Oppenheimer Rochester California Municipal Fund NCSRS 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 811-5586

Oppenheimer 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)

Arthur S. Gabinet
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: 1/31/2012

Item 1. Reports to Stockholders.

January 31, 2012 MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SEMIANNUAL REPORT Listing of Top Holdings Financial Statements “We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.” Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Special Tax	24.8	%
Tobacco-Master Settlement Agreement	20.0
General Obligation	8.1
Tax Increment Financing (TIF)	7.2
Hospital/Healthcare	5.1
Water Utilities	3.9
Municipal Leases	3.4
Special Assessment	3.3
Marine/Aviation Facilities	2.8
Higher Education	2.5

Portfolio holdings are subject to change. Percentages are as of January 31, 2012, and are based on total assets.


Credit Rating Breakdown	NRSRO Only Total

AAA		3.1	%
AA		23.9
A		13.8
BBB		18.8
BB and lower		8.6
Unrated		31.8

Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of January 31, 2012, 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.

10 | OPPENHEIMER 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 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 summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and 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 11/3/88. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 5/3/93. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B 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 11/1/95. 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 fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees 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. There is no sales charge for Class Y shares.

11 | OPPENHEIMER 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, 2012.

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.

12 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	August 1, 2011		January 31, 2012		January 31, 2012

Class A	$	1,000.00	$	1,104.90	$	4.93
Class B		1,000.00		1,099.80		9.65
Class C		1,000.00		1,100.90		9.01
Class Y		1,000.00		1,104.70		3.66

Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.46		4.73
Class B		1,000.00		1,015.99		9.26
Class C		1,000.00		1,016.59		8.65
Class Y		1,000.00		1,021.67		3.51

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended January 31, 2012 are as follows:


Class	Expense Ratios

Class A		0.93	%
Class B		1.82
Class C		1.70
Class Y		0.69

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS January 31, 2012 / Unaudited


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—110.0%
California—103.2%
$	100,000	Adelanto, CA Elementary School District Community Facilities District No. 1		4.900	%		09/01/2014	$	93,645
	2,675,000	Adelanto, CA Elementary School District Community Facilities District No. 1		5.250			09/01/2026		2,077,057
	7,310,000	Adelanto, CA Elementary School District Community Facilities District No. 1		5.350			09/01/2036		5,092,000
	1,990,000	Adelanto, CA Elementary School District Community Facilities District No. 1		5.400			09/01/2036		1,396,602
	55,000	Adelanto, CA Improvement Agency, Series B		5.500			12/01/2023		54,337
	1,125,000	Adelanto, CA Public Utility Authority		6.750			07/01/2039		1,199,070
	2,000,000	Agua Mansa, CA Industrial Growth Assoc. Special Tax		6.500			09/01/2033		2,038,760
	1,640,000	Alhambra, CA (Atherton Baptist Homes)		7.500			01/01/2030		1,762,131
	1,000,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		1,073,290
	25,000	Alvord, CA Unified School District Community Facilities District		5.875			09/01/2034		24,999
	100,000	Alvord, CA Unified School District Community Facilities District Special Tax		4.500			09/01/2017		100,192
	1,295,000	Alvord, CA Unified School District Community Facilities District Special Tax		5.000			09/01/2036		1,054,026
	1,580,000	Alvord, CA Unified School District Community Facilities District Special Tax		5.000			09/01/2036		1,285,994
	945,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.125			09/01/2031		973,596
	955,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.125			09/01/2032		983,851
	1,380,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.250			09/01/2040		1,421,662
	3,000,000	Anaheim, CA Public Financing Authority (Anaheim Electric System Distribution)¹		5.250			10/01/2034		3,364,073
	7,000,000	Anaheim, CA Public Financing Authority (Anaheim Electric System Distribution)¹		5.250			10/01/2039		7,849,503
	500,000	Arvin, CA Community Redevel. Agency		5.000			09/01/2025		472,615
	2,435,000	Arvin, CA Community Redevel. Agency		5.125			09/01/2035		2,104,619
	600,000	Arvin, CA Community Redevel. Agency Tax Allocation		6.500			09/01/2038		604,416
	975,000	Azusa, CA Special Tax Community Facilities District No. 05-1		5.000			09/01/2021		956,787
	955,000	Bakersfield, CA Improvement Bond Act 1915		5.000			09/02/2027		797,759
	810,000	Bakersfield, CA Improvement Bond Act 1915		5.125			09/02/2026		755,123
	465,000	Bakersfield, CA Improvement Bond Act 1915		5.350			09/02/2022		441,471
	1,260,000	Bakersfield, CA Improvement Bond Act 1915		5.400			09/02/2025		1,150,115
	1,630,000	Bakersfield, CA Improvement Bond Act 1915		7.375			09/02/2028		1,679,242

14 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	10,000,000	Bay Area CA Toll Authority (San Francisco Bay Area)¹		5.250	%		12/01/2035	$	11,789,400
	10,000,000	Bay Area CA Toll Authority (San Francisco Bay Area)¹		5.500			04/01/2043		11,120,700
	10,000,000	Bay Area CA Toll Authority (San Francisco Bay Area)¹		5.625			04/01/2044		11,332,700
	2,700,000	Beaumont, CA Financing Authority, Series A		5.350			09/01/2036		2,557,980
	1,500,000	Beaumont, CA Financing Authority, Series A		6.375			09/01/2042		1,538,250
	1,050,000	Beaumont, CA Financing Authority, Series A		6.875			09/01/2036		1,097,796
	5,000	Beaumont, CA Financing Authority, Series A		7.000			09/01/2023		5,009
	685,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2027		646,010
	3,170,000	Beaumont, CA Financing Authority, Series B		5.050			09/01/2037		2,763,606
	500,000	Beaumont, CA Financing Authority, Series B		6.000			09/01/2034		506,220
	1,525,000	Beaumont, CA Financing Authority, Series B		6.000			09/01/2034		1,529,133
	450,000	Beaumont, CA Financing Authority, Series B		8.625			09/01/2039		469,544
	225,000	Beaumont, CA Financing Authority, Series B		8.875			09/01/2034		235,143
	2,340,000	Beaumont, CA Financing Authority, Series C		5.500			09/01/2035		2,282,553
	2,000,000	Beaumont, CA Financing Authority, Series D		5.800			09/01/2035		2,005,460
	3,245,000	Beaumont, CA Financing Authority, Series E		6.250			09/01/2038		3,267,034
	500,000	Blythe, CA Community Facilities District Special Tax (Hidden Beaches)		5.300			09/01/2035		421,420
	30,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		5.650			05/01/2029		28,179
	2,300,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		9.750			05/01/2038		2,355,775
	7,430,000	Brentwood, CA Infrastructure Financing Authority		5.200			09/02/2036		5,749,260
	25,000	Buena Park, CA Special Tax (Park Mall)		6.100			09/01/2028		24,870
	60,000	Butte County, CA Hsg. Authority (Affordable Hsg. Pool)		7.000			10/01/2020		60,083
	3,000,000	CA ABAG Finance Authority for NonProfit Corporations (Casa De Las Campanas)		6.000			09/01/2037		3,298,290
	1,300,000	CA ABAG Finance Authority for NonProfit Corporations (Odd Fellows Home of California)		5.200			11/15/2022		1,316,705
	105,000	CA ABAG Finance Authority for NonProfit Corporations (Odd Fellows Home of California)		5.350			11/15/2032		105,765
	65,000	CA ABAG Finance Authority for NonProfit Corporations (Redding Assisted Living Corp.)		5.250			11/15/2031		53,117
	10,000	CA ABAG Finance Authority for NonProfit Corporations COP (Merced Family Health Centers)		5.950			01/01/2024		10,019
	25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)		5.350			10/01/2029		25,010
	3,300,000	CA ABAG Finance Authority for NonProfit Corporations COP (Redwood Senior Homes & Services)		6.125			11/15/2032		3,348,510
	75,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)		6.000			01/01/2023		64,305
	20,000	CA Bay Area Government Association		4.125			09/01/2019		19,226

15 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	10,530,000	CA County Tobacco Securitization Agency		5.000	%		06/01/2047	$	6,935,479
	39,700,000	CA County Tobacco Securitization Agency		5.750	²		06/01/2057		454,962
	15,945,000	CA County Tobacco Securitization Agency		5.820	²		06/01/2033		1,573,612
	45,600,000	CA County Tobacco Securitization Agency		6.125	²		06/01/2057	��	441,864
	82,110,000	CA County Tobacco Securitization Agency		6.423	²		06/01/2046		2,828,690
	51,500,000	CA County Tobacco Securitization Agency		6.700	²		06/01/2057		421,785
	55,250,000	CA County Tobacco Securitization Agency		6.901	²		06/01/2057		365,203
	71,700,000	CA County Tobacco Securitization Agency		7.000	²		06/01/2055		851,796
	347,900,000	CA County Tobacco Securitization Agency		7.550	²		06/01/2055		2,866,696
	409,500,000	CA County Tobacco Securitization Agency		8.251	²		06/01/2055		3,374,280
	850,000	CA County Tobacco Securitization Agency (TASC)		5.100			06/01/2028		730,864
	19,815,000	CA County Tobacco Securitization Agency (TASC)		5.125			06/01/2038		14,308,808
	3,725,000	CA County Tobacco Securitization Agency (TASC)		5.125			06/01/2038		2,689,897
	11,315,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2045		7,545,295
	6,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		3,758,700
	8,000,000	CA County Tobacco Securitization Agency (TASC)		5.450			06/01/2028		6,434,000
	25,315,000	CA County Tobacco Securitization Agency (TASC)		5.600			06/01/2036		19,885,945
	25,235,000	CA County Tobacco Securitization Agency (TASC)		5.650			06/01/2041		19,495,299
	28,470,000	CA County Tobacco Securitization Agency (TASC)		5.700			06/01/2046		20,963,315
	4,375,000	CA County Tobacco Securitization Agency (TASC)		5.750			06/01/2029		4,315,631
	9,780,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		8,457,548
	1,350,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		1,133,568
	10,690,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2035		9,407,200
	16,445,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		14,229,365
	9,440,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2038		8,354,117
	75,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2043		65,304
	4,920,000	CA County Tobacco Securitization Agency (TASC)		6.250			06/01/2037		4,449,599
	86,970,000	CA County Tobacco Securitization Agency (TASC)		6.375	²		06/01/2046		4,604,192
	65,800,000	CA County Tobacco Securitization Agency (TASC)		6.600	²		06/01/2046		2,714,250
	20,000	CA Dept. of Veterans Affairs Home Purchase		5.200			12/01/2027		20,027
	5,000	CA Dept. of Water Resources (Center Valley)		5.400			07/01/2012		5,022
	4,405,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.000			06/01/2035		3,983,133
	360,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.750			06/01/2025		360,097
	385,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.875			06/01/2030		385,065
	5,000,000	CA Educational Facilities Authority (Chapman University)		5.000			04/01/2031		5,442,350
	1,250,000	CA Educational Facilities Authority (San Francisco University)		6.125			10/01/2036		1,484,875
	2,500,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		2,668,450

16 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	10,000	CA GO		5.000	%		10/01/2023	$	10,031
	5,000	CA GO		5.125			02/01/2027		5,012
	5,000	CA GO		5.125			06/01/2031		5,010
	35,000	CA GO		5.250			06/01/2021		35,459
	5,000	CA GO		5.500			10/01/2022		5,035
	1,500,000	CA GO		6.000			03/01/2033		1,784,670
	60,000	CA GO		6.250			10/01/2019		60,493
	200,000	CA GO		6.250			10/01/2019		201,644
	10,000,000	CA GO		6.500			04/01/2033		12,317,600
	14,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		0.000	³		06/01/2037		9,584,960
	20,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.125			06/01/2047		13,624,200
	2,030,000	CA Health Facilities Financing Authority (Community Programs for Persons with Developmental Disabilities)		6.250			02/01/2026		2,371,202
	405,000	CA Health Facilities Financing Authority (Hospital of the Good Samaritan)		7.000			09/01/2021		404,976
	1,790,000	CA Health Facilities Financing Authority (Northern California Presbyterian Homes & Services)		5.125			07/01/2018		1,792,417
	14,215,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)¹		5.500			10/01/2039		15,734,265
	100,000	CA Health Facilities Financing Authority (Providence Health System-Southern California)		6.250			10/01/2028		119,201
	5,000,000	CA Health Facilities Financing Authority (Scripps Health)⁴		5.000			11/15/2040		5,382,500
	5,000,000	CA Health Facilities Financing Authority (SJHS/SJHCN/ SJHE/SJHO Obligated Group)		5.750			07/01/2039		5,494,300
	13,500,000	CA Health Facilities Financing Authority (Sutter Health)		5.250			08/15/2031		15,454,800
	15,000	CA Health Facilities Financing Authority (Sutter Health)		5.350			08/15/2028		15,222
	25,000	CA HFA (Multifamily Hsg.)		5.375			08/01/2028		24,999
	275,000	CA HFA (Multifamily Hsg.)		5.950			08/01/2028		275,036
	2,395,000	CA HFA (Multifamily Hsg.)		6.050			08/01/2027		2,411,693
	400,000	CA HFA (Multifamily Hsg.), Series A		5.900			02/01/2028		400,292
	95,000	CA HFA (Multifamily Hsg.), Series B		5.500			08/01/2039		88,100
	4,660,000	CA HFA, Series C		5.750			08/01/2030		4,663,122
	1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)		6.250			07/15/2045		1,037,140
	40,000	CA Independent Cities Lease Finance Authority (Caritas Affordable Hsg.)		5.375			08/15/2040		39,624
	110,000	CA Lee Lake Water District Community Facilities District No. 1 (Sycamore Creek)		6.000			09/01/2033		112,047
	10,000,000	CA M-S-R Energy Authority		6.500			11/01/2039		12,165,800
	65,000	CA M-S-R Public Power Agency (San Juan)		6.000			07/01/2022		71,312

17 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	10,000	CA MobileHome Park Financing Authority (Palomar Estates East & West)		5.100	%		09/15/2023	$	9,814
	200,000	CA Municipal Finance Authority (Biola University)		5.625			10/01/2023		216,912
	250,000	CA Municipal Finance Authority (Casa Griffin Apts.)		5.750			10/01/2034		254,243
	1,000,000	CA Municipal Finance Authority (Emerson College)		5.750			01/01/2033		1,104,970
	1,000,000	CA Municipal Finance Authority (Emerson College)		6.000			01/01/2042		1,110,430
	1,000,000	CA Municipal Finance Authority (INSD-Lincoln Glen Manor for Senior Citizens)		6.000			04/01/2031		1,087,910
	1,500,000	CA Municipal Finance Authority (OCEAA)		7.000			10/01/2039		1,501,380
	1,750,000	CA Municipal Finance Authority (Pilgrim Place Claremont)		5.875			05/15/2029		1,955,573
	1,000,000	CA Municipal Finance Authority (Pilgrim Place Claremont)		6.125			05/15/2039		1,102,890
	600,000	CA Municipal Finance Authority (Southwestern Law School)		6.500			11/01/2031		646,626
	1,250,000	CA Municipal Finance Authority (Southwestern Law School)		6.500			11/01/2041		1,346,163
	1,400,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)		5.500			12/01/2024		1,147,958
	85,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)		5.850			06/01/2021		85,288
	955,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)		5.850			06/01/2021		958,237
	2,795,000	CA Public Works		5.750			03/01/2030		3,172,213
	2,500,000	CA Public Works		6.000			03/01/2035		2,819,325
	365,000	CA Public Works		6.125			11/01/2029		427,225
	8,370,000	CA Public Works		6.375			11/01/2034		9,676,808
	6,550,000	CA Public Works		6.625			11/01/2034		7,697,495
	2,000,000	CA Public Works (California State Prisons)		5.750			10/01/2031		2,296,360
	735,000	CA Public Works (Dept. of Corrections)		5.250			06/01/2028		755,308
	900,000	CA Public Works (Dept. of Health Services)		5.500			11/01/2015		903,141
	900,000	CA Public Works (Dept. of Mental Health)		5.000			11/01/2031		939,519
	2,500,000	CA Public Works (Judicial Council)		5.000			12/01/2031		2,706,750
	125,000	CA Public Works (Trustees California State University)		6.000			04/01/2027		145,770
	2,540,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.)		5.500			08/01/2047		1,337,285
	315,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.)		5.500			08/01/2047		149,036
	17,650,000	CA Silicon Valley Tobacco Securitization Authority		5.850	²		06/01/2047		709,707
	165,000,000	CA Silicon Valley Tobacco Securitization Authority		6.300	²		06/01/2056		1,428,900
	100,000,000	CA Silicon Valley Tobacco Securitization Authority		6.850	²		06/01/2056		589,000
	36,465,000	CA Silicon Valley Tobacco Securitization Authority		7.663	²		06/01/2041		2,639,337
	108,920,000	CA Silicon Valley Tobacco Securitization Authority		8.597	²		06/01/2036		12,771,959
	95,000	CA Statewide CDA		5.000			09/02/2018		93,480
	135,000	CA Statewide CDA		5.000			09/02/2019		130,527
	235,000	CA Statewide CDA		5.125			09/02/2020		224,684

18 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	2,855,000	CA Statewide CDA		5.125	%		09/02/2025	$	2,513,542
	8,070,000	CA Statewide CDA		5.200			09/02/2036		6,290,646
	100,000	CA Statewide CDA		6.527	²		09/01/2028		32,738
	75,000	CA Statewide CDA		6.625			09/01/2027		75,050
	50,000	CA Statewide CDA		6.750			09/01/2037		50,763
	100,000	CA Statewide CDA		6.773	²		09/01/2034		20,388
	15,000	CA Statewide CDA		7.000			07/01/2022		15,019
	760,000	CA Statewide CDA (Citrus Gardens Apartments)		6.500			07/01/2032		795,302
	75,000	CA Statewide CDA (East Campus Apartments)		5.625			08/01/2034		77,051
	1,350,000	CA Statewide CDA (East Tabor Apartments)		6.850			08/20/2036		1,406,349
	1,250,000	CA Statewide CDA (Enloe Medical Center)		6.250			08/15/2033		1,385,000
	60,000	CA Statewide CDA (GP Steinbeck)		5.492	²		03/20/2022		33,650
	1,000,000	CA Statewide CDA (Huntington Park Charter School)		5.250			07/01/2042		785,950
	1,145,000	CA Statewide CDA (International School Peninsula)		5.000			11/01/2025		1,089,113
	1,000,000	CA Statewide CDA (International School Peninsula)		5.000			11/01/2029		923,440
	75,000	CA Statewide CDA (Lincoln Apartments)		5.350			09/20/2036		75,616
	2,750,000	CA Statewide CDA (Live Oak School)		6.750			10/01/2030		2,765,758
	2,500,000	CA Statewide CDA (Lodi Memorial Hospital)		5.000			12/01/2027		2,618,850
	5,705,000	CA Statewide CDA (Marin Montessori School)		7.000			10/01/2033		5,767,926
	2,019,578	CA Statewide CDA (Microgy Holdings)⁵		9.000			12/01/2038		19,570
	6,110,000	CA Statewide CDA (Mountain Shadows Community)		5.000			07/01/2031		4,861,299
	1,375,000	CA Statewide CDA (Napa Valley Hospice)		7.000			01/01/2034		1,083,294
	1,125,000	CA Statewide CDA (Notre Dame de Namur University)		6.500			10/01/2023		1,126,800
	4,635,000	CA Statewide CDA (Notre Dame de Namur University)		6.625			10/01/2033		4,570,017
	30,000	CA Statewide CDA (Quail Ridge Apartments)		5.375			07/01/2032		22,877
	1,305,000	CA Statewide CDA (Quail Ridge Apartments)		6.500			07/01/2032		1,011,427
	1,935,000	CA Statewide CDA (Quail Ridge Apartments)		9.000			07/01/2032		1,528,244
	425,000	CA Statewide CDA (Rio Bravo)		6.500			12/01/2018		400,206
	220,000	CA Statewide CDA (Stonehaven Student Hsg.)		5.875			07/01/2032		210,544
	15,000	CA Statewide CDA (Sutter Health Obligated Group)		5.500			08/15/2034		15,380
	1,500,000	CA Statewide CDA COP (Children’s Hospital of Los Angeles)		5.000			08/15/2047		1,383,645
	60,000	CA Statewide CDA COP (Children’s Hospital of Los Angeles)		5.250			08/15/2029		60,028
	165,000	CA Statewide CDA COP (Internext Group)		5.375			04/01/2030		163,008
	220,000	CA Statewide CDA Special Tax Community Facilities District No. 97		6.842	²		09/01/2022		119,508
	9,690,000	CA Statewide CDA, Series A		5.150			09/02/2037		7,521,475
	5,980,000	CA Statewide CDA, Series B		6.250			09/02/2037		5,631,486
	45,175,000	CA Statewide Financing Authority Tobacco Settlement		6.375	²		06/01/2046		1,539,112
	220,000,000	CA Statewide Financing Authority Tobacco Settlement		7.876	²		06/01/2055		1,812,800

19 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	25,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000	%		05/01/2037	$	21,881
	8,295,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		7,260,116
	15,975,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		13,751,120
	20,035,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		17,245,928
	1,360,000	CA Valley Sanitation District		5.200			09/02/2030		1,185,335
	80,000	CA Western Hills Water District Special Tax		5.000			09/01/2014		71,019
	25,000	CA Western Hills Water District Special Tax		5.200			09/01/2019		18,046
	105,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.000			09/01/2024		70,831
	4,495,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.125			09/01/2031		2,753,457
	300,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.700			09/01/2020		233,880
	90,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.750			09/01/2022		67,631
	3,695,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.875			09/01/2031		2,484,924
	10,000	CA William S. Hart Joint School Financing Authority		5.600			09/01/2023		10,096
	10,000	CA William S. Hart Union School District		6.000			09/01/2033		10,064
	2,500,000	Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)		5.500			09/01/2036		843,650
	2,325,000	Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)		5.550			09/01/2036		784,385
	25,000	Campbell, CA (Civic Center) COP		5.125			10/01/2019		25,093
	75,000	Campbell, CA (Civic Center) COP		5.250			10/01/2028		75,246
	25,000	Carlsbad, CA Improvement Bond Act 1915		5.500			09/02/2028		25,007
	100,000	Carson, CA Public Financing Authority (Remediation)		6.500			10/01/2036		112,048
	1,500,000	Carson, CA Redevel. Agency Tax Allocation		7.000			10/01/2036		1,724,505
	4,510,000	Castaic, CA Union School District Community Facilities District No. 92-1		9.000			10/01/2019		4,540,082
	45,000	Chino, CA Community Facilities District Special Tax		5.950			09/01/2033		45,105
	995,000	Chino, CA Community Facilities District Special Tax No. 2005-1		5.000			09/01/2023		972,722
	1,615,000	Chino, CA Community Facilities District Special Tax No. 2005-1		5.000			09/01/2027		1,507,102
	2,500,000	Chino, CA Community Facilities District Special Tax No. 2005-1		5.000			09/01/2036		2,143,475
	2,175,000	Chowchilla, CA Community Facilities Sales Tax District		5.000			09/01/2037		1,894,838

20 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,480,000	Chowchilla, CA Redevel. Agency		5.000	%		08/01/2037	$	1,191,267
	2,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			01/01/2034		2,318,100
	11,360,000	Citrus, CA Community College District¹		5.500			06/01/2031		13,115,461
	1,650,000	Colton, CA Community Facilities District Special Tax		7.500			09/01/2020		1,652,855
	3,715,000	Compton, CA Community College District		6.750			08/01/2034		4,172,985
	5,000	Contra Costa County, CA Public Financing Authority Tax Allocation		5.850			08/01/2033		4,982
	4,870,000	Corcoran, CA Hospital District		8.000			08/01/2034		5,536,362
	965,000	Corona, CA Community Facilities District (Buchanan Street)		5.150			09/01/2036		912,272
	975,000	Daly City, CA Hsg. Devel. Finance Agency (Third Tier Francsican)		6.500			12/15/2047		965,533
	1,855,000	Desert Hot Springs, CA Community Facilities District Special Tax		6.375			09/01/2038		1,891,785
	3,725,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation		7.375			09/01/2039		4,390,434
	15,000,000	East Bay, CA Municipal Utility District (Water System)¹		5.000			06/01/2036		17,322,450
	6,875,000	East Bay, CA Municipal Utility District (Water System)		5.000			06/01/2037		7,912,506
	200,000	Eastern CA Municipal Water District Community Facilities Special Tax		5.000			09/01/2030		186,678
	340,000	Eastern CA Municipal Water District Community Facilities Special Tax		5.000			09/01/2037		302,705
	200,000	Eastern CA Municipal Water District Community Facilities Special Tax		5.100			09/01/2037		180,704
	3,740,000	Eastern CA Municipal Water District Community Facilities Special Tax		5.250			09/01/2035		3,078,544
	50,000	Eastern CA Municipal Water District Community Facilities Special Tax (Barrington Heights)		5.125			09/01/2035		45,570
	1,500,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)		5.625			09/01/2034		1,351,335
	425,000	Eastern CA Municipal Water District Community Facilities Special Tax No. 2003-25		5.000			09/01/2036		379,712
	20,000	Eastern CA Municipal Water District Community Facilities Special Tax No. 2004-26		5.000			09/01/2025		20,090
	25,000	Etiwanda, CA School District Special Tax		5.400			09/01/2035		23,364
	10,300,000	Etiwanda, CA School District Special Tax Community Facilities District No. 2004-2		6.000			09/01/2037		9,600,733
	1,000,000	Fairfield, CA Community Facilities District Special Tax (Fairfield Commons)		6.875			09/01/2038		1,019,220
	100,000	Fillmore, CA Public Financing (Central City Redevel.)		5.500			06/01/2031		90,602
	5,050,000	Folsom, CA Special Tax Community Facilities District No. 31		5.000			09/01/2036		4,190,642
	10,000	Fontana, CA Redevel. Agency (Jurupa Hills)		5.500			10/01/2027		10,015

21 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	10,000,000	Foothill, CA De Anza Community College District¹		5.000	%		08/01/2040	$	11,173,500
	20,000	Fremont, CA Community Facilities District (Pacific Commons)		6.250			09/01/2026		20,015
	1,010,000	Greenfield, CA Union School District		7.000			09/01/2040		1,041,058
	5,145,000	Grossmont, CA Union High School District¹		5.500			08/01/2030		6,041,602
	4,895,000	Grossmont, CA Union High School District¹		5.500			08/01/2031		5,692,622
	10,000,000	Grossmont, CA Union High School District¹		5.500			08/01/2045		11,564,300
	1,165,000	Heber, CA Public Utilities District (Heber Meadows)		5.300			09/01/2035		981,909
	1,020,000	Hemet, CA Unified School District		5.100			09/01/2030		888,022
	785,000	Hemet, CA Unified School District		5.125			09/01/2036		719,845
	1,285,000	Hemet, CA Unified School District		5.125			09/01/2037		1,060,485
	1,505,000	Hemet, CA Unified School District		5.250			09/01/2035		1,406,588
	1,155,000	Hemet, CA Unified School District Community Facilities District No. 2005-3		5.375			09/01/2026		1,089,708
	2,835,000	Hemet, CA Unified School District Community Facilities District No. 2005-3		5.750			09/01/2039		2,573,811
	60,000	Hemet, CA Unified School District Community Facilities District Special Tax		5.625			09/01/2035		59,378
	25,000	Hesperia, CA Improvement Bond Act 1915		8.500			09/02/2024		25,777
	1,355,000	Hesperia, CA Public Financing Authority, Tranche A		6.250			09/01/2035		1,323,903
	3,345,000	Hesperia, CA Public Financing Authority, Tranche B		6.250			09/01/2035		3,268,232
	3,325,000	Hesperia, CA Public Financing Authority, Tranche C		6.250			09/01/2035		3,248,691
	1,065,000	Hesperia, CA Unified School District		5.000			09/01/2030		981,334
	1,700,000	Hesperia, CA Unified School District		5.000			09/01/2037		1,491,070
	50,000	Hesperia, CA Unified School District		5.200			09/01/2035		45,394
	1,430,000	Imperial County, CA Community Facilities District No. 2004-2 Special Tax		5.900			09/01/2037		1,036,421
	1,070,000	Imperial County, CA Special Tax		5.000			09/01/2037		742,741
	7,000,000	Imperial, CA Irrigation District		6.250			11/01/2031		8,632,820
	2,215,000	Indio, CA Community Facilities District Special Tax		5.250			09/01/2027		2,134,994
	1,000,000	Indio, CA Community Facilities District Special Tax		5.250			09/01/2036		906,550
	2,500,000	Indio, CA Community Facilities District Special Tax		5.250			09/01/2036		2,236,850
	285,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)		5.000			09/01/2020		286,146
	300,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)		5.000			09/01/2021		298,857
	625,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)		5.050			09/01/2026		586,869
	2,805,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)		5.125			09/01/2036		2,417,433
	35,000	Indio, CA Hsg. (Olive Court Apartments)		6.375			12/01/2026		35,113

22 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	25,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 2002-2		6.125	%		09/02/2027	$	25,347
	1,995,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 2003-03		6.125			09/02/2029		2,024,666
	25,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 2003-5 (Sunburst)		5.875			09/02/2029		25,273
	354,105,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.000	²		06/01/2057		2,815,135
	3,130,000	Ione, CA Special Tax Community Facilities District 2005-2-A		6.000			09/01/2036		3,148,373
	10,000	Irvine, CA Improvement Bond Act 1915		5.625			09/02/2024		10,305
	30,000	Jurupa, CA Community Services District Special Tax		5.000			09/01/2036		27,762
	650,000	Jurupa, CA Community Services District Special Tax (Eastvale Area)		6.375			09/01/2033		669,702
	2,650,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 15 (Eastvale)		6.500			09/01/2042		2,730,666
	1,000,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 25		6.000			09/01/2042		1,025,570
	500,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 38		6.375			09/01/2040		515,190
	110,000	Jurupa, CA Public Financing Authority		6.000			09/01/2032		113,322
	1,000,000	Jurupa, CA Public Financing Authority		6.125			09/01/2040		1,030,180
	1,140,000	Jurupa, CA Public Financing Authority		6.125			09/01/2040		1,174,405
	20,000	Kingsburg, CA Public Financing Authority		8.000			09/15/2021		20,044
	5,000,000	La Verne, CA COP (Bethren Hillcrest Homes)		5.600			02/15/2033		4,391,250
	2,000,000	La Verne, CA COP (Bethren Hillcrest Homes)		6.625			02/15/2025		2,021,220
	565,000	Lake Berryessa, CA Resort Improvement District		5.250			09/02/2017		503,302
	1,440,000	Lake Berryessa, CA Resort Improvement District		5.500			09/02/2027		1,129,939
	2,410,000	Lake Berryessa, CA Resort Improvement District		5.550			09/02/2037		1,730,621
	2,020,000	Lake Elsinore, CA Community Facilities District No. 2006-2 Special Tax (Viscaya)		5.400			09/01/2036		1,940,796
	120,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.875			09/01/2027		121,723
	245,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.875			09/01/2028		247,313
	155,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		6.000			09/01/2029		156,668
	200,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		6.000			09/01/2030		201,608
	2,050,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		6.250			09/01/2040		2,064,125
	2,575,000	Lake Elsinore, CA Special Tax		5.150			09/01/2036		2,369,695
	920,000	Lake Elsinore, CA Special Tax		5.200			09/01/2026		908,859
	2,800,000	Lake Elsinore, CA Special Tax		5.250			09/01/2037		2,564,520
	1,150,000	Lake Elsinore, CA Special Tax		5.350			09/01/2036		1,096,767
	1,210,000	Lake Elsinore, CA Special Tax		5.350			09/01/2036		1,153,989
	2,000,000	Lake Elsinore, CA Special Tax		5.450			09/01/2036		1,832,100

23 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,170,000	Lake Elsinore, CA Unified School District		5.000	%		09/01/2037	$	992,300
	2,000,000	Lake Elsinore, CA Unified School District		5.350			09/01/2035		1,843,580
	1,220,000	Lake Elsinore, CA Unified School District		5.350			09/01/2035		1,096,194
	1,435,000	Lake Elsinore, CA Unified School District		5.400			09/01/2035		1,379,824
	350,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2006-4		5.625			09/01/2040		337,698
	1,100,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2006-6		5.900			09/01/2037		1,107,601
	1,275,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2005-7		6.250			09/01/2040		1,322,009
	1,670,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)		6.875			08/01/2034		1,795,784
	1,010,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)		6.875			08/01/2039		1,081,225
	20,000	Lathrop, CA Financing Authority (Water Supply)		5.600			06/01/2018		20,452
	10,000	Lathrop, CA Financing Authority (Water Supply)		5.700			06/01/2019		10,210
	1,675,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)		5.100			09/02/2035		1,442,577
	50,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)		6.000			09/02/2022		50,858
	20,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)		6.125			09/02/2028		20,144
	60,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)		6.125			09/02/2033		60,037
	4,355,000	Lathrop, CA Special Tax Community Facilities District No. 03-2		7.000			09/01/2033		4,424,680
	475,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.000			09/01/2015		152,000
	445,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.000			09/01/2016		142,400
	670,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.125			09/01/2017		214,400
	800,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.125			09/01/2018		256,000
	1,015,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.200			09/01/2019		324,800
	505,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.250			09/01/2021		161,600
	5,680,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.300			09/01/2026		1,817,600
	32,305,000	Lathrop, CA Special Tax Community Facilities District No. 06-1⁵		5.375			09/01/2036		10,337,600
	4,000,000	LeMoore, CA Redevel. Agency Tax Allocation		7.375			08/01/2040		4,417,560
	635,000	Lincoln, CA Special Tax		5.000			09/01/2026		550,399
	1,315,000	Lincoln, CA Special Tax		5.000			09/01/2036		1,004,673
	150,000	Long Beach, CA Bond Finance Authority (Redevel. Hsg. & Gas Utilities)		5.000			08/01/2025		150,860

24 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,000,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500	%		11/15/2037	$	1,088,730
	15,000,000	Los Angeles, CA Community College District¹		5.000			08/01/2033		16,568,550
	10,000,000	Los Angeles, CA Community College District¹		6.000			08/01/2033		12,042,400
	2,075,000	Los Angeles, CA Community Devel. Agency (Adelante Eastside Redevel.)		6.500			09/01/2039		2,255,027
	1,575,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)		5.000			12/01/2026		1,475,980
	10,215,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.375			05/15/2025		11,572,982
	14,210,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.250			05/15/2024		16,022,700
	10,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.375			05/15/2026		11,275,137
	11,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.375			05/15/2027		12,341,280
	10,095,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.375			05/15/2028		11,283,888
	3,000,000	Los Angeles, CA Dept. of Water & Power¹		5.375			07/01/2034		3,440,970
	12,000,000	Los Angeles, CA Dept. of Water & Power¹		5.375			07/01/2038		13,603,680
	16,300,000	Los Angeles, CA Harbor Dept.¹		5.250			08/01/2034		18,553,149
	1,500,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.000			06/01/2029		1,621,980
	2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.250			06/01/2034		2,141,600
	500,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.375			06/01/2039		527,295
	1,500,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000			12/01/2020		981,015
	1,100,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000			12/01/2027		668,085
	4,000,000	Los Angeles, CA Municipal Improvement Corp. (Real Property)		6.000			09/01/2039		4,565,040
	2,500,000	Los Angeles, CA Unified School District		5.000			07/01/2029		2,845,350
	20,000	Los Banos, CA COP		6.000			12/01/2019		20,019
	85,000	Madera County, CA COP (Valley Children’s Hospital)		5.750			03/15/2028		85,096
	925,000	Madera, CA Special Tax		5.000			09/01/2036		699,716
	500,000	Malibu, CA Community Facilities District Special Tax (Carbon Beach)		5.875			09/01/2039		515,205
	10,000	Manteca, CA Unified School District Special Tax Community Facilities District No. 89		5.400			09/01/2023		9,675
	4,530,000	Mayers, CA Memorial Hospital District		7.875			06/01/2041		4,662,865
	1,375,000	Mendota, CA Joint Powers Financing Authority Wastewater		5.150			07/01/2035		1,134,623
	100,000	Menifee, CA Union School District Special Tax		5.000			09/01/2022		99,914
	915,000	Menifee, CA Union School District Special Tax		5.200			09/01/2030		853,997
	400,000	Menifee, CA Union School District Special Tax		5.200			09/01/2035		368,380
	500,000	Menifee, CA Union School District Special Tax		5.250			09/01/2035		451,230
	2,930,000	Merced, CA Special Tax		5.000			09/01/2036		1,987,302

25 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	4,705,000	Metropolitan Water District of Southern California		5.000	%		07/01/2032	$	5,268,236
	3,635,000	Modesto, CA Special Tax Community Facilities District No. 4		5.150			09/01/2036		3,318,464
	3,000,000	Montebello, CA Community Redevel. Agency (Montebello Hills Redevel.)		8.100			03/01/2027		3,556,680
	1,250,000	Moreno Valley, CA Special Tax Community Facilities District No. 5		5.000			09/01/2037		999,250
	25,000	Moreno Valley, CA Unified School District Community Facilities District		5.100			09/01/2028		25,105
	1,475,000	Moreno Valley, CA Unified School District Community Facilities District		5.150			09/01/2035		1,395,999
	680,000	Moreno Valley, CA Unified School District Community Facilities District		5.200			09/01/2036		647,374
	750,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-3		5.000			09/01/2037		631,868
	1,665,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-6		5.000			09/01/2022		1,701,047
	10,000	Murrieta, CA Community Facilities District Special Tax (Bluestone)		6.300			09/01/2031		10,062
	240,000	Murrieta, CA Community Facilities District Special Tax (Meadowlane/Amberwalk)		5.125			09/01/2035		218,736
	25,000	Murrieta, CA Community Facilities District Special Tax (Murrieta Springs)		5.375			09/01/2029		24,158
	35,000	Murrieta, CA Valley Unified School District Special Tax		5.250			09/01/2037		31,842
	370,000	Murrieta, CA Valley Unified School District Special Tax		5.375			09/01/2026		357,823
	1,355,000	Murrieta, CA Valley Unified School District Special Tax		5.450			09/01/2038		1,209,798
	2,000,000	Newport Beach, CA (Hoag Memorial Hospital Presbyterian)		6.000			12/01/2040		2,384,380
	2,000,000	Norco, CA Redevel. Agency Tax Allocation		6.000			03/01/2036		2,143,220
	157,335,000	Northern CA Tobacco Securitization Authority (TASC)		6.700	²		06/01/2045		4,026,203
	1,250,000	Northern Humboldt, CA Union High School District		6.500			08/01/2034		1,532,138
	45,000	Northern, CA Inyo County Local Hospital District		5.300			12/01/2028		37,382
	2,000,000	Northern, CA Inyo County Local Hospital District		6.375			12/01/2025		2,154,300
	1,000,000	Oak Valley, CA Hospital District		7.000			11/01/2035		1,073,510
	10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)		6.100			06/01/2027		10,001
	1,000,000	Oakland, CA GO		6.000			01/15/2034		1,142,860
	250,000	Oakland, CA GO		6.250			01/15/2039		287,373
	2,500,000	Oakland, CA Unified School District		5.250			08/01/2024		2,540,500
	4,595,000	Oakland, CA Unified School District		6.125			08/01/2029		5,201,678
	250,000	Oakland, CA Unified School District		6.500			08/01/2022		300,065
	250,000	Oakland, CA Unified School District		6.500			08/01/2023		300,505
	250,000	Oakland, CA Unified School District		6.500			08/01/2024		298,843

26 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	875,000	Oakley, CA Public Finance Authority		5.200	%		09/02/2026	$	874,956
	2,940,000	Oakley, CA Public Finance Authority		5.250			09/02/2036		2,743,961
	3,205,000	Olivehurst, CA Public Utilities District (Plumas Lake Community Facilities District)		7.625			09/01/2038		3,183,751
	4,000,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500			09/02/2020		4,021,720
	2,000,000	Orange, CA Community Facilities District Special Tax (Del Rio Public Improvements)		6.000			10/01/2040		2,061,100
	440,000	Palm Desert, CA Financing Authority		5.050	²		08/01/2015		371,958
	390,000	Palm Desert, CA Financing Authority		5.100	²		08/01/2016		314,488
	230,000	Palm Desert, CA Financing Authority		5.650	²		04/01/2018		166,532
	1,020,000	Palm Desert, CA Financing Authority		5.650	²		08/01/2018		724,649
	265,000	Palm Desert, CA Financing Authority		5.750	²		04/01/2019		178,682
	1,165,000	Palm Desert, CA Financing Authority		5.750	²		08/01/2019		769,552
	305,000	Palm Desert, CA Financing Authority		5.850	²		04/01/2020		192,315
	1,310,000	Palm Desert, CA Financing Authority		5.850	²		08/01/2020		809,253
	340,000	Palm Desert, CA Financing Authority		5.950	²		04/01/2021		200,090
	1,450,000	Palm Desert, CA Financing Authority		5.950	²		08/01/2021		836,085
	380,000	Palm Desert, CA Financing Authority		6.000	²		04/01/2022		209,642
	1,605,000	Palm Desert, CA Financing Authority		6.000	²		08/01/2022		867,599
	395,000	Palm Desert, CA Financing Authority		6.010	²		04/01/2023		204,049
	1,755,000	Palm Desert, CA Financing Authority		6.010	²		08/01/2023		887,661
	410,000	Palm Desert, CA Financing Authority		6.020	²		04/01/2024		197,489
	1,910,000	Palm Desert, CA Financing Authority		6.020	²		08/01/2024		900,355
	430,000	Palm Desert, CA Financing Authority		6.030	²		04/01/2025		193,070
	2,070,000	Palm Desert, CA Financing Authority		6.030	²		08/01/2025		909,227
	445,000	Palm Desert, CA Financing Authority		6.040	²		04/01/2026		185,196
	2,235,000	Palm Desert, CA Financing Authority		6.040	²		08/01/2026		911,142
	465,000	Palm Desert, CA Financing Authority		6.050	²		04/01/2027		179,513
	1,400,000	Palm Desert, CA Financing Authority		6.050	²		08/01/2027		529,284
	480,000	Palm Desert, CA Financing Authority		6.060	²		04/01/2028		172,406
	1,415,000	Palm Desert, CA Financing Authority		6.060	²		08/01/2028		497,613
	500,000	Palm Desert, CA Financing Authority		6.070	²		04/01/2029		166,340
	1,370,000	Palm Desert, CA Financing Authority		6.070	²		08/01/2029		446,127
	520,000	Palm Desert, CA Financing Authority		6.080	²		04/01/2030		150,176
	1,430,000	Palm Desert, CA Financing Authority		6.080	²		08/01/2030		403,675
	540,000	Palm Desert, CA Financing Authority		6.090	²		04/01/2031		143,770
	1,495,000	Palm Desert, CA Financing Authority		6.090	²		08/01/2031		388,969
	560,000	Palm Desert, CA Financing Authority		6.100	²		04/01/2032		137,262
	1,560,000	Palm Desert, CA Financing Authority		6.100	²		08/01/2032		373,589

27 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	580,000	Palm Desert, CA Financing Authority		6.100	%²		04/01/2033	$	131,782
	1,625,000	Palm Desert, CA Financing Authority		6.100	²		08/01/2033		360,701
	590,000	Palm Desert, CA Financing Authority		6.100	²		04/01/2034		123,658
	1,705,000	Palm Desert, CA Financing Authority		6.100	²		08/01/2034		349,048
	2,075,000	Palm Desert, CA Financing Authority		6.100	²		08/01/2035		394,105
	5,000,000	Palm Desert, CA Improvement Bond Act 1915		5.100			09/02/2037		3,775,350
	3,000,000	Palm Desert, CA Special Tax Community Facilities District No. 2005-1		5.150		��	09/01/2027		2,606,700
	2,335,000	Palm Desert, CA Special Tax Community Facilities District No. 2005-1-A		5.250			09/01/2026		2,078,640
	2,000,000	Palm Desert, CA Special Tax Community Facilities District No. 2005-1-A		5.450			09/01/2032		1,692,520
	120,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)		5.450			07/01/2020		112,589
	490,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)		5.550			07/01/2028		429,505
	250,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)		6.400			07/01/2023		243,075
	505,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)		6.500			07/01/2027		487,037
	85,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs Regional Airport)		5.250			01/01/2022		85,142
	10,000	Palm Springs, CA Improvement Bond Act 1915		5.550			09/02/2023		10,017
	1,355,000	Palmdale, CA Community Facilities District Special Tax		5.400			09/01/2035		1,284,418
	6,360,000	Palmdale, CA Community Facilities District Special Tax		6.125			09/01/2037		6,064,069
	5,340,000	Palmdale, CA Community Facilities District Special Tax		6.250			09/01/2035		5,217,447
	500,000	Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-1		5.700			08/01/2018		501,605
	20,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)		5.750			09/02/2022		20,422
	1,365,000	Perris, CA Community Facilities District Special Tax		5.300			09/01/2035		1,293,570
	2,025,000	Perris, CA Community Facilities District Special Tax (Amber Oaks)		6.000			09/01/2034		2,056,408
	2,500,000	Perris, CA Community Facilities District Special Tax (Chaparral Ridge)		6.250			09/01/2033		2,554,400
	2,110,000	Perris, CA Community Facilities District Special Tax (Harmony Grove)		5.300			09/01/2035		1,999,584
	10,000	Perris, CA Community Facilities District Special Tax (May Farms)		5.100			09/01/2030		9,571
	120,000	Perris, CA Community Facilities District Special Tax (May Farms)		5.150			09/01/2035		111,344
	1,260,000	Perris, CA Community Facilities District Special Tax No. 2001		5.000			09/01/2037		1,121,791

28 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,270,000	Perris, CA Community Facilities District Special Tax, Series A		5.750	%		09/01/2035	$	1,276,515
	2,500,000	Perris, CA Community Facilities District Special Tax, Series B		6.000			09/01/2034		2,538,775
	140,000	Perris, CA Public Financing Authority		5.000			09/01/2017		142,194
	85,000	Perris, CA Public Financing Authority		5.100			09/01/2018		86,320
	2,000,000	Perris, CA Public Financing Authority		5.350			10/01/2036		1,769,900
	10,000	Perris, CA Public Financing Authority, Series A		6.000			09/01/2023		10,374
	80,000	Perris, CA Public Financing Authority, Series A		6.125			09/01/2034		81,640
	1,815,000	Perris, CA Public Financing Authority, Series A		6.250			09/01/2033		1,854,494
	2,080,000	Perris, CA Public Financing Authority, Series A		6.600			09/01/2038		2,103,005
	2,035,000	Perris, CA Public Financing Authority, Series C		6.200			09/01/2038		2,036,791
	860,000	Perris, CA Public Financing Authority, Series D		5.500			09/01/2024		862,623
	7,600,000	Perris, CA Public Financing Authority, Series D		5.800			09/01/2038		7,340,156
	2,500,000	Perris, CA Union High School District		6.125			09/01/2041		2,577,475
	2,000,000	Perris, CA Union High School District Financing Authority		6.000			09/01/2033		2,062,860
	25,000	Pleasant Hill, CA Special Tax Downtown Community Facilities District No. 1		6.000			09/01/2032		24,911
	500,000	Pomona, CA Public Financing Authority (Water Facilities)		5.000			05/01/2047		515,595
	50,000	Pomona, CA Unified School District		6.150			08/01/2030		59,215
	100,000	Poway, CA Unified School District		7.500			09/15/2032		103,203
	4,000,000	Poway, CA Unified School District Special Tax Community Facilities District No. 14		5.250			09/01/2036		3,733,320
	500,000	Poway, CA Unified School District Special Tax Community Facilities District No. 14 (Torrey Highland Subarea)		6.125			09/01/2041		515,495
	3,000,000	Ramona, CA Unified School District COP		0.000	³		05/01/2032		3,015,750
	25,000	Rancho Cordova, CA Community Facilities District Special Tax (Sunridge Anatolia)		6.000			09/01/2033		25,076
	20,000	Rancho Cordova, CA Community Facilities District Special Tax (Sunridge Anatolia)		6.100			09/01/2037		20,076
	600,000	Rancho Cucamonga, CA Community Facilities District Special Tax (Amador)		5.000			09/01/2027		542,592
	1,260,000	Rancho Cucamonga, CA Community Facilities District Special Tax (Amador)		5.000			09/01/2037		1,033,855
	5,560,000	Rancho Cucamonga, CA Community Facilities District Special Tax (Etiwanda)		5.375			09/01/2036		5,245,248
	570,000	Rancho Cucamonga, CA Community Facilities District Special Tax (Vintners)		5.000			09/01/2027		570,439
	1,120,000	Rancho Cucamonga, CA Community Facilities District Special Tax (Vintners)		5.000			09/01/2037		1,047,906
	2,510,000	Rancho Cucamonga, CA Community Facilities District Special Tax (Vintners)		5.375			09/01/2036		2,367,909

29 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	5,000,000	Rancho, CA Water District Financing Authority		5.000	%		08/01/2028	$	5,635,350
	10,000	Redding, CA Improvement Bond Act 1915 (Tierra Oaks Assessment District 1993-1)		7.000			09/02/2012		9,971
	2,345,000	Rialto, CA Redevel. Agency (Merged Project Area)		5.875			09/01/2033		2,458,123
	490,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.250			09/01/2026		469,739
	1,470,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.350			09/01/2036		1,309,579
	20,000	Richgrove, CA School District		6.375			07/01/2018		20,130
	2,000,000	Richmond, CA Joint Powers Financing Authority (Civic Center)		5.750			08/01/2029		2,283,960
	2,660,000	Richmond, CA Joint Powers Financing Authority (Westridge Hilltop Apartments)		5.000			12/15/2026		2,479,812
	1,165,000	Richmond, CA Joint Powers Financing Authority (Westridge Hilltop Apartments)		5.000			12/15/2033		1,034,415
	2,500,000	Ridgecrest, CA Redevel. Agency (Ridgecrest Redevel.)		6.250			06/30/2037		2,695,500
	10,530,000	Rio Hondo, CA Community College District		0.000	³		08/01/2042		5,985,252
	2,000,000	Rio Vista, CA Community Facilities District Special Tax No. 1		5.125			09/01/2036		1,734,940
	3,000,000	Rio Vista, CA Community Facilities District Special Tax No. 2004-1		5.850			09/01/2035		2,910,330
	14,860,000	River Islands, CA Public Financing Authority		5.200			09/01/2037		10,604,988
	100,000	River Islands, CA Public Financing Authority		6.000			09/01/2027		74,256
	25,000	River Islands, CA Public Financing Authority		6.000			09/01/2035		17,730
	700,000	Riverbank, CA Redevel. Agency (Riverbank Reinvestment)		5.000			08/01/2032		257,411
	6,585,000	Riverside County, CA Community Facilities District (Scott Road)		7.250			09/01/2038		6,738,562
	25,000	Riverside County, CA Community Facilities District Special Tax		5.600			09/01/2019		25,327
	1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		0.000	³		10/01/2027		671,470
	1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		0.000	³		10/01/2031		675,010
	1,225,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		6.500			10/01/2025		1,357,459
	1,200,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		6.750			10/01/2030		1,327,308
	1,000,000	Riverside, CA Improvement Bond Act 1915 (Hunter Park Assessment District)		5.200			09/02/2036		933,010
	65,000	Riverside, CA Improvement Bond Act 1915 (Sycamore Canyon Assessment District)		8.500			09/02/2012		65,360
	1,000,000	Riverside, CA Special Tax Community Facilities District No. 92-1, Series A		5.300			09/01/2034		917,910

30 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	25,000	Riverside, CA Unified School District		5.500	%		09/01/2032	$	24,756
	1,385,000	Riverside, CA Unified School District Special Tax Community Facilities District No. 12		8.500			09/01/2038		1,460,192
	355,000	Riverside, CA Unified School District Special Tax Community Facilities District No. 15		6.500			09/01/2029		372,267
	1,070,000	Riverside, CA Unified School District Special Tax Community Facilities District No. 15		6.750			09/01/2039		1,116,930
	25,000	Romoland, CA School District Special Tax		5.250			09/01/2035		23,183
	1,985,000	Romoland, CA School District Special Tax		5.375			09/01/2038		1,799,144
	1,250,000	Romoland, CA School District Special Tax Community Facilities District 2006-1		6.000			09/01/2041		1,286,625
	2,000,000	Romoland, CA School District Special Tax Community Facilities District 91-18		6.000			09/01/2037		2,054,120
	1,210,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1		6.125			09/01/2034		1,240,311
	1,000,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1		6.250			09/01/2041		1,031,180
	1,115,000	Roseville, CA Special Tax (Diamond Creek)		5.000			09/01/2026		642,708
	4,850,000	Roseville, CA Special Tax (Diamond Creek)		5.000			09/01/2037		2,333,044
	3,445,000	Roseville, CA Special Tax (Stone Point)		5.250			09/01/2036		1,917,935
	1,000,000	Ross Valley, CA School District		5.500			08/01/2041		1,135,790
	55,000	Sacramento, CA Health Facility (Center for Aids Research Education & Services)		5.300			01/01/2024		55,074
	15,000	Sacramento, CA Special Tax (North Natomas Community Facilities)		6.000			09/01/2033		15,279
	1,850,000	San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)		6.625			04/01/2026		1,870,720
	1,410,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2027		1,190,096
	3,235,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2037		2,473,093
	3,000,000	San Buenaventura, CA Community Memorial Health Systems		8.000			12/01/2031		3,506,190
	875,000	San Diego County, CA COP		5.600			07/01/2038		881,038
	1,225,000	San Diego County, CA COP		5.700			02/01/2028		941,694
	6,645,000	San Diego County, CA Redevel. Agency (Gillespie Field)		5.750			12/01/2032		5,760,218
	12,335,000	San Diego, CA Community College District¹		5.000			05/01/2030		13,536,299
	3,000,000	San Diego, CA Hsg. Authority (Sorrento Tower Apartments)		5.000			05/01/2029		3,175,830
	20,000	San Diego, CA Improvement Bond Act 1915		6.200			09/02/2033		19,330
	5,880,000	San Diego, CA Public Facilities Financing Authority		5.250			08/01/2027		7,068,936
	10,000,000	San Diego, CA Regional Building Authority (County Operations Center & Annex)¹		5.375			02/01/2036		11,155,200

31 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	50,000	San Francisco, CA City & County Airports Commission		5.000	%		05/01/2030	$	50,030
	15,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)		5.250			01/01/2024		15,018
	2,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.500			08/01/2039		2,211,380
	400,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2033		459,144
	500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2033		569,435
	1,500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay South Redevel.)		6.625			08/01/2039		1,632,720
	500,000	San Francisco, CA City & County Redevel. Financing Authority (San Francisco Redevel.)		6.500			08/01/2032		556,835
	545,000	San Francisco, CA City & County Redevel. Financing Authority (San Francisco Redevel.)		6.625			08/01/2039		606,847
	1,090,000	San Gorgonio, CA Memorial Health Care District		6.750			08/01/2022		1,278,210
	1,040,000	San Gorgonio, CA Memorial Health Care District		6.750			08/01/2023		1,209,239
	6,500,000	San Gorgonio, CA Memorial Healthcare		7.100			08/01/2033		7,371,130
	6,490,000	San Jacinto, CA Financing Authority, Tranche A		6.600			09/01/2033		5,339,712
	6,345,000	San Jacinto, CA Financing Authority, Tranche B		6.600			09/01/2033		5,220,412
	6,510,000	San Jacinto, CA Financing Authority, Tranche C		6.600			09/01/2033		5,345,036
	250,000	San Jacinto, CA Unified School District Special		5.750			09/01/2040		252,515
	500,000	San Jacinto, CA Unified School District Special Tax		5.100			09/01/2036		328,770
	2,000,000	San Jose, CA Airport		6.250			03/01/2034		2,310,980
	35,000	San Jose, CA Improvement Bond Act 1915		5.875			09/02/2023		36,059
	3,150,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)		6.200			01/01/2041		3,116,390
	2,000,000	San Jose, CA Redevel. Agency		5.850			08/01/2027		2,028,460
	25,000	San Jose, CA Special Tax Community Facilities District No. 9 (Bailey Highway 101)		6.600			09/01/2027		25,312
	10,000,000	San Marcos, CA Unified School District¹		5.250			08/01/2031		11,539,500
	10,000,000	San Mateo, CA Union High School District¹		5.000			09/01/2042		11,173,200
	550,000	Santa Ana, CA Unified School District Special Tax		5.100			09/01/2035		453,134
	1,000,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		5.850			08/01/2031		1,004,250
	2,060,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		6.000			08/01/2041		2,065,830
	3,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.750			06/01/2026		3,305,610
	50,000	Santa Clarita, CA Community Facilities District Special Tax		5.850			11/15/2032		50,022
	8,395,000	Santa Cruz County, CA Redevel. Agency (Live Oak/Soquel Community)		7.000			09/01/2036		9,874,871

32 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,750,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)		5.875	%		07/01/2036	$	2,029,878
	2,600,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)		5.875			07/01/2042		3,004,690
	805,000	Saugus, CA Union School District		6.750			09/01/2034		829,464
	2,715,000	Saugus, CA Union School District		7.000			09/01/2041		2,797,970
	5,505,000	Saugus, CA Union School District Community Facilities District No. 2006		11.625			09/01/2038		6,497,717
	1,655,000	Saugus, CA Union School District Community Facilities District No. 2006		11.625			09/01/2038		1,953,446
	10,000	Seaside, CA Redevel. Agency Tax Allocation		5.375			08/01/2033		10,102
	2,500,000	Sequoia, CA Unified High School District		5.875			07/01/2036		3,029,750
	5,000,000	Sequoia, CA Unified High School District		6.000			07/01/2043		6,091,700
	1,090,000	Shafter, CA Community Devel. Agency Tax Allocation		5.400			11/01/2026		1,016,567
	3,335,000	Shafter, CA Community Devel. Agency Tax Allocation		5.450			11/01/2036		2,864,965
	1,720,000	Signal Hill, CA Redevel. Agency Tax Allocation		7.000			10/01/2026		1,826,038
	320,000	Soledad, CA Redevel. Agency (Soledad Redevel.)		5.350			12/01/2028		319,971
	5,000	Sonoma County, CA Community Redevel. Agency (Roseland)		7.900			08/01/2013		5,116
	2,000,000	South Bayside, CA Waste Management Authority (Shoreway Environmental)		6.000			09/01/2036		2,175,460
	4,500,000	Southern CA Metropolitan Water District		5.000			07/01/2035		5,102,370
	1,835,000	Southern CA Public Power Authority		5.000			11/01/2033		1,896,876
	470,000	Southern CA Public Power Authority		5.250			11/01/2022		510,514
	50,000	Southern CA Public Power Authority		5.250			11/01/2023		54,466
	250,000	Southern CA Public Power Authority		5.250			11/01/2026		268,733
	205,000	Southern CA Public Power Authority Natural Gas		5.000			11/01/2028		213,335
	165,000	Southern CA Public Power Authority Natural Gas		5.000			11/01/2029		171,353
	2,255,000	Southern CA Public Power Authority Natural Gas		5.250			11/01/2027		2,410,730
	9,000,000	Southern CA Tobacco Securitization Authority		5.125			06/01/2046		6,162,930
	97,775,000	Southern CA Tobacco Securitization Authority		7.100	²		06/01/2046		2,241,003
	12,475,000	Southern CA Tobacco Securitization Authority (TASC)⁴		5.000			06/01/2037		8,932,100
	15,000	Spreckels, CA Union School District		6.125			08/01/2018		15,074
	2,000,000	Stockton, CA Community Facilities District (Arch Road East No. 99-02)		5.875			09/01/2037		1,917,020
	1,000,000	Stockton, CA Public Financing Authority, Series A		5.250			09/01/2037		721,740
	10,000	Suisun City, CA Public Financing Authority (Suisun City Redevel.)		5.200			10/01/2028		10,004
	15,000	Sulphur Springs, CA Unified School District Community Facilities District No. 2002-1-A		6.000			09/01/2033		14,152
	60,000	Susanville, CA Public Financing Authority		7.750			09/01/2017		60,274

33 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,000,000	Susanville, CA Public Financing Authority (Utility Enterprises)		5.500	%		06/01/2030	$	1,035,040
	100,000	Temecula Valley, CA Unified School District Community. Facilities District No. 2005-1		5.000			09/01/2036		93,811
	20,000	Temecula, CA Public Financing Authority Community Facilities District (Harveston)		5.100			09/01/2036		17,747
	990,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		4.900			09/01/2013		916,859
	165,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.000			09/01/2014		145,728
	740,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.050			09/01/2015		624,834
	805,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.100			09/01/2016		651,060
	8,000,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.450			09/01/2026		5,660,880
	13,790,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.500			09/01/2036		9,074,234
	4,260,000	Trinity County, CA COP		8.500			01/15/2026		4,053,475
	50,000	Truckee-Donner, CA Public Utility District Special Tax		6.100			09/01/2033		50,154
	500,000	Tulare, CA Health Care District		6.500			08/01/2026		600,865
	630,000	Turlock, CA Health Facility (Emanuel Medical Center) COP		5.000			10/15/2017		682,189
	2,590,000	Turlock, CA Health Facility (Emanuel Medical Center) COP		5.000			10/15/2022		2,659,593
	305,000	Turlock, CA Health Facility (Emanuel Medical Center) COP		5.125			10/15/2027		306,549
	2,500,000	Turlock, CA Health Facility (Emanuel Medical Center) COP		5.125			10/15/2037		2,365,025
	425,000	Turlock, CA Public Financing Authority		5.450			09/01/2024		425,395
	1,500,000	Tustin, CA Unified School District		6.000			08/01/2036		1,849,335
	500,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.400			09/01/2032		560,105
	415,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.400			09/01/2032		464,887
	35,000	Union City, CA Special Tax Community Facilities District No. 1997-1		5.800			09/01/2028		33,735
	100,000	Upland, CA Community Facilities District Special Tax (Colonies at San Antonio)		5.900			09/01/2024		101,913
	60,000	Upland, CA Community Facilities District Special Tax (Colonies at San Antonio)		6.000			09/01/2024		61,441
	95,000	Vacaville, CA Public Financing Authority		5.400			09/01/2022		95,145
	50,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)		6.000			09/01/2033		47,173
	1,595,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)		5.150			12/01/2031		1,371,030
	1,000,000	Vernon, CA Electric System		5.000			08/01/2030		1,022,970

34 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,000,000	Vernon, CA Electric System		5.125	%		08/01/2033	$	1,017,480
	3,000,000	Vernon, CA Electric System		5.500			08/01/2041		3,101,550
	50,000	Watsonville, CA Redevel. Agency Tax Allocation (Watsonville 2000 Redevel.)		5.000			09/01/2024		50,620
	1,000,000	West Fresno, CA Elementary School District		6.600			05/01/2035		1,229,670
	1,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.500			09/01/2042		1,691,235
	50,000	West Kern, CA Water District		4.500			06/01/2025		52,314
	145,000	West Patterson, CA Financing Authority Special Tax		6.100			09/01/2032		134,892
	1,000,000	Westside, CA Union School District		5.250			09/01/2036		933,330
	2,300,000	Woodland, CA Finance Authority		6.000			03/01/2036		2,595,964
	1,500,000	Woodland, CA Finance Authority		6.000			03/01/2041		1,683,420
	10,000	Woodland, CA Special Tax Community Facilities District No. 1		6.000			09/01/2028		9,713
	3,550,000	Yuba City, CA Redevel. Agency		5.250			09/01/2039		3,081,649

									1,440,231,944
U.S. Possessions—6.8%
	3,000,000	Guam Government Business Privilege		5.125			01/01/2042		3,270,090
	2,955,000	Northern Mariana Islands Ports Authority, Series A		5.500			03/15/2031		2,510,716
	1,640,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,183,145
	3,700,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		4,295,404
	1,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2021		1,145,850
	1,100,000	Puerto Rico Commonwealth GO		6.000			07/01/2039		1,212,134
	1,000,000	Puerto Rico Commonwealth GO		6.500			07/01/2037		1,138,740
	900,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		912,213
	6,055,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		6,056,695
	31,090,000	Puerto Rico Port Authority (American Airlines), Series A⁵		6.250			06/01/2026		8,259,369
	25,000	Puerto Rico Port Authority (American Airlines), Series A⁵		6.300			06/01/2023		6,643
	5,055,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		5,909,295
	15,000,000	Puerto Rico Public Finance Corp., Series B		5.500			08/01/2031		16,239,600
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.750			08/01/2037		11,210,300
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		20,062,210
	12,000,000	V.I. Public Finance Authority (Hovensa Coker)		6.500			07/01/2021		12,006,814

									95,419,218
Total Investments, at Value (Cost $1,676,084,705)—110.0%									1,535,651,162
Liabilities in Excess of Other Assets—(10.0)									(139,979,464	)

Net Assets—100.0%								$	1,395,671,698

35 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Footnotes to Statement of Investments

1.		Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

2.		Zero coupon bond reflects effective yield on the date of purchase.

3.		Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

4.		When-issued security or delayed delivery to be delivered and settled after January 31, 2012. See Note 1 of the accompanying Notes.

5.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

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, 2012 based on valuation input level:


			Level 2—
	Level 1—		Other		Level 3—
	Unadjusted		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value

Assets Table
Investments, at Value:
Municipal Bonds and Notes
California	$	—	$	1,440,231,944	$	—	$	1,440,231,944
U.S. Possessions		—		95,419,218		—		95,419,218

Total Assets	$	—	$	1,535,651,162	$	—	$	1,535,651,162

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.

36 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

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.

To simplify the listings of securities, abbreviations are used per the table below:


ABAG		Association of Bay Area Governments
CDA		Communities Devel. Authority
COP		Certificates of Participation
DRIVERS		Derivative Inverse Tax Exempt Receipts
GO		General Obligation
HFA		Housing Finance Agency
IDA		Industrial Devel. Agency
INSD		Insured
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.
OCEAA		Orange County Educational Arts Academy
ROLs		Residual Option Longs
SJHCN		St. Joseph Home Care Network
SJHE		St. Joseph Hospital of Eureka
SJHO		St. Joseph Hospital of Orange
SJHS		St. Joseph Health System
TASC		Tobacco Settlement Asset-Backed Bonds
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

37 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited


January 31, 2012

Assets
Investments, at value (cost $1,676,084,705)—see accompanying statement of investments	$	1,535,651,162
Cash		6,817,183
Receivables and other assets:
Interest		26,667,252
Investments sold (including $1,093,730 sold on a when-issued or delayed delivery basis)		6,009,993
Shares of beneficial interest sold		5,371,116
Other		133,159

Total assets		1,580,649,865

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		173,360,000
Investments purchased (including $5,318,000 purchased on a when-issued or delayed delivery basis)		6,594,146
Shares of beneficial interest redeemed		2,571,391
Dividends		1,807,092
Distribution and service plan fees		267,547
Trustees’ compensation		223,993
Shareholder communications		43,268
Transfer and shareholder servicing agent fees		40,479
Interest expense on borrowings		522
Other		69,729

Total liabilities		184,978,167

Net Assets	$	1,395,671,698


Composition of Net Assets
Par value of shares of beneficial interest	$	168,668
Additional paid-in capital		2,030,751,654
Accumulated net investment income		6,793,173
Accumulated net realized loss on investments		(501,608,254	)
Net unrealized depreciation on investments		(140,433,543	)

Net Assets	$	1,395,671,698

38 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,030,845,836 and 124,506,532 shares of beneficial interest outstanding)	$	8.28
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	8.69
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $16,813,353 and 2,028,436 shares of beneficial interest outstanding)	$	8.29
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $288,859,105 and 34,989,526 shares of beneficial interest outstanding)	$	8.26
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $59,153,404 and 7,143,099 shares of beneficial interest outstanding)	$	8.28

See accompanying Notes to Financial Statements.

39 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended January 31, 2012

Investment Income
Interest	$	48,199,838
Other income		1,344

Total investment income		48,201,182

Expenses
Management fees		2,955,121
Distribution and service plan fees:
Class A		1,172,663
Class B		85,671
Class C		1,380,211
Transfer and shareholder servicing agent fees:
Class A		180,954
Class B		13,259
Class C		72,429
Class Y		9,438
Shareholder communications:
Class A		26,300
Class B		1,928
Class C		9,631
Class Y		491
Interest expense and fees on short-term floating rate notes issued (See Note 1)		763,212
Borrowing fees		318,318
Trustees’ compensation		12,859
Custodian fees and expenses		3,620
Interest expense on borrowings		2,080
Administration service fees		750
Other		57,289

Total expenses		7,066,224
Less waivers and reimbursements of expenses		(3,042	)

Net expenses		7,063,182

Net Investment Income		41,138,000

Realized and Unrealized Gain (Loss)
Net realized loss on investments		(17,590,932	)
Net change in unrealized appreciation/depreciation on investments		105,403,664

Net Increase in Net Assets Resulting from Operations	$	128,950,732

See accompanying Notes to Financial Statements.

40 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	January 31, 2012			July 29,
	(Unaudited)			2011¹

Operations
Net investment income	$	41,138,000		$	92,511,540
Net realized loss		(17,590,932	)		(89,690,056	)
Net change in unrealized appreciation/depreciation		105,403,664			40,457,853

Net increase in net assets resulting from operations		128,950,732			43,279,337

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(32,317,659	)		(69,960,200	)
Class B		(498,113	)		(1,281,046	)
Class C		(8,238,373	)		(17,649,225	)
Class Y		(1,312,858	)		(426,143	)

		(42,367,003	)		(89,316,614	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		15,324,486			(143,096,318	)
Class B		(2,411,737	)		(5,895,891	)
Class C		322,199			(33,338,112	)
Class Y		37,062,958			17,868,958

		50,297,906			(164,461,363	)

Net Assets
Total increase (decrease)		136,881,635			(210,498,640	)
Beginning of period		1,258,790,063			1,469,288,703

End of period (including accumulated net investment income of $6,793,173 and $8,022,176, respectively)	$	1,395,671,698		$	1,258,790,063


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

41 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS Unaudited


For the Six Months Ended January 31, 2012

Cash Flows from Operating Activities
Net increase in net assets from operations	$	128,950,732
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(73,032,368	)
Proceeds from disposition of investment securities		71,953,334
Short-term investment securities, net		(462,237	)
Premium amortization		726,409
Discount accretion		(7,303,921	)
Net realized loss on investments		17,590,932
Net change in unrealized appreciation/depreciation on investments		(105,403,664	)
Change in assets:
Decrease in receivable for securities sold		1,210,563
Decrease in other assets		135,442
Increase in interest receivable		(1,035,735	)
Change in liabilities:
Increase in payable for securities purchased		6,594,146
Decrease in other liabilities		(46,331	)

Net cash provided by operating activities		39,877,302

Cash Flows from Financing Activities
Proceeds from bank borrowings		36,800,000
Payments on bank borrowings		(50,300,000	)
Payments on short-term floating rate notes issued		(21,415,000	)
Proceeds from shares sold		215,678,834
Payments on shares redeemed		(200,226,570	)
Cash distributions paid		(14,037,895	)

Net cash used in financing activities		(33,500,631	)
Net increase in cash		6,376,671
Cash, beginning balance		440,512

Cash, ending balance	$	6,817,183

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $27,770,395.
Cash paid for interest on bank borrowings—$3,106.
Cash paid for interest on short-term floating rate notes issued—$763,212.

See accompanying Notes to Financial Statements.

42 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	Six Months			Year			Year
	Ended			Ended			Ended
	January 31, 2012			July 29,			July 30,			Year Ended July 31,
Class A	(Unaudited)			2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	7.75		$	7.98		$	6.70		$	9.02		$	11.43		$	11.44

Income (loss) from investment operations:
Net investment income²		.26			.55			.57			.56			.57			.53
Net realized and unrealized gain (loss)		.53			(.25	)		1.27			(2.32	)		(2.43	)		—

Total from investment operations		.79			.30			1.84			(1.76	)		(1.86	)		.53

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.26	)		(.53	)		(.56	)		(.56	)		(.55	)		(.54	)

Net asset value, end of period	$	8.28		$	7.75		$	7.98		$	6.70		$	9.02		$	11.43


Total Return, at Net Asset Value³		10.49	%		4.11	%		27.95	%		(19.14	)%		(16.60	)%		4.67	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,030,846		$	951,318		$	1,130,392		$	883,104		$	1,344,257		$	1,907,202

Average net assets (in thousands)	$	955,161		$	1,005,058		$	1,082,612		$	918,284		$	1,584,343		$	1,603,883

Ratios to average net assets:⁴
Net investment income		6.54	%		7.21	%		7.34	%		8.21	%		5.69	%		4.56	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.76	%		0.75	%		0.75	%		0.79	%		0.70	%		0.71	%
Interest and fees from borrowings		0.05	%		0.07	%		0.25	%		1.09	%		0.16	%		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.12	%		0.24	%		0.22	%		0.67	%		0.78	%		0.48	%

Total expenses		0.93	%		1.06	%		1.22	%		2.55	%		1.64	%		1.29	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.93	%		1.06	%		1.21	%		2.55	%		1.64	%		1.29	%

Portfolio turnover rate		6	%		27	%		23	%		32	%		45	%		11	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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.

43 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months			Year			Year
	Ended			Ended			Ended
	January 31, 2012			July 29,			July 30,			Year Ended July 31,
Class B	(Unaudited)			2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	7.76		$	7.99		$	6.70		$	9.02		$	11.44		$	11.44

Income (loss) from investment operations:
Net investment income²		.23			.49			.51			.51			.49			.44
Net realized and unrealized gain (loss)		.53			(.25	)		1.28			(2.33	)		(2.45	)		.01

Total from investment operations		.76			.24			1.79			(1.82	)		(1.96	)		.45

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.23	)		(.47	)		(.50	)		(.50	)		(.46	)		(.45	)

Net asset value, end of period	$	8.29		$	7.76		$	7.99		$	6.70		$	9.02		$	11.44


Total Return, at Net Asset Value³		9.98	%		3.22	%		27.03	%		(19.85	)%		(17.36	)%		3.94	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,813		$	18,138		$	24,850		$	22,476		$	40,026		$	66,992

Average net assets (in thousands)	$	16,994		$	21,006		$	25,296		$	25,591		$	51,641		$	68,193

Ratios to average net assets:⁴
Net investment income		5.67	%		6.35	%		6.50	%		7.35	%		4.85	%		3.79	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.65	%		1.61	%		1.60	%		1.64	%		1.53	%		1.50	%
Interest and fees from borrowings		0.05	%		0.07	%		0.25	%		1.09	%		0.16	%		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.12	%		0.24	%		0.22	%		0.67	%		0.78	%		0.48	%

Total expenses		1.82	%		1.92	%		2.07	%		3.40	%		2.47	%		2.08	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.82	%		1.92	%		2.06	%		3.40	%		2.47	%		2.08	%

Portfolio turnover rate		6	%		27	%		23	%		32	%		45	%		11	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years.

		See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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.

44 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


	Six Months			Year			Year
	Ended			Ended			Ended
	January 31, 2012			July 29,			July 30,			Year Ended July 31,
Class C	(Unaudited)			2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	7.73		$	7.96		$	6.68		$	9.00		$	11.40		$	11.41

Income (loss) from investment operations:
Net investment income²		.23			.49			.51			.51			.49			.44
Net realized and unrealized gain (loss)		.53			(.25	)		1.27			(2.32	)		(2.42	)		.01

Total from investment operations		.76			.24			1.78			(1.81	)		(1.93	)		.45

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.23	)		(.47	)		(.50	)		(.51	)		(.47	)		(.46	)

Net asset value, end of period	$	8.26		$	7.73		$	7.96		$	6.68		$	9.00		$	11.40


Total Return, at Net Asset Value³		10.09	%		3.33	%		27.06	%		(19.82	)%		(17.20	)%		3.89	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	288,859		$	270,347		$	314,047		$	242,207		$	343,268		$	482,657

Average net assets (in thousands)	$	274,020		$	284,373		$	302,114		$	243,658		$	402,977		$	362,456

Ratios to average net assets:⁴
Net investment income		5.78	%		6.43	%		6.57	%		7.47	%		4.91	%		3.78	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.53	%		1.53	%		1.52	%		1.57	%		1.48	%		1.48	%
Interest and fees from borrowings		0.05	%		0.07	%		0.25	%		1.09	%		0.16	%		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.12	%		0.24	%		0.22	%		0.67	%		0.78	%		0.48	%

Total expenses		1.70	%		1.84	%		1.99	%		3.33	%		2.42	%		2.06	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.70	%		1.84	%		1.98	%		3.33	%		2.42	%		2.06	%

Portfolio turnover rate		6	%		27	%		23	%		32	%		45	%		11	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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.

45 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	January 31, 2012			Period Ended
Class Y	(Unaudited)			July 29, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	7.76		$	7.73

Income (loss) from investment operations:
Net investment income²		.26			.38
Net realized and unrealized gain		.53			.01

Total from investment operations		.79			.39

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.27	)		(.36	)

Net asset value, end of period	$	8.28		$	7.76


Total Return, at Net Asset Value³		10.47	%		5.41	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	59,154		$	18,987

Average net assets (in thousands)	$	37,371		$	8,939

Ratios to average net assets:⁴
Net investment income		6.65	%		7.60	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.52	%		0.55	%
Interest and fees from borrowings		0.05	%		0.06	%
Interest and fees on short-term floating rate notes issued⁵		0.12	%		0.24	%

Total expenses		0.69	%		0.85	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.69	%		0.85	%

Portfolio turnover rate		6	%		27	%


1.		For the period from November 29, 2010 (inception of offering) to July 29, 2011, which represents the last business day of the Fund’s 2011 fiscal year.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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.

46 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

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

The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies consistently followed by the Fund.

Previous Annual Periods. The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” observable market inputs other than unadjusted quoted prices are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

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.

47 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

48 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of January 31, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or
	Delayed Delivery
	Basis Transactions

Purchased securities	$	5,318,000
Sold securities		1,093,730

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. These securities entail leverage, and their interest rate varies inversely at a multiple of the change in short-term interest rates. As short term interest rates rise, inverse floating rate securities produce less current income. The value of such securities is also more volatile than comparable fixed rate securities.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund purchases and subsequently transfers a fixed rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust

49 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

Because holders of the short term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying bond paid to the Fund is inversely related the rate of interest on the short term floating rate securities.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short term floating rate securities. Through the exercise of either of these rights, the Fund can terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

50 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

The Fund’s investments in inverse floating rate securities involve certain risks. The value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate municipal bond having a similar credit quality and maturity, and should be expected to be more volatile than a direct investment in the related underlying municipal bond because of the effect of leverage provided by the related short term floating rate securities. An inverse floating rate security can be expected to underperform fixed rate municipal bonds when the difference between long term and short term interest rates is decreasing (or is already small) or when long term interest rates are rising, but can be expected to outperform fixed rate municipal bonds when the difference between long term and short term interest rates is increasing (or is already large) or when long term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security generally receiving the proceeds of such sale only after the holders of the short term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement may effectively make the Fund liable for the amount of the difference between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. 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 related inverse floating rate securities,

51 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

if it deems it appropriate to do so. As of January 31, 2012, the Fund’s maximum exposure under such agreements is estimated at $73,690,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by purchasing and subsequently transferring an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short term floating rate securities is recorded as interest expense. At January 31, 2012, municipal bond holdings with a value of $300,209,511 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $173,360,000 in short-term floating rate securities issued and outstanding at that date.

At January 31, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	2,500,000	Anaheim, CA Public Financing Authority ROLs³		16.220	%		10/1/39	$	3,713,576
	2,500,000	Bay Area, CA Toll Authority ROLs		16.911			4/1/43		3,620,700
	2,500,000	Bay Area, CA Toll Authority (San Francisco Bay Area) ROLs³		17.347			4/1/44		3,832,700
	5,000,000	CA Dept. of Water Resources (Center Valley) ROLs³		8.440			12/1/35		6,789,400
	3,555,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)		16.850			10/1/39		5,074,265
	2,840,000	Citrus, CA Community College District DRIVERS		16.646			6/1/31		4,595,461
	7,500,000	East Bay, CA Municipal Utility District (Water System) ROLS³		8.004			6/1/36		9,822,450
	5,000,000	Foothill, CA De Anza Community College District		8.004			8/1/40		6,173,500
	1,290,000	Grossmont, CA Union High School District ROLs³		16.513			8/1/30		2,186,602
	1,225,000	Grossmont, CA Union High School District ROLs³		16.543			8/1/31		2,022,622
	2,500,000	Grossmont, CA Union High School District ROLs³		17.061			8/1/45		4,064,300
	7,500,000	Los Angeles, CA Community College District ROLs³		15.199			8/1/33		9,068,550
	2,500,000	Los Angeles, CA Community College District ROLs³		18.253			8/1/33		4,542,400
	4,735,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.046			5/15/24		6,547,700
	3,335,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.362			5/15/26		4,610,137
	3,665,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.373			5/15/27		5,006,280

52 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	3,365,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.368	%		5/15/28	$	4,553,888
	3,405,000	Los Angeles, CA Dept. of Airports ROLs		12.582			5/15/25		4,762,982
	750,000	Los Angeles, CA Dept. of Water & Power DRIVERS		16.404			7/1/34		1,190,970
	3,000,000	Los Angeles, CA Dept. of Water & Power DRIVERS		16.404			7/1/38		4,603,680
	4,075,000	Los Angeles, CA Harbor Dept. DRIVERS		15.987			8/1/34		6,328,149
	6,170,000	San Diego, CA Community College District ROLs³		8.001			5/1/30		7,371,299
	2,500,000	San Diego, CA Regional Building Authority (County Operations Center & Annex) DRIVERS		16.422			2/1/36		3,655,200
	5,000,000	San Marcos, CA Unified School District ROLs³		8.440			8/1/31		6,539,500
	5,000,000	San Mateo, CA Union High School District ROLs³		8.004			9/1/42		6,173,200

								$	126,849,511


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2.		Represents the current interest rate for the inverse floating rate security.

3.		Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short term floating rate securities that are related to the inverse floating rate securities from time to time held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $173,360,000 or 10.97% of its total assets as of January 31, 2012.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of January 31, 2012 is as follows:


Cost	$	62,745,639
Market Value	$	21,691,982
Market Value as a % of Net Assets		1.55	%

53 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

During the fiscal year ended July 29, 2011, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates.


Expiring
2015	$	2,066,773
2016		33,667,971
2017		100,477,817
2018		223,689,715
2019		31,408,386
No expiration		105,789,398

	$	497,100,060

Capital losses with no expiration will be carried forward to future years if not offset by gains in the remaining six months of the Fund’s fiscal year. When increased by capital loss carryforwards in existence at July 29, 2011, the Fund had estimated capital loss carryforwards of $391,310,662 expiring in 2019 and $105,789,398 which will not expire. During the six months ended January 31, 2012, it is estimated that the Fund will not utilize any 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.

54 | OPPENHEIMER CALIFORNIA MUNICIPAL 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, 2012 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	$	1,506,052,344	¹

Gross unrealized appreciation	$	101,423,070
Gross unrealized depreciation		(242,955,508	)

Net unrealized depreciation	$	(141,532,438	)


1.		The Federal tax cost of securities does not include cost of $171,131,256, 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.

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, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	3,198
Payments Made to Retired Trustees		17,616
Accumulated Liability as of January 31, 2012		117,888

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.

55 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 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.

56 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended January 31, 2012						Year Ended July 29, 2011¹
	Shares			Amount			Shares			Amount

Class A
Sold		19,210,347		$	151,908,656			28,047,032		$	215,150,734
Dividends and/or distributions reinvested		2,715,028			21,495,161			5,273,966			40,405,655
Redeemed		(20,094,317	)		(158,079,331	)		(52,320,262	)		(398,652,707	)

Net increase (decrease)		1,831,058		$	15,324,486			(18,999,264	)	$	(143,096,318	)


Class B
Sold		132,229		$	1,044,416			225,030		$	1,776,294
Dividends and/or distributions reinvested		47,196			373,882			112,577			863,826
Redeemed		(487,455	)		(3,830,035	)		(1,112,433	)		(8,536,011	)

Net decrease		(308,030	)	$	(2,411,737	)		(774,826	)	$	(5,895,891	)


Class C
Sold		2,947,144		$	23,252,057			5,876,007		$	45,476,574
Dividends and/or distributions reinvested		666,825			5,264,411			1,278,124			9,768,627
Redeemed		(3,583,714	)		(28,194,269	)		(11,656,830	)		(88,583,313	)

Net increase (decrease)		30,255		$	322,199			(4,502,699	)	$	(33,338,112	)


Class Y
Sold		5,553,005		$	43,806,678			2,602,101		$	19,019,100
Dividends and/or distributions reinvested		80,304			636,941			39,338			298,366
Redeemed		(938,404	)		(7,380,661	)		(193,245	)		(1,448,508	)

Net increase		4,694,905		$	37,062,958			2,448,194		$	17,868,958


1.		For the year ended July 29, 2011, for Class A, B, and C shares, and for the period from November 29, 2010 (inception of offering) to July 29, 2011 for Class Y shares.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended January 31, 2012, were as follows:


	Purchases		Sales

Investment securities	$	73,032,368	$	71,953,334

57 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

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, 2012, the Fund paid $274,150 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

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

58 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

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, 2011 were as follows:


Class B	$	2,342,327
Class C		7,136,011

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Class A

Contingent

Front-End

Deferred

Sales Charges

Six Months

Retained by

Ended

Distributor

January 31, 2012

112,928

22,005

5,816

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the “Pending Litigation” note which appears later in this report. During the six months ended January 31, 2012, the Manager reimbursed the Fund $3,042 for legal costs and fees.

OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to October 1, 2011. Effective October 1, 2011, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the 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.

59 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Borrowings Continued

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.2212% as of January 31, 2012). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended January 31, 2012 equal 0.04% 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, 2012, the Fund had no borrowings outstanding. Details of the borrowings for the six months ended January 31, 2012 are as follows:


Average Daily Loan Balance	$	1,928,261
Average Daily Interest Rate		0.215	%
Fees Paid	$	141,925
Interest Paid	$	3,106

60 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

6. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended January 31, 2012 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and 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, 2012.

7. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor

61 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

(the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds—including the Fund—advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain putative class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. On September 30, 2011, the court entered orders and final judgments approving the settlements as fair, reasonable and adequate. Those orders are not subject to further appeal. These settlements do not resolve other outstanding lawsuits relating to Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund, nor do the settlements affect certain other putative class action lawsuits pending in federal court against the Manager, the Distributor, the Fund and other Defendant Funds and their independent trustees.

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against the Manager and a subsidiary (but not against the Fund) on behalf of the New Mexico Education Plan Trust challenging a settlement reached in 2010 between the Manager, its subsidiary and the Distributor and the board of the New Mexico section 529 college savings plan. 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. On September 9, 2011, the court denied plaintiffs’ request for a hearing to determine the fairness of the settlement, finding that plaintiffs lacked standing to pursue derivative claims on behalf of the Trust. On October 27, 2011, the parties to these actions filed a joint motion to dismiss the lawsuits with prejudice, which the court granted on October 28, 2011.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation

62 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

63 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

CREDIT ALLOCATION Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, 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.

The credit allocations below are as of January 31, 2012 and are subject to change. The percentages are based on total assets and the market value of the Fund’s securities as of January 31, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.


				Unrated by
				a NRSRO;
				Internally
				Rated by
	NRSRO-Rated			the Manager			Total

AAA		3.1	%		0.0	%		3.1	%
AA		23.9			0.0			23.9
A		13.8			0.1			13.9
BBB		18.8			17.3			36.1
BB or lower		8.6			14.4			23.0

Total		68.2	%		31.8	%		100.0	%

64 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

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

The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (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.

65 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

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

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, Michael Camarella and 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 municipal debt funds. The Board noted that the Fund’s one-year performance was better than its peer group median although its three-year, five-year and ten-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 municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s actual management fees were equal to its peer group median and lower than its peer group average. The Fund’s contractual management fees were equal to its peer group median and average. The Fund’s total expenses were lower than its peer group median and equal to its peer group average.

66 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

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, 2012. 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.

67 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL-OPP (225-5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL-OPP (225-5677), 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.

68 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

OPPENHEIMER 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
		Scott S. Cottier, Vice President
		Troy E. Willis, Vice President
		Mark R. DeMitry, Vice President
		Michael L. Camarella, Vice President
		Charles S. Pulire, Vice President
		Richard Stein, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer

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.

69 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

•		When you create a user ID and password for online account access

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

70 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

•		Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

•		You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL-OPP (225-5677).

71 | OPPENHEIMER CALIFORNIA MUNICIPAL FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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 1/31/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)		(1) Not applicable to semiannual reports.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.

SIGNATURES

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

Oppenheimer California Municipal Fund


By:		/s/ William F. Glavin, Jr. William F. Glavin, Jr.
		Principal Executive Officer
Date:		3/13/2012

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:		3/13/2012

By:		/s/ Brian W. Wixted

		Brian W. Wixted
		Principal Financial Officer
Date:		3/13/2012

Oppenheimer Rochester California Municipal Fund Inactive N-CSRSCertified semi-annual shareholder report (management investment company)