Oppenheimer Rochester California Municipal Fund N-CSR Certified 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 Rochester 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

OFI Global Asset Management, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 7/31/2014

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	13
Fund Expenses	18
Statement of Investments	20
Statement of Assets and Liabilities	40
Statement of Operations	42
Statements of Changes in Net Assets	43
Statement of Cash Flows	44
Financial Highlights	45
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	69
Federal Income Tax Information	70
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	71
Trustees and Officers	72
Privacy Policy Notice	81

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/14

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal Bond Index
1-Year	9.03%	3.85%	7.27%
5-Year	11.43	10.36	5.50
10-Year	4.15	3.64	4.85

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

OppenheimerFunds/Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

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Fund Performance Discussion

Oppenheimer Rochester California Municipal Fund once again provided competitive, yield-driven total returns this reporting period. The Class A shares produced an annual total return of 9.03% (without sales charge), about two-thirds of which was attributable to the tax-free income generated by the Fund’s holdings. The Fund outperformed its benchmark for the 12-month period ended July 31, 2014 and, at 5.76% (without sales charge), the distribution yield of the Class A shares was the second highest in Lipper’s California Municipal Debt Funds category, trailing only this Fund’s Y shares.

MARKET OVERVIEW

Amid sluggish economic growth at the beginning of this reporting period, the muni market rallied. The Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market, rose 7.27% in the 12 months ended July 31, 2014.

In November 2013, as he approached the end of his 8-year tenure, Fed Chairman Ben S. Bernanke spoke frankly about his regular press conferences, saying that “transparency in monetary policy enhances public understanding and confidence.” Mr. Bernanke’s announcement in June 2013 –

The average distribution yield in Lipper’s California
Municipal Debt Funds category was 3.59% at the end
of this reporting period. At 5.76%, the distribution
yield for this Fund’s Class A shares was 217 basis
points higher than the category average.

that the Fed was “prepared to increase or reduce the pace of its purchases – had caused a sharp market sell-off at the end of the last reporting period, and many bond funds saw considerable outflows during the remainder of calendar year 2013. As a result, yields rose, effectively turning the investor’s fears into a reality. Investors who were able to ride out the

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		5.76	%
Dividend Yield with sales charge		5.48
Standardized Yield		5.00
Taxable Equivalent Yield		10.18
Last distribution (7/22/14)	$	0.040
Total distributions (8/1/13 to 7/31/14)	$	0.477
Endnotes for this discussion begin on page 15 of this report

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price volatility and focus on the long term were able to buy bonds with higher yields.

Another sell-off occurred in mid-March 2014 after Janet Yellen, who was confirmed as chairman of the Federal Reserve on January 6, 2014, held her first press conference. There, she announced that the Fed’s decisions about the Fed Funds rate would begin to “take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments.” The Fed Funds rate has been set between zero and 0.25% since December 2008, and the Fed’s policy – that the Fed Funds rate would not change until the unemployment rate had crossed the 6.5% threshold – has been in place since mid-December 2012.

The Fed’s decision to spend billions monthly on mortgage-backed securities and long-term Treasuries has long remained a source of speculation. After more than a year of $85-billion-a-month purchases, the Fed lowered its spending to $75 billion in January 2014 and then to $65 billion the following month. Near the end of April, the Fed announced that spending in May would be $45 billion with another drop scheduled for the summer. The Fed announced at the end of July that it would reduce its monthly bond purchases to $25 billion, yet gave no hint that recent signs of stronger growth had altered its resolve to hold short-term interests rates near zero into 2015. Ms. Yellen has affirmed the Fed’s plan to end its stimulus purchases in the fall of 2014. The

Fed also said it would reinvest the proceeds from its maturing securities in an effort to maintain current holdings levels. Although an end to the stimulus campaign looms, there is increasing backing among Fed officials to preserve the portfolio’s size, which it believes would help to keep borrowing costs low.

Given the current Fed Funds rate, the only plausible change would be an increase. The Fed has indicated that it has “no mechanical formula or timetable” for a decision about raising the Fed Funds rate. We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace. Additionally, the Fund’s investment team believes that its focus on finding value in the marketplace and producing competitive levels of tax-free income is well suited for the market conditions that existed at the end of this reporting period.

AAA-rated municipal securities with maturities of 15 years or longer remained “cheap to Treasuries” this reporting period, a condition that exists when the after-tax yields on muni bonds exceed the yields on Treasury bonds with comparable maturities. This condition allows investors to benefit further from the federal, state and, where applicable, local tax exemptions on municipal investment income.

On July 31, 2014, the average yield on 30-year, AAA-rated muni bonds was 3.44%, down 84 basis points from July 31, 2013. The average yield on 10-year, AAA-rated muni bonds on July 31, 2014, was 2.22%, down 66

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basis points from the July 2013 date, and the average yield on 1-year, AAA-rated muni bonds was 0.15%, down 14 basis points from the July 2013 date.

California’s economy continued to strengthen this reporting period, and the credit markets and the national credit rating agencies noticed. Early in the reporting period, the state sold $5.5 billion in short-term, revenue anticipation notes, which was the largest municipal-debt sale of 2013. The bonds sold at relatively low interest rates, an indication to many that California’s fiscal headaches were diminishing.

Another sign of the state’s improving conditions was the January 2014 announcement of a budget proposal for fiscal 2015 that included plans to repay $11 billion of the state’s debt and put $1.6 billion into the state’s rainy day fund, the first such deposit since 2007. Gov. Jerry Brown said at the time that there was “good news in the fiscal stability and resources available for the State of California” in 2014, adding that “by no means are we out of the wilderness.”

In May 2014, the governor put forth a revised budget proposal that called for $2 billion in additional spending for schools, teacher pensions, healthcare coverage and emergency drought assistance. The state’s high-speed passenger train project is slated to receive $250 million of the state’s cap-and-trade spending, according to The Bond Buyer. The $108 billion general fund budget was approved by the Legislature in mid-June and

signed by the governor on June 20, 2014. News reports indicated that this was the earliest date for a California budget deal in decades. The fiscal 2015 budget is the fourth consecutive budget to gain on-time approval.

Less than a week after the budget was signed, Moody’s Investors Service upgraded the state’s general obligation (G.O.) debt to Aa3, from A1. While taking note of the state’s “volatile” revenue structure, Moody’s cited strong liquidity, solid employment figures and declining debt levels as positive developments. Not since 2001 have California G.O.s been in Moody’s double-A category. The financial soundness of the governor’s budget also contributed to Standard & Poor’s decision to change its outlook for the state to positive, from stable. The state had A ratings from both S&P and Fitch Ratings as of July 31, 2014.

The reporting period also saw a variety of pension-related news. In Stockton, California, where bankruptcy proceedings were still ongoing as of July 31, 2014, the California Public Employees Retirement System (CalPERS) and the city workers it represents argued that pensions should be exempt from any budgetary haircuts made as part of a final bankruptcy plan.

CalPERS is also involved in San Bernardino’s bankruptcy proceedings, which it has been challenging since December 2013, and has filed an amicus brief to support an appeal of Detroit’s eligibility to declare bankruptcy.

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Meanwhile, CalPERS and the California State Teachers Retirement System (CalSTRS), which had $489 billion in assets under management as of June 30, 2014, were upgraded to Aa2, from Aa3, by Moody’s and had gains of at least 18%, according to The Wall Street Journal. This increase in assets, we believe, is a positive for the state and for its bondholders.

During this reporting period, media coverage about municipal debt issued in Puerto Rico contributed to market volatility. Details about the Fund’s Puerto Rico holdings can be found in the Fund Performance section, which follows.

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the

benefits that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

FUND PERFORMANCE

Oppenheimer Rochester California Municipal Fund held nearly 640 securities as of July 31, 2014. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The Fund’s Class A distribution yield at NAV was among the top 2% in Lipper’s California Municipal Debt Funds category as of July 31, 2014. At 5.76% on that date, it was 217

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basis points higher than the category average, which was 3.59%. Additionally, for a taxable investment to have provided a greater benefit than an investment in this Fund, it would have had to yield more than 10.18%, based on the Fund’s standardized yield as of July 31, 2014, and the current top federal and California income tax rates. As long-time investors know, yields on fixed-income funds rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.

The Fund’s dividend trend this reporting period demonstrates the power of a yield-driven approach amid challenging market conditions. This Fund’s Class A dividend increased to 4.0 cents per share, from 3.9 cents, with the November payout. In all, the Fund distributed

47.7 cents per Class A share this reporting period.

As of July 31, 2014, the Fund remained invested in land development (or “dirt”) bonds, which are Special Tax and Special Assessment bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Tax and Special Assessment sectors represented 16.1% and 2.3% of the Fund’s total assets, respectively, and both sectors contributed positively to Fund performance.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 14.7% of

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the Fund’s total assets at the end of this reporting period, and contributed positively to the Fund’s performance.

We believe the securities we hold in this sector are fundamentally sound credits, and we like that “tobacco bonds” can provide tax-exempt income for investors as well as benefits to the issuing states and territories.

Our long-term view of the sector remains bullish and, given attractive valuations, we believe that it is likely we will continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 11.5% of the Fund’s net assets at the end of this reporting period. (Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by MSA proceeds and included in this Fund’s tobacco holdings, as discussed earlier in this report.) The Fund’s holdings, some of which are insured, include G.O. debt and securities from many different sectors as well. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things. Nonetheless, the Fund’s holdings of bonds issued in Puerto Rico detracted from performance this reporting

period amid concerns about the Commonwealth’s ongoing challenges.

Expanding on the fiscal discipline that was the hallmark of Luis Fortuño, his predecessor, first-term Governor Alejandro García Padilla has strengthened the island’s balance sheet, cut the government payrolls, enacted comprehensive pension reforms, and raised revenues via tax rate changes and improved enforcement.

More than one third of the G.O. securities held by this Fund were issued in Puerto Rico. G.O. debt, which are backed by the full faith and taxing authority of state and local governments, represented 11.2% of the Fund’s total assets at the end of this reporting period. The Fund’s G.O. holdings also include bonds issued by many municipalities throughout California. Even though G.O.s issued by Puerto Rico experienced “credit spread widening” – which occurs when the difference between yields on low-rated municipal bonds and higher-rated bonds increases – the Fund’s G.O. securities were a positive contributor to Fund performance this reporting period.

More than three quarters of the sales tax revenue bonds held by the Fund this reporting period were issued in Puerto Rico. In all, this sector represented 5.8% of the Fund’s total assets as of July 31, 2014, and included bonds issued the U.S. Virgin Islands, and various California entities. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. As

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was the case overall for the Fund’s Puerto Rico holdings, investments in this sector detracted from the Fund’s overall performance this reporting period.

Late in this reporting period, news about the Commonwealth’s first balanced general fund budget in more than 20 years was overtaken by Gov. Padilla’s decision to sign legislation allowing Puerto Rico’s public corporations – PREPA (the electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) – to restructure their debt. Were issuers to make use of this law – the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) – they could potentially seek to lessen debt-service payments to their creditors.

We recently filed a lawsuit in federal court in Puerto Rico, challenging the constitutional validity of the Recovery Act, which we will pursue vigorously. We are determined to protect our shareholders’ best interests and enforce the bond covenants that have been negotiated.

Our investment team will continue to monitor credit rating changes and other developments closely and will post information on our website (oppenheimerfunds.com) and on our Twitter feed (twitter.com/rochesterfunds). We also encourage investors to contact their financial advisors for the latest facts, as the situation remains quite fluid.

Puerto Rico debt continued to be the subject of a variety of critical reports. Early in this reporting period, the coverage focused on the Commonwealth’s lingering economic difficulties, which were exacerbated by the Great Recession. Media coverage in the latter half of calendar year 2013 led to increased pricing pressure on bonds issued in Puerto Rico, though many began to rally in January 2014. Prices of Puerto Rico’s muni bonds fell again late in this reporting period amid discussions of debt restructuring.

Given the degree to which Oppenheimer Rochester funds have been cited in news coverage about the economic and fiscal challenges facing Puerto Rico, we feel compelled to remind investors that all fund investments are actively managed. Our team is responsive to the dynamics of the market and may choose to adjust trading strategies in the interest of maximizing the potential benefits to our shareholders – and minimizing their potential losses.

Further, while we remain committed to keeping investors informed about our basic investing strategies, we do not provide comment about near-term trading strategies as we believe doing so might allow other market participants to impair our team’s ability to deliver shareholder value.

Tax increment financing (TIF) bonds constituted 10.0% of the Fund’s total assets on July 31, 2014. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax

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collections increase, driven either by an improving economy or inflation, the credit quality of these types of securities generally improves, which can lead to enhanced performance. Bonds in this sector were positive contributors to the Fund’s total return this reporting period.

The Fund’s holdings in municipal bonds issued by utilities represented 9.9% of total assets at the end of this reporting period. As of July 31, 2014, this set of holdings included electric utilities with 4.8% of total assets, water utilities with 3.9%, sewer utilities with 0.9%, and gas utilities with 0.3%. Our holdings in this sector consist of securities in the mid-range of the credit spectrum. While water and gas utilities contributed positively during the reporting period, our investments in electric and sewer utilities included bonds issued by PREPA and PRASA, causing these two sectors to detract slightly from performance.

As of July 31, 2014, the Fund was invested in the hospital/healthcare sector, which totaled 6.3% of its total assets. Our holdings in this sector consist of securities across the credit spectrum. Bonds in this sector were positive contributors to the Fund’s total return this reporting period.

The Fund continued to be invested in the municipal leases sector this reporting period, which accounted for 5.8% of the Fund’s total assets as of July 31, 2014. As state and local governments seek new ways to reduce costs and improve near-term cash flow, many lease all types of assets, including office space for

public sector employees. The bonds held by this Fund are backed by the proceeds of these lease arrangements. The sector, which continues to be fundamentally sound, also contributed positively to the Fund’s total return this reporting period.

The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that are backed by the valuable collateral of the projects whose construction they finance. Of the Fund’s total assets on July 31, 2014, 3.8% were invested in the marine/aviation facilities sector, which was a positive contributor this reporting period.

At the end of this reporting period, the Fund’s investments in the multifamily and single-family housing sectors represented 3.8% and 1.9% of the Fund’s total assets, respectively. Despite the ongoing difficulties in the national housing market, the securities in these sectors continued to provide competitive levels of tax-free income this reporting period. We believe that the Fund’s carefully selected holdings in these housing sectors are likely to bring benefit to investors over the long term. During this reporting period, both the multifamily and single-family sectors contributed positively to the Fund’s total return.

Several sectors in which the Fund maintained relatively smaller investments as of July 31, 2014, also contributed positively to performance. Investors benefited this reporting period from the Fund’s holdings in

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many sectors including: highways/commuter facilities, education, higher education, diversified financial services and adult living facilities.

During this reporting period, the Fund maintained an investment in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” continued to provide high levels of income to funds across the industry during this reporting period, which was characterized by rising prices among high-grade municipal securities. We continue to believe that “inverse floaters” are an essential element of this Fund’s portfolio because they can produce attractive yields under certain market conditions. The Fund’s inverse floaters, in aggregate, contributed positively to Fund performance this reporting period. As is its penchant, the Rochester-based investment team will continue to monitor and make adjustments to its portfolios that it believes can provide the greatest benefit to Fund shareholders.

Our approach to municipal bond investing is flexible and responsive to market conditions. Further, market conditions during this reporting period did not affect the Fund’s overall investment goals. In closing, we believe that our time-tested strategies and the Fund’s structure and sector composition will continue to benefit fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free yield to help investors achieve their long-term objectives.

This Fund invests primarily in investment-grade municipal securities. It may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities.

Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings. As of July 31, 2014, market movements or rating changes of municipal bonds, notably the Fund’s investments in Puerto Rico paper, caused the Fund’s below-investment-grade holdings to exceed this threshold. As a result, no further purchases of below-investment-grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 25% of total assets.

Our team continually searches for undervalued bonds that we believe will provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It

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remains important to note that we do not manage our funds based on predictions of interest rate changes.

Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver above-average yields relative to peer funds. We focus on identifying inefficiencies in market pricing that can lead to investment advantages. We seek to maintain a thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

Daniel G. Loughran,

Senior Vice President, Senior Portfolio Manager and

Team Leader, on behalf of the rest of the Rochester

portfolio management team: Scott S. Cottier, Troy E.

Willis, Mark R. DeMitry, Michael L. Camarella, Charles

S. Pulire and Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Special Tax	16.1%
Tobacco - Master Settlement Agreement	14.7
General Obligation	11.2
Tax Increment Financing(TIF)	10.0
Hospital/Healthcare	6.3
Sales Tax Revenue	5.8
Municipal Leases	5.8
Electric Utilities	4.8
Water Utilities	3.9
Marine/Aviation Facilities	3.8

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2014, and are based on total assets.

  CREDIT ALLOCATION

			Sub-
	NRSRO-		Adviser-
	Rated		Rated		Total
AAA		2.1%		0.1%		2.2%
AA		27.3		0.0		27.3
A		11.3		1.0		12.3
BBB		14.3		16.0		30.3
BB or lower		18.3		9.6		27.9
Total		73.3%		26.7%		100.0%

The percentages above are based on the market value of the securities as of July 31, 2014, and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories—AAA, AA, A and BBB—are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

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Performance

DISTRIBUTION YIELDS

As of 7/31/14

	Without Sales Charge	With Sales Charge
Class A	5.76%	5.48%
Class B	5.61	N/A
Class C	5.12	N/A
Class Y	5.96	N/A

STANDARDIZED YIELDS		TAXABLE EQUIVALENT YIELDS
For the 30 Days Ended 7/31/14		As of 7/31/14
Class A	5.00%	Class A	10.18%
Class B	5.08	Class B	10.35
Class C	4.54	Class C	9.25
Class Y	5.48	Class Y	11.16

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/14

	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (OPCAX)		11/3/88		9.03	%		11.43	%		4.15	%		5.64%
Class B (OCABX)		5/3/93		8.16			10.51			3.66			4.53
Class C (OCACX)		11/1/95		8.24			10.59			3.35			3.87
Class Y (OCAYX)		11/29/10		9.29			N/A			N/A			8.89

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/14

	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (OPCAX)		11/3/88		3.85	%		10.36	%		3.64	%		5.44%
Class B (OCABX)		5/3/93		3.16			10.24			3.66			4.53
Class C (OCACX)		11/1/95		7.24			10.59			3.35			3.87
Class Y (OCAYX)		11/29/10		9.29			N/A			N/A			8.89

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COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

The Fund’s performance is compared to the performance of the Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.040 for the 28-day accrual period ended July 22, 2014. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on July 22, 2014; for the yield

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with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0390, $0.0355 and $0.0414, respectively, for the 28-day accrual period ended July 22, 2014, and on the corresponding net asset values on that date.

Standardized yield is based on the Fund’s net investment income for the 30-day period ended July 31, 2014, and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s California Municipal Debt Funds category is based on 129 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the 2014 top federal and California tax rate of 50.9%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors and are based on its benchmark of general obligation bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance.

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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. or its affiliates.

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.

16        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

17        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2014.

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). 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.

18        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Expenses Paid During 6 Months Ended July 31, 2014
Class A	$	1,000.00	$	1,069.10	$	4.83
Class B		1,000.00		1,065.60		8.23
Class C		1,000.00		1,065.50		8.64
Class Y		1,000.00		1,070.40		3.60
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.13		4.72
Class B		1,000.00		1,016.86		8.03
Class C		1,000.00		1,016.46		8.43
Class Y		1,000.00		1,021.32		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 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2014 are as follows:

Class	Expense Ratios
Class A		0.94%
Class B		1.60
Class C		1.68
Class Y		0.70

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

19        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTSJuly 31, 2014

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—109.9%
California—97.7%
$1,900,000	Adelanto, CA Elementary School District Community Facilities District No. 11		5.400	%		09/01/2036	$	1,915,523
2,675,000	Adelanto, CA Elementary School District Community Facilities District No. 11		5.250			09/01/2026		2,703,783
100,000	Adelanto, CA Elementary School District Community Facilities District No. 11		4.900			09/01/2014		100,123
45,000	Adelanto, CA Improvement Agency, Series B1		5.500			12/01/2023		45,139
6,620,000	Adelanto, CA Public Utility Authority1		6.750			07/01/2039		7,407,780
1,000,000	Alhambra, CA (Atherton Baptist Homes)1		7.625			01/01/2040		1,055,490
1,590,000	Alhambra, CA (Atherton Baptist Homes)1		7.500			01/01/2030		1,690,504
100,000	Alvord, CA Unified School District Community Facilities District Special Tax1		4.500			09/01/2017		102,182
4,000,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)1		6.250			09/01/2040		4,125,040
955,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)1		6.125			09/01/2032		985,044
945,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)1		6.125			09/01/2031		974,767
7,000,000	Anaheim, CA Public Financing Authority (Anaheim Electric System Distribution)2		5.250			10/01/2039		7,903,525
3,000,000	Anaheim, CA Public Financing Authority (Anaheim Electric System Distribution)2		5.250			10/01/2034		3,387,225
25,000	Apple Valley, CA Redevel. Agency Tax Allocation1		5.000			06/01/2032		25,467
600,000	Arvin, CA Community Redevel. Agency Tax Allocation1		6.500			09/01/2038		628,254
800,000	Azusa, CA Special Tax Community Facilities District No. 05-11		5.000			09/01/2021		825,248
1,260,000	Bakersfield, CA Improvement Bond Act 19151		5.400			09/02/2025		1,262,797
1,515,000	Bakersfield, CA Improvement Bond Act 19151		7.375			09/02/2028		1,484,018
940,000	Bakersfield, CA Improvement Bond Act 19151		5.000			09/02/2027		933,984
465,000	Bakersfield, CA Improvement Bond Act 19151		5.350			09/02/2022		468,873
10,000,000	Bay Area CA Toll Authority (San Francisco Bay Area)2		5.250			12/01/2035		11,702,700
10,000,000	Bay Area CA Toll Authority (San Francisco Bay Area)2		5.500			04/01/2043		11,720,700
10,000,000	Bay Area CA Toll Authority (San Francisco Bay Area)2		5.625			04/01/2044		12,057,900
1,330,000	Bayshore, CA Elementary School District1,3		5.250			08/01/2044		1,493,324
115,000	Beaumont, CA Financing Authority, Series A		5.125			09/01/2028		121,791
1,500,000	Beaumont, CA Financing Authority, Series A1		6.375			09/01/2042		1,611,810
1,050,000	Beaumont, CA Financing Authority, Series A1		6.875			09/01/2036		1,110,543
4,410,000	Beaumont, CA Financing Authority, Series A		5.875			09/01/2042		4,676,805
250,000	Beaumont, CA Financing Authority, Series A		5.625			09/01/2032		266,312
120,000	Beaumont, CA Financing Authority, Series A		5.250			09/01/2029		127,177
5,000	Beaumont, CA Financing Authority, Series A1		7.000			09/01/2023		5,014
750,000	Beaumont, CA Financing Authority, Series A		5.000			09/01/2036		809,197
2,700,000	Beaumont, CA Financing Authority, Series A1		5.350			09/01/2036		2,702,916
185,000	Beaumont, CA Financing Authority, Series B1		5.400			09/01/2035		190,112
1,525,000	Beaumont, CA Financing Authority, Series B1		6.000			09/01/2034		1,556,674
130,000	Beaumont, CA Financing Authority, Series B1		8.625			09/01/2039		132,947

20        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$60,000	Beaumont, CA Financing Authority, Series B1		8.875	%		09/01/2034	$	61,382
685,000	Beaumont, CA Financing Authority, Series B1		5.000			09/01/2027		685,575
2,000,000	Beaumont, CA Financing Authority, Series D1		5.800			09/01/2035		2,041,940
3,245,000	Beaumont, CA Financing Authority, Series E1		6.250			09/01/2038		3,247,985
500,000	Blythe, CA Community Facilities District Special Tax (Hidden Beaches)1		5.300			09/01/2035		506,350
2,255,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		9.750			05/01/2038		2,638,282
30,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		5.650			05/01/2029		30,199
2,300,000	Brea, CA Redevel. Agency		6.835	4		08/01/2033		669,852
5,000,000	Brea, CA Redevel. Agency		6.872	4		08/01/2034		1,334,300
1,010,000	Brea, CA Redevel. Agency		6.595	4		08/01/2031		347,884
2,930,000	Brea, CA Redevel. Agency		6.679	4		08/01/2032		934,553
60,000	Butte County, CA Hsg. Authority (Affordable Hsg. Pool)1		7.000			10/01/2020		60,230
3,000,000	CA ABAG Finance Authority for NonProfit Corporations (Casa De Las Campanas)1		6.000			09/01/2037		3,339,870
5,000	CA ABAG Finance Authority for NonProfit Corporations COP (Merced Family Health Centers)		5.950			01/01/2024		5,022
25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)1		5.350			10/01/2029		25,019
70,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)1		6.000			01/01/2023		69,768
20,000	CA Bay Area Government Association1		4.125			09/01/2019		20,586
2,845,000	CA Communities Transportation Revenue COP		6.000			06/01/2042		3,188,676
347,900,000	CA County Tobacco Securitization Agency		7.550	4		06/01/2055		2,466,611
6,530,000	CA County Tobacco Securitization Agency1		5.000			06/01/2047		4,948,826
71,700,000	CA County Tobacco Securitization Agency		7.000	4		06/01/2055		787,983
409,500,000	CA County Tobacco Securitization Agency		8.251	4		06/01/2055		2,903,355
12,745,000	CA County Tobacco Securitization Agency		4.463	4		06/01/2033		2,959,516
45,600,000	CA County Tobacco Securitization Agency		5.371	4		06/01/2057		507,072
51,500,000	CA County Tobacco Securitization Agency		6.700	4		06/01/2057		370,285
55,250,000	CA County Tobacco Securitization Agency		6.050	4		06/01/2057		307,190
39,700,000	CA County Tobacco Securitization Agency		5.750	4		06/01/2057		396,206
82,110,000	CA County Tobacco Securitization Agency		5.307	4		06/01/2046		2,691,566
850,000	CA County Tobacco Securitization Agency (TASC)1		5.100			06/01/2028		753,431
3,725,000	CA County Tobacco Securitization Agency (TASC)1		5.125			06/01/2038		2,949,343
6,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		4,079,040
10,760,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2035		10,758,816
9,670,000	CA County Tobacco Securitization Agency (TASC)1		6.125			06/01/2038		9,669,420
3,290,000	CA County Tobacco Securitization Agency (TASC)1		5.750			06/01/2029		3,262,199
1,705,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2043		1,679,220
1,075,000	CA County Tobacco Securitization Agency (TASC)1		6.125			06/01/2043		1,074,935
5,170,000	CA County Tobacco Securitization Agency (TASC)1		6.250			06/01/2037		5,170,414
11,810,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2035		11,586,437
10,690,000	CA County Tobacco Securitization Agency (TASC)1		5.700			06/01/2046		8,422,330
86,970,000	CA County Tobacco Securitization Agency (TASC)		6.375	4		06/01/2046		4,238,048
65,800,000	CA County Tobacco Securitization Agency (TASC)		5.390	4		06/01/2046		2,075,990

21        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENTOF INVESTMENTS    Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$17,690,000	CA County Tobacco Securitization Agency (TASC)1		6.000	%		06/01/2042	$	17,371,403
5,315,000	CA County Tobacco Securitization Agency (TASC)1		5.250			06/01/2045		4,106,847
7,315,000	CA County Tobacco Securitization Agency (TASC)1		5.600			06/01/2036		6,070,499
5,000,000	CA Educational Facilities Authority (Chapman University)1		5.000			04/01/2031		5,453,150
1,250,000	CA Educational Facilities Authority (San Francisco University)1		6.125			10/01/2036		1,489,162
90,000	CA Educational Facilities Authority (University of Redlands)1		5.000			06/01/2033		90,285
2,500,000	CA Enterprise Devel. Authority (Sunpower Corp.)1		8.500			04/01/2031		2,778,075
5,000,000	CA GO1		6.500			04/01/2033		6,088,500
1,500,000	CA GO1		6.000			03/01/2033		1,801,845
15,000	CA GO		5.000			02/01/2033		15,054
200,000	CA GO1		6.250			10/01/2019		202,024
60,000	CA GO1		6.250			10/01/2019		60,607
35,000	CA GO1		5.250			06/01/2021		35,587
20,000	CA GO		5.000			02/01/2032		20,072
40,000	CA GO		5.000			02/01/2033		40,143
5,190,000	CA GO1		5.000			12/01/2031		5,936,166
5,000	CA GO1		5.500			10/01/2022		5,044
7,800,000	CA GO		5.000			02/01/2038		8,514,870
21,000,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.125			06/01/2047		15,522,570
14,000,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.300			06/01/2037		11,130,980
10,000,000	CA Health Facilities Financing Authority (Catholic Healthcare)		0.050	5		07/01/2033		10,000,000
2,030,000	CA Health Facilities Financing Authority (Community Programs for Persons with Developmental Disabilities)1		6.250			02/01/2026		2,365,600
350,000	CA Health Facilities Financing Authority (Hospital of the Good Samaritan)1		7.000			09/01/2021		350,301
1,100,000	CA Health Facilities Financing Authority (Northern California Presbyterian Homes & Services)1		5.125			07/01/2018		1,102,706
14,215,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)2		5.500			10/01/2039		16,407,226
160,000	CA Health Facilities Financing Authority (Providence Health System-Southern California)1		6.250			10/01/2028		195,475
5,000,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)1		5.750			07/01/2039		5,793,800
13,500,000	CA Health Facilities Financing Authority (Sutter Health)2		5.250			08/15/2031		15,254,325
3,950,000	CA HFA (Home Mtg.)1		5.550			08/01/2033		3,977,768
745,000	CA HFA (Home Mtg.)1		5.450			08/01/2033		760,556
5,000,000	CA HFA (Home Mtg.)1		5.450			08/01/2028		5,096,250
100,000	CA HFA (Home Mtg.)1		5.050			02/01/2029		101,049
65,000	CA HFA (Multifamily Hsg.)1		5.375			02/01/2036		65,030
25,000	CA HFA (Multifamily Hsg.)1		5.375			08/01/2028		25,012
920,000	CA HFA (Multifamily Hsg.)		5.950			08/01/2028		923,836
5,880,000	CA HFA (Multifamily Hsg.)1		6.000			02/01/2038		6,038,936

22        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$465,000	CA HFA (Multifamily Hsg.), Series A1		5.900	%		02/01/2028		$         471,919
4,150,000	CA HFA (Multifamily Hsg.), Series A1,3		5.200			08/01/2022		4,200,671
150,000	CA HFA (Multifamily Hsg.), Series B1		5.500			08/01/2039		150,037
6,975,000	CA HFA (Multifamily Hsg.), Series B1		5.400			08/01/2028		7,152,793
190,000	CA HFA, Series E1		5.000			02/01/2024		191,835
2,000,000	CA Independent Cities Finance Authority Mobile Home Park1		5.250			05/15/2044		2,118,380
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)1		6.250			07/15/2045		1,106,730
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Rancho Del Sol & Grandview)		5.500			05/15/2047		1,048,140
30,000	CA Infrastructure and Economic Devel. (Vermont Village Human Services Corp.)1		5.000			09/01/2035		30,104
10,000	CA MobileHome Park Financing Authority (Palomar Estates East & West)1		5.100			09/15/2023		10,035
65,000	CA M-S-R Public Power Agency (San Juan)1		6.000			07/01/2022		78,781
200,000	CA Municipal Finance Authority (Biola University)1		5.625			10/01/2023		223,302
540,000	CA Municipal Finance Authority (Caritas Acquisitions/Caritas Corp. Obligated Group)1		6.400			08/15/2045		594,767
250,000	CA Municipal Finance Authority (Casa Griffin Apts.)1		5.750			10/01/2034		260,547
1,000,000	CA Municipal Finance Authority (Emerson College)1		6.000			01/01/2042		1,149,000
1,000,000	CA Municipal Finance Authority (Emerson College)1		5.750			01/01/2033		1,137,780
2,135,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		6.875			01/01/2042		2,261,072
1,070,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		6.625			01/01/2032		1,131,771
850,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		5.750			01/01/2022		891,208
1,000,000	CA Municipal Finance Authority (INSD-Lincoln Glen Manor for Senior Citizens)1		6.000			04/01/2031		1,058,450
1,500,000	CA Municipal Finance Authority (OCEAA)1		7.000			10/01/2039		1,541,640
1,750,000	CA Municipal Finance Authority (Pilgrim Place Claremont)1		5.875			05/15/2029		1,937,792
1,000,000	CA Municipal Finance Authority (Pilgrim Place Claremont)1		6.125			05/15/2039		1,103,160
1,250,000	CA Municipal Finance Authority (Southwestern Law School)1		6.500			11/01/2041		1,478,987
600,000	CA Municipal Finance Authority (Southwestern Law School)1		6.500			11/01/2031		703,230
5,000,000	CA Municipal Finance Authority Mobile Home Park (Caritas Acquisitions)		5.500			08/15/2047		5,332,250
1,200,000	CA Municipal Finance Authority Mobile Home Park (Caritas Affordable Housing)1		5.250			08/15/2039		1,282,536
1,445,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1		5.500			12/01/2024		1,435,781
2,795,000	CA Public Works1		5.750			03/01/2030		3,181,968
2,500,000	CA Public Works1		6.000			03/01/2035		2,978,400
8,370,000	CA Public Works1		6.375			11/01/2034		10,104,766

23        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENTOF INVESTMENTS    Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$365,000	CA Public Works1		6.125	%		11/01/2029	$	438,420
645,000	CA Public Works1		6.625			11/01/2034		648,141
2,000,000	CA Public Works (California State Prisons)1		5.750			10/01/2031		2,337,460
900,000	CA Public Works (Dept. of Mental Health)1		5.000			11/01/2031		956,934
5,000,000	CA Public Works (Dept. of State Hospitals)		5.000			06/01/2029		5,681,350
1,250,000	CA Public Works (Judicial Council)1		5.000			12/01/2031		1,401,625
125,000	CA Public Works (Trustees California State University)1		6.000			04/01/2027		147,301
25,000	CA Public Works (Various State Universities)		5.400			10/01/2022		25,101
305,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.)		5.500			08/01/2047		106,680
2,455,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.)		5.500			08/01/2047		1,303,973
500,000	CA School Finance Authority School Facility (Magnolia Science Academy)1		6.000			07/01/2034		504,055
1,000,000	CA School Finance Authority School Facility (Magnolia Science Academy)1		6.250			07/01/2044		1,009,490
98,920,000	CA Silicon Valley Tobacco Securitization Authority		7.473	4		06/01/2036		19,980,851
53,360,000	CA Silicon Valley Tobacco Securitization Authority		6.850	4		06/01/2056		482,374
17,650,000	CA Silicon Valley Tobacco Securitization Authority		5.850	4		06/01/2047		1,189,787
165,000,000	CA Silicon Valley Tobacco Securitization Authority		6.300	4		06/01/2056		2,017,950
36,465,000	CA Silicon Valley Tobacco Securitization Authority		7.663	4		06/01/2041		4,313,810
15,000	CA Statewide CDA1		7.000			07/01/2022		15,034
230,000	CA Statewide CDA1		5.125			09/02/2020		237,160
135,000	CA Statewide CDA1		5.000			09/02/2019		139,227
95,000	CA Statewide CDA1		5.000			09/02/2018		98,004
100,000	CA Statewide CDA		5.080	4		09/01/2034		25,006
75,000	CA Statewide CDA1		6.625			09/01/2027		75,113
100,000	CA Statewide CDA		4.448	4		09/01/2028		39,204
50,000	CA Statewide CDA1		6.750			09/01/2037		50,061
3,105,000	CA Statewide CDA (Cathedral City Heritage Park / Glendale Heritage Park Obligated Group)1		5.200			06/01/2036		3,126,456
1,250,000	CA Statewide CDA (Enloe Medical Center)1		6.250			08/15/2033		1,451,662
1,000,000	CA Statewide CDA (Enloe Medical Center)1		5.750			08/15/2038		1,101,260
600,000	CA Statewide CDA (Episcopal Communities and Services)1		5.000			05/15/2032		635,658
2,000,000	CA Statewide CDA (Henry Mayo Newhall Memorial Hospital)1		5.250			10/01/2043		2,160,160
2,019,578	CA Statewide CDA (Microgy Holdings)6		9.000			12/01/2038		20
1,085,000	CA Statewide CDA (Napa Valley Hospice)1		7.000			01/01/2034		1,061,293
385,000	CA Statewide CDA (Rio Bravo)1		6.300			12/01/2018		369,488
220,000	CA Statewide CDA (Stonehaven Student Hsg.)1		5.875			07/01/2032		220,022
120,000	CA Statewide CDA COP (Internext Group)1		5.375			04/01/2030		120,132
2,000,000	CA Statewide CDA School Facilities (47th & Main)		6.375			07/01/2047		2,109,720
170,000	CA Statewide CDA Special Tax Community Facilities District No. 97		3.874	4		09/01/2022		116,776
2,500,000	CA Statewide CDA, Series A1		5.150			09/02/2037		2,575,550
5,660,000	CA Statewide CDA, Series B1		6.250			09/02/2037		5,738,617
45,175,000	CA Statewide Financing Authority Tobacco Settlement		5.213	4		06/01/2046		2,074,888

24        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$25,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000	%		05/01/2037	$	24,737
8,295,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2037		8,207,820
1,360,000	CA Valley Sanitation District1		5.200			09/02/2030		1,402,690
25,000	CA Western Hills Water District Special Tax1		5.000			09/01/2014		24,991
25,000	CA Western Hills Water District Special Tax1		5.200			09/01/2019		25,003
105,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.000			09/01/2024		105,478
4,495,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.125			09/01/2031		4,515,902
3,660,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.875			09/01/2031		3,680,093
85,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.750			09/01/2022		85,458
235,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.700			09/01/2020		236,257
2,325,000	Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)		5.550			09/01/2036		1,071,151
2,500,000	Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)		5.500			09/01/2036		1,151,975
35,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)1		7.250			08/01/2033		41,231
25,000	Campbell, CA COP (Civic Center)		5.125			10/01/2019		25,102
225,000	Campbell, CA COP (Civic Center)		5.250			10/01/2028		225,886
25,000	Carlsbad, CA Improvement Bond Act 19151		5.500			09/02/2028		25,039
100,000	Carson, CA Public Financing Authority (Remediation)1		6.500			10/01/2036		114,544
1,500,000	Carson, CA Redevel. Agency Tax Allocation1		7.000			10/01/2036		1,724,280
4,510,000	Castaic, CA Union School District Community Facilities District No. 92-11		9.000			10/01/2019		4,550,455
2,000,000	Centinela Valley, CA Union High School District		6.000			08/01/2036		2,409,740
890,000	Chino, CA Community Facilities District Special Tax No. 2005-11		5.000			09/01/2023		908,788
20,000	Chowchilla, CA Redevel. Agency1,3		5.000			08/01/2037		20,014
2,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)1		5.875			01/01/2034		2,307,340
11,360,000	Citrus, CA Community College District2		5.500			06/01/2031		13,157,379
1,370,000	Colton, CA Community Facilities District Special Tax1		7.500			09/01/2020		1,373,877
3,715,000	Compton, CA Community College District1		6.750			08/01/2034		4,241,564
7,000,000	Compton, CA Public Finance Authority1		5.250			09/01/2027		7,017,500
5,000	Contra Costa County, CA Public Financing Authority Tax Allocation1		5.850			08/01/2033		5,004
4,870,000	Corcoran, CA Hospital District1		8.000			08/01/2034		5,510,502
955,000	Corona, CA Community Facilities District (Buchanan Street)1		5.150			09/01/2036		967,902
250,000	Corona-Norco, CA Unified School District1		6.000			09/01/2037		257,757
50,000	Daly City, CA Hsg. Devel. Finance Agency (Franciscan Mobile Home Park)1		5.000			12/15/2037		50,936

25        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OFINVESTMENTS    Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$960,000	Daly City, CA Hsg. Devel. Finance Agency (Third Tier Franciscan)1		6.500	%		12/15/2047	$	972,624
1,220,000	Dehesa, CA School District1		5.500			06/01/2044		1,399,377
1,855,000	Desert Hot Springs, CA Community Facilities District Special Tax1		6.375			09/01/2038		1,968,248
3,725,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation1		7.375			09/01/2039		4,240,801
15,000,000	East Bay, CA Municipal Utility District (Water System)2		5.000			06/01/2036		17,050,350
10,000,000	Eastern CA Municipal Water District1		0.060	5		07/01/2046		10,000,000
305,000	Eastern CA Municipal Water District Community Facilities Special Tax1		5.000			09/01/2037		307,065
370,000	Eastern CA Municipal Water District Community Facilities Special Tax1		5.100			09/01/2037		373,552
185,000	Eastern CA Municipal Water District Community Facilities Special Tax1		5.000			09/01/2030		187,718
1,580,000	Emeryville, CA Public Financing Authority1		5.200			09/01/2022		1,585,340
25,000	Etiwanda, CA School District Special Tax1		5.400			09/01/2035		25,015
10,220,000	Etiwanda, CA School District Special Tax Community Facilities District No. 2004-21		6.000			09/01/2037		10,342,333
1,000,000	Fairfield, CA Community Facilities District Special Tax (Fairfield Commons)1		6.875			09/01/2038		1,078,620
100,000	Fillmore, CA Public Financing (Central City Redevel.)1		5.500			06/01/2031		100,013
2,500,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1		5.500			09/01/2032		2,534,250
10,000	Fontana, CA Redevel. Agency (Jurupa Hills)1		5.500			10/01/2027		10,029
10,000	Fontana, CA Redevel. Agency (Sierra Corridor Commercial Redevel.)1		5.500			09/01/2034		10,011
1,500,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1		5.000			01/01/2035		1,503,825
20,000	Fremont, CA Community Facilities District (Pacific Commons)1		6.250			09/01/2026		20,043
1,010,000	Greenfield, CA Union School District1		7.000			09/01/2040		1,041,865
4,895,000	Grossmont, CA Union High School District2		5.500			08/01/2031		5,690,711
5,145,000	Grossmont, CA Union High School District2		5.500			08/01/2030		5,982,932
120,000	Guadalupe, CA Redevel. Agency Tax Allocation1		5.125			08/01/2035		120,120
100,000	Hemet, CA Redevel. Agency Tax Allocation1		5.125			09/15/2030		100,037
785,000	Hemet, CA Unified School District1		5.125			09/01/2036		785,432
1,505,000	Hemet, CA Unified School District1		5.250			09/01/2035		1,512,751
1,155,000	Hemet, CA Unified School District Community Facilities District No. 2005-31		5.375			09/01/2026		1,156,051
60,000	Hemet, CA Unified School District Community Facilities District Special Tax1		5.625			09/01/2035		60,059
1,335,000	Hesperia, CA Public Financing Authority, Tranche A1		6.250			09/01/2035		1,335,801
3,305,000	Hesperia, CA Public Financing Authority, Tranche B1		6.250			09/01/2035		3,306,983
3,285,000	Hesperia, CA Public Financing Authority, Tranche C1		6.250			09/01/2035		3,286,971
50,000	Hesperia, CA Unified School District1		5.200			09/01/2035		50,012

26        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,065,000	Hesperia, CA Unified School District1		5.000	%		09/01/2030	$	1,086,822
500,000	Hollister, CA Redevel. Agency Tax Allocation1		7.000			10/01/2032		558,110
1,430,000	Imperial County, CA Community Facilities District No. 2004-2 Special Tax1		5.900			09/01/2037		1,293,349
7,000,000	Imperial, CA Irrigation District1		6.250			11/01/2031		8,420,650
2,215,000	Indio, CA Community Facilities District Special Tax1		5.250			09/01/2027		2,224,170
625,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)1		5.050			09/01/2026		639,981
300,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)1		5.000			09/01/2021		307,179
285,000	Indio, CA Community Facilities District Special Tax (Sonora Wells)1		5.000			09/01/2020		291,820
1,990,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 2003-031		6.125			09/02/2029		2,031,790
25,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 2003-5 (Sunburst)1		5.875			09/02/2029		25,523
309,105,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.000	4		06/01/2057		3,032,320
3,060,000	Ione, CA Special Tax Community Facilities District 2005-2-A1		6.000			09/01/2036		3,182,216
30,000	Jurupa, CA Community Services District Special Tax1		5.000			09/01/2036		30,616
1,000,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 251		6.000			09/01/2042		1,031,220
1,140,000	Jurupa, CA Public Financing Authority1		6.125			09/01/2040		1,175,317
110,000	Jurupa, CA Public Financing Authority1		6.000			09/01/2032		113,421
1,000,000	Jurupa, CA Public Financing Authority1		6.125			09/01/2040		1,030,980
15,000	Kingsburg, CA Public Financing Authority1		8.000			09/15/2021		15,049
5,000	La Mesa, CA Fire, Police & Emergency Services1		5.250			08/01/2034		5,020
50,000	La Quinta, CA Redevel. Agency Tax Allocation1		5.000			09/01/2029		50,203
2,380,000	Lake Berryessa, CA Resort Improvement District1		5.550			09/02/2037		1,810,633
390,000	Lake Berryessa, CA Resort Improvement District1		5.250			09/02/2017		368,456
1,430,000	Lake Berryessa, CA Resort Improvement District1		5.500			09/02/2027		1,190,918
2,020,000	Lake Elsinore, CA Community Facilities District No. 2006-2 Special Tax (Viscaya)1		5.400			09/01/2036		2,021,131
2,050,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		6.250			09/01/2040		2,104,407
1,000,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		5.000			09/01/2040		1,050,620
335,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.000			09/01/2037		350,856
630,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.000			09/01/2032		667,466
120,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		5.875			09/01/2027		123,209
200,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		6.000			09/01/2030		205,328
245,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		5.875			09/01/2028		251,527

27        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$155,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		6.000	%		09/01/2029	$	159,137
1,175,000	Lake Elsinore, CA Public Financing Authority (Villages Wasson Canyon)		5.250			09/01/2038		1,205,808
920,000	Lake Elsinore, CA Special Tax1		5.200			09/01/2026		921,187
1,150,000	Lake Elsinore, CA Special Tax1		5.350			09/01/2036		1,150,598
1,150,000	Lake Elsinore, CA Special Tax1		5.350			09/01/2036		1,151,552
1,275,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2005-71		6.250			09/01/2040		1,314,971
1,100,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2006-61		5.900			09/01/2037		1,122,836
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2029		466,825
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2030		465,270
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2032		924,030
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2028		928,260
420,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2025		394,779
375,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2026		351,015
885,000	Lammersville, CA School District Community Facilities District (Mountain House)		0.000	7		09/01/2027		823,820
1,340,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		5.000			08/01/2024		1,341,018
430,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		6.875			08/01/2039		496,573
1,670,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		6.875			08/01/2034		1,941,509
580,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		6.875			08/01/2039		737,748
10,000	Lathrop, CA Financing Authority (Water Supply)1		5.600			06/01/2018		10,109
5,000	Lathrop, CA Financing Authority (Water Supply)1		5.700			06/01/2019		5,051
1,675,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1		5.100			09/02/2035		1,675,352
4,245,000	Lathrop, CA Special Tax Community Facilities District No. 03-21		7.000			09/01/2033		4,313,769
4,000,000	LeMoore, CA Redevel. Agency Tax Allocation1		7.375			08/01/2040		4,279,680
635,000	Lincoln, CA Special Tax1		5.000			09/01/2026		648,037
2,625,000	Livermore, CA Redevel. Agency Tax Allocation1		5.000			08/01/2026		2,647,102
230,000	Livermore, CA Redevel. Agency Tax Allocation		5.000			08/01/2032		231,592
150,000	Long Beach, CA Bond Finance Authority (Redevel. Hsg. & Gas Utilities)1		5.000			08/01/2025		152,848
50,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.500			11/15/2028		59,120
1,000,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.500			11/15/2037		1,156,000

28        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$15,000,000	Long Beach, CA Health Facilities (MemHS/SMMC-LH/LBMMC/OCMMC Obligated Group)1		0.050	%5		10/01/2016	$	15,000,000
1,200,000	Los Alamitos, CA Unified School District COP		0.000	7		08/01/2034		812,172
1,250,000	Los Angeles County, CA Regional Financing Authority (Montecedro)1		5.000			11/15/2044		1,340,112
10,000,000	Los Angeles, CA Community College District2		6.000			08/01/2033		11,954,800
15,000,000	Los Angeles, CA Community College District2		5.000			08/01/2033		16,862,550
2,075,000	Los Angeles, CA Community Devel. Agency (Adelante Eastside Redevel.)1		6.500			09/01/2039		2,331,179
1,575,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.000			12/01/2026		1,634,062
10,215,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.375			05/15/2025		11,513,939
14,210,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.250			05/15/2024		16,007,217
10,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.375			05/15/2026		11,225,412
10,095,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.375			05/15/2028		11,341,531
11,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.375			05/15/2027		12,346,668
3,000,000	Los Angeles, CA Dept. of Water & Power2		5.375			07/01/2034		3,412,980
12,000,000	Los Angeles, CA Dept. of Water & Power2		5.375			07/01/2038		13,662,840
16,300,000	Los Angeles, CA Harbor Dept.2		5.250			08/01/2034		18,670,998
500,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)1		6.375			06/01/2039		524,890
2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)1		6.250			06/01/2034		2,099,000
2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)1		6.000			06/01/2029		2,088,260
1,500,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000			12/01/2020		1,124,280
1,100,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000			12/01/2027		765,391
4,000,000	Los Angeles, CA Municipal Improvement Corp. (Real Property)1		6.000			09/01/2039		4,702,920
85,000	Madera County, CA COP (Valley Children’s Hospital)1		5.750			03/15/2028		85,150
475,000	Malibu, CA Community Facilities District Special Tax (Carbon Beach)1		5.875			09/01/2039		489,791
950,000	Martinez, CA Unified School District1		0.000	7		08/01/2035		1,101,192
4,530,000	Mayers, CA Memorial Hospital District1		7.875			06/01/2041		4,649,320
1,750,000	McFarland, CA Unified School District1		5.500			11/01/2038		2,015,772
1,375,000	Mendota, CA Joint Powers Financing Authority Wastewater1		5.150			07/01/2035		1,316,397
500,000	Menifee, CA Union School District Special Tax1		5.250			09/01/2035		500,230
250,000	Menifee, CA Union School District Special Tax1		5.250			09/01/2036		252,302
400,000	Menifee, CA Union School District Special Tax1		5.200			09/01/2035		400,256
100,000	Menifee, CA Union School District Special Tax1		5.000			09/01/2022		100,120
50,000	Midpeninsula, CA Regional Open Space District1		5.000			09/01/2034		50,182
3,000,000	Montebello, CA Community Redevel. Agency (Montebello Hills Redevel.)1		8.100			03/01/2027		3,530,910
25,000	Moreno Valley, CA Unified School District Community Facilities District1		5.100			09/01/2028		25,272

29        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,665,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-61		5.000	%		09/01/2022		$            1,684,098
230,000	Murrieta, CA Community Facilities District Special Tax (Meadowlane/Amberwalk)1		5.125			09/01/2035		230,062
2,000,000	Norco, CA Redevel. Agency Tax Allocation1		6.000			03/01/2036		2,361,320
157,335,000	Northern CA Tobacco Securitization Authority (TASC)		5.406	4		06/01/2045		3,275,715
1,250,000	Northern Humboldt, CA Union High School District1		6.500			08/01/2034		1,529,250
2,000,000	Northern, CA Inyo County Local Hospital District1		6.375			12/01/2025		2,231,320
1,000,000	Oak Valley, CA Hospital District1		7.000			11/01/2035		1,048,180
10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		6.100			06/01/2027		10,034
250,000	Oakland, CA GO1		6.250			01/15/2039		278,350
1,000,000	Oakland, CA GO1		6.000			01/15/2034		1,146,260
250,000	Oakland, CA Unified School District1		6.500			08/01/2024		290,862
4,595,000	Oakland, CA Unified School District1		6.125			08/01/2029		5,244,503
2,500,000	Oakland, CA Unified School District		5.250			08/01/2024		2,509,400
250,000	Oakland, CA Unified School District1		6.500			08/01/2022		294,807
250,000	Oakland, CA Unified School District1		6.500			08/01/2023		293,145
865,000	Oakley, CA Public Finance Authority1		5.200			09/02/2026		892,334
3,180,000	Olivehurst, CA Public Utilities District (Plumas Lake Community Facilities District)1		7.625			09/01/2038		3,219,019
3,325,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 1081		7.500			09/02/2020		3,344,285
2,000,000	Orange, CA Community Facilities District Special Tax (Del Rio Public Improvements)1		6.000			10/01/2040		2,064,280
25,000	Palm Desert, CA Financing Authority1		5.000			08/01/2033		25,162
500,000	Palm Desert, CA Financing Authority1		5.200			10/01/2028		500,580
305,000	Palm Desert, CA Financing Authority		5.850	4		04/01/2020		222,970
340,000	Palm Desert, CA Financing Authority		5.950	4		04/01/2021		232,727
230,000	Palm Desert, CA Financing Authority		5.650	4		04/01/2018		190,247
265,000	Palm Desert, CA Financing Authority		5.750	4		04/01/2019		206,075
410,000	Palm Desert, CA Financing Authority		6.020	4		04/01/2024		233,704
430,000	Palm Desert, CA Financing Authority		6.030	4		04/01/2025		230,287
380,000	Palm Desert, CA Financing Authority		6.000	4		04/01/2022		245,134
390,000	Palm Desert, CA Financing Authority		1.550	4		08/01/2016		357,509
1,430,000	Palm Desert, CA Financing Authority		4.301	4		08/01/2030		549,692
1,910,000	Palm Desert, CA Financing Authority		3.675	4		08/01/2024		1,069,543
2,070,000	Palm Desert, CA Financing Authority		3.804	4		08/01/2025		1,088,427
1,605,000	Palm Desert, CA Financing Authority		3.373	4		08/01/2022		1,017,730
1,755,000	Palm Desert, CA Financing Authority		3.532	4		08/01/2023		1,044,120
1,415,000	Palm Desert, CA Financing Authority		4.126	4		08/01/2028		616,841
1,370,000	Palm Desert, CA Financing Authority		4.217	4		08/01/2029		560,919
2,235,000	Palm Desert, CA Financing Authority		3.921	4		08/01/2026		1,103,062
1,400,000	Palm Desert, CA Financing Authority		4.028	4		08/01/2027		648,676
590,000	Palm Desert, CA Financing Authority		6.100	4		04/01/2034		176,546
580,000	Palm Desert, CA Financing Authority		6.100	4		04/01/2033		187,230
560,000	Palm Desert, CA Financing Authority		6.100	4		04/01/2032		193,743

30        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$395,000	Palm Desert, CA Financing Authority		6.010	%4		04/01/2023	$	239,192
150,000	Palm Desert, CA Financing Authority1		5.000			04/01/2030		150,186
440,000	Palm Desert, CA Financing Authority		1.148	4		08/01/2015		421,674
445,000	Palm Desert, CA Financing Authority		6.040	4		04/01/2026		223,826
480,000	Palm Desert, CA Financing Authority		6.060	4		04/01/2028		213,254
465,000	Palm Desert, CA Financing Authority		6.050	4		04/01/2027		219,633
500,000	Palm Desert, CA Financing Authority		6.070	4		04/01/2029		208,700
520,000	Palm Desert, CA Financing Authority		6.080	4		04/01/2030		203,840
540,000	Palm Desert, CA Financing Authority		6.090	4		04/01/2031		198,828
420,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		6.500			07/01/2027		429,971
120,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		5.450			07/01/2020		121,231
440,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		5.550			07/01/2028		440,119
250,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		6.400			07/01/2023		256,320
85,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs Regional Airport)		5.250			01/01/2022		85,346
10,000	Palm Springs, CA Improvement Bond Act 19151		5.550			09/02/2023		10,010
1,355,000	Palmdale, CA Community Facilities District Special Tax1		5.400			09/01/2035		1,382,994
5,130,000	Palmdale, CA Community Facilities District Special Tax1		6.250			09/01/2035		5,273,435
6,145,000	Palmdale, CA Community Facilities District Special Tax1		6.125			09/01/2037		6,264,029
75,000	Palmdale, CA Community Redevel. Agency1		5.000			09/01/2034		75,047
315,000	Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-11,3		5.700			08/01/2018		316,175
3,850,000	Paramount, CA Redevel. Agency Tax Allocation		5.000			08/01/2023		3,863,591
25,000	Paramount, CA Redevel. Agency Tax Allocation		5.000			08/01/2020		25,088
55,000	Parlier, CA Redevel. Agency Tax Allocation1		5.200			08/01/2028		55,034
2,025,000	Perris, CA Community Facilities District Special Tax (Amber Oaks)1		6.000			09/01/2034		2,067,626
2,500,000	Perris, CA Community Facilities District Special Tax (Chaparral Ridge)1		6.250			09/01/2033		2,545,275
120,000	Perris, CA Community Facilities District Special Tax (May Farms)1		5.150			09/01/2035		122,114
10,000	Perris, CA Community Facilities District Special Tax (May Farms)1		5.100			09/01/2030		10,222
1,270,000	Perris, CA Community Facilities District Special Tax, Series A1		5.750			09/01/2035		1,296,416
2,500,000	Perris, CA Community Facilities District Special Tax, Series B1		6.000			09/01/2034		2,561,900
2,000,000	Perris, CA Public Financing Authority1		5.350			10/01/2036		2,002,660
375,000	Perris, CA Public Financing Authority1		5.750			10/01/2031		383,813
85,000	Perris, CA Public Financing Authority1		5.100			09/01/2018		85,195
135,000	Perris, CA Public Financing Authority1		5.000			09/01/2017		135,338
2,015,000	Perris, CA Public Financing Authority, Series A1		6.600			09/01/2038		2,088,548
80,000	Perris, CA Public Financing Authority, Series A1		6.125			09/01/2034		82,170
845,000	Perris, CA Public Financing Authority, Series D1		5.500			09/01/2024		846,158

31        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$6,510,000	Perris, CA Public Financing Authority, Series D1		5.800	%		09/01/2038	$	6,515,664
2,500,000	Perris, CA Union High School District1		6.125			09/01/2041		2,577,225
2,000,000	Perris, CA Union High School District Financing Authority1		6.000			09/01/2033		2,062,060
100,000	Plumas County, CA GO COP1		5.000			06/01/2033		100,082
1,305,000	Pomona, CA Public Financing Authority (Merfed Redevel.)1		5.250			02/01/2020		1,308,484
50,000	Pomona, CA Unified School District1		6.150			08/01/2030		60,722
265,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.)1		5.000			06/15/2033		265,260
2,500,000	Poway, CA Unified School District Public Financing Authority Special Tax1,3		5.000			09/15/2043		2,602,675
500,000	Poway, CA Unified School District Special Tax Community Facilities District No. 14 (Torrey Highland Subarea)1		6.125			09/01/2041		515,445
790,000	Poway, CA Unified School District Special Tax Community Facilities District No. 6-4 (South Ranch)1		5.125			09/01/2035		798,090
5,000,000	Rancho, CA Water District Financing Authority1		5.000			08/01/2028		5,702,200
2,595,000	Rialto, CA Redevel. Agency (Merged Project Area)1		5.875			09/01/2033		2,775,534
490,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.250			09/01/2026		500,231
10,000	Richgrove, CA School District1		6.375			07/01/2018		10,127
2,000,000	Richmond, CA Joint Powers Financing Authority (Civic Center)1		5.750			08/01/2029		2,303,940
2,500,000	Ridgecrest, CA Redevel. Agency (Ridgecrest Redevel.)1		6.250			06/30/2037		2,779,050
10,530,000	Rio Hondo, CA Community College District1		0.000	7		08/01/2042		7,548,536
3,000,000	Rio Vista, CA Community Facilities District Special Tax No. 2004-11		5.850			09/01/2035		3,001,650
100,000	River Islands, CA Public Financing Authority1		6.000			09/01/2027		100,010
25,000	River Islands, CA Public Financing Authority1		6.000			09/01/2035		24,999
700,000	Riverbank, CA Redevel. Agency (Riverbank Reinvestment)6		5.000			08/01/2032		241,843
25,000	Riverside County, CA Community Facilities District Special Tax1		5.600			09/01/2019		25,039
1,000,000	Riverside County, CA Redevel. Agency1		7.125			10/01/2042		1,183,740
3,000,000	Riverside County, CA Redevel. Agency (Desert Communities)1		6.000			10/01/2037		3,270,930
1,200,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		6.750			10/01/2030		1,441,452
1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		0.000	7		10/01/2031		792,420
1,325,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		6.500			10/01/2025		1,593,339
1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		0.000	7		10/01/2027		783,380
7,500,000	Riverside County, CA Transportation Commission		5.250			06/01/2039		8,584,575
1,000,000	Riverside, CA Special Tax Community Facilities District No. 92-1, Series A1		5.300			09/01/2034		1,016,130
25,000	Romoland, CA School District Special Tax1		5.250			09/01/2035		25,015

32        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,250,000	Romoland, CA School District Special Tax Community Facilities District No. 2006-11		6.000	%		09/01/2041		$            1,288,588
2,250,000	Romoland, CA School District Special Tax Community Facilities District No. 91-181		6.000			09/01/2037		2,319,525
50,000	Roseville, CA Redevel. Agency Tax Allocation1		5.000			09/01/2032		50,010
1,000,000	Ross Valley, CA School District1		5.500			08/01/2041		1,116,970
40,000	Sacramento County, CA COP (Public Facilities)		5.000			06/01/2029		40,135
1,200,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)1		5.250			06/01/2027		1,206,084
2,755,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)1		6.250			09/01/2023		2,768,500
1,000,000	San Bernardino County, CA Special Tax (Lytle Creek North)1		5.375			09/01/2038		1,030,760
100,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1		5.500			12/01/2020		100,251
1,375,000	San Bernardino, CA Joint Powers Financing Authority (Central City)1		5.750			07/01/2020		1,452,770
20,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500			09/01/2024		19,546
1,075,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500			09/01/2020		1,065,916
1,850,000	San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)1		6.625			04/01/2026		1,852,331
3,235,000	San Bernardino, CA Mountains Community Hospital District COP1		5.000			02/01/2037		2,893,384
1,410,000	San Bernardino, CA Mountains Community Hospital District COP1		5.000			02/01/2027		1,361,693
3,000,000	San Buenaventura, CA Community Memorial Health Systems1		8.000			12/01/2031		3,608,850
875,000	San Diego County, CA COP1		5.600			07/01/2038		888,921
6,645,000	San Diego County, CA Redevel. Agency (Gillespie Field)1		5.750			12/01/2032		6,682,744
4,500,000	San Diego, CA Hsg. Authority (Island Village Apartments)1		5.650	5		07/01/2034		4,519,845
3,000,000	San Diego, CA Hsg. Authority (Sorrento Tower Apartments)1		5.000			05/01/2029		3,159,120
5,880,000	San Diego, CA Public Facilities Financing Authority1		5.250			08/01/2027		6,872,662
10,000,000	San Diego, CA Regional Building Authority (CountyOperations Center & Annex)2		5.375			02/01/2036		11,419,900
1,000,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2031		1,095,660
15,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2024		15,020
500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)1		5.000			08/01/2031		542,015
400,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.750			08/01/2033		481,308
2,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.500			08/01/2039		2,267,640

33        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OFINVESTMENTS    Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		7.000	%		08/01/2033		$            576,460
1,500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay South Redevel.)1		6.625			08/01/2039		1,698,240
545,000	San Francisco, CA City & County Redevel. Financing Authority (San Francisco Redevel.)1		6.625			08/01/2039		611,485
500,000	San Francisco, CA City & County Redevel. Financing Authority (San Francisco Redevel.)1		6.500			08/01/2032		562,525
1,000,000	San Gorgonio, CA Memorial Health Care District1		5.000			08/01/2032		1,085,190
6,475,000	San Jacinto, CA Financing Authority, Tranche A1		6.600			09/01/2033		5,715,418
6,335,000	San Jacinto, CA Financing Authority, Tranche B1		6.600			09/01/2033		5,591,841
6,500,000	San Jacinto, CA Financing Authority, Tranche C		6.600			09/01/2033		5,737,485
500,000	San Jacinto, CA Unified School District Special Tax1		5.100			09/01/2036		349,985
250,000	San Jacinto, CA Unified School District Special Tax1		5.750			09/01/2040		257,670
25,000	San Jose, CA (Libraries, Parks & Public Safety)		5.000			09/01/2032		25,094
1,000,000	San Jose, CA Airport1		5.000			03/01/2025		1,112,360
1,000,000	San Jose, CA Airport		5.000			03/01/2028		1,003,280
225,000	San Jose, CA Airport		5.000			03/01/2031		225,772
35,000	San Jose, CA Improvement Bond Act 19151		5.875			09/02/2023		36,094
3,150,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)1		6.200			01/01/2041		3,151,071
4,025,000	San Jose, CA Multifamily Hsg. (Fallen Leaves Apartments)1		5.100			12/01/2032		4,025,242
125,000	San Jose, CA Redevel. Agency1		5.000			08/01/2020		128,284
305,000	San Jose, CA Redevel. Agency1		5.000			08/01/2018		315,349
55,000	San Jose, CA Redevel. Agency1		5.000			08/01/2028		55,523
230,000	San Jose, CA Redevel. Agency1		5.000			08/01/2027		232,459
145,000	San Jose, CA Redevel. Agency1		5.000			08/01/2026		146,749
70,000	San Jose, CA Redevel. Agency1		5.000			08/01/2015		73,072
995,000	San Jose, CA Redevel. Agency1		5.000			08/01/2026		1,059,685
160,000	San Jose, CA Redevel. Agency1		5.000			08/01/2025		162,118
2,000,000	San Jose, CA Redevel. Agency1		5.850			08/01/2027		2,048,400
220,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2024		234,958
1,235,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2021		1,329,144
2,415,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2025		2,575,598
535,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2016		575,960
200,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2032		204,334
550,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2027		550,990
100,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2023		105,113
170,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000			08/01/2019		183,743

34        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$795,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000	%		08/01/2022	$	840,124
25,000	San Jose, CA Special Tax Community Facilities District No. 9 (Bailey Highway 101)1		6.600			09/01/2027		25,035
10,000,000	San Marcos, CA Unified School District2		5.250			08/01/2031		11,360,400
385,000	Santa Ana, CA Unified School District Special Tax1		5.100			09/01/2035		387,241
2,070,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1		6.000			08/01/2041		2,070,518
1,000,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1		5.850			08/01/2031		1,000,510
3,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.750			06/01/2026		3,415,920
8,395,000	Santa Cruz County, CA Redevel. Agency (Live Oak/Soquel Community)1		7.000			09/01/2036		9,766,995
1,750,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)1		5.875			07/01/2036		2,005,045
2,600,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)1		5.875			07/01/2042		2,958,384
1,635,000	Saugus, CA Union School District Community Facilities District No. 20061		11.625			09/01/2038		2,016,119
3,050,000	Saugus, CA Union School District Community Facilities District No. 20061		11.625			09/01/2038		3,760,955
1,575,000	Saugus, CA Union School District Community Facilities District No. 2006-2		5.000			09/01/2037		1,622,864
200,000	Saugus, CA Union School District Special Tax		5.125			09/01/2032		206,128
2,000,000	Saugus, CA Union School District Special Tax		5.750			09/01/2043		2,061,320
415,000	Saugus, CA Union School District Special Tax		5.125			09/01/2031		427,736
10,000	Seaside, CA Redevel. Agency Tax Allocation1		5.375			08/01/2033		10,010
2,500,000	Sequoia, CA Unified High School District1		5.875			07/01/2036		2,962,150
5,000,000	Sequoia, CA Unified High School District1		6.000			07/01/2043		5,928,800
1,090,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.400			11/01/2026		1,114,242
15,000	Sierra Kings, CA Health Care District1		6.000			08/01/2032		15,031
1,720,000	Signal Hill, CA Redevel. Agency Tax Allocation1		7.000			10/01/2026		1,919,537
570,000	Soledad, CA Redevel. Agency (Soledad Redevel.)1		5.350			12/01/2028		570,416
2,000,000	South Bayside, CA Waste Management Authority (Shoreway Environmental)1		6.000			09/01/2036		2,218,640
790,000	Southern CA Mono Health Care District1		5.000			08/01/2021		888,924
250,000	Southern CA Public Power Authority1		5.250			11/01/2026		286,283
13,000,000	Southern CA Public Power Authority1		5.000			07/01/2035		14,861,730
2,085,000	Southern CA Public Power Authority1		5.000			11/01/2033		2,283,263
470,000	Southern CA Public Power Authority1		5.250			11/01/2022		539,353
50,000	Southern CA Public Power Authority1		5.250			11/01/2023		57,415
205,000	Southern CA Public Power Authority Natural Gas1		5.000			11/01/2028		226,619
2,255,000	Southern CA Public Power Authority Natural Gas1		5.250			11/01/2027		2,565,017
165,000	Southern CA Public Power Authority Natural Gas1		5.000			11/01/2029		180,329
97,775,000	Southern CA Tobacco Securitization Authority		7.100	4		06/01/2046		1,905,635
4,000,000	Southern CA Tobacco Securitization Authority (TASC)1		5.000			06/01/2037		3,183,680
2,000,000	Stockton, CA Community Facilities District (Arch Road East No. 99-02)1		5.875			09/01/2037		2,060,940

35        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$75,000	Stockton, CA Public Financing Authority (Parking)1		5.125	%		09/01/2030	$	68,502
1,000,000	Stockton, CA Public Financing Authority, Series A1		5.250			09/01/2037		814,710
2,495,000	Stockton, CA Redevel. Agency (Stockton Events Center Arena)1		5.000			09/01/2036		2,462,066
10,000	Suisun City, CA Public Financing Authority (Suisun City Redevel.)1		5.200			10/01/2028		10,012
45,000	Susanville, CA Public Financing Authority1		7.750			09/01/2017		45,227
1,000,000	Susanville, CA Public Financing Authority (Utility Enterprises)1		5.500			06/01/2030		1,072,910
100,000	Temecula Valley, CA Unified School District Community Facilities District No. 2005-11		5.000			09/01/2036		102,053
20,000	Temecula, CA Public Financing Authority Community Facilities District (Harveston)1		5.100			09/01/2036		20,085
165,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1		5.000			09/01/2014		165,186
740,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1		5.050			09/01/2015		750,412
50,000	Temecula, CA Redevel. Agency1		5.250			08/01/2036		50,038
1,575,000	Temecula, CA Redevel. Agency1		5.125			08/01/2027		1,588,624
4,090,000	Trinity County, CA COP		8.500			01/15/2026		4,123,865
500,000	Tulare, CA Health Care District1		6.500			08/01/2026		573,320
2,500,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.125			10/15/2037		2,686,075
305,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.125			10/15/2027		325,957
630,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.000			10/15/2017		686,820
2,590,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.000			10/15/2022		2,759,412
425,000	Turlock, CA Public Financing Authority1		5.450			09/01/2024		425,574
1,500,000	Tustin, CA Unified School District1		6.000			08/01/2036		1,781,700
425,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.650			09/01/2042		504,275
415,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.400			09/01/2032		494,497
375,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.125			09/01/2026		453,855
500,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.400			09/01/2032		595,780
15,000,000	University of California		5.000			05/15/2038		16,743,000
60,000	Upland, CA Community Facilities District Special Tax (Colonies at San Antonio)1		6.000			09/01/2024		61,292
750,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.050			12/01/2026		745,328
1,595,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.150			12/01/2031		1,561,952
4,000,000	Vernon, CA Electric System		5.500			08/01/2041		4,368,680
1,000,000	Vernon, CA Electric System		5.125			08/01/2033		1,071,780
65,000	Vernon, CA Redevel. Agency Tax Allocation1		5.000			09/01/2035		65,089
500,000	Victorville, CA Special Tax Community Facilities District 07-01		5.350			09/01/2042		515,300

36        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$50,000	Watsonville, CA Redevel. Agency Tax Allocation (Watsonville 2000 Redevel.)1		5.000	%		09/01/2024	$	50,042
1,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)1		7.500			09/01/2042		1,811,220
50,000	West Kern, CA Water District1		4.500			06/01/2025		51,652
1,500,000	Woodland, CA Finance Authority1		6.000			03/01/2041		1,712,595
2,300,000	Woodland, CA Finance Authority1		6.000			03/01/2036		2,617,308
10,000	Woodland, CA Special Tax Community Facilities District No. 11		6.000			09/01/2028		10,248
								1,236,089,665
U.S. Possessions—12.2%
2,500,000	Guam International Airport Authority		6.125			10/01/2043		2,841,450
1,000,000	Guam International Airport Authority		6.000			10/01/2034		1,134,290
570,000	Guam Power Authority, Series A		5.000			10/01/2030		632,175
320,000	Guam Power Authority, Series A		5.000			10/01/2024		368,541
250,000	Guam Power Authority, Series A		5.000			10/01/2023		290,835
2,695,000	Northern Mariana Islands Ports Authority, Series A1		5.500			03/15/2031		2,339,422
1,460,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		1,252,870
3,700,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		2,761,495
6,000,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		4,239,300
5,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2037		3,420,400
1,000,000	Puerto Rico Commonwealth GO1		6.500			07/01/2040		774,190
80,000	Puerto Rico Commonwealth GO1		6.000			07/01/2036		80,052
3,000,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		2,329,890
6,390,000	Puerto Rico Commonwealth GO1		6.000			07/01/2039		4,834,930
5,760,000	Puerto Rico Commonwealth GO1		5.750			07/01/2041		4,323,053
3,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2023		2,681,140
1,480,000	Puerto Rico Commonwealth GO1		5.500			07/01/2020		1,503,191
1,450,000	Puerto Rico Commonwealth GO1		5.375			07/01/2030		1,087,993
5,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2026		3,838,200
1,290,000	Puerto Rico Commonwealth GO		5.125			07/01/2037		927,755
5,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2039		3,702,700
1,615,000	Puerto Rico Commonwealth GO1		5.500			07/01/2027		1,235,798
5,025,000	Puerto Rico Commonwealth GO		5.750			07/01/2028		3,876,938
1,000,000	Puerto Rico Commonwealth GO1		5.000			07/01/2041		709,280
1,500,000	Puerto Rico Commonwealth GO1		6.000			07/01/2038		1,138,755
1,950,000	Puerto Rico Commonwealth GO1		6.000			07/01/2039		1,475,448
1,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2021		813,850
500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		370,930
8,995,000	Puerto Rico Electric Power Authority, Series A		5.000			07/01/2042		4,393,518
7,350,000	Puerto Rico Electric Power Authority, Series A		6.750			07/01/2036		3,625,240
1,000,000	Puerto Rico Electric Power Authority, Series A		5.050			07/01/2042		488,430
10,000,000	Puerto Rico Electric Power Authority, Series A		5.000			07/01/2029		4,882,700
5,000,000	Puerto Rico Electric Power Authority, Series WW		5.000			07/01/2028		2,441,400
6,495,000	Puerto Rico Electric Power Authority, Series XX		5.250			07/01/2040		3,172,223
5,000,000	Puerto Rico Electric Power Authority, Series XX		5.750			07/01/2036		2,441,600
500,000	Puerto Rico Electric Power Authority, Series ZZ		5.250			07/01/2026		244,095
2,500,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2030		1,585,375

37        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OFINVESTMENTS    Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$100,000	Puerto Rico Infrastructure1		5.500	%		07/01/2020	$	66,950
1,220,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500			10/01/2037		731,671
225,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		187,423
170,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		146,278
250,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		224,527
6,055,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		5,056,652
5,055,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		3,884,211
6,085,000	Puerto Rico Public Buildings Authority1		6.000			07/01/2041		4,278,059
3,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.375			08/01/2039		2,151,630
3,995,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2042		2,881,993
610,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2028		470,127
17,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		13,511,090
15,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.375			08/01/2039		12,267,785
12,380,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.750			08/01/2037		9,460,796
1,000,000	Puerto Rico Sales Tax Financing Corp., Series A-11		5.250			08/01/2043		700,020
8,575,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2042		6,510,826
17,465,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		13,370,331
840,000	V.I. Public Finance Authority (Matching Fund Loan Notes)		5.000			10/01/2032		902,287
								155,062,108
Total Investments, at Value (Cost $1,467,830,329)—109.9%								1,391,151,773
Net Other Assets (Liabilities)—(9.9)								(125,544,013)
Net Assets—100.0%							$	1,265,607,760

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of the accompanying Notes.

2. 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.

3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after July 31, 2014. See Note 1 of the accompanying Notes.

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

5. Represents the current interest rate for a variable or increasing rate security.

6. 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.

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

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

ABAG	Association of Bay Area Governments
CDA	Communities Devel. Authority
CFD	Community Facilities District
COP	Certificates of Participation
DRIVERS	Derivative Inverse Tax Exempt Receipts
EBPC	East Bay Perinatal Center
GO	General Obligation

38        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Abbreviations (Continued)

HFA	Housing Finance Agency
IDA	Industrial Devel. Agency
INSD	Insured
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
LBMMC	Long Beach Memorial Medical Center
LIFERS	Long Inverse Floating Exempt Receipts
MemHS	Memorial Health Services
MCHlth	Marin Community Health
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
OCEAA	Orange County Educational Arts Academy
OCMMC	Orange Coast Memorial Medical Center
ROLs	Reset Option Longs
SHlth	Sutter Health
SJHCN	St. Joseph Home Care Network
SJHE	St. Joseph Hospital of Eureka
SJHO	St. Joseph Hospital of Orange
SJHS	St. Joseph Health System
SMMC-LH	Saddleback Memorial Medical Center - Laguna Hills
TASC	Tobacco Settlement Asset-Backed Bonds
V.I.	United States Virgin Islands

See accompanying Notes to Financial Statements.

39        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESJuly 31, 2014

Assets
Investments, at value (cost $1,467,830,329)—see accompanying statement of investments	$	1,391,151,773
Cash		1,065,256
Receivables and other assets:
Interest		22,468,409
Investments sold on a when-issued or delayed delivery basis		3,515,200
Shares of beneficial interest sold		1,491,216
Other		339,753
Total assets		1,420,031,607
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		143,440,000
Payable for borrowings (See Note 6)		2,100,000
Investments purchased (including $4,080,114 purchased on a when-issued or delayed delivery basis)		5,260,364
Shares of beneficial interest redeemed		1,522,783
Dividends		1,513,055
Trustees’ compensation		268,161
Distribution and service plan fees		246,456
Shareholder communications		11,833
Interest expense on borrowings		12
Other		61,183
Total liabilities		154,423,847
Net Assets	$	1,265,607,760
Composition of Net Assets
Par value of shares of beneficial interest	$	151,371
Additional paid-in capital		1,894,779,559
Accumulated net investment income		12,016,310
Accumulated net realized loss on investments		(564,660,924)
Net unrealized depreciation on investments		(76,678,556)
Net Assets	$	1,265,607,760

40        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $894,307,493 and 106,882,913 shares of beneficial interest outstanding)	$	8.37
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	8.79
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $4,001,221 and 477,637 shares of beneficial interest outstanding)	$	8.38
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $266,060,117 and 31,912,390 shares of beneficial interest outstanding)	$	8.34
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $101,238,929 and 12,098,560 shares of beneficial interest outstanding)	$	8.37

See accompanying Notes to Financial Statements.

41        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OFOPERATIONS    For the Year Ended July 31, 2014

Investment Income
Interest	$	93,433,257
Other income		1,146
Total investment income		93,434,403
Expenses
Management fees		5,879,880
Distribution and service plan fees:
Class A		2,262,822
Class B		51,501
Class C		2,650,885
Transfer and shareholder servicing agent fees:
Class A		695,741
Class B		5,674
Class C		215,687
Class Y		71,576
Shareholder communications:
Class A		69,983
Class B		1,864
Class C		33,131
Class Y		10,917
Interest expense and fees on short-term floating rate notes issued (See Note 1)		1,200,425
Borrowing fees		628,778
Trustees’ compensation		26,141
Custodian fees and expenses		22,929
Interest expense on borrowings		5,278
Other		150,283
Total expenses		13,983,495
Less waivers and reimbursements of expenses		(755)
Net expenses		13,982,740
Net Investment Income		79,451,663
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(21,374,268)
Net change in unrealized appreciation/depreciation on investments		45,542,183
Net Increase in Net Assets Resulting from Operations	$	103,619,578

See accompanying Notes to Financial Statements.

42        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENTS OFCHANGES IN NET ASSETS

	Year Ended July 31, 2014			Year Ended July 31, 2013
Operations
Net investment income	$	79,451,663		$	90,705,678
Net realized loss		(21,374,268	)		(9,044,194	)
Net change in unrealized appreciation/depreciation		45,542,183			(99,343,482	)
Net increase (decrease) in net assets resulting from operations		103,619,578			(17,681,998	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(54,286,565	)		(66,768,940	)
Class B		(260,493	)		(478,096	)
Class C		(13,634,588	)		(15,844,397	)
Class Y		(5,730,488	)		(6,669,598	)
		(73,912,134	)		(89,761,031	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(94,556,999	)		(151,505,561	)
Class B		(3,005,144	)		(6,571,453	)
Class C		(33,595,447	)		(4,337,478	)
Class Y		(5,201,327	)		15,916,052
		(136,358,917	)		(146,498,440	)
Net Assets
Total decrease		(106,651,473	)		(253,941,469	)
Beginning of period		1,372,259,233			1,626,200,702
End of period (including accumulated net investment income of $12,016,310 and $6,894,409, respectively)	$	1,265,607,760		$	1,372,259,233

See accompanying Notes to Financial Statements.

43        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OFCASH FLOWS    For the Year Ended July 31, 2014

Cash Flows from Operating Activities
Net increase in net assets from operations	$	103,619,578
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(238,181,438)
Proceeds from disposition of investment securities		375,995,762
Short-term investment securities, net		9,216,726
Premium amortization		2,189,357
Discount accretion		(17,344,784)
Net realized loss on investments		21,374,268
Net change in unrealized appreciation/depreciation on investments		(45,542,183)
Change in assets:
Decrease in other assets		76,911
Decrease in interest receivable		2,637,542
Decrease in receivable for securities sold		6,851,175
Change in liabilities:
Decrease in other liabilities		(253,656)
Decrease in payable for securities purchased		(4,895,469)
Net cash provided by operating activities		215,743,789
Cash Flows from Financing Activities
Proceeds from borrowings		159,000,000
Payments on borrowings		(172,700,000)
Proceeds from shares sold		362,119,034
Payments on shares redeemed		(546,390,471)
Cash distributions paid		(19,761,731)
Net cash used in financing activities		(217,733,168)
Net decrease in cash	(1,989,379)
Cash, beginning balance		3,054,635
Cash, ending balance	$	1,065,256

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $54,088,729.

Cash paid for interest on borrowings—$5,406.

Cash paid for interest on short-term floating rate notes issued—$1,200,425.

See accompanying Notes to Financial Statements.

44        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIALHIGHLIGHTS

Class A	Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011 1			Year Ended July 30, 2010 1
Per Share Operating Data
Net asset value, beginning of period		$8 .14			$8 .75			$7 .75			$7 .98			$6 .70
Income (loss) from investment operations:
Net investment income2		0 .51			0 .49			0 .51			0 .55			0 .57
Net realized and unrealized gain (loss)		0 .20			(0 .62)			1 .01			(0 .25)			1 .27
Total from investment operations		0 .71			(0 .13)			1 .52			0 .30			1 .84
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .48)			(0 .48)			(0 .52)			(0 .53)			(0 .56)
Net asset value, end of period	$	8 .37		$	8 .14		$	8 .75		$	7 .75		$	7 .98
Total Return, at Net Asset Value3		9 .03	%		(1 .66)	%		20 .31	%		4 .11	%		27 .95%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	894,308		$	967,217		$	1,194,157		$	951,318		$	1,130,392
Average net assets (in thousands)	$	922,522		$	1,214,170		$	1,037,577		$	1,005,058		$	1,082,612
Ratios to average net assets:4
Net investment income		6 .32	%		5 .56	%		6 .18	%		7 .21	%		7 .34%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0 .80	%		0 .73	%		0 .75	%		0 .75	%		0 .75%
Interest and fees from borrowings		0 .05	%		0 .04	%		0 .04	%		0 .07	%		0 .25%
Interest and fees on short- term floating rates notes issued5		0 .09	%		0 .09	%		0 .12	%		0 .24	%		0 .22%
Total expenses		0 .94	%		0 .86	%		0 .91	%		1 .06	%		1 .22%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0 .94	%		0 .85	%		0 .90	%		1 .06	%		1 .21%
Portfolio turnover rate		17	%		24	%		10	%		27	%		23%

45        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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

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 ROCHESTER CALIFORNIA MUNICIPAL FUND

Class B	Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011 1			Year Ended July 30, 2010 1
Per Share Operating Data
Net asset value, beginning of period	$	8 .15		$	8 .76		$	7 .76		$	7 .99		$	6 .70
Income (loss) from investment operations:
Net investment income2		0 .45			0 .41			0 .44			0 .49			0 .51
Net realized and unrealized gain (loss)		0 .19			(0 .61	)		1 .01			(0 .25	)		1 .28
Total from investment operations		0 .64			(0 .20	)		1 .45			0 .24			1 .79
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .41	)		(0 .41	)		(0 .45	)		(0 .47	)		(0 .50	)
Net asset value, end of period	$	8 .38		$	8 .15		$	8 .76		$	7 .76		$	7 .99
Total Return, at Net Asset Value3		8.16	%		(2.54	)%		19.26	%		3 .22	%		27.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,001		$	6,910		$	13,960		$	18,138		$	24,850
Average net assets (in thousands)	$	5,149		$	10,336		$	15,887		$	21,006		$	25,296
Ratios to average net assets:4
Net investment income		5.52%			4 .69%			5 .39%			6 .35%			6 .50%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.62%			1.62%			1.61%			1.61%			1.60%
Interest and fees from borrowings		0.05%			0 .04%			0 .04%			0 .07%			0 .25%
Interest and fees on short-term floating rate notes issued5		0.09%			0 .09%			0 .12%			0 .24%			0 .22%
Total expenses		1.76%			1 .75%			1 .77%			1 .92%			2 .07%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.76%			1 .74%			1 .76%			1 .92%			2 .06%
Portfolio turnover rate		17%			24%			10%			27%			23%

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

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.

47        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS     Continued

Class C	Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Year Ended July 29, 2011 1			Year Ended July 30, 2010 1
Per Share Operating Data
Net asset value, beginning of period	$	8 .11		$	8 .72		$	7 .73		$	7 .96		$	6 .68
Income (loss) from investment operations:
Net investment income2		0 .45			0 .42			0 .44			0 .49			0 .51
Net realized and unrealized gain (loss)		0 .20			(0 .61	)		1 .01			(0 .25	)		1 .27
Total from investment operations		0 .65			(0 .19	)		1 .45			0 .24			1 .78
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .42	)		(0 .42	)		(0 .46	)		(0 .47	)		(0 .50	)
Net asset value, end of period	$	8 .34		$	8 .11		$	8 .72		$	7 .73		$	7 .96
Total Return, at Net Asset Value3		8 .24%			(2 .43)%			19 .31%			3 .33%			27 .06%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	266,060		$	293,424		$	320,829		$	270,347		$	314,047
Average net assets (in thousands)	$	265,211		$	333,013		$	288,500		$	284,373		$	302,114
Ratios to average net assets:4
Net investment income		5 .55%			4 .79%			5 .42%			6 .43%			6 .57%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1 .57%			1 .51%			1 .52%			1 .53%			1 .52%
Interest and fees from borrowings		0 .05%			0 .04%			0 .04%			0 .07%			0 .25%
Interest and fees on short-term floating rate notes issued5		0 .09%			0 .09%			0 .12%			0 .24%			0 .22%
Total expenses		1 .71%			1 .64%			1 .68%			1 .84%			1 .99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1 .71%			1 .63%			1 .67%			1 .84%			1 .98%
Portfolio turnover rate		17%			24%			10%			27%			23%

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

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.

48        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Class Y	Year Ended July 31, 2014			Year Ended July 31, 2013			Year Ended July 31, 2012			Period Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	8 .14		$	8 .75		$	7 .76		$	7 .73
Income (loss) from investment operations:
Net investment income2		0 .53			0 .51			0 .52			0 .38
Net realized and unrealized gain (loss)		0 .20			(0 .62	)		1 .01			0 .01
Total from investment operations		0 .73			(0 .11	)		1 .53			0 .39
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .50	)		(0 .50	)		(0 .54	)		(0 .36	)
Net asset value, end of period	$	8 .37		$	8 .14		$	8 .75		$	7 .76
Total Return, at Net Asset Value3		9 .29%			(1 .44)%			20.43%			5 .41%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	101,239		$	104,708		$	97,255		$	18,987
Average net assets (in thousands)	$	93,710		$	116,275		$	54,713		$	8,939
Ratios to average net assets:4
Net investment income		6 .54%			5 .79%			6 .28%			7 .60%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0 .56%			0 .51%			0 .50%			0 .55%
Interest and fees from borrowings		0 .05%			0 .04%			0 .04%			0 .06%
Interest and fees on short-term floating rate notes issued5		0 .09%			0 .09%			0 .12%			0 .24%
Total expenses		0 .70%			0 .64%			0 .66%			0 .85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0 .70%			0 .63%			0 .65%			0 .85%
Portfolio turnover rate		17%			24%			10%			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 reporting period.

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.

49        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSJuly 31, 2014

1. Significant Accounting Policies

Oppenheimer Rochester California Municipal Fund (the “Fund”), formerly named Oppenheimer California Municipal Fund, is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were 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.

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. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

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 sells 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 with a fixed principal amount 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

50        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

holders of these securities are granted the option to tender their securities back to the Trust 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 municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

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 voluntarily 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

51        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

1. Significant Accounting Policies (Continued)

provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. 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 (the Fund) 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

52        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from 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 will make the Fund liable for the amount of the negative difference, if any, 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, if it deems it appropriate to do so. As of July 31, 2014, the Fund’s maximum exposure under such agreements is estimated at $64,335,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling 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 July 31, 2014, municipal bond holdings with a value of $270,094,209 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $143,440,000 in short-term floating rate securities issued and outstanding at that date.

At July 31, 2014, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$  2,500,000	Anaheim, CA Public Financing Authority ROLs3		19.242	%		10/1/39		$      3,790,750
	5,000,000	Bay Area, CA Toll Authority ROLs3		8.870			4/1/43		6,720,700
	5,000,000	Bay Area, CA Toll Authority (San Francisco Bay Area) ROLs3		9.087			4/1/44		7,057,900
	5,000,000	CA Dept. of Water Resources (Center Valley) ROLs3		8.485			12/1/35		6,702,700
	7,110,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)		8.778			10/1/39		9,302,226
	3,375,000	CA Health Facilities Financing Authority (SHlth/EBPC/MCHlth Obligated Group) LIFERS		19.177			8/15/31		5,129,325
	2,840,000	Citrus, CA Community College District DRIVERS		16.683			6/1/31		4,637,379
	7,500,000	East Bay, CA Municipal Utility District (Water System) ROLs3		8.050			6/1/36		9,550,350
	1,290,000	Grossmont, CA Union High School District ROLs3		20.199			8/1/30		2,127,933
	1,225,000	Grossmont, CA Union High School District ROLs3		20.236			8/1/31		2,020,711

53        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

1. Significant Accounting Policies (Continued)

Principal Amount		Inverse Floater1 (Continued)	Coupon Rate2			Maturity Date		Value
	$  2,500,000	Los Angeles, CA Community College District ROLs3		22.313	%		8/1/33	$	4,454,800
	7,500,000	Los Angeles, CA Community College District ROLs3		8.000			8/1/33		9,362,550
	3,365,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.387			5/15/28		4,611,531
	4,735,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.066			5/15/24		6,532,217
	3,335,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.381			5/15/26		4,560,412
	3,665,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		12.392			5/15/27		5,011,668
	3,405,000	Los Angeles, CA Dept. of Airports ROLs3		12.623			5/15/25		4,703,939
	6,000,000	Los Angeles, CA Dept. of Water & Power DRIVERS		8.554			7/1/38		7,662,840
	1,500,000	Los Angeles, CA Dept. of Water & Power DRIVERS		8.554			7/1/34		1,912,980
	8,150,000	Los Angeles, CA Harbor Dept. DRIVERS		8.347			8/1/34		10,520,998
	2,500,000	San Diego, CA Regional Building Authority (County Operations Center & Annex) DRIVERS		16.400			2/1/36		3,919,900
	5,000,000	San Marcos, CA Unified School District ROLs3		8.445			8/1/31		6,360,400
								$	126,654,209

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 not initiated by the Fund 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 invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only 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 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 $143,440,000 or 10.10% of its total assets as of July 31, 2014.

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

54        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

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 July 31, 2014, 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		$4,080,114
Sold securities		3,515,200

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of July 31, 2014 is as follows:

Cost	$2,708,633
Market Value	$241,863
Market Value as % of Net Assets	0.02%

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

55        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

1. Significant Accounting Policies (Continued)

excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$12,955,443		$—		$560,302,047		$81,078,872

1. As of July 31, 2014, the Fund had $560,302,047 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers 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		168,991,385
Total	$	560,302,047

2. During the fiscal year ended July 31, 2014, the Fund did not utilize any capital loss carryforward.

3. During the fiscal year ended July 31, 2013, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for July 31, 2014. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Accumulated Net Investment Income	Reduction to Accumulated Net Realized Loss on Investments
$417,628		$417,628

56        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

The tax character of distributions paid during the years ended July 31, 2014 and July 31, 2013 was as follows:

	Year Ended July 31, 2014		Year Ended July 31, 2013
Distributions paid from:
Exempt-interest dividends		$        73,231,725		$        87,479,912
Ordinary income		680,409		2,281,119
Total		$        73,912,134		$        89,761,031

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2014 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	$	1,331,327,4721
Gross unrealized appreciation	$	102,475,708
Gross unrealized depreciation		(183,554,580)
Net unrealized appreciation	$	(81,078,872)

1. The Federal tax cost of securities does not include cost of $140,903,173, 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 year ended July 31, 2014, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	5,855
Payments Made to Retired Trustees		13,409
Accumulated Liability as of July 31, 2014		125,110

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

57        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

1. Significant Accounting Policies (Continued)

compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line 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.

58        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

2. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a

59        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Securities Valuation (Continued)

remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation

60        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

2. Securities Valuation (Continued)

Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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 inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2014 based on valuation input level:

	Level 1— Unadjusted     Quoted Prices		Level 2— Other Significant   Observable Inputs		Level 3— Significant         Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
California	$	—	$	1,236,089,645	$	20	$	1,236,089,665
U.S. Possessions		—		155,062,108		—		155,062,108
Total Assets	$	—	$	1,391,151,753	$	20	$	1,391,151,773

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers out of Level 2*			Transfers into Level 3*
Assets Table
Investments, at Value:
California	$	(17,550	)	$	17,550
Total Assets	$	(17,550	)	$	17,550

61        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Securities Valuation (Continued)

* Transferred from Level 2 to Level 3 because of the lack of observable market data

3. Shares of Beneficial Interest

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

	Year Ended July 31, 2014						Year Ended July 31, 2013
	Shares			Amount			Shares			Amount
Class A
Sold		29,251,828		$	235,708,775			51,538,008		$	451,471,859
Dividends and/or distributions reinvested		5,074,859			41,275,139			5,209,629			45,484,660
Redeemed		(46,271,506	)		(371,540,913	)		(74,464,980	)		(648,462,080)
Net decrease		(11,944,819	)	$	(94,556,999	)		(17,717,343	)	$	(151,505,561)
Class B
Sold		4,711		$	38,704			21,733		$	192,063
Dividends and/or distributions reinvested		26,549			215,731			44,175			387,155
Redeemed		(401,631	)		(3,259,579	)		(812,193	)		(7,150,671)
Net decrease		(370,371	)	$	(3,005,144	)		(746,285	)	$	(6,571,453)
Class C
Sold		4,866,442		$	39,583,052			7,600,211		$	66,793,078
Dividends and/or distributions reinvested		1,197,183			9,700,393			1,254,897			10,909,034
Redeemed		(10,319,543	)		(82,878,892	)		(9,480,792	)		(82,039,590)
Net decrease		(4,255,918	)	$	(33,595,447	)		(625,684	)	$	(4,337,478)
Class Y
Sold		9,354,459		$	76,019,754			9,913,094		$	86,983,939
Dividends and/or distributions reinvested		355,736			2,897,466			423,348			3,699,452
Redeemed		(10,474,275	)		(84,118,547	)		(8,591,500	)		(74,767,339)
Net increase (decrease)		(764,080	)	$	(5,201,327	)		1,744,942		$	15,916,052

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2014 were as follows:

	Purchases		Sales
Investment securities	$	238,181,438	$	375,995,762

62        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

5. 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

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to ccounts 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

63        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

5. Fees and Other Transactions with Affiliates (Continued)

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 distributing those share classes, maintaining accounts and providing shareholder services. 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 Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

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

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred Sales		Deferred Sales		Deferred Sales
	Sales Charges		Charges		Charges		Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor		Distributor
July 31, 2014		$111,213		$426,135		$10,751		$64,250

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.

The Transfer Agent has contractually 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 and for Class A shares to 0.30% of average annual net assets of the class.

During the year ended July 31, 2014, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:

Class A	$	472
Class B		32
Class C		170
Class Y		81

64        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

5. Fees and Other Transactions with Affiliates (Continued)

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.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). 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. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. 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 (0.1594% as of July 31, 2014). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 31, 2014 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 July 31, 2014, the Fund had borrowings outstanding at an interest rate of 0.1594%.

Details of the borrowings for the year ended July 31, 2014 are as follows:

Average Daily Loan Balance	$	3,233,973
Average Daily Interest Rate		0.162	%
Fees Paid	$	426,928
Interest Paid	$	5,406

65        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

7. Reverse Repurchase Agreements

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 31, 2014 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 year ended July 31, 2014.

Details of reverse repurchase agreement transactions for the year ended July 31, 2014 are as follows:

Fees Paid $                        158,097

66        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

8. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds – including the Fund – advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities law and alleged, 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 sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. On March 5, 2014, the parties – but not including the Fund – in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. On July 31, 2014, the court entered an order and final judgement approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to the Fund.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI 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 OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. 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. In June 2014, the appellate court affirmed the lower court’s order approving the settlement. Certain parties subsequently filed a petition for certiorari before the U.S. Supreme Court further challenging the settlement approval order. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

OFI 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. 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, OFI believes that these suits should not impair the ability of OFI or the Distributor

67        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

8. Pending Litigation (Continued)

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.

68        OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Rochester California Municipal Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester California Municipal Fund, formerly Oppenheimer California Municipal Fund, including the statement of investments, as of July 31, 2014, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester California Municipal Fund as of July 31, 2014, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 19, 2014

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FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2014, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2013.

None of the dividends paid by the Fund during the fiscal year ended July 31, 2014 are eligible for the corporate dividend-received deduction. 99.08% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

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PORTFOLIO PROXY VOTING POLICIESAND 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.

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 TRUSTEES AND OFFICERS     Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an annual term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Year of Birth: 1943	Director of Community Foundation of the Florida Keys (non-profit) (since July 2012); Chairman Emeritus and Non-Voting Trustee of The Jackson Laboratory (non-profit) (since August 2011); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Chairman (August 2007-August 2011) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2007) Year of Birth: 1940	Director of THL Credit Inc. (since June 2009); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006- June 2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman

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David K. Downes, Continued	and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2005) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), NATO Supreme Allied Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for

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 TRUSTEES AND OFFICERSUnaudited / Continued

Edmund P. Giambastiani, Jr., Continued	the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 52 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Mary F. Miller, Trustee (since 2004) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2002) Year of Birth: 1952	Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March 2012); Advisory Board Director of The Agile Trading Group LLC (since March 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Board Director of The Komera Project (non-profit) (since April 2012); New York Advisory Board Director of Peace First (non-profit) (since March 2010); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC

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Joanne Pace, Continued	(hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Joseph M. Wikler, Trustee (since 2005) Year of Birth: 1941	Director of C-TASC (bio-statistics services) (2007-2012); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Peter I. Wold, Trustee (since 2005) Year of Birth: 1948	Director of Arch Coal, Inc. (since 2010); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (2004-2012); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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 TRUSTEES AND OFFICERSUnaudited / Continued

INTERESTED TRUSTEE AND OFFICER

Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as an officer and director of the Manager and a director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. Both as a Trustee and as an officer, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, 11th Floor, New York, New York 10281-1008.

William F. Glavin, Jr., Trustee (since 2013), President and Principal Executive Officer (since 2009) Year of Birth: 1958

Chairman of the Sub-Adviser (since July 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a brokerdealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein and Gabinet, Mss. Nasta and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001-June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999-November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2003-December 2005). Corporate Attorney for Southern Resource Group (June 1999-December 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006-June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

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 TRUSTEES AND OFFICERSUnaudited / Continued

Richard A. Stein, Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub-Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Year of Birth: 1973	Senior Vice President of OppenheimerFunds Distributor, Inc. (since January 2013); Senior Vice President of the Sub-Adviser (July 2010-December 2012); Vice President of the Sub-Adviser (January 2003-July 2010); Vice President of OppenheimerFunds Distributor, Inc. (January 2003-July 2010). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.

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Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1959 Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMER

ROCHESTER CALIFORNIA MUNICIPAL FUND

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

© 2014 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

— Applications or other forms

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

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

— Your transactions with us, our affiliates or others

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

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

If you visit 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.

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PRIVACY POLICY NOTICE    Continued

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, Inc., and each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. 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 November 2013. 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).

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Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $46,500 in fiscal 2014 and $45,600 in fiscal 2013.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,500 in fiscal 2014 and $2,500 in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed $727,131 in fiscal 2014 and $611,580 in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, internal audit training, Surprise Exam, reorganization, and system conversion testing

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed $202,044 in fiscal 2014 and $443,073 in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $931,675 in fiscal 2014 and $1,057,153 in fiscal 2013 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 7/31/2014, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester California Municipal Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date: 9/10/2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date: 9/10/2014

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date: 9/10/2014