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)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, 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: 7/31/2017

Item 1. Reports to Stockholders.

Annual Report
7/31/2017
Oppenheimer Funds®
The Right Way to invest
Oppenheimer Rochester®
California Municipal Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	14
Fund Expenses	19
Statement of Investments	21
Statement of Assets and Liabilities	38
Statement of Operations	40
Statements of Changes in Net Assets	41
Statement of Cash Flows	42
Financial Highlights	43
Notes to Financial Statements	51
Report of Independent Registered Public Accounting Firm	70
Federal Income Tax Information	71
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	72
Distribution Sources	73
Trustees and Officers	74
Privacy Policy Notice	81

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/17

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays     Municipal Bond Index
1-Year	3.55%	-1.37%	0.26%
5-Year	4.95	3.93	3.10
10-Year	3.24	2.74	4.60

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).

Our Twitter handle is @RochesterFunds.

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Fund Performance Discussion

Oppenheimer Rochester California Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of July 31, 2017, the Class A shares provided a distribution yield at net asset value (NAV) of 4.51% and a yield-driven, 12-month total return of 3.55% at NAV. Over the same period, the Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index, provided a total return of 0.26%. Tax-free income comprised 100% of the total return this reporting period.

MARKET OVERVIEW

During this reporting period, U.S. equities rallied and yields on AAA-rated municipal bonds and Treasury securities improved. The price declines in the municipal bond market, which were most notable immediately after Election Day, depressed the total return of this Fund’s benchmark, which is a widely used index of the performance of the general muni market.

On June 14, 2017, the Fed Funds target rate was raised by one-quarter of 1 percentage point to a range of 1.00% to 1.25%, and the Federal Reserve Open Market Committee

The average distribution yield in Lipper’s California Municipal Debt Funds category was 3.17% at the end of this reporting period. At 4.51%, the distribution yield at NAV for this Fund’s Class A shares was 134 basis points higher than the category average.

(FOMC) signaled plans for one more rate increase in 2017. Citing continued U.S. economic growth and job market strength, the Fed also announced it would begin to reduce its $4.5 trillion holdings of bonds and other securities later this year.

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		4.51	%
Dividend Yield with sales charge		4.30
Standardized Yield		2.30
Taxable Equivalent Yield		4.73
Last distribution (7/25/17)	$	0.032
Total distributions (8/1/16 to 7/31/17)	$	0.413

Endnotes for this discussion begin on page 16 of this report.

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At the July 26, 2017 meeting, the FOMC announced its decision to maintain the target range for the Fed Funds rate to the range that had been set in June. According to the Fed’s press release, the FOMC “expects that economic conditions will evolve in a manner that will warrant gradual increases” to the Fed Funds rate. Additionally, the “balance sheet normalization program” for reducing its holdings will begin “relatively soon, provided the economy evolves broadly as anticipated.”

The benchmark interest rate was raised in December 2016 and in March 2017, each time by one-quarter of 1 percentage point. At a press conference after the March 2017 meeting, Chairman Janet Yellen said “The simple message is—the economy is doing well. The unemployment rate has moved way down, and many more people are feeling optimistic about their labor prospects.”

From December 2008 until December 2015, the key rate was held to a range of zero to 0.25%.

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. During this reporting period, the muni market’s reactions to the Fed’s moves did not appear to be especially significant or lasting. This Fund’s portfolio managers do not adjust their investment style in response to Fed actions.

The yield curve for high-grade municipal bonds was higher at the end of this reporting period than on July 29, 2016, the last business day of the previous reporting period. The median yield on 30-year, AAA-rated muni bonds stood at 2.89% on July 31, 2017, up 62 basis points from July 29, 2016. The median yield on 10-year, AAA-rated muni bonds was 2.07% on July 31, 2017, up 62 basis points from the July 2016 date, and the median yield on 1-year, AAA-rated muni bonds was 0.85%, up 40 basis points from the July 2016 date.

The Treasury yield curve also was higher at the end of the reporting period than on July 29, 2016. While the Treasury yield curve maintained its shape – moving up uniformly – the muni yield curve steepened as the yields on longer-term munis rose more than the yields on shorter-term munis. While a steepening yield curve reflects investors’ expectations for a stronger economy and, perhaps, rising inflation, we note that high-grade munis with maturities of 15 years or more continued to offer taxpayers in all federal tax brackets more favorable after-tax yields than Treasury securities with comparable maturities; Treasury bonds are backed by the full faith and credit of the U.S. government.

This reporting period was also characterized by credit spread tightening, which occurs when the difference between yields on low-rated municipal bonds and higher-rated bonds decreases. As credit spreads tighten, investments in BBB-rated, lower-rated and

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unrated securities typically outperform municipal securities with higher credit ratings.

On June 30, 2017, Gov. Jerry Brown approved a $183.2 billion all-funds budget for fiscal year 2018. The spending plan significantly increases funding for public schools and provides money to repair roads and bridges, pay down debt, fund the earned income tax credit and provide Medi-Cal healthcare for millions of Californians. The budget also calls for a $6 billion supplemental payment to the state’s public employee retirement system that is designed to reduce unfunded liabilities, stabilize contribution rates, and save taxpayers $11 billion over the next two decades. Moody’s Investors Service cited it as a “credit positive development because it suggests the state will aggressively counter a projected rise in its unfunded pension liabilities.” As of July 2017, the balance in California’s Budget Stabilization Account stood at $8.5 billion, according to a Department of Finance spokesman, and was projected to grow to more than $12 billion in 3 years.

During this reporting period, the Port of Oakland, which manages a $1 billion debt portfolio for maritime infrastructure and the Oakland International Airport, announced a new construction program designed to help it remain competitive. In April 2017, construction began on a project to raise six cranes by 26 feet so they can reach containers stacked aboard the largest ships, and work on a 283,000-square-foot refrigerated warehouse began one month later. The

ground-breaking for a 440,000-square-foot seaport logistics complex warehouse is scheduled for late 2017. The port reported a record $338 million in operating revenue for fiscal year 2016, and Fitch Ratings upgraded the port’s bond rating to A, from A-minus, in January 2017.

The Federal Railroad Administration extended the deadline for constructing the first part of a high-speed rail line from Los Angeles to San Francisco to 2022, from 2018. The project received a federal grant of $928 million grant to complete 118 miles of rail structures in the Central Valley. Additionally the railroad administration is now requiring the state to pay its matching share of a separate stimulus grant (approximately $2 billion) before drawing on the $928-million grant. Construction cost estimates have escalated to $68 billion, from $33 billion. The first phase of the project is running at least 4 years behind schedule.

Late in this reporting period, the International Olympic Committee chose Los Angeles to host the 2028 Olympic Games. Officials expect the buildout of the city’s mass transit system – which will be supported in part by a transportation sales tax that was approved by voters in November 2016 – to be completed prior to the event. They also have said that the required spending will not adversely affect the city’s general fund or its ongoing infrastructure projects.

In March 2017, California sold $2.4 billion in tax-exempt G.O. bonds. Of this amount,

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$1.9 billion were G.O. refunding bonds. In a refunding, new securities with lower coupon rates are sold by a municipality to pay off debt that has higher interest rates. The proceeds of the new bonds are then escrowed in U.S. Treasury bonds and earmarked to pay off the previously issued paper. The second series was $500 million in general obligation refunding bonds, which will be used to refund certain outstanding general obligation bonds for debt service savings.

As of July 31, 2017, California’s G.O. bonds were rated Aa3 by Moody’s and AA-minus by S&P Global (S&P) and Fitch. G.O.s are backed by the full faith and taxing authority of the state or local government that issues them.

The Commonwealth of Puerto Rico remained in the headlines throughout this reporting period, and more detailed information about the developments discussed below can be found on our online PR Roundup (oppenheimerfunds.com/puerto-rico).

In August 2016, the Obama administration announced the seven members of the federal oversight board established by the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), which was enacted in June 2016.

At the outset of this reporting period, the Rochester complex received 100% of the payments owed on holdings backed by Puerto Rico’s sales and use tax (COFINA bonds) and 100% of the payments owed on its Municipal Finance Authority holdings. The Government

Development Bank of Puerto Rico (GDB), the Public Finance Corporation (PFC) and the Puerto Rico Infrastructure and Finance Authority (PRIFA) did not make their August 1, 2016 payments, and the Commonwealth also failed to make an interest payment of $1.3 million on its G.O. debt.

In September 2016, S&P downgraded several senior unsecured GDB bonds GDB after the GDB failed to make August 1 and September 1, 2016 interest payments.

In early September 2016, Francisco Besosa, a U.S. District Court judge, said he would not halt a lawsuit in which plaintiffs allege that Gov. Alejandro García Padilla violated PROMESA by declaring a moratorium on payments of constitutionally backed debt.

The fiscal plan presented to the federal oversight board on October 14 by then-Gov. Padilla was immediately challenged by Carlos Garcia, a member of the oversight board. He took issue with the government’s assessment of its fiscal situation.

Ricardo Rosselló Nevares, who was elected governor of the Commonwealth in November 2016, began his term in office by signing several executive orders related to fiscal and economic conditions in the Commonwealth, including a measure that required reductions in the operating expenses of all government agencies. Gov. Rosselló also ordered the use of zero-base budgets beginning with fiscal 2018 (which began July 1, 2017) and the creation of an entity to expedite the approvals

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of permits and certifications for infrastructure projects.

On January 3, 2017, PREPA made its $192.5 million interest payment in full. Also in early January, subsidiaries of the insurer Assured Guaranty made payments of $39 million and $5 million on G.O. debt and Public Building Authority debt, respectively. The Commonwealth, as expected, failed to pay

$358 million of interest on its G.O. bonds on January 3.

In the first month of his administration, Gov. Rosselló tried to secure some changes to deadlines set forth in PROMESA. The federal oversight board was amenable but imposed certain conditions, including a commitment not to take more loans to provide short-term liquidity. Simultaneously, the federal

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oversight board told Gov. Rosselló that his plan had to make spending cuts and certain revenue increases.

Also in January 2017, the governor signed an extension through December 2021 to a tax on foreign corporations. The Act 154 tax, originally slated to expire at the end of 2017, has historically been a significant source of government revenue. The governor also signed a new measure, the Puerto Rico Financial Emergency and Fiscal Responsibility Act, to replace the Debt Moratorium Act, which had given the former governor the power to suspend debt payments.

Full coupon payments were made on February 1, 2017, on COFINAs as well as bonds issued by the Puerto Rico Industrial Development Company, PRASA (the Commonwealth’s aqueduct and sewer authority), and PRHTA (its highways and transportation authority). However, the GDB, PFC and PRIFA failed to make certain payments on that date.

In February 2017, Gov. Rosselló discussed his 10-year fiscal plan. The plan called for cuts in government spending and for funds to be set aside for future debt service obligations, but it did not meet the federal oversight board’s requirement that certain fiscal adjustments be made to close the fiscal 2019 budget gap. The federal oversight board called for emergency spending cuts on March 8 based on concerns about the Commonwealth’s liquidity and the need to reduce spending immediately; shortly thereafter, the board approved an amended

plan and established a number of milestones for the Rosselló administration.

In other developments related to the fiscal plan, the federal fiscal 2018 budget proposal that President Trump announced in May 2017 calls for $1.59 billion to fund Medicaid in Puerto Rico, an increase of $1.24 billion versus the previous Medicaid cap for the Commonwealth. Puerto Rico officials did not adjust the Commonwealth’s fiscal plan, which assumes the federal government’s Medicaid allocation is zero.

Despite the portfolio management team’s multi-year efforts to reach negotiated settlements with various issuers in Puerto Rico, the federal oversight board in May 2017 commenced proceedings under Title III of PROMESA, similar to a Chapter 9 bankruptcy, for the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (issuer of COFINA bonds), the PRHTA and the Employee Retirement System. The commencement of these proceedings effectively blocked various lawsuits that had been filed soon after the May 1 expiration of the stay of litigation, which had been included in PROMESA and subsequently extended.

The Commonwealth held a vote regarding statehood in June. Those who voted in the nonbinding referendum were overwhelmingly in favor of changing the Commonwealth’s status to U.S. statehood, but less than one-quarter of the electorate voted.

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The Puerto Rico Electric Power Authority (PREPA) and its forbearing bondholders, including Oppenheimer Rochester, worked throughout this reporting period to finalize a restructuring support agreement (RSA) whose terms were agreed on in September 2015. In December 2016, PREPA and its forbearing bondholders agreed to extend the RSA until March 31, 2017; further extensions pushed the RSA’s expiration until the end of June 2017.

PREPA allowed the nearly finalized RSA to terminate in late June 2017, even though the forbearing creditors had offered to extend the agreement again. On July 2, 2017, the federal oversight board commenced PREPA’s Title III proceeding; the utility did not make its July 3 payments of principal and interest.

In Title III, the unresolved issues among debtors and creditors will proceed along separate tracks: mediation and litigation. While court-facilitated mediation may be an effective and efficient process, investors should be aware that protracted litigation remains a very real possibility. These developments affect current dividend distribution calculations for funds with holdings subject to Title III. The Title III proceedings are being overseen by U.S. District Judge Laura Taylor Swain, who was selected by the Chief Justice of the U.S. Supreme Court, John Roberts.

In late June 2017, the federal oversight board approved its own consolidated budget and earmarked more than $900 million for

debt-service obligations. The new budget came as a response to the governor’s proposed $9.56 billion general fund budget, which had been released in May and had called for a 6.3% increase in spending but very limited money available for debt service, inconsistent with the requirements of PROMESA.

In mid-July 2017, the federal oversight board approved a restructuring plan for the GDB, giving bondholders between 55% and 75% of the face value of their debt; the size of the “haircut” depends on the interest rate of the newly issued debt. In late July, the mayor of San Juan announced intentions to challenge this plan as a means to protect the city’s GDB deposits. (This Fund does not hold GDB debt; the Oppenheimer Rochester funds’ holdings of GDB debt represent less than one-hundredth of 1% of the assets of a single fund, Oppenheimer Rochester Limited Term California Municipal Fund.)

Please note: Shortly after the end of this reporting cycle, the Puerto Rico Legislature and the federal oversight board approved a budget for fiscal year 2018, ordered 5% spending cuts and announced plans to conduct a “comprehensive investigation” of the Commonwealth’s debt. Puerto Rico’s cash position as of June 30, 2017 was $1.5 billion higher than Judge Swain had been told it would be, according to figures released in early August, raising new questions about why the Commonwealth claimed it could not make debt payments.

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Tax collections in July, the first month of the fiscal 2018, were $20 million to $30 million ahead of budget, according to Puerto Rico’s treasury secretary; in fiscal 2017, tax collections exceeded forecasts by 2.6%, or $235 million. The unemployment rate in July dropped to 9.8%, which was lower than it had been since early 2008. Also in early August, the Commonwealth’s Supreme Court denied the governor’s request to keep his initial draft budget (submitted to the board in late April) and other documents under wraps.

At an August 9 hearing, Judge Swain approved an agreement establishing a procedure to resolve, by December 15, the debt dispute between Puerto Rico and certain COFINA bondholders. Debt restructurings for GDB securities, which were approved by the Puerto Rico Legislature two days later, have yet to receive approval from the U.S. District Court.

In September, two hurricanes – Irma and Maria – caused damage on Puerto Rico. Irma passed to the north of the Commonwealth, but Maria made landfall and damage from it was extensive.

FUND PERFORMANCE

Oppenheimer Rochester California Municipal Fund held more than 530 securities as of July 31, 2017. 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.

During this reporting period, a rally in U.S. equities and persistent low interest rates put pressure on the dividends of many fixed income investments. This Fund’s Class A dividend, which was 3.7 cents per share at the outset of this reporting period, was reduced to 3.4 cents per share beginning with the November 2016 payout and to 3.2 cents per share beginning with the June 2017 payout. In all, the Fund distributed 41.3 cents per Class A share this reporting period. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment goals or cause it to pay any capital gain distributions.

Four of the Fund’s six largest sectors were among the top five contributors to the Fund’s performance during this reporting period. The Fund’s outperformance at NAV versus its benchmark this reporting period was primarily driven by its holdings of tobacco bonds. These high-yielding securities, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), constituted the Fund’s largest sector as of July 31, 2017. Other leading contributors to performance were the Fund’s third, fifth and sixth largest sectors: Special Tax, U.S. government obligations, and tax increment financing (TIF), respectively. Research-based security selection continued to be a factor in the strong performance of these sectors. Special Tax securities are land development bonds that help finance the infrastructure needs of new real estate development. We continue to believe that improvements in the housing market and the general economy

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could further strengthen the credit profiles of the Fund’s land development securities. The U.S. government obligations sector includes bonds that have been pre-refunded. The credit quality of TIF securities, which are traditionally used for urban and suburban renewal projects, typically improves when a strengthening economy or inflation leads to increased tax collections. The small sewer utilities sector, which represented 1.2% of the Fund’s total assets and included two PRASA securities as of July 31, 2017, was the third strongest contributor to performance this reporting period.

Of the Fund’s 27 sectors, seven detracted from the Fund’s total return during the reporting period. Securities in the G.O. and sales tax revenue sectors – the Fund’s second and twelfth largest, respectively – were adversely affected by developments in Puerto Rico as were the PREPA securities in this Fund’s electric utilities sector (as discussed above). Also detracting from the Fund’s performance were securities in the higher education and diversified financial services sectors, among others.

In aggregate, the Fund’s substantial investments in securities issued in the Commonwealth of Puerto Rico detracted from performance this reporting period. (As discussed above, the Commonwealth continued to experience significant financial difficulties this reporting period; the Fund’s current dividend distribution calculations reflect adjustments based on the failure of various Commonwealth issuers to make

their debt-service payments on time and in full.) The securities are exempt from federal, state and local income taxes, and the Fund’s holdings include the aforementioned G.O. bonds and securities from many different sectors. 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 entities.

Investors should note that some of this Fund’s investments in securities issued in Puerto Rico – including some of the G.O.s and sales tax revenue bonds – are insured. A complete listing of securities held by this Fund can be found in this report’s Statement of Investments.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds, and 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.

While market conditions can and do fluctuate, the Fund’s portfolio management team adheres to a consistent investment approach based on its belief that tax-free yield can help

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investors achieve their long-term financial objectives. The team does not manage its funds based on predictions of interest rate changes. Further details about the Rochester team’s investment approach can be found on our landing page, oppenheimerfunds.com/rochesterway.

	Scott S. Cottier, CFA Senior Vice President, Senior Portfolio Manager and Team Leader

In closing, we believe that the structure and sector composition of this Fund and the team’s use of time-tested strategies will continue to benefit fixed income investors through interest rate and economic cycles.

	Troy E. Willis, CFA, J.D. Senior Vice President, Senior Portfolio Manager and Team Leader

On behalf of the rest of the Rochester portfolio management team: Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	14.2	%
General Obligation	12.6
Special Tax	10.2
Water Utilities	10.1
U.S. Government Obligations	8.9
Tax Increment Financing (TIF)	5.7
Hospital/Healthcare	5.1
Higher Education	4.7
Marine/Aviation Facilities	4.6
Electric Utilities	3.6

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2017 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		11.4%		3.0%		14.4%
AA		32.4		0.0		32.4
A		10.7		0.9		11.6
BBB		6.9		10.2		17.1
BB or lower		13.6		10.9		24.5
Total		75.0%		25.0%		100.0%

The percentages above are based on the market value of the securities as of July 31, 2017 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 S&P Global Ratings (S&P). 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 7/31/17

	Without Sales     Charge	With Sales     Charge
Class A	4.51%	4.30%
Class B	3.78	N/A
Class C	3.83	N/A
Class Y	4.73	N/A

STANDARDIZED YIELDS
For the 30 Days Ended 7/31/17
Class A	2.30%
Class B	1.65
Class C	1.66
Class Y	2.66

TAXABLE EQUIVALENT YIELDS
As of 7/31/17
Class A	4.73%
Class B	3.40
Class C	3.42
Class Y	5.47

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/17

	Inception           Date		1-Year			5-Year			10-Year			Since     Inception
Class A (OPCAX)		11/3/88		3.55	%		4.95	%		3.24	%		5.67%
Class B (OCABX)		5/3/93		2.75			4.11			2.72			4.70
Class C (OCACX)		11/1/95		2.67			4.15			2.45			4.04
Class Y (OCAYX)		11/29/10		3.80			5.20			N/A			7.65
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/17
	Inception           Date		1-Year			5-Year			10-Year			Since     Inception
Class A (OPCAX)		11/3/88		-1.37	%		3.93	%		2.74	%		5.49%
Class B (OCABX)		5/3/93		-2.18			3.78			2.72			4.70
Class C (OCACX)		11/1/95		1.68			4.15			2.45			4.04
Class Y (OCAYX)		11/29/10		3.80			5.20			N/A			7.65

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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 Bloomberg Barclays Municipal Bond Index, an index of a broad range of investment-grade municipal bonds that measures the performance 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 indices. 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 $0.032 for the 28-day accrual period ended July 25, 2017. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on July 25, 2017; for the yield with 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 $0.0269,

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$0.0271 and $0.0336, respectively, for the 28-day accrual period ended July 25, 2017 and on the corresponding net asset values on that date.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended July 31, 2017 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share 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 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 123 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 2017 top federal and California tax rate of 51.4%. 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.

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 median yields for AAA-rated municipal securities are provided by Municipal Market Advisors (MMA) and are based on its benchmark of general obligation bonds structured with a 5% coupon and a 10-year par call. The MMA benchmark is constructed using yields from a group of active primary and secondary market makers and other municipal market participants.

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.

17       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.

18       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 and/or 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, 2017.

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 6 Months Ended July 31, 2017” 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 Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). 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.

19       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2017		Ending Account Value July 31, 2017		Expenses Paid During 6 Months Ended             July 31, 2017
Class A	$	1,000.00	$	1,057.30	$	5.52
Class B		1,000.00		1,053.20		9.46
Class C		1,000.00		1,052.30		9.40
Class Y		1,000.00		1,058.60		4.30
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.44		5.42
Class B		1,000.00		1,015.62		9.29
Class C		1,000.00		1,015.67		9.24
Class Y		1,000.00		1,020.63		4.22

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, 2017 are as follows:

Class	Expense Ratios
Class A		1.08	%
Class B		1.85
Class C		1.84
Class Y		0.84

20       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2017

Principal Amount		Coupon	Maturity		Value
Municipal Bonds and Notes—109.8%
California—99.3%
$1,000,000	Adelanto, CA Community Facilities District Special Tax No. 2006-21	5.000%	09/01/2045	$	1,057,130
2,675,000	Adelanto, CA Elementary School District Community Facilities District No. 11	5.250	09/01/2026		2,677,140
1,690,000	Adelanto, CA Elementary School District Community Facilities District No. 11,2	5.400	09/01/2036		1,690,575
35,000	Adelanto, CA Improvement Agency, Series B1	5.500	12/01/2023		35,268
1,455,000	Adelanto, CA Public Utility Authority1	5.000	07/01/2024		1,481,437
5,710,000	Adelanto, CA Public Utility Authority1	5.000	07/01/2039		5,733,582
6,620,000	Adelanto, CA Public Utility Authority1	6.750	07/01/2039		7,132,918
1,410,000	Alhambra, CA (Atherton Baptist Homes)1	7.500	01/01/2030		1,593,991
1,000,000	Alhambra, CA (Atherton Baptist Homes)1	7.625	01/01/2040		1,159,740
100,000	Alvord, CA Unified School District Community Facilities District Special Tax1	4.500	09/01/2017		100,297
1,350,000	Anaheim, CA Public Financing Authority1	5.000	05/01/2034		1,568,848
10,250,000	Anaheim, CA Public Financing Authority1	5.000	05/01/2039		11,883,952
3,000,000	Anaheim, CA Public Financing Authority (Anaheim Electric System Distribution)3	5.250	10/01/2034		3,217,710
7,000,000	Anaheim, CA Public Financing Authority (Anaheim Electric System Distribution)3	5.250	10/01/2039		7,507,990
25,000	Apple Valley, CA Redevel. Agency Tax Allocation1	5.000	06/01/2032		25,031
600,000	Arvin, CA Community Redevel. Agency Tax Allocation1	6.500	09/01/2038		617,916
785,000	Azusa, CA Special Tax Community Facilities District No. 05-11	5.000	09/01/2021		786,986
415,000	Bakersfield, CA Improvement Bond Act 1915	5.350	09/02/2022		409,505
1,130,000	Bakersfield, CA Improvement Bond Act 1915	5.400	09/02/2025		1,106,213
1,250,000	Bakersfield, CA Improvement Bond Act 19151,2	7.375	09/02/2028		1,237,887
750,000	Beaumont, CA Financing Authority, Series A1	5.000	09/01/2036		816,427
115,000	Beaumont, CA Financing Authority, Series A1	5.125	09/01/2028		126,306
120,000	Beaumont, CA Financing Authority, Series A1	5.250	09/01/2029		132,619
250,000	Beaumont, CA Financing Authority, Series A1	5.625	09/01/2032		277,977
4,410,000	Beaumont, CA Financing Authority, Series A1	5.875	09/01/2042		4,892,278
1,500,000	Beaumont, CA Financing Authority, Series A1	6.375	09/01/2042		1,694,280
5,000	Beaumont, CA Financing Authority, Series A1	7.000	09/01/2023		5,018
1,560,000	Beaumont, CA Financing Authority, Series B1	5.000	09/01/2025		1,829,240
685,000	Beaumont, CA Financing Authority, Series B1	5.000	09/01/2027		686,021
635,000	Beaumont, CA Financing Authority, Series B1	5.000	09/01/2034		685,438
180,000	Beaumont, CA Financing Authority, Series B1	5.050	09/01/2037		180,209
130,000	Beaumont, CA Financing Authority, Series B1	8.625	09/01/2039		130,672
60,000	Beaumont, CA Financing Authority, Series B1	8.875	09/01/2034		60,320
500,000	Blythe, CA Community Facilities District Special Tax (Hidden Beaches)1	5.300	09/01/2035		500,540
1,000,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1	5.000	05/01/2038		1,071,070
2,170,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1	9.750	05/01/2038		2,624,680
1,010,000	Brea, CA Redevel. Agency	6.591 4	08/01/2031		433,250
2,930,000	Brea, CA Redevel. Agency	6.675 4	08/01/2032		1,152,105

21       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon	Maturity		Value
California (Continued)
$2,300,000	Brea, CA Redevel. Agency	6.830%4	08/01/2033	$	825,838
5,000,000	Brea, CA Redevel. Agency	6.869 4	08/01/2034		1,647,100
60,000	Butte County, CA Hsg. Authority (Affordable Hsg. Pool)1	7.000	10/01/2020		60,276
3,000,000	CA ABAG Finance Authority for NonProfit Corporations (Casa De Las Campanas)1	6.000	09/01/2037		3,357,030
25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)1	5.350	10/01/2029		25,030
50,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)1	6.000	01/01/2023		50,000
15,000	CA Bay Area Governments Association1	4.125	09/01/2019		15,027
2,845,000	CA Communities Transportation Revenue COP1	6.000	06/01/2042		3,350,699
3,735,000	CA County Tobacco Securitization Agency	4.461 4	06/01/2033		1,477,230
3,000,000	CA County Tobacco Securitization Agency1	5.000	06/01/2047		2,951,790
82,110,000	CA County Tobacco Securitization Agency	5.305 4	06/01/2046		11,014,235
45,600,000	CA County Tobacco Securitization Agency	5.368 4	06/01/2057		626,088
39,700,000	CA County Tobacco Securitization Agency	5.746 4	06/01/2057		579,223
55,250,000	CA County Tobacco Securitization Agency	6.045 4	06/01/2057		418,795
51,500,000	CA County Tobacco Securitization Agency	6.695 4	06/01/2057		563,925
71,700,000	CA County Tobacco Securitization Agency	6.998 4	06/01/2055		3,283,143
320,360,000	CA County Tobacco Securitization Agency	7.548 4	06/01/2055		11,119,696
309,500,000	CA County Tobacco Securitization Agency	8.248 4	06/01/2055		12,475,945
850,000	CA County Tobacco Securitization Agency (TASC)1	5.100 5	06/01/2028		844,288
3,725,000	CA County Tobacco Securitization Agency (TASC)1	5.125	06/01/2038		3,706,338
5,315,000	CA County Tobacco Securitization Agency (TASC)1	5.250	06/01/2045		5,292,252
1,000,000	CA County Tobacco Securitization Agency (TASC)	5.250	06/01/2046		987,050
45,800,000	CA County Tobacco Securitization Agency (TASC)	5.388 4	06/01/2046		3,460,190
2,085,000	CA County Tobacco Securitization Agency (TASC)1	5.750	06/01/2029		2,096,759
11,970,000	CA County Tobacco Securitization Agency (TASC)1	5.875	06/01/2035		12,087,306
1,780,000	CA County Tobacco Securitization Agency (TASC)1	5.875	06/01/2043		1,790,039
10,760,000	CA County Tobacco Securitization Agency (TASC)1	6.000	06/01/2035		10,876,100
18,230,000	CA County Tobacco Securitization Agency (TASC)1	6.000	06/01/2042		18,408,654
9,670,000	CA County Tobacco Securitization Agency (TASC)1	6.125	06/01/2038		9,774,339
75,770,000	CA County Tobacco Securitization Agency (TASC)	6.372 4	06/01/2046		10,240,315
12,525,000	CA Dept. of Water Resources (Center Valley)1	5.000	12/01/2031		15,297,659
5,000,000	CA Dept. of Water Resources (Center Valley)1	5.000	12/01/2033		6,046,200
290,000	CA Dept. of Water Resources (Center Valley)3	5.250	12/01/2035		330,594
9,710,000	CA Dept. of Water Resources (Center Valley)3	5.250	12/01/2035		11,069,206
3,000,000	CA Educational Facilities Authority (Pepperdine University)1	5.000	10/01/2046		3,500,880
5,000,000	CA Educational Facilities Authority (Pepperdine University)1	5.000	10/01/2049		5,819,150
1,250,000	CA Educational Facilities Authority (San Francisco University)1	6.125	10/01/2036		1,477,775
2,500,000	CA Enterprise Devel. Authority (Sunpower Corp.)1	8.500	04/01/2031		2,743,850
5,190,000	CA GO1	5.000	12/01/2031		6,116,830
13,000,000	CA GO1	5.000	09/01/2032		15,585,180
25,150,000	CA GO3	5.000	09/01/2034		29,674,965
10,000,000	CA GO1	5.000	08/01/2036		11,822,400

22       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon	Maturity		Value
California (Continued)
$7,800,000	CA GO1	5.000%	02/01/2038	$	8,934,276
35,000	CA GO1	5.250	06/01/2021		35,526
5,000	CA GO1	5.500	10/01/2022		5,039
5,000	CA GO1	5.750	05/01/2030		5,018
1,500,000	CA GO1	6.000	03/01/2033		1,687,995
150,000	CA GO1	6.250	10/01/2019		151,380
45,000	CA GO1	6.250	10/01/2019		45,414
5,000,000	CA GO1	6.500	04/01/2033		5,473,950
5,040,000	CA Golden State Tobacco Securitization Corp. (TASC)1	5.000	06/01/2029		5,947,250
2,500,000	CA Golden State Tobacco Securitization Corp. (TASC)1	5.000	06/01/2040		2,877,725
3,750,000	CA Golden State Tobacco Securitization Corp. (TASC)1	5.000	06/01/2045		4,299,562
2,500,000	CA Golden State Tobacco Securitization Corp. (TASC)1	5.125	06/01/2047		2,469,325
7,060,000	CA Golden State Tobacco Securitization Corp. (TASC)1	5.750	06/01/2047		7,060,000
2,030,000	CA Health Facilities Financing Authority (Community Programs for Persons with Developmental Disabilities)1	6.250	02/01/2026		2,347,736
14,215,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)3	5.500	10/01/2039		15,416,021
160,000	CA Health Facilities Financing Authority (Providence Health System-Southern California)1	6.250	10/01/2028		170,240
4,000,000	CA Health Facilities Financing Authority (SHlth/MPHS/PAMFHCRE/SCHosp/SCVH/SEBH/SHSSR/SMF/SMCCV/SVNA&H/SWBH/SGMF Obligated Group)1	5.000	11/15/2046		4,623,120
10,000,000	CA Health Facilities Financing Authority (SHlth/MPHS/SBMF/SCHosp/SEBH/SBH/SGMF/SVlyH/SVMF/SVNA&H Obligated Group)1	5.000	11/15/2048		11,623,700
5,000,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)1	5.750	07/01/2039		5,425,750
13,500,000	CA Health Facilities Financing Authority (Sutter Health)3	5.250	08/15/2031		15,471,000
485,000	CA HFA (Home Mtg.)1,2	5.450	08/01/2033		492,682
885,000	CA Independent Cities Finance Authority Mobile Home Park (Hacienda Valley Estates)1	5.000	11/15/2034		985,359
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)1	6.250	07/15/2045		1,097,790
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Rancho Del Sol & Grandview)1	5.500	05/15/2047		1,089,260
2,000,000	CA Infrastructure and Economic Devel. (AOMPAAS/TVSRF/AcadF/AFound/AMF Obligated Group)1	5.000	11/01/2041		2,301,940
65,000	CA M-S-R Public Power Agency (San Juan)1	6.000	07/01/2022		74,656
200,000	CA Municipal Finance Authority (Biola University)1	5.625	10/01/2023		210,952
515,000	CA Municipal Finance Authority (Caritas Acquisitions/Caritas Corp. Obligated Group)1,2	6.400	08/15/2045		559,862
250,000	CA Municipal Finance Authority (Casa Griffin Apts.)1	5.750	10/01/2034		260,770
3,750,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)1	5.000	02/01/2034		4,292,587
4,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)1	5.000	02/01/2035		4,568,200

23       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon	Maturity		Value
California (Continued)
$2,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)1	5.000%	02/01/2036	$	2,278,840
1,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)1	5.000	02/01/2037		1,137,670
1,600,000	CA Municipal Finance Authority (Creative Center Lost Altos)1	4.500	11/01/2046		1,517,648
1,000,000	CA Municipal Finance Authority (Emerson College)1	5.750	01/01/2033		1,125,050
1,000,000	CA Municipal Finance Authority (Emerson College)1	6.000	01/01/2042		1,146,150
500,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)1	5.750	01/01/2022		525,680
1,070,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)1	6.625	01/01/2032		1,154,509
2,135,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)1	6.875	01/01/2042		2,310,198
1,500,000	CA Municipal Finance Authority (OCEAA)1	7.000	10/01/2039		1,535,160
1,750,000	CA Municipal Finance Authority (Pilgrim Place Claremont)1	5.875	05/15/2029		1,904,787
1,000,000	CA Municipal Finance Authority (Pilgrim Place Claremont)1	6.125	05/15/2039		1,092,880
600,000	CA Municipal Finance Authority (Southwestern Law School)1	6.500	11/01/2031		710,400
1,250,000	CA Municipal Finance Authority (Southwestern Law School)1	6.500	11/01/2041		1,476,637
5,000,000	CA Municipal Finance Authority Mobile Home Park (Caritas Acquisitions)1	5.500	08/15/2047		5,523,850
1,200,000	CA Municipal Finance Authority Mobile Home Park (Caritas Affordable Housing)1	5.250	08/15/2039		1,331,580
4,000,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern California)1	7.000	12/01/2027		3,926,440
1,425,000	CA Pollution Control Financing Authority (Calplant I)	7.500	07/01/2032		1,501,152
1,900,000	CA Pollution Control Financing Authority (Calplant I)	8.000	07/01/2039		2,083,635
2,795,000	CA Public Works1	5.750	03/01/2030		3,135,151
2,500,000	CA Public Works1	6.000	03/01/2035		2,820,150
365,000	CA Public Works1	6.125	11/01/2029		407,420
8,370,000	CA Public Works1	6.375	11/01/2034		9,389,299
100,000	CA Public Works1	6.625	11/01/2034		100,277
2,000,000	CA Public Works (California State Prisons)1	5.750	10/01/2031		2,331,020
900,000	CA Public Works (Dept. of Mental Health)1	5.000	11/01/2031		902,889
1,250,000	CA Public Works (Judicial Council)1	5.000	12/01/2031		1,417,400
125,000	CA Public Works (Trustees California State University)1	6.000	04/01/2027		135,596
11,905,000	CA Public Works Board1	4.000	04/01/2033		12,867,400
305,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.)6	5.500	08/01/2047		97,539
2,450,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.)6	5.500	08/01/2047		1,224,510
3,000,000	CA School Finance Authority Charter School (High Tech High Learning)1	5.000	07/01/2049		3,187,920
1,250,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)1	6.250	07/01/2037		1,258,175

24       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon	Maturity		Value
California (Continued)
$12,650,000	CA Silicon Valley Tobacco Securitization Authority	5.845%4	06/01/2047	$	1,539,885
165,000,000	CA Silicon Valley Tobacco Securitization Authority	6.296 4	06/01/2056		9,368,700
45,920,000	CA Silicon Valley Tobacco Securitization Authority	8.664 4	06/01/2036		15,759,285
21,465,000	CA Silicon Valley Tobacco Securitization Authority	9.044 4	06/01/2041		5,067,028
3,000,000	CA State University1	5.000	11/01/2028		3,699,150
10,000,000	CA State University1	5.000	11/01/2042		11,870,100
100,000	CA Statewide CDA	4.446 4	09/01/2028		45,728
100,000	CA Statewide CDA	5.078 4	09/01/2034		29,078
50,000	CA Statewide CDA1	6.750	09/01/2037		50,124
2,880,000	CA Statewide CDA (Cathedral City Heritage Park/ Glendale Heritage Park Obligated Group)1	5.200	06/01/2036		2,888,467
1,200,000	CA Statewide CDA (CHF-Irvine)1	5.000	05/15/2040		1,347,180
1,250,000	CA Statewide CDA (Enloe Medical Center)1	6.250	08/15/2033		1,320,300
1,400,000	CA Statewide CDA (Guidance Charter School)1	6.500	07/01/2037		1,449,546
5,100,000	CA Statewide CDA (Guidance Charter School)1	6.750	07/01/2052		5,274,573
2,019,578	CA Statewide CDA (Microgy Holdings)7	9.000	12/01/2038		20
4,515,000	CA Statewide CDA (Orinda Wilder)1	5.000	09/01/2037		5,013,817
320,000	CA Statewide CDA (Rio Bravo)1	6.500	12/01/2018		319,978
3,000,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)1	6.000	09/02/2044		2,944,710
145,000	CA Statewide CDA COP (Internext Group)1	5.375	04/01/2030		145,426
2,000,000	CA Statewide CDA School Facilities (47th & Main)1	6.375	07/01/2047		2,207,900
100,000	CA Statewide CDA Special Tax Community Facilities District No. 97	3.872 4	09/01/2022		75,798
10,000	CA Statewide CDA Water1	7.000	07/01/2022		10,035
25,175,000	CA Statewide Financing Authority Tobacco Settlement (TASC)	5.211 4	06/01/2046		2,741,557
8,295,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1	6.000	05/01/2037		8,355,553
1,025,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1	6.000	05/01/2037		1,030,986
1,330,000	CA Valley Sanitation District1	5.200	09/02/2030		1,332,314
2,500,000	Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)	5.500	09/01/2036		1,278,875
2,325,000	Calexico, CA Community Facilities District No. 2005-1 Special Tax (Hearthstone)	5.550	09/01/2036		1,188,958
35,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)1	7.250	08/01/2033		41,892
2,910,000	Camarillo, CA Community Devel. Commission (Camarillo Corridor)1	5.000	09/01/2032		3,343,881
25,000	Carlsbad, CA Improvement Bond Act 19151	5.500	09/02/2028		25,057
100,000	Carson, CA Public Financing Authority (Remediation)1	6.500	10/01/2036		111,964
2,550,000	Castaic, CA Union School District Community Facilities District No. 92-11	9.000	10/01/2019		2,577,540
1,100,000	Chino, CA Public Financing Authority1	5.000	09/01/2034		1,232,946
865,000	Chino, CA Public Financing Authority1	5.000	09/01/2035		979,379
2,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)1	5.875	01/01/2034		2,162,600
1,060,000	Clovis, CA Wastewater1	5.250	08/01/2030		1,271,523

25       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$500,000	Clovis, CA Wastewater1		5.250%		08/01/2031	$	597,340
	675,000	Colton, CA Community Facilities District Special Tax1,2		7.500		09/01/2020		677,545
	3,715,000	Compton, CA Community College District1		6.750		08/01/2034		4,146,386
	3,000,000	Compton, CA Public Finance Authority1		5.250		09/01/2027		3,140,730
	1,000,000	Compton, CA Public Finance Authority1		5.250		09/01/2027		1,035,690
	5,000	Contra Costa County, CA Public Financing Authority Tax Allocation1		5.850		08/01/2033		5,007
	4,870,000	Corcoran, CA Hospital District1		8.000		08/01/2034		5,239,438
	955,000	Corona, CA Community Facilities District (Buchanan Street)1		5.150		09/01/2036		956,347
	110,000	Corona, CA Community Facilities District (Eagle Glen II)1		6.000		09/01/2031		110,145
	250,000	Corona-Norco, CA Unified School District1		6.000		09/01/2037		251,077
	50,000	Daly City, CA Hsg. Devel. Finance Agency (Franciscan Mobile Home Park)1		5.000		12/15/2037		50,404
	935,000	Daly City, CA Hsg. Devel. Finance Agency (Third Tier Franciscan)1		6.500		12/15/2047		941,386
	1,220,000	Dehesa, CA School District1		5.500		06/01/2044		1,449,665
	1,855,000	Desert Hot Springs, CA Community Facilities District Special Tax1		6.375		09/01/2038		1,991,973
	3,725,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation1		7.375		09/01/2039		4,217,892
	1,725,000	East Bay, CA Municipal Utility District (Water System)1		5.000		06/01/2036		2,040,106
	15,000,000	East Bay, CA Municipal Utility District (Water System)3		5.000		06/01/2036		16,690,350
	6,000,000	East Bay, CA Municipal Utility District (Water System)1		5.000		06/01/2042		7,204,680
	5,000,000	East Bay, CA Municipal Utility District (Water System)1		5.000		06/01/2045		5,984,800
	1,250,000	East Garrison, CA Public Financing Authority1		5.000		09/01/2046		1,333,587
	9,975,000	Etiwanda, CA School District Special Tax Community Facilities District No. 2004-21		6.000		09/01/2037		10,017,094
	865,000	Fairfield, CA Community Facilities District Special Tax (Fairfield Commons)1		6.875		09/01/2038		897,239
	2,500,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1		5.500		09/01/2032		2,539,100
	10,000	Fontana, CA Redevel. Agency (Jurupa Hills)1		5.500		10/01/2027		10,073
	10,000	Fontana, CA Redevel. Agency (Sierra Corridor Commercial Redevel.)1		5.500		09/01/2034		10,028
	1,010,000	Greenfield, CA Union School District1		7.000		09/01/2040		1,045,451
	5,145,000	Grossmont, CA Union High School District3		5.500		08/01/2030		5,616,276
	4,895,000	Grossmont, CA Union High School District3		5.500		08/01/2031		5,343,375
	125,000	Guadalupe, CA Redevel. Agency Tax Allocation1		5.125		08/01/2035		125,326
	500,000	Hollister, CA Redevel. Agency Tax Allocation1		7.000		10/01/2032		560,050
	1,600,000	Hollister, CA Redevel. Agency Tax Allocation (Hollister Community Devel.)1		5.000		10/01/2030		1,854,944
	1,305,000	Hollister, CA Redevel. Agency Tax Allocation (Hollister Community Devel.)1		5.000		10/01/2032		1,501,637
	1,430,000	Imperial County, CA Community Facilities District No. 2004-2 Special Tax1		5.900		09/01/2037		1,357,141
	2,030,000	Imperial County, CA Special Tax (Victoria Ranch)1		5.000		09/01/2036		2,261,359
	2,775,000	Ione, CA Special Tax Community Facilities District 2005-2-A1		6.000		09/01/2036		2,808,633

26       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$2,500,000	Irvine, CA Unified School District1		5.000%		09/01/2033	$	2,838,500
	65,000	Lake Berryessa, CA Resort Improvement District		5.250		09/02/2017		65,030
	630,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		5.000		09/01/2032		677,389
	335,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		5.000		09/01/2037		357,723
	1,000,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)1		5.000		09/01/2040		1,093,570
	1,175,000	Lake Elsinore, CA Public Financing Authority (Villages Wasson Canyon)1		5.250		09/01/2038		1,265,804
	1,275,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2005-71		6.250		09/01/2040		1,316,004
	1,100,000	Lake Elsinore, CA Unified School District Community Facilities District Special Tax No. 2006-61		5.900		09/01/2037		1,102,211
	420,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.000 5		09/01/2025		448,308
	375,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.100 5		09/01/2026		399,562
	885,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.150 5		09/01/2027		940,569
	1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.200 5		09/01/2028		1,060,190
	500,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.250 5		09/01/2029		528,710
	500,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.300 5		09/01/2030		527,945
	1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.375 5		09/01/2032		1,052,730
	1,670,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		6.875		08/01/2034		1,865,039
	580,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		6.875		08/01/2039		647,738
	430,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)1		6.875		08/01/2039		480,220
	3,915,000	Lathrop, CA Special Tax Community Facilities District No. 03-21,2		7.000		09/01/2033		3,922,243
	1,000,000	Lennox, CA School District COP1		5.000		10/01/2034		1,110,700
	100,000	Lincoln, CA Public Financing Authority1		5.000		09/01/2034		100,132
	635,000	Lincoln, CA Special Tax1		5.000		09/01/2026		636,143
	50,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.500		11/15/2028		60,927
	1,000,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.500		11/15/2037		1,293,860
	1,300,000	Long Beach, CA Harbor Revenue1		5.000		05/15/2037		1,514,279
	5,000,000	Long Beach, CA Harbor Revenue1		5.000		05/15/2040		5,814,950
	8,175,000	Long Beach, CA Unified School District1		5.000		08/01/2036		9,693,506
	1,200,000	Los Alamitos, CA Unified School District COP1		0.000 5		08/01/2034		1,090,956
	10,000,000	Los Angeles, CA Community College District1		5.000		08/01/2031		11,950,000
	2,075,000	Los Angeles, CA Community Devel. Agency (Adelante Eastside Redevel.)1		6.500		09/01/2039		2,315,119

27       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$1,575,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.000%		12/01/2026	$	1,596,625
	4,365,000	Los Angeles, CA Dept. of Airports1		5.000		05/15/2033		5,039,262
	5,795,000	Los Angeles, CA Dept. of Airports1		5.000		05/15/2034		6,672,653
	1,500,000	Los Angeles, CA Dept. of Airports1		5.000		05/15/2042		1,718,970
	14,210,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)3		5.250		05/15/2024		14,697,374
	10,215,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)3		5.375		05/15/2025		10,562,889
	10,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)3		5.375		05/15/2026		10,349,575
	11,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)3		5.375		05/15/2027		11,380,574
	10,095,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)3		5.375		05/15/2028		10,437,826
	2,000,000	Los Angeles, CA Dept. of Water & Power1		5.000		07/01/2040		2,343,400
	10,000,000	Los Angeles, CA Dept. of Water & Power1		5.000		07/01/2044		11,823,400
	10,000,000	Los Angeles, CA Dept. of Water & Power1		5.000		07/01/2047		11,859,900
	3,000,000	Los Angeles, CA Dept. of Water & Power3		5.375		07/01/2034		3,186,330
	12,000,000	Los Angeles, CA Dept. of Water & Power3		5.375		07/01/2038		12,727,800
	16,300,000	Los Angeles, CA Harbor Dept.3		5.250		08/01/2034		17,712,395
	2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)1		6.000		06/01/2029		2,111,300
	2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)1		6.250		06/01/2034		2,117,220
	500,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)1		6.375		06/01/2039		530,135
	1,230,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000		12/01/2020		1,227,711
	11,655,000	Los Angeles, CA MTA, Series A1		5.000		06/01/2031		14,100,219
	4,000,000	Los Angeles, CA Municipal Improvement Corp. (Real Property)1		6.000		09/01/2039		4,421,360
	7,000,000	Los Angeles, CA Unified School District1		5.000		07/01/2040		8,181,250
	85,000	Madera County, CA COP (Valley Children’s Hospital)1		5.750		03/15/2028		85,266
	950,000	Martinez, CA Unified School District1		6.125 5		08/01/2035		1,247,882
	4,530,000	Mayers, CA Memorial Hospital District1		7.875		06/01/2041		4,541,733
	1,750,000	McFarland, CA Unified School District1		5.500		11/01/2038		2,085,842
	1,375,000	Mendota, CA Joint Powers Financing Authority Wastewater1		5.150		07/01/2035		1,375,509
	1,000,000	Menifee, CA Union School District Special Tax1		5.000		09/01/2033		1,137,930
	3,000,000	Montebello, CA Community Redevel. Agency (Montebello Hills Redevel.)1		8.100		03/01/2027		3,127,140
	1,500,000	Montebello, CA Public Financing Authority (Montebello Hotel)1		5.000		12/01/2033		1,519,665
	2,050,000	Moreno Valley, CA Unified School District Community Facilities District No. 2004-41		5.000		09/01/2045		2,254,200
	655,000	Murrieta, CA Community Facilities District Special Tax (Golden City)1		5.000		09/01/2042		719,924
	1,500,000	Norco, CA Community Redevel. Agency1		5.000		03/01/2030		1,724,025
	2,000,000	Norco, CA Community Redevel. Agency1		5.000		03/01/2032		2,278,940
	2,000,000	Norco, CA Redevel. Agency Tax Allocation1		6.000		03/01/2036		2,231,080
	4,115,000	Northern Humboldt, CA Union High School District1		5.000		08/01/2043		4,721,716
	1,250,000	Northern Humboldt, CA Union High School District1		6.500		08/01/2034		1,515,988

28       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$2,000,000	Northern, CA Inyo County Local Hospital District1		6.375%		12/01/2025	$	2,136,160
	1,000,000	Oak Valley, CA Hospital District1		7.000		11/01/2035		1,038,250
	10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		6.100		06/01/2027		10,072
	1,000,000	Oakland, CA GO1		6.000		01/15/2034		1,074,390
	250,000	Oakland, CA GO1		6.250		01/15/2039		269,500
	4,595,000	Oakland, CA Unified School District1		6.125		08/01/2029		5,066,907
	250,000	Oakland, CA Unified School District1		6.500		08/01/2022		277,530
	250,000	Oakland, CA Unified School District1		6.500		08/01/2023		277,530
	250,000	Oakland, CA Unified School District1		6.500		08/01/2024		277,530
	3,125,000	Olivehurst, CA Public Utilities District (Plumas Lake Community Facilities District)1		7.625		09/01/2038		3,141,594
	2,105,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 1081		7.500		09/02/2020		2,113,799
	1,350,000	Orange County, CA Community Facilities District (Esencia Village)1		5.000		08/15/2031		1,554,444
	2,500,000	Orange County, CA Community Facilities District (Esencia Village)1		5.000		08/15/2041		2,801,525
	1,250,000	Oxnard, CA Financing Authority Wastewater1		5.000		06/01/2032		1,430,363
	1,500,000	Oxnard, CA Financing Authority Wastewater1		5.000		06/01/2033		1,709,400
	850,000	Oxnard, CA Financing Authority Wastewater1		5.000		06/01/2034		965,821
	40,000	Palm Desert, CA Financing Authority1		5.000		08/01/2033		40,791
	90,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		5.450		07/01/2020		90,070
	380,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		5.550		07/01/2028		380,315
	250,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		6.400		07/01/2023		250,365
	310,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		6.500		07/01/2027		310,477
	75,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs Regional Airport)1		5.250		01/01/2022		75,236
	445,000	Palm Springs, CA Community Redevel. Agency Tax Allocation1		5.000		09/01/2032		506,116
	1,355,000	Palmdale, CA Community Facilities District Special Tax1		5.400		09/01/2035		1,357,195
	5,765,000	Palmdale, CA Community Facilities District Special Tax1		6.125		09/01/2037		5,776,703
	4,765,000	Palmdale, CA Community Facilities District Special Tax1		6.250		09/01/2035		4,777,770
	5,000,000	Palomar, CA Health1		5.000		11/01/2039		5,500,850
	5,000	Perris, CA Community Facilities District Special Tax (May Farms)1		5.100		09/01/2030		5,008
	110,000	Perris, CA Community Facilities District Special Tax (May Farms)1		5.150		09/01/2035		110,156
	1,110,000	Perris, CA Community Facilities District Special Tax, Series A1		5.750		09/01/2035		1,111,909
	235,000	Perris, CA Elementary School District1		6.000		08/01/2029		293,926
	290,000	Perris, CA Elementary School District1		6.000		08/01/2030		361,471
	1,000,000	Pixley, CA Union School District (Pixley Union Elementary School District)1		5.250		08/01/2044		1,192,580
	55,000	Pomona, CA Public Financing Authority1		5.000		02/01/2030		55,163

29       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$1,305,000	Pomona, CA Public Financing Authority (Merfed Redevel.)1		5.250%		02/01/2020	$	1,309,163
	50,000	Pomona, CA Unified School District1		6.150		08/01/2030		60,056
	1,990,000	Poway, CA Unified School District Public Financing Authority Special Tax1		5.000		09/01/2035		2,282,212
	2,210,000	Rancho, CA Water District Financing Authority1		5.000		08/01/2028		2,302,489
	2,790,000	Rancho, CA Water District Financing Authority1		5.000		08/01/2028		2,906,176
	2,595,000	Rialto, CA Redevel. Agency (Merged Project Area)1		5.875		09/01/2033		2,720,053
	5,000	Richgrove, CA School District1		6.375		07/01/2018		5,078
	2,000,000	Richmond, CA Joint Powers Financing Authority (Civic Center)1		5.750		08/01/2029		2,169,340
	2,500,000	Ridgecrest, CA Redevel. Agency (Ridgecrest Redevel.)1		6.250		06/30/2037		2,826,525
	10,530,000	Rio Hondo, CA Community College District1		0.000 5		08/01/2042		10,628,140
	3,000,000	Rio Vista, CA Community Facilities District Special Tax No. 2004-11		5.850		09/01/2035		3,005,430
	700,000	Riverbank, CA Redevel. Agency (Riverbank Reinvestment)6		5.000		08/01/2032		577,493
	5,480,000	Riverside County, CA Community College District1		5.000		08/01/2031		6,541,914
	1,000,000	Riverside County, CA Community Facilities District Special Tax No. 07-2 (Clinton Keith)1		5.000		09/01/2040		1,086,680
	2,500,000	Riverside County, CA Community Facilities District Special Tax No. 07-2 (Clinton Keith)1		5.000		09/01/2044		2,704,025
	535,000	Riverside County, CA Community Facilities District Special Tax No. 07-2 (Clinton Keith)1		5.000		09/01/2045		584,124
	1,000,000	Riverside County, CA Redevel. Agency1		7.125		10/01/2042		1,214,260
	3,000,000	Riverside County, CA Redevel. Agency (Desert Communities)1		6.000		10/01/2037		3,460,770
	1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		0.000 5		10/01/2027		1,106,740
	1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		0.000 5		10/01/2031		1,112,700
	1,325,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		6.500		10/01/2025		1,581,361
	1,200,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		6.750		10/01/2030		1,439,112
	7,500,000	Riverside County, CA Transportation Commission1		5.250		06/01/2039		8,860,500
	1,050,000	Riverside, CA Special Tax Community Facilities District No. 92-1, Series A1		5.300		09/01/2034		1,051,638
	1,250,000	Romoland, CA School District Special Tax Community Facilities District No. 2006-11		6.000		09/01/2041		1,292,863
	25,000	Romoland, CA School District Special Tax Community Facilities District No. 91-11		5.500		09/01/2034		25,097
	2,250,000	Romoland, CA School District Special Tax Community Facilities District No. 91-181		6.000		09/01/2037		2,327,153
	1,000,000	Ross Valley, CA School District1		5.500		08/01/2041		1,152,760
	40,000	Sacramento County, CA COP (Public Facilities)1		5.000		06/01/2029		40,122
	1,170,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)1		5.250		06/01/2027		1,172,188
	7,250,000	Sacramento, CA Area Flood Control Agency1		5.000		10/01/2041		8,508,963

30       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$2,000,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)1		6.250%		09/01/2023	$	2,005,320
	1,290,000	Sacramento, CA Special Tax (North Natomas Community Facilities District No. 4)1		5.000		09/01/2032		1,457,636
	1,200,000	Sacramento, CA Special Tax (North Natomas Community Facilities District No. 4)1		5.000		09/01/2033		1,349,556
	1,600,000	San Bernardino County, CA Special Tax (Lytle Creek North)1		5.000		09/01/2045		1,759,376
	1,000,000	San Bernardino County, CA Special Tax (Lytle Creek North)1		5.375		09/01/2038		1,033,770
	1,375,000	San Bernardino, CA Joint Powers Financing Authority (Central City)1		5.750		07/01/2020		1,450,295
	295,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500		09/01/2020		295,543
	370,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500		09/01/2020		370,037
	10,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500		09/01/2024		10,000
	10,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500		09/01/2024		10,018
	1,410,000	San Bernardino, CA Mountains Community Hospital District COP1		5.000		02/01/2027		1,411,184
	3,235,000	San Bernardino, CA Mountains Community Hospital District COP1		5.000		02/01/2037		3,236,682
	3,000,000	San Buenaventura, CA Community Memorial Health Systems1		8.000		12/01/2031		3,618,630
	875,000	San Diego County, CA COP1		5.600		07/01/2038		913,404
	6,390,000	San Diego County, CA Redevel. Agency (Gillespie Field)1		5.750		12/01/2032		6,399,968
	10,000,000	San Diego County, CA Water Authority1		5.000		05/01/2033		12,001,300
	10,000,000	San Diego County, CA Water Authority1		5.000		05/01/2034		11,957,800
	10,125,000	San Diego County, CA Water Authority1		5.000		05/01/2037		12,045,915
	3,000,000	San Diego, CA Hsg. Authority (Sorrento Tower Apartments)1		5.000		05/01/2029		3,240,720
	1,000,000	San Francisco, CA Bay Area Rapid Transit District1		5.000		07/01/2031		1,196,380
	10,000,000	San Francisco, CA Bay Area Rapid Transit District1		5.000		08/01/2036		12,185,100
	1,000,000	San Francisco, CA City & County Airports Commission1		5.000		05/01/2031		1,122,960
	11,500,000	San Francisco, CA City & County Airports Commission (San Francisco International Airport)1		5.000		05/01/2046		13,073,085
	15,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250		01/01/2024		15,273
	500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)1		5.000		08/01/2031		553,020
	2,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.500		08/01/2039		2,221,920
	400,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.750		08/01/2033		478,680
	500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		7.000		08/01/2033		602,445

31       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$1,500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay South Redevel.)1		6.625%		08/01/2039	$	1,669,995
	500,000	San Francisco, CA City & County Redevel. Financing Authority (San Francisco Redevel.)1		6.500		08/01/2032		552,410
	545,000	San Francisco, CA City & County Redevel. Financing Authority (San Francisco Redevel.)1		6.625		08/01/2039		601,751
	1,000,000	San Gorgonio, CA Memorial Health Care District1		5.000		08/01/2032		1,130,150
	1,000,000	San Jacinta, CA Community Facilities District1		5.000		09/01/2033		1,127,440
	500,000	San Jacinto, CA Unified School District Special Tax1		5.100		09/01/2036		462,505
	250,000	San Jacinto, CA Unified School District Special Tax1		5.750		09/01/2040		257,930
	25,000	San Jose, CA (Libraries, Parks & Public Safety)1		5.000		09/01/2032		25,571
	1,000,000	San Jose, CA Airport1		5.000		03/01/2025		1,112,590
	35,000	San Jose, CA Improvement Bond Act 19151		5.875		09/02/2023		36,152
	3,150,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)1		6.200		01/01/2041		3,152,867
	4,025,000	San Jose, CA Multifamily Hsg. (Fallen Leaves Apartments)1		5.100		12/01/2032		4,027,737
	305,000	San Jose, CA Redevel. Agency1		5.000		08/01/2018		305,921
	125,000	San Jose, CA Redevel. Agency1		5.000		08/01/2020		125,375
	160,000	San Jose, CA Redevel. Agency1		5.000		08/01/2025		160,480
	185,000	San Jose, CA Redevel. Agency1		5.000		08/01/2026		185,555
	995,000	San Jose, CA Redevel. Agency1		5.000		08/01/2026		998,015
	230,000	San Jose, CA Redevel. Agency1		5.000		08/01/2027		230,690
	55,000	San Jose, CA Redevel. Agency1		5.000		08/01/2028		55,163
	2,000,000	San Jose, CA Redevel. Agency1		5.850		08/01/2027		2,007,000
	170,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2019		170,522
	1,235,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2021		1,238,779
	795,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2022		797,425
	100,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2023		100,305
	220,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2024		220,673
	2,415,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2025		2,422,366
	550,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2027		556,782
	200,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1		5.000		08/01/2032		200,548
	25,000	San Jose, CA Special Tax Community Facilities District No. 9 (Bailey Highway 101)1		6.600		09/01/2027		25,069
	10,000,000	San Marcos, CA Unified School District3		5.250		08/01/2031		11,487,400
	1,000,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1		5.850		08/01/2031		1,000,950
	2,070,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1		6.000		08/01/2041		2,071,532
	3,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.750		06/01/2026		3,525,270
	8,395,000	Santa Cruz County, CA Redevel. Agency (Live Oak/ Soquel Community)1		7.000		09/01/2036		9,450,419
	1,750,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)1		5.875		07/01/2036		2,041,988
	2,600,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)1		5.875		07/01/2042		3,033,810
	2,900,000	Saugus, CA Union School District Community Facilities District No. 20061,2		11.625		09/01/2038		3,497,806

32       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$1,545,000	Saugus, CA Union School District Community Facilities District No. 20061,2		11.625%		09/01/2038	$	1,863,486
	1,230,000	Saugus/Hart, CA School Facilities Financing Authority1		5.000		09/01/2041		1,364,132
	1,250,000	Saugus/Hart, CA School Facilities Financing Authority1		5.000		09/01/2046		1,381,113
	5,000,000	Sequoia, CA Unified High School District1		6.000		07/01/2043		5,954,650
	1,720,000	Signal Hill, CA Redevel. Agency Tax Allocation1		7.000		10/01/2026		1,968,523
	1,750,000	Solano County, CA Community College District1		5.000		08/01/2036		2,081,258
	1,050,000	Solano County, CA Community College District1		5.000		08/01/2037		1,246,739
	2,000,000	South Bayside, CA Waste Management Authority (Shoreway Environmental)1		6.000		09/01/2036		2,190,680
	4,150,000	South El Monte, CA Improvement District1		5.000		08/01/2035		4,665,762
	790,000	Southern CA Mono Health Care District1		5.000		08/01/2021		896,081
	2,085,000	Southern CA Public Power Authority1		5.000		11/01/2033		2,504,565
	13,000,000	Southern CA Public Power Authority1		5.000		07/01/2035		15,282,410
	470,000	Southern CA Public Power Authority1		5.250		11/01/2022		540,693
	50,000	Southern CA Public Power Authority1		5.250		11/01/2023		58,255
	250,000	Southern CA Public Power Authority1		5.250		11/01/2026		302,090
	205,000	Southern CA Public Power Authority Natural Gas1		5.000		11/01/2028		241,320
	165,000	Southern CA Public Power Authority Natural Gas1		5.000		11/01/2029		195,447
	2,255,000	Southern CA Public Power Authority Natural Gas1		5.250		11/01/2027		2,735,247
	4,000,000	Southern CA Tobacco Securitization Authority (TASC)1		5.000		06/01/2037		4,007,200
	2,000,000	Stockton, CA Community Facilities District (Arch Road East No. 99-02)1		5.875		09/01/2037		2,043,860
	225,000	Stockton, CA Public Financing Authority (Parking)1		5.125		09/01/2030		225,869
	1,000,000	Stockton, CA Redevel. Agency1		5.000		09/01/2034		1,135,400
	15,000	Susanville, CA Public Financing Authority		7.750		09/01/2017		15,072
	1,000,000	Susanville, CA Public Financing Authority (Utility Enterprises)1		5.500		06/01/2030		1,055,390
	3,000,000	Tahoe-Truckee, CA Unified School District1		5.000		08/01/2039		3,510,150
	950,000	Tahoe-Truckee, CA Unified School District1		5.000		08/01/2041		1,105,810
	1,575,000	Temecula, CA Redevel. Agency1		5.125		08/01/2027		1,595,963
	50,000	Temecula, CA Redevel. Agency1		5.250		08/01/2036		50,696
	3,490,000	Trinity County, CA COP1		8.500		01/15/2026		3,494,886
	500,000	Tulare, CA Health Care District1		6.500		08/01/2026		544,250
	220,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.000		10/15/2017		221,883
	2,590,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.000		10/15/2022		2,611,963
	305,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.125		10/15/2027		307,666
	2,500,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.125		10/15/2037		2,521,850
	375,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.125		09/01/2026		455,464
	500,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.400		09/01/2032		602,510
	415,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.400		09/01/2032		500,083

33       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$425,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1		7.650%		09/01/2042	$	516,269
	12,325,000	University of California1		5.000		05/15/2036		14,836,958
	12,840,000	University of California3		5.000		05/15/2037		15,033,495
	15,000,000	University of California3		5.000		05/15/2038		17,562,494
	5,000,000	University of California1		5.000		05/15/2042		5,947,700
	1,030,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 2 Colonies San Antonio)1		5.000		09/01/2029		1,160,316
	1,080,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 2 Colonies San Antonio)1		5.000		09/01/2030		1,210,054
	750,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.050		12/01/2026		750,833
	1,595,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.150		12/01/2031		1,596,755
	1,000,000	Vernon, CA Electric System1		5.125		08/01/2033		1,089,980
	4,000,000	Vernon, CA Electric System1		5.500		08/01/2041		4,409,360
	65,000	Vernon, CA Redevel. Agency Tax Allocation1		5.000		09/01/2035		65,050
	500,000	Victorville, CA Special Tax Community Facilities District 07-011		5.350		09/01/2042		515,675
	1,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)1		7.500		09/01/2042		1,835,775
	610,000	West Patterson, CA Financing Authority Special Tax Community Facilities District No. 2015-11		5.250		09/01/2035		630,935
	1,550,000	West Patterson, CA Financing Authority Special Tax Community Facilities District No. 2015-11		5.250		09/01/2045		1,587,867
	1,350,000	William S. Hart CA Union High School District1		5.000		09/01/2042		1,487,592
	2,300,000	Woodland, CA Finance Authority1		6.000		03/01/2036		2,669,817
	1,500,000	Woodland, CA Finance Authority1		6.000		03/01/2041		1,737,765
								1,361,024,349
	U.S. Possessions—10.5%
	1,000,000	Guam International Airport Authority1		6.000		10/01/2034		1,159,460
	2,500,000	Guam International Airport Authority1		6.125		10/01/2043		2,888,750
	250,000	Guam Power Authority, Series A1		5.000		10/01/2023		287,130
	320,000	Guam Power Authority, Series A1		5.000		10/01/2024		365,203
	570,000	Guam Power Authority, Series A1		5.000		10/01/2030		639,454
	2,380,000	Northern Mariana Islands Ports Authority, Series A1		5.500		03/15/2031		2,124,888
	1,245,000	Northern Mariana Islands Ports Authority, Series A1		6.250		03/15/2028		1,092,512
	6,000,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2044		5,020,740
	3,330,000	Puerto Rico Aqueduct & Sewer Authority		6.125 5		07/01/2024		2,860,537
	4,465,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375		05/15/2033		4,504,069
	8,405,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500		05/15/2039		8,336,079
	3,500,000	Puerto Rico Commonwealth GO7		5.250		07/01/2023		1,986,250
	500,000	Puerto Rico Commonwealth GO7		5.250		07/01/2030		283,750
	1,450,000	Puerto Rico Commonwealth GO7		5.375		07/01/2030		822,875
	1,480,000	Puerto Rico Commonwealth GO, NPFGC		5.500		07/01/2020		1,582,120
	1,000,000	Puerto Rico Commonwealth GO, FGIC8		5.500		07/01/2021		769,000
	5,000,000	Puerto Rico Commonwealth GO7		5.500		07/01/2026		2,837,500
	1,615,000	Puerto Rico Commonwealth GO7		5.500		07/01/2027		916,512

34       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$5,000,000	Puerto Rico Commonwealth GO7		5.500%		07/01/2039	$	2,837,500
	4,525,000	Puerto Rico Commonwealth GO7		5.750		07/01/2028		2,567,937
	1,020,000	Puerto Rico Commonwealth GO7		5.750		07/01/2038		578,850
	8,660,000	Puerto Rico Commonwealth GO7		5.750		07/01/2041		4,914,550
	80,000	Puerto Rico Commonwealth GO, AGC		6.000		07/01/2036		80,192
	4,000,000	Puerto Rico Commonwealth GO7		6.000		07/01/2038		2,270,000
	7,590,000	Puerto Rico Commonwealth GO7		6.000		07/01/2039		4,307,325
	2,500,000	Puerto Rico Commonwealth GO7		6.000		07/01/2039		1,418,750
	3,000,000	Puerto Rico Commonwealth GO7		6.500		07/01/2037		1,702,500
	1,000,000	Puerto Rico Commonwealth GO7		6.500		07/01/2040		567,500
	476,247	Puerto Rico Electric Power Authority7		10.000		07/01/2019		291,573
	476,247	Puerto Rico Electric Power Authority7		10.000		07/01/2019		291,573
	453,432	Puerto Rico Electric Power Authority7		10.000		01/01/2021		277,850
	453,432	Puerto Rico Electric Power Authority7		10.000		07/01/2021		277,931
	151,144	Puerto Rico Electric Power Authority7		10.000		01/01/2022		92,765
	151,143	Puerto Rico Electric Power Authority7		10.000		07/01/2022		92,764
	10,000,000	Puerto Rico Electric Power Authority, Series A7		5.000		07/01/2029		6,100,000
	8,995,000	Puerto Rico Electric Power Authority, Series A7		5.000		07/01/2042		5,486,950
	1,000,000	Puerto Rico Electric Power Authority, Series A7		5.050		07/01/2042		610,000
	7,350,000	Puerto Rico Electric Power Authority, Series A7		6.750		07/01/2036		4,483,500
	1,000,000	Puerto Rico Electric Power Authority, Series A7		7.000		07/01/2033		610,000
	5,000,000	Puerto Rico Electric Power Authority, Series WW7		5.000		07/01/2028		3,050,000
	6,495,000	Puerto Rico Electric Power Authority, Series XX7		5.250		07/01/2040		3,961,950
	5,000,000	Puerto Rico Electric Power Authority, Series XX7		5.750		07/01/2036		3,050,000
	500,000	Puerto Rico Electric Power Authority, Series ZZ7		5.250		07/01/2026		305,000
	2,500,000	Puerto Rico Highway & Transportation Authority7		5.500		07/01/2030		1,501,025
	100,000	Puerto Rico Infrastructure, FGIC8		5.500		07/01/2020		60,150
	1,220,000	Puerto Rico Infrastructure (Mepsi Campus)7		6.500		10/01/2037		604,376
	250,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000		04/01/2027		246,482
	170,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125		04/01/2032		162,144
	225,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375		04/01/2042		210,838
	6,055,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		5,722,762
	1,475,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)1		5.625		07/01/2022		1,154,763
	7,255,000	Puerto Rico Public Buildings Authority6		6.000		07/01/2041		3,863,287
	8,055,000	Puerto Rico Public Buildings Authority6		6.750		07/01/2036		4,309,425
	7,710,000	Puerto Rico Sales Tax Financing Corp., Series A7		5.375		08/01/2039		2,072,063
	610,000	Puerto Rico Sales Tax Financing Corp., Series A7		5.500		08/01/2028		163,938
	7,670,000	Puerto Rico Sales Tax Financing Corp., Series A7		5.500		08/01/2042		2,061,313
	11,000,000	Puerto Rico Sales Tax Financing Corp., Series A7		5.750		08/01/2037		2,956,250
	16,000,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.829 4		08/01/2043		3,552,320
	16,135,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.838 4		08/01/2042		3,781,076
	15,500,000	Puerto Rico Sales Tax Financing Corp., Series A7		6.375		08/01/2039		4,165,625
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series A7		6.500		08/01/2044		4,568,750
	1,000,000	Puerto Rico Sales Tax Financing Corp., Series A-17		5.250		08/01/2043		268,750
	17,465,000	Puerto Rico Sales Tax Financing Corp., Series C7		6.000		08/01/2039		4,693,719

35       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$8,075,000	Puerto Rico Sales Tax Financing Corp., Series C7		6.000%		08/01/2042	$	2,170,156
	1,000,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		4.000		10/01/2022		846,400
	1,800,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.000		10/01/2017		1,800,882
	3,055,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000		10/01/2019		2,623,756
	840,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000		10/01/2032		667,019
	1,140,000	V.I. Public Finance Authority, Series A		5.000		10/01/2018		1,087,355
								144,018,413
	Total Investments, at Value (Cost $1,542,522,613)—109.8%							1,505,042,762
	Net Other Assets (Liabilities)—(9.8)							(133,803,429)
	Net Assets—100.0%						$	1,371,239,333

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

3. 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 4 of the accompanying Notes.

4. Zero coupon bond reflects effective yield on the original acquisition date.

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

6. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

7. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

8. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

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

ABAG	Association of Bay Area Governments
AcadF	Academy Foundation
AFound	Archival Foundation
AGC	Assured Guaranty Corp.
AMF	Academy Museum Foundation
AOMPAAS	Academy of Motion Pictures Arts and Sciences
CDA	Communities Devel. Authority
CFD	Community Facilities District
CHCC	Community Hospitals of Central California
CHF	City Hospital Foundation
COP	Certificates of Participation
EBPC	East Bay Prenatal Center

36       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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

EMC	Eden Medical Center
FCHMC	Fresno Community Hospital & Medical Center
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
HFA	Housing Finance Agency
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MCHlth	Marin Community Health
MPHS	Mills-Peninsula Health Services
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
MTA	Metropolitan Transportation Authority
NPFGC	National Public Finance Guarantee Corp.
OCEAA	Orange County Educational Arts Academy
PAMFHCR&E	Palo Alto Medical Foundation for Health Care Research & Education
ROLs	Reset Option Longs
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SCVH	Sutter Central Valley Hospitals
SEBH	Sutter East Bay Hospitals
SGMF	Sutter Gould Medical Foundation
SHlth	Sutter Health
SHSSR	Sutter Health Sacramento Sierra Regional
SJHCN	St. Joseph Home Care Network
SJHE	St. Joseph Hospital of Eureka
SJHO	St. Joseph Hospital of Orange
SJHS	St. Joseph Health System
SMCCV	Sutter Medical Center of Castro Valley
SMF	Sutter Medical Foundation
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
SWBH	Sutter West Bay Hospitals
TASC	Tobacco Settlement Asset-Backed Bonds
TVSRF	The Vince Street Archive Foundation
V.I.	United States Virgin Islands

See accompanying Notes to Financial Statements.

37       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2017

Assets
Investments, at value (cost $1,542,522,613)—see accompanying statement of investments	$	1,505,042,762
Cash		563,538
Receivables and other assets:
Investments sold on a when-issued or delayed delivery basis		25,043,721
Interest		18,386,215
Shares of beneficial interest sold		510,966
Other		496,888
Total assets		1,550,044,090
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		137,745,000
Payable for borrowings (See Note 9)		38,100,000
Shares of beneficial interest redeemed		1,246,325
Dividends		1,088,043
Distribution and service plan fees		241,132
Trustees’ compensation		193,898
Interest expense on borrowings		27,123
Shareholder communications		8,621
Other		154,615
Total liabilities		178,804,757
Net Assets	$	1,371,239,333
Composition of Net Assets
Par value of shares of beneficial interest	$	161,645
Additional paid-in capital		1,849,247,587
Accumulated net investment income		697,396
Accumulated net realized loss on investments		(441,387,444)
Net unrealized depreciation on investments		(37,479,851)
Net Assets	$	1,371,239,333

38       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 $899,847,204 and 106,002,974 shares of beneficial interest outstanding)	$	8.49
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	8.91
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $634,375 and 74,625 shares of beneficial interest outstanding)	$	8.50
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $235,727,357 and 27,887,917 shares of beneficial interest outstanding)	$	8.45
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $235,030,397 and 27,679,164 shares of beneficial interest outstanding)	$	8.49

See accompanying Notes to Financial Statements.

39       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2017

Investment Income
Interest	$	75,475,835
Expenses
Management fees		6,061,306
Distribution and service plan fees:
Class A		2,164,284
Class B		9,682
Class C		2,475,456
Transfer and shareholder servicing agent fees:
Class A		893,769
Class B		969
Class C		247,682
Class Y		196,525
Shareholder communications:
Class A		16,256
Class B		172
Class C		7,812
Class Y		5,369
Interest expense and fees on short-term floating rate notes issued (See Note 4)		1,929,563
Legal, auditing and other professional fees		1,916,950
Borrowing fees		1,305,380
Interest expense on borrowings		98,378
Trustees’ compensation		20,574
Custodian fees and expenses		8,470
Other		20,967
Total expenses		17,379,564
Net Investment Income		58,096,271
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(28,674,483)
Net change in unrealized appreciation/depreciation on investment transactions		15,322,183
Net Increase in Net Assets Resulting from Operations	$	44,743,971

See accompanying Notes to Financial Statements.

40       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2017		Year Ended July 31, 2016
Operations
Net investment income	$	58,096,271	$	64,299,477
Net realized gain (loss)		(28,674,483)		13,653,851
Net change in unrealized appreciation/depreciation		15,322,183		50,859,045
Net increase in net assets resulting from operations		44,743,971		128,812,373
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(43,817,037)		(47,822,210)
Class B		(40,252)		(91,205)
Class C		(10,326,188)		(11,989,671)
Class Y		(10,068,773)		(8,231,490)
		(64,252,250)		(68,134,576)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(12,621,133)		4,874,638
Class B		(973,931)		(1,290,639)
Class C		(20,247,451)		(5,874,124)
Class Y		63,455,270		43,054,737
		29,612,755		40,764,612
Net Assets
Total increase		10,104,476		101,442,409
Beginning of period		1,361,134,857		1,259,692,448
End of period (including accumulated net investment income of $697,396 and $7,444,852, respectively)	$	1,371,239,333	$	1,361,134,857

See accompanying Notes to Financial Statements.

41       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2017

Cash Flows from Operating Activities
Net increase in net assets from operations	$	44,743,971
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(489,219,808)
Proceeds from disposition of investment securities		434,644,692
Short-term investment securities, net		465,449
Premium amortization		6,861,094
Discount accretion		(15,477,942)
Net realized loss on investments		28,674,483
Net change in unrealized appreciation/depreciation on investments		(15,322,183)
Change in assets:
Increase in other assets		(39,461)
Decrease in interest receivable		2,705,948
Increase in receivable for securities sold		(23,318,297)
Change in liabilities:
Increase in other liabilities		55,784
Decrease in payable for securities purchased		(2,961,770)
Net cash used in operating activities		(28,188,040)
Cash Flows from Financing Activities
Proceeds from borrowings		287,300,000
Payments on borrowings		(260,600,000)
Proceeds on short-term floating rate notes issued		35,325,000
Proceeds from shares sold		365,868,062
Payments on shares redeemed		(384,234,283)
Cash distributions paid		(15,552,768)
Net cash provided by financing activities		28,106,011
Net decrease in cash		(82,029)
Cash, beginning balance		645,567
Cash, ending balance	$	563,538
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $48,635,826.
Cash paid for interest on borrowings—$72,519.
Cash paid for interest on short-term floating rate notes issued— $1,929,563.

See accompanying Notes to Financial Statements.

42       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$8.61		$8.21		$8.37		$8.14		$8.75
Income (loss) from investment operations:
Net investment income1		0.38		0.43		0.47		0.51		0.49
Net realized and unrealized gain (loss)		(0.09)		0.42		(0.16)		0.20		(0.62)
Total from investment operations		0.29		0.85		0.31		0.71		(0.13)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.41)		(0.45)		(0.47)		(0.48)		(0.48)
Net asset value, end of period		$8.49		$8.61		$8.21		$8.37		$8.14
Total Return, at Net Asset Value2		3.55%		10.67%		3.61%		9.03%		(1.66)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$899,847		$925,807		$879,253		$894,308		$967,217
Average net assets (in thousands)		$893,655		$886,704		$926,912		$922,522		$1,214,170
Ratios to average net assets:3
Net investment income		4.46%		5.10%		5.50%		6.32%		5.56%
Expenses excluding specific expenses listed below		0.95%		1.06%		0.95%		0.80%		0.73%
Interest and fees from borrowings		0.10%		0.05%		0.04%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.14%		0.09%		0.08%		0.09%		0.09%
Total expenses		1.19%		1.20%		1.07%		0.94%		0.86%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.19%		1.20%		1.07%		0.94%5		0.85%
Portfolio turnover rate		30%		15%		21%		17%		24%

43       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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

2. 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.

3. Annualized for periods less than one full year.

4. 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.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

44       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Class B	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$8.61		$8.22		$8.38		$8.15		$8.76
Income (loss) from investment operations:
Net investment income1		0.32		0.37		0.40		0.45		0.41
Net realized and unrealized gain (loss)		(0.08)		0.41		(0.16)		0.19		(0.61)
Total from investment operations		0.24		0.78		0.24		0.64		(0.20)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.35)		(0.39)		(0.40)		(0.41)		(0.41)
Net asset value, end of period		$8.50		$8.61		$8.22		$8.38		$8.15
Total Return, at Net Asset Value2		2.75%		9.82%		2.82%		8.16%		(2.54)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$634		$1,630		$2,835		$4,001		$6,910
Average net assets (in thousands)		$966		$1,963		$3,474		$5,149		$10,336
Ratios to average net assets:3
Net investment income		3.80%		4.36%		4.73%		5.52%		4.69%
Expenses excluding specific expenses listed below		1.75%		1.82%		1.72%		1.62%		1.62%
Interest and fees from borrowings		0.10%		0.05%		0.04%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.14%		0.09%		0.08%		0.09%		0.09%
Total expenses		1.99%		1.96%		1.84%		1.76%		1.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.99%		1.96%		1.84%		1.76%5		1.74%
Portfolio turnover rate		30%		15%		21%		17%		24%

45       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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

2. 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.

3. Annualized for periods less than one full year.

4. 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.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

46       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Class C	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$8.57		$8.18		$8.34		$8.11		$8.72
Income (loss) from investment operations:
Net investment income1		0.31		0.36		0.40		0.45		0.42
Net realized and unrealized gain (loss)		(0.08)		0.42		(0.16)		0.20		(0.61)
Total from investment operations		0.23		0.78		0.24		0.65		(0.19)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.35)		(0.39)		(0.40)		(0.42)		(0.42)
Net asset value, end of period		$8.45		$8.57		$8.18		$8.34		$8.11
Total Return, at Net Asset Value2		2.67%		9.89%		2.84%		8.24%		(2.43)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$235,727		$259,836		$253,773		$266,060		$293,424
Average net assets (in thousands)		$247,604		$257,015		$269,613		$265,211		$333,013
Ratios to average net assets:3
Net investment income		3.72%		4.35%		4.74%		5.55%		4.79%
Expenses excluding specific expenses listed below		1.71%		1.81%		1.71%		1.57%		1.51%
Interest and fees from borrowings		0.10%		0.05%		0.04%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.14%		0.09%		0.08%		0.09%		0.09%
Total expenses		1.95%		1.95%		1.83%		1.71%		1.64%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.95%		1.95%		1.83%		1.71%5		1.63%
Portfolio turnover rate		30%		15%		21%		17%		24%

47       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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

2. 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.

3. Annualized for periods less than one full year.

4. 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.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

48       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Class Y	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$8.61		$8.21		$8.37		$8.14		$8.75
Income (loss) from investment operations:
Net investment income1		0.39		0.45		0.49		0.53		0.51
Net realized and unrealized gain (loss)		(0.08)		0.42		(0.16)		0.20		(0.62)
Total from investment operations		0.31		0.87		0.33		0.73		(0.11)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.43)		(0.47)		(0.49)		(0.50)		(0.50)
Net asset value, end of period		$8.49		$8.61		$8.21		$8.37		$8.14
Total Return, at Net Asset Value2		3.80%		10.93%		3.86%		9.29%		(1.44)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$235,031		$173,862		$123,831		$101,239		$104,708
Average net assets (in thousands)		$196,735		$146,478		$127,028		$93,710		$116,275
Ratios to average net assets:3
Net investment income		4.63%		5.33%		5.74%		6.54%		5.79%
Expenses excluding specific expenses listed below		0.70%		0.81%		0.71%		0.56%		0.51%
Interest and fees from borrowings		0.10%		0.05%		0.04%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.14%		0.09%		0.08%		0.09%		0.09%
Total expenses		0.94%		0.95%		0.83%		0.70%		0.64%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.94%		0.95%		0.83%		0.70%5		0.63%
Portfolio turnover rate		30%		15%		21%		17%		24%

49       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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

2. 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.

3. Annualized for periods less than one full year.

4. 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.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

50       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2017

1. Organization

Oppenheimer Rochester California Municipal Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), 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 are 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

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. GAAP, 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

51       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

annually or at other times as deemed necessary by the Manager.

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 Prime Rate plus 0.35%. 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.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended July 31, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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.

52       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$10,965,347		$—		$436,618,555		$40,748,854

1. At period end, the Fund had $436,618,555 of net capital loss carryforward 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
2018	$	223,689,715
2019		31,408,386
No expiration		181,520,454
Total	$	436,618,555

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund utilized $14,063,145 of capital loss carryforward to offset capital gains realized in that fiscal year.

4. During the reporting period, $100,477,817 of unused capital loss carryforward expired.

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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. 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 the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments
$100,477,817		$591,477		$101,069,294

The tax character of distributions paid during the reporting periods:

53       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

	Year Ended July 31, 2017		Year Ended July 31, 2016
Distributions paid from:
Exempt-interest dividends	$	63,139,924	$	67,839,251
Ordinary income		1,112,326		295,325
Total	$	64,252,250	$	68,134,576

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 at period end 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	$	1,411,055,287	1
Gross unrealized appreciation	$	101,678,720
Gross unrealized depreciation		(142,427,574	)
Net unrealized depreciation	$	(40,748,854	)

1. The Federal tax cost of securities does not include cost of $134,736,329, 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 in Note 4.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods ended after August 1, 2017. The implementation of the rules will not have a material impact on the Fund’s financial statements.

3. Securities Valuation

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

54       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

3. Securities Valuation (Continued)

scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

55       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices 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 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 may be 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 at period end 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	$	—	$	1,361,024,329	$	20	$	1,361,024,349
U.S. Possessions		—		144,018,413		—		144,018,413
Total Assets	$	—	$	1,505,042,742	$	20	$	1,505,042,762

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.

56       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

4. Investments and Risks

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 trust (the “Trust”). 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 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 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 to 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 typically has 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

57       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

municipal bond to the Fund. Through the exercise of this right, 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 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, relative to the par value of the underlying municipal bond. 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 resell 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

58       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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 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. At period end, the Fund’s maximum exposure under such agreements is estimated at $56,100,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to 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 period end, municipal bond holdings with a value of $245,475,639 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $137,745,000 in short-term floating rate securities issued and outstanding at that date.

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

59       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Principal Amount	Inverse Floater1	Coupon Rate2		Maturity Date		Value
$      2,500,000	Anaheim, CA Public Financing Authority Tender Option Bond Series 2015-XF2139 Trust3		13.977%		10/1/39	$	3,225,700
5,000,000	CA Dept. of Water Resources (Center Valley) Tender Option Bond Series 2015-XF2030 Trust3		7.628		12/1/35		6,399,800
8,385,000	CA GO Tender Option Bond Series 2016-XF2372 Trust3		10.094		9/1/34		12,909,966
7,110,000	CA Health Facilities Financing Authority (Providence Health & Services) Tender Option Bond Series 2015-XF0036 Trust		8.135		10/1/39		8,311,021
3,375,000	CA Health Facilities Financing Authority (SHlth / EBPC / EMC / MCHlth / MPHS / PAMFHCR&E / SCHosp / SCVH / SEBH / SGMF Obligated Group) Tender Option Bond Series 2015-XF0236 Trust		14.012		8/15/31		5,346,000
7,500,000	East Bay, CA Municipal Utility District (Water System) Tender Option Bond Series 2015-XF2026 Trust3		7.195		6/1/36		9,190,351
1,290,000	Grossmont, CA Union High School District Tender Option Bond Series 2015 XF-2141 Trust3		13.175		8/1/30		1,761,276
1,225,000	Grossmont, CA Union High School District Tender Option Bond Series 2015-XF2141-2 Trust3		13.197		8/1/31		1,673,374
4,735,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) Tender Option Bond Series 2015 XF-0017 Trust		10.567		5/15/24		5,222,373
3,335,000	Los Angeles, CA Dept. of Airports Tender Option Bond Series 2015-XF0017-2 Trust		10.884		5/15/26		3,684,575
3,665,000	Los Angeles, CA Dept. of Airports Tender Option Bond Series 2015-XF0017-3 Trust		10.893		5/15/27		4,045,574
3,365,000	Los Angeles, CA Dept. of Airports Tender Option Bond Series 2015-XF0017-4 Trust		10.889		5/15/28		3,707,826
3,405,000	Los Angeles, CA Dept. of Airports Tender Option Bond Series 2015-XF2022 Trust3		10.987		5/15/25		3,752,889
1,500,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2015 XF-0018 Trust		7.825		7/1/34		1,686,330
6,000,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2015 XF-0018-2 Trust		7.825		7/1/38		6,727,800
8,150,000	Los Angeles, CA Harbor Dept. Tender Option Bond Series 2015-XF0035 Trust		7.704		8/1/34		9,562,395
5,000,000	San Marcos, CA Unified School District Tender Option Bond Series 2015-XF2029 Trust3		7.628		8/1/31		6,487,400
4,280,000	University of California Tender Option Bond Series 2016-XF0524-1 Trust		10.203		5/15/37		6,637,039
5,000,000	University of California Tender Option Bond Series 2016-XF0524-2 Trust		10.203		5/15/38		7,398,950
						$	107,730,639

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.

60       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $137,745,000 or 8.89% of its total assets at period end.

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

At period end, the Fund had sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$25,043,721

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

61       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

issuers or underlying obligors subsequently miss an interest payment.

In June 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”). PROMESA established a federally-appointed fiscal oversight board (the “Oversight Board”) to oversee Puerto Rico’s financial operations and allows the Oversight Board to file cases on behalf of the Commonwealth of Puerto Rico or one of its instrumentalities to restructure debt and other obligations of the relevant entity in a “Title III” proceeding. Title III incorporates many provisions of the federal Bankruptcy Code for U.S. territories, and incorporates legal mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. In early May 2017, Title III petitions were filed for the Commonwealth of Puerto Rico and the Puerto Rico Sales Tax Financing Corporation (“COFINA”), two of the largest issuers of Puerto Rico debt. Title III petitions for Puerto Rico Highways & Transportation Authority (“PRHTA”) and Puerto Rico Electric Power Authority (“PREPA”) were subsequently filed in mid-May and early July, respectively. Title III petitions for additional Puerto Rican instrumentalities are expected to be filed. These restructuring proceedings create uncertainty as to the treatment of claims of varying degrees of seniority and the levels and priorities of payment from the affected entities.

Information concerning securities not accruing interest at period end is as follows:

Cost	$165,057,250
Market Value	$82,219,640
Market Value as % of Net Assets	6.00%

Concentration Risk. The Fund invests a large percentage of its total assets in obligations of issuers within its respective state and U.S. territories. Risks may arise from geographic concentration in any state, commonwealth or territory, such as Puerto Rico, the U.S. Virgin Islands, Guam or the Northern Mariana Islands. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory such as ongoing developments in Puerto Rico may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

62       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

5. Market Risk Factors (Continued)

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. 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, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		22,785,651	$	191,432,823		18,929,540	$	159,130,441
Dividends and/or distributions reinvested		4,116,391		34,717,863		4,469,939		37,437,161
Redeemed		(28,484,090)		(238,771,819)		(22,886,962)		(191,692,964)
Net increase (decrease)		(1,582,048)	$	(12,621,133)		512,517	$	4,874,638
Class B
Sold		3,723	$	31,985		23,323	$	196,440
Dividends and/or distributions reinvested		4,516		38,186		9,445		79,072
Redeemed		(122,869)		(1,044,102)		(188,306)		(1,566,151)
Net decrease		(114,630)	$	(973,931)		(155,538)	$	(1,290,639)

63       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest (Continued)

	Year Ended July 31, 2017						Year Ended July 31, 2016
	Shares			Amount			Shares			Amount
Class C
Sold		4,095,177		$	34,428,898			4,689,605		$    39,169,511
Dividends and/or distributions reinvested		896,180			7,525,972			1,021,968		8,521,425
Redeemed		(7,421,877	)		(62,202,321	)		(6,414,434	)	(53,565,060)
Net decrease		(2,430,520	)	$	(20,247,451	)		(702,861	)	$(5,874,124)
Class Y
Sold		16,466,127		$	138,769,221			10,785,100		$    90,686,882
Dividends and/or distributions reinvested		753,076			6,353,805			589,687		4,945,261
Redeemed		(9,738,362	)		(81,667,756	)		(6,253,910	)	(52,577,406)
Net increase		7,480,841		$	63,455,270			5,120,877		$    43,054,737

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	489,219,808	$	434,644,692

8. 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
Next $4 billion	0.35
Over $5 billion	0.33

The Fund’s effective management fee for the reporting period was 0.45% of average annual net assets before any applicable waivers.

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

64       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. 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.

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 reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		11,790
Accumulated Liability as of July 31, 2017		85,214

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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.

65       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act 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 votes annually to approve their 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 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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class Y Contingent Deferred Sales Charges Retained by Distributor
July 31, 2017		$133,134		$25,060		$2,683		$18,948		$—

9. Borrowings and Other Financing

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

66       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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 can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 4. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 4 (Inverse Floating Rate Securities) for additional information.

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 $2.5 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 (1.1825% at period end). The Fund pays additional fees monthly 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 reporting period equal 0.07% 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.

At period end, the Fund had borrowings outstanding at an interest rate of 1.1825%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	11,058,082
Average Daily Interest Rate		0.877	%
Fees Paid	$	911,472
Interest Paid	$	72,519

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

67       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

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 reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.03% 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 each Wednesday 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 reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $                     409,764

10. Subsequent Event

Since the reporting period end there have been two hurricanes that impacted Puerto Rico and the U.S. Virgin Islands causing significant damages. While the full impact of these storms is

68       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

10. Subsequent Event (Continued)

uncertain, subsequent to fiscal year end and through financial statement issuance date, the change in market value of the Fund’s investments in Puerto Rico and the U.S. Virgin Islands had a negative impact on the Fund’s net assets by less than 2%.

11. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado in connection with the investment performance of Oppenheimer Rochester California Municipal Fund (the “Fund”), a fund advised by OppenheimerFunds, Inc. (“OFI”) and distributed by OppenheimerFunds Distributor, Inc. (“OFDI”). The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Fund contained misrepresentations and omissions and the investment policies of the Fund were not followed. In October 2015, following a successful appeal by defendants and a subsequent hearing, the court granted plaintiffs’ motion for class certification and appointed class representatives and class counsel. In April 2017, the parties executed a memorandum of understanding setting forth the terms of a proposed settlement. The proposed settlement is subject to the negotiation and execution of final settlement documentation and approval by the court.

OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

69       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 (the Fund), including the statement of investments, as of July 31, 2017, 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 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, 2017, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester California Municipal Fund as of July 31, 2017, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 28, 2017

70       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.27% 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.

71       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines 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 Guidelines 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 www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.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.

72       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ’Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Rochester California Municipal Fund		2/21/17		96.2%		3.8%		0.0%
Oppenheimer Rochester California Municipal Fund		5/23/17		93.4%		0.0%		6.6%
Oppenheimer Rochester California Municipal Fund		6/27/17		73.6%		0.0%		26.4%
Oppenheimer Rochester California Municipal Fund		7/25/17		52.5%		0.0%		47.5%

73       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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 indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2005) Year of Birth: 1943	Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); 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 57 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.
Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968	Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, 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.
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 Athletic & Scholarship Program (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); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016),

74       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Edmund P. Giambastiani, Jr., Continued	Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); 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), Supreme Allied Commander of NATO 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 the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, 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.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Director of Cartica Management, LLC Funds (private investment funds) (since 2017); Trustee of University of Florida Law Center Association, Inc. (since 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, 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.
Mary F. Miller, Trustee (since 2005) 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 57 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.

75       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Joel W. Motley, Trustee (since 2002) Year of Birth: 1952

Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); 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 March 2011); 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 (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 57 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 2013) Year of Birth: 1958

Advisory Board Director of Massey Quick and Company, LLC (since October 2014); 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); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); 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 (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 57 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.

76       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954 Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, 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.

INTERESTED TRUSTEE AND OFFICER

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

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 101 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND

The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 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.

Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971

Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since September 2002). Vice President of the Sub-Adviser (September 2002-January 2017). Portfolio Manager and trader at Victory Capital Management (1999-2002). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

77       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since January 2006); Vice President of the Sub-Adviser (July 2009-January 2017); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Team Leader, a 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.
Elizabeth S. Mossow, Vice President (since 2016) Year of Birth: 1978	Vice President of the Sub-Adviser (since January 2016) and Senior Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
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).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex.

78       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 101 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 101 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 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

© 2017 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^SM our electronic document delivery service

● Your transactions with us, our affiliates or others

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

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

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). 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 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.

81       OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

● All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-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, safeguard that information. 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., 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 2016. 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 this privacy policy, 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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OppenheimerFunds^®

The Right Way

to Invest

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available
Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RA0790.001.0717 September 26, 2017

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 Joanne Pace, the Board’s Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace 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 $49,800 in fiscal 2017 and $48,200 in fiscal 2016.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $4,050 in fiscal 2017 and $4,404 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $320,775 in fiscal 2017 and $736,335 in fiscal 2016 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, additional audit services, and custody exams

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $710,577 in fiscal 2017 and $298,261 in fiscal 2016 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 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 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 Chairwoman 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 $1,035,402 in fiscal 2017 and $1,039,000 in fiscal 2016 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 7/31/2017, 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/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/12/2017

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/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/12/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	9/12/2017