/2027 | 04/14/2019 | A | 145,995 | ||||||||||||||
| 340,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.875 | 06/01/2035 | 01/13/2020 | A | 269,895 | ||||||||||||||
| 305,000 | CA County Tobacco Securitization
Agency (TASC)1 |
5.875 | 06/01/2043 | 08/29/2024 | A | 235,125 | ||||||||||||||
| 1,295,000 | CA County Tobacco Securitization
Agency (TASC)1 |
6.000 | 06/01/2029 | 11/14/2015 | A | 1,272,765 | ||||||||||||||
| 4,965,000 | CA County Tobacco Securitization
Agency (TASC)1 |
6.000 | 06/01/2035 | 10/18/2024 | A | 4,035,403 | ||||||||||||||
| 435,000 | CA County Tobacco Securitization
Agency (TASC)1 |
6.000 | 06/01/2042 | 08/18/2024 | A | 342,384 | ||||||||||||||
| 10,700,000 | CA County Tobacco Securitization
Agency (TASC) |
6.068 | 2 | 06/01/2046 | 06/05/2033 | A | 541,527 | |||||||||||||
26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 50,000 | CA County Tobacco Securitization
Agency (TASC)1 |
6.250 | % | 06/01/2037 | 03/12/2024 | A | $ | 41,481 | |||||||||||
| 2,935,000 | CA Dept. of Transportation COP1 |
5.250 | 03/01/2016 | 08/29/2011 | B | 2,946,182 | ||||||||||||||
| 85,000 | CA Dept. of Veterans Affairs Home Purchase1 |
5.200 | 12/01/2027 | 08/29/2011 | B | 85,047 | ||||||||||||||
| 60,000 | CA Dept. of Veterans Affairs Home Purchase1 |
5.200 | 12/01/2028 | 08/29/2011 | B | 60,241 | ||||||||||||||
| 685,000 | CA Dept. of Water Resources (Center Valley)1 |
5.250 | 07/01/2022 | 08/29/2011 | B | 687,247 | ||||||||||||||
| 10,000 | CA Dept. of Water Resources (Center Valley) |
5.400 | 07/01/2012 | 08/29/2011 | A | 10,045 | ||||||||||||||
| 1,130,000 | CA Educational Facilities Authority1 |
5.125 | 04/01/2017 | 08/29/2011 | B | 1,130,124 | ||||||||||||||
| 250,000 | CA Educational Facilities Authority
(California College of Arts & Crafts)1 |
5.750 | 06/01/2025 | 11/29/2022 | A | 241,878 | ||||||||||||||
| 25,000 | CA Educational Facilities Authority
(California College of Arts & Crafts)1 |
5.875 | 06/01/2030 | 07/12/2028 | A | 23,704 | ||||||||||||||
| 115,000 | CA Educational Facilities Authority
(Golden Gate University)1 |
5.500 | 10/01/2018 | 08/29/2011 | B | 115,015 | ||||||||||||||
| 10,000 | CA Educational Facilities Authority
(Los Angeles College of Chiropractic)1 |
5.600 | 11/01/2017 | 01/20/2015 | A | 8,570 | ||||||||||||||
| 325,000 | CA Educational Facilities Authority
(Mills College)1 |
5.125 | 09/01/2022 | 08/29/2011 | B | 325,114 | ||||||||||||||
| 725,000 | CA Educational Facilities Authority
(Pooled University)1 |
5.250 | 04/01/2024 | 06/16/2021 | A | 675,330 | ||||||||||||||
| 50,000 | CA Educational Facilities Authority
(Stanford University)1 |
5.125 | 01/01/2031 | 08/29/2011 | B | 50,139 | ||||||||||||||
| 310,000 | CA Educational Facilities Authority
(University Pacific)1 |
5.750 | 11/01/2030 | 08/29/2011 | B | 310,229 | ||||||||||||||
| 335,000 | CA Financing Authority
(Wastewater Improvement)1 |
6.100 | 11/01/2033 | 12/17/2031 | A | 294,378 | ||||||||||||||
| 60,000 | CA GO |
4.800 | 08/01/2014 | 08/29/2011 | B | 60,191 | ||||||||||||||
| 25,000 | CA GO1 |
5.000 | 06/01/2017 | 08/29/2011 | B | 25,083 | ||||||||||||||
| 25,000 | CA GO1 |
5.000 | 06/01/2019 | 08/29/2011 | B | 25,076 | ||||||||||||||
| 5,000 | CA GO1 |
5.000 | 06/01/2019 | 08/29/2011 | B | 5,015 | ||||||||||||||
| 5,000 | CA GO |
5.000 | 02/01/2021 | 08/29/2011 | B | 5,014 | ||||||||||||||
| 100,000 | CA GO1 |
5.000 | 11/01/2022 | 11/01/2011 | B | 100,736 | ||||||||||||||
| 75,000 | CA GO1 |
5.000 | 10/01/2023 | 08/29/2011 | B | 75,128 | ||||||||||||||
| 10,000 | CA GO1 |
5.000 | 10/01/2023 | 08/29/2011 | B | 10,017 | ||||||||||||||
| 45,000 | CA GO1 |
5.000 | 02/01/2025 | 08/29/2011 | B | 45,068 | ||||||||||||||
| 10,000 | CA GO1 |
5.000 | 02/01/2025 | 08/29/2011 | B | 10,015 | ||||||||||||||
| 25,000 | CA GO1 |
5.125 | 10/01/2027 | 08/29/2011 | B | 25,015 | ||||||||||||||
| 25,000 | CA GO1 |
5.250 | 10/01/2013 | 10/01/2011 | B | 25,194 | ||||||||||||||
| 25,000 | CA GO1 |
5.250 | 10/01/2013 | 10/01/2011 | B | 25,194 | ||||||||||||||
| 20,000 | CA GO1 |
5.250 | 06/01/2016 | 12/01/2011 | B | 20,300 | ||||||||||||||
| 25,000 | CA GO1 |
5.250 | 04/01/2018 | 08/29/2011 | B | 25,086 | ||||||||||||||
| 10,000 | CA GO1 |
5.250 | 04/01/2019 | 08/29/2011 | B | 10,033 | ||||||||||||||
| 10,000 | CA GO |
5.250 | 04/01/2021 | 08/29/2011 | B | 10,029 | ||||||||||||||
27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 160,000 | CA GO1 |
5.250 | % | 06/01/2021 | 12/01/2011 | B | $ | 161,846 | |||||||||||
| 10,000 | CA GO1 |
5.250 | 02/01/2029 | 02/01/2013 | B | 10,090 | ||||||||||||||
| 10,000 | CA GO1 |
5.250 | 02/01/2030 | 02/01/2012 | B | 10,026 | ||||||||||||||
| 15,000 | CA GO1 |
5.300 | 09/01/2011 | 09/01/2011 | 15,066 | |||||||||||||||
| 15,000 | CA GO1 |
5.375 | 06/01/2026 | 12/01/2011 | B | 15,102 | ||||||||||||||
| 125,000 | CA GO1 |
5.500 | 03/01/2013 | 08/29/2011 | B | 125,526 | ||||||||||||||
| 75,000 | CA GO1 |
5.500 | 06/01/2013 | 08/29/2011 | B | 75,310 | ||||||||||||||
| 10,000 | CA GO1 |
5.500 | 03/01/2014 | 08/29/2011 | B | 10,042 | ||||||||||||||
| 125,000 | CA GO1 |
5.500 | 03/01/2014 | 08/29/2011 | B | 125,516 | ||||||||||||||
| 15,000 | CA GO1 |
5.500 | 04/01/2014 | 08/29/2011 | B | 15,062 | ||||||||||||||
| 65,000 | CA GO1 |
5.500 | 06/01/2014 | 08/29/2011 | B | 65,268 | ||||||||||||||
| 550,000 | CA GO1 |
5.500 | 03/01/2015 | 08/29/2011 | B | 552,272 | ||||||||||||||
| 55,000 | CA GO1 |
5.500 | 04/01/2015 | 10/01/2011 | B | 55,455 | ||||||||||||||
| 40,000 | CA GO1 |
5.500 | 06/01/2015 | 08/29/2011 | B | 40,165 | ||||||||||||||
| 55,000 | CA GO1 |
5.500 | 04/01/2019 | 10/01/2011 | B | 55,397 | ||||||||||||||
| 15,000 | CA GO1 |
5.500 | 03/01/2020 | 09/01/2011 | B | 15,054 | ||||||||||||||
| 25,000 | CA GO1 |
5.500 | 03/01/2020 | 09/01/2011 | B | 25,087 | ||||||||||||||
| 25,000 | CA GO1 |
5.500 | 10/01/2022 | 10/01/2011 | B | 25,154 | ||||||||||||||
| 40,000 | CA GO1 |
5.500 | 06/01/2025 | 08/29/2011 | B | 40,121 | ||||||||||||||
| 65,000 | CA GO1 |
5.600 | 09/01/2021 | 09/01/2011 | B | 65,219 | ||||||||||||||
| 5,000 | CA GO1 |
5.600 | 09/01/2021 | 09/01/2011 | B | 5,017 | ||||||||||||||
| 70,000 | CA GO1 |
5.625 | 10/01/2021 | 10/01/2011 | B | 70,461 | ||||||||||||||
| 140,000 | CA GO1 |
5.625 | 10/01/2023 | 10/01/2011 | B | 140,893 | ||||||||||||||
| 10,000 | CA GO1 |
5.625 | 09/01/2024 | 09/01/2011 | B | 10,033 | ||||||||||||||
| 45,000 | CA GO1 |
5.625 | 05/01/2026 | 08/29/2011 | B | 45,116 | ||||||||||||||
| 15,000 | CA GO1 |
5.625 | 10/01/2026 | 10/01/2011 | B | 15,078 | ||||||||||||||
| 5,000 | CA GO1 |
5.750 | 03/01/2012 | 09/01/2011 | B | 5,023 | ||||||||||||||
| 35,000 | CA GO1 |
5.750 | 03/01/2015 | 09/01/2011 | B | 35,157 | ||||||||||||||
| 4,890,000 | CA GO1 |
5.750 | 11/01/2017 | 11/01/2011 | B | 4,948,289 | ||||||||||||||
| 35,000 | CA GO1 |
5.750 | 11/01/2017 | 11/01/2011 | B | 35,417 | ||||||||||||||
| 40,000 | CA GO1 |
5.800 | 06/01/2013 | 08/29/2011 | B | 40,176 | ||||||||||||||
| 1,410,000 | CA GO1 |
5.900 | 04/01/2023 | 10/01/2011 | B | 1,419,673 | ||||||||||||||
| 230,000 | CA GO1 |
5.900 | 04/01/2023 | 10/01/2011 | B | 231,578 | ||||||||||||||
| 75,000 | CA GO1 |
5.900 | 03/01/2025 | 09/01/2011 | B | 75,261 | ||||||||||||||
| 25,000 | CA GO1 |
6.000 | 05/01/2012 | 11/01/2011 | B | 25,349 | ||||||||||||||
| 15,000 | CA GO1 |
6.000 | 10/01/2014 | 10/01/2011 | B | 15,137 | ||||||||||||||
| 20,000 | CA GO1 |
6.000 | 08/01/2015 | 02/01/2012 | B | 20,530 | ||||||||||||||
| 20,000 | CA GO1 |
6.000 | 05/01/2018 | 11/01/2011 | B | 20,244 | ||||||||||||||
| 5,000 | CA GO1 |
6.000 | 08/01/2019 | 02/01/2012 | B | 5,115 | ||||||||||||||
| 55,000 | CA GO1 |
6.000 | 10/01/2021 | 10/01/2011 | B | 55,397 | ||||||||||||||
| 85,000 | CA GO1 |
6.000 | 08/01/2024 | 02/01/2012 | B | 86,757 | ||||||||||||||
28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 605,000 | CA GO1 |
6.250 | % | 10/01/2019 | 10/01/2011 | B | $ | 610,022 | |||||||||||
| 905,000 | CA GO1 |
6.250 | 10/01/2019 | 10/01/2011 | B | 912,512 | ||||||||||||||
| 25,000 | CA Golden State Tobacco Securitization
Corp.1 |
5.000 | 06/01/2020 | 08/29/2011 | B | 25,003 | ||||||||||||||
| 2,580,000 | CA Golden State Tobacco Securitization
Corp. (TASC)1 |
4.500 | 06/01/2027 | 11/01/2016 | A | 2,162,040 | ||||||||||||||
| 500,000 | CA Golden State Tobacco Securitization
Corp. (TASC) |
5.000 | 06/01/2018 | 08/29/2011 | B | 500,155 | ||||||||||||||
| 135,000 | CA Health Facilities Financing Authority
(Catholic Healthcare West)1 |
5.125 | 07/01/2024 | 08/29/2011 | B | 135,069 | ||||||||||||||
| 30,000 | CA Health Facilities Financing Authority
(Catholic Healthcare West)1 |
5.250 | 07/01/2023 | 08/29/2011 | B | 30,026 | ||||||||||||||
| 160,000 | CA Health Facilities Financing Authority
(Catholic Healthcare West)1 |
5.250 | 07/01/2023 | 08/29/2011 | B | 160,136 | ||||||||||||||
| 60,000 | CA Health Facilities Financing Authority
(Cedars-Sinai Medical Center)1 |
5.250 | 08/01/2027 | 08/29/2011 | B | 60,008 | ||||||||||||||
| 60,000 | CA Health Facilities Financing Authority
(CHCW/BMH Obligated Group)1 |
5.000 | 07/01/2018 | 08/29/2011 | B | 60,097 | ||||||||||||||
| 420,000 | CA Health Facilities Financing Authority
(CHCW/CHCWSC/CHWCC Obligated
Group)1 |
5.000 | 07/01/2017 | 08/29/2011 | B | 420,819 | ||||||||||||||
| 35,000 | CA Health Facilities Financing Authority
(Downey Community Hospital) |
5.750 | 05/15/2015 | 12/09/2013 | A | 28,543 | ||||||||||||||
| 65,000 | CA Health Facilities Financing Authority
(Exception Childrens Foundation)1 |
6.500 | 05/01/2020 | 08/29/2011 | B | 65,116 | ||||||||||||||
| 50,000 | CA Health Facilities Financing Authority
(Fellowship Homes)1 |
6.000 | 09/01/2019 | 08/29/2011 | B | 50,103 | ||||||||||||||
| 10,000 | CA Health Facilities Financing Authority
(FF/OCTC/SCADP Obligated Group)1 |
6.500 | 12/01/2022 | 08/29/2011 | B | 10,015 | ||||||||||||||
| 2,000,000 | CA Health Facilities Financing Authority
(Kaiser Permanente)1 |
5.400 | 05/01/2028 | 08/29/2011 | B | 2,008,060 | ||||||||||||||
| 20,000 | CA Health Facilities Financing Authority
(Marshall Hospital) |
5.125 | 11/01/2012 | 08/29/2011 | B | 20,066 | ||||||||||||||
| 85,000 | CA Health Facilities Financing Authority
(Mercy Senior Hsg.)1 |
5.800 | 12/01/2018 | 08/29/2011 | B | 85,143 | ||||||||||||||
| 450,000 | CA Health Facilities Financing Authority
(Northern California Presbyterian
Homes & Services)1 |
5.125 | 07/01/2018 | 08/29/2011 | B | 450,324 | ||||||||||||||
| 1,065,000 | CA Health Facilities Financing Authority
(Pomona Valley Hospital Medical Center)1 |
5.625 | 07/01/2019 | 08/29/2011 | B | 1,066,193 | ||||||||||||||
| 20,000 | CA Health Facilities Financing Authority
(Pomona Valley Hospital Medical Center)1 |
5.750 | 07/01/2015 | 08/29/2011 | B | 20,049 | ||||||||||||||
| 30,000 | CA Health Facilities Financing Authority
(Providence Health System-Southern
California)1 |
5.500 | 10/01/2013 | 08/29/2011 | B | 30,117 | ||||||||||||||
29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 30,000 | CA Health Facilities Financing Authority
(San Fernando Valley Community Mental
Health Center)1 |
5.250 | % | 06/01/2023 | 08/29/2011 | B | $ | 30,010 | |||||||||||
| 50,000 | CA Health Facilities Financing Authority
(Sunny View Lutheran Home)1 |
5.100 | 01/01/2024 | 08/29/2011 | B | 50,006 | ||||||||||||||
| 335,000 | CA Health Facilities Financing Authority
(Sutter Health)1 |
5.125 | 08/15/2022 | 08/29/2011 | B | 335,429 | ||||||||||||||
| 520,000 | CA Health Facilities Financing Authority
(Sutter Health)1 |
5.350 | 08/15/2028 | 08/29/2011 | B | 520,177 | ||||||||||||||
| 30,000 | CA Health Facilities Financing Authority
(Sutter Health)1 |
5.375 | 08/15/2030 | 08/29/2011 | B | 30,010 | ||||||||||||||
| 3,975,000 | CA HFA (Home Mtg.)1 |
5.000 | 08/01/2037 | 01/21/2013 | B | 4,041,780 | ||||||||||||||
| 6,985,000 | CA HFA (Home Mtg.)1 |
5.500 | 02/01/2042 | 05/26/2013 | B | 7,101,510 | ||||||||||||||
| 10,770,000 | CA HFA (Home Mtg.)1 |
5.500 | 08/01/2042 | 09/01/2013 | B | 10,773,446 | ||||||||||||||
| 55,000 | CA HFA (Multifamily Hsg.)1 |
5.375 | 08/01/2028 | 01/06/2026 | A | 51,423 | ||||||||||||||
| 2,195,000 | CA HFA (Multifamily Hsg.)1 |
5.400 | 08/01/2018 | 03/15/2015 | A | 2,183,630 | ||||||||||||||
| 40,000 | CA HFA (Multifamily Hsg.)1 |
5.400 | 08/01/2018 | 03/02/2015 | A | 39,793 | ||||||||||||||
| 670,000 | CA HFA (Multifamily Hsg.)1 |
5.450 | 08/01/2028 | 02/22/2024 | A | 655,334 | ||||||||||||||
| 630,000 | CA HFA (Multifamily Hsg.)1 |
5.950 | 08/01/2028 | 05/17/2024 | A | 605,915 | ||||||||||||||
| 350,000 | CA HFA (Multifamily Hsg.)1 |
6.050 | 08/01/2016 | 08/29/2011 | B | 350,343 | ||||||||||||||
| 2,625,000 | CA HFA (Multifamily Hsg.)1 |
6.050 | 08/01/2027 | 08/29/2011 | B | 2,645,580 | ||||||||||||||
| 25,000 | CA HFA (Multifamily Hsg.)1 |
6.050 | 08/01/2038 | 02/01/2029 | A | 24,352 | ||||||||||||||
| 2,350,000 | CA HFA (Multifamily Hsg.)1 |
6.150 | 08/01/2022 | 08/29/2011 | B | 2,353,126 | ||||||||||||||
| 100,000 | CA Infrastructure and Economic Devel.
(Scripps Research Institute)1 |
5.625 | 07/01/2020 | 08/29/2011 | B | 100,320 | ||||||||||||||
| 3,550,000 | CA Infrastructure and Economic Devel.
(Scripps Research Institute)1 |
5.750 | 07/01/2030 | 08/29/2011 | B | 3,552,627 | ||||||||||||||
| 15,000 | CA Infrastructure and Economic Devel.
(Stockton Port District)1 |
5.375 | 07/01/2022 | 02/24/2020 | A | 12,816 | ||||||||||||||
| 1,130,000 | CA Inland Empire Tobacco Securitization
Authority1 |
5.000 | 06/01/2021 | 06/01/2021 | 928,193 | |||||||||||||||
| 345,000 | CA Intercommunity Hospital Financing
Authority COP1 |
5.250 | 11/01/2019 | 03/04/2016 | A | 342,920 | ||||||||||||||
| 35,000 | CA M-S-R Public Power Agency (San Juan)1 |
6.000 | 07/01/2022 | 08/29/2011 | B | 37,306 | ||||||||||||||
| 10,000 | CA Maritime Infrastructure Authority
(Santa Cruz Port District)1 |
5.750 | 05/01/2024 | 04/17/2020 | A | 9,438 | ||||||||||||||
| 50,000 | CA Pollution Control Financing Authority
(Pacific Gas & Electric Company)1 |
5.350 | 12/01/2016 | 08/29/2011 | B | 51,069 | ||||||||||||||
| 30,000 | CA Pollution Control Financing Authority
(Sacramento Biosolids Facility)1 |
5.300 | 12/01/2017 | 06/25/2016 | A | 27,067 | ||||||||||||||
| 340,000 | CA Pollution Control Financing Authority
(Sacramento Biosolids Facility)1 |
5.500 | 12/01/2024 | 07/27/2022 | A | 264,119 | ||||||||||||||
| 860,000 | CA Pollution Control Financing Authority
(San Diego Gas & Electric Company)1 |
5.850 | 06/01/2021 | 08/29/2011 | B | 862,804 | ||||||||||||||
30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 195,000 | CA Pollution Control Financing Authority
(San Diego Gas & Electric Company)1 |
5.850 | % | 06/01/2021 | 08/29/2011 | B | $ | 195,636 | |||||||||||
| 460,000 | CA Pollution Control Financing Authority
(San Diego Gas & Electric Company)1 |
5.850 | 06/01/2021 | 08/29/2011 | B | 461,500 | ||||||||||||||
| 20,000 | CA Pollution Control Financing Authority
(Southern California Edison Company)1 |
5.550 | 09/01/2031 | 09/01/2011 | B | 20,004 | ||||||||||||||
| 565,000 | CA Pollution Control Financing Authority
(Southern California Water Company)1 |
5.500 | 12/01/2026 | 08/29/2011 | B | 565,164 | ||||||||||||||
| 65,000 | CA Pollution Control Financing Authority
(West Coast Resource Recovery) |
5.125 | 01/01/2014 | 08/29/2011 | B | 65,158 | ||||||||||||||
| 80,000 | CA Public Works |
5.250 | 12/01/2013 | 08/29/2011 | B | 80,268 | ||||||||||||||
| 725,000 | CA Public Works1 |
6.625 | 11/01/2034 | 04/17/2019 | B | 786,212 | ||||||||||||||
| 75,000 | CA Public Works (CA Community Colleges)1 |
5.250 | 12/01/2016 | 08/29/2011 | B | 75,173 | ||||||||||||||
| 55,000 | CA Public Works
(California Community Colleges) |
5.100 | 09/01/2014 | 08/29/2011 | B | 55,158 | ||||||||||||||
| 1,000,000 | CA Public Works
(California Community Colleges) |
5.250 | 12/01/2013 | 08/29/2011 | B | 1,003,350 | ||||||||||||||
| 200,000 | CA Public Works
(California Community Colleges)1 |
5.250 | 12/01/2014 | 08/29/2011 | B | 200,590 | ||||||||||||||
| 305,000 | CA Public Works
(California Community Colleges)1 |
5.250 | 12/01/2015 | 08/29/2011 | B | 305,802 | ||||||||||||||
| 65,000 | CA Public Works
(California Community Colleges)1 |
5.250 | 12/01/2015 | 08/29/2011 | B | 65,171 | ||||||||||||||
| 70,000 | CA Public Works
(California Community Colleges)1 |
5.250 | 12/01/2016 | 08/29/2011 | B | 70,161 | ||||||||||||||
| 180,000 | CA Public Works
(California Community Colleges) |
5.250 | 09/01/2019 | 08/29/2011 | B | 180,416 | ||||||||||||||
| 60,000 | CA Public Works (California Highway Patrol)1 |
5.250 | 11/01/2014 | 11/01/2011 | B | 60,529 | ||||||||||||||
| 330,000 | CA Public Works (California Science Center) |
5.250 | 10/01/2017 | 08/29/2011 | B | 330,762 | ||||||||||||||
| 600,000 | CA Public Works (California State University)1 |
5.250 | 10/01/2015 | 08/29/2011 | B | 601,608 | ||||||||||||||
| 50,000 | CA Public Works (California State University)1 |
5.375 | 10/01/2016 | 08/29/2011 | B | 50,121 | ||||||||||||||
| 50,000 | CA Public Works (California State University) |
5.375 | 10/01/2017 | 08/29/2011 | B | 50,121 | ||||||||||||||
| 1,340,000 | CA Public Works (California State University)1 |
5.400 | 12/01/2016 | 08/29/2011 | B | 1,343,256 | ||||||||||||||
| 40,000 | CA Public Works (California State University)1 |
5.450 | 09/01/2014 | 08/29/2011 | B | 40,124 | ||||||||||||||
| 400,000 | CA Public Works (California State University)1 |
5.500 | 09/01/2015 | 08/29/2011 | B | 401,164 | ||||||||||||||
| 75,000 | CA Public Works (Dept. of Corrections) |
5.000 | 10/01/2012 | 08/29/2011 | B | 75,248 | ||||||||||||||
| 25,000 | CA Public Works (Dept. of Corrections)1 |
5.000 | 09/01/2018 | 08/29/2011 | B | 25,036 | ||||||||||||||
| 50,000 | CA Public Works (Dept. of Corrections)1 |
5.250 | 09/01/2014 | 08/29/2011 | B | 50,150 | ||||||||||||||
| 100,000 | CA Public Works (Dept. of Corrections)1 |
5.250 | 09/01/2015 | 08/29/2011 | B | 100,270 | ||||||||||||||
| 75,000 | CA Public Works (Dept. of Corrections)1 |
5.250 | 09/01/2015 | 08/29/2011 | B | 75,203 | ||||||||||||||
| 50,000 | CA Public Works (Dept. of Corrections)1 |
5.250 | 09/01/2016 | 08/29/2011 | B | 50,117 | ||||||||||||||
| 125,000 | CA Public Works (Dept. of Corrections)1 |
5.375 | 10/01/2016 | 08/29/2011 | B | 125,303 | ||||||||||||||
| 40,000 | CA Public Works (Dept. of Corrections) |
5.500 | 10/01/2017 | 08/29/2011 | B | 40,102 | ||||||||||||||
31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 350,000 | CA Public Works (Dept. of Corrections) |
5.500 | % | 10/01/2018 | 08/29/2011 | B | $ | 350,896 | |||||||||||
| 350,000 | CA Public Works (Dept. of Corrections) |
5.500 | 10/01/2019 | 08/29/2011 | B | 350,896 | ||||||||||||||
| 40,000 | CA Public Works (Dept. of Corrections)1 |
5.625 | 10/01/2020 | 08/29/2011 | B | 40,107 | ||||||||||||||
| 75,000 | CA Public Works (Dept. of Food & Agriculture) |
5.400 | 06/01/2013 | 08/29/2011 | B | 75,259 | ||||||||||||||
| 1,000,000 | CA Public Works (Dept. of Health Services) |
5.500 | 11/01/2015 | 08/29/2011 | B | 1,008,350 | ||||||||||||||
| 150,000 | CA Public Works (Dept. of Youth Authority)1 |
5.375 | 10/01/2015 | 08/29/2011 | B | 150,419 | ||||||||||||||
| 25,000 | CA Public Works (Dept. of Youth Authority) |
5.500 | 10/01/2018 | 08/29/2011 | B | 25,064 | ||||||||||||||
| 25,000 | CA Public Works (Library & Courts Annex)1 |
5.000 | 05/01/2015 | 08/29/2011 | B | 25,064 | ||||||||||||||
| 25,000 | CA Public Works (Regents University) |
5.250 | 11/01/2013 | 08/29/2011 | B | 25,086 | ||||||||||||||
| 25,000 | CA Public Works (Regents University) |
5.250 | 11/01/2013 | 08/29/2011 | B | 25,086 | ||||||||||||||
| 1,500,000 | CA Public Works (State Archives
Building Complex) |
5.375 | 12/01/2012 | 08/29/2011 | B | 1,505,400 | ||||||||||||||
| 155,000 | CA Public Works (State Universities) |
5.250 | 12/01/2013 | 08/29/2011 | B | 155,494 | ||||||||||||||
| 160,000 | CA Public Works (State Universities) |
5.400 | 10/01/2022 | 08/29/2011 | B | 160,390 | ||||||||||||||
| 1,400,000 | CA Public Works (State Universities) |
5.500 | 12/01/2018 | 08/29/2011 | B | 1,403,584 | ||||||||||||||
| 100,000 | CA Public Works (Trustees of California)1 |
5.250 | 10/01/2012 | 08/29/2011 | B | 100,361 | ||||||||||||||
| 25,000 | CA Public Works (Trustees of California)1 |
5.250 | 10/01/2014 | 08/29/2011 | B | 25,073 | ||||||||||||||
| 20,000 | CA Public Works (Various California
State Universities)1 |
5.550 | 09/01/2016 | 08/29/2011 | B | 20,052 | ||||||||||||||
| 30,000 | CA Public Works (Various
Community Colleges)1 |
5.200 | 09/01/2017 | 08/29/2011 | B | 30,057 | ||||||||||||||
| 275,000 | CA Public Works (Various
Community Colleges) |
5.375 | 03/01/2013 | 08/29/2011 | B | 275,954 | ||||||||||||||
| 555,000 | CA Public Works (Various
Community Colleges) |
5.375 | 03/01/2014 | 08/29/2011 | B | 556,915 | ||||||||||||||
| 20,000 | CA Public Works (Various
Community Colleges) |
5.500 | 09/01/2011 | 08/29/2011 | B | 20,080 | ||||||||||||||
| 50,000 | CA Public Works (Various
Community Colleges) |
5.500 | 09/01/2011 | 08/29/2011 | B | 50,201 | ||||||||||||||
| 110,000 | CA Public Works (Various
Community Colleges)1 |
5.500 | 04/01/2013 | 08/29/2011 | B | 110,393 | ||||||||||||||
| 50,000 | CA Public Works (Various
Community Colleges) |
5.600 | 04/01/2014 | 08/29/2011 | B | 50,169 | ||||||||||||||
| 2,690,000 | CA Public Works (Various
Community Colleges)1 |
5.625 | 03/01/2016 | 08/29/2011 | B | 2,697,236 | ||||||||||||||
| 4,825,000 | CA Public Works (Various
Community Colleges)1 |
5.625 | 03/01/2016 | 08/29/2011 | B | 4,837,979 | ||||||||||||||
| 1,870,000 | CA Public Works (Various
Community Colleges)1 |
5.625 | 03/01/2019 | 08/29/2011 | B | 1,874,993 | ||||||||||||||
| 175,000 | CA Public Works (Various
State Universities) |
5.200 | 12/01/2012 | 08/29/2011 | B | 175,646 | ||||||||||||||
| 25,000 | CA Public Works (Various
State Universities) |
5.250 | 12/01/2013 | 08/29/2011 | B | 25,086 | ||||||||||||||
32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 300,000 | CA Public Works
(Various State Universities) |
5.300 | % | 12/01/2014 | 08/29/2011 | B | $ | 301,017 | |||||||||||
| 210,000 | CA Public Works (Various State Universities) |
5.350 | 12/01/2015 | 08/29/2011 | B | 210,685 | ||||||||||||||
| 445,000 | CA Public Works (Various State Universities) |
5.375 | 12/01/2019 | 08/29/2011 | B | 446,072 | ||||||||||||||
| 115,000 | CA Public Works (Various State Universities) |
5.400 | 10/01/2022 | 08/29/2011 | B | 115,281 | ||||||||||||||
| 745,000 | CA Public Works (Various State Universities)1 |
5.400 | 10/01/2022 | 08/29/2011 | B | 747,384 | ||||||||||||||
| 10,000 | CA Public Works (Various State Universities)1 |
5.500 | 09/01/2015 | 08/29/2011 | B | 10,029 | ||||||||||||||
| 75,000 | CA River Highlands Community
Services District3 |
7.750 | 09/02/2020 | 09/19/2016 | A | 25,500 | ||||||||||||||
| 15,000 | CA River Highlands Community
Services District3 |
8.125 | 09/02/2020 | 10/28/2016 | A | 5,100 | ||||||||||||||
| 65,000 | CA Rural Home Mtg. Finance Authority
(Single Family Mtg.), Series A1 |
6.350 | 12/01/2029 | 09/15/2014 | A | 67,341 | ||||||||||||||
| 50,000 | CA Special Districts Finance Program COP1 |
5.250 | 12/01/2026 | 07/28/2024 | A | 48,814 | ||||||||||||||
| 25,000 | CA Statewide CDA1 |
6.625 | 09/01/2027 | 09/01/2011 | B | 24,999 | ||||||||||||||
| 5,000 | CA Statewide CDA1 |
7.000 | 07/01/2022 | 08/29/2011 | B | 5,003 | ||||||||||||||
| 30,000 | CA Statewide CDA
(Ararat Home of Los Angeles)1 |
5.550 | 06/01/2021 | 12/01/2011 | B | 30,109 | ||||||||||||||
| 75,000 | CA Statewide CDA (Bouquet Canyon)1 |
5.300 | 07/01/2018 | 09/01/2011 | B | 75,078 | ||||||||||||||
| 95,000 | CA Statewide CDA (California Odd Fellow Hsg.) |
5.375 | 10/01/2013 | 08/29/2011 | B | 95,295 | ||||||||||||||
| 740,000 | CA Statewide CDA
(Childrens Hospital Los Angeles)1 |
5.250 | 08/15/2029 | 03/05/2026 | A | 691,678 | ||||||||||||||
| 2,025,000 | CA Statewide CDA (CVHP/CVMC/FH
Obligated Group) COP |
5.500 | 04/01/2013 | 08/29/2011 | B | 2,028,281 | ||||||||||||||
| 930,000 | CA Statewide CDA (Daughters of Charity
Health System/St. Francis Medical
Center Obligated Group)1 |
5.250 | 07/01/2025 | 08/24/2019 | A | 845,119 | ||||||||||||||
| 500,000 | CA Statewide CDA (East Tabor Apartments)1 |
6.850 | 08/20/2036 | 02/20/2012 | B | 525,585 | ||||||||||||||
| 435,000 | CA Statewide CDA (Eastfield Ming Quong)1 |
5.625 | 06/01/2020 | 08/29/2011 | B | 435,470 | ||||||||||||||
| 45,000 | CA Statewide CDA (Escrow Term)1 |
6.750 | 09/01/2037 | 07/27/2036 | A | 44,506 | ||||||||||||||
| 250,000 | CA Statewide CDA (Fairfield Apartments)1 |
6.500 | 01/01/2016 | 02/07/2014 | A | 252,270 | ||||||||||||||
| 35,000 | CA Statewide CDA (GP Steinbeck)1 |
5.700 | 09/20/2019 | 09/20/2011 | B | 36,439 | ||||||||||||||
| 85,000 | CA Statewide CDA (GP Steinbeck) |
5.897 | 2 | 09/20/2027 | 09/20/2014 | B | 32,850 | |||||||||||||
| 15,000 | CA Statewide CDA (John Muir Health)1 |
5.125 | 08/15/2017 | 08/29/2011 | B | 15,024 | ||||||||||||||
| 100,000 | CA Statewide CDA (LA Orthopedic
Hospital Foundation)1 |
5.250 | 06/01/2015 | 08/29/2011 | B | 100,202 | ||||||||||||||
| 1,190,000 | CA Statewide CDA (LA Orthopedic
Hospital Foundation)1 |
5.500 | 06/01/2019 | 08/29/2011 | B | 1,191,154 | ||||||||||||||
| 70,000 | CA Statewide CDA (LA Orthopedic Hospital
Foundation/Orthopedic Hospital
Obligated Group)1 |
5.500 | 06/01/2018 | 08/29/2011 | B | 70,085 | ||||||||||||||
| 250,000 | CA Statewide CDA (Live Oak School)1 |
6.750 | 10/01/2030 | 12/19/2023 | A | 242,785 | ||||||||||||||
| 100,000 | CA Statewide CDA (Multifamily) |
5.696 | 2 | 09/20/2021 | 09/20/2011 | B | 56,486 | |||||||||||||
33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 100,000 | CA Statewide CDA (Multifamily) |
5.744 | 2% | 09/20/2023 | 09/20/2011 | B | $ | 49,890 | |||||||||||
| 150,000 | CA Statewide CDA (Quail Ridge Apartments)1 |
5.375 | 07/01/2032 | 11/27/2029 | A | 116,336 | ||||||||||||||
| 430,000 | CA Statewide CDA (Rio Bravo)1 |
6.500 | 12/01/2018 | 09/15/2015 | A | 388,724 | ||||||||||||||
| 100,000 | CA Statewide CDA (Sherman Oaks)1 |
5.000 | 08/01/2018 | 08/29/2011 | B | 100,086 | ||||||||||||||
| 100,000 | CA Statewide CDA (Sutter Health/Alta Bates
Medical Center/East Bay Perinatal Center
Obligated Group)1 |
5.750 | 08/15/2027 | 08/29/2011 | B | 100,074 | ||||||||||||||
| 560,000 | CA Statewide CDA (Sycamore)1 |
6.000 | 03/20/2038 | 03/20/2018 | B | 584,847 | ||||||||||||||
| 25,000 | CA Statewide CDA Community
Facilities District1 |
6.350 | 09/01/2021 | 09/01/2014 | B | 25,425 | ||||||||||||||
| 30,000 | CA Statewide CDA COP
(Ararat Home of Los Angeles)1 |
5.400 | 06/01/2016 | 12/01/2011 | B | 30,254 | ||||||||||||||
| 5,000 | CA Statewide CDA COP (CVHP/CVMC/FH
Obligated Group)1 |
5.000 | 04/01/2018 | 05/07/2016 | A | 4,933 | ||||||||||||||
| 45,000 | CA Statewide CDA COP (CVHP/CVMC/FH
Obligated Group)1 |
5.125 | 04/01/2023 | 05/07/2021 | A | 40,915 | ||||||||||||||
| 100,000 | CA Statewide CDA COP (Sutter Health) |
5.500 | 08/15/2018 | 08/29/2011 | B | 100,368 | ||||||||||||||
| 205,000 | CA Statewide CDA COP (Sutter Health)1 |
5.500 | 08/15/2031 | 08/29/2011 | B | 205,041 | ||||||||||||||
| 20,000 | CA Statewide CDA Special Tax Community
Facilities District No. 2007-1 (Orinda)1 |
5.300 | 09/01/2017 | 09/01/2017 | 19,798 | |||||||||||||||
| 85,000 | CA Statewide CDA Water & Wastewater1 |
5.700 | 10/01/2024 | 08/29/2011 | B | 85,153 | ||||||||||||||
| 1,634,000 | CA Statewide Financing Authority Tobacco
Settlement (TASC)1 |
5.625 | 05/01/2029 | 04/08/2015 | A | 1,545,290 | ||||||||||||||
| 1,150,000 | CA Statewide Financing Authority Tobacco
Settlement (TASC)1 |
5.625 | 05/01/2029 | 04/07/2015 | A | 1,087,567 | ||||||||||||||
| 250,000 | CA Statewide Financing Authority Tobacco
Settlement (TASC)1 |
6.000 | 05/01/2037 | 11/26/2023 | A | 200,545 | ||||||||||||||
| 50,000 | CA Water Resource Devel. GO, Series P1 |
5.800 | 06/01/2014 | 08/29/2011 | B | 50,220 | ||||||||||||||
| 50,000 | CA Water Resource Devel. GO, Series Q1 |
5.000 | 03/01/2016 | 08/29/2011 | B | 50,180 | ||||||||||||||
| 35,000 | CA Western Hills Water District Special Tax1 |
5.000 | 09/01/2014 | 03/25/2013 | A | 29,831 | ||||||||||||||
| 65,000 | CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities)1 |
4.000 | 09/01/2011 | 09/01/2011 | 64,632 | |||||||||||||||
| 25,000 | CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities)1 |
4.650 | 09/01/2014 | 09/01/2014 | 21,083 | |||||||||||||||
| 120,000 | CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities)1 |
6.000 | 09/01/2024 | 06/22/2021 | A | 75,956 | ||||||||||||||
| 50,000 | CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities)1 |
6.125 | 09/01/2031 | 03/23/2029 | A | 28,655 | ||||||||||||||
| 115,000 | CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities)1 |
6.750 | 09/01/2022 | 09/14/2018 | A | 81,591 | ||||||||||||||
| 45,000 | CA Western Hills Water District Special Tax
(Diablo Grande Community Facilities)1 |
6.875 | 09/01/2031 | 04/30/2027 | A | 28,386 | ||||||||||||||
| 310,000 | CA William S. Hart Union School District1 |
6.000 | 09/01/2027 | 09/01/2013 | B | 310,040 | ||||||||||||||
| 10,000 | Calabasas, CA Special Tax Community
Facilities District 98-11 |
5.750 | 09/01/2028 | 06/18/2025 | A | 9,127 | ||||||||||||||
34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 45,000 | California City, CA Redevel. Agency
Tax Allocation1 |
7.000 | % | 09/01/2015 | 08/29/2011 | B | $ | 45,094 | |||||||||||
| 2,795,000 | California County, CA Tobacco Securitization
Authority (TASC)1 |
5.625 | 06/01/2023 | 06/01/2012 | B | 2,797,208 | ||||||||||||||
| 60,000 | Campbell, CA (Civic Center) COP1 |
5.250 | 10/01/2028 | 08/29/2011 | B | 60,154 | ||||||||||||||
| 25,000 | Campbell, CA Improvement Bond Act 1915
(Dillon-Gilman Local Improvement District)1 |
7.150 | 09/02/2012 | 09/02/2011 | B | 25,841 | ||||||||||||||
| 15,000 | Canyon Lake, CA COP
(Railroad Canyon Road)1 |
7.375 | 06/01/2014 | 12/01/2011 | B | 15,233 | ||||||||||||||
| 40,000 | Capistrano, CA Unified School District
(Education & Support Facilities) COP1 |
5.250 | 12/01/2026 | 12/01/2011 | B | 40,392 | ||||||||||||||
| 75,000 | Capistrano, CA Unified School District
(Las Flores)1 |
5.000 | 09/01/2023 | 10/06/2021 | A | 74,193 | ||||||||||||||
| 50,000 | Capistrano, CA Unified School District
School Facilities Improvement District No. 11 |
6.000 | 08/01/2024 | 08/29/2011 | B | 50,174 | ||||||||||||||
| 80,000 | Carlsbad, CA Improvement Bond Act 19151 |
5.550 | 09/02/2028 | 08/30/2022 | A | 77,458 | ||||||||||||||
| 120,000 | Carlsbad, CA Improvement Bond Act 19151 |
5.950 | 09/02/2025 | 09/02/2012 | B | 120,444 | ||||||||||||||
| 30,000 | Carlsbad, CA Improvement Bond Act 19151 |
6.000 | 09/02/2022 | 09/02/2011 | B | 30,018 | ||||||||||||||
| 90,000 | Carson, CA Improvement Bond Act 19151 |
7.375 | 09/02/2022 | 09/02/2011 | B | 90,050 | ||||||||||||||
| 40,000 | Castaic, CA Union School District Community
Facilities District No. 92-11 |
8.500 | 10/01/2013 | 10/01/2011 | B | 40,335 | ||||||||||||||
| 2,750,000 | Castaic, CA Union School District Community
Facilities District No. 92-11 |
9.000 | 10/01/2019 | 10/01/2011 | B | 2,764,823 | ||||||||||||||
| 70,000 | Cathedral City, CA Improvement
Bond Act 19151 |
5.950 | 09/02/2034 | 05/03/2032 | A | 67,364 | ||||||||||||||
| 50,000 | Cathedral City, CA Special Tax Community
Facilities District No. 1 |
6.625 | 09/01/2023 | 09/25/2022 | A | 46,520 | ||||||||||||||
| 50,000 | Cathedral City, CA Special Tax Community
Facilities District No. 1 |
6.700 | 09/01/2030 | 01/10/2028 | A | 43,909 | ||||||||||||||
| 10,000 | Central CA Unified School District1 |
5.625 | 03/01/2018 | 09/01/2011 | B | 10,044 | ||||||||||||||
| 35,000 | Chico, CA Improvement Bond Act 1915
(Mission Ranch)1 |
6.625 | 09/02/2011 | 09/02/2011 | 35,099 | |||||||||||||||
| 95,000 | Chico, CA Improvement Bond Act 1915
(Mission Ranch)1 |
6.625 | 09/02/2012 | 09/02/2012 | 97,798 | |||||||||||||||
| 100,000 | Chico, CA Improvement Bond Act 1915
(Mission Ranch)1 |
6.625 | 09/02/2013 | 09/02/2011 | B | 103,192 | ||||||||||||||
| 55,000 | Chino, CA Community Facilities
District Special Tax1 |
5.750 | 09/01/2034 | 10/11/2032 | A | 49,917 | ||||||||||||||
| 20,000 | Chowchilla, CA Improvement Bond Act 19151 |
6.700 | 09/02/2027 | 09/02/2014 | B | 20,048 | ||||||||||||||
| 55,000 | Chula Vista, CA Community Facilities District
(Eastlake Woods)1 |
5.700 | 09/01/2016 | 09/01/2011 | B | 56,180 | ||||||||||||||
| 15,000 | Chula Vista, CA Community Facilities District
(Eastlake Woods)1 |
6.100 | 09/01/2021 | 09/01/2013 | B | 15,242 | ||||||||||||||
35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 10,000 | Chula Vista, CA Improvement Bond Act
1915 Assessment District No. 94-1 (Eastlake)1 |
7.000 | % | 09/02/2015 | 09/02/2012 | A | $ | 10,324 | |||||||||||
| 25,000 | Colton, CA Community Facilities District
Special Tax1 |
5.800 | 09/01/2018 | 09/01/2011 | B | 25,003 | ||||||||||||||
| 175,000 | Colton, CA Joint Unified School District1 |
5.700 | 09/01/2034 | 10/18/2030 | A | 144,902 | ||||||||||||||
| 50,000 | Colton, CA Joint Unified School District COP1 |
5.100 | 06/01/2020 | 06/01/2020 | 49,891 | |||||||||||||||
| 50,000 | Colton, CA Public Financing Authority, Series B1 |
5.875 | 08/01/2027 | 05/05/2018 | A | 44,857 | ||||||||||||||
| 20,000 | Colton, CA Redevel. Agency (West Valley)1 |
6.375 | 09/01/2035 | 01/24/2032 | A | 17,977 | ||||||||||||||
| 100,000 | Compton, CA Sewer1 |
5.375 | 09/01/2023 | 08/29/2011 | B | 100,061 | ||||||||||||||
| 110,000 | Contra Costa County, CA Public Financing
Authority1 |
5.250 | 06/01/2015 | 08/29/2011 | B | 110,294 | ||||||||||||||
| 1,170,000 | Contra Costa County, CA Public Financing
Authority (Pleasant Hill Bart)1 |
5.125 | 08/01/2019 | 09/05/2017 | A | 1,133,800 | ||||||||||||||
| 25,000 | Contra Costa, CA Community College District
COP (Diablo Valley College)1 |
6.000 | 06/01/2021 | 08/29/2011 | B | 25,056 | ||||||||||||||
| 100,000 | Corona, CA Redevel. Agency Tax Allocation |
5.400 | 09/01/2011 | 08/29/2011 | B | 100,269 | ||||||||||||||
| 25,000 | Corona, CA Redevel. Agency Tax Allocation1 |
5.500 | 09/01/2016 | 08/29/2011 | B | 25,034 | ||||||||||||||
| 15,000 | Corona-Norco, CA Unified School District1 |
5.625 | 09/01/2033 | 01/10/2030 | A | 13,415 | ||||||||||||||
| 55,000 | Corona-Norco, CA Unified School District1 |
5.750 | 09/01/2014 | 08/29/2011 | B | 55,124 | ||||||||||||||
| 100,000 | Corona-Norco, CA Unified School District
Community Facilities District No. 06-11 |
6.000 | 09/01/2027 | 05/05/2025 | A | 98,375 | ||||||||||||||
| 55,000 | Crescent City, CA Public Financing Authority |
7.750 | 09/15/2012 | 08/29/2011 | B | 55,218 | ||||||||||||||
| 25,000 | Culver City, CA Redevel. Finance Authority1 |
5.500 | 11/01/2014 | 05/27/2013 | A | 25,673 | ||||||||||||||
| 20,000 | Cypress, CA Improvement Bond Act 1915
(Business and Professional Center)1 |
5.700 | 09/02/2022 | 08/17/2018 | A | 19,606 | ||||||||||||||
| 20,000 | Davis, CA Joint Unified School District
Special Tax1 |
5.300 | 08/15/2024 | 05/11/2021 | A | 19,413 | ||||||||||||||
| 10,000 | Del Mar, CA Unified School District1 |
5.875 | 09/01/2029 | 10/14/2027 | A | 9,452 | ||||||||||||||
| 40,000 | Dixon, CA Public Financing Authority1 |
5.150 | 09/02/2020 | 09/02/2011 | B | 40,004 | ||||||||||||||
| 35,000 | Dixon, CA Public Financing Authority1 |
5.700 | 09/02/2020 | 03/02/2017 | A | 34,622 | ||||||||||||||
| 480,000 | Downey, CA Community Devel. Commission
Tax Allocation (Downey Redevel.)1 |
5.125 | 08/01/2020 | 05/05/2017 | A | 461,976 | ||||||||||||||
| 1,000,000 | Duarte, CA COP
(Hope National Medical Center) |
5.250 | 04/01/2019 | 08/29/2011 | B | 1,002,530 | ||||||||||||||
| 190,000 | Duarte, CA Hsg. (Heritage Park Apartments)1 |
5.850 | 05/01/2030 | 09/01/2011 | B | 190,015 | ||||||||||||||
| 40,000 | Eastern CA Municipal Water District
Community Facilities Special Tax1 |
6.375 | 09/01/2027 | 10/15/2025 | A | 38,312 | ||||||||||||||
| 250,000 | Eastern CA Municipal Water District
Community Facilities Special Tax1 |
6.375 | 09/01/2037 | 01/15/2034 | A | 241,818 | ||||||||||||||
| 90,000 | Eastern CA Municipal Water District
Community Facilities Special Tax
(Crown Valley Village)1 |
5.500 | 09/01/2028 | 09/14/2027 | A | 77,220 | ||||||||||||||
36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 65,000 | Eastern CA Municipal Water District
Community Facilities Special Tax
(Crown Valley Village)1 |
5.625 | % | 09/01/2034 | 04/30/2032 | A | $ | 53,775 | |||||||||||
| 50,000 | Eastern CA Municipal Water District
Community Facilities Special Tax
(Promontory Park)1 |
5.500 | 09/01/2024 | 03/25/2023 | A | 48,147 | ||||||||||||||
| 10,000 | Eastern CA Municipal Water District
Improvement Bond Act 19151 |
5.750 | 09/02/2020 | 09/02/2012 | B | 10,011 | ||||||||||||||
| 50,000 | El Dorado County, CA Special Tax1 |
6.250 | 09/01/2029 | 09/04/2023 | A | 49,252 | ||||||||||||||
| 1,170,000 | Emery, CA Unified School District1 |
6.250 | 08/01/2026 | 08/01/2021 | B | 1,358,791 | ||||||||||||||
| 25,000 | Emeryville, CA Public Financing Authority1 |
6.100 | 09/01/2012 | 08/29/2011 | B | 25,078 | ||||||||||||||
| 145,000 | Emeryville, CA Public Financing Authority1 |
6.200 | 09/01/2025 | 08/29/2011 | B | 145,029 | ||||||||||||||
| 20,000 | Encinitas, CA Improvement Bond Act 19151 |
6.900 | 09/02/2017 | 11/20/2014 | A | 19,391 | ||||||||||||||
| 15,000 | Fairfield, CA Improvement Bond Act 1915
(Green Valley Road/Mangels Blvd.)1 |
7.375 | 09/02/2018 | 09/02/2011 | B | 15,475 | ||||||||||||||
| 15,000 | Florin, CA Resource Conservation District COP |
6.000 | 02/01/2029 | 04/04/2027 | A | 13,514 | ||||||||||||||
| 250,000 | Folsom Cordova, CA Unified School District
School Facilities Improvement District No. 21 |
5.375 | 10/01/2017 | 10/01/2011 | B | 254,525 | ||||||||||||||
| 10,000 | Folsom, CA Improvement Bond Act 19151 |
6.500 | 09/02/2013 | 09/02/2011 | B | 10,027 | ||||||||||||||
| 25,000 | Folsom, CA Public Financing Authority1 |
5.400 | 09/02/2020 | 08/14/2017 | A | 23,694 | ||||||||||||||
| 25,000 | Folsom, CA Public Financing Authority1 |
5.625 | 09/02/2020 | 06/16/2017 | A | 24,650 | ||||||||||||||
| 30,000 | Folsom, CA Special Tax Community
Facilities District No. 71 |
6.000 | 09/01/2024 | 09/01/2011 | B | 30,013 | ||||||||||||||
| 555,000 | Fontana, CA Redevel. Agency
(Downtown Redevel.)1 |
5.000 | 09/01/2014 | 08/29/2011 | B | 555,722 | ||||||||||||||
| 250,000 | Fontana, CA Redevel. Agency
(Southwest Industrial Park)1 |
5.000 | 09/01/2022 | 12/29/2018 | A | 245,300 | ||||||||||||||
| 265,000 | Fontana, CA Special Tax (Citrus)1 |
5.000 | 09/01/2020 | 09/01/2020 | 246,100 | |||||||||||||||
| 2,300,000 | Fontana, CA Special Tax Community Facilities
District No. 2-A1 |
5.250 | 09/01/2017 | 09/01/2011 | B | 2,302,300 | ||||||||||||||
| 10,000 | Fontana, CA Special Tax Community Facilities District No. 41 |
7.125 | 10/01/2015 | 10/01/2011 | B | 10,058 | ||||||||||||||
| 1,500,000 | Foothill, CA Eastern Transportation Corridor
Agency Toll Road1 |
5.875 | 01/15/2026 | 01/15/2026 | 1,489,425 | |||||||||||||||
| 50,000 | Foothill, CA Eastern Transportation Corridor
Agency Toll Road)1 |
5.375 | 01/15/2014 | 01/15/2014 | 49,718 | |||||||||||||||
| 1,175,000 | Fresno, CA Airport1 |
5.800 | 07/01/2030 | 08/29/2011 | B | 1,178,126 | ||||||||||||||
| 25,000 | Fresno, CA Joint Powers Financing Authority1 |
5.750 | 06/01/2026 | 08/29/2011 | B | 25,113 | ||||||||||||||
| 25,000 | Fullerton, CA Community Facilities
District No. 1 Special Tax (Amerige Heights)1 |
6.200 | 09/01/2032 | 09/01/2012 | B | 25,371 | ||||||||||||||
| 80,000 | Fullerton, CA School District Special Tax1 |
6.300 | 09/01/2023 | 09/01/2011 | B | 81,671 | ||||||||||||||
| 10,000 | Galt, CA Improvement Bond Act 19151 |
5.900 | 09/02/2022 | 09/02/2022 | 9,816 | |||||||||||||||
| 25,000 | Galt, CA Improvement Bond Act 1915 |
8.450 | 09/02/2011 | 09/02/2011 | 24,994 | |||||||||||||||
37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 20,000 | Granada, CA Sanitation District Improvement
Bond Act 19151 |
6.125 | % | 09/02/2022 | 09/02/2011 | B | $ | 19,998 | |||||||||||
| 15,000 | Greenfield, CA Redevel. Agency1 |
6.000 | 02/01/2029 | 02/19/2028 | A | 13,037 | ||||||||||||||
| 200,000 | Hamilton, CA Union High School District1 |
5.250 | 08/01/2023 | 08/29/2011 | B | 200,244 | ||||||||||||||
| 3,220,000 | Hawthorne, CA Community Redevel.
Agency Special Tax1 |
6.125 | 10/01/2025 | 10/01/2011 | B | 3,322,042 | ||||||||||||||
| 150,000 | Hawthorne, CA Parking Authority1 |
8.000 | 09/01/2015 | 09/01/2011 | B | 150,462 | ||||||||||||||
| 155,000 | Hawthorne, CA Parking Authority1 |
8.125 | 09/01/2019 | 09/01/2011 | B | 155,259 | ||||||||||||||
| 45,000 | Hayward, CA Improvement Bond Act 19151 |
7.100 | 09/02/2018 | 09/02/2011 | B | 45,071 | ||||||||||||||
| 50,000 | Hayward, CA Public Finance Authority
(Hayward Water System) |
5.100 | 06/01/2013 | 08/29/2011 | B | 50,154 | ||||||||||||||
| 2,000,000 | Hesperia, CA Public Financing Authority,
Tranche A1 |
6.250 | 09/01/2035 | 09/29/2028 | A | 1,790,240 | ||||||||||||||
| 10,000 | Hollister, CA Improvement Bond Act 19151 |
7.125 | 09/02/2022 | 09/02/2011 | B | 10,302 | ||||||||||||||
| 15,000 | Huntington Beach, CA Community
Facilities District1 |
5.400 | 10/01/2020 | 10/01/2011 | B | 15,024 | ||||||||||||||
| 20,000 | Huntington Beach, CA Community Facilities
District Special Tax1 |
6.250 | 09/01/2027 | 09/01/2012 | B | 20,053 | ||||||||||||||
| 35,000 | Imperial County, CA Special Tax1 |
6.500 | 09/01/2031 | 03/05/2026 | A | 31,729 | ||||||||||||||
| 50,000 | Indio, CA Community Facilities District
Special Tax (Talavera)1 |
5.000 | 09/01/2017 | 09/01/2012 | B | 50,198 | ||||||||||||||
| 135,000 | Indio, CA Hsg. (Olive Court Apartments)1 |
6.375 | 12/01/2026 | 12/01/2011 | B | 135,154 | ||||||||||||||
| 20,000 | Indio, CA Improvement Bond Act 19151 |
6.350 | 09/02/2027 | 09/02/2014 | B | 20,048 | ||||||||||||||
| 20,000 | Indio, CA Improvement Bond Act 19151 |
6.375 | 09/02/2027 | 09/02/2014 | B | 20,062 | ||||||||||||||
| 35,000 | Indio, CA Improvement Bond Act 1915
Assessment District No. 99.11 |
7.125 | 09/02/2020 | 09/02/2011 | B | 35,050 | ||||||||||||||
| 25,000 | Inglewood, CA Public Financing Authority1 |
5.625 | 08/01/2017 | 02/01/2012 | B | 25,130 | ||||||||||||||
| 750,000 | Inland Valley, CA Devel. Agency Tax Allocation1 |
5.500 | 04/01/2014 | 04/01/2014 | 846,413 | |||||||||||||||
| 2,545,000 | Inland, CA Empire Tobacco Securitization
Authority (TASC)1 |
4.625 | 06/01/2021 | 06/01/2021 | 2,023,886 | |||||||||||||||
| 150,000 | Irvine, CA Improvement Bond Act 19151 |
5.550 | 09/02/2026 | 09/02/2013 | B | 150,326 | ||||||||||||||
| 20,000 | Irvine, CA Improvement Bond Act 19151 |
5.600 | 09/02/2022 | 09/02/2014 | B | 20,366 | ||||||||||||||
| 30,000 | Irvine, CA Improvement Bond Act 19151 |
5.625 | 09/02/2024 | 09/02/2013 | B | 30,239 | ||||||||||||||
| 25,000 | Irvine, CA Mobile Home Park
(Meadows Mobile Home Park)1 |
6.050 | 03/01/2028 | 02/23/2024 | A | 23,867 | ||||||||||||||
| 15,000 | Kingsburg, CA Public Financing Authority1 |
8.000 | 09/15/2021 | 08/29/2011 | B | 15,023 | ||||||||||||||
| 30,000 | La Habra, CA Redevel. Agency Community
Facilities District1 |
6.000 | 09/01/2014 | 08/29/2011 | B | 30,055 | ||||||||||||||
| 10,000 | La Habra, CA Redevel. Agency Community
Facilities District1 |
6.000 | 09/01/2019 | 08/29/2011 | B | 10,003 | ||||||||||||||
| 55,000 | La Mesa, CA Improvement Bond Act 19151 |
5.750 | 09/02/2023 | 08/18/2019 | A | 53,458 | ||||||||||||||
| 1,730,000 | Lake Elsinore, CA Improvement Bond Act 19151 |
7.000 | 09/02/2030 | 08/24/2012 | B | 1,739,013 | ||||||||||||||
| 15,000 | Lake Elsinore, CA Public Financing Authority1 |
6.375 | 10/01/2033 | 02/06/2031 | A | 14,694 | ||||||||||||||
38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 15,000 | Lake Elsinore, CA School Financing Authority1 |
6.000 | % | 09/01/2011 | 09/01/2011 | $ | 15,059 | ||||||||||||
| 500,000 | Lake Elsinore, CA Special Tax1 |
5.100 | 09/01/2022 | 04/18/2021 | A | 477,145 | ||||||||||||||
| 1,135,000 | Lake Elsinore, CA Unified School District1 |
5.300 | 09/01/2026 | 11/07/2024 | A | 1,055,085 | ||||||||||||||
| 125,000 | Lammersville, CA School District
Community Facilities District
(Mountain House)1 |
5.500 | 09/01/2013 | 09/01/2012 | B | 129,680 | ||||||||||||||
| 50,000 | Lammersville, CA School District
Community Facilities District
(Mountain House)1 |
6.300 | 09/01/2024 | 09/01/2013 | B | 50,502 | ||||||||||||||
| 50,000 | Lammersville, CA Unified School
District Special1 |
6.375 | 09/01/2032 | 09/01/2013 | B | 50,079 | ||||||||||||||
| 45,000 | Lancaster, CA Community Facilities
District Special Tax1 |
6.000 | 10/01/2016 | 10/01/2011 | B | 45,102 | ||||||||||||||
| 15,000 | Lancaster, CA Redevel. Agency (Desert Sands
Mobile Home Park)1 |
6.375 | 11/01/2027 | 10/29/2011 | B | 14,999 | ||||||||||||||
| 100,000 | Lathrop, CA COP1 |
5.875 | 06/01/2030 | 08/29/2011 | B | 100,015 | ||||||||||||||
| 115,000 | Lathrop, CA Financing Authority
(Water Supply)1 |
5.700 | 06/01/2019 | 06/01/2013 | B | 116,562 | ||||||||||||||
| 15,000 | Lathrop, CA Financing Authority
(Water Supply)1 |
5.750 | 06/01/2020 | 06/01/2013 | B | 15,163 | ||||||||||||||
| 50,000 | Lathrop, CA Financing Authority
(Water Supply)1 |
5.900 | 06/01/2023 | 06/01/2013 | B | 50,246 | ||||||||||||||
| 10,000 | Lathrop, CA Improvement Bond Act 19151 |
6.000 | 09/02/2021 | 03/02/2014 | B | 10,049 | ||||||||||||||
| 10,000 | Lathrop, CA Improvement Bond Act 1915
(Louise Avenue)1 |
6.875 | 09/02/2017 | 09/02/2011 | B | 10,317 | ||||||||||||||
| 10,000 | Lathrop, CA Improvement Bond Act 1915
(Mossdale Village)1 |
6.000 | 09/02/2023 | 09/02/2023 | 9,889 | |||||||||||||||
| 60,000 | Lathrop, CA Improvement Bond Act 1915
(Mossdale Village)1 |
6.125 | 09/02/2028 | 10/06/2026 | A | 57,337 | ||||||||||||||
| 100,000 | Lee Lake, CA Water District Community
Facilities District No. 2 Special Tax
(Montecito Ranch)1 |
6.125 | 09/01/2027 | 10/14/2025 | A | 98,140 | ||||||||||||||
| 65,000 | Lincoln, CA Public Financing Authority
(Twelve Bridges)1 |
6.125 | 09/02/2027 | 01/24/2024 | A | 61,901 | ||||||||||||||
| 25,000 | Livermore, CA Capital Projects
Financing Authority1 |
5.650 | 09/02/2016 | 09/02/2011 | B | 25,520 | ||||||||||||||
| 10,000 | Livermore, CA Community Facilities
District Special Tax (Tri Valley Tech Park)1 |
5.750 | 09/01/2012 | 09/01/2011 | B | 10,021 | ||||||||||||||
| 45,000 | Livermore, CA Community Facilities
District Special Tax (Tri Valley Tech Park)1 |
6.400 | 09/01/2026 | 09/16/2025 | A | 43,110 | ||||||||||||||
| 15,000 | Livermore, CA Community Facilities
District Special Tax (Tri Valley Tech Park)1 |
6.400 | 09/01/2030 | 03/30/2029 | A | 13,999 | ||||||||||||||
| 100,000 | Livermore-Amadore Valley, CA
Water Management Agency1 |
5.000 | 08/01/2023 | 08/29/2011 | B | 100,271 | ||||||||||||||
39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 65,000 | Livermore-Amadore Valley, CA Water
Management Agency1 |
5.000 | % | 08/01/2031 | 08/29/2011 | B | $ | 65,006 | |||||||||||
| 100,000 | Long Beach, CA Bond Finance Authority
Natural Gas1 |
5.000 | 11/15/2011 | 11/15/2011 | 101,180 | |||||||||||||||
| 50,000 | Long Beach, CA Special Tax (Pike)1 |
6.250 | 10/01/2026 | 02/25/2023 | A | 48,800 | ||||||||||||||
| 30,000 | Long Beach, CA Special Tax (Pine Avenue)1 |
6.375 | 09/01/2023 | 09/01/2011 | B | 30,001 | ||||||||||||||
| 1,000,000 | Los Angeles County, CA Community Facilities
District No. 4 Special Tax1 |
5.500 | 09/01/2014 | 09/01/2011 | B | 1,004,060 | ||||||||||||||
| 5,000 | Los Angeles County, CA Community Facilities
District No. 4 Special Tax1 |
7.750 | 09/01/2017 | 09/01/2011 | B | 5,015 | ||||||||||||||
| 95,000 | Los Angeles County, CA COP
(Insured Health Clinic)1 |
5.800 | 12/01/2023 | 08/29/2011 | B | 95,074 | ||||||||||||||
| 100,000 | Los Angeles, CA Community Facilities District
Special Tax (Cascade Business Park)1 |
6.400 | 09/01/2022 | 09/01/2011 | B | 100,084 | ||||||||||||||
| 50,000 | Los Angeles, CA Community Redevel. Agency
(Freeway Recovery)1 |
6.000 | 09/01/2031 | 09/01/2012 | B | 50,172 | ||||||||||||||
| 40,000 | Los Angeles, CA Community Redevel. Agency
(Grand Central Square)1 |
5.100 | 12/01/2015 | 08/29/2011 | B | 40,094 | ||||||||||||||
| 50,000 | Los Angeles, CA Community Redevel. Agency
(Grand Central Square)1 |
5.200 | 12/01/2017 | 08/29/2011 | B | 50,088 | ||||||||||||||
| 50,000 | Los Angeles, CA Community Redevel. Agency
(Grand Central Square)1 |
5.200 | 12/01/2018 | 08/29/2011 | B | 50,069 | ||||||||||||||
| 120,000 | Los Angeles, CA Community Redevel. Agency
(Grand Central Square)1 |
5.200 | 12/01/2019 | 08/29/2011 | B | 120,125 | ||||||||||||||
| 125,000 | Los Angeles, CA Community Redevel. Agency
(Grand Central Square)1 |
5.250 | 12/01/2020 | 08/29/2011 | B | 125,108 | ||||||||||||||
| 80,000 | Los Angeles, CA Community Redevel. Agency
(Grand Central Square)1 |
5.250 | 12/01/2021 | 08/29/2011 | B | 80,058 | ||||||||||||||
| 25,000 | Los Angeles, CA Community Redevel. Agency
(Hoover Redevel.)1 |
5.500 | 09/01/2014 | 08/29/2011 | B | 25,043 | ||||||||||||||
| 40,000 | Los Angeles, CA COP
(Dept. of Public Social Services)1 |
5.500 | 08/01/2019 | 08/29/2011 | B | 40,071 | ||||||||||||||
| 10,000,000 | Los Angeles, CA Dept. of Airports ROLs4 |
5.375 | 05/15/2025 | 05/15/2018 | B | 10,544,872 | ||||||||||||||
| 15,000 | Los Angeles, CA Dept. of Water & Power |
4.750 | 08/15/2017 | 08/29/2011 | B | 15,051 | ||||||||||||||
| 10,000 | Los Angeles, CA Dept. of Water & Power1 |
4.750 | 10/15/2020 | 08/29/2011 | B | 10,033 | ||||||||||||||
| 60,000 | Los Angeles, CA Mtg. (Section 8)1 |
5.350 | 07/01/2022 | 08/29/2011 | B | 60,050 | ||||||||||||||
| 15,000 | Los Angeles, CA Mtg. (Section 8)1 |
6.500 | 07/01/2022 | 08/29/2011 | B | 15,026 | ||||||||||||||
| 50,000 | Los Angeles, CA Multifamily Hsg.
(Arminta North & South) |
7.700 | 06/20/2028 | 12/20/2011 | B | 49,998 | ||||||||||||||
| 45,000 | Los Angeles, CA Multifamily Hsg.
(Earthquake Rehabilitation)1 |
5.900 | 01/01/2030 | 08/29/2011 | B | 45,029 | ||||||||||||||
| 130,000 | Los Angeles, CA Regional Airports
Improvement Corp. (Laxfuel Corp.)1 |
5.250 | 01/01/2023 | 01/01/2012 | B | 130,046 | ||||||||||||||
40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 5,000 | Los Angeles, CA Regional Airports
Improvement Corp. (Los Angeles West
Terminal Fuel Corp.)1 |
10.250 | % | 01/01/2013 | 07/28/2012 | A | $ | 5,134 | |||||||||||
| 200,000 | Los Angeles, CA State Building Authority1 |
5.500 | 10/01/2017 | 10/01/2011 | B | 201,028 | ||||||||||||||
| 20,000 | Los Angeles, CA State Building Authority1 |
5.500 | 10/01/2018 | 10/01/2011 | B | 20,103 | ||||||||||||||
| 55,000 | Los Angeles, CA State Building Authority1 |
5.500 | 10/01/2019 | 10/01/2011 | B | 55,283 | ||||||||||||||
| 75,000 | Los Banos, CA Sewer System COP1 |
5.000 | 12/01/2019 | 08/29/2011 | B | 75,115 | ||||||||||||||
| 25,000 | Los Banos, CA Unified School District COP1 |
5.625 | 08/01/2016 | 08/25/2011 | B | 25,037 | ||||||||||||||
| 175,000 | Madera County, CA COP
(Valley Children’s Hospital)1 |
5.000 | 03/15/2023 | 08/29/2011 | B | 175,011 | ||||||||||||||
| 360,000 | Madera County, CA COP
(Valley Children’s Hospital)1 |
5.750 | 03/15/2028 | 08/29/2011 | B | 360,058 | ||||||||||||||
| 50,000 | Mammoth Lakes, CA Community Facilities
District (North Village Area)1 |
5.750 | 10/01/2033 | 09/03/2029 | A | 42,023 | ||||||||||||||
| 20,000 | Manhattan Beach, CA Water & Wastewater
Authority COP1 |
5.750 | 09/01/2020 | 08/29/2011 | B | 20,004 | ||||||||||||||
| 10,000 | Martinez, CA Mtg. (Ridgecrest Apartments)1 |
5.625 | 07/01/2025 | 08/29/2011 | B | 10,009 | ||||||||||||||
| 65,000 | Maywood, CA Public Financing Authority1 |
6.500 | 09/01/2018 | 05/24/2013 | B | 65,663 | ||||||||||||||
| 1,045,000 | Mendocino Coast, CA Healthcare District1 |
5.875 | 02/01/2020 | 08/29/2011 | B | 1,046,369 | ||||||||||||||
| 25,000 | Menifee, CA Union School District Special Tax1 |
6.050 | 09/01/2026 | 10/15/2024 | A | 24,634 | ||||||||||||||
| 175,000 | Mill Valley, CA COP (The Redwoods) |
5.750 | 12/01/2020 | 08/29/2011 | B | 175,611 | ||||||||||||||
| 10,000 | Milpitas, CA
Improvement Bond Act
19151 |
5.700 | 09/02/2018 | 10/12/2016 | A | 10,249 | ||||||||||||||
| 2,040,000 | Modesto, CA Irrigation District COP1 |
5.300 | 07/01/2022 | 08/29/2011 | B | 2,046,304 | ||||||||||||||
| 75,000 | Modesto, CA Irrigation District COP1 |
5.300 | 07/01/2022 | 08/29/2011 | B | 75,232 | ||||||||||||||
| 10,000 | Monrovia, CA Redevel. Agency Public
Parking Facilities |
5.200 | 04/01/2013 | 08/29/2011 | B | 10,029 | ||||||||||||||
| 10,000 | Montclair, CA Redevel. Agency Mobile Home
Park (Augusta Homes Villa Del Arroyo)1 |
6.100 | 11/15/2037 | 09/06/2034 | A | 9,583 | ||||||||||||||
| 25,000 | Montclair, CA Redevel. Agency Mobile Home
Park (Hacienda Mobile Home Park)1 |
6.000 | 11/15/2029 | 02/08/2027 | A | 24,697 | ||||||||||||||
| 20,000 | Montclair, CA Redevel. Agency Mobile Home
Park (Villa Mobile Home Park)1 |
6.100 | 06/15/2029 | 07/16/2023 | A | 19,448 | ||||||||||||||
| 415,000 | Montebello, CA Community Redevel. Agency
(Montebello Hills Redevel.)1 |
5.500 | 03/01/2014 | 09/01/2011 | B | 415,718 | ||||||||||||||
| 10,000 | Montebello, CA Community Redevel. Agency
(South Montebello)1 |
5.500 | 09/01/2022 | 03/28/2021 | A | 9,292 | ||||||||||||||
| 65,000 | Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) |
5.600 | 03/01/2012 | 08/29/2011 | B | 65,443 | ||||||||||||||
| 50,000 | Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities) |
5.600 | 03/01/2013 | 08/29/2011 | B | 50,450 | ||||||||||||||
| 65,000 | Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities)1 |
5.700 | 03/01/2015 | 08/29/2011 | B | 65,885 | ||||||||||||||
| 20,000 | Monterey, CA Joint Powers Financing
Authority (Materials Recovery Facilities)1 |
5.700 | 03/01/2016 | 08/29/2011 | B | 20,319 | ||||||||||||||
41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 10,000 | Moorpark, CA Special Tax Community
Facilities District No. 97-11 |
6.400 | % | 09/01/2017 | 09/01/2011 | B | $ | 10,010 | |||||||||||
| 140,000 | Moorpark, CA Special Tax Community
Facilities District No. 97-11 |
6.700 | 09/01/2027 | 09/13/2023 | A | 137,826 | ||||||||||||||
| 430,000 | Moreno Valley, CA Unified School District
Community Facilities District Special
Tax No. 2003-21 |
5.950 | 09/01/2034 | 09/01/2011 | B | 430,095 | ||||||||||||||
| 400,000 | Moreno Valley, CA Unified School District
Community Facilities District Special
Tax No. 2004-61 |
5.000 | 09/01/2022 | 09/25/2021 | A | 383,540 | ||||||||||||||
| 15,000 | Morgan Hill, CA Improvement Bond Act 19151 |
5.600 | 09/02/2011 | 09/02/2011 | 15,041 | |||||||||||||||
| 10,000 | Murrieta County, CA Water District1 |
6.500 | 10/01/2015 | 10/01/2011 | B | 10,142 | ||||||||||||||
| 30,000 | Murrieta County, CA Water District Special
Tax Community Facilities District No. 88-11 |
6.700 | 12/01/2030 | 12/01/2011 | B | 30,014 | ||||||||||||||
| 10,000 | Murrieta, CA Community Facilities District
Special Tax (Blackmore Ranch)1 |
6.100 | 09/01/2034 | 09/24/2027 | A | 9,266 | ||||||||||||||
| 835,000 | Murrieta, CA Community Facilities District
Special Tax (Bluestone)1 |
6.250 | 09/01/2025 | 10/16/2023 | A | 834,165 | ||||||||||||||
| 20,000 | Murrieta, CA Community Facilities District
Special Tax (Bluestone)1 |
6.300 | 09/01/2031 | 05/07/2029 | A | 19,336 | ||||||||||||||
| 105,000 | Murrieta, CA Community Facilities District
Special Tax (Murrieta Springs)1 |
5.500 | 09/01/2034 | 10/10/2032 | A | 90,845 | ||||||||||||||
| 50,000 | Murrieta, CA Improvement Bond Act 19151 |
6.375 | 09/01/2031 | 04/02/2025 | A | 49,301 | ||||||||||||||
| 85,000 | Murrieta, CA Water Public Financing Authority1 |
5.700 | 10/01/2021 | 10/01/2011 | B | 85,655 | ||||||||||||||
| 10,000 | Needles, CA Public Utility Authority1 |
6.350 | 02/01/2012 | 08/29/2011 | B | 10,013 | ||||||||||||||
| 230,000 | Needles, CA Public Utility Authority1 |
6.650 | 02/01/2032 | 02/12/2028 | A | 219,933 | ||||||||||||||
| 2,550,000 | Northern CA Tobacco Securitization
Authority (TASC)1 |
4.750 | 06/01/2023 | 02/01/2016 | A | 2,252,670 | ||||||||||||||
| 1,820,000 | Northern, CA Inyo County
Local Hospital District1 |
5.000 | 12/01/2015 | 01/05/2014 | A | 1,863,316 | ||||||||||||||
| 35,000 | Novato, CA GO |
5.000 | 08/01/2012 | 08/29/2011 | B | 35,135 | ||||||||||||||
| 100,000 | Novato, CA GO1 |
5.250 | 08/01/2017 | 02/01/2012 | B | 102,054 | ||||||||||||||
| 30,000 | Oakdale, CA Public Financing Authority
Tax Allocation (Central City Redevel.)1 |
5.900 | 06/01/2014 | 12/01/2011 | B | 30,185 | ||||||||||||||
| 10,000 | Oakdale, CA Public Financing Authority
Tax Allocation (Central City Redevel.)1 |
6.000 | 06/01/2019 | 12/01/2011 | B | 10,006 | ||||||||||||||
| 50,000 | Oakdale, CA Public Financing Authority
Tax Allocation (Central City Redevel.)1 |
6.100 | 06/01/2027 | 03/29/2024 | A | 46,359 | ||||||||||||||
| 375,000 | Oakland, CA Joint Powers Financing Authority1 |
5.500 | 09/02/2024 | 03/02/2012 | B | 378,941 | ||||||||||||||
| 3,000,000 | Oakland, CA Unified School District1 |
5.250 | 08/01/2024 | 08/01/2012 | B | 3,008,430 | ||||||||||||||
| 1,000,000 | Oakland, CA Unified School District1 |
6.125 | 08/01/2029 | 08/01/2019 | B | 1,060,950 | ||||||||||||||
| 25,000 | Ontario, CA Improvement Bond Act 19151 |
6.800 | 09/02/2013 | 09/02/2011 | B | 25,071 | ||||||||||||||
| 15,000 | Orange County, CA Improvement
Bond Act 19151 |
5.500 | 09/02/2016 | 09/02/2011 | B | 15,028 | ||||||||||||||
42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 10,000 | Orange County, CA Improvement Bond
Act 1915 (Irvine Coast Assessment)1 |
5.375 | % | 09/02/2012 | 09/02/2011 | B | $ | 10,032 | |||||||||||
| 20,000 | Orange County, CA Improvement Bond
Act 1915 (Irvine Coast Assessment)1 |
5.850 | 09/02/2013 | 09/02/2011 | B | 20,065 | ||||||||||||||
| 55,000 | Oroville, CA Hospital1 |
5.400 | 12/01/2022 | 08/29/2011 | B | 55,031 | ||||||||||||||
| 1,415,000 | Oxnard, CA Harbor District1 |
5.550 | 08/01/2013 | 02/01/2012 | B | 1,446,781 | ||||||||||||||
| 25,000 | Oxnard, CA Improvement Bond Act 19151 |
5.625 | 09/02/2027 | 10/11/2025 | A | 22,275 | ||||||||||||||
| 10,000 | Oxnard, CA Special Tax Community
Facilities District No. 11 |
6.000 | 09/01/2027 | 09/01/2011 | B | 9,999 | ||||||||||||||
| 45,000 | Pajaro Valley, CA Water Management
Agency COP1 |
5.500 | 03/01/2018 | 03/01/2018 | 43,692 | |||||||||||||||
| 500,000 | Palm Springs, CA Airport Passenger Facilities
(Palm Springs International Airport)1 |
6.000 | 07/01/2018 | 08/10/2016 | A | 483,485 | ||||||||||||||
| 100,000 | Palmdale, CA Civic Authority (Civic Center)1 |
5.600 | 07/01/2015 | 08/29/2011 | B | 100,157 | ||||||||||||||
| 125,000 | Palmdale, CA Community Facilities
District Special Tax1 |
5.400 | 09/01/2035 | 10/10/2033 | A | 101,891 | ||||||||||||||
| 700,000 | Palmdale, CA Elementary School District
Special Tax Community Facilities
District No. 90-11 |
5.700 | 08/01/2018 | 08/29/2011 | B | 701,645 | ||||||||||||||
| 100,000 | Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area)1 |
5.100 | 09/02/2024 | 09/02/2024 | 90,563 | |||||||||||||||
| 100,000 | Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area)1 |
5.125 | 09/02/2025 | 09/02/2025 | 89,642 | |||||||||||||||
| 45,000 | Palo Alto, CA Improvement Bond Act 1915
(University Ave. Area)1 |
5.700 | 09/02/2018 | 09/02/2011 | B | 45,945 | ||||||||||||||
| 100,000 | Palomar Pomerado, CA Health System1 |
5.375 | 11/01/2013 | 08/29/2011 | B | 100,175 | ||||||||||||||
| 25,000 | Pasadena, CA Public Financing Authority
(Orange Grove & Villa Parke)1 |
5.450 | 06/01/2012 | 12/01/2011 | B | 25,181 | ||||||||||||||
| 275,000 | Perris, CA Community Facilities District
Special Tax1 |
6.375 | 09/01/2032 | 09/01/2014 | B | 276,009 | ||||||||||||||
| 60,000 | Perris, CA Public Financing Authority1 |
5.750 | 09/01/2024 | 09/01/2016 | B | 60,049 | ||||||||||||||
| 155,000 | Perris, CA Public Financing Authority |
7.875 | 09/01/2025 | 08/29/2011 | B | 155,239 | ||||||||||||||
| 20,000 | Perris, CA Public Financing Authority, Series A1 |
6.125 | 09/01/2034 | 10/01/2030 | A | 19,552 | ||||||||||||||
| 10,000 | Petaluma, CA Improvement Bond Act 19151 |
6.000 | 09/02/2020 | 09/02/2011 | B | 10,001 | ||||||||||||||
| 60,000 | Pittsburg, CA Improvement Bond Act 19151 |
6.300 | 09/02/2025 | 10/18/2023 | A | 58,845 | ||||||||||||||
| 10,000 | Pittsburg, CA Improvement Bond Act 19151 |
6.350 | 09/02/2031 | 05/11/2029 | A | 9,304 | ||||||||||||||
| 20,000 | Pittsburg, CA Improvement Bond Act 1915
(San Marco Phase I)1 |
6.350 | 09/02/2031 | 01/28/2028 | A | 18,607 | ||||||||||||||
| 50,000 | Pittsburg, CA Infrastructure
Financing Authority1 |
5.850 | 09/02/2015 | 08/29/2011 | B | 50,068 | ||||||||||||||
| 25,000 | Pittsburg, CA Infrastructure Financing
Authority, Series B1 |
5.800 | 09/02/2014 | 08/29/2011 | B | 25,045 | ||||||||||||||
| 130,000 | Pittsburg, CA Infrastructure Financing
Authority, Series B1 |
6.000 | 09/02/2024 | 02/04/2020 | A | 125,428 | ||||||||||||||
43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 500,000 | Pittsburg, CA Redevel. Agency (Los Medanos
Community Devel.)1 |
5.850 | % | 08/01/2018 | 02/01/2012 | B | $ | 503,775 | |||||||||||
| 4,550,000 | Placentia, CA Redevel. Agency Tax Allocation1 |
7.750 | 02/01/2014 | 02/01/2012 | B | 4,617,704 | ||||||||||||||
| 10,000 | Placer County, CA Community
Facilities District1 |
6.500 | 09/01/2026 | 10/17/2024 | A | 9,637 | ||||||||||||||
| 5,000 | Placer County, CA Community Facilities
District Special Tax No. 2001-1 (Dry Creek)1 |
5.700 | 09/01/2013 | 09/01/2011 | B | 5,110 | ||||||||||||||
| 5,000 | Placer County, CA Community Facilities
District Special Tax No. 2001-1 (Dry Creek)1 |
6.300 | 09/01/2019 | 09/01/2012 | B | 5,038 | ||||||||||||||
| 10,000 | Pleasant Hill, CA Special Tax Downtown
Community Facilities District No. 11 |
5.875 | 09/01/2025 | 03/30/2024 | A | 9,552 | ||||||||||||||
| 30,000 | Port of Oakland, CA1 |
5.250 | 11/01/2027 | 11/01/2012 | B | 30,021 | ||||||||||||||
| 500,000 | Port of Oakland, CA1 |
5.700 | 11/01/2019 | 08/29/2011 | B | 500,735 | ||||||||||||||
| 1,485,000 | Port of Oakland, CA1 |
5.750 | 11/01/2014 | 08/29/2011 | B | 1,489,618 | ||||||||||||||
| 775,000 | Port of Oakland, CA1 |
5.750 | 11/01/2016 | 08/29/2011 | B | 776,938 | ||||||||||||||
| 2,500,000 | Port of Oakland, CA1 |
5.750 | 11/01/2020 | 08/29/2011 | B | 2,503,225 | ||||||||||||||
| 1,665,000 | Port of Oakland, CA1 |
5.750 | 11/01/2021 | 08/29/2011 | B | 1,666,915 | ||||||||||||||
| 225,000 | Port of Oakland, CA1 |
5.750 | 11/01/2022 | 08/29/2011 | B | 225,218 | ||||||||||||||
| 2,475,000 | Port of Oakland, CA1 |
5.750 | 11/01/2029 | 08/29/2011 | B | 2,475,569 | ||||||||||||||
| 2,975,000 | Port of Oakland, CA1 |
5.875 | 11/01/2017 | 08/29/2011 | B | 2,981,605 | ||||||||||||||
| 940,000 | Port of Oakland, CA1 |
5.875 | 11/01/2030 | 08/29/2011 | B | 940,244 | ||||||||||||||
| 110,000 | Port Redwood City, CA GO1 |
5.400 | 06/01/2019 | 01/24/2017 | A | 109,714 | ||||||||||||||
| 50,000 | Poway, CA Public Financing Authority
(Water Services)1 |
5.500 | 11/01/2015 | 08/29/2011 | B | 50,079 | ||||||||||||||
| 100,000 | Poway, CA Unified School District1 |
7.125 | 09/15/2026 | 09/15/2011 | B | 104,851 | ||||||||||||||
| 100,000 | Poway, CA Unified School District1 |
7.125 | 09/15/2027 | 09/15/2011 | B | 104,464 | ||||||||||||||
| 200,000 | Poway, CA Unified School District1 |
7.250 | 09/15/2028 | 09/15/2011 | B | 209,848 | ||||||||||||||
| 100,000 | Poway, CA Unified School District1 |
7.375 | 09/15/2029 | 09/15/2011 | B | 105,511 | ||||||||||||||
| 270,000 | Poway, CA Unified School District1 |
7.500 | 09/15/2032 | 09/15/2011 | B | 284,893 | ||||||||||||||
| 1,115,000 | Poway, CA Unified School District Special Tax1 |
6.125 | 09/01/2033 | 08/11/2030 | A | 1,114,253 | ||||||||||||||
| 30,000 | Poway, CA Unified School District Special
Tax Community Facilities District No. 101 |
5.750 | 09/01/2032 | 03/01/2028 | A | 28,455 | ||||||||||||||
| 25,000 | Poway, CA Unified School District Special
Tax Community Facilities District No. 101 |
5.950 | 09/01/2018 | 09/01/2011 | B | 25,029 | ||||||||||||||
| 35,000 | Poway, CA Unified School District Special
Tax Community Facilities District No. 101 |
6.100 | 09/01/2031 | 03/25/2029 | A | 34,877 | ||||||||||||||
| 10,000 | Rancho Cucamonga, CA Public
Finance Authority1 |
6.000 | 09/02/2020 | 09/02/2011 | B | 10,000 | ||||||||||||||
| 20,000 | Rancho Mirage, CA Improvement Bond
Act 19151 |
5.500 | 09/02/2024 | 05/03/2022 | A | 17,832 | ||||||||||||||
| 30,000 | Rancho Mirage, CA Improvement Bond
Act 19151 |
5.750 | 09/02/2022 | 03/28/2021 | A | 29,090 | ||||||||||||||
44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 35,000 | Rancho Santa Fe, CA Community Services
District Special Tax1 |
6.600 | % | 09/01/2020 | 09/01/2011 | B | $ | 35,030 | |||||||||||
| 550,000 | Rancho Santa Fe, CA Community Services
District Special Tax1 |
6.700 | 09/01/2030 | 09/01/2011 | B | 550,017 | ||||||||||||||
| 55,000 | Redding, CA Improvement Bond Act 1915
(Tierra Oaks Assessment District 1993-1)1 |
7.000 | 09/02/2013 | 09/02/2011 | B | 56,774 | ||||||||||||||
| 10,000 | Redlands, CA Community Facilities District1 |
5.850 | 09/01/2033 | 05/27/2031 | A | 8,517 | ||||||||||||||
| 50,000 | Rialto, CA Special Tax Community Facilities
District No. 2006-11 |
5.000 | 09/01/2016 | 03/16/2016 | A | 51,170 | ||||||||||||||
| 25,000 | Rialto, CA Special Tax Community Facilities
District No. 2006-11 |
5.050 | 09/01/2017 | 09/01/2016 | B | 25,200 | ||||||||||||||
| 65,000 | Rialto, CA Special Tax Community Facilities
District No. 2006-11 |
5.125 | 09/01/2018 | 09/01/2018 | 64,711 | |||||||||||||||
| 100,000 | Rialto, CA Special Tax Community Facilities
District No. 2006-11 |
5.200 | 09/01/2019 | 09/01/2019 | 97,993 | |||||||||||||||
| 100,000 | Rialto, CA Special Tax Community Facilities
District No. 2006-11 |
5.250 | 09/01/2020 | 09/01/2020 | 96,630 | |||||||||||||||
| 50,000 | Rialto, CA Special Tax Community Facilities
District No. 2006-11 |
5.250 | 09/01/2021 | 09/01/2021 | 47,626 | |||||||||||||||
| 100,000 | Richmond, CA Redevel. Agency
(Harbour Redevel.) |
5.500 | 07/01/2018 | 08/29/2011 | B | 100,336 | ||||||||||||||
| 80,000 | River Islands, CA Public Financing Authority1 |
6.000 | 09/01/2027 | 06/22/2024 | A | 65,405 | ||||||||||||||
| 100,000 | River Islands, CA Public Financing Authority1 |
6.150 | 09/01/2035 | 06/24/2032 | A | 76,895 | ||||||||||||||
| 250,000 | Riverside County, CA Community Facilities
District Special Tax1 |
5.000 | 09/01/2012 | 09/01/2011 | B | 256,585 | ||||||||||||||
| 15,000 | Riverside County, CA Community Facilities
District Special Tax1 |
6.000 | 09/01/2030 | 05/01/2028 | A | 12,952 | ||||||||||||||
| 150,000 | Riverside County, CA Community Facilities
District Special Tax No. 87-11 |
5.100 | 09/01/2013 | 09/01/2011 | B | 154,761 | ||||||||||||||
| 215,000 | Riverside County, CA Community Facilities
District Special Tax No. 87-11 |
5.150 | 09/01/2014 | 09/01/2011 | B | 221,760 | ||||||||||||||
| 385,000 | Riverside County, CA Community Facilities
District Special Tax No. 87-11 |
5.200 | 09/01/2015 | 09/01/2011 | B | 396,974 | ||||||||||||||
| 225,000 | Riverside County, CA Community Facilities
District Special Tax No. 87-11 |
5.250 | 09/01/2016 | 09/01/2011 | B | 231,944 | ||||||||||||||
| 200,000 | Riverside County, CA Community Facilities
District Special Tax No. 88-81 |
5.300 | 09/01/2011 | 09/01/2011 | 200,490 | |||||||||||||||
| 210,000 | Riverside County, CA Community Facilities
District Special Tax No. 88-81 |
5.350 | 09/01/2012 | 09/01/2012 | 215,416 | |||||||||||||||
| 430,000 | Riverside County, CA Community Facilities
District Special Tax No. 88-81 |
5.400 | 09/01/2013 | 09/01/2013 | 447,398 | |||||||||||||||
| 450,000 | Riverside County, CA Community Facilities
District Special Tax No. 88-81 |
5.450 | 09/01/2014 | 09/01/2014 | 472,181 | |||||||||||||||
| 475,000 | Riverside County, CA Community Facilities
District Special Tax No. 88-81 |
5.500 | 09/01/2015 | 09/01/2015 | 498,869 | |||||||||||||||
45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 220,000 | Riverside County, CA Public Financing
Authority1 |
5.250 | % | 10/01/2017 | 08/29/2011 | B | $ | 220,376 | |||||||||||
| 35,000 | Riverside County, CA Public Financing
Authority (Menifee Village)1 |
7.150 | 09/01/2011 | 09/01/2011 | 35,140 | |||||||||||||||
| 425,000 | Riverside County, CA Public Financing
Authority COP1 |
5.750 | 05/15/2019 | 03/03/2016 | A | 382,687 | ||||||||||||||
| 305,000 | Riverside County, CA Redevel. Agency
(Jurupa Valley Redevel.)1 |
5.750 | 10/01/2020 | 10/01/2020 | 311,731 | |||||||||||||||
| 60,000 | Riverside, CA Improvement Bond Act 19151 |
8.250 | 09/02/2016 | 09/02/2011 | B | 60,227 | ||||||||||||||
| 200,000 | Riverside, CA Improvement Bond Act 1915
(Riverwalk Business)1 |
6.250 | 09/02/2029 | 10/09/2027 | A | 198,064 | ||||||||||||||
| 5,000 | Riverside, CA Improvement Bond Act 1915
(Sycamore Canyon Assessment District)1 |
8.500 | 09/02/2012 | 09/02/2011 | B | 5,027 | ||||||||||||||
| 50,000 | Riverside, CA Special Tax Community
Facilities District No. 90-1, Series A1 |
5.500 | 09/01/2015 | 09/01/2011 | B | 50,092 | ||||||||||||||
| 10,000 | Riverside, CA Unified School District1 |
5.000 | 02/01/2027 | 02/01/2012 | B | 10,186 | ||||||||||||||
| 100,000 | Riverside, CA Unified School District1 |
5.350 | 09/01/2024 | 03/04/2024 | A | 95,801 | ||||||||||||||
| 90,000 | Riverside, CA Unified School District1 |
5.450 | 09/01/2025 | 10/11/2023 | A | 87,294 | ||||||||||||||
| 100,000 | Riverside, CA Unified School District1 |
5.500 | 09/01/2034 | 10/11/2032 | A | 89,436 | ||||||||||||||
| 80,000 | Riverside, CA Unified School District1 |
5.700 | 09/01/2034 | 01/13/2031 | A | 73,976 | ||||||||||||||
| 10,000 | Riverside, CA Unified School District1 |
6.000 | 09/01/2029 | 05/25/2023 | A | 9,923 | ||||||||||||||
| 25,000 | Romoland, CA School District Special Tax1 |
6.000 | 09/01/2033 | 11/10/2029 | A | 23,853 | ||||||||||||||
| 50,000 | Romoland, CA School District Special Tax1 |
6.375 | 09/01/2033 | 11/24/2026 | A | 49,908 | ||||||||||||||
| 50,000 | Romoland, CA School District Special Tax1 |
6.375 | 09/01/2033 | 06/05/2031 | A | 49,908 | ||||||||||||||
| 10,000 | Roseville, CA Special Tax Community Facilities
District No. 1 (Westpark)1 |
4.300 | 09/01/2012 | 09/01/2012 | 10,178 | |||||||||||||||
| 25,000 | Sacramento County, CA COP1 |
5.375 | 02/01/2019 | 08/29/2011 | B | 25,010 | ||||||||||||||
| 990,000 | Sacramento County, CA Hsg. Authority
(Cottage Estates Apartments)1 |
6.000 | 02/01/2033 | 12/21/2024 | A | 977,873 | ||||||||||||||
| 1,500,000 | Sacramento County, CA Hsg. Authority
(Verandas Apartments Senior Community)1 |
5.700 | 03/01/2034 | 09/01/2012 | B | 1,509,495 | ||||||||||||||
| 295,000 | Sacramento, CA City Financing Authority |
5.250 | 05/01/2015 | 08/29/2011 | B | 295,443 | ||||||||||||||
| 500,000 | Sacramento, CA City Financing Authority
(California EPA Building)1 |
5.250 | 05/01/2019 | 08/29/2011 | B | 500,640 | ||||||||||||||
| 10,000 | Sacramento, CA Improvement Bond Act
1915 (Citywide Landscaping & Lighting)1 |
5.500 | 09/02/2016 | 08/29/2011 | B | 10,026 | ||||||||||||||
| 1,470,000 | Sacramento, CA Special Tax
(North Natomas Community Facilities)1 |
5.700 | 09/01/2023 | 09/01/2011 | B | 1,469,927 | ||||||||||||||
| 30,000 | Sacramento, CA Special Tax (North Natomas
Community Facilities)1 |
6.300 | 09/01/2026 | 09/01/2011 | B | 30,006 | ||||||||||||||
| 510,000 | Saddleback Valley, CA Unified School District1 |
5.650 | 09/01/2017 | 08/29/2011 | B | 511,816 | ||||||||||||||
| 95,000 | Salida, CA Public Facilities Financing Agency1 |
5.250 | 09/01/2028 | 08/29/2011 | B | 95,235 | ||||||||||||||
| 300,000 | Salida, CA Public Facilities Financing Agency
Community Facilities District Special Tax |
5.250 | 09/01/2018 | 08/29/2011 | B | 300,906 | ||||||||||||||
46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 180,000 | Salinas Valley, CA Solid Waste Authority1 |
5.625 | % | 08/01/2015 | 08/01/2012 | B | $ | 183,856 | |||||||||||
| 1,000,000 | Salinas Valley, CA Solid Waste Authority1 |
5.625 | 08/01/2018 | 08/01/2012 | B | 1,010,530 | ||||||||||||||
| 100,000 | Salinas, CA Improvement Bond Act 19151 |
5.450 | 09/02/2013 | 09/02/2011 | B | 103,132 | ||||||||||||||
| 50,000 | Salinas, CA Improvement Bond Act 1915
(Bella Vista)1 |
5.500 | 09/02/2013 | 09/02/2011 | B | 51,585 | ||||||||||||||
| 120,000 | Salinas, CA Redevel. Agency Tax Allocation
(Central City Revitalization)1 |
5.500 | 11/01/2023 | 08/29/2011 | B | 120,404 | ||||||||||||||
| 135,000 | San Bernardino County, CA
(Single Family Mtg.) |
5.376 | 2 | 05/01/2031 | 09/26/2014 | A | 44,940 | |||||||||||||
| 65,000 | San Bernardino County, CA COP
(Medical Center Financing)1 |
5.250 | 08/01/2016 | 08/25/2011 | B | 65,123 | ||||||||||||||
| 90,000 | San Bernardino County, CA Hsg. Authority
(Friendly Village Mobile Home Park Corp.)1 |
6.700 | 03/20/2043 | 03/05/2016 | B | 95,405 | ||||||||||||||
| 60,000 | San Bernardino County, CA Hsg. Authority
(Glen Aire Mobile Home Park)1 |
6.700 | 12/20/2041 | 11/20/2011 | B | 63,217 | ||||||||||||||
| 135,000 | San Bernardino, CA Joint Powers Financing
Authority (California Dept. of
Transportation Lease)1 |
5.500 | 12/01/2020 | 08/29/2011 | B | 135,144 | ||||||||||||||
| 270,000 | San Bernardino, CA Joint Powers Financing
Authority (California Dept. of
Transportation Lease)1 |
5.500 | 12/01/2020 | 08/29/2011 | B | 270,410 | ||||||||||||||
| 55,000 | San Bernardino, CA Joint Powers Financing
Authority (City Hall)1 |
5.600 | 01/01/2015 | 08/29/2011 | B | 55,171 | ||||||||||||||
| 135,000 | San Bernardino, CA Joint Powers Financing
Authority (Police Station)1 |
5.500 | 09/01/2024 | 03/27/2023 | A | 131,313 | ||||||||||||||
| 150,000 | San Bernardino, CA Joint Powers Financing
Authority (Tax Allocation)1 |
6.625 | 04/01/2026 | 07/07/2023 | A | 145,809 | ||||||||||||||
| 685,000 | San Bernardino, CA Mountains Community
Hospital District COP |
5.000 | 02/01/2017 | 03/08/2015 | A | 604,102 | ||||||||||||||
| 30,000 | San Bernardino, CA Redevel. Agency
(Ramona Senior Complex)1 |
7.875 | 07/01/2025 | 03/09/2020 | A | 28,766 | ||||||||||||||
| 2,250,000 | San Diego County, CA (Developmental
Services Foundation) COP1 |
5.500 | 09/01/2017 | 09/01/2012 | B | 2,292,503 | ||||||||||||||
| 30,000 | San Diego, CA Convention Center1 |
5.250 | 04/01/2015 | 08/29/2011 | B | 30,073 | ||||||||||||||
| 50,000 | San Diego, CA Convention Center Expansion
Financing Authority |
5.250 | 04/01/2013 | 08/29/2011 | B | 50,143 | ||||||||||||||
| 100,000 | San Diego, CA Foundation Auxiliary
Organization (San Diego State
University Foundation)1 |
5.000 | 03/01/2022 | 03/01/2012 | B | 101,691 | ||||||||||||||
| 150,000 | San Diego, CA Mtg. (Mariners Cove)1 |
5.800 | 09/01/2015 | 08/29/2011 | B | 150,425 | ||||||||||||||
| 10,000 | San Diego, CA Redevel. Agency |
6.000 | 11/01/2015 | 08/29/2011 | B | 10,038 | ||||||||||||||
| 150,000 | San Diego, CA Redevel. Agency (Centre City)1 |
5.250 | 09/01/2021 | 09/01/2011 | B | 151,814 | ||||||||||||||
| 25,000 | San Diego, CA Redevel. Agency (Centre City)1 |
5.350 | 09/01/2024 | 03/26/2023 | A | 24,442 | ||||||||||||||
| 105,000 | San Diego, CA Redevel. Agency
(Mt. Hope Redevel.) |
5.875 | 10/01/2019 | 08/29/2011 | B | 105,378 | ||||||||||||||
47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 50,000 | San Diego, CA Redevel. Agency
(North Bay Redevel.)1 |
5.800 | % | 09/01/2022 | 08/29/2011 | B | $ | 50,014 | |||||||||||
| 300,000 | San Diego, CA Redevel. Agency
(North Bay Redevel.)1 |
5.875 | 09/01/2030 | 08/29/2011 | B | 300,006 | ||||||||||||||
| 710,000 | San Diego, CA Redevel. Agency
(North Park Redevel.)1 |
5.900 | 09/01/2025 | 08/29/2011 | B | 710,149 | ||||||||||||||
| 25,000 | San Diego, CA Redevel. Agency Tax Allocation
(North Park Redevel.)1 |
5.900 | 09/01/2030 | 08/29/2011 | B | 25,011 | ||||||||||||||
| 53,000 | San Francisco, CA City & County
Airports Commission1 |
5.000 | 05/01/2025 | 08/29/2011 | B | 53,010 | ||||||||||||||
| 185,000 | San Francisco, CA City & County
Airports Commission1 |
5.250 | 01/01/2026 | 01/01/2026 | 184,528 | |||||||||||||||
| 25,000 | San Francisco, CA City & County
Airports Commission1 |
5.500 | 05/01/2016 | 05/01/2012 | B | 25,858 | ||||||||||||||
| 10,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company) |
5.000 | 01/01/2014 | 08/29/2011 | B | 10,022 | ||||||||||||||
| 285,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company)1 |
5.125 | 01/01/2017 | 08/29/2011 | B | 285,439 | ||||||||||||||
| 55,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company)1 |
5.250 | 01/01/2020 | 08/29/2011 | B | 55,044 | ||||||||||||||
| 40,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company)1 |
5.250 | 01/01/2021 | 08/29/2011 | B | 40,026 | ||||||||||||||
| 50,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company)1 |
5.250 | 01/01/2027 | 01/01/2027 | 49,452 | |||||||||||||||
| 490,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company)1 |
6.125 | 01/01/2027 | 08/29/2011 | B | 490,544 | ||||||||||||||
| 1,500,000 | San Francisco, CA City & County Airports
Commission (SFO Fuel Company)1 |
5.250 | 01/01/2019 | 08/29/2011 | B | 1,501,485 | ||||||||||||||
| 45,000 | San Francisco, CA City & County
Improvement Bond Act 19151 |
6.850 | 09/02/2026 | 09/02/2011 | B | 46,362 | ||||||||||||||
| 25,000 | San Francisco, CA City & County Parking
Authority (Parking Meter) |
5.000 | 06/01/2018 | 08/29/2011 | B | 25,074 | ||||||||||||||
| 25,000 | San Joaquin County, CA Community Facilities
District Special Tax (Delta Farms)1 |
6.125 | 09/01/2024 | 06/24/2021 | A | 23,489 | ||||||||||||||
| 500,000 | San Joaquin County, CA COP General Hospital1 |
5.250 | 09/01/2013 | 09/01/2011 | B | 501,410 | ||||||||||||||
| 20,000 | San Jose, CA Improvement Bond Act 19151 |
5.600 | 09/02/2016 | 09/02/2011 | B | 20,617 | ||||||||||||||
| 25,000 | San Jose, CA Improvement Bond Act 19151 |
5.700 | 09/02/2018 | 09/02/2011 | B | 25,757 | ||||||||||||||
| 95,000 | San Jose, CA Improvement Bond Act 19151 |
5.750 | 09/02/2019 | 09/02/2019 | 97,026 | |||||||||||||||
| 60,000 | San Jose, CA Improvement Bond Act 19151 |
5.750 | 09/02/2020 | 09/02/2020 | 60,461 | |||||||||||||||
| 255,000 | San Jose, CA Multifamily Hsg.
(Almaden Senior Hsg. Partners)1 |
5.350 | 07/15/2034 | 05/15/2016 | B | 264,598 | ||||||||||||||
| 30,000 | San Jose, CA Multifamily Hsg.
(El Parador Apartments)1 |
6.100 | 01/01/2031 | 05/04/2023 | A | 27,874 | ||||||||||||||
48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 325,000 | San Jose, CA Multifamily Hsg. (Sixth & Martha
Family Apartments)1 |
5.875 | % | 03/01/2033 | 03/01/2012 | B | $ | 326,602 | |||||||||||
| 20,000 | San Jose, CA Redevel. Agency1 |
5.500 | 08/01/2014 | 08/29/2011 | B | 20,037 | ||||||||||||||
| 10,000 | San Jose, CA Redevel. Agency1 |
5.500 | 08/01/2016 | 08/29/2011 | B | 10,016 | ||||||||||||||
| 95,000 | San Jose, CA Redevel. Agency1 |
5.750 | 08/01/2017 | 02/01/2012 | B | 95,834 | ||||||||||||||
| 5,000 | San Jose, CA Redevel. Agency Tax Allocation1 |
5.600 | 08/01/2019 | 08/29/2011 | B | 5,004 | ||||||||||||||
| 200,000 | San Marcos, CA Public Facilities Authority1 |
5.800 | 09/01/2018 | 09/01/2011 | B | 200,242 | ||||||||||||||
| 35,000 | San Marcos, CA Redevel. Agency Tax
Allocation (Affordable Hsg.)1 |
5.650 | 10/01/2028 | 08/29/2011 | B | 35,011 | ||||||||||||||
| 1,715,000 | Santa Clara County, CA Hsg. Authority
(John Burns Gardens Apartments)1 |
5.850 | 08/01/2031 | 04/24/2027 | A | 1,686,634 | ||||||||||||||
| 80,000 | Santa Clara County, CA Hsg. Authority
(Rivertown Apartments)1 |
5.700 | 08/01/2021 | 02/01/2013 | B | 80,342 | ||||||||||||||
| 75,000 | Santa Clara, CA Redevel. Agency Tax
Allocation (Bayshore North)1 |
5.000 | 06/01/2015 | 12/01/2011 | B | 75,565 | ||||||||||||||
| 50,000 | Santa Clara, CA Redevel. Agency Tax
Allocation (Bayshore North)1 |
5.250 | 06/01/2018 | 12/01/2011 | B | 50,224 | ||||||||||||||
| 995,000 | Santa Clara, CA Redevel. Agency Tax
Allocation (Bayshore North)1 |
5.250 | 06/01/2019 | 12/01/2011 | B | 998,413 | ||||||||||||||
| 35,000 | Santa Cruz County, CA Hsg. Authority
(Northgate Apartments)1 |
5.350 | 07/20/2022 | 08/29/2011 | B | 35,025 | ||||||||||||||
| 85,000 | Santa Fe Springs, CA Community Devel.
Commission Tax Allocation1 |
5.375 | 09/01/2018 | 09/01/2011 | B | 85,072 | ||||||||||||||
| 800,000 | Santa Fe Springs, CA Community Devel.
Commission Tax Allocation1 |
5.375 | 09/01/2021 | 09/01/2011 | B | 800,184 | ||||||||||||||
| 20,000 | Santa Margarita, CA Water District Special
Tax Facilities District No. 99-11 |
6.200 | 09/01/2020 | 09/01/2011 | B | 20,027 | ||||||||||||||
| 1,100,000 | Santa Margarita, CA Water District Special
Tax Facilities District No. 99-11 |
6.250 | 09/01/2029 | 09/01/2011 | B | 1,100,572 | ||||||||||||||
| 25,000 | Santa Maria, CA COP1 |
5.500 | 08/01/2021 | 05/14/2018 | A | 25,000 | ||||||||||||||
| 25,000 | Santa Nella County, CA Water District1 |
6.250 | 09/02/2028 | 10/10/2021 | A | 19,348 | ||||||||||||||
| 20,000 | Santa Rosa, CA Improvement Bond Act 1915
(Nielson Ranch)1 |
6.700 | 09/02/2022 | 09/02/2011 | B | 20,208 | ||||||||||||||
| 45,000 | Santaluz, CA Special Tax Community
Facilities District No. 21 |
5.500 | 09/01/2030 | 04/27/2028 | A | 43,251 | ||||||||||||||
| 845,000 | Santaluz, CA Special Tax Community
Facilities District No. 21 |
6.375 | 09/01/2030 | 09/01/2011 | B | 845,338 | ||||||||||||||
| 70,000 | Saugus, CA Union School District Special Tax1 |
6.250 | 09/01/2028 | 09/01/2028 | 69,922 | |||||||||||||||
| 90,000 | Saugus, CA Union School District Special Tax1 |
6.375 | 09/01/2029 | 09/01/2020 | B | 90,209 | ||||||||||||||
| 50,000 | Saugus/Hart, CA School Facilities
Financing Authority1 |
6.100 | 09/01/2032 | 09/01/2011 | B | 50,021 | ||||||||||||||
| 2,040,000 | Saugus/Hart, CA School Facilities
Financing Authority1 |
6.125 | 09/01/2033 | 09/01/2011 | B | 2,040,816 | ||||||||||||||
| 115,000 | Scotts Valley, CA Special Tax1 |
5.200 | 09/01/2028 | 09/01/2011 | B | 115,509 | ||||||||||||||
49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 1,390,000 | Selma, CA Redevel. Agency1 |
5.750 | % | 09/01/2024 | 09/01/2024 | $ | 1,287,404 | ||||||||||||
| 15,000 | Sequoia, CA Hospital District1 |
5.375 | 08/15/2023 | 08/29/2011 | A | 16,445 | ||||||||||||||
| 110,000 | Shafter, CA Community Devel. Agency
Tax Allocation1 |
5.000 | 11/01/2013 | 11/01/2013 | 112,941 | |||||||||||||||
| 100,000 | Shafter, CA Community Devel. Agency
Tax Allocation1 |
5.250 | 11/01/2017 | 11/01/2016 | B | 100,128 | ||||||||||||||
| 100,000 | Shafter, CA Community Devel. Agency
Tax Allocation1 |
5.300 | 11/01/2018 | 11/01/2018 | 98,012 | |||||||||||||||
| 100,000 | Shafter, CA Community Devel. Agency
Tax Allocation1 |
5.350 | 11/01/2019 | 11/01/2019 | 96,740 | |||||||||||||||
| 100,000 | Shafter, CA Community Devel. Agency
Tax Allocation1 |
5.375 | 11/01/2020 | 11/01/2020 | 95,123 | |||||||||||||||
| 65,000 | South Orange County, CA Public
Financing Authority |
5.375 | 08/15/2013 | 08/29/2011 | B | 65,246 | ||||||||||||||
| 25,000 | Southern CA Public Power Authority |
5.500 | 07/01/2020 | 08/29/2011 | B | 25,092 | ||||||||||||||
| 10,000 | Southern CA Public Power Authority1 |
5.750 | 07/01/2021 | 08/29/2011 | B | 10,038 | ||||||||||||||
| 7,245,000 | Southern CA Tobacco Securitization
Authority1 |
4.750 | 06/01/2025 | 12/23/2014 | A | 6,290,037 | ||||||||||||||
| 4,235,000 | Southern CA Tobacco Securitization
Authority (TASC)1 |
5.000 | 06/01/2037 | 06/22/2026 | A | 3,048,480 | ||||||||||||||
| 125,000 | Spreckels, CA Union School District |
6.125 | 08/01/2017 | 08/29/2011 | B | 125,626 | ||||||||||||||
| 200,000 | Stockton, CA COP (Wastewater System)1 |
5.125 | 09/01/2016 | 08/29/2011 | B | 200,298 | ||||||||||||||
| 30,000 | Stockton, CA Improvement Bond Act 19151 |
5.800 | 09/02/2020 | 09/02/2011 | B | 30,005 | ||||||||||||||
| 5,000 | Susanville, CA Public Financing Authority1 |
7.750 | 09/01/2017 | 08/29/2011 | B | 5,020 | ||||||||||||||
| 100,000 | Taft, CA Public Financing Authority
(Community Correctional Facility)1 |
6.050 | 01/01/2017 | 08/29/2011 | B | 100,265 | ||||||||||||||
| 15,000 | Tejon Ranch, CA Public Facilities
Finance Authority1 |
7.200 | 09/01/2030 | 03/01/2013 | B | 15,090 | ||||||||||||||
| 725,000 | Tejon Ranch, CA Public Facilities Finance
Authority Special Tax (Community Facilities
District No. 1)1 |
7.200 | 09/01/2030 | 02/18/2013 | B | 729,343 | ||||||||||||||
| 30,000 | Temecula Valley, CA Unified School District
Community Facilities District No. 02-11 |
6.125 | 09/01/2033 | 10/15/2031 | A | 28,520 | ||||||||||||||
| 905,000 | Temecula, CA Public Financing Authority
Community Facilities District (Roripaugh)1 |
4.650 | 09/01/2011 | 09/01/2011 | 900,837 | |||||||||||||||
| 1,485,000 | Torrance, CA Hospital (Torrance Memorial
Medical Center) |
6.000 | 06/01/2022 | 08/29/2011 | B | 1,504,260 | ||||||||||||||
| 20,000 | Torrance, CA Redevel. Agency
(Downtown Redevel.)1 |
5.550 | 09/01/2018 | 08/29/2011 | B | 20,013 | ||||||||||||||
| 260,000 | Tracy, CA Area Public Facilities
Financing Agency1 |
5.875 | 10/01/2013 | 10/01/2011 | B | 261,409 | ||||||||||||||
| 1,430,000 | Tracy, CA Area Public Facilities
Financing Agency1 |
5.875 | 10/01/2019 | 10/01/2011 | B | 1,432,846 | ||||||||||||||
| 50,000 | Tracy, CA Community Facilities District1 |
5.400 | 09/01/2015 | 09/02/2011 | B | 50,107 | ||||||||||||||
50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 50,000 | Tracy, CA Community Facilities District1 |
6.100 | % | 09/01/2015 | 09/01/2011 | B | $ | 50,101 | |||||||||||
| 50,000 | Tracy, CA Community Facilities District1 |
6.300 | 09/01/2026 | 08/29/2011 | B | 50,002 | ||||||||||||||
| 10,000 | Tracy, CA Community Facilities District1 |
6.500 | 09/01/2020 | 09/01/2011 | B | 10,010 | ||||||||||||||
| 25,000 | Tracy, CA Community Facilities District
(205 Parcel Glen)1 |
6.250 | 09/01/2032 | 05/08/2030 | A | 24,539 | ||||||||||||||
| 1,095,000 | Tracy, CA Community Facilities District
(South Mac Arthur Area)1 |
6.000 | 09/01/2027 | 09/02/2011 | B | 1,095,526 | ||||||||||||||
| 30,000 | Tracy, CA Community Facilities District
(South Mac Arthur Area)1 |
6.300 | 09/01/2017 | 09/01/2011 | B | 30,047 | ||||||||||||||
| 35,000 | Tracy, CA Improvement Bond Act 19151 |
5.700 | 09/02/2023 | 08/17/2019 | A | 34,715 | ||||||||||||||
| 75,000 | Tracy, CA Operating Partnership Joint
Powers Authority1 |
6.100 | 09/02/2021 | 03/02/2013 | B | 75,740 | ||||||||||||||
| 30,000 | Truckee-Donner, CA Public Utility District
Special Tax1 |
5.800 | 09/01/2035 | 05/26/2033 | A | 23,740 | ||||||||||||||
| 75,000 | Truckee-Donner, CA Public Utility District
Special Tax1 |
6.000 | 09/01/2028 | 06/07/2026 | A | 72,206 | ||||||||||||||
| 20,000 | Truckee-Donner, CA Public Utility District
Special Tax1 |
6.100 | 09/01/2033 | 11/01/2031 | A | 18,844 | ||||||||||||||
| 750,000 | Turlock, CA Health Facility
(Emanuel Medical Center) COP1 |
5.000 | 10/15/2017 | 10/27/2016 | A | 763,965 | ||||||||||||||
| 2,210,000 | Upland, CA Community Facilities District
Special Tax (Colonies at San Antonio)1 |
5.900 | 09/01/2024 | 09/01/2013 | B | 2,227,967 | ||||||||||||||
| 20,000 | Vacaville, CA Improvement Bond Act 1915
(East Monte Vista Avenue)1 |
5.850 | 09/02/2016 | 03/02/2013 | B | 20,308 | ||||||||||||||
| 10,000 | Vacaville, CA Improvement Bond Act 1915
(Green Tree Reassessment District)1 |
6.300 | 09/02/2013 | 09/02/2011 | B | 10,225 | ||||||||||||||
| 195,000 | Vacaville, CA Public Financing Authority1 |
5.400 | 09/01/2022 | 08/29/2011 | B | 195,113 | ||||||||||||||
| 200,000 | Vacaville, CA Redevel. Agency
(Vacaville Community Hsg.)1 |
6.000 | 11/01/2024 | 11/01/2011 | B | 200,484 | ||||||||||||||
| 275,000 | Val Verde, CA Unified School District1 |
6.125 | 09/01/2034 | 06/25/2031 | A | 255,621 | ||||||||||||||
| 25,000 | Vallejo, CA Public Financing Authority, Series A1 |
7.500 | 09/01/2020 | 09/01/2011 | B | 25,025 | ||||||||||||||
| 40,000 | Vallejo, CA Quadrant Improvement
District No. 0011 |
6.000 | 09/01/2017 | 09/01/2015 | B | 41,000 | ||||||||||||||
| 30,000 | Vallejo, CA Quadrant Improvement
District No. 0011 |
6.000 | 09/01/2026 | 05/03/2024 | A | 27,282 | ||||||||||||||
| 40,000 | Vallejo, CA Quadrant Improvement
District No. 0011 |
6.125 | 09/01/2034 | 06/24/2031 | A | 34,550 | ||||||||||||||
| 25,000 | Valley Center-Pauma, CA Unified School
District (Woods Valley Ranch)1 |
5.500 | 09/01/2019 | 09/01/2019 | 24,774 | |||||||||||||||
| 10,000 | Valley Center-Pauma, CA Unified School
District (Woods Valley Ranch)1 |
6.000 | 09/01/2025 | 09/01/2025 | 9,578 | |||||||||||||||
| 20,000 | Valley Center-Pauma, CA Unified School
District (Woods Valley Ranch)1 |
6.000 | 09/01/2028 | 09/16/2027 | A | 18,097 | ||||||||||||||
51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 1,825,000 | Ventura County, CA Area Hsg. Authority
(Mira Vista Senior Apartments)1 |
5.000 | % | 12/01/2022 | 06/15/2019 | A | $ | 1,583,735 | |||||||||||
| 20,000 | Ventura County, CA Area Hsg. Authority
(Mira Vista Senior Apartments)1 |
5.050 | 12/01/2026 | 03/28/2025 | A | 16,567 | ||||||||||||||
| 145,000 | Victor, CA Elementary School District1 |
5.600 | 09/01/2034 | 04/06/2033 | A | 123,791 | ||||||||||||||
| 60,000 | Vista, CA Joint Powers Financing Authority1 |
6.100 | 10/01/2021 | 10/01/2011 | B | 60,121 | ||||||||||||||
| 5,000 | Vista, CA Joint Powers Financing Authority1 |
6.250 | 12/01/2019 | 12/01/2011 | B | 5,036 | ||||||||||||||
| 260,000 | Walnut, CA Unified School District1 |
7.200 | 02/01/2016 | 01/08/2012 | B | 276,227 | ||||||||||||||
| 15,000 | Wasco, CA Improvement Bond Act 19151 |
8.750 | 09/02/2013 | 09/02/2011 | B | 15,519 | ||||||||||||||
| 100,000 | Wasco, CA Public Financing Authority1 |
5.375 | 09/01/2021 | 09/01/2012 | B | 100,383 | ||||||||||||||
| 15,000 | Wasco, CA Public Financing Authority |
7.350 | 09/15/2015 | 08/29/2011 | B | 15,038 | ||||||||||||||
| 10,000 | Wasco, CA Public Financing Authority1 |
7.500 | 09/15/2023 | 08/29/2011 | B | 10,008 | ||||||||||||||
| 100,000 | West Covina, CA Redevel. Agency Tax
Allocation (Executive Lodge Apartments)1 |
5.100 | 09/01/2014 | 08/29/2011 | B | 100,138 | ||||||||||||||
| 20,000 | West Patterson, CA Financing Authority
Special Tax1 |
5.850 | 09/01/2028 | 10/30/2026 | A | 17,262 | ||||||||||||||
| 10,000 | West Patterson, CA Financing Authority
Special Tax1 |
6.000 | 09/01/2019 | 09/01/2019 | 9,924 | |||||||||||||||
| 15,000 | West Patterson, CA Financing Authority
Special Tax1 |
6.000 | 09/01/2039 | 05/18/2035 | A | 12,215 | ||||||||||||||
| 165,000 | West Patterson, CA Financing Authority
Special Tax1 |
6.600 | 09/01/2033 | 12/17/2030 | A | 149,079 | ||||||||||||||
| 25,000 | West Patterson, CA Financing Authority
Special Tax1 |
6.700 | 09/01/2032 | 04/27/2028 | A | 22,994 | ||||||||||||||
| 5,000 | West Patterson, CA Financing Authority
Special Tax1 |
6.750 | 09/01/2035 | 09/01/2017 | A | 4,548 | ||||||||||||||
| 100,000 | West Patterson, CA Financing Authority
Special Tax1 |
6.750 | 09/01/2036 | 09/09/2027 | A | 90,734 | ||||||||||||||
| 10,000 | West Patterson, CA Financing Authority
Special Tax Community Facilities District1 |
5.600 | 09/01/2019 | 09/01/2019 | 9,646 | |||||||||||||||
| 60,000 | West Sacramento, CA Financing Authority
Special Tax1 |
6.100 | 09/01/2029 | 02/15/2026 | A | 58,459 | ||||||||||||||
| 5,000 | West Sacramento, CA Improvement
Bond Act 19151 |
8.500 | 09/02/2017 | 09/02/2011 | B | 5,155 | ||||||||||||||
| 250,000 | West Sacramento, CA Special Tax
Community Facilities District No. 121 |
5.750 | 09/01/2029 | 08/17/2025 | A | 229,460 | ||||||||||||||
| 50,000 | West Sacramento, CA Special Tax
Community Facilities District No. 141 |
6.125 | 09/01/2021 | 09/01/2011 | B | 50,004 | ||||||||||||||
| 10,000 | West Sacramento, CA Special Tax
Community Facilities District No. 171 |
5.875 | 09/01/2033 | 08/17/2029 | A | 9,327 | ||||||||||||||
| 50,000 | West Sacramento, CA Special Tax
Community Facilities District No. 8 (Southport)1 |
6.500 | 09/01/2031 | 09/01/2011 | B | 49,996 | ||||||||||||||
| 25,000 | Western CA Municipal Water Districts1 |
7.125 | 09/02/2014 | 09/02/2011 | B | 25,821 | ||||||||||||||
52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Effective | ||||||||||||||||||||
| Principal | Maturity | |||||||||||||||||||
| Amount | Coupon | Maturity | (Unaudited)** | Value | ||||||||||||||||
| California Continued | ||||||||||||||||||||
| $ | 70,000 | Yolo County, CA Hsg. Authority
(Russell Park Apartments)1 |
7.000 | % | 11/01/2014 | 08/29/2011 | B | $ | 70,278 | |||||||||||
| 20,000 | Yorba Linda, CA Redevel. Agency
Tax Allocation1 |
5.250 | 09/01/2013 | 09/01/2011 | B | 20,038 | ||||||||||||||
| 70,000 | Yorba Linda, CA Redevel. Agency
Tax Allocation1 |
5.250 | 09/01/2023 | 03/26/2022 | A | 66,508 | ||||||||||||||
| 30,000 | Yuba City, CA Unified School District COP1 |
5.250 | 02/01/2022 | 08/29/2011 | B | 30,086 | ||||||||||||||
| 30,000 | Yucaipa, CA Special Tax Community
Facilities District No. 98-11 |
6.000 | 09/01/2028 | 09/16/2021 | A | 29,034 | ||||||||||||||
| 280,340,716 | ||||||||||||||||||||
| U.S. Possessions—5.4% | ||||||||||||||||||||
| 50,000 | Puerto Rico Children’s Trust Fund (TASC)1 |
5.375 | 05/15/2033 | 01/14/2016 | A | 47,623 | ||||||||||||||
| 485,000 | Puerto Rico Commonwealth GO1 |
5.625 | 07/01/2019 | 08/11/2011 | B | 485,883 | ||||||||||||||
| 560,000 | Puerto Rico Commonwealth GO1 |
5.625 | 07/01/2031 | 07/01/2014 | B | 564,990 | ||||||||||||||
| 2,000,000 | Puerto Rico Commonwealth GO1 |
6.000 | 07/01/2029 | 07/01/2016 | B | 2,083,560 | ||||||||||||||
| 110,000 | Puerto Rico IMEPCF
(American Home Products) |
5.100 | 12/01/2018 | 08/29/2011 | B | 110,420 | ||||||||||||||
| 4,400,000 | Puerto Rico ITEMECF
(Cogeneration Facilities) |
6.625 | 06/01/2026 | 08/29/2011 | B | 4,437,400 | ||||||||||||||
| 520,000 | Puerto Rico ITEMECF (University Plaza)1 |
5.625 | 07/01/2013 | 01/01/2012 | B | 527,342 | ||||||||||||||
| 500,000 | Puerto Rico ITEMECF (University Plaza)1 |
5.625 | 07/01/2019 | 01/01/2012 | B | 506,865 | ||||||||||||||
| 135,000 | Puerto Rico Municipal Finance Agency,
Series A |
5.500 | 07/01/2017 | 08/29/2011 | B | 135,370 | ||||||||||||||
| 25,000 | Puerto Rico Municipal Finance Agency,
Series A1 |
5.750 | 08/01/2012 | 08/29/2011 | B | 25,101 | ||||||||||||||
| 925,000 | Puerto Rico Public Buildings Authority1 |
7.000 | 07/01/2021 | 07/01/2014 | B | 1,023,920 | ||||||||||||||
| 2,600,000 | Puerto Rico Public Buildings Authority1 |
7.000 | 07/01/2025 | 06/01/2014 | B | 2,821,308 | ||||||||||||||
| 2,500,000 | Puerto Rico Sales Tax Financing Corp.,
Series A1 |
6.125 | 08/01/2029 | 02/01/2014 | B | 2,593,450 | ||||||||||||||
| 35,000 | University of Puerto Rico |
5.500 | 06/01/2012 | 08/29/2011 | B | 35,101 | ||||||||||||||
| 250,000 | V.I. Public Finance Authority, Series A1 |
5.250 | 10/01/2024 | 10/01/2014 | B | 252,708 | ||||||||||||||
| 15,651,041 | ||||||||||||||||||||
| Total Investments, at Value (Cost $300,525,476)—102.9% | 295,991,757 | |||||||||||||||||||
| Liabilities in Excess of Other Assets—(2.9) | (8,336,872 | ) | ||||||||||||||||||
| Net Assets—100.0% | $ | 287,654,885 | ||||||||||||||||||
53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments
| * | July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes. | |
| ** | Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed. |
| A. | Average life due to mandatory, or expected, sinking fund principal payments prior to maturity. | ||
| B. | Optional call date; corresponds to the most conservative yield calculation. |
| 1. | All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of the accompanying Notes. | |
| 2. | Zero coupon bond reflects effective yield on the date of purchase. | |
| 3. | This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes. | |
| 4. | Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently transferred to a trust. See Note 1 of the accompanying Notes. |
Valuation Inputs
Various data inputs are used in determining the value of each of the
Fund’s investments as of the reporting period end. These data inputs
are categorized in the following hierarchy under applicable financial
accounting standards:
| 1) | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
| 2) | Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
| 3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability). |
The table below categorizes amounts that are included in the Fund’s
Statement of Assets and Liabilities as of July 29, 2011 based on
valuation input level:
| Level 3— | ||||||||||||||||
| Level 1— | Level 2— | Significant | ||||||||||||||
| Unadjusted | Other Significant | Unobservable | ||||||||||||||
| Quoted prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Municipal Bonds and Notes |
||||||||||||||||
California |
$ | — | $ | 280,340,716 | $ | — | $ | 280,340,716 | ||||||||
U.S. Possessions |
— | 15,651,041 | — | 15,651,041 | ||||||||||||
Total Assets |
$ | — | $ | 295,991,757 | $ | — | $ | 295,991,757 | ||||||||
Currency contracts and forwards, if any, are reported at their
unrealized appreciation/depreciation at measurement date, which
represents the change in the contract’s value from trade date.
Futures, if any, are reported at their variation margin at measurement
date, which represents the amount due to/from the Fund at that date.
All additional assets and liabilities included in the above table are
reported at their market value at measurement date.
See the accompanying Notes for further discussion of the methods used
in determining value of the Fund’s investments, and a summary of
changes to the valuation methodologies, if any, during the reporting
period.
54 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
To simplify the listings of securities, abbreviations are used per the table below:
ABAG
|
Association of Bay Area Governments | |
BMH
|
Bakersfield Memorial Hospital | |
CDA
|
Communities Devel. Authority | |
CHCW
|
Catholic Healthcare West | |
CHCWSC
|
Catholic Healthcare West Southern California | |
CHWCC
|
CHW Central Coast | |
COP
|
Certificates of Participation | |
CVHP
|
Citrus Valley Health Partners | |
CVMC
|
Citrus Valley Medical Center | |
FF
|
Feedback Foundation | |
FH
|
Foothill Hospital | |
GO
|
General Obligation | |
HFA
|
Housing Finance Agency | |
IMEPCF
|
Industrial, Medical and Environmental Pollution Control Facilities | |
ITEMECF
|
Industrial, Tourist, Educational, Medical and Environmental Community Facilities | |
M.S.R
|
Modesto Irrigation District of the City of Santa Clara and the City of Redding | |
OCTC
|
Olive Crest Treatment Centers | |
OW
|
O’Connor Woods | |
OWHC
|
O’Connor Woods Housing Corporation | |
ROLs
|
Residual Option Longs | |
SCADP
|
Southern California Alcohol & Drug Programs | |
SJRHC
|
St. Joseph’s Regional Housing Corporation | |
TASC
|
Tobacco Settlement Asset-Backed Bonds | |
V.I.
|
United States Virgin Islands |
See accompanying Notes to Financial Statements.
55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES July 29, 20111
Assets |
||||
Investments, at value (cost $300,525,476)—see accompanying statement of investments |
$ | 295,991,757 | ||
Cash |
551,664 | |||
Receivables and other assets: |
||||
Interest |
5,213,335 | |||
Investments sold |
4,743,994 | |||
Shares of beneficial interest sold |
535,270 | |||
Other |
87,954 | |||
Total assets |
307,123,974 | |||
Liabilities |
||||
Payables and other liabilities: |
||||
Payable on borrowings (See Note 5) |
10,800,000 | |||
Payable for short-term floating rate notes issued (See Note 1) |
6,665,000 | |||
Shares of beneficial interest redeemed |
1,067,881 | |||
Investments purchased |
658,134 | |||
Dividends |
122,816 | |||
Distribution and service plan fees |
48,411 | |||
Trustees’ compensation |
30,160 | |||
Shareholder communications |
20,136 | |||
Transfer and shareholder servicing agent fees |
8,015 | |||
Interest expense on borrowings |
834 | |||
Other |
47,702 | |||
Total liabilities |
19,469,089 | |||
Net Assets |
$ | 287,654,885 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 86,556 | ||
Additional paid-in capital |
312,198,024 | |||
Accumulated net investment income |
2,183,899 | |||
Accumulated net realized loss on investments |
(22,279,875 | ) | ||
Net unrealized depreciation on investments |
(4,533,719 | ) | ||
Net Assets |
$ | 287,654,885 | ||
1. July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the
accompanying Notes.
56 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Net Asset Value Per Share |
||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets of $198,431,159
and 59,671,085 shares of beneficial interest outstanding) |
$ | 3.33 | ||
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) |
$ | 3.45 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,539,366 and 451,605 shares
of beneficial interest outstanding) |
$ | 3.41 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $74,653,840 and 22,523,823 shares
of beneficial interest outstanding) |
$ | 3.31 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets of
$13,030,520 and 3,909,940 shares of beneficial interest outstanding) |
$ | 3.33 |
See accompanying Notes to Financial Statements.
57 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended July 29, 20111
Investment Income |
||||
Interest |
$ | 16,259,570 | ||
Other income |
60 | |||
Total investment income |
16,259,630 | |||
Expenses |
||||
Management fees |
1,275,068 | |||
Distribution and service plan fees: |
||||
Class A |
470,490 | |||
Class B |
17,128 | |||
Class C |
738,057 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
58,386 | |||
Class B |
2,892 | |||
Class C |
37,777 | |||
Class Y |
2,743 | |||
Shareholder communications: |
||||
Class A |
23,417 | |||
Class B |
1,103 | |||
Class C |
16,272 | |||
Class Y |
945 | |||
Borrowing fees |
322,406 | |||
Interest expense and fees on short-term floating rate notes issued (See Note 1) |
130,904 | |||
Interest expense on borrowings |
21,836 | |||
Trustees’ compensation |
5,394 | |||
Custodian fees and expenses |
1,614 | |||
Administration service fees |
1,500 | |||
Other |
56,204 | |||
Total expenses |
3,184,136 | |||
Less waivers and reimbursements of expenses |
(5 | ) | ||
Net expenses |
3,184,131 | |||
Net Investment Income |
13,075,499 | |||
Realized and Unrealized Gain (Loss) |
||||
Net realized loss on investments |
(5,910,066 | ) | ||
Net change in unrealized appreciation/depreciation on investments |
2,027,703 | |||
Net Increase in Net Assets Resulting from Operations |
$ | 9,193,136 | ||
1. July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the
accompanying Notes.
See accompanying Notes to Financial Statements.
58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
| Year Ended July | Year Ended July | |||||||
| 29, 20111 | 30, 20101 | |||||||
Operations |
||||||||
Net investment income |
$ | 13,075,499 | $ | 11,243,191 | ||||
Net realized loss |
(5,910,066 | ) | (2,422,539 | ) | ||||
Net change in unrealized appreciation/depreciation |
2,027,703 | 12,757,738 | ||||||
Net increase in net assets resulting from operations |
9,193,136 | 21,578,390 | ||||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
(9,586,279 | ) | (7,972,240 | ) | ||||
Class B |
(65,399 | ) | (71,825 | ) | ||||
Class C |
(3,039,436 | ) | (2,560,883 | ) | ||||
Class Y |
(182,069 | ) | — | |||||
| (12,873,183 | ) | (10,604,948 | ) | |||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: |
||||||||
Class A |
12,637,380 | 26,517,767 | ||||||
Class B |
(305,993 | ) | (208,248 | ) | ||||
Class C |
5,117,953 | 7,137,748 | ||||||
Class Y |
12,789,992 | — | ||||||
| 30,239,332 | 33,447,267 | |||||||
Net Assets |
||||||||
Total increase |
26,559,285 | 44,420,709 | ||||||
Beginning of period |
261,095,600 | 216,674,891 | ||||||
End of period (including accumulated net investment income of
$2,183,899 and $2,014,040, respectively) |
$ | 287,654,885 | $ | 261,095,600 | ||||
1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011
and 2010 fiscal years.
See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended July 29, 20111
Cash Flows from Operating Activities |
||||
Net increase in net assets from operations |
$ | 9,193,136 | ||
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities: |
||||
Purchase of investment securities |
(46,985,672 | ) | ||
Proceeds from disposition of investment securities |
48,883,080 | |||
Short-term investment securities, net |
(27,374,602 | ) | ||
Premium amortization |
1,008,143 | |||
Discount accretion |
(620,083 | ) | ||
Net realized loss on investments |
5,910,066 | |||
Net change in unrealized appreciation/depreciation on investments |
(2,027,703 | ) | ||
Change in assets: |
||||
Increase in other assets |
(49,005 | ) | ||
Increase in interest receivable |
(473,891 | ) | ||
Increase in receivable for securities sold |
(1,180,465 | ) | ||
Change in liabilities: |
||||
Decrease in other liabilities |
(51,707 | ) | ||
Decrease in payable for securities purchased |
(759,911 | ) | ||
Net cash used in operating activities |
(14,528,614 | ) | ||
Cash Flows from Financing Activities |
||||
Proceeds from bank borrowings |
117,100,000 | |||
Payments on bank borrowings |
(116,100,000 | ) | ||
Payments on short-term floating rate notes issued |
(4,722,000 | ) | ||
Proceeds from shares sold |
149,147,045 | |||
Payments on shares redeemed |
(125,531,902 | ) | ||
Cash distributions paid |
(5,024,583 | ) | ||
Net cash provided by financing activities |
14,868,560 | |||
Net increase in cash |
339,946 | |||
Cash, beginning balance |
211,718 | |||
Cash, ending balance |
$ | 551,664 | ||
Supplemental disclosure of cash flow information:
Noncash financing activities not included
herein consist of reinvestment of dividends
and distributions of $7,868,627.
Cash paid for interest on bank borrowings-$24,018.
Cash paid for interest on short-term floating rate notes issued-$130,904.
1. July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the
accompanying Notes.
See accompanying Notes to Financial Statements.
60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
| July 29, | July 30, | July 31, | July 31, | July 31, | ||||||||||||||||
| Class A Year Ended | 20111 | 20101 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 3.36 | $ | 3.20 | $ | 3.34 | $ | 3.55 | $ | 3.52 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.16 | .17 | .16 | .15 | .15 | |||||||||||||||
Net realized and unrealized gain (loss) |
(.03 | ) | .15 | (.15 | ) | (.22 | ) | .02 | ||||||||||||
Total from investment operations |
.13 | .32 | .01 | (.07 | ) | .17 | ||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.16 | ) | (.16 | ) | (.15 | ) | (.14 | ) | (.14 | ) | ||||||||||
Net asset value, end of period |
$ | 3.33 | $ | 3.36 | $ | 3.20 | $ | 3.34 | $ | 3.55 | ||||||||||
Total Return, at Net Asset Value3 |
4.07 | % | 10.02 | % | 0.51 | % | (1.85 | )% | 4.99 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 198,431 | $ | 188,647 | $ | 154,287 | $ | 228,159 | $ | 208,041 | ||||||||||
Average net assets (in thousands) |
$ | 197,240 | $ | 170,296 | $ | 180,705 | $ | 229,325 | $ | 186,689 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
4.94 | % | 4.96 | % | 5.10 | % | 4.36 | % | 4.10 | % | ||||||||||
Expenses excluding interest and fees on
short-term floating rate notes issued and interest
and fees from borrowings |
0.77 | % | 0.81 | % | 0.80 | % | 0.79 | % | 0.78 | % | ||||||||||
Interest and fees from borrowings |
0.12 | % | 0.27 | % | 0.63 | % | 0.10 | % | 0.26 | % | ||||||||||
Interest and fees on short-term floating
rate notes issued5 |
0.05 | % | 0.05 | % | 0.03 | % | 0.15 | % | 0.24 | % | ||||||||||
Total expenses |
0.94 | % | 1.13 | % | 1.46 | % | 1.04 | % | 1.28 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.94 | % | 1.13 | % | 1.46 | % | 1.03 | % | 1.08 | % | ||||||||||
Portfolio turnover rate |
32 | % | 42 | % | 31 | % | 41 | % | 17 | % | ||||||||||
1. July 29, 2011 and July 30, 2010 represent the last business
days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1
of the accompanying Notes.
2. Per share amounts calculated based on the average shares outstanding during the period.
3. Assumes an initial 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 accompanying Notes to Financial Statements.
61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
| July 29, | July 30, | July 31, | July 31, | July 31, | ||||||||||||||||
| Class B Year Ended | 20111 | 20101 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 3.44 | $ | 3.27 | $ | 3.41 | $ | 3.62 | $ | 3.59 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.14 | .14 | .13 | .12 | .12 | |||||||||||||||
Net realized and unrealized gain (loss) |
(.04 | ) | .15 | (.15 | ) | (.22 | ) | .02 | ||||||||||||
Total from investment operations |
.10 | .29 | (.02 | ) | (.10 | ) | .14 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.13 | ) | (.12 | ) | (.12 | ) | (.11 | ) | (.11 | ) | ||||||||||
Net asset value, end of period |
$ | 3.41 | $ | 3.44 | $ | 3.27 | $ | 3.41 | $ | 3.62 | ||||||||||
Total Return, at Net Asset Value3 |
2.98 | % | 9.07 | % | (0.50 | )% | (2.69 | )% | 4.05 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 1,539 | $ | 1,870 | $ | 1,977 | $ | 2,028 | $ | 2,136 | ||||||||||
Average net assets (in thousands) |
$ | 1,720 | $ | 1,973 | $ | 1,951 | $ | 2,068 | $ | 2,276 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
3.99 | % | 4.03 | % | 4.14 | % | 3.46 | % | 3.34 | % | ||||||||||
Expenses excluding interest and fees on
short-term floating rate notes issued and interest
and fees from borrowings |
1.72 | % | 1.76 | % | 1.82 | % | 1.67 | % | 1.68 | % | ||||||||||
Interest and fees from borrowings |
0.12 | % | 0.27 | % | 0.63 | % | 0.10 | % | 0.26 | % | ||||||||||
Interest and fees on short-term floating
rate notes issued5 |
0.05 | % | 0.05 | % | 0.03 | % | 0.15 | % | 0.24 | % | ||||||||||
Total expenses |
1.89 | % | 2.08 | % | 2.48 | % | 1.92 | % | 2.18 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
1.89 | % | 2.08 | % | 2.48 | % | 1.91 | % | 1.89 | % | ||||||||||
Portfolio turnover rate |
32 | % | 42 | % | 31 | % | 41 | % | 17 | % | ||||||||||
1. July 29, 2011 and July 30, 2010 represent the last business
days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1
of the accompanying Notes.
2. Per share amounts calculated based on the average shares outstanding during the period.
3. Assumes an initial 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 accompanying Notes to Financial Statements.
62 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| July 29, | July 30, | July 31, | July 31, | July 31, | ||||||||||||||||
| Class C Year Ended | 20111 | 20101 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 3.35 | $ | 3.19 | $ | 3.33 | $ | 3.54 | $ | 3.51 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.14 | .14 | .13 | .12 | .12 | |||||||||||||||
Net realized and unrealized gain (loss) |
(.04 | ) | .15 | (.15 | ) | (.21 | ) | .03 | ||||||||||||
Total from investment operations |
.10 | .29 | (.02 | ) | (.09 | ) | .15 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.14 | ) | (.13 | ) | (.12 | ) | (.12 | ) | (.12 | ) | ||||||||||
Net asset value, end of period |
$ | 3.31 | $ | 3.35 | $ | 3.19 | $ | 3.33 | $ | 3.54 | ||||||||||
Total Return, at Net Asset Value3 |
2.96 | % | 9.19 | % | (0.29 | )% | (2.59 | )% | 4.25 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 74,654 | $ | 70,579 | $ | 60,411 | $ | 77,530 | $ | 59,029 | ||||||||||
Average net assets (in thousands) |
$ | 74,225 | $ | 65,423 | $ | 66,544 | $ | 71,291 | $ | 55,357 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
4.15 | % | 4.17 | % | 4.31 | % | 3.58 | % | 3.34 | % | ||||||||||
Expenses excluding interest and fees on short-term
floating rate notes issued and interest
and fees from borrowings |
1.56 | % | 1.60 | % | 1.60 | % | 1.57 | % | 1.58 | % | ||||||||||
Interest and fees from borrowings |
0.12 | % | 0.27 | % | 0.63 | % | 0.10 | % | 0.26 | % | ||||||||||
Interest and fees on short-term floating
rate notes issued5 |
0.05 | % | 0.05 | % | 0.03 | % | 0.15 | % | 0.24 | % | ||||||||||
Total expenses |
1.73 | % | 1.92 | % | 2.26 | % | 1.82 | % | 2.08 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
1.73 | % | 1.92 | % | 2.26 | % | 1.81 | % | 1.86 | % | ||||||||||
Portfolio turnover rate |
32 | % | 42 | % | 31 | % | 41 | % | 17 | % | ||||||||||
1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective
2011 and 2010 fiscal years.
See Note 1 of the accompanying Notes.
2. Per share amounts calculated based on the average shares outstanding during the period.
3. Assumes an initial 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 accompanying Notes to Financial Statements.
63 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
| Period Ended | ||||
| Class Y | July 29, 20111 | |||
Per Share Operating Data |
||||
Net asset value, beginning of period |
$ | 3.34 | ||
Income (loss) from investment operations: |
||||
Net investment income2 |
.11 | |||
Net realized and unrealized loss |
(.01 | ) | ||
Total from investment operations |
.10 | |||
Dividends and/or distributions to shareholders: |
||||
Dividends from net investment income |
(.11 | ) | ||
Net asset value, end of period |
$ | 3.33 | ||
Total Return, at Net Asset Value3 |
3.20 | % | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (in thousands) |
$ | 13,031 | ||
Average net assets (in thousands) |
$ | 5,548 | ||
Ratios to average net assets:4 |
||||
Net investment income |
5.05 | % | ||
Expenses excluding interest and fees on short-term
floating rate notes issued and interest
and fees from borrowings |
0.58 | % | ||
Interest and fees from borrowings |
0.10 | % | ||
Interest and fees on short-term floating
rate notes issued5 |
0.05 | % | ||
Total expenses |
0.73 | % | ||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.73 | % | ||
Portfolio turnover rate |
32 | % | ||
1. For the period from November 29, 2010 (inception of offering) to
July 29, 2011, which represents the last business day of the Fund’s
2011 fiscal year. See Note 1 of the accompanying Notes.
2. Per share amounts calculated based on the average shares outstanding during the period.
3. Assumes an initial 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 accompanying Notes to Financial Statements.
64 | 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 adviser is OppenheimerFunds, Inc.
(the “Manager”).
The Fund offers Class A, Class B, Class C and Class Y 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”). Class Y shares are
sold to certain institutional investors or intermediaries without
either a front-end sales charge or a CDSC, however, the
intermediaries may impose charges on their accountholders who
beneficially own Class Y shares. 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 shares have separate distribution and/or service plans under
which they pay fees. Class Y shares do not pay such fees. Class B
shares will automatically convert to Class A shares 72 months after
the date of purchase. Class Y shares were first publicly offered on
November 29, 2010.
The following is a summary of significant accounting policies
consistently followed by the Fund.
Annual Periods. Since July 29, 2011 and July 30, 2010 represent the
last days during the Fund’s respective 2011 and 2010 fiscal years on
which the New York Stock Exchange was open for trading, the Fund’s
financial statements have been presented through those dates to
maintain consistency with the Fund’s net asset value calculations used
for shareholder transactions. For tax purposes, income and expenses
are included through July 31, 2011, the last day of the Fund’s fiscal
year end.
Securities Valuation. The Fund calculates the net asset value of its
shares as of the close of the New York Stock Exchange (the
“Exchange”), normally 4:00 P.M. Eastern time, on each day the
Exchange is open for trading.
Each investment asset or liability of the Fund is assigned a
level at measurement date based on the significance and source of
the inputs to its valuation. Unadjusted quoted prices in active
markets for identical securities are classified as “Level 1,”
observable market inputs other than unadjusted quoted prices are
classified as “Level 2” and significant unobservable inputs,
including the Manager’s judgment about the assumptions that a
market participant would use in pricing an asset or liability, are
classified as “Level 3.” The inputs used for valuing securities are
not necessarily an indication of the risks associated with
investing in those securities. A table summarizing the Fund’s
investments under these levels of classification is included
following the Statement of Investments.
65 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
Securities are valued using unadjusted quoted market
prices, when available, as supplied primarily by portfolio pricing
services approved by the Board of Trustees or dealers.
Securities traded on a registered U.S. securities exchange are
valued based on the last sale price of the security reported on the
principal exchange on which it is traded, prior to the time when
the Fund’s assets are valued. Securities whose principal exchange
is NASDAQ® are valued based on the official closing prices reported
by NASDAQ prior to the time when the Fund’s assets are valued. In
the absence of a sale, the security is valued at the last sale
price on the prior trading day, if it is within the spread of the
current day’s closing “bid” and “asked” prices, and if not, at the
current day’s closing bid price. A foreign security traded on a
foreign exchange is valued based on the last sale price on the
principal exchange on which the security is traded, as identified
by the portfolio pricing service used by the Manager, prior to the
time when the Fund’s assets are valued. In the absence of a sale,
the security is valued at the most recent official closing price on
the principal exchange on which it is traded.
Shares of a registered investment company that are not
traded on an exchange are valued at that investment company’s
net asset value per share.
U.S. domestic and international debt instruments (including
corporate, government, municipal, mortgage-backed, collateralized
mortgage obligations and asset-backed securities) and “money
market-type” debt instruments with a remaining maturity in excess
of sixty days are valued at the mean between the “bid” and “asked”
prices utilizing price quotations obtained from independent pricing
services or broker-dealers. Such prices are typically determined
based upon information obtained from market participants including
reported trade data, broker-dealer price quotations and inputs such
as benchmark yields and issuer spreads from identical or similar
securities.
“Money market-type” debt instruments with remaining
maturities of sixty days or less are valued at cost adjusted by
the amortization of discount or premium to maturity (amortized
cost), which approximates market value.
In the absence of a current price quotation obtained from an
independent pricing service or broker-dealer, including for
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 the securities’
respective exchanges, the Manager, acting through its internal
valuation committee, in good faith determines the fair valuation of
that asset using consistently applied procedures under the
supervision of the Board of Trustees (which reviews those fair
valuations by the Manager). Those procedures include certain
standardized methodologies to fair value securities. Such
methodologies include, but are not limited to, pricing securities
initially at cost and subsequently adjusting the value based on:
changes in company specific fundamentals, changes in an appropriate
securities index, or changes in the value of similar securities
which may be adjusted for any discounts related to resale
restrictions. When possible, such methodologies use observable
market inputs such as unadjusted quoted prices of similar
securities, observable interest rates, currency rates and yield
curves. The methodologies used for valuing securities are not
necessarily an indication of the risks associated with
investing in those securities.
66 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
There have been no significant changes to the fair
valuation methodologies of the Fund during the period.
Inverse Floating Rate Securities. The Fund invests in inverse floating
rate securities that pay interest at a rate that varies inversely with
short-term interest rates. Certain of these securities may be
leveraged, whereby the interest rate varies inversely at a multiple of
the change in short-term rates. As interest rates rise, inverse
floaters produce less current income. The price of such securities is
more volatile than comparable fixed rate securities. The Fund may
expose up to 20% of its total assets to the effects of leverage from
its investments in inverse floaters. The Fund’s exposure to the
effects of leverage from its investments in inverse floaters amount to
$6,665,000 as of July 29, 2011, which represents 2.17% 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 29, 2011, municipal bond
holdings with a value of $10,544,872 shown on the Fund’s Statement
of Investments are held by such Trusts and serve as collateral for
the $6,665,000 in short-term floating rate notes issued and
outstanding at that date.
The Fund’s investments in inverse floaters involve certain
risks. The market value of an inverse floating rate security can be
more volatile than that of a conventional fixed-rate bond having
similar credit quality, maturity and redemption provisions.
Typically, an inverse floating rate security tends to underperform
fixed rate bonds when long-term interest rates are rising but tends
to outperform fixed rate bonds when long-term interest rates are
stable or falling. An inverse floating rate security entails a
degree of leverage because the trust issues
67 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.
short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.
At July 29, 2011, the Fund’s residual exposure to these types of
inverse floating rate securities were as follows:
| Principal | Coupon | Maturity | ||||||||||||||
| Amount | Inverse Floater1 | Rate2 | Date | Value | ||||||||||||
| $ | 3,335,000 | Los Angeles, CA Dept. of Airports ROLs3 |
12.637 | % | 5/15/25 | $ | 3,879,872 | |||||||||
1. For a list of abbreviations used in the Inverse Floater
table see the Portfolio Abbreviations table at the end of the
Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an “inverse floater.”
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with
the sponsors of certain inverse floaters held by the Fund. These
agreements commit the Fund to reimburse the sponsor of the inverse
floater, in certain circumstances, for the amount of the difference
between the liquidation value of the underlying security (which is
the basis of the inverse floater) and the principal amount due to the
holders of the short-term floating rate notes issued by the Trust in
conjunction with the inverse floating rate security. Under the
standard terms of an inverse floating rate security, absent such a
shortfall and forbearance agreement, the Fund would not be required
to make such a reimbursement. The Manager monitors the Fund’s
potential exposure with respect to these agreements on a daily basis
and intends to take action to terminate the Fund’s investment in such
inverse floating rate securities, if it deems it appropriate to do
so. As of July 29, 2011, in addition to the exposure detailed in the
preceding table, the Fund’s maximum exposure under such agreements is
estimated at $6,665,000.
Credit Risk. The Fund invests in high-yield, non-investment-grade
bonds, which may be subject to a greater degree of credit risk.
Credit risk relates to the ability of the issuer to meet interest or
principal payments or both as they become due. The Fund may acquire
securities that have missed an interest payment, and is not
obligated to dispose of securities whose issuers or underlying
obligors subsequently miss an interest payment. Information
concerning securities not accruing interest as of July 29, 2011 is
as follows:
Cost |
$ | 90,000 | ||
Market Value |
$ | 30,600 | ||
Market Value as a % of Net Assets |
0.01 | % |
Concentration Risk. There are certain risks arising from
geographic concentration in any state, commonwealth or territory.
Certain economic, regulatory or political developments occurring in
the state, commonwealth or territory may impair the ability of
certain issuers of municipal securities to pay principal and interest
on their obligations.
68 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Allocation of Income, Expenses, Gains and Losses. Income,
expenses (other than those attributable to a specific class), gains
and losses are allocated on a daily basis to each class of shares
based upon the relative proportion of net assets represented by such
class. Operating expenses directly attributable to a specific class
are charged against the operations of that class.
Federal Taxes. The Fund intends to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its investment company taxable
income, including any net realized gain on investments not offset by
capital loss carryforwards, if any, to shareholders. Therefore, no
federal income or excise tax provision is required. The Fund files
income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund’s tax return
filings generally remain open for the three preceding fiscal
reporting period ends.
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 | ||||||||||||||
| Depreciation | ||||||||||||||
| Based on Cost of | ||||||||||||||
| Securities and | ||||||||||||||
| Undistributed | Undistributed | Accumulated | Other Investments | |||||||||||
| Net Investment | Long-Term | Loss | for Federal Income | |||||||||||
| Income | Gain | Carryforward1,2,3,4 | Tax Purposes | |||||||||||
| $ | 2,581,011 | $ | — | $ | 22,273,866 | $ | 4,539,728 | |||||||
1. As of July 29, 2011, the Fund had $16,446,453 of net
capital loss carryforwards available to offset future realized
capital gains, if any, and thereby reduce future taxable gain
distributions. As of July 29, 2011, details of the capital loss
carryforwards were as follows:
| Expiring | ||||
2013 |
$ | 17,565 | ||
2014 |
1,553 | |||
2015 |
172,117 | |||
2016 |
55,871 | |||
2017 |
2,457,882 | |||
2018 |
10,731,096 | |||
2019 |
3,010,369 | |||
Total |
$ | 16,446,453 | ||
2. As of July 29, 2011, the Fund had $5,827,413 of post-October
losses available to offset future realized capital gains, if any.
Such losses, if unutilized, will expire in 2020.
3. During the fiscal year ended July 29, 2011, the Fund did not utilize any capital loss
carryforward.
4. During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss
carryforward.
69 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
Net investment income (loss) and net realized gain (loss) may
differ for financial statement and tax purposes. The character of
dividends and distributions made during the fiscal year from net
investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing
of dividends and distributions, the fiscal year in which amounts are
distributed may differ from the fiscal year in which the income or net
realized gain was recorded by the Fund.
Accordingly, the following amounts have been reclassified for July
31, 2011. Net assets of the Fund were unaffected by the
reclassifications.
| Reduction | Increase | |||||||||
| to Accumulated | to Accumulated Net | |||||||||
| Increase to | Net Investment | Realized Loss | ||||||||
| Paid-in Capital | Income | on Investments | ||||||||
| $ | 81,996 | $ | 32,457 | $ | 49,539 | |||||
The tax character of distributions paid during the years ended
July 31, 2011 and July 30, 2010 was as follows:
| Year Ended | Year Ended | |||||||
| July 31, 2011 | July 30, 2010 | |||||||
Distributions paid from: |
||||||||
Exempt-interest dividends |
$ | 12,856,440 | $ | 10,534,945 | ||||
Ordinary income |
98,739 | 70,003 | ||||||
Total |
$ | 12,955,179 | $ | 10,604,948 | ||||
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 29,
2011 are noted in the following table. 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 |
$ | 307,150,476 | 1 | |
Gross unrealized appreciation |
$ | 3,128,829 | ||
Gross unrealized depreciation |
(7,668,557 | ) | ||
Net unrealized depreciation |
$ | (4,539,728 | ) | |
1. The Federal tax cost of securities does not include cost of
$6,618,991, which has otherwise been recognized for financial
reporting purposes, related to bonds placed into trusts in
conjunction with certain investment transactions. See the Inverse
Floating Rate Securities note above.
The Regulated Investment Company Modernization Act of 2010 (the
“Act”) was signed into law on December 22, 2010. The Act makes changes
to a number of tax rules impacting the Fund. Although the Act provides
a number of benefits, including the unlimited carryover of future
capital losses, there may be a greater likelihood that all or a
portion of a fund’s prior year capital loss carryovers will expire
unused. In general, the provisions of the Act will be effective for
the Fund’s fiscal year ending 2012.
70 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Specific information regarding the impact of the Act on the
Fund will be contained within the “Federal Taxes” section of the
financial statement notes for the fiscal year ending 2012.
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
29, 2011, the Fund’s projected benefit obligations, payments to
retired trustees and accumulated liability were as follows:
Projected Benefit Obligations Increased |
$ | 1,028 | ||
Payments Made to Retired Trustees |
2,077 | |||
Accumulated Liability as of July 29, 2011 |
16,600 |
The Board of Trustees has adopted a compensation deferral plan
for independent trustees that enables trustees to elect to defer
receipt of all or a portion of the annual compensation they are
entitled to receive from the Fund. For purposes of determining the
amount owed to the Trustee under the plan, deferred amounts are
treated as though equal dollar amounts had been invested in shares of
the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the
Trustee in amounts equal to his or her deemed investment, resulting
in a Fund asset equal to the deferred compensation liability. Such
assets are included as a component of “Other” within the asset
section of the Statement of Assets and Liabilities. Deferral of
trustees’ fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund’s assets, liabilities
or net investment income per share. Amounts will be deferred until
distributed in accordance with the compensation deferral plan.
Dividends and Distributions to Shareholders. Dividends and
distributions to shareholders, which are determined in accordance
with income tax regulations and may differ from U.S. generally
accepted accounting principles, are recorded on the ex-dividend date.
Income distributions, if any, are declared daily and paid monthly.
Capital gain distributions, if any, are declared and paid annually.
Investment Income. Interest income is recognized on an accrual
basis. Discount and premium, which are included in interest
income on the Statement of Operations, are amortized or accreted
daily.
Custodian Fees. “Custodian fees and expenses” in the Statement of
Operations may include interest expense incurred by the Fund on any
cash overdrafts of its custodian account during the period. Such cash
overdrafts may result from the effects of failed trades in portfolio
securities and from cash outflows resulting from unanticipated
shareholder redemption activity. The Fund pays interest to its
custodian on such cash overdraft at a rate equal to the 1 Month LIBOR
Rate plus 2.00%. The “Reduction to custodian expenses” line
71 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
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.
item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the
trade date. Realized gains and losses on securities sold are
determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current
and former trustees and officers with a limited indemnification
against liabilities arising in connection with the performance of
their duties to the Fund. In the normal course of business, the Fund
may also enter into contracts that provide general indemnifications.
The Fund’s maximum exposure under these arrangements is unknown as
this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered
remote.
Other. The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period. Actual results
could differ from those estimates.
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 29, 20111 | Year Ended July 30, 2010 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
31,348,494 | $ | 104,398,735 | 19,741,040 | $ | 65,936,252 | ||||||||||
Dividends and/or distributions reinvested |
1,776,426 | 5,881,006 | 1,581,874 | 5,282,815 | ||||||||||||
Redeemed |
(29,573,623 | ) | (97,642,361 | ) | (13,403,714 | ) | (44,701,300 | ) | ||||||||
Net increase |
3,551,297 | $ | 12,637,380 | 7,919,200 | $ | 26,517,767 | ||||||||||
Class B |
||||||||||||||||
Sold |
127,177 | $ | 437,364 | 121,343 | $ | 413,547 | ||||||||||
Dividends and/or distributions reinvested |
14,649 | 49,702 | 14,579 | 49,828 | ||||||||||||
Redeemed |
(233,615 | ) | (793,059 | ) | (196,559 | ) | (671,623 | ) | ||||||||
Net decrease |
(91,789 | ) | $ | (305,993 | ) | (60,637 | ) | $ | (208,248 | ) | ||||||
Class C |
||||||||||||||||
Sold |
8,485,831 | $ | 28,232,052 | 7,140,540 | $ | 23,791,887 | ||||||||||
Dividends and/or distributions reinvested |
542,493 | 1,790,365 | 480,977 | 1,601,412 | ||||||||||||
Redeemed |
(7,567,071 | ) | (24,904,464 | ) | (5,487,683 | ) | (18,255,551 | ) | ||||||||
Net increase |
1,461,253 | $ | 5,117,953 | 2,133,834 | $ | 7,137,748 | ||||||||||
72 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Year Ended July 29, 20111 | Year Ended July 30, 2010 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
Class Y |
||||||||||||||||
Sold |
4,311,305 | $ | 14,108,347 | — | $ | — | ||||||||||
Dividends and/or distributions reinvested |
44,697 | 147,554 | — | — | ||||||||||||
Redeemed |
(446,062 | ) | (1,465,909 | ) | — | — | ||||||||||
Net increase |
3,909,940 | $ | 12,789,992 | — | $ | — | ||||||||||
1. For the year ended July 29, 2011, for Class A, Class B and Class
C shares, and for the period from November 29, 2010 (inception of
offering) to July 29, 2011, for Class Y shares.
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 29, 2011, were as follows:
| Purchases | Sales | |||||||
Investment securities |
$ | 46,985,672 | $ | 48,883,080 | ||||
4. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund
pays the Manager a management fee based on the daily net assets of
the Fund at an annual rate as shown in the following table:
| Fee Schedule | ||||
Up to $100 million |
0.50 | % | ||
Next $150 million |
0.45 | |||
Next $1.75 billion |
0.40 | |||
Over $2 billion |
0.39 | |||
Administration Service Fees. The Fund pays the Manager a fee of
$1,500 per year for preparing and filing the Fund’s tax returns.
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 29, 2011, the Fund paid $102,012 to OFS for services to the
Fund.
Additionally, Class Y shares are subject to minimum fees of
$10,000 annually for assets of $10 million or more. The Class Y
shares are subject to the minimum fees in the event that the per
account fee does not equal or exceed the applicable minimum fees.
OFS may voluntarily waive the minimum fees.
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.
73 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
4. Fees and Other Transactions with Affiliates Continued
Service Plan for Class A Shares. The Fund has adopted a Service
Plan (the “Plan”) for Class A shares under Rule 12b-1 of the
Investment Company Act of 1940. Under the Plan, the Fund reimburses
the Distributor for a portion of its costs incurred for services
provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.25% of the daily net assets
of Class A shares of the Fund. The Distributor currently uses all of
those fees to pay dealers, brokers, banks and other financial
institutions periodically for providing personal service and
maintenance of accounts of their customers that hold Class A shares.
Any unreimbursed expenses the Distributor incurs with respect to Class
A shares in any fiscal year cannot be recovered in subsequent periods.
Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
Distribution and Service Plans for Class B and Class C Shares. The
Fund has adopted Distribution and Service Plans (the “Plans”) for
Class B and Class C shares under Rule 12b-1 of the Investment Company
Act of 1940 to compensate the Distributor for its services in
connection with the distribution of those shares and servicing
accounts. Under the Plans, the Fund pays the Distributor an annual
asset-based sales charge of 0.75% on Class B and Class C shares daily
net assets. The Distributor also receives a service fee of 0.25% per
year under each plan. If either the Class B or Class C plan is
terminated by the Fund or by the shareholders of a class, the Board of
Trustees and its independent trustees must determine whether the
Distributor shall be entitled to payment from the Fund of all or a
portion of the service fee and/or asset-based sales charge in respect
to shares sold prior to the effective date of such termination. Fees
incurred by the Fund under the Plans are detailed in the Statement of
Operations. The Distributor determines its uncompensated expenses
under the Plans at calendar quarter ends. The Distributor’s aggregate
uncompensated expenses under the Plans at June 30, 2011 were as
follows:
Class C |
$ | 1,265,364 |
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 29, 2011 |
$ | 48,888 | $ | 26,089 | $ | 3,707 | $ | 16,919 | ||||||||
Waivers and Reimbursements of Expenses. OFS has voluntarily
agreed to limit transfer and shareholder servicing agent fees for all
classes to 0.35% of average annual net assets per class.
74 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
During the year ended July 29, 2011, OFS waived transfer and
shareholder servicing agent fees as follows:
Class Y |
$ | 5 |
Some of these undertakings may be modified or terminated at any
time, as indicated in the Fund’s prospectus.
5. 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. The Fund can use those
borrowings for investment-related purposes such as purchasing
portfolio securities. The Fund also may borrow to meet redemption
obligations or for temporary and emergency purposes.
The Fund can also use the borrowings for other
investment-related purposes, including in connection with the Fund’s
inverse floater investments as discussed in Note 1. The Fund may use
the borrowings to reduce the leverage amount of, or unwind or
“collapse” trusts that issued “inverse floaters” owned by the Fund,
or in circumstances in which the Fund has entered into a shortfall
and forbearance agreement with the sponsor of the inverse floater
trust to meet the Fund’s obligation to reimburse the sponsor of the
inverse floater for the difference between the liquidation value of
the underlying bond and the amount due to holders of the short-term
floating rate notes issued by the Trust. See the discussion in Note
1 (Inverse Floating Rate Securities) for additional information.
The purchase of securities with borrowed funds creates
leverage in the Fund. The use of leverage will subject the Fund to
greater costs than funds that do not borrow for leverage, and may
also make the Fund’s share price more sensitive to interest
changes. The interest on borrowed money is an expense that might
reduce the Fund’s yield. Expenses incurred by the Fund with respect
to interest on borrowings and commitment fees are disclosed
separately or as other expenses on the Statement of Operations.
The Fund entered into a Revolving Credit and Security Agreement
(the “Agreement”) with conduit lenders and Citibank N.A. which
enables it to participate with certain other Oppenheimer funds in a
committed, secured borrowing facility that permits borrowings of up
to $2.0 billion, collectively, by the Oppenheimer Rochester Funds.
To secure the loan, the Fund pledges investment securities in
accordance with the terms of the Agreement. Securities held in
collateralized accounts to cover these borrowings are noted in the
Statement of Investments. Interest is charged to the Fund, based on
its borrowings, at current commercial paper issuance rates (0.175%
as of July 29, 2011). The Fund pays additional fees annually to its
lender on its outstanding borrowings to manage and administer the
facility and is allocated its pro-rata share of an annual
structuring fee and ongoing commitment fees both of which are based
on the total facility size. Total fees and interest that are
included in expenses on the Fund’s Statement of Operations related
to its participation in the borrowing facility during the year ended
July 29, 2011 equal 0.11% of the Fund’s average net assets on an
annualized basis. The Fund has the right to prepay such loans and
terminate its participation in the conduit loan facility at any time
upon prior notice.
75 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
5. Borrowings Continued
As of July 29, 2011, the Fund had borrowings outstanding at an
interest rate 0.175%. Details of the borrowings for the year ended
July 29, 2011 are as follows:
Average Daily Loan Balance |
$ | 7,636,438 | ||
Average Daily Interest Rate |
0.269 | % | ||
Fees Paid |
$ | 359,244 | ||
Interest Paid |
$ | 24,018 |
6. Reverse Repurchase Agreements
The Fund may engage in reverse repurchase agreements. A reverse
repurchase agreement is the sale of one or more securities to a
counterparty at an agreed-upon purchase price with the simultaneous
agreement to repurchase those securities on a future date at a higher
repurchase price. The repurchase price represents the repayment of
the purchase price and interest accrued thereon over the term of the
repurchase agreement. The cash received by the Fund in connection
with a reverse repurchase agreement may be used for
investment-related purposes such as purchasing portfolio securities
or for other purposes such as those described in the preceding
“Borrowings” note.
The Fund entered into a Committed Repurchase Transaction
Facility (the “Facility”) with J.P. Morgan Securities LLC (the
“counterparty’) which enables it to participate with certain other
Oppenheimer funds in a committed reverse repurchase agreement
facility that permits aggregate outstanding reverse repurchase
agreements of up to $750 million, collectively. Interest is charged
to the Fund on the purchase price of outstanding reverse repurchase
agreements at current LIBOR rates plus an applicable spread. The
Fund is also allocated its pro-rata share of an annual structuring
fee based on the total Facility size and ongoing commitment fees
based on the total unused amount of the Facility. The Fund retains
the economic exposure to fluctuations in the value of securities
subject to reverse repurchase agreements under the Facility and
therefore these transactions are considered secured borrowings for
financial reporting purposes. The Fund also continues to receive the
economic benefit of interest payments received on securities subject
to reverse repurchase agreements, in the form of a direct payment
from the counterparty. These payments are included in interest
income on the Statement of Operations. Total fees and interest
related to the Fund’s participation in the Facility during the year
ended July 29, 2011 are included in expenses on the Fund’s Statement
of Operations and equal 0.01% of the Fund’s average net assets on an
annualized basis.
The securities subject to reverse repurchase agreements under
the Facility are valued on a daily basis. To the extent this value,
after adjusting for certain margin requirements of the Facility,
exceeds the cash proceeds received, the Fund may request the
counterparty to return securities equal in margin value to this
excess. To the extent that the cash proceeds received exceed the
margin value of the securities subject to the transaction, the
counterparty may request additional securities from the Fund. The
Fund has the right to declare the first or fifteenth day of any
calendar month as the repurchase date for any outstanding reverse
repurchase agreement upon delivery of advanced notification and
76 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
may also recall any security subject to such a transaction by
substituting eligible securities of equal or greater margin value
according to the Facility’s terms.
The Fund executed no transactions under the Facility during the year ended July 29, 2011.
7. Pending Litigation
Since 2009, a number of lawsuits have been filed in federal and state
courts against the Manager, the Distributor and certain Oppenheimer
mutual funds (but not including the Fund) advised by the Manager and
distributed by the Distributor (the “Defendant Funds”). Several of
these lawsuits also name as defendants certain officers and current
and former trustees of the respective Defendant Funds. The lawsuits
raise claims under federal and state securities laws and state common
law and allege, among other things, that the disclosure documents of
the respective Defendant Fund contained misrepresentations and
omissions and that the respective Defendant Fund’s investment policies
were not followed. The plaintiffs in these actions seek unspecified
damages, equitable relief and an award of attorneys’ fees and
litigation expenses. On June 1, 2011, the U.S. District Court for the
District of Colorado gave preliminary approval to stipulations and
agreements of settlement in certain purported class action lawsuits
involving two Defendant Funds, Oppenheimer Champion Income Fund and
Oppenheimer Core Bond Fund. Those settlements are subject to the final
approval of the court. Final approval of the settlements also requires
that a sufficient number of class members approve the settlement to
induce the settling defendants to proceed with it. These settlements
do not resolve any of the other outstanding lawsuits relating to
Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other
Defendant Funds.
In 2009, what are claimed to be derivative lawsuits were
filed in New Mexico state court against the Manager and a
subsidiary (but not against the Fund) on behalf of the New Mexico
Education Plan Trust. These lawsuits allege breach of contract,
breach of fiduciary duty, negligence and violation of state
securities laws, and seek compensatory damages, equitable relief
and an award of attorneys’ fees and litigation expenses.
Other lawsuits have been filed since 2008 in various state and
federal courts against the Manager and certain of its affiliates by
investors seeking to recover investments they allegedly lost as a
result of the “Ponzi” scheme run by Bernard L. Madoff and his firm,
Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs
in these suits allege that they suffered losses as a result of their
investments in several funds managed by an affiliate of the Manager
and assert a variety of claims, including breach of fiduciary duty,
fraud, negligent misrepresentation, unjust enrichment, and violation
of federal and state securities laws and regulations, among others.
They seek unspecified damages, equitable relief and awards of
attorneys’ fees and litigation expenses. None of the suits have
named the Distributor, any of the Oppenheimer mutual funds or any of
their independent Trustees or Directors as defendants. None of the
Oppenheimer mutual funds invested in any funds or accounts managed
by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of
partial settlement of certain purported class action lawsuits
relating to these matters was filed in the U.S. District Court for
the Southern District of New York. On August 8, 2011, the court
77 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
7. Pending Litigation Continued
issued a ruling
approving the settlement as fair, reasonable and adequate. The court’s
approval of the settlement is subject to potential appeal by
claimants. On July 29, 2011, a stipulation of settlement between
certain affiliates of the Manager and the Trustee appointed under the
Securities Investor Protection Act to liquidate BLMIS was filed in the
U.S. Bankruptcy Court for the Southern District of New York to resolve
purported preference and fraudulent transfer claims by the Trustee.
This settlement is subject to the final approval of the court. The
aforementioned settlements do not resolve any of the other outstanding
lawsuits relating to these matters.
On April 16, 2010, a lawsuit was filed in New York state court
against the Manager, an affiliate of the Manager and AAArdvark IV
Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s
affiliate, in connection with investments made by the plaintiffs in
AAArdvark IV. Plaintiffs allege breach of contract against the
defendants and seek compensatory damages, costs and disbursements,
including attorney fees. On July 15, 2011, a lawsuit was filed in
New York state court against the Manager, an affiliate of the
Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity
advised by the Manager’s affiliate, in connection with investments
made by the plaintiffs in AAArdvark I. The complaint alleges breach
of contract against the defendants and seeks compensatory damages,
costs and disbursements, including attorney fees.
The Manager believes the lawsuits described above are without
legal merit and, with the exception of actions it has agreed to
settle, is defending against them vigorously. The Defendant Funds’
Boards of Trustees have also engaged counsel to represent the Funds
and the present and former Independent Trustees named in those
suits. While it is premature to render any opinion as to the
outcome in these lawsuits, or whether any costs that the Defendant
Funds may bear in defending the suits might not be reimbursed by
insurance, the Manager believes that these suits should not impair
the ability of the Manager or the Distributor to perform their
respective duties to the Fund, and that the outcome of all of the
suits together should not have any material effect on the
operations of any of the Oppenheimer mutual funds.
78 | 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 29, 2011, and the related
statement of operations and cash flows for the year then ended, the
statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of
the years in the five-year period then ended. These financial
statements and financial highlights are the responsibility of the
Fund’s management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 29, 2011, 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 29, 2011, the results of its
operations and cash flows for the year then ended, the changes in
its net assets for each of the years in the two-year period then
ended, and the financial highlights for each of the years in the
five-year period then ended, in conformity with U.S. generally
accepted accounting principles.
KPMG llp
Denver, Colorado
September 20, 2011
September 20, 2011
79 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
FEDERAL INCOMETAX INFORMATION Unaudited
In early 2011, if applicable, shareholders of record received
information regarding all dividends and distributions paid to them by
the Fund during calendar year 2010. 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 29, 2011 are eligible for the corporate
dividend-received deduction. 99.24% 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.
80 | 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 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 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.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy.
If more than one member of your household maintains an account in a
particular fund, OppenheimerFunds will mail only one copy of the
fund’s prospectus (or, if available, the fund’s summary prospectus),
annual and semiannual report and privacy policy. The consolidation of
these mailings, called householding, benefits your fund through
reduced mailing expense, and benefits you by reducing the volume of
mail you receive from OppenheimerFunds. Householding does not affect
the delivery of your account statements.
Please note that we will continue to household these mailings
for as long as you remain an OppenheimerFunds shareholder, unless
you request otherwise. If you prefer to receive multiple copies of
these materials, please call us at 1.800.CALL-OPP (225-5677). You
may also notify us in writing or via email. We will begin sending
you individual copies of the prospectus (or, if available, the
summary prospectus), reports and privacy policy within 30 days of
receiving your request to stop householding.
81 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
| Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
| Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
INDEPENDENT TRUSTEES |
The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 68 |
Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
David K. Downes, Trustee (since 2007) Age: 71 |
Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); 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 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
82 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
| Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Matthew P. Fink, Trustee (since 2005) Age: 70 |
Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); 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 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Phillip A. Griffiths, Trustee (since 2005) Age: 72 |
Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (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 (since 2002); 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 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Mary F. Miller, Trustee (since 2005) Age: 68 |
Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Joel W. Motley, Trustee (since 2005) Age: 59 |
Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Mary Ann Tynan, Trustee (since 2008) Age: 65 |
Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, |
83 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
| Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
| Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Mary Ann Tynan, Continued |
LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Joseph M. Wikler, Trustee (since 2004) Age: 70 |
Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Peter I. Wold, Trustee (since 2004) Age: 63 |
Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
OFFICERS OF THE FUND |
The addresses of the Officers in the chart below are as follows: for Messrs. Glavin, Gabinet, Zack and Ms. Nasta, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. | |
Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2001) Age: 47 |
Senior Vice President of the Manager (since July 2007); Vice President of the Manager (April 2001-June 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2004) Age: 39 |
Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. |
84 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
| Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 38 |
Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 35 |
Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Manager (June 2003-September 2006) and a Credit Analyst of the Manager (July 2001- May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Michael L. Camarella, Vice President (since 2009) and Senior Portfolio Manager (since 2011) Age: 35 |
Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-January 2011). Research Analyst of the Manager (April 2006-December 2007) and a Credit Analyst of the Manager (June 2003- March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Richard A. Stein, Vice President (since 2007) Age: 53 |
Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since May 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since 1993). | |
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 52 |
Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003- March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007- July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 66 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex. |
85 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
| Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
| Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Arthur S. Gabinet, Secretary (since 2011) Age: 53 |
Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 38 |
Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 60 |
Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2004) Age: 51 |
Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and 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 OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex. |
86 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
| Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
| Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Robert G. Zack, Vice President (since 2011) Age: 62 |
Vice President, Secretary and General Counsel of OAC (since November 2001); Executive Vice President (since January 2004) and General Counsel (March 2002 - December 2010) of the Manager; Executive Vice President, General Counsel and Director of OFI Trust Company (since November 2001); General Counsel of the Distributor (December 2001-December 2010); General Counsel of Centennial Asset Management Corporation (December 2001-December 2010); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (December 2001-December 2010); Assistant Secretary (September 1997-December 2010) and Director (November 2001-December 2010) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (December 2002-December 2010); Director of Oppenheimer Real Asset Management, Inc. (November 2001-December 2010); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (December 2001-December 2010); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. (November 2001-December 2010); Vice President of OppenheimerFunds Legacy Program (June 2003-December 2010); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (November 2001-December 2010). An officer of 96 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.
87 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
Manager
|
OppenheimerFunds, Inc. | |
Distributor
|
OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder
Servicing Agent
|
OppenheimerFunds Services | |
Independent
Registered Public
Accounting Firm
|
KPMG llp | |
Legal Counsel
|
Kramer Levin Naftalis & Frankel LLP |
©2011 OppenheimerFunds, Inc. All rights reserved.
88 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRIVACY POLICY NOTICE
As an Oppenheimer fund shareholder, you are entitled to know
how we protect your personal information and how we limit its
disclosure.
Information Sources
We obtain nonpublic personal information about our shareholders from the following sources:
| • | Applications or other forms | |
| • | When you create a user ID and password for online account access | |
| • | When you enroll in eDocs Direct, our electronic document delivery service | |
| • | Your transactions with us, our affiliates or others | |
| • | A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited | |
| • | When you set up challenge questions to reset your password online |
If you visit oppenheimerfunds.com and do not log on to the secure
account information areas, we do not obtain any personal information
about you. When you do log on to a secure area, we do obtain your user
ID and password to identify you. We also use this information to
provide you with products and services you have requested, to inform
you about products and services that you may be interested in and
assist you in other ways.
We do not collect personal information through our website unless you
willingly provide it to us, either directly by email or in those areas
of the website that request information. In order to update your
personal information (including your mailing address, email address and
phone number) you must first log on and visit your user profile.
If you have set your browser to warn you before accepting cookies,
you will receive the warning message with each cookie. You can
refuse cookies by turning them off in your browser. However, doing
so may limit your access to certain sections of our website.
We use cookies to help us improve and manage our website. For example,
cookies help us recognize new versus repeat visitors to the site, track
the pages visited, and enable some special features on the website.
This data helps us provide a better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names
on a customer list) about current or former customers to anyone,
except as permitted by law.
Disclosure of Information
We send your financial advisor (as designated by you) copies of
confirmations, account statements and other documents reporting
activity in your fund accounts. We may also use details about you and
your investments to help us, our financial service affiliates, or firms
that jointly market their financial products and services with ours, to
better serve your investment needs or suggest financial services or
educational material that may be of interest to you. If this requires
us to provide you with an opportunity to “opt in” or “opt out” of such
information sharing with a firm not affiliated with us, you will
receive notification on how to do so, before any such sharing takes
place.
Right of Refusal
We will not disclose your personal information to unaffiliated third
parties (except as permitted by law), unless we first offer you a
reasonable opportunity to refuse or “opt out” of such disclosure.
89 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PRIVACY POLICY NOTICE
Internet Security and Encryption
In general, the email services provided by our website are encrypted
and provide a secure and private means of communication with us. To
protect your own privacy, confidential and/or personal information
should only be communicated via email when you are advised that you are
using a secure website.
As a security measure, we do not include personal or account
information in non-secure emails, and we advise you not to send such
information to us in non-secure emails. Instead, you may take
advantage of the secure features of our website to encrypt your email
correspondence. To do this, you will need to use a browser that
supports Secure Sockets Layer (SSL) protocol.
We do not guarantee or warrant that any part of our website, including
files available for download, are free of viruses or other harmful
code. It is your responsibility to take appropriate precautions, such
as use of an anti-virus software package, to protect your computer
hardware and software.
| • | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format. | |
| • | Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. | |
| • | You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect
your personal account information. Our employees and agents have
access to that information only so that they may offer you products
or provide services, for example, when responding to your account
questions.
How You Can Help
You can also do your part to keep your account information private
and to prevent unauthorized transactions. If you obtain a user ID and
password for your account, do not allow it to be used by anyone else.
Also, take special precautions when accessing your account on a
computer used by others.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer
funds, OppenheimerFunds Distributor, Inc., the trustee of
OppenheimerFunds Individual Retirement Accounts (IRAs) and the
custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial
accounts. It applies to all Oppenheimer fund accounts you presently
have, or may open in the future, using your Social Security
number—whether or not you remain a shareholder of our funds. This
notice was last updated January 16, 2004. In the event it is updated
or changed, we will post an updated notice on our website at
oppenheimerfunds.com. If you have any questions about these privacy
policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email
us by clicking on the Contact Us section of our website at
oppenheimerfunds.com or call us at 1.800.525.7048.
90 | 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, the Board’s Audit
Committee Chairman, 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
$39,900 in fiscal 2011 and 2010.
| (b) | Audit-Related Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed
$2,619 in fiscal 2010 and $2,895 in fiscal 2011.
The principal accountant for the audit of the registrant’s annual financial statements billed
$168,500 in fiscal 2011 and $285,900 in fiscal 2010 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, custody examination and professional services for
the capital accumulation plan and FIN45.
| (c) | Tax Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed $950
in fiscal 2011 and $8,526 in fiscal 2010.
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 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: tax compliance, tax planning and tax advice. Tax compliance generally
involves preparation of original and amended tax returns, claims for a refund and tax
payment-planning services. Tax planning and tax advice includes assistance with tax audits and
appeals, tax advice related to mergers and acquisitions and requests for rulings or technical
advice from taxing authorities.
| (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 $172,069 in fiscal 2011 and $297,321 in fiscal 2010 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) | The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered. |
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
b) 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: |
| • | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
| • | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
| • | 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 | ||
| • | 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 7/29/2011, 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/ William F. Glavin, Jr.
|
|||
| William F. Glavin, Jr. | ||||
| Principal Executive Officer | ||||
Date:
|
9/13/2011 |
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/ William F. Glavin, Jr.
|
|||
| William F. Glavin, Jr. | ||||
| Principal Executive Officer | ||||
Date:
|
9/13/2011 | |||
By:
|
/s/ Brian W. Wixted
|
|||
| Brian W. Wixted | ||||
| Principal Financial Officer | ||||
Date:
|
9/13/2011 |