OPPENHEIMER ROCHESTER Ltd TERM CALIFORNIA MUNICIPAL FUND N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21474

Oppenheimer Limited Term California Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: July 31

Date of reporting period: 01/31/2011

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	17.3	%
Special Tax	13.2
Hospital/Health Care	9.7
Single Family Housing	9.0
Municipal Leases	7.7
Marine/Aviation Facilities	7.5
Multifamily Housing	6.7
Tax Increment Financing (TIF)	5.0
General Obligation	4.5
Government Appropriation	3.9

Portfolio holdings are subject to change. Percentages are as of January 31, 2011, and are based on total assets.

Credit Allocation

Credit Rating Breakdown	NRSRO Only Total
AAA		1.7	%
AA		10.7
A		40.0
BBB		42.8
BB and Lower		2.4
Unrated		2.4
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of January 31, 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.

11 | 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 semiannual report must be preceded or accompanied by the current prospectus of Oppenheimer Limited Term California Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses 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 www.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 1% (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 applicable 1% contingent deferred sales charge for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 11/29/10. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or 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.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

12 | 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 January 31, 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.

13 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	August 1, 2010		January 31, 2011		January 31, 20111,2
Actual
Class A	$	1,000.00	$	988.10	$	5.02
Class B		1,000.00		983.60		9.80
Class C		1,000.00		984.20		8.94
Class Y		1,000.00		981.80		1.23
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.16		5.10
Class B		1,000.00		1,015.38		9.95
Class C		1,000.00		1,016.23		9.09
Class Y		1,000.00		1,021.63		3.62

1.

Actual expenses paid for Classes A, B and C are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Actual expenses paid for Class Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 64/365 to reflect the period from November 29, 2010 (inception of offering) to January 31, 2011.

2.

Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Those annualized expense ratios based on the 6-month period ended January 31, 2011 for Class A, B and C and for the period from November 29, 2010 (inception of offering) to January 31, 2011 for Class Y are as follows:

Class	Expense Ratios
Class A		1.00	%
Class B		1.95
Class C		1.78
Class Y		0.71

The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also shows the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS January 31, 2011 / Unaudited

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
Municipal Bonds and Notes—104.9%
California—99.9%
$	100,000	Adelanto, CA Elementary School District Community Facilities District No. 11		4.700	%		09/01/2012		09/01/2012		$	94,494
	660,000	Adelanto, CA Improvement Agency, Series B1		5.500			12/01/2023		10/08/2018	A		604,151
	210,000	Adelanto, CA Public Financing Authority, Series B1		6.300			09/01/2028		03/01/2011	B		188,225
	60,000	Alameda, CA Public Financing Authority (West End Community)1		6.800			04/01/2016		04/01/2011	B		61,654
	350,000	Alameda, CA Transportation Authority1		5.250			10/01/2021		04/01/2011	B		348,562
	25,000	Alvord, CA Unified School District Community Facilities District1		6.200			09/01/2025		09/01/2012	B		22,411
	10,000	Antelope Valley, CA Healthcare District1		5.200			01/01/2017		06/01/2011	B		10,008
	1,000,000	Antelope Valley, CA Healthcare District1		5.200			01/01/2020		06/01/2011	B		1,000,050
	1,500,000	Antelope Valley, CA Healthcare District1		5.250			09/01/2017		09/01/2017			1,417,485
	550,000	Antioch, CA Public Financing Authority1		5.625			01/01/2022		06/01/2011	B		551,590
	3,005,000	Antioch, CA Public Financing Authority1		5.625			01/01/2027		06/01/2011	B		3,012,062
	30,000	Apple Valley, CA Improvement Bond Act 19151		6.900			09/02/2015		03/01/2011	B		30,944
	15,000	Aromas, CA Water District1		5.600			09/01/2018		03/01/2011	B		14,311
	15,000	Atwater, CA Redevel. Agency (Downtown Redevel.)1		5.500			06/01/2019		06/01/2019			13,926
	25,000	Azusa, CA COP1		5.750			08/01/2020		02/01/2011	B		25,512
	35,000	Bakersfield, CA Improvement Bond Act 19151		5.600			09/02/2020		03/02/2016	B		32,536
	45,000	Bakersfield, CA Improvement Bond Act 19151		6.100			09/02/2024		03/02/2017	B		40,643
	15,000	Bakersfield, CA Improvement Bond Act 19151		7.100			09/02/2015		03/02/2011	B		15,017
	70,000	Baldwin Park, CA Redevel Agency1		5.750			09/01/2030		03/02/2017	B		65,587
	25,000	Beaumont, CA Financing Authority, Series A1		5.700			09/01/2035		10/10/2033	A		21,330
	170,000	Beaumont, CA Financing Authority, Series A1		7.000			09/01/2023		03/01/2011	B		164,883
	55,000	Beaumont, CA Financing Authority, Series B1		6.000			09/01/2034		09/01/2015	B		49,330
	30,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.)1		5.500			08/01/2016		02/01/2011	B		30,039
	50,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.)1		5.600			08/01/2018		02/01/2011	B		50,042
	50,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		5.750			05/01/2034		06/29/2032	A		39,698
	145,000	Bonita Canyon, CA Public Facilities Financing Authority1		5.375			09/01/2028		11/21/2022	A		122,535
	70,000	Brentwood, CA Improvement Bond Act 19151		6.800			09/02/2017		03/02/2011	B		70,057
	30,000	Brisbane, CA Improvement Bond Act 1915 (Northeast Ridge)1		5.875			09/02/2020		03/30/2019	A		28,451

15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	205,000	Brisbane, CA Public Financing Authority1		6.000	%		05/01/2026		07/25/2023	A	$	174,174
	35,000	Buena Park, CA Special Tax (Park Mall)1		6.125			09/01/2033		10/15/2031	A		28,658
	250,000	Burbank, CA Community Facilities District Special Tax1		5.200			12/01/2023		06/24/2022	A		221,978
	280,000	CA ABAG Finance Authority for NonProfit Corporations (Lincoln Glen Manor)1		6.100			02/15/2025		02/15/2011	B		280,045
	50,000	CA ABAG Finance Authority for NonProfit Corporations (Odd Fellows Home of California)1		6.000			08/15/2024		02/15/2011	B		51,137
	20,000	CA ABAG Finance Authority for NonProfit Corporations (OW/OWHC/SJRHC Obligated Group)1		5.700			11/01/2013		11/01/2011	B		20,118
	2,100,000	CA ABAG Finance Authority for NonProfit Corporations (San Diego Hospital Assoc.)1		6.125			08/15/2020		02/15/2012	B		2,125,662
	5,000	CA ABAG Finance Authority for NonProfit Corporations COP1		5.600			11/01/2023		06/01/2011	B		5,000
	20,000	CA ABAG Finance Authority for NonProfit Corporations COP1		5.800			03/01/2023		03/01/2011	B		20,010
	25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Episcopal Homes Foundation)1		5.125			07/01/2013		06/01/2011	B		25,050
	725,000	CA ABAG Finance Authority for NonProfit Corporations COP (Lytton Gardens)1		6.000			02/15/2019		02/15/2011	B		725,602
	155,000	CA ABAG Finance Authority for NonProfit Corporations COP (O’Connor Woods)1		6.200			11/01/2029		08/05/2023	A		135,148
	65,000	CA ABAG Tax Allocation, Series A1		6.000			12/15/2014		06/01/2011	B		66,173
	100,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)1		6.500			01/01/2033		01/01/2029	A		85,422
	8,780,000	CA County Tobacco Securitization Agency		5.830	2		06/01/2033		06/01/2033			655,866
	410,000	CA County Tobacco Securitization Agency (TASC)1		5.000			06/01/2026		11/29/2017	A		351,899
	150,000	CA County Tobacco Securitization Agency (TASC)1		5.100			06/01/2028		02/11/2019	A		118,697
	2,000,000	CA County Tobacco Securitization Agency (TASC)1		5.125			06/01/2038		06/25/2028	A		1,337,900
	7,170,000	CA County Tobacco Securitization Agency (TASC)1		5.250			06/01/2021		01/12/2014	C		6,312,110
	2,240,000	CA County Tobacco Securitization Agency (TASC)1		5.450			06/01/2028		01/06/2020	A		1,772,714
	270,000	CA County Tobacco Securitization Agency (TASC)1		5.500			06/01/2033		05/29/2015	A		219,613
	7,285,000	CA County Tobacco Securitization Agency (TASC)1		5.750			06/01/2029		09/10/2015	A		6,588,335

16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	25,000	CA County Tobacco Securitization Agency (TASC)		5.875	%		06/01/2027		04/14/2019	A	$	23,038
	340,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2035		01/13/2020	A		256,907
	280,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2043		08/29/2024	A		205,019
	1,330,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2029		11/14/2015	A		1,233,868
	4,965,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2035		10/18/2024	A		3,816,496
	435,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2042		08/18/2024	A		325,345
	10,700,000	CA County Tobacco Securitization Agency (TASC)		6.068	2		06/01/2046		06/05/2033	A		215,712
	51,520,000	CA County Tobacco Securitization Agency (TASC)		6.192	2		06/01/2050		05/10/2031	A		667,699
	50,000	CA County Tobacco Securitization Agency (TASC)1		6.250			06/01/2037		03/12/2024	A		39,491
	2,830,000	CA Dept. of Transportation COP1		5.250			03/01/2016		03/01/2011	B		2,839,962
	85,000	CA Dept. of Veterans Affairs Home Purchase1		5.200			12/01/2027		06/01/2011	B		82,626
	60,000	CA Dept. of Veterans Affairs Home Purchase1		5.200			12/01/2028		06/01/2011	B		59,003
	235,000	CA Dept. of Veterans Affairs Home Purchase		5.450			12/01/2019		06/01/2011	B		240,602
	585,000	CA Dept. of Water Resources (Center Valley)1		5.250			07/01/2022		06/01/2011	B		586,632
	20,000	CA Dept. of Water Resources (Center Valley)		5.400			07/01/2012		06/01/2011	B		20,079
	1,130,000	CA Educational Facilities Authority1		5.125			04/01/2017		04/01/2011	B		1,119,333
	250,000	CA Educational Facilities Authority (California College of Arts & Crafts)1		5.750			06/01/2025		06/01/2011	B		231,563
	25,000	CA Educational Facilities Authority (California College of Arts & Crafts)1		5.875			06/01/2030		06/01/2011	B		22,555
	25,000	CA Educational Facilities Authority (Dominican University of California/Harvey Mudd College Obligated Group)		5.500			03/01/2011		03/01/2011			25,082
	115,000	CA Educational Facilities Authority (Golden Gate University)1		5.500			10/01/2018		04/01/2011	B		113,788
	10,000	CA Educational Facilities Authority (Los Angeles College of Chiropractic)1		5.600			11/01/2017		10/12/2013	A		8,427
	225,000	CA Educational Facilities Authority (Mills College)1		5.125			09/01/2022		03/01/2011	B		222,957
	725,000	CA Educational Facilities Authority (Pooled University)1		5.250			04/01/2024		04/01/2011	B		647,338

17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	50,000	CA Educational Facilities Authority (Stanford University)1		5.125	%		01/01/2031		02/01/2011	B	$	49,998
	310,000	CA Educational Facilities Authority (University Pacific)1		5.750			11/01/2030		06/01/2011	B		310,009
	335,000	CA Financing Authority (Wastewater Improvement)1		6.100			11/01/2033		12/17/2031	A		273,226
	60,000	CA GO1		4.800			08/01/2014		02/15/2011	B		60,127
	25,000	CA GO1		5.000			06/01/2017		06/01/2011	B		25,062
	25,000	CA GO1		5.000			06/01/2019		06/01/2011	B		25,062
	5,000	CA GO1		5.000			06/01/2019		06/01/2011	B		5,056
	5,000	CA GO1		5.000			02/01/2021		02/01/2011	B		5,012
	100,000	CA GO1		5.000			11/01/2022		06/01/2011	B		100,176
	75,000	CA GO1		5.000			10/01/2023		04/01/2011	B		74,578
	10,000	CA GO1		5.000			10/01/2023		04/01/2011	B		9,944
	45,000	CA GO1		5.000			02/01/2025		02/01/2011	B		44,047
	10,000	CA GO1		5.000			02/01/2025		02/01/2011	B		9,827
	25,000	CA GO1		5.125			10/01/2027		04/01/2011	B		24,103
	105,000	CA GO1		5.250			06/01/2011		06/01/2011			106,492
	25,000	CA GO1		5.250			10/01/2013		04/01/2011	B		25,140
	20,000	CA GO1		5.250			06/01/2016		06/01/2011	B		20,257
	25,000	CA GO1		5.250			04/01/2018		04/02/2011	B		25,068
	10,000	CA GO1		5.250			04/01/2019		04/02/2011	B		10,027
	10,000	CA GO1		5.250			04/01/2021		04/02/2011	B		10,027
	160,000	CA GO1		5.250			06/01/2021		06/01/2011	B		161,741
	10,000	CA GO1		5.250			02/01/2029		02/01/2013	B		9,568
	10,000	CA GO1		5.250			02/01/2030		02/01/2012	B		9,510
	15,000	CA GO1		5.300			09/01/2011		03/01/2011	B		15,053
	15,000	CA GO1		5.375			06/01/2026		06/01/2011	B		14,999
	75,000	CA GO1		5.500			06/01/2013		06/01/2011	B		75,230
	125,000	CA GO1		5.500			03/01/2014		03/01/2011	B		125,414
	5,000	CA GO1		5.500			04/01/2014		04/02/2011	B		5,016
	65,000	CA GO1		5.500			06/01/2014		06/01/2011	B		65,203
	420,000	CA GO1		5.500			03/01/2015		03/01/2011	B		421,390
	55,000	CA GO1		5.500			04/01/2015		04/01/2011	B		55,326
	40,000	CA GO1		5.500			06/01/2015		06/01/2015			40,118
	50,000	CA GO1		5.500			04/01/2019		04/01/2011	B		50,296
	15,000	CA GO1		5.500			03/01/2020		03/01/2011	B		15,050
	25,000	CA GO1		5.500			03/01/2020		03/01/2011	B		25,083
	25,000	CA GO1		5.500			10/01/2022		04/01/2011	B		25,135
	40,000	CA GO1		5.500			06/01/2025		06/01/2011	B		40,108
	5,000	CA GO1		5.600			09/01/2021		03/01/2011	B		5,015
	65,000	CA GO1		5.600			09/01/2021		03/01/2011	B		65,198

18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	70,000	CA GO1		5.625	%		10/01/2021		04/01/2011	B	$	70,428
	140,000	CA GO1		5.625			10/01/2023		04/01/2011	B		140,783
	10,000	CA GO1		5.625			09/01/2024		03/01/2011	B		10,028
	15,000	CA GO1		5.625			10/01/2026		04/01/2011	B		15,003
	5,000	CA GO1		5.750			03/01/2012		03/01/2011	B		5,019
	35,000	CA GO1		5.750			03/01/2015		03/01/2011	B		35,123
	4,890,000	CA GO1		5.750			11/01/2017		06/01/2011	B		4,936,357
	35,000	CA GO1		5.750			11/01/2017		06/01/2011	B		35,332
	25,000	CA GO1		5.800			06/01/2013		06/01/2011	B		25,082
	230,000	CA GO1		5.900			04/01/2023		04/01/2011	B		231,394
	1,410,000	CA GO1		5.900			04/01/2023		04/01/2011	B		1,418,545
	75,000	CA GO1		5.900			03/01/2025		03/01/2011	B		75,228
	10,000	CA GO1		6.000			05/01/2011		05/01/2011			10,124
	25,000	CA GO1		6.000			05/01/2012		06/01/2011	B		25,289
	15,000	CA GO1		6.000			10/01/2014		04/01/2011	B		15,106
	20,000	CA GO1		6.000			08/01/2015		02/01/2011	B		20,444
	20,000	CA GO1		6.000			05/01/2018		06/01/2011	B		20,202
	5,000	CA GO1		6.000			08/01/2019		02/01/2011	B		5,111
	55,000	CA GO1		6.000			10/01/2021		04/01/2011	B		55,400
	85,000	CA GO1		6.000			08/01/2024		02/01/2011	B		86,582
	905,000	CA GO1		6.250			10/01/2019		04/01/2011	B		911,471
	605,000	CA GO1		6.250			10/01/2019		04/01/2011	B		609,326
	25,000	CA Golden State Tobacco Securitization Corp.		5.000			06/01/2020		06/01/2020			24,452
	7,580,000	CA Golden State Tobacco Securitization Corp. (TASC)1		4.500			06/01/2027		11/01/2016	A		5,480,946
	500,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2018		06/01/2011	B		496,940
	145,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1		5.000			07/01/2021		07/01/2011	B		144,877
	135,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1		5.125			07/01/2024		07/01/2011	B		130,731
	160,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1		5.250			07/01/2023		06/01/2011	B		160,010
	30,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1		5.250			07/01/2023		01/06/2020	A		29,999
	130,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1		6.000			07/01/2013		06/01/2011	B		130,380
	60,000	CA Health Facilities Financing Authority (Cedars-Sinai Medical Center)1		5.250			08/01/2027		08/01/2011	B		56,953
	65,000	CA Health Facilities Financing Authority (CHCW/BMH Obligated Group)1		5.000			07/01/2018		07/01/2018			65,031

19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	40,000	CA Health Facilities Financing Authority (Downey Community Hospital)		5.750	%		05/15/2015		08/04/2012	A	$	26,474
	70,000	CA Health Facilities Financing Authority (Exception Children’s Foundation)1		6.500			05/01/2020		05/01/2011	B		70,072
	50,000	CA Health Facilities Financing Authority (Fellowship Homes)1		6.000			09/01/2019		03/11/2011	B		50,051
	10,000	CA Health Facilities Financing Authority (FF/OCTC/SCADP Obligated Group)1		6.500			12/01/2022		06/01/2011	B		10,008
	2,000,000	CA Health Facilities Financing Authority (Kaiser Permanente)1		5.400			05/01/2028		06/01/2011	B		2,006,820
	20,000	CA Health Facilities Financing Authority (Marshall Hospital)1		5.125			11/01/2012		06/01/2011	B		20,043
	85,000	CA Health Facilities Financing Authority (Mercy Senior Hsg.)1		5.800			12/01/2018		06/01/2011	B		85,071
	500,000	CA Health Facilities Financing Authority (Northern California Presbyterian Homes & Services)1		5.125			07/01/2018		07/01/2011	B		499,970
	1,065,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center)1		5.625			07/01/2019		06/01/2011	B		1,065,128
	30,000	CA Health Facilities Financing Authority (Providence Health System-Southern California)1		5.500			10/01/2013		04/01/2011	B		30,092
	35,000	CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)1		5.250			06/01/2023		03/09/2018	A		34,139
	50,000	CA Health Facilities Financing Authority (Sunny View Lutheran Home)1		5.100			01/01/2024		02/09/2022	A		47,611
	5,000	CA Health Facilities Financing Authority (Sutter Health)1		5.000			08/15/2017		02/01/2011	B		5,009
	335,000	CA Health Facilities Financing Authority (Sutter Health)1		5.125			08/15/2022		02/01/2011	B		335,623
	520,000	CA Health Facilities Financing Authority (Sutter Health)1		5.350			08/15/2028		08/15/2011	B		493,345
	30,000	CA Health Facilities Financing Authority (Sutter Health)1		5.375			08/15/2030		02/15/2011	B		28,088
	30,000	CA Health Facilities Financing Authority (Victor Valley Community Hospital)1		5.375			07/01/2012		07/01/2011	B		30,072
	20,000	CA HFA		8.037	2		08/01/2015		04/14/2011	A		13,082
	190,000	CA HFA		8.090	2		02/01/2015		02/11/2011	A		132,789
	4,530,000	CA HFA (Home Mtg.)1		5.000			08/01/2037		12/01/2012	C		4,605,651
	7,970,000	CA HFA (Home Mtg.)1		5.500			02/01/2042		12/01/2012	C		8,102,461
	12,125,000	CA HFA (Home Mtg.)1		5.500			08/01/2042		06/01/2013	C		12,003,144
	55,000	CA HFA (Multifamily Hsg.)1		5.375			08/01/2028		01/06/2026	A		50,250
	2,055,000	CA HFA (Multifamily Hsg.)1		5.400			08/01/2018		02/01/2011	B		2,055,617

20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	40,000	CA HFA (Multifamily Hsg.)1		5.400	%		08/01/2018		02/01/2011	B	$	40,012
	670,000	CA HFA (Multifamily Hsg.)1		5.450			08/01/2028		02/01/2011	B		637,652
	630,000	CA HFA (Multifamily Hsg.)		5.950			08/01/2028		02/01/2011	B		629,931
	390,000	CA HFA (Multifamily Hsg.)1		6.050			08/01/2016		02/01/2011	B		390,538
	2,950,000	CA HFA (Multifamily Hsg.)1		6.050			08/01/2027		02/01/2011	B		2,973,925
	25,000	CA HFA (Multifamily Hsg.)1		6.050			08/01/2038		02/01/2011	B		24,411
	2,525,000	CA HFA (Multifamily Hsg.)1		6.150			08/01/2022		02/01/2011	B		2,527,348
	2,250,000	CA Hi-Desert Memorial Health Care District1		5.500			10/01/2015		04/01/2011	B		2,250,158
	15,000	CA Hi-Desert Memorial Health Care District1		5.500			10/01/2019		04/25/2018	A		13,774
	3,000,000	CA Infrastructure and Economic Devel. (Scripps Research Institute)1		5.750			07/01/2030		06/01/2011	B		2,999,850
	15,000	CA Infrastructure and Economic Devel. (Stockton Port District)1		5.375			07/01/2022		02/23/2020	A		12,461
	1,220,000	CA Inland Empire Tobacco Securitization Authority1		5.000			06/01/2021		06/01/2021			979,806
	345,000	CA Intercommunity Hospital Financing Authority COP1		5.250			11/01/2019		06/01/2011	B		338,573
	35,000	CA M-S-R Public Power Agency (San Juan)1		6.000			07/01/2022		06/01/2011	B		35,433
	10,000	CA Maritime Infrastructure Authority (Santa Cruz Port District)1		5.750			05/01/2024		04/17/2020	A		8,751
	30,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1		5.300			12/01/2017		06/24/2016	A		26,468
	340,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1		5.500			12/01/2024		07/27/2022	A		263,711
	860,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1		5.850			06/01/2021		06/01/2011	B		862,614
	195,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1		5.850			06/01/2021		06/01/2011	B		195,593
	460,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1		5.850			06/01/2021		06/01/2011	B		461,398
	20,000	CA Pollution Control Financing Authority (Southern California Edison Company)1		5.550			09/01/2031		09/01/2011	B		18,101
	555,000	CA Pollution Control Financing Authority (Southern California Water Company)1		5.500			12/01/2026		12/01/2026			535,347
	65,000	CA Pollution Control Financing Authority (West Coast Resource Recovery)1		5.125			01/01/2014		06/01/2011	B		65,103
	80,000	CA Public Works1		5.250			12/01/2013		06/01/2011	B		80,246
	55,000	CA Public Works (California Community Colleges)1		5.100			09/01/2014		06/01/2011	B		55,082
	1,000,000	CA Public Works (California Community Colleges)1		5.250			12/01/2013		06/01/2011	B		1,003,080
	100,000	CA Public Works (California Community Colleges)1		5.250			12/01/2014		06/01/2011	B		100,156

21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	270,000	CA Public Works (California Community Colleges)1		5.250	%		12/01/2015		06/01/2011	B	$	270,338
	40,000	CA Public Works (California Community Colleges)1		5.250			12/01/2015		06/01/2011	B		40,050
	150,000	CA Public Works (California Community Colleges)1		5.250			09/01/2019		03/01/2011	B		150,320
	140,000	CA Public Works (California Community Colleges)		5.375			03/01/2011		03/01/2011			140,503
	35,000	CA Public Works (California Highway Patrol)1		5.250			11/01/2014		11/01/2011	B		35,404
	330,000	CA Public Works (California Science Center)1		5.250			10/01/2017		04/01/2011	B		330,703
	50,000	CA Public Works (California State University)1		5.375			10/01/2017		04/01/2011	B		50,112
	1,200,000	CA Public Works (California State University)1		5.400			12/01/2016		06/01/2011	B		1,201,368
	40,000	CA Public Works (California State University)1		5.450			09/01/2014		09/01/2011	B		40,088
	400,000	CA Public Works (California State University)1		5.500			09/01/2015		09/01/2011	B		400,748
	25,000	CA Public Works (Dept. of Corrections)1		5.000			09/01/2018		09/01/2011	B		25,017
	50,000	CA Public Works (Dept. of Corrections)1		5.250			09/01/2014		09/01/2011	B		50,081
	100,000	CA Public Works (Dept. of Corrections)1		5.250			09/01/2015		09/01/2011	B		100,129
	75,000	CA Public Works (Dept. of Corrections)1		5.250			09/01/2015		09/01/2011	B		75,097
	350,000	CA Public Works (Dept. of Corrections)1		5.500			10/01/2018		10/01/2011	B		350,830
	100,000	CA Public Works (Dept. of Corrections)1		5.500			10/01/2019		10/01/2011	B		100,237
	40,000	CA Public Works (Dept. of Corrections)1		5.625			10/01/2020		04/01/2011	B		40,099
	110,000	CA Public Works (Dept. of Food & Agriculture)1		5.400			06/01/2013		06/01/2011	B		110,259
	1,000,000	CA Public Works (Dept. of Health Services)1		5.500			11/01/2015		06/01/2011	B		1,008,110
	150,000	CA Public Works (Dept. of Youth Authority)1		5.375			10/01/2015		04/01/2011	B		150,206
	1,500,000	CA Public Works (State Archives Building Complex)1		5.375			12/01/2012		06/01/2011	B		1,504,050
	105,000	CA Public Works (State Universities)1		5.250			12/01/2013		06/01/2011	B		105,309
	135,000	CA Public Works (State Universities)1		5.400			10/01/2022		04/01/2011	B		134,561
	1,345,000	CA Public Works (State Universities)1		5.500			12/01/2018		06/01/2011	B		1,348,188
	100,000	CA Public Works (Trustees of California)1		5.250			10/01/2012		10/01/2011	B		100,285
	30,000	CA Public Works (Various Community Colleges)1		5.200			09/01/2017		09/01/2011	B		30,035
	275,000	CA Public Works (Various Community Colleges)1		5.375			03/01/2013		03/01/2011	B		275,690
	555,000	CA Public Works (Various Community Colleges)		5.375			03/01/2014		03/01/2011	B		556,765
	20,000	CA Public Works (Various Community Colleges)		5.500			09/01/2011		03/01/2011	B		20,070
	50,000	CA Public Works (Various Community Colleges)1		5.500			09/01/2011		09/01/2011			50,176
	50,000	CA Public Works (Various Community Colleges)1		5.600			04/01/2014		04/01/2011	B		50,100

22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	350,000	CA Public Works (Various Community Colleges)		5.625	%		03/01/2011		03/01/2011		$	351,327
	2,740,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2016		03/01/2011	B		2,743,754
	4,725,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2016		03/01/2011	B		4,731,473
	1,830,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2019		03/01/2011	B		1,834,520
	70,000	CA Public Works (Various State Universities)1		5.200			12/01/2012		06/01/2011	B		70,230
	25,000	CA Public Works (Various State Universities)		5.250			12/01/2013		12/01/2012	B		25,079
	300,000	CA Public Works (Various State Universities)1		5.300			12/01/2014		06/01/2011	B		300,936
	75,000	CA Public Works (Various State Universities)1		5.350			12/01/2015		06/01/2011	B		75,227
	355,000	CA Public Works (Various State Universities)1		5.375			12/01/2019		06/01/2011	B		355,795
	85,000	CA Public Works (Various State Universities)1		5.400			10/01/2022		04/01/2011	B		84,724
	145,000	CA Public Works (Various State Universities)1		5.400			10/01/2022		04/01/2011	B		145,392
	10,000	CA Public Works (Various State Universities)1		5.500			09/01/2015		03/01/2011	B		10,015
	75,000	CA River Highlands Community Services District4		7.750			09/02/2020		04/27/2016	A		38,340
	15,000	CA River Highlands Community Services District4		8.125			09/02/2020		03/02/2011	B		7,670
	75,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A1		6.350			12/01/2029		09/15/2014	C		76,559
	10,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A1		7.000			09/01/2029		03/02/2013	C		10,167
	50,000	CA Special Districts Finance Program COP1		5.250			12/01/2026		06/01/2011	B		50,007
	25,000	CA Statewide CDA1		6.625			09/01/2027		10/16/2025	A		22,248
	5,000	CA Statewide CDA1		7.000			07/01/2022		07/01/2011	B		4,999
	80,000	CA Statewide CDA (Bouquet Canyon)1		5.300			07/01/2018		06/01/2011	B		80,054
	70,000	CA Statewide CDA (California Odd Fellow Hsg.)1		5.375			10/01/2013		04/01/2011	B		70,146
	740,000	CA Statewide CDA (Children’s Hospital Los Angeles)1		5.250			08/15/2029		08/15/2011	B		681,888
	2,000,000	CA Statewide CDA (CVHP/CVMC/FH Obligated Group) COP1		5.500			04/01/2013		04/01/2011	B		2,003,420
	980,000	CA Statewide CDA (Daughters of Charity Health System/SFMC Obligated Group)1		5.250			07/01/2025		11/07/2018	A		864,752
	500,000	CA Statewide CDA (East Tabor Apartments)1		6.850			08/20/2036		02/20/2011	B		525,345
	435,000	CA Statewide CDA (Eastfield Ming Quong)1		5.625			06/01/2020		06/01/2011	B		435,152
	45,000	CA Statewide CDA (Escrow Term)1		6.750			09/01/2037		09/01/2014	B		39,821
	250,000	CA Statewide CDA (Fairfield Apartments)1		6.500			01/01/2016		08/27/2013	A		248,123
	5,000	CA Statewide CDA (GP Steinbeck)1		5.700			09/20/2019		03/20/2011	B		5,204
	85,000	CA Statewide CDA (GP Steinbeck)		5.897	2		09/20/2027		09/20/2014	B		31,581
	15,000	CA Statewide CDA (John Muir Health)1		5.125			08/15/2017		02/15/2011	B		15,007

23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	100,000	CA Statewide CDA (LA Orthopedic Hospital Foundation)		5.250	%		06/01/2015		06/01/2011	B	$	100,099
	1,190,000	CA Statewide CDA (LA Orthopedic Hospital Foundation)		5.500			06/01/2019		06/01/2011	B		1,190,012
	50,000	CA Statewide CDA (LA Orthopedic Hospital Foundation/Orthopedic Hospital Obligated Group)		5.500			06/01/2018		06/01/2011	B		50,012
	250,000	CA Statewide CDA (Live Oak School)1		6.750			10/01/2030		10/01/2012	B		231,685
	100,000	CA Statewide CDA (Multifamily)		5.696	2		09/20/2021		09/20/2011	B		54,414
	100,000	CA Statewide CDA (Multifamily)		5.744	2		09/20/2023		09/20/2011	B		47,921
	150,000	CA Statewide CDA (Quail Ridge Apartments)1		5.375			07/01/2032		11/26/2029	A		110,309
	430,000	CA Statewide CDA (Rio Bravo)1		6.500			12/01/2018		02/19/2014	A		377,488
	100,000	CA Statewide CDA (Sutter Health/Alta Bates Medical Center/East Bay Perinatal Center Obligated Group)1		5.750			08/15/2027		08/05/2011	B		100,259
	560,000	CA Statewide CDA (Sycamore)1		6.000			03/20/2038		03/20/2013	B		571,995
	25,000	CA Statewide CDA Community Facilities District1		6.350			09/01/2021		09/01/2014	B		23,941
	5,000	CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group)1		5.000			04/01/2018		04/01/2011	B		4,863
	45,000	CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group)1		5.125			04/01/2023		05/07/2021	A		40,595
	100,000	CA Statewide CDA COP (Sutter Health)1		5.500			08/15/2018		02/15/2011	B		100,200
	100,000	CA Statewide CDA COP (Sutter Health)1		5.500			08/15/2031		02/15/2011	B		94,307
	20,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)1		5.300			09/01/2017		09/01/2017			18,970
	35,000	CA Statewide CDA Water & Wastewater1		5.700			10/01/2024		04/01/2011	B		35,106
	1,589,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		5.625			05/01/2029		04/08/2015	A		1,416,578
	875,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		5.625			05/01/2029		04/07/2015	A		780,054
	250,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2037		11/26/2023	A		190,808
	180,000	CA Veterans GO1		5.300			12/01/2029		06/01/2011	B		164,272
	35,000	CA Veterans GO, Series BZ1		5.350			12/01/2021		06/01/2011	B		35,001
	10,000	CA Water Resource Devel. GO, Series P		5.800			06/01/2011		06/01/2011			10,040
	25,000	CA Water Resource Devel. GO, Series P1		5.800			06/01/2014		06/01/2011	B		25,084
	50,000	CA Water Resource Devel. GO, Series Q1		5.000			03/01/2016		03/01/2011	B		50,123
	35,000	CA Western Hills Water District Special Tax1		5.000			09/01/2014		03/25/2013	A		28,994
	65,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		4.000			09/01/2011		09/01/2011			62,687
	25,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		4.650			09/01/2014		09/01/2014			20,456

24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	120,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.000	%		09/01/2024		06/21/2021	A	$	74,254
	50,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.125			09/01/2031		03/23/2029	A		28,107
	115,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.750			09/01/2022		06/06/2018	A		79,893
	45,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.875			09/01/2031		04/30/2027	A		27,880
	310,000	CA William S. Hart Union School District1		6.000			09/01/2027		09/01/2012	B		281,536
	10,000	Calabasas, CA Special Tax Community Facilities District 98-11		5.750			09/01/2028		06/18/2025	A		8,391
	45,000	California City, CA Redevel. Agency Tax Allocation1		7.000			09/01/2015		02/01/2011	B		45,073
	2,825,000	California County, CA Tobacco Securitization Authority (TASC)1		5.625			06/01/2023		02/15/2013	A		2,809,858
	60,000	Campbell, CA (Civic Center) COP1		5.250			10/01/2028		04/01/2011	B		59,998
	25,000	Campbell, CA Improvement Bond Act 1915 (Dillon-Gilman Local Improvement District)1		7.150			09/02/2012		03/02/2011	B		25,819
	15,000	Canyon Lake, CA COP (Railroad Canyon Road)1		7.375			06/01/2014		06/01/2011	B		15,206
	40,000	Capistrano, CA Unified School District (Education & Support Facilities) COP1		5.250			12/01/2026		06/01/2011	B		40,016
	75,000	Capistrano, CA Unified School District (Las Flores)1		5.000			09/01/2023		03/01/2011	B		68,202
	50,000	Capistrano, CA Unified School District School Facilities Improvement District No.1		6.000			08/01/2024		02/01/2011	B		50,665
	80,000	Carlsbad, CA Improvement Bond Act 19151		5.550			09/02/2028		03/02/2011	B		70,302
	120,000	Carlsbad, CA Improvement Bond Act 19151		5.950			09/02/2025		09/02/2012	B		113,832
	30,000	Carlsbad, CA Improvement Bond Act 19151		6.000			09/02/2022		03/02/2011	B		29,727
	90,000	Carson, CA Improvement Bond Act 19151		7.375			09/02/2022		03/02/2011	B		89,984
	40,000	Castaic, CA Union School District Community Facilities District No. 92-11		8.500			10/01/2013		04/01/2011	B		40,273
	2,750,000	Castaic, CA Union School District Community Facilities District No. 92-11		9.000			10/01/2019		04/01/2011	B		2,760,780
	70,000	Cathedral City, CA Improvement Bond Act 19151		5.950			09/02/2034		05/03/2032	A		60,773
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 11		6.625			09/01/2023		09/25/2022	A		43,496
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 11		6.700			09/01/2030		01/09/2028	A		40,630
	15,000	Central CA Unified School District1		5.625			03/01/2018		03/01/2011	B		15,054
	35,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)1		6.625			09/02/2011		09/02/2011			35,489

25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal			��					Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	95,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)1		6.625	%		09/02/2012		09/02/2012		$	97,905
	100,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)1		6.625			09/02/2013		09/02/2011	B		103,112
	55,000	Chino, CA Community Facilities District Special Tax1		5.750			09/01/2034		10/11/2032	A		46,226
	25,000	Chowchilla, CA Improvement Bond Act 19151		6.700			09/02/2027		09/02/2014	B		23,364
	55,000	Chula Vista, CA Community Facilities District (Eastlake Woods)1		5.700			09/01/2016		09/01/2013	B		56,480
	15,000	Chula Vista, CA Community Facilities District (Eastlake Woods)1		6.100			09/01/2021		09/01/2013	B		15,088
	10,000	Chula Vista, CA Improvement Bond Act 1915 Assessment District No. 94-1 (Eastlake)1		7.000			09/02/2015		09/02/2011	B		10,315
	25,000	Colton, CA Community Facilities District Special Tax1		5.800			09/01/2018		03/01/2011	B		24,210
	175,000	Colton, CA Joint Unified School District1		5.700			09/01/2034		10/17/2030	A		134,488
	50,000	Colton, CA Joint Unified School District COP1		5.100			06/01/2020		06/01/2011	B		50,025
	50,000	Colton, CA Public Financing Authority, Series B1		5.875			08/01/2027		04/28/2017	A		41,434
	20,000	Colton, CA Redevel. Agency (West Valley)1		6.375			09/01/2035		01/23/2032	A		16,788
	100,000	Compton, CA Sewer1		5.375			09/01/2023		03/01/2011	B		99,570
	1,170,000	Contra Costa County, CA Public Financing Authority (Pleasant Hill Bart)1		5.125			08/01/2019		08/01/2011	B		1,075,523
	5,000	Contra Costa County, CA Special Tax Community Facilities District1		5.580			08/01/2016		02/01/2011	B		5,014
	25,000	Contra Costa, CA Community College District COP (Diablo Valley College)1		6.000			06/01/2021		06/01/2011	B		25,034
	100,000	Corona, CA Redevel. Agency Tax Allocation		5.400			09/01/2011		03/01/2011	B		100,329
	25,000	Corona, CA Redevel. Agency Tax Allocation1		5.500			09/01/2016		03/01/2011	B		25,040
	15,000	Corona-Norco, CA Unified School District1		5.625			09/01/2033		01/09/2030	A		12,404
	55,000	Corona-Norco, CA Unified School District1		5.750			09/01/2014		03/01/2011	B		55,082
	100,000	Corona-Norco, CA Unified School District Community Facilities District No. 06-11		6.000			09/01/2027		09/01/2017	B		90,818
	55,000	Crescent City, CA Public Financing Authority		7.750			09/15/2012		03/15/2011	B		55,175
	25,000	Culver City, CA Redevel. Finance Authority1		5.500			11/01/2014		05/26/2013	A		25,576
	20,000	Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)1		5.700			09/02/2022		08/17/2018	A		17,619
	20,000	Davis, CA Joint Unified School District Special Tax1		5.300			08/15/2024		02/15/2011	B		19,203
	10,000	Del Mar, CA Unified School District1		5.875			09/01/2029		10/13/2027	A		8,663
	40,000	Dixon, CA Public Financing Authority1		5.150			09/02/2020		03/02/2011	B		38,299
	35,000	Dixon, CA Public Financing Authority1		5.700			09/02/2020		03/02/2011	B		32,612

26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	480,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)1		5.125	%		08/01/2020		02/01/2011	B	$	480,288
	1,000,000	Duarte, CA COP (Hope National Medical Center)		5.250			04/01/2019		04/01/2011	B		1,004,690
	195,000	Duarte, CA Hsg. (Heritage Park Apartments)1		5.850			05/01/2030		05/01/2030			190,796
	40,000	Eastern CA Municipal Water District Community Facilities Special Tax1		6.375			09/01/2027		03/01/2011	B		35,455
	250,000	Eastern CA Municipal Water District Community Facilities Special Tax1		6.375			09/01/2037		03/01/2011	B		224,890
	90,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1		5.500			09/01/2028		09/14/2027	A		70,944
	65,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1		5.625			09/01/2034		04/30/2032	A		49,881
	50,000	Eastern CA Municipal Water District Community Facilities Special Tax (Promontory Park)1		5.500			09/01/2024		03/24/2023	A		44,537
	15,000	Eastern CA Municipal Water District Improvement Bond Act 19151		5.750			09/02/2020		09/02/2012	B		14,247
	50,000	El Dorado County, CA Special Tax1		6.250			09/01/2029		03/01/2011	B		45,219
	25,000	Emeryville, CA Public Financing Authority1		6.100			09/01/2012		03/01/2011	B		25,066
	145,000	Emeryville, CA Public Financing Authority1		6.200			09/01/2025		03/01/2011	B		144,990
	20,000	Encinitas, CA Improvement Bond Act 19151		6.900			09/02/2017		12/20/2013	A		19,006
	15,000	Fairfield, CA Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.)1		7.375			09/02/2018		09/02/2011	B		15,463
	15,000	Florin, CA Resource Conservation District COP		6.000			02/01/2029		04/03/2027	A		12,424
	10,000	Folsom, CA Improvement Bond Act 19151		6.500			09/02/2013		03/01/2011	B		10,019
	25,000	Folsom, CA Public Financing Authority1		5.400			09/02/2020		08/14/2017	A		22,274
	25,000	Folsom, CA Public Financing Authority1		5.625			09/02/2020		06/15/2017	A		23,212
	30,000	Folsom, CA Special Tax Community Facilities District No. 71		6.000			09/01/2024		09/01/2011	B		30,030
	250,000	Fontana, CA Redevel. Agency (Southwest Industrial Park)1		5.000			09/01/2022		09/01/2011	B		232,390
	265,000	Fontana, CA Special Tax (Citrus)1		5.000			09/01/2020		09/01/2020			230,948
	2,300,000	Fontana, CA Special Tax Community Facilities District No. 2-A1		5.250			09/01/2017		03/01/2011	B		2,306,279
	10,000	Fontana, CA Special Tax Community Facilities District No. 41		7.125			10/01/2015		04/01/2011	B		10,042
	1,500,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1		5.875			01/15/2026		01/15/2016	B		1,351,440
	50,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road)1		5.375			01/15/2014		01/15/2014			49,522
	1,175,000	Fresno, CA Airport1		5.800			07/01/2030		07/01/2011	B		1,170,864
	25,000	Fresno, CA Unified School District COP1		4.625			05/01/2011		05/01/2011			25,242

27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	25,000	Fullerton, CA Community Facilities District No. 1 Special Tax (Amerige Heights)1		6.200	%		09/01/2032		09/01/2012	B	$	25,378
	80,000	Fullerton, CA School District Special Tax1		6.300			09/01/2023		09/01/2013	B		81,594
	10,000	Galt, CA Improvement Bond Act 19151		5.900			09/02/2022		09/02/2022			9,188
	25,000	Galt, CA Improvement Bond Act 1915		8.450			09/02/2011		09/02/2011			24,944
	20,000	Granada, CA Sanitation District Improvement Bond Act 19151		6.125			09/02/2022		03/02/2011	B		18,806
	15,000	Greenfield, CA Redevel. Agency1		6.000			02/01/2029		02/01/2029			12,551
	200,000	Hamilton, CA Union High School District1		5.250			08/01/2023		02/01/2011	B		200,122
	3,220,000	Hawthorne, CA Community Redevel. Agency Special Tax1		6.125			10/01/2025		10/01/2015	B		3,290,937
	150,000	Hawthorne, CA Parking Authority1		8.000			09/01/2015		03/01/2011	B		150,339
	155,000	Hawthorne, CA Parking Authority1		8.125			09/01/2019		03/01/2011	B		155,141
	45,000	Hayward, CA Improvement Bond Act 19151		7.100			09/02/2018		03/02/2011	B		45,036
	50,000	Hayward, CA Public Finance Authority (Hayward Water System)		5.000			06/01/2011		06/01/2011			50,150
	50,000	Hayward, CA Public Finance Authority (Hayward Water System)1		5.100			06/01/2013		06/01/2011	B		50,115
	2,000,000	Hesperia, CA Public Financing Authority, Tranche A1		6.250			09/01/2035		09/14/2028	A		1,670,540
	10,000	Hollister, CA Improvement Bond Act 19151		7.125			09/02/2022		03/02/2011	B		10,153
	15,000	Huntington Beach, CA Community Facilities District1		5.400			10/01/2020		10/01/2011	B		15,038
	20,000	Huntington Beach, CA Community Facilities District Special Tax1		6.250			09/01/2027		09/01/2012	B		18,972
	35,000	Imperial County, CA Special Tax1		6.500			09/01/2031		03/04/2026	A		29,371
	50,000	Indio, CA Community Facilities District Special Tax (Talavera)1		5.000			09/01/2017		09/01/2012	B		48,929
	135,000	Indio, CA Hsg. (Olive Court Apartments)1		6.375			12/01/2026		06/01/2011	B		134,977
	20,000	Indio, CA Improvement Bond Act 19151		6.350			09/02/2027		09/02/2014	B		18,660
	20,000	Indio, CA Improvement Bond Act 19151		6.375			09/02/2027		09/02/2014	B		18,709
	35,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 99.11		7.125			09/02/2020		09/02/2011	B		35,179
	25,000	Inglewood, CA Public Financing Authority1		5.625			08/01/2017		08/01/2011	B		25,045
	750,000	Inland Valley, CA Devel. Agency Tax Allocation1		5.500			04/01/2014		04/01/2014			788,693
	2,760,000	Inland, CA Empire Tobacco Securitization Authority (TASC)1		4.625			06/01/2021		06/01/2021			2,144,134
	150,000	Irvine, CA Improvement Bond Act 19151		5.550			09/02/2026		09/02/2013	B		137,034
	20,000	Irvine, CA Improvement Bond Act 19151		5.600			09/02/2022		09/02/2014	B		19,416
	30,000	Irvine, CA Improvement Bond Act 19151		5.625			09/02/2024		09/02/2013	B		28,311
	25,000	Irvine, CA Mobile Home Park (Meadows Mobile Home Park)1		6.050			03/01/2028		02/23/2024	A		22,745

28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	70,000	Kern County, CA (Fire Dept.) COP1		5.250	%	��	05/01/2013		06/01/2011	B	$	70,239
	50,000	Kern County, CA (Fire Dept.) COP1		5.250			05/01/2015		11/01/2011	B		50,171
	250,000	Kern County, CA COP1		5.500			11/01/2019		06/01/2011	B		250,168
	25,000	King, CA Community Devel. Agency Tax Allocation (King City Redevel.)1		7.000			09/01/2021		03/01/2011	B		25,002
	15,000	Kingsburg, CA Public Financing Authority1		8.000			09/15/2021		03/15/2011	B		15,012
	30,000	La Habra, CA Redevel. Agency Community Facilities District1		6.000			09/01/2014		03/02/2011	B		30,032
	10,000	La Habra, CA Redevel. Agency Community Facilities District1		6.000			09/01/2019		09/02/2011	B		9,783
	55,000	La Mesa, CA Improvement Bond Act 19151		5.750			09/02/2023		08/18/2019	A		47,768
	1,730,000	Lake Elsinore, CA Improvement Bond Act 19151		7.000			09/02/2030		09/02/2012	B		1,684,985
	15,000	Lake Elsinore, CA Public Financing Authority1		6.375			10/01/2033		10/01/2016	B		13,472
	15,000	Lake Elsinore, CA School Financing Authority1		6.000			09/01/2011		03/01/2011	B		15,050
	500,000	Lake Elsinore, CA Special Tax1		5.100			09/01/2022		04/17/2021	A		442,865
	1,135,000	Lake Elsinore, CA Unified School District1		5.300			09/01/2026		11/01/2024	A		954,955
	125,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.500			09/01/2013		09/01/2012	B		129,389
	50,000	Lammersville, CA School District Community Facilities District (Mountain House)1		6.300			09/01/2024		09/01/2013	B		47,888
	50,000	Lammersville, CA Unified School District Special1		6.375			09/01/2032		09/01/2013	B		45,920
	45,000	Lancaster, CA Community Facilities District Special Tax1		6.000			10/01/2016		04/01/2011	B		45,041
	15,000	Lancaster, CA Redevel. Agency (Desert Sands Mobile Home Park)1		6.375			11/01/2027		06/01/2011	B		14,417
	100,000	Lathrop, CA COP1		5.875			06/01/2030		06/01/2011	B		97,290
	115,000	Lathrop, CA Financing Authority (Water Supply)1		5.700			06/01/2019		06/01/2013	B		115,054
	15,000	Lathrop, CA Financing Authority (Water Supply)1		5.750			06/01/2020		06/01/2013	B		14,797
	50,000	Lathrop, CA Financing Authority (Water Supply)1		5.900			06/01/2023		06/01/2013	B		47,844
	10,000	Lathrop, CA Improvement Bond Act 19151		6.000			09/02/2021		09/02/2021			9,533
	10,000	Lathrop, CA Improvement Bond Act 1915 (Louise Avenue)1		6.875			09/02/2017		03/01/2011	B		10,309
	10,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1		6.000			09/02/2023		09/02/2023			9,227
	60,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1		6.125			09/02/2028		10/15/2026	A		52,805
	65,000	Lincoln, CA Public Financing Authority (Twelve Bridges)1		6.125			09/02/2027		01/23/2024	A		57,207

29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	25,000	Livermore, CA Capital Projects Financing Authority1		5.650	%		09/02/2016		03/02/2011	B	$	25,383
	10,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1		5.750			09/01/2012		03/01/2011	B		10,014
	45,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1		6.400			09/01/2026		03/01/2011	B		39,926
	15,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1		6.400			09/01/2030		03/30/2029	A		12,908
	65,000	Livermore-Amadore Valley, CA Water Management Agency1		5.000			08/01/2031		08/01/2011	B		62,975
	100,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.000			11/15/2011		11/15/2011			102,210
	50,000	Long Beach, CA Special Tax (Pike)1		6.250			10/01/2026		10/01/2012	B		45,141
	30,000	Long Beach, CA Special Tax (Pine Avenue)1		6.375			09/01/2023		09/01/2011	B		28,494
	1,000,000	Los Angeles County, CA Community Facilities District No. 4 Special Tax1		5.500			09/01/2014		03/01/2011	B		1,003,640
	5,000	Los Angeles County, CA Community Facilities District No. 4 Special Tax1		7.750			09/01/2017		03/01/2011	B		5,011
	95,000	Los Angeles County, CA COP (Insured Health Clinic)1		5.800			12/01/2023		06/01/2011	B		95,071
	100,000	Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)1		6.400			09/01/2022		03/01/2011	B		100,011
	50,000	Los Angeles, CA Community Redevel. Agency (Freeway Recovery)1		6.000			09/01/2031		09/01/2012	B		47,155
	40,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.100			12/01/2015		06/01/2011	B		40,051
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.200			12/01/2017		06/01/2011	B		50,038
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.200			12/01/2018		06/01/2011	B		50,023
	120,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.200			12/01/2019		06/01/2011	B		120,020
	125,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.250			12/01/2020		06/01/2011	B		125,009
	55,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.250			12/01/2021		06/01/2011	B		54,996
	25,000	Los Angeles, CA Community Redevel. Agency (Hoover Redevel.)		5.500			09/01/2014		03/01/2011	B		25,032
	10,000,000	Los Angeles, CA Dept. of Airports ROLs3		5.375			05/15/2025		05/15/2018	B		10,064,399
	15,000	Los Angeles, CA Dept. of Water & Power		4.750			08/15/2017		02/15/2011	B		15,047
	10,000	Los Angeles, CA Dept. of Water & Power1		4.750			10/15/2020		04/15/2011	B		10,027
	65,000	Los Angeles, CA Mtg. (Section 8)1		5.350			07/01/2022		04/01/2011	B		65,021
	15,000	Los Angeles, CA Mtg. (Section 8)1		6.500			07/01/2022		02/01/2011	B		15,018
	50,000	Los Angeles, CA Multifamily Hsg. (Arminta North & South)		7.700			06/20/2028		10/08/2021	A		47,390

30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	45,000	Los Angeles, CA Multifamily Hsg. (Earthquake Rehabilitation)1		5.900	%		01/01/2030		04/01/2011	B	$	45,012
	130,000	Los Angeles, CA Regional Airports Improvement Corp. (Laxfuel Corp.)1		5.250			01/01/2023		01/01/2012	B		129,029
	5,000	Los Angeles, CA Regional Airports Improvement Corp. (Los Angeles West Terminal Fuel Corp.)1		10.250			01/01/2013		02/06/2012	A		5,141
	200,000	Los Angeles, CA State Building Auth.1		5.500			10/01/2017		10/01/2011	B		201,470
	20,000	Los Angeles, CA State Building Auth.1		5.500			10/01/2018		10/01/2011	B		20,147
	55,000	Los Angeles, CA State Building Auth.1		5.500			10/01/2019		10/01/2011	B		55,404
	75,000	Los Banos, CA Sewer System COP1		5.000			12/01/2019		06/01/2011	B		75,070
	30,000	Los Banos, CA Unified School District COP1		5.625			08/01/2016		02/01/2011	B		30,044
	175,000	Madera County, CA COP (Valley Children’s Hospital)1		5.000			03/15/2023		03/15/2011	B		164,182
	360,000	Madera County, CA COP (Valley Children’s Hospital)1		5.750			03/15/2028		03/15/2011	B		338,868
	50,000	Mammoth Lakes, CA Community Facilities District (North Village Area)1		5.750			10/01/2033		09/17/2029	A		38,954
	20,000	Manhattan Beach, CA Water & Wastewater Authority COP1		5.750			09/01/2020		03/01/2011	B		20,010
	10,000	Martinez, CA Mtg. (Ridgecrest Apartments)1		5.625			07/01/2025		06/01/2011	B		10,004
	65,000	Maywood, CA Public Financing Authority1		6.500			09/01/2018		09/01/2013	B		64,650
	1,045,000	Mendocino Coast, CA Healthcare District1		5.875			02/01/2020		02/01/2011	B		1,045,585
	25,000	Menifee, CA Union School District Special Tax1		6.050			09/01/2026		09/01/2012	B		22,767
	175,000	Mill Valley, CA COP (The Redwoods)		5.750			12/01/2020		06/01/2011	B		175,569
	10,000	Milpitas, CA Improvement Bond Act 19151		5.700			09/02/2018		03/01/2011	B		9,787
	80,000	Modesto, CA Irrigation District COP1		5.300			07/01/2022		06/01/2011	B		80,208
	2,170,000	Modesto, CA Irrigation District COP1		5.300			07/01/2022		06/01/2011	B		2,175,642
	15,000	Monrovia, CA Redevel. Agency Public Parking Facilities1		5.200			04/01/2013		04/01/2011	B		15,030
	10,000	Montclair, CA Redevel. Agency Mobile Home Park (Augusta Homes Villa Del Arroyo)1		6.100			11/15/2037		11/15/2014	B		9,084
	25,000	Montclair, CA Redevel. Agency Mobile Home Park (Hacienda Mobile Home Park)1		6.000			11/15/2029		11/15/2014	B		23,472
	20,000	Montclair, CA Redevel. Agency Mobile Home Park (Villa Mobile Home Park)1		6.100			06/15/2029		06/15/2011	B		18,502
	415,000	Montebello, CA Community Redevel. Agency (Montebello Hills Redevel.)1		5.500			03/01/2014		03/01/2011	B		415,577
	10,000	Montebello, CA Community Redevel. Agency (South Montebello)1		5.500			09/01/2022		03/27/2021	A		8,822
	30,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)		5.500			03/01/2011		03/01/2011			30,120
	65,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)		5.600			03/01/2012		03/01/2011	B		65,573

31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	50,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1		5.600	%		03/01/2013		03/01/2011	B	$	50,545
	65,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1		5.700			03/01/2015		03/01/2011	B		65,989
	20,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1		5.700			03/01/2016		03/01/2011	B		20,350
	10,000	Moorpark, CA Mobile Home Park (VillaDel Arroyo)1		7.000			05/15/2020		06/26/2011	B		10,004
	10,000	Moorpark, CA Special Tax Community Facilities District No. 97-11		6.400			09/01/2017		03/01/2011	B		10,003
	140,000	Moorpark, CA Special Tax Community Facilities District No. 97-11		6.700			09/01/2027		03/01/2011	B		127,730
	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		427,816
	15,000	Morgan Hill, CA Improvement Bond Act 19151		5.600			09/02/2011		03/02/2011	B		15,028
	350,000	Mountain View, CA Shoreline Regional Park Community1		5.500			08/01/2013		02/01/2011	B		350,578
	205,000	Mountain View, CA Shoreline Regional Park Community1		5.500			08/01/2021		02/01/2011	B		202,702
	10,000	Murrieta County, CA Water District1		6.500			10/01/2015		10/01/2012	B		10,223
	30,000	Murrieta County, CA Water District Special Tax Community Facilities District No. 88-11		6.700			12/01/2030		06/01/2011	B		26,831
	10,000	Murrieta, CA Community Facilities District Special Tax (Blackmore Ranch)1		6.100			09/01/2034		09/23/2027	A		8,599
	20,000	Murrieta, CA Community Facilities District Special Tax (Bluestone)1		6.300			09/01/2031		09/01/2013	B		17,653
	105,000	Murrieta, CA Community Facilities District Special Tax (Murrieta Springs)1		5.500			09/01/2034		10/09/2032	A		84,075
	50,000	Murrieta, CA Improvement Bond Act 19151		6.375			09/01/2031		04/02/2025	A		43,813
	85,000	Murrieta, CA Water Public Financing Authority1		5.700			10/01/2021		04/01/2011	B		85,605
	10,000	Needles, CA Public Utility Authority1		6.350			02/01/2012		02/01/2011	B		10,010
	230,000	Needles, CA Public Utility Authority1		6.650			02/01/2032		02/01/2011	B		212,285
	2,510,000	Northern CA Tobacco Securitization Authority (TASC)1		4.750			06/01/2023		02/01/2016	A		2,099,615
	1,820,000	Northern, CA Inyo County Local Hospital District1		5.000			12/01/2015		01/05/2014	B		1,842,459
	35,000	Novato, CA GO1		5.000			08/01/2012		02/01/2011	B		35,119
	100,000	Novato, CA GO1		5.250			08/01/2017		08/01/2011	B		101,920
	30,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		5.900			06/01/2014		06/01/2011	B		30,126
	10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		6.000			06/01/2019		06/01/2019			9,788

32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	50,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		6.100	%		06/01/2027		03/29/2024	A	$	42,505
	25,000	Ontario, CA Improvement Bond Act 19151		6.800			09/02/2013		03/01/2011	B		25,050
	15,000	Orange County, CA Improvement Bond Act 19151		5.500			09/02/2016		03/02/2011	B		15,012
	10,000	Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)1		5.375			09/02/2012		03/01/2011	B		10,021
	20,000	Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)1		5.850			09/02/2013		03/02/2011	B		20,043
	55,000	Oroville, CA Hospital1		5.400			12/01/2022		01/08/2021	A		54,886
	1,415,000	Oxnard, CA Harbor District1		5.550			08/01/2013		02/01/2011	B		1,444,998
	25,000	Oxnard, CA Improvement Bond Act 19151		5.625			09/02/2027		10/10/2025	A		20,540
	10,000	Oxnard, CA Special Tax Community Facilities District No. 11		6.000			09/01/2027		09/01/2011	B		9,082
	45,000	Pajaro Valley, CA Water Management Agency COP1		5.500			03/01/2018		03/01/2018			41,487
	500,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		6.000			07/01/2018		08/09/2016	A		469,275
	125,000	Palmdale, CA Community Facilities District Special Tax1		5.400			09/01/2035		10/09/2033	A		94,725
	700,000	Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-11		5.700			08/01/2018		08/01/2011	B		704,557
	100,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1		5.100			09/02/2024		03/01/2013	B		92,872
	100,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1		5.125			09/02/2025		03/02/2013	B		91,796
	45,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1		5.700			09/02/2018		03/02/2011	B		45,837
	100,000	Palomar Pomerado, CA Health System1		5.375			11/01/2013		05/01/2011	B		100,074
	25,000	Pasadena, CA Public Financing Authority (Orange Grove & Villa Parke)1		5.450			06/01/2012		06/01/2011	B		25,136
	275,000	Perris, CA Community Facilities District Special Tax1		6.375			09/01/2032		09/01/2014	B		258,893
	60,000	Perris, CA Public Financing Authority1		5.750			09/01/2024		09/01/2016	B		55,670
	155,000	Perris, CA Public Financing Authority		7.875			09/01/2025		03/01/2011	B		155,124
	20,000	Perris, CA Public Financing Authority, Series A1		6.125			09/01/2034		09/01/2016	B		18,120
	10,000	Petaluma, CA Improvement Bond Act 19151		6.000			09/02/2020		03/02/2011	B		9,571
	60,000	Pittsburg, CA Improvement Bond Act 19151		6.300			09/02/2025		03/02/2011	B		54,564
	10,000	Pittsburg, CA Improvement Bond Act 19151		6.350			09/02/2031		05/10/2029	A		8,598
	20,000	Pittsburg, CA Improvement Bond Act 1915 (San Marco Phase I)1		6.350			09/02/2031		01/27/2028	A		17,195
	50,000	Pittsburg, CA Infrastructure Financing Authority1		5.850			09/02/2015		03/02/2011	B		50,034

33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	25,000	Pittsburg, CA Infrastructure Financing Authority, Series B		5.800	%		09/02/2014		03/02/2011	B	$	25,026
	130,000	Pittsburg, CA Infrastructure Financing Authority, Series B1		6.000			09/02/2024		02/03/2020	A		116,301
	500,000	Pittsburg, CA Redevel. Agency (Los Medanos Community Devel.)		5.850			08/01/2018		02/01/2011	B		502,770
	4,550,000	Placentia, CA Redevel. Agency Tax Allocation1		7.750			02/01/2014		08/01/2011	B		4,598,822
	10,000	Placer County, CA Community Facilities District1		6.500			09/01/2026		09/01/2012	B		8,929
	5,000	Placer County, CA Community Facilities District Special Tax No. 2001-1 (Dry Creek)1		5.700			09/01/2013		03/01/2011	B		5,106
	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		4,990
	10,000	Pleasant Hill, CA Special Tax Downtown Community Facilities District No. 11		5.875			09/01/2025		03/29/2024	A		8,487
	30,000	Port of Oakland, CA1		5.250			11/01/2027		11/01/2012	B		27,655
	350,000	Port of Oakland, CA1		5.700			11/01/2019		06/01/2011	B		350,364
	1,485,000	Port of Oakland, CA1		5.750			11/01/2014		06/01/2011	B		1,488,594
	750,000	Port of Oakland, CA1		5.750			11/01/2016		05/01/2011	B		751,380
	2,500,000	Port of Oakland, CA1		5.750			11/01/2020		06/01/2011	B		2,502,150
	590,000	Port of Oakland, CA1		5.750			11/01/2021		06/01/2011	B		590,431
	25,000	Port of Oakland, CA1		5.750			11/01/2022		06/01/2011	B		25,013
	2,000,000	Port of Oakland, CA1		5.750			11/01/2029		06/01/2011	B		1,908,280
	2,975,000	Port of Oakland, CA1		5.875			11/01/2017		06/01/2011	B		2,979,849
	870,000	Port of Oakland, CA1		5.875			11/01/2030		06/01/2011	B		833,660
	110,000	Port Redwood City, CA GO1		5.400			06/01/2019		06/01/2011	B		110,244
	50,000	Poway, CA Public Financing Authority (Water Services)1		5.500			11/01/2015		06/01/2011	B		50,065
	100,000	Poway, CA Unified School District1		7.125			09/15/2026		09/15/2019	B		100,820
	100,000	Poway, CA Unified School District1		7.125			09/15/2027		09/15/2019	B		100,563
	200,000	Poway, CA Unified School District1		7.250			09/15/2028		09/15/2019	B		200,802
	270,000	Poway, CA Unified School District1		7.500			09/15/2032		03/15/2011	B		272,981
	1,000,000	Poway, CA Unified School District Special Tax1		6.125			09/01/2033		09/01/2011	B		935,690
	30,000	Poway, CA Unified School District Special Tax Community Facilities District No. 101		5.750			09/01/2032		03/01/2028	A		26,306
	25,000	Poway, CA Unified School District Special Tax Community Facilities District No. 101		5.950			09/01/2018		03/01/2011	B		25,010
	35,000	Poway, CA Unified School District Special Tax Community Facilities District No. 101		6.100			09/01/2031		03/24/2029	A		32,123
	10,000	Rancho Cucamonga, CA Public Finance Authority1		6.000			09/02/2020		09/02/2011	B		9,402
	20,000	Rancho Mirage, CA Improvement Bond Act 19151		5.500			09/02/2024		05/02/2022	C		16,493

34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	30,000	Rancho Mirage, CA Improvement Bond Act 19151		5.750	%		09/02/2022		03/28/2021	A	$	27,210
	35,000	Rancho Santa Fe, CA Community Services District Special Tax1		6.600			09/01/2020		03/01/2011	B		35,004
	550,000	Rancho Santa Fe, CA Community Services District Special Tax1		6.700			09/01/2030		03/01/2011	B		518,573
	55,000	Redding, CA Improvement Bond Act 1915 (Tierra Oaks Assessment District 1993-1)1		7.000			09/02/2013		09/02/2011	B		56,729
	10,000	Redlands, CA Community Facilities District1		5.850			09/01/2033		05/27/2031	A		7,899
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.000			09/01/2016		03/01/2011	B		49,424
	25,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.050			09/01/2017		09/01/2016	B		24,197
	65,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.125			09/01/2018		09/01/2018			61,648
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.200			09/01/2019		09/01/2019			92,975
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.250			09/01/2020		09/01/2020			90,849
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.250			09/01/2021		09/01/2021			44,529
	100,000	Richmond, CA Redevel. Agency (Harbour Redevel.)		5.500			07/01/2018		07/01/2011	B		100,317
	80,000	River Islands, CA Public Financing Authority1		6.000			09/01/2027		06/21/2024	A		60,527
	100,000	River Islands, CA Public Financing Authority1		6.150			09/01/2035		06/23/2032	A		72,037
	250,000	Riverside County, CA Community Facilities District Special Tax1		5.000			09/01/2012		03/01/2011	B		256,535
	15,000	Riverside County, CA Community Facilities District Special Tax1		6.000			09/01/2030		05/01/2028	A		11,931
	150,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.100			09/01/2013		03/01/2011	B		154,646
	215,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.150			09/01/2014		03/01/2011	B		221,588
	385,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.200			09/01/2015		03/01/2011	B		396,196
	225,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.250			09/01/2016		03/01/2011	B		229,568
	200,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.300			09/01/2011		09/01/2011			202,356
	210,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.350			09/01/2012		09/01/2012			215,326
	430,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.400			09/01/2013		09/01/2013			443,278
	450,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.450			09/01/2014		09/01/2014			463,176

35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	475,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.500	%		09/01/2015		09/01/2015		$	486,942
	220,000	Riverside County, CA Public Financing Authority1		5.250			10/01/2017		04/01/2011	B		220,178
	35,000	Riverside County, CA Public Financing Authority (Menifee Village)1		7.150			09/01/2011		03/01/2011	B		35,109
	465,000	Riverside County, CA Public Financing Authority COP1		5.750			05/15/2019		05/15/2011	B		421,374
	60,000	Riverside, CA Improvement Bond Act 19151		8.250			09/02/2016		03/02/2011	B		60,134
	200,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)1		6.250			09/02/2029		10/17/2027	A		181,822
	5,000	Riverside, CA Improvement Bond Act 1915 (Sycamore Canyon Assessment District)1		8.500			09/02/2012		03/01/2011	B		5,019
	10,000	Riverside, CA Unified School District1		5.000			02/01/2027		02/01/2013	B		9,902
	100,000	Riverside, CA Unified School District1		5.350			09/01/2024		03/04/2024	A		87,655
	90,000	Riverside, CA Unified School District1		5.450			09/01/2025		10/10/2023	A		78,609
	100,000	Riverside, CA Unified School District1		5.500			09/01/2034		10/10/2032	A		81,610
	80,000	Riverside, CA Unified School District1		5.700			09/01/2034		01/01/2031	A		66,283
	10,000	Riverside, CA Unified School District1		6.000			09/01/2029		09/01/2011	B		8,988
	25,000	Romoland, CA School District Special Tax1		6.000			09/01/2033		09/01/2012	B		22,079
	50,000	Romoland, CA School District Special Tax1		6.375			09/01/2033		09/01/2012	B		46,263
	50,000	Romoland, CA School District Special Tax1		6.375			09/01/2033		09/01/2012	B		46,263
	10,000	Roseville, CA Special Tax Community Facilities District No. 1 (Westpark)1		4.300			09/01/2012		09/01/2012			10,139
	25,000	Sacramento County, CA COP1		5.375			02/01/2019		02/01/2011	B		25,015
	1,000,000	Sacramento County, CA Hsg. Authority (Cottage Estates Apartments)1		6.000			02/01/2033		08/01/2012	B		1,007,210
	1,500,000	Sacramento County, CA Hsg. Authority (Verandas Apartments Senior Community)1		5.700			03/01/2034		09/01/2011	B		1,503,285
	265,000	Sacramento, CA City Financing Authority1		5.250			05/01/2015		06/01/2011	B		265,000
	500,000	Sacramento, CA City Financing Authority (California EPA Building)1		5.250			05/01/2019		06/01/2011	B		500,745
	10,000	Sacramento, CA Improvement Bond Act 1915 (Citywide Landscaping & Lighting)1		5.500			09/02/2016		03/01/2011	B		10,016
	70,000	Sacramento, CA Special Tax1		5.700			12/01/2020		09/15/2017	A		68,127
	1,505,000	Sacramento, CA Special Tax (North Natomas Community Facilities)1		5.700			09/01/2023		03/01/2011	B		1,505,120
	30,000	Sacramento, CA Special Tax (North Natomas Community Facilities)1		6.300			09/01/2026		03/01/2011	B		28,764
	10,000	Saddleback Valley, CA Unified School District1		5.650			09/01/2017		03/01/2011	B		10,038
	95,000	Salida, CA Public Facilities Financing Agency1		5.250			09/01/2028		03/01/2011	B		94,991

36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	300,000	Salida, CA Public Facilities Financing Agency Community Facilities District Special Tax1		5.250	%		09/01/2018		03/01/2011	B	$	300,846
	180,000	Salinas Valley, CA Solid Waste Authority1		5.625			08/01/2015		08/01/2012	B		182,920
	1,000,000	Salinas Valley, CA Solid Waste Authority1		5.625			08/01/2018		08/01/2012	B		1,003,200
	100,000	Salinas, CA Improvement Bond Act 19151		5.450			09/02/2013		03/01/2011	B		102,149
	50,000	Salinas, CA Improvement Bond Act 1915 (Bella Vista)1		5.500			09/02/2013		09/02/2011	B		51,546
	120,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)1		5.500			11/01/2023		06/01/2011	B		120,343
	160,000	San Bernardino County, CA (Single Family Mtg.)		5.376	2		05/01/2031		05/01/2031			47,613
	75,000	San Bernardino County, CA COP (Medical Center Financing)1		5.250			08/01/2016		02/01/2011	B		75,066
	90,000	San Bernardino County, CA Hsg. Authority (Friendly Village Mobile Home Park Corp.)1		6.700			03/20/2043		03/20/2013	B		93,272
	60,000	San Bernardino County, CA Hsg. Authority (Glen Aire Mobile Home Park)1		6.700			12/20/2041		11/20/2011	B		63,086
	110,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1		5.500			12/01/2020		06/01/2011	B		110,035
	75,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1		5.500			12/01/2020		06/01/2011	B		75,059
	55,000	San Bernardino, CA Joint Powers Financing Authority (City Hall)1		5.600			01/01/2015		06/01/2011	B		55,113
	135,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500			09/01/2024		09/01/2011	B		128,446
	150,000	San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)1		6.625			04/01/2026		04/01/2014	B		140,135
	685,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2017		03/07/2015	A		597,156
	30,000	San Bernardino, CA Redevel. Agency (Ramona Senior Complex)1		7.875			07/01/2025		07/16/2019	A		27,962
	2,250,000	San Diego County, CA (Developmental Services Foundation) COP1		5.500			09/01/2017		09/01/2012	B		2,287,710
	95,000	San Diego County, CA COP (San Diego Hospital Assoc./Sharp Memorial Hospital Obligated Group)1		5.000			08/15/2018		02/15/2011	B		95,043
	30,000	San Diego, CA Convention Center1		5.250			04/01/2015		10/01/2011	B		30,043
	50,000	San Diego, CA Convention Center Expansion Financing Authority1		5.250			04/01/2013		10/01/2011	B		50,103
	165,000	San Diego, CA Mtg. (Mariners Cove)1		5.800			09/01/2015		03/01/2011	B		165,371
	10,000	San Diego, CA Redevel. Agency1		6.000			11/01/2015		11/01/2011	B		10,035
	25,000	San Diego, CA Redevel. Agency (Centre City)1		5.350			09/01/2024		09/01/2012	B		23,136
	105,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.)1		5.875			10/01/2019		10/01/2011	B		105,353

37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	50,000	San Diego, CA Redevel. Agency (North Bay Redevel.)1		5.800	%		09/01/2022		03/01/2011	B	$	49,802
	300,000	San Diego, CA Redevel. Agency (North Bay Redevel.)1		5.875			09/01/2030		03/01/2011	B		276,420
	25,000	San Diego, CA Redevel. Agency Tax Allocation (North Park Redevel.)1		5.900			09/01/2030		09/01/2011	B		24,279
	70,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2021		06/01/2011	B		70,001
	275,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2022		06/01/2011	B		273,460
	100,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2023		05/01/2011	B		95,646
	78,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2025		05/14/2024	A		73,477
	30,000	San Francisco, CA City & County Airports Commission1		5.125			05/01/2021		05/01/2011	B		30,034
	185,000	San Francisco, CA City & County Airports Commission1		5.250			01/01/2026		01/01/2026			174,131
	25,000	San Francisco, CA City & County Airports Commission1		5.500			05/01/2016		05/01/2012	B		26,049
	10,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.000			01/01/2014		06/01/2011	B		10,019
	260,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.125			01/01/2017		06/01/2011	B		260,231
	1,500,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2019		06/01/2011	B		1,500,570
	55,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2020		06/01/2011	B		55,012
	40,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2021		06/01/2011	B		40,000
	50,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2027		01/01/2027			46,453
	490,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		6.125			01/01/2027		06/01/2011	B		490,186
	45,000	San Francisco, CA City & County Improvement Bond Act 19151		6.850			09/02/2026		03/02/2011	B		44,362
	25,000	San Francisco, CA City & County Parking Authority (Parking Meter)1		5.000			06/01/2018		06/01/2011	B		25,067
	115,000	San Francisco, CA City & County Redevel. Agency1		6.750			07/01/2025		06/01/2011	B		115,386
	90,000	San Francisco, CA City & County Redevel. Agency (South Beach)1		5.700			03/01/2029		03/01/2011	B		90,028
	25,000	San Joaquin County, CA Community Facilities District Special Tax (Delta Farms)1		6.125			09/01/2024		06/23/2021	A		21,793
	20,000	San Jose, CA Improvement Bond Act 19151		5.600			09/02/2016		03/02/2011	B		20,390

38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	25,000	San Jose, CA Improvement Bond Act 19151		5.700	%		09/02/2018		03/02/2011	B	$	24,690
	95,000	San Jose, CA Improvement Bond Act 19151		5.750			09/02/2019		03/02/2011	B		92,304
	60,000	San Jose, CA Improvement Bond Act 19151		5.750			09/02/2020		09/02/2020			56,987
	260,000	San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)1		5.350			07/15/2034		07/15/2017	B		264,532
	30,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)1		6.100			01/01/2031		01/16/2023	A		27,240
	325,000	San Jose, CA Multifamily Hsg. (Sixth & Martha Family Apartments)1		5.875			03/01/2033		03/01/2011	B		326,264
	20,000	San Jose, CA Redevel. Agency1		5.500			08/01/2014		02/01/2011	B		20,021
	10,000	San Jose, CA Redevel. Agency1		5.500			08/01/2016		02/01/2011	B		10,009
	65,000	San Jose, CA Redevel. Agency1		5.750			08/01/2017		02/01/2011	B		65,504
	5,000	San Jose, CA Redevel. Agency Tax Allocation1		5.600			08/01/2019		02/01/2011	B		5,001
	200,000	San Marcos, CA Public Facilities Authority1		5.800			09/01/2018		03/01/2011	B		200,150
	35,000	San Marcos, CA Redevel. Agency Tax Allocation (Affordable Hsg.)1		5.650			10/01/2028		04/01/2011	B		33,692
	20,000	San Mateo, CA Sewer1		5.000			08/01/2028		02/01/2011	B		19,612
	25,000	San Mateo, CA Sewer1		5.500			08/01/2014		08/01/2011	B		25,091
	1,715,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)1		5.850			08/01/2031		02/01/2013	B		1,594,658
	80,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1		5.700			08/01/2021		02/01/2012	B		79,508
	50,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.250			06/01/2018		06/01/2011	B		50,043
	35,000	Santa Cruz County, CA Hsg. Authority (Northgate Apartments)1		5.350			07/20/2022		07/20/2011	B		35,079
	85,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation1		5.375			09/01/2018		03/01/2011	B		85,172
	800,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation1		5.375			09/01/2021		03/01/2011	B		782,488
	20,000	Santa Margarita, CA Water District Special Tax Facilities District No. 99-11		6.200			09/01/2020		09/01/2011	B		20,254
	1,000,000	Santa Margarita, CA Water District Special Tax Facilities District No. 99-11		6.250			09/01/2029		09/01/2011	B		1,000,510
	25,000	Santa Maria, CA COP1		5.500			08/01/2021		02/01/2011	B		25,005
	25,000	Santa Nella County, CA Water District1		6.250			09/02/2028		10/09/2021	A		21,863
	170,000	Santa Rosa, CA Improvement Bond Act 1915 (Fountaingrove Parkway)1		5.700			09/02/2019		09/02/2013	B		163,914
	20,000	Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)1		6.700			09/02/2022		03/02/2014	B		19,793
	40,000	Santa Rosa, CA Improvement Bond Act 1915 (Skyhawk)1		5.750			09/02/2020		03/02/2013	B		37,854
	45,000	Santaluz, CA Special Tax Community Facilities District No. 21		5.500			09/01/2030		04/26/2028	A		39,600

39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California		Continued
$	845,000	Santaluz, CA Special Tax Community Facilities District No. 21		6.375	%		09/01/2030		03/01/2011	B	$	830,584
	50,000	Saugus/Hart, CA School Facilities Financing Authority1		6.100			09/01/2032		03/01/2011	B		50,040
	2,040,000	Saugus/Hart, CA School Facilities Financing Authority1		6.125			09/01/2033		09/01/2011	B		2,041,550
	115,000	Scotts Valley, CA Special Tax1		5.200			09/01/2028		03/01/2011	B		102,728
	500,000	Seal Beach, CA COP1		5.625			06/01/2030		12/23/2028	A		481,710
	1,390,000	Selma, CA Redevel. Agency1		5.750			09/01/2024		03/28/2023	A		1,219,252
	15,000	Sequoia, CA Hospital District1		5.375			08/15/2023		02/15/2011	B		15,749
	110,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.000			11/01/2013		11/01/2013			112,113
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.250			11/01/2017		11/01/2016	B		97,009
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.300			11/01/2018		11/01/2018			93,258
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.350			11/01/2019		11/01/2019			92,961
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.375			11/01/2020		11/01/2020			90,681
	65,000	South Orange County, CA Public Financing Authority1		5.375			08/15/2013		08/15/2013			65,229
	25,000	Southern CA Public Power Authority1		5.500			07/01/2020		06/01/2011	B		25,085
	7,340,000	Southern CA Tobacco Securitization Authority1		4.750			06/01/2025		12/23/2014	A		6,081,190
	4,235,000	Southern CA Tobacco Securitization Authority (TASC)1		5.000			06/01/2037		06/22/2026	A		2,790,823
	125,000	Spreckels, CA Union School District		6.125			08/01/2017		02/01/2011	B		125,591
	200,000	Stockton, CA COP (Wastewater System)1		5.125			09/01/2016		03/01/2011	B		200,230
	30,000	Stockton, CA Improvement Bond Act 19151		5.800			09/02/2020		03/02/2011	B		28,910
	5,000	Susanville, CA Public Financing Authority1		7.750			09/01/2017		03/01/2011	B		5,017
	100,000	Taft, CA Public Financing Authority (Community Correctional Facility)1		6.050			01/01/2017		06/01/2011	B		100,182
	15,000	Tejon Ranch, CA Public Facilities Finance Authority1		7.200			09/01/2030		03/01/2013	B		14,466
	725,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax (Community Facilities District No. 1)1		7.200			09/01/2030		03/01/2013	B		699,197
	30,000	Temecula Valley, CA Unified School District Community Facilities District No. 02-11		6.125			09/01/2033		10/14/2031	A		26,425
	905,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1		4.650			09/01/2011		09/01/2011			878,864

40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California Continued
$	20,000	Torrance, CA Redevel. Agency (Downtown Redevel.)1		5.550	%		09/01/2018		03/01/2011	B	$	20,002
	260,000	Tracy, CA Area Public Facilities Financing Agency1		5.875			10/01/2013		04/01/2011	B		261,778
	1,430,000	Tracy, CA Area Public Facilities Financing Agency1		5.875			10/01/2019		04/01/2011	B		1,470,555
	50,000	Tracy, CA Community Facilities District		5.400			09/01/2015		09/02/2011	B		50,482
	50,000	Tracy, CA Community Facilities District1		6.100			09/01/2015		09/02/2011	B		50,465
	50,000	Tracy, CA Community Facilities District1		6.300			09/01/2026		09/01/2011	B		47,159
	10,000	Tracy, CA Community Facilities District1		6.500			09/01/2020		09/02/2011	B		10,021
	25,000	Tracy, CA Community Facilities District (205 Parcel Glen)1		6.250			09/01/2032		09/01/2014	B		22,746
	1,095,000	Tracy, CA Community Facilities District (South Mac Arthur Area)1		6.000			09/01/2027		09/02/2011	B		1,081,356
	30,000	Tracy, CA Community Facilities District (South Mac Arthur Area)1		6.300			09/01/2017		09/02/2011	B		30,185
	35,000	Tracy, CA Improvement Bond Act 19151		5.700			09/02/2023		03/02/2011	B		32,350
	75,000	Tracy, CA Operating Partnership Joint Powers Authority1		6.100			09/02/2021		03/02/2013	B		74,019
	30,000	Truckee-Donner, CA Public Utility District Special Tax1		5.800			09/01/2035		05/25/2033	A		22,161
	75,000	Truckee-Donner, CA Public Utility District Special Tax1		6.000			09/01/2028		06/06/2026	A		59,769
	20,000	Truckee-Donner, CA Public Utility District Special Tax1		6.100			09/01/2033		10/31/2031	A		15,542
	750,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.000			10/15/2017		10/26/2016	A		749,948
	210,000	Upland, CA Community Facilities District Special Tax (Colonies at San Antonio)1		5.900			09/01/2024		03/01/2011	B		192,007
	185,000	Upland, CA COP (San Antonio Community Hospital)1		5.000			01/01/2018		06/01/2011	B		185,305
	20,000	Vacaville, CA Improvement Bond Act 1915 (East Monte Vista Avenue)1		5.850			09/02/2016		03/02/2013	B		20,100
	10,000	Vacaville, CA Improvement Bond Act 1915 (Green Tree Reassessment District)1		6.300			09/02/2013		03/02/2011	B		10,217
	195,000	Vacaville, CA Public Financing Authority1		5.400			09/01/2022		03/01/2011	B		195,008
	175,000	Vacaville, CA Redevel. Agency (Vacaville Community Hsg.)1		6.000			11/01/2024		11/01/2011	B		175,630
	275,000	Val Verde, CA Unified School District1		6.125			09/01/2034		06/24/2031	A		237,226
	25,000	Vallejo, CA Public Financing Authority, Series A1		7.500			09/01/2020		04/01/2011	B		25,006
	40,000	Vallejo, CA Quadrant Improvement District No. 0011		6.000			09/01/2017		09/01/2015	B		39,826
	30,000	Vallejo, CA Quadrant Improvement District No. 0011		6.000			09/01/2026		05/02/2024	A		25,223

41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California Continued
$	40,000	Vallejo, CA Quadrant Improvement District No. 0011		6.125	%		09/01/2034		06/24/2031	A	$	32,132
	25,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1		5.500			09/01/2019		09/01/2013	B		23,530
	10,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1		6.000			09/01/2025		09/01/2025			8,869
	20,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1		6.000			09/01/2028		09/16/2027	A		16,668
	1,825,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.000			12/01/2022		06/15/2019	A		1,515,024
	20,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.050			12/01/2026		12/01/2016	A		15,738
	145,000	Victor, CA Elementary School District1		5.600			09/01/2034		04/06/2033	A		114,701
	60,000	Vista, CA Joint Powers Financing Authority1		6.100			10/01/2021		04/01/2011	B		60,031
	5,000	Vista, CA Joint Powers Financing Authority1		6.250			12/01/2019		06/01/2011	B		5,025
	295,000	Walnut, CA Unified School District1		7.200			02/01/2016		08/01/2011	B		313,010
	15,000	Wasco, CA Improvement Bond Act 19151		8.750			09/02/2013		03/02/2011	B		15,504
	15,000	Wasco, CA Public Financing Authority		7.350			09/15/2015		03/15/2011	B		15,027
	10,000	Wasco, CA Public Financing Authority1		7.500			09/15/2023		03/15/2011	B		10,001
	100,000	West Covina, CA Redevel. Agency Tax Allocation (Executive Lodge Apartments)1		5.100			09/01/2014		03/01/2011	B		100,178
	20,000	West Patterson, CA Financing Authority Special Tax1		5.850			09/01/2028		10/29/2026	A		15,897
	10,000	West Patterson, CA Financing Authority Special Tax1		6.000			09/01/2019		09/01/2019			9,436
	15,000	West Patterson, CA Financing Authority Special Tax1		6.000			09/01/2039		05/18/2035	A		11,392
	165,000	West Patterson, CA Financing Authority Special Tax1		6.600			09/01/2033		12/17/2030	A		138,770
	25,000	West Patterson, CA Financing Authority Special Tax1		6.700			09/01/2032		04/26/2028	A		21,410
	5,000	West Patterson, CA Financing Authority Special Tax1		6.750			09/01/2035		09/01/2017	A		4,257
	105,000	West Patterson, CA Financing Authority Special Tax1		6.750			09/01/2036		03/22/2027	A		89,094
	10,000	West Patterson, CA Financing Authority Special Tax Community Facilities District1		5.600			09/01/2019		09/01/2019			9,154
	60,000	West Sacramento, CA Financing Authority Special Tax1		6.100			09/01/2029		02/15/2026	A		53,629
	5,000	West Sacramento, CA Improvement Bond Act 19151		8.500			09/02/2017		09/02/2011	B		5,153
	250,000	West Sacramento, CA Special Tax Community Facilities District No. 121		5.750			09/01/2029		03/01/2011	B		240,470
	50,000	West Sacramento, CA Special Tax Community Facilities District No. 141		6.125			09/01/2021		03/01/2011	B		47,769

42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
California Continued
$	10,000	West Sacramento, CA Special Tax Community Facilities District No. 171		5.875	%		09/01/2033		08/17/2029	A	$	8,631
	50,000	West Sacramento, CA Special Tax Community Facilities District No. 8 (Southport)1		6.500			09/01/2031		08/11/2027	A		46,420
	25,000	Western CA Municipal Water Districts1		7.125			09/02/2014		03/01/2011	B		25,799
	70,000	Yolo County, CA Hsg. Authority (Russell Park Apartments)		7.000			11/01/2014		06/01/2011	B		70,239
	20,000	Yorba Linda, CA Redevel. Agency Tax Allocation1		5.250			09/01/2013		03/01/2011	B		20,029
	70,000	Yorba Linda, CA Redevel. Agency Tax Allocation1		5.250			09/01/2023		03/01/2011	B		65,183
	50,000	Yuba City, CA Unified School District COP		4.900			02/01/2011		02/01/2011			50,000
	30,000	Yuba City, CA Unified School District COP1		5.250			02/01/2022		02/01/2011	B		30,071
	30,000	Yucaipa, CA Special Tax Community Facilities District No. 98-11		6.000			09/01/2028		01/23/2021	A		26,713
												267,271,290
U.S. Possessions—5.0%
	50,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		01/14/2016	A		45,272
	460,000	Puerto Rico Commonwealth GO1		5.625			07/01/2019		07/01/2011	B		460,166
	560,000	Puerto Rico Commonwealth GO1		5.625			07/01/2031		07/01/2014	B		534,173
	110,000	Puerto Rico IMEPCF (American Home Products)1		5.100			12/01/2018		06/01/2011	B		110,388
	4,400,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		06/01/2011	B		4,403,111
	520,000	Puerto Rico ITEMECF (University Plaza)1		5.625			07/01/2013		06/01/2011	B		526,838
	500,000	Puerto Rico ITEMECF (University Plaza)1		5.625			07/01/2019		06/01/2011	B		506,575
	135,000	Puerto Rico Municipal Finance Agency, Series A1		5.500			07/01/2017		04/01/2011	B		135,162
	25,000	Puerto Rico Municipal Finance Agency, Series A1		5.750			08/01/2012		02/01/2011	B		25,211
	925,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2021		06/01/2014	B		1,014,771
	2,600,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		06/01/2014	B		2,794,740
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.125			08/01/2029		02/01/2014	B		2,569,050
	50,000	University of Puerto Rico		5.500			06/01/2012		06/01/2011	B		50,132
	250,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2024		10/01/2014	B		242,793
												13,418,382
Total Investments, at Value (Cost $296,226,298)—104.9%												280,689,672
Liabilities in Excess of Other Assets—(4.9)												(13,175,464	)
Net Assets—100.0%											$	267,514,208

43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

* 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.
C.	Average life due to mandatory, or expected, sinking fund principal payments prior to the applicable optional call date.

1. All or a portion of the security 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.	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.
4.	Non-income accruing security.

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 January 31, 2011 based on valuation input level:

	Level 1—		Level 2—		Level 3— Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
California	$	—	$	267,271,290	$	—	$	267,271,290
U.S. Possessions		—		13,418,382		—		13,418,382
Total Assets	$	—	$	280,689,672	$	—	$	280,689,672

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.

44 | 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
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
SFMC	St. Francis Medical Center
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.

45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

January 31, 2011
Assets
Investments, at value (cost $296,226,298)—see accompanying statement of investments	$	280,689,672
Cash		828,067
Receivables and other assets:
Interest		5,185,457
Investments sold		3,127,638
Shares of beneficial interest sold		908,345
Other		21,565
Total assets		290,760,744
Liabilities
Payables and other liabilities:
Payable on borrowings (See Note 5)		14,800,000
Payable for short-term floating rate notes issued (See Note 1)		6,665,000
Shares of beneficial interest redeemed		1,343,125
Dividends		229,576
Distribution and service plan fees		55,567
Trustees’ compensation		28,524
Investments purchased		25,351
Shareholder communications		24,457
Transfer and shareholder servicing agent fees		7,847
Interest expense on borrowings		2,834
Other		64,255
Total liabilities		23,246,536
Net Assets	$	267,514,208
Composition of Net Assets
Par value of shares of beneficial interest	$	82,584
Additional paid-in capital		298,967,531
Accumulated net investment income		2,132,844
Accumulated net realized loss on investments		(18,132,125	)
Net unrealized depreciation on investments		(15,536,626	)
Net Assets	$	267,514,208

46 | 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 $192,113,403 and 59,264,615 shares of beneficial interest outstanding)	$	3.24
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	3.36
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,680,931 and 506,172 shares of beneficial interest outstanding)	$	3.32
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $73,355,360 and 22,701,296 shares of beneficial interest outstanding)	$	3.23
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $364,514 and 112,158 shares of beneficial interest outstanding)	$	3.25

See accompanying Notes to Financial Statements.

47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended January 31, 2011
Investment Income
Interest	$	8,357,897
Other income		60
Total investment income		8,357,957
Expenses
Management fees		651,740
Distribution and service plan fees:
Class A		254,441
Class B		9,299
Class C		381,735
Transfer and shareholder servicing agent fees:
Class A		30,209
Class B		1,579
Class C		19,519
Shareholder communications:
Class A		11,865
Class B		667
Class C		7,348
Borrowing fees		199,221
Interest expense and fees on short-term floating rate notes issued (See Note 1)		103,107
Interest expense on borrowings		16,338
Trustees’ compensation		2,205
Custodian fees and expenses		764
Administration service fees		750
Other		31,355
Total expenses		1,722,142
Net Investment Income		6,635,815
Realized and Unrealized Loss
Net realized loss on investments		(1,811,855	)
Net change in unrealized appreciation/depreciation on investments		(8,975,204	)
Net Decrease in Net Assets Resulting from Operations	$	(4,151,244	)

See accompanying Notes to Financial Statements.

48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	January 31, 2011			July 30,
	(Unaudited)			2010
Operations
Net investment income	$	6,635,815		$	11,243,191
Net realized loss		(1,811,855	)		(2,422,539	)
Net change in unrealized appreciation/depreciation		(8,975,204	)		12,757,738
Net increase (decrease) in net assets resulting from operations		(4,151,244	)		21,578,390
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(4,924,548	)		(7,972,240	)
Class B		(35,055	)		(71,825	)
Class C		(1,557,399	)		(2,560,883	)
Class Y		(9	)		—
		(6,517,011	)		(10,604,948	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		11,183,333			26,517,767
Class B		(122,926	)		(208,248	)
Class C		5,661,914			7,137,748
Class Y		364,542			—
		17,086,863			33,447,267
Net Assets
Total increase		6,418,608			44,420,709
Beginning of period		261,095,600			216,674,891
End of period (including accumulated net investment income of $2,132,844 and $2,014,040, respectively)	$	267,514,208		$	261,095,600

1. July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.

See accompanying Notes to Financial Statements.

49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS Unaudited

For the Six Months Ended January 31, 2011
Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(4,151,244	)
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(36,276,877	)
Proceeds from disposition of investment securities		36,392,072
Short-term investment securities, net		(17,001,009	)
Premium amortization		593,365
Discount accretion		(399,296	)
Net realized loss on investments		1,811,855
Net change in unrealized appreciation/depreciation on investments		8,975,204
Change in assets:
Decrease in receivable for securities sold		435,891
Decrease in other assets		17,384
Increase in interest receivable		(446,013	)
Change in liabilities:
Decrease in other liabilities		(23,481	)
Decrease in payable for securities purchased		(1,392,694	)
Net cash used in operating activities		(11,464,843	)
Cash Flows from Financing Activities
Proceeds from bank borrowings		77,100,000
Payments on bank borrowings		(72,100,000	)
Payments on short-term floating rate notes issued		(4,722,000	)
Proceeds from shares sold		88,167,839
Payments on shares redeemed		(73,733,031	)
Cash distributions paid		(2,631,616	)
Net cash provided by financing activities		12,081,192
Net increase in cash		616,349
Cash, beginning balance		211,718
Cash, ending balance	$	828,067

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $3,798,662.

Cash paid for interest on bank borrowings—$16,520.

Cash paid for interest on short-term floating rate notes issued—$103,107.

See accompanying Notes to Financial Statements.

50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	January 31, 2011												Year Ended July 31,
Class A	(Unaudited)			20101			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	3.36		$	3.20		$	3.34		$	3.55		$	3.52		$	3.56
Income (loss) from investment operations:
Net investment income2		.08			.17			.16			.15			.15			.15
Net realized and unrealized gain (loss)		(.12	)		.15			(.15	)		(.22	)		.02			(.03	)
Total from investment operations		(.04	)		.32			.01			(.07	)		.17			.12
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.08	)		(.16	)		(.15	)		(.14	)		(.14	)		(.16	)
Net asset value, end of period	$	3.24		$	3.36		$	3.20		$	3.34		$	3.55		$	3.52
Total Return, at Net Asset Value3		(1.19	)%		10.02	%		0.51	%		(1.85	)%		4.99	%		3.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	192,113		$	188,647		$	154,287		$	228,159		$	208,041		$	161,562
Average net assets (in thousands)	$	201,917		$	170,296		$	180,705		$	229,325		$	186,689		$	105,009
Ratios to average net assets:4
Net investment income		4.93	%		4.96	%		5.10	%		4.36	%		4.10	%		4.19	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.78	%		0.81	%		0.80	%		0.79	%		0.78	%		0.84	%
Interest and fees from borrowings		0.15	%		0.27	%		0.63	%		0.10	%		0.26	%		0.58	%
Interest and fees on short-term floating rate notes issued		0.07	%5		0.05	%5		0.03	%5		0.15	%5		0.24	%5		—
Total expenses		1.00	%		1.13	%		1.46	%		1.04	%		1.28	%		1.42	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00	%		1.13	%		1.46	%		1.03	%		1.08	%		0.80	%
Portfolio turnover rate		24	%		42	%		31	%		41	%		17	%		33	%

1.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.
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.

51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	January 31, 2011												Year Ended July 31,
Class B	(Unaudited)			20101			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	3.44		$	3.27		$	3.41		$	3.62		$	3.59		$	3.63
Income (loss) from investment operations:
Net investment income2		.07			.14			.13			.12			.12			.13
Net realized and unrealized gain (loss)		(.13	)		.15			(.15	)		(.22	)		.02			(.04	)
Total from investment operations		(.06	)		.29			(.02	)		(.10	)		.14			.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.06	)		(.12	)		(.12	)		(.11	)		(.11	)		(.13	)
Net asset value, end of period	$	3.32		$	3.44		$	3.27		$	3.41		$	3.62		$	3.59
Total Return, at Net Asset Value3		(1.64	)%		9.07	%		(0.50	)%		(2.69	)%		4.05	%		2.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,681		$	1,870		$	1,977		$	2,028		$	2,136		$	2,517
Average net assets (in thousands)	$	1,844		$	1,973		$	1,951		$	2,068		$	2,276		$	1,980
Ratios to average net assets:4
Net investment income		3.97	%		4.03	%		4.14	%		3.46	%		3.34	%		3.49	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.73	%		1.76	%		1.82	%		1.67	%		1.68	%		1.72	%
Interest and fees from borrowings		0.15	%		0.27	%		0.63	%		0.10	%		0.26	%		0.58	%
Interest and fees on short-term floating rate notes issued		0.07	%5		0.05	%5		0.03	%5		0.15	%5		0.24	%5		—
Total expenses		1.95	%		2.08	%		2.48	%		1.92	%		2.18	%		2.30	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.95	%		2.08	%		2.48	%		1.91	%		1.89	%		1.55	%
Portfolio turnover rate		24	%		42	%		31	%		41	%		17	%		33	%

1.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.
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.

52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

	Six Months
	Ended
	January 31, 2011												Year Ended July 31,
Class C	(Unaudited)			20101			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	3.35		$	3.19		$	3.33		$	3.54		$	3.51		$	3.56
Income (loss) from investment operations:
Net investment income2		.07			.14			.13			.12			.12			.12
Net realized and unrealized gain (loss)		(.12	)		.15			(.15	)		(.21	)		.03			(.04	)
Total from investment operations		(.05	)		.29			(.02	)		(.09	)		.15			.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.07	)		(.13	)		(.12	)		(.12	)		(.12	)		(.13	)
Net asset value, end of period	$	3.23		$	3.35		$	3.19		$	3.33		$	3.54		$	3.51
Total Return, at Net Asset Value3		(1.58	)%		9.19	%		(0.29	)%		(2.59	)%		4.25	%		2.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	73,355		$	70,579		$	60,411		$	77,530		$	59,029		$	51,659
Average net assets (in thousands)	$	75,740		$	65,423		$	66,544		$	71,291		$	55,357		$	39,346
Ratios to average net assets:4
Net investment income		4.15	%		4.17	%		4.31	%		3.58	%		3.34	%		3.46	%
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	%		1.63	%
Interest and fees from borrowings		0.15	%		0.27	%		0.63	%		0.10	%		0.26	%		0.58	%
Interest and fees on short-term floating rate notes issued		0.07	%5		0.05	%5		0.03	%5		0.15	%5		0.24	%5		—
Total expenses		1.78	%		1.92	%		2.26	%		1.82	%		2.08	%		2.21	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.78	%		1.92	%		2.26	%		1.81	%		1.86	%		1.55	%
Portfolio turnover rate		24	%		42	%		31	%		41	%		17	%		33	%

1.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.
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.

53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

	Period
	Ended
	January 31, 20111
Class Y	(Unaudited)
Per Share Operating Data
Net asset value, beginning of period	$	3.34
Income (loss) from investment operations:
Net investment income2		—	3
Net realized and unrealized loss		(.06	)
Total from investment operations		(.06	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.03	)
Net asset value, end of period	$	3.25
Total Return, at Net Asset Value4		(1.82	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	365
Average net assets (in thousands)	$	1
Ratios to average net assets:5
Net investment income		5.28	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.49	%
Interest and fees from borrowings		0.15	%
Interest and fees on short-term floating rate notes issued6		0.07	%
Total expenses		0.71	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.71	%
Portfolio turnover rate		24	%

1.	For the period from November 29, 2010 (inception of offering) to January 31, 2011.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	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.
5.	Annualized for periods less than one full year.
6.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

54 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Limited Term California Municipal Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek as high a level of income exempt from federal income tax and California individual income taxes as is consistent with its investment policies and prudent investment management. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, 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 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 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.

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,” inputs other than unadjusted quoted prices for an asset that are observable 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.

     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

55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 readily available unadjusted quoted market price, 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.

     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

56 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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 January 31, 2011, which represents 2.29% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At January 31, 2011, municipal bond holdings with a value of $10,064,399 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 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.

57 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

At January 31, 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		12.220	%		5/15/25	$	3,399,399

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page 45 of the Statement of Investments.
2.	Represents the current interest rate for a variable rate bond 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 January 31, 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.

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.

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.

58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of July 30, 2010, the Fund had available for federal income tax purposes post-October losses of $2,908,851 and unused capital loss carryforwards as follows:¹

Expiring
|
2013	$	17,565
2014		1,553
2015		172,117
2016		55,871
2017		2,457,882
2018		10,731,096
Total	$	13,436,084

1. July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.

As of January 31, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $18,156,790, of which $1,811,855 expires in 2019. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 31, 2011, it is estimated that the Fund will not utilize any of capital loss carryforward to offset realized capital gains.

     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.

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 January 31, 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	$	289,585,564	1
Gross unrealized appreciation	$	2,309,322
Gross unrealized depreciation		(17,846,959	)
Net unrealized depreciation	$	(15,537,637	)

1. The Federal tax cost of securities does not include cost of $6,641,745, 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.

59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended January 31, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased (Decreased)	$	—
Payments Made to Retired Trustees		2,077
Accumulated Liability as of January 31, 2011		15,572

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. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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 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:

	Six Months Ended January 31, 20111						Year Ended July 30, 20102
	Shares			Amount			Shares			Amount
Class A
Sold		19,698,000		$	66,189,679			19,741,040		$	65,936,252
Dividends and/or distributions reinvested		867,828			2,895,972			1,581,874			5,282,815
Redeemed		(17,421,001	)		(57,902,318	)		(13,403,714	)		(44,701,300	)
Net increase		3,144,827		$	11,183,333			7,919,200		$	26,517,767
Class B
Sold		108,209		$	374,023			121,343		$	413,547
Dividends and/or distributions reinvested		7,414			25,363			14,579			49,828
Redeemed		(152,845	)		(522,312	)		(196,559	)		(671,623	)
Net decrease		(37,222	)	$	(122,926	)		(60,637	)	$	(208,248	)

61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest Continued

	Six Months Ended January 31, 20111						Year Ended July 30, 20102
	Shares			Amount			Shares			Amount
Class C
Sold		5,859,073		$	19,642,123			7,140,540		$	23,791,887
Dividends and/or distributions reinvested		263,515			877,327			480,977			1,601,412
Redeemed		(4,483,862	)		(14,857,536	)		(5,487,683	)		(18,255,551	)
Net increase		1,638,726		$	5,661,914			2,133,834		$	7,137,748
Class Y
Sold		112,158		$	364,542			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		112,158		$	364,542			—		$	—

1.	For the six months ended January 31, 2011, for Class A, Class B and Class C shares, and for the period from November 29, 2010 (inception of offering) to January 31, 2011, for Class Y shares.
2.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended January 31, 2011, were as follows:`

	Purchases		Sales
Investment securities	$	36,276,877	$	36,392,072

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 six months ended January 31, 2011, the Fund paid $51,694 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

62 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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.

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 December 31, 2010 were as follows:

Class C $ 1,238,126

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.

63 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor
January 31, 2011	$	27,052	$	15,202	$	2,309	$	4,844

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.

     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

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 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 an 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 a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $1.50 billion, collectively. 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

64 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

(0.2705% as of January 31, 2011). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also 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 six months ended January 31, 2011 equal 0.15% 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.

As of January 31, 2011, the Fund had borrowings outstanding at an interest rate of 0.2705%. Details of the borrowings for the six months ended January 31, 2011 are as follows:

Average Daily Loan Balance	$	9,757,609
Average Daily Interest Rate		0.336	%
Fees Paid	$	175,545
Interest Paid	$	16,520

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 counter-party 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 “counter-party’) 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. Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments. The Fund also continues to receive the economic benefit of interest payments made on securities subject to reverse repurchase agreements, in the form of a direct payment from the counter-party. 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 six months ended January 31, 2011 are included in expenses on the Fund’s Statement of Operations and are less than 0.005% of the Fund’s average net assets on an annualized basis.

65 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Reverse Repurchase Agreements Continued

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 counter-party 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 counter-party 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 in respect of any reverse repurchase agreement upon delivery of a required advanced notification and 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 six months ended January 31, 2011.

7. Pending Litigation

Since 2009, a number of lawsuits have been pending in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor (but not including the Fund). The lawsuits naming the Defendant Funds also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The lawsuits raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     In 2009, what are claimed to be derivative lawsuits were filed in 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. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits allege 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 an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the

66 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits brought against those 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 funds.

8. Subsequent Event

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. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of a fund’s pre-enactment capital losses will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. 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.

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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

     The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

     Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

     Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

68 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

     The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, Troy Willis, Mark DeMitry, Marcus Franz, Michael Camarella and effective January 2010, Charles Pulire, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, that the Fund benefits from the services provided under the Agreement.

     Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load California short/intermediate municipal debt funds. The Board noted that the Fund’s one-year and five-year performance was better than its peer group median although its three-year performance was below its peer group median.

     Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load California short/intermediate municipal debt and “other states” short/intermediate municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s actual management fees were competitive with its peer group median and average. The Fund’s contractual management fees and total expenses were lower than its peer group median and average.

69 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

     Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

     Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

     Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

     Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement through September 30, 2011. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

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PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at 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.

71 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	David K. Downes, Trustee
	Matthew P. Fink, Trustee
	Phillip A. Griffiths, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Mary Ann Tynan, Trustee
	Joseph M. Wikler, Trustee
	Peter I. Wold, Trustee
	William F. Glavin, Jr., President and Principal Executive Officer
	Daniel G. Loughran, Vice President and Senior Portfolio Manager
	Scott S. Cottier, Vice President and Senior Portfolio Manager
	Troy E. Willis, Vice President and Senior Portfolio Manager
	Mark R. DeMitry, Vice President and Senior Portfolio Manager
	Michael L. Camarella, Vice President and Senior Portfolio Manager
	Richard Stein, Vice President
	Arthur S. Gabinet, Secretary
	Thomas W. Keffer, Vice President and Chief Business Officer
	Mark S. Vandehey, Vice President and Chief Compliance Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
	Robert G. Zack, Vice President
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
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.
	©2011 OppenheimerFunds, Inc. All rights reserved.

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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 www.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.

73 | 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 www.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 www.oppenheimerfunds.com or call us at 1.800.525.7048.

74 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

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 01/31/2011, 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)   Not applicable to semiannual reports.

(2)	Exhibits attached hereto.
(3)	Not applicable.

(b)   Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Limited Term California Municipal Fund

By:	/s/ William F. Glavin, Jr.William F. Glavin, Jr.
	Principal Executive Officer
Date:	03/11/2011

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:	03/11/2011

By:	/s/ Brian W. WixtedBrian W. Wixted
	Principal Financial Officer
Date:	03/11/2011