UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21474

Oppenheimer Limited Term California Municipal Fund

(Exact name of registrant as specified in charter)

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

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 07/30/2010

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	15.0	%
Special Tax	11.4
Hospital/Health Care	10.4
Single Family Housing	10.2
Marine/Aviation Facilities	7.3
Municipal Leases	7.3
Multi-Family Housing	7.0
General Obligation	5.9
Tax Increment Financing (TIF)	4.6
Electric Utilities	3.7

Portfolio holdings are subject to change. Percentages are as of July 30, 2010, and are based on total assets.

Credit Allocation

	NRSRO-Rated			Manager-Rated			Total
AAA		5.7	%		0.1	%		5.8	%
AA		10.4			0.1			10.5
A		45.1			0.4			45.5
BBB		20.7			12.9			33.6
BB or lower		1.7			2.9			4.6
Total		83.6	%		16.4	%		100.0	%

The Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”), determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Manager may use its own credit analysis to assign ratings in denominations similar to those of S&P.

The percentages above are based on the market value of the Fund’s securities as of 7/30/10 and are subject to change; market value does not include cash. AAA, AA, A and BBB are investment-grade ratings. More information about securities ratings is contained in the Fund’s Statement of Additional Information.

11 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 30, 2010,¹ followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. During the 12-month period ended July 30, 2010,¹ prices in the municipal bond market generally rose, contributing to higher net asset values and highly favorable total returns for Oppenheimer Limited Term California Municipal Fund. In all, the Class A shares produced a total return of 10.02% at net asset value for the reporting period (6.17% with sales charge).¹ As of July 30, 2010, the distribution yield of this Fund’s Class A shares was 4.82% at NAV.¹

     During the reporting period, Oppenheimer Limited Term California Municipal Fund distributed 15.6 cents per Class A share, including a small amount of taxable income. The Fund’s monthly dividend for Class A shares was increased twice during the 12-month period, rising to 1.35 cents per share, from 1.25 cents per share. Our Fund had the highest distribution yield in the category as of July 31, 2010, according to Lipper Inc., an independent mutual fund rating service.

     Oppenheimer Limited Term California Municipal Fund held about 760 securities as of July 30, 2010. In general this reporting period, default rates on municipal bonds continued to be extremely low relative to the default rates on corporate fixed-income instruments.

     As the charts on pages 16 to 18 show, the Fund’s performance improved this reporting period, which was characterized by credit spread tightening and stronger investor demand. Credit spread tightening is typically more favorable to the sectors and types of securities this Fund favors than it is to the Fund’s benchmark. As spreads tighten, BBB-rated, lower-rated and unrated securities typically outperform other securities. The reverse is also true: widening spreads typically have the greatest negative effect on BBB-rated, lower-rated and unrated securities. We encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income and believe that this Fund’s investments offer structural advantages over the long term.

     The Fund continued to be invested this reporting period in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed

1. Calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The Index’s return is calculated through July 31, 2010.

12 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

tobacco bonds accounted for 15.0% of the Fund’s total assets and comprised the Fund’s largest industry sector.²

     During the reporting period, tobacco bonds made a significant contribution to the Fund’s positive total return. This is notable because it occurred in the face of a 9.3% consumption decline in 2009, the largest one-year decline since the adoption of the MSA in 1998. The 61-cent increase in federal excise taxes passed by Congress in early 2009 was seen by many industry analysts as the leading reason for the decline. As a result, the sector saw many downgrades by the major rating agencies and a flurry of negative articles in the press.

     As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. Although price and ratings volatility remain likely over the near term, we continue to believe that carefully researched MSA-backed bonds are fundamentally sound, and we are confident that these bonds will continue to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.

     Oppenheimer Limited Term California Municipal Fund remained invested in land development (or “dirt”) bonds, which are Special Tax and Special Assessment bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Tax and Special Assessment sectors represented 11.4% and 2.2% of the Fund’s total assets, respectively. The Fund’s land development holdings typically offer attractive yields, which in turn can help the Fund generate high levels of tax-free income, as we have seen this reporting period.

     In our opinion, these bonds have several appealing characteristics: their credit ratings typically improve over time, the debt service payments securing these bonds are on parity with real estate taxes and senior to mortgage payments, and assessments or taxes must be paid by whoever owns the land when the tax bill comes due. These characteristics give us confidence that most dirt bonds represent good values for our long-time shareholders.

     Tax increment financing (TIF) bonds constituted 4.6% of the Fund’s total assets at the end of the reporting period. Traditionally, this type of financing has been used for urban renewal projects. With the decline in the real estate market, we have been able to purchase or add to positions at tax-free yields that we believe to be highly attractive. During the reporting period the bonds in this sector made a positive contribution to the Fund’s total return.

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

13 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

     As of July 30, 2010, the Fund was invested in the hospital/health care sector, representing 10.4% of the Fund’s total assets. The overall fundamentals in this sector remained stable this reporting period, contributing to positive results.

     The Fund’s holdings in the single-family and multifamily housing sectors represented 10.2% and 7.0% of the Fund’s total assets, respectively at the end of the reporting period. These securities continued to provide high levels of tax-free income, even as the sectors continued to be volatile. In addition to the continued troubles of the national housing market, Moody’s Investors Service also downgraded the California Housing Finance Agency at the beginning of the reporting period. We believe, however, that long-term investors should ultimately benefit from this Fund’s carefully selected holdings in these housing sectors.

     Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 7.1% of the Fund’s net assets on July 30, 2010. During the reporting period securities issued by Puerto Rico contributed positively to the Fund’s total return. Most of the Fund’s investments involve “creatures of the state”— that is, securities that are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education. In June 2010, the governor and legislative leaders had reached a verbal agreement to balance the budget by trimming $60 million from spending and increasing tax collections. However, as of July 31, 2010, a vote to approve the $9.13 billion budget had not been taken.

     Better fiscal management has helped the Commonwealth significantly reduce pressure on its municipal bonds. A combination of expense freezes, layoffs and other prudent fiscal measures has helped Puerto Rico garner a favorable perception by the rating agencies and investors alike. When the Puerto Rico Sales Tax Financing Corp came to market in January 2010 with $1.8 billion in new debt, the offering was rated A or better by all three national ratings agencies. Additionally, the Commonwealth, its agencies and its financing arm, the Government Development Bank of Puerto Rico, retained their investment-grade ratings from Standard & Poor’s this reporting period. Moody’s, as part of its rating recalibration, assigned the Commonwealth a rating of A3 with a stable outlook. The rating had previously been Baa3 with a stable outlook (Fitch Ratings does not directly rate Puerto Rico’s general obligation debt). We remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

     The Fund continued to be invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that are backed by a security interest in the terminals, maintenance facilities and other on-site projects whose construction they finance. As a result, these bonds offer investors valuable collateral. The holdings in this sector made a positive contribution to the Fund’s total return this reporting period. As of July 30, 2010, 7.3% of the Fund’s total assets were invested in the marine/aviation facilities sector.

14 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

     The Fund also held 5.9% in General Obligation bonds as of the end of the reporting period. The difficult fiscal situations that have proven challenging to so many state and local government officials have created fear in the marketplace. As a result, we have been able to acquire General Obligation debt from the State and a variety of local governments within the state of California at attractive tax-free yields. Though fear remains prevalent, the holdings in this sector contributed to positive results this reporting period. We believe that investors should be cognizant that a distinct difference exists between a political budget crisis and an inability to pay debt.

     During this reporting period, the Fund remained invested in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. These “inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they face greater price volatility, too. During this reporting period, inverse floaters provided attractive levels of tax-free income and contributed quite favorably to the Fund’s total return. This outcome illustrates why we continue to believe that “inverse floaters” belong in our fund portfolios.

     Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment objectives or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 30, 2010. For all share classes, performance is measured from the Fund’s inception on February 25, 2004. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

     The Fund’s performance is compared to the performance of the Barclays Capital Municipal Bond Index, an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments in the index.

15 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

16 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, and the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B uses Class A performance for the period after conversion. See page 19 for further information.

1. The Fund’s returns have been calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The indices’ returns are calculated through July 31, 2010.

17 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, and the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B uses Class A performance for the period after conversion. See page 19 for further information.

1. The Fund’s returns have been calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The indices’ returns are calculated through July 31, 2010.

18 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. This annual report must be preceded or accompanied by the current prospectus of Oppenheimer Limited Term California Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses and, if available, summary prospectuses carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 3.50%.

Class B shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 4% (1-year) and 1% (5-year). Class B shares are subject to an annual 0.75% asset-based sales charge. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B uses Class A performance for the period after conversion.

Class C shares of the Fund were first publicly offered on 2/25/04. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

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

19 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); 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 30, 2010.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

20 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2010		July 30, 2010		July 30, 2010
Actual
Class A	$	1,000.00	$	1,032.80	$	5.13
Class B		1,000.00		1,027.10		9.99
Class C		1,000.00		1,028.90		9.09
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.63		5.09
Class B		1,000.00		1,014.84		9.93
Class C		1,000.00		1,015.73		9.04

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 180/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 30, 2010 are as follows:

Class	Expense Ratios
Class A		1.02	%
Class B		1.99
Class C		1.81

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

21 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 30, 2010*

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
Municipal Bonds and Notes—105.2%
California—98.1%
$	100,000	Adelanto, CA Elementary School District Community Facilities District No. 11		4.700	%		09/01/2012		09/01/2012		$	93,667
	695,000	Adelanto, CA Improvement Agency, Series B1		5.500			12/01/2023		12/01/2010	A		695,306
	210,000	Adelanto, CA Public Financing Authority, Series B1		6.300			09/01/2028		07/12/2023	B		203,389
	60,000	Alameda, CA Public Financing Authority (West End Community)1		6.800			04/01/2016		10/01/2010	A		61,788
	350,000	Alameda, CA Transportation Authority1		5.250			10/01/2021		10/01/2010	A		354,760
	25,000	Alvord, CA Unified School District Community Facilities District1		6.200			09/01/2025		04/02/2024	B		24,543
	10,000	Antelope Valley, CA Healthcare District1		5.200			01/01/2017		01/01/2011	A		10,011
	1,000,000	Antelope Valley, CA Healthcare District1		5.200			01/01/2020		01/01/2011	A		1,000,530
	1,500,000	Antelope Valley, CA Healthcare District1		5.250			09/01/2017		09/01/2017			1,497,300
	550,000	Antioch, CA Public Financing Authority1		5.625			01/01/2022		01/01/2011	A		558,784
	1,000,000	Antioch, CA Public Financing Authority1		5.625			01/01/2027		01/01/2011	A		1,013,770
	35,000	Apple Valley, CA Improvement Bond Act 19151		6.900			09/02/2015		12/07/2012	C		36,112
	15,000	Aromas, CA Water District1		5.600			09/01/2018		04/02/2017	B		14,711
	15,000	Atwater, CA Redevel. Agency (Downtown Redevel.)1		5.500			06/01/2019		06/01/2019			14,371
	25,000	Azusa, CA COP1		5.750			08/01/2020		08/01/2010	A		25,551
	35,000	Bakersfield, CA Improvement Bond Act 19151		5.600			09/02/2020		03/02/2016	A		34,229
	45,000	Bakersfield, CA Improvement Bond Act 19151		6.100			09/02/2024		10/15/2022	B		44,206
	15,000	Bakersfield, CA Improvement Bond Act 19151		7.100			09/02/2015		09/02/2010	A		15,021
	5,000	Banning, CA Improvement Bond Act 19151		8.400			09/02/2010		09/02/2010			5,025
	25,000	Beaumont, CA Financing Authority, Series A1		5.700			09/01/2035		10/10/2033	B		21,068
	175,000	Beaumont, CA Financing Authority, Series A1		7.000			09/01/2023		09/01/2010	A		175,039
	55,000	Beaumont, CA Financing Authority, Series B1		6.000			09/01/2034		04/01/2030	B		52,768
	30,000	Belmont, CA Redevel. Agency (Los Costano Community Devel.)1		5.500			08/01/2016		08/01/2010	A		30,050
	50,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		5.750			05/01/2034		06/29/2032	B		44,225
	145,000	Bonita Canyon, CA Public Facilities Financing Authority1		5.375			09/01/2028		11/21/2022	B		136,290
	80,000	Brentwood, CA Improvement Bond Act 19151		6.800			09/02/2017		09/02/2010	A		80,089
	30,000	Brisbane, CA Improvement Bond Act 1915 (Northeast Ridge)1		5.875			09/02/2020		03/30/2019	B		29,942
	205,000	Brisbane, CA Public Financing Authority1		6.000			05/01/2026		07/25/2023	B		191,331
	35,000	Buena Park, CA Special Tax (Park Mall)1		6.125			09/01/2033		10/15/2031	B		31,850
	250,000	Burbank, CA Community Facilities District Special Tax1		5.200			12/01/2023		06/24/2022	B		239,088

22 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	280,000	CA ABAG Finance Authority for NonProfit Corporations (Lincoln Glen Manor)1		6.100	%		02/15/2025		08/15/2010	A	$	280,246
	50,000	CA ABAG Finance Authority for NonProfit Corporations (Odd Fellows Home of California)1		6.000			08/15/2024		08/15/2010	A		51,212
	25,000	CA ABAG Finance Authority for NonProfit Corporations (OW/OWHC/SJRHC Obligated Group)1		5.700			11/01/2013		11/01/2011	A		25,275
	2,100,000	CA ABAG Finance Authority for NonProfit Corporations (San Diego Hospital Assoc.)1		6.125			08/15/2020		02/15/2012	A		2,138,283
	5,000	CA ABAG Finance Authority for NonProfit Corporations COP1		5.600			11/01/2023		11/01/2010	A		5,003
	20,000	CA ABAG Finance Authority for NonProfit Corporations COP1		5.800			03/01/2023		09/01/2010	A		20,022
	25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Episcopal Homes Foundation)1		5.125			07/01/2013		01/01/2011	A		25,052
	25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents)1		5.625			05/15/2022		11/15/2010	A		25,018
	80,000	CA ABAG Finance Authority for NonProfit Corporations COP (Home for Jewish Parents)1		5.625			05/15/2022		11/15/2011	A		80,270
	725,000	CA ABAG Finance Authority for NonProfit Corporations COP (Lytton Gardens)1		6.000			02/15/2019		08/15/2010	A		726,095
	155,000	CA ABAG Finance Authority for NonProfit Corporations COP (O’Connor Woods)1		6.200			11/01/2029		08/05/2023	B		146,825
	75,000	CA ABAG Tax Allocation, Series A1		6.000			12/15/2014		12/15/2010	A		76,454
	100,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)1		6.500			01/01/2033		01/01/2029	B		90,923
	8,780,000	CA County Tobacco Securitization Agency		5.830	2		06/01/2033		03/18/2015	B		1,020,499
	2,480,000	CA County Tobacco Securitization Agency (TASC)1		0.000	3		06/01/2021		03/15/2014	C		2,146,986
	1,240,000	CA County Tobacco Securitization Agency (TASC)1		0.000	3		06/01/2028		09/12/2018	B		962,042
	410,000	CA County Tobacco Securitization Agency (TASC)1		5.000			06/01/2026		06/01/2014	B		349,345
	2,000,000	CA County Tobacco Securitization Agency (TASC)1		5.125			06/01/2038		10/25/2020	B		1,490,540
	270,000	CA County Tobacco Securitization Agency (TASC)1		5.500			06/01/2033		06/01/2011	B		227,642
	1,860,000	CA County Tobacco Securitization Agency (TASC)1		5.750			06/01/2029		11/23/2011	B		1,732,423
	25,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2027		12/25/2013	C		24,800
	290,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2035		03/28/2017	B		233,647

23 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	280,000	CA County Tobacco Securitization Agency (TASC)1		5.875	%		06/01/2043		08/27/2019	B	$	217,266
	755,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2029		06/01/2012	B		686,091
	4,965,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2035		05/01/2018	B		4,068,867
	435,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2042		01/01/2020	B		344,603
	10,700,000	CA County Tobacco Securitization Agency (TASC)		6.068	2		06/01/2046		09/09/2028	B		364,014
	51,520,000	CA County Tobacco Securitization Agency (TASC)		6.192	2		06/01/2050		01/02/2026	B		1,201,962
	50,000	CA County Tobacco Securitization Agency (TASC)1		6.250			06/01/2037		06/11/2017	B		41,965
	500,000	CA Dept. of Transportation COP1		5.250			03/01/2016		09/01/2010	A		501,775
	85,000	CA Dept. of Veterans Affairs Home Purchase1		5.200			12/01/2027		12/01/2010	A		85,026
	60,000	CA Dept. of Veterans Affairs Home Purchase1		5.200			12/01/2028		12/01/2010	A		60,035
	2,300,000	CA Dept. of Veterans Affairs Home Purchase		5.450			12/01/2019		12/01/2010	A		2,383,674
	525,000	CA Dept. of Water Resources (Center Valley)1		5.250			07/01/2022		01/01/2011	A		525,961
	20,000	CA Dept. of Water Resources (Center Valley)1		5.400			07/01/2012		01/01/2011	A		20,084
	45,000	CA Educational Facilities Authority1		5.125			04/01/2017		04/01/2011	A		45,094
	25,000	CA Educational Facilities Authority (California College of Arts & Crafts)1		5.875			06/01/2030		07/11/2028	B		24,553
	25,000	CA Educational Facilities Authority (Dominican University of California/Harvey Mudd College Obligated Group)		5.500			03/01/2011		09/01/2010	A		25,089
	15,000	CA Educational Facilities Authority (Los Angeles College of Chiropractic)1		5.600			11/01/2017		10/12/2013	B		12,765
	50,000	CA Educational Facilities Authority (Mills College)1		5.125			09/01/2022		09/01/2010	A		50,025
	50,000	CA Educational Facilities Authority (Stanford University)1		5.125			01/01/2031		08/01/2010	A		50,123
	310,000	CA Educational Facilities Authority (University Pacific)1		5.750			11/01/2030		11/01/2010	A		310,707
	335,000	CA Financing Authority (Wastewater Improvement)1		6.100			11/01/2033		12/17/2031	B		303,778
	60,000	CA GO1		4.800			08/01/2014		08/15/2010	A		60,160
	25,000	CA GO1		5.000			06/01/2017		12/01/2010	A		25,059
	25,000	CA GO1		5.000			06/01/2019		12/01/2010	A		25,080
	5,000	CA GO1		5.000			06/01/2019		06/01/2011	A		5,144
	5,000	CA GO1		5.000			02/01/2021		08/01/2010	A		5,016
	100,000	CA GO1		5.000			11/01/2022		11/01/2010	A		100,879
	75,000	CA GO1		5.000			10/01/2023		10/01/2010	A		75,220
	10,000	CA GO1		5.000			10/01/2023		10/01/2010	A		10,029

24 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	10,000	CA GO1		5.000	%		02/01/2025		08/01/2010	A	$	10,006
	45,000	CA GO1		5.000			02/01/2025		02/01/2011	A		45,132
	25,000	CA GO1		5.125			10/01/2027		10/01/2010	A		25,007
	105,000	CA GO1		5.250			06/01/2011		12/01/2010	A		106,655
	25,000	CA GO1		5.250			10/01/2013		10/01/2010	A		25,166
	20,000	CA GO1		5.250			06/01/2016		12/01/2010	A		20,209
	25,000	CA GO1		5.250			04/01/2018		10/02/2010	A		25,065
	10,000	CA GO1		5.250			04/01/2019		10/02/2010	A		10,034
	10,000	CA GO1		5.250			04/01/2021		10/02/2010	A		10,034
	160,000	CA GO1		5.250			06/01/2021		12/01/2010	A		162,120
	10,000	CA GO1		5.250			02/01/2029		02/01/2013	A		10,077
	10,000	CA GO1		5.250			02/01/2030		02/01/2012	A		10,037
	15,000	CA GO1		5.300			09/01/2011		09/01/2010	A		15,060
	15,000	CA GO1		5.375			06/01/2026		12/01/2010	A		15,041
	15,000	CA GO1		5.500			06/01/2013		12/02/2010	A		15,053
	50,000	CA GO1		5.500			06/01/2014		12/01/2010	A		50,156
	55,000	CA GO1		5.500			04/01/2015		10/01/2010	A		55,321
	30,000	CA GO1		5.500			04/01/2019		10/01/2010	A		30,217
	25,000	CA GO1		5.500			03/01/2020		09/01/2010	A		25,041
	15,000	CA GO1		5.500			03/01/2020		09/01/2010	A		15,024
	25,000	CA GO1		5.500			10/01/2022		10/01/2010	A		25,174
	65,000	CA GO1		5.600			09/01/2021		09/01/2010	A		65,246
	5,000	CA GO1		5.600			09/01/2021		09/01/2010	A		5,019
	70,000	CA GO1		5.625			10/01/2021		10/01/2010	A		70,521
	130,000	CA GO1		5.625			10/01/2023		10/01/2010	A		130,930
	10,000	CA GO1		5.625			09/01/2024		09/01/2010	A		10,037
	15,000	CA GO1		5.625			10/01/2026		10/01/2010	A		15,074
	5,000	CA GO1		5.750			03/01/2012		09/01/2010	A		5,021
	35,000	CA GO1		5.750			03/01/2015		09/01/2010	A		35,113
	4,780,000	CA GO1		5.750			11/01/2017		11/01/2010	A		4,825,219
	35,000	CA GO1		5.750			11/01/2017		11/01/2010	A		35,331
	25,000	CA GO1		5.800			06/01/2013		12/01/2010	A		25,093
	230,000	CA GO1		5.900			04/01/2023		10/01/2010	A		231,755
	1,410,000	CA GO1		5.900			04/01/2023		10/01/2010	A		1,420,758
	75,000	CA GO1		5.900			03/01/2025		09/01/2010	A		75,292
	20,000	CA GO1		6.000			08/01/2010		08/01/2010			20,003
	10,000	CA GO1		6.000			05/01/2011		11/01/2010	A		10,136
	25,000	CA GO1		6.000			05/01/2012		11/01/2010	A		25,316
	15,000	CA GO1		6.000			10/01/2014		10/01/2010	A		15,113
	20,000	CA GO1		6.000			08/01/2015		08/01/2010	A		20,407
	20,000	CA GO1		6.000			05/01/2018		11/01/2010	A		20,210

25 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

							Effective
Principal							Maturity
Amount			Coupon		Maturity		(Unaudited)**			Value
California Continued
$	5,000	CA GO1	6.000	%		08/01/2019		08/01/2010	A	$	5,116
	50,000	CA GO1	6.000			10/01/2021		10/01/2010	A		50,420
	85,000	CA GO1	6.000			08/01/2024		08/01/2010	A		86,801
	4,000,000	CA GO1	6.000			03/01/2033		03/01/2020	A		4,339,560
	905,000	CA GO1	6.250			10/01/2019		10/01/2010	A		912,874
	605,000	CA GO1	6.250			10/01/2019		10/01/2010	A		610,264
	295,000	CA GO (Safe Drinking Water)1	8.250			09/01/2010		09/01/2010			296,938
	25,000	CA Golden State Tobacco Securitization Corp.1	5.000			06/01/2020		12/01/2010	A		25,003
	6,080,000	CA Golden State Tobacco Securitization Corp. (TASC)1	4.500			06/01/2027		12/30/2015	B		5,290,512
	500,000	CA Golden State Tobacco Securitization Corp. (TASC)1	5.000			06/01/2018		12/01/2010	A		500,150
	145,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1	5.000			07/01/2021		01/01/2011	A		145,071
	135,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1	5.125			07/01/2024		07/01/2011	A		135,032
	160,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1	5.250			07/01/2023		01/01/2011	A		160,106
	30,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1	5.250			07/01/2023		01/01/2011	A		30,015
	1,500,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1	5.375			07/01/2021		07/01/2014	A		1,569,105
	130,000	CA Health Facilities Financing Authority (Catholic Healthcare West)1	6.000			07/01/2013		01/01/2011	A		130,430
	40,000	CA Health Facilities Financing Authority (Downey Community Hospital)	5.750			05/15/2015		08/04/2012	B		26,446
	50,000	CA Health Facilities Financing Authority (Fellowship Homes)1	6.000			09/01/2019		09/01/2010	A		50,081
	10,000	CA Health Facilities Financing Authority (FF/OCTC/SCADP Obligated Group)1	6.500			12/01/2022		12/01/2010	A		10,014
	2,000,000	CA Health Facilities Financing Authority (Kaiser Permanente)1	5.400			05/01/2028		11/01/2010	A		2,006,780
	40,000	CA Health Facilities Financing Authority (Marshall Hospital)1	5.125			11/01/2012		12/01/2010	A		40,103
	20,000	CA Health Facilities Financing Authority (Mercy Senior Hsg.)1	5.800			12/01/2018		12/01/2010	A		20,030
	1,050,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center)1	5.625			07/01/2019		01/01/2011	A		1,050,746
	30,000	CA Health Facilities Financing Authority (Providence Health System-Southern California)1	5.500			10/01/2013		10/01/2010	A		30,097
	35,000	CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)1	5.250			06/01/2023		12/01/2010	A		35,011
	50,000	CA Health Facilities Financing Authority (Sunny View Lutheran Home)1	5.100			01/01/2024		01/01/2011	A		50,004

26 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	5,000	CA Health Facilities Financing Authority (Sutter Health)		5.000	%		08/15/2017		08/01/2010	A	$	5,009
	135,000	CA Health Facilities Financing Authority (Sutter Health)		5.125			08/15/2022		08/01/2010	A		135,158
	520,000	CA Health Facilities Financing Authority (Sutter Health)1		5.350			08/15/2028		08/15/2011	A		521,238
	30,000	CA Health Facilities Financing Authority (Sutter Health)1		5.375			08/15/2030		08/15/2010	A		30,006
	20,000	CA HFA		8.037	2		08/01/2015		04/14/2011	B		13,418
	220,000	CA HFA		8.074	2		02/01/2015		02/11/2011	B		157,313
	5,105,000	CA HFA (Home Mtg.)1		5.000			08/01/2037		07/25/2012	C		5,235,178
	4,775,000	CA HFA (Home Mtg.)4		5.500			02/01/2042		01/01/2013	B		4,895,785
	3,605,000	CA HFA (Home Mtg.)1		5.500			02/01/2042		06/26/2012	C		3,696,170
	13,520,000	CA HFA (Home Mtg.)1		5.500			08/01/2042		09/01/2012	C		13,397,238
	55,000	CA HFA (Multifamily Hsg.)1		5.375			08/01/2028		01/06/2026	B		53,791
	40,000	CA HFA (Multifamily Hsg.)1		5.400			08/01/2018		08/01/2010	A		40,020
	2,055,000	CA HFA (Multifamily Hsg.)1		5.400			08/01/2018		08/01/2010	A		2,056,007
	445,000	CA HFA (Multifamily Hsg.)1		5.450			08/01/2028		08/01/2010	A		445,022
	630,000	CA HFA (Multifamily Hsg.)1		5.950			08/01/2028		08/01/2010	A		630,277
	390,000	CA HFA (Multifamily Hsg.)1		6.050			08/01/2016		08/01/2010	A		390,628
	2,940,000	CA HFA (Multifamily Hsg.)1		6.050			08/01/2027		08/01/2010	A		2,965,402
	25,000	CA HFA (Multifamily Hsg.)1		6.050			08/01/2038		08/01/2010	A		25,008
	2,435,000	CA HFA (Multifamily Hsg.)1		6.150			08/01/2022		08/01/2010	A		2,438,117
	40,000	CA HFA (Multifamily Hsg.), Series B		5.850			08/01/2010		08/01/2010			40,004
	2,250,000	CA Hi-Desert Memorial Health Care District1		5.500			10/01/2015		10/01/2010	A		2,251,598
	3,000,000	CA Infrastructure and Economic Devel. (Scripps Research Institute)1		5.750			07/01/2030		01/01/2011	A		3,002,580
	15,000	CA Infrastructure and Economic Devel. (Stockton Port District)1		5.375			07/01/2022		02/23/2020	B		13,183
	1,225,000	CA Inland Empire Tobacco Securitization Authority1		5.000			06/01/2021		09/19/2013	B		1,027,763
	235,000	CA Intercommunity Hospital Financing Authority COP1		5.250			11/01/2019		10/03/2015	B		234,991
	35,000	CA M-S-R Public Power Agency (San Juan)1		6.000			07/01/2022		01/01/2011	A		38,027
	10,000	CA Maritime Infrastructure Authority (Santa Cruz Port District)1		5.750			05/01/2024		04/17/2020	B		9,507
	25,000	CA Pollution Control Financing Authority (Browning-Ferris Industries)1		5.800			12/01/2016		12/01/2010	A		25,008
	30,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1		5.300			12/01/2017		06/24/2016	B		27,448
	240,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)1		5.500			12/01/2024		07/27/2022	B		191,333
	845,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1		5.850			06/01/2021		12/01/2010	A		848,253

27 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	195,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1		5.850	%		06/01/2021		12/01/2010	A	$	195,751
	435,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)1		5.850			06/01/2021		12/01/2010	A		436,675
	1,000,000	CA Pollution Control Financing Authority (Southern California Edison Company)1		5.450			09/01/2029		09/01/2010	A		1,007,600
	20,000	CA Pollution Control Financing Authority (Southern California Edison Company)1		5.550			09/01/2031		09/01/2011	A		20,005
	485,000	CA Pollution Control Financing Authority (Southern California Water Company)1		5.500			12/01/2026		12/01/2010	A		485,112
	85,000	CA Pollution Control Financing Authority (West Coast Resource Recovery)		5.125			01/01/2014		01/01/2011	A		85,173
	105,000	CA Public Works		5.250			12/01/2013		12/01/2010	A		105,324
	100,000	CA Public Works (CA Community Colleges)1		5.250			12/01/2014		12/01/2010	A		100,725
	100,000	CA Public Works (CA Community Colleges)1		5.250			12/01/2015		12/01/2010	A		100,684
	100,000	CA Public Works (CA Community Colleges)1		5.250			09/01/2019		09/01/2010	A		100,092
	140,000	CA Public Works (California Community College)		5.375			03/01/2011		09/01/2010	A		140,531
	45,000	CA Public Works (California Science Center)1		5.250			10/01/2017		10/01/2010	A		45,062
	50,000	CA Public Works (California State University)1		5.375			10/01/2017		10/01/2010	A		50,074
	1,000,000	CA Public Works (California State University)		5.400			12/01/2016		12/01/2010	A		1,002,860
	25,000	CA Public Works (Dept. of Corrections)1		5.000			09/01/2021		09/01/2010	A		25,008
	40,000	CA Public Works (Dept. of Corrections)1		5.625			10/01/2020		10/01/2010	A		40,081
	110,000	CA Public Works (Dept. of Food & Agriculture)1		5.400			06/01/2013		12/01/2010	A		110,323
	1,000,000	CA Public Works (Dept. of Health Services)		5.500			11/01/2015		11/01/2010	A		1,013,110
	150,000	CA Public Works (Dept. of Youth Authority)1		5.375			10/01/2015		10/01/2010	A		150,606
	1,500,000	CA Public Works (State Archives Building Complex)1		5.375			12/01/2012		12/01/2010	A		1,504,785
	135,000	CA Public Works (State Universities)1		5.250			12/01/2013		12/01/2010	A		135,398
	35,000	CA Public Works (State Universities)1		5.400			10/01/2022		10/01/2010	A		35,019
	1,215,000	CA Public Works (State Universities)1		5.500			12/01/2018		12/01/2010	A		1,218,487
	100,000	CA Public Works (Various Community Colleges)1		5.375			03/01/2013		09/01/2010	A		100,299
	50,000	CA Public Works (Various Community Colleges)		5.375			03/01/2014		09/01/2010	A		50,161
	20,000	CA Public Works (Various Community Colleges)		5.500			09/01/2011		09/01/2010	A		20,077
	50,000	CA Public Works (Various Community Colleges)1		5.600			04/01/2014		04/01/2011	A		50,132
	350,000	CA Public Works (Various Community Colleges)		5.625			03/01/2011		03/01/2011			351,397
	4,585,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2016		09/01/2010	A		4,594,216

28 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	1,565,000	CA Public Works (Various Community Colleges)1		5.625	%		03/01/2016		09/01/2010	A	$	1,568,146
	1,580,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2019		09/01/2010	A		1,585,988
	70,000	CA Public Works (Various State Universities)1		5.200			12/01/2012		12/01/2010	A		70,235
	75,000	CA Public Works (Various State Universities)1		5.350			12/01/2015		12/01/2010	A		75,227
	240,000	CA Public Works (Various State Universities)		5.375			12/01/2019		12/01/2010	A		240,629
	100,000	CA Public Works (Various State Universities)1		5.400			10/01/2022		10/01/2010	A		100,331
	50,000	CA Public Works (Various State Universities)1		5.400			10/01/2022		10/01/2010	A		50,027
	10,000	CA Public Works (Various State Universities)1		5.500			09/01/2015		09/01/2010	A		10,021
	5,000	CA Resource Efficiency Financing Authority COP		5.500			04/01/2017		10/01/2010	A		5,019
	75,000	CA River Highlands Community Services District		7.750			09/02/2020		04/27/2016	B		71,426
	15,000	CA River Highlands Community Services District		8.125			09/02/2020		09/01/2010	A		15,022
	85,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A1		6.350			12/01/2029		09/15/2014	C		93,015
	20,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A1		7.000			09/01/2029		09/02/2010	C		20,369
	50,000	CA Special Districts Finance Program COP1		5.250			12/01/2026		12/01/2010	A		50,140
	25,000	CA Statewide CDA1		6.625			09/01/2027		10/16/2025	B		24,461
	10,000	CA Statewide CDA1		7.000			07/01/2022		01/01/2011	A		10,005
	85,000	CA Statewide CDA (Bouquet Canyon)1		5.300			07/01/2018		01/01/2011	A		85,077
	90,000	CA Statewide CDA (California Odd Fellow Hsg.)1		5.375			10/01/2013		10/01/2010	A		90,235
	2,000,000	CA Statewide CDA (CVHP/CVMC/FH Obligated Group) COP1		5.500			04/01/2013		10/01/2010	A		2,004,140
	980,000	CA Statewide CDA (Daughters of Charity Health System/St. Francis Medical Center Obligated Group)1		5.250			07/01/2025		11/07/2018	B		938,879
	500,000	CA Statewide CDA (East Tabor Apartments)1		6.850			08/20/2036		02/20/2011	A		529,395
	435,000	CA Statewide CDA (Eastfield Ming Quong)1		5.625			06/01/2020		12/01/2010	A		436,797
	45,000	CA Statewide CDA (Escrow Term)1		6.750			09/01/2037		07/27/2036	B		44,391
	250,000	CA Statewide CDA (Fairfield Apartments)1		6.500			01/01/2016		06/08/2013	B		249,983
	5,000	CA Statewide CDA (GP Steinbeck)1		5.700			09/20/2019		09/20/2010	A		5,256
	85,000	CA Statewide CDA (GP Steinbeck)		5.897	2		09/20/2027		09/20/2014	A		31,648
	15,000	CA Statewide CDA (John Muir Health)1		5.125			08/15/2017		08/15/2010	A		15,014
	100,000	CA Statewide CDA (LA Orthopedic Hospital Foundation)		5.250			06/01/2015		12/01/2010	A		100,138
	1,190,000	CA Statewide CDA (LA Orthopedic Hospital Foundation)		5.500			06/01/2019		12/01/2010	A		1,190,726
	250,000	CA Statewide CDA (Live Oak School)1		6.750			10/01/2030		12/19/2023	B		244,720

29 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	100,000	CA Statewide CDA (Multifamily)		5.696	%2		09/20/2021		09/20/2010	A	$	53,826
	100,000	CA Statewide CDA (Multifamily)		5.744	2		09/20/2023		09/20/2010	A		47,727
	150,000	CA Statewide CDA (Quail Ridge Apartments)1		5.375			07/01/2032		11/26/2029	B		125,966
	430,000	CA Statewide CDA (Rio Bravo)5		6.300			12/01/2018		02/19/2014	B		399,500
	560,000	CA Statewide CDA (Sycamore)1		6.000			03/20/2038		03/20/2013	A		602,190
	25,000	CA Statewide CDA Community Facilities District1		6.350			09/01/2021		09/01/2014	A		25,132
	5,000	CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group)1		5.000			04/01/2018		05/06/2016	B		5,000
	45,000	CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group)1		5.125			04/01/2023		05/07/2021	B		43,483
	100,000	CA Statewide CDA COP (Sutter Health)1		5.500			08/15/2031		08/15/2010	A		100,022
	20,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)1		5.300			09/01/2017		09/01/2017			19,283
	60,000	CA Statewide CDA Water & Wastewater1		5.700			10/01/2024		10/01/2010	A		60,447
	1,199,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		5.625			05/01/2029		12/13/2012	C		1,153,882
	800,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		5.625			05/01/2029		07/08/2013	C		778,696
	250,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2037		10/01/2017	C		202,800
	45,000	CA Valley Health System COP5		6.875			05/15/2023		12/06/2015	C		33,309
	15,000	CA Valley Health System, Series A5		6.500			05/15/2025		05/21/2021	B		11,103
	65,000	CA Valley Health System, Series A		6.500			05/15/2025		05/21/2021	B		48,113
	180,000	CA Veterans GO1		5.300			12/01/2029		04/28/2026	B		177,206
	85,000	CA Veterans GO, Series BP1		5.500			12/01/2026		12/01/2010	A		85,004
	50,000	CA Veterans GO, Series BZ1		5.350			12/01/2021		12/01/2010	A		50,024
	10,000	CA Water Resource Devel. GO, Series P		5.800			06/01/2011		12/01/2010	A		10,043
	25,000	CA Water Resource Devel. GO, Series P1		5.800			06/01/2014		12/01/2010	A		25,086
	50,000	CA Water Resource Devel. GO, Series Q1		5.000			03/01/2016		09/01/2010	A		50,118
	35,000	CA Western Hills Water District Special Tax1		5.000			09/01/2014		03/25/2013	B		28,904
	10,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		3.750			09/01/2010		09/01/2010			9,954
	65,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		4.000			09/01/2011		09/01/2011			61,186
	25,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		4.650			09/01/2014		09/01/2014			20,360
	120,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.000			09/01/2024		06/21/2021	B		77,012
	50,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.125			09/01/2031		03/23/2029	B		29,430
	115,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.750			09/01/2022		06/06/2018	B		82,552

30 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	45,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.875	%		09/01/2031		04/30/2027	B	$	29,184
	310,000	CA William S. Hart Union School District1		6.000			09/01/2027		09/01/2013	A		310,326
	10,000	Calabasas, CA Special Tax Community Facilities District 98-11		5.750			09/01/2028		06/18/2025	B		9,299
	55,000	California City, CA Redevel. Agency Tax Allocation1		7.000			09/01/2015		08/01/2010	A		55,104
	25,000	Campbell, CA Improvement Bond Act 1915 (Dillon-Gilman Local Improvement District)1		7.150			09/02/2012		09/02/2010	A		25,821
	60,000	Camrosa, CA Water District1		5.500			01/15/2011		01/01/2011	A		60,212
	15,000	Canyon Lake, CA COP (Railroad Canyon Road)1		7.375			06/01/2014		12/01/2010	A		15,240
	40,000	Capistrano, CA Unified School District (Education & Support Facilities) COP1		5.250			12/01/2026		12/01/2010	A		40,383
	75,000	Capistrano, CA Unified School District (Las Flores)1		5.000			09/01/2023		10/06/2021	B		74,996
	50,000	Capistrano, CA Unified School District School Facilities Improvement District No. 1		6.000			08/01/2024		08/01/2010	A		50,698
	80,000	Carlsbad, CA Improvement Bond Act 19151		5.550			09/02/2028		08/29/2022	B		72,246
	120,000	Carlsbad, CA Improvement Bond Act 19151		5.950			09/02/2025		10/15/2023	B		120,016
	30,000	Carlsbad, CA Improvement Bond Act 19151		6.000			09/02/2022		09/17/2021	B		29,999
	95,000	Carson, CA Improvement Bond Act 19151		7.375			09/02/2022		09/02/2010	A		95,051
	55,000	Castaic, CA Union School District Community Facilities District No. 92-11		8.500			10/01/2013		10/01/2010	A		55,390
	2,750,000	Castaic, CA Union School District Community Facilities District No. 92-11		9.000			10/01/2019		10/01/2010	A		2,763,833
	70,000	Cathedral City, CA Improvement Bond Act 19151		5.950			09/02/2034		05/03/2032	B		67,992
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 11		6.625			09/01/2023		09/25/2022	B		44,779
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 11		6.700			09/01/2030		01/09/2028	B		42,540
	15,000	Central CA Unified School District1		5.625			03/01/2018		09/01/2010	A		15,056
	50,000	Central Contra Costa, CA Sanitation District1		5.000			09/01/2022		09/01/2011	A		50,706
	35,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)1		6.625			09/02/2011		09/02/2011			35,896
	95,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)1		6.625			09/02/2012		09/02/2012			97,997
	100,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)1		6.625			09/02/2013		09/02/2010	A		103,124
	55,000	Chino Basin, CA Regional Financing Auth. (Municipal Water District Sewer System)		6.000			08/01/2016		08/01/2010	A		55,079
	25,000	Chino Hills, CA Improvement Bond Act 19151		7.500			09/02/2016		09/02/2010	A		25,794
	5,000	Chino Hills, CA Improvement Bond Act 19151		7.600			09/02/2021		09/02/2010	A		5,154

31 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	100,000	Chino Hills, CA Special Tax Community Facilities District No. 101		6.400	%		09/01/2014		09/01/2010	A	$	101,185
	55,000	Chino, CA Community Facilities District Special Tax1		5.750			09/01/2034		10/11/2032	B		50,762
	25,000	Chowchilla, CA Improvement Bond Act 19151		6.700			09/02/2027		09/02/2014	A		25,255
	55,000	Chula Vista, CA Community Facilities District (Eastlake Woods)1		5.700			09/01/2016		09/01/2013	A		56,890
	15,000	Chula Vista, CA Community Facilities District (Eastlake Woods)1		6.100			09/01/2021		09/01/2013	A		15,367
	10,000	Chula Vista, CA Improvement Bond Act 1915 Assessment District No. 94-1 (Eastlake)1		7.000			09/02/2015		09/02/2010	A		10,319
	800,000	Citrus Heights, CA Water District COP1		5.250			10/01/2020		10/01/2010	A		805,856
	25,000	Colton, CA Community Facilities District Special Tax1		5.800			09/01/2018		10/14/2016	B		24,903
	175,000	Colton, CA Joint Unified School District1		5.700			09/01/2034		10/17/2030	B		149,693
	50,000	Colton, CA Joint Unified School District COP1		5.100			06/01/2020		12/01/2010	A		50,656
	50,000	Colton, CA Public Financing Authority, Series B1		5.875			08/01/2027		04/28/2017	B		45,615
	20,000	Colton, CA Redevel. Agency (West Valley)1		6.375			09/01/2035		01/23/2032	B		18,642
	100,000	Compton, CA Sewer1		5.375			09/01/2023		09/01/2010	A		100,054
	20,000	Contra Costa County, CA Public Financing Authority (Pleasant Hill Bart)1		5.125			08/01/2019		08/01/2011	A		20,178
	5,000	Contra Costa County, CA Special Tax Community Facilities District1		5.580			08/01/2016		08/01/2010	A		5,020
	25,000	Contra Costa, CA Community College District COP (Diablo Valley College)1		6.000			06/01/2021		12/01/2010	A		25,051
	100,000	Corona, CA Redevel. Agency Tax Allocation		5.400			09/01/2011		09/01/2010	A		100,345
	25,000	Corona, CA Redevel. Agency Tax Allocation1		5.500			09/01/2016		09/01/2010	A		25,051
	15,000	Corona-Norco, CA Unified School District1		5.625			09/01/2033		01/09/2030	B		13,047
	70,000	Corona-Norco, CA Unified School District1		5.750			09/01/2014		09/01/2010	A		70,167
	20,000	Costa Mesa, CA COP1		5.750			12/01/2012		12/01/2010	A		20,131
	55,000	Crescent City, CA Public Financing Authority1		7.750			09/15/2012		09/15/2010	A		55,175
	30,000	Culver City, CA Redevel. Finance Authority1		5.500			11/01/2014		06/27/2012	C		31,045
	20,000	Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)1		5.700			09/02/2022		08/17/2018	B		18,778
	20,000	Davis, CA Joint Unified School District Special Tax1		5.300			08/15/2024		08/15/2010	A		20,036
	10,000	Del Mar, CA Unified School District1		5.875			09/01/2029		10/13/2027	B		9,628
	40,000	Dixon, CA Public Financing Authority1		5.150			09/02/2020		06/23/2017	B		40,000
	35,000	Dixon, CA Public Financing Authority1		5.700			09/02/2020		10/13/2017	B		34,305
	480,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)1		5.125			08/01/2020		08/01/2010	A		481,867
	1,000,000	Duarte, CA COP (Hope National Medical Center)1		5.250			04/01/2019		04/01/2011	A		1,007,150

32 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	200,000	Duarte, CA Hsg. (Heritage Park Apartments)1		5.850	%		05/01/2030		12/01/2010	A	$	200,152
	90,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1		5.500			09/01/2028		09/14/2027	B		78,513
	65,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)1		5.625			09/01/2034		04/30/2032	B		55,565
	50,000	Eastern CA Municipal Water District Community Facilities Special Tax (Promontory Park)1		5.500			09/01/2024		03/24/2023	B		47,826
	15,000	Eastern CA Municipal Water District Improvement Bond Act 19151		5.750			09/02/2020		09/02/2020			14,999
	25,000	Emeryville, CA Public Financing Authority1		6.100			09/01/2012		09/01/2010	A		25,084
	145,000	Emeryville, CA Public Financing Authority1		6.200			09/01/2025		09/01/2010	A		145,119
	20,000	Encinitas, CA Improvement Bond Act 19151		6.900			09/02/2017		12/20/2013	B		19,740
	15,000	Fairfield, CA Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.)1		7.375			09/02/2018		09/02/2010	A		15,470
	15,000	Florin, CA Resource Conservation District COP		6.000			02/01/2029		04/03/2027	B		13,733
	10,000	Folsom, CA Improvement Bond Act 19151		6.500			09/02/2013		09/01/2010	A		10,021
	25,000	Folsom, CA Public Financing Authority1		5.400			09/02/2020		08/14/2017	B		23,394
	25,000	Folsom, CA Public Financing Authority1		5.625			09/02/2020		06/15/2017	B		24,417
	30,000	Folsom, CA Special Tax Community Facilities District No. 71		6.000			09/01/2024		08/22/2020	B		28,416
	265,000	Fontana, CA Special Tax (Citrus)1		5.000			09/01/2020		09/01/2020			242,517
	300,000	Fontana, CA Special Tax Community Facilities District No. 2-A1		5.250			09/01/2017		09/01/2010	A		300,186
	10,000	Fontana, CA Special Tax Community Facilities District No. 41		7.125			10/01/2015		10/01/2010	A		10,048
	1,500,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1		5.875			01/15/2026		01/15/2016	A		1,500,360
	25,000	Fowler, CA Public Financing Authority1		6.750			09/15/2023		09/15/2011	A		25,054
	1,175,000	Fresno, CA Airport1		5.800			07/01/2030		07/01/2011	A		1,180,252
	25,000	Fresno, CA Unified School District COP1		4.625			05/01/2011		11/01/2010	A		25,248
	25,000	Fullerton, CA Community Facilities District No. 1 Special Tax (Amerige Heights)1		6.200			09/01/2032		09/01/2012	A		25,027
	80,000	Fullerton, CA School District Special Tax1		6.300			09/01/2023		09/01/2013	A		81,223
	10,000	Galt, CA Improvement Bond Act 19151		5.900			09/02/2022		09/02/2022			9,805
	25,000	Galt, CA Improvement Bond Act 1915		8.450			09/02/2011		09/02/2011			24,995
	165,000	Garden Grove, CA COP (Bahia Village/Emerald Isle)1		5.700			08/01/2023		08/01/2010	A		165,498
	30,000	Garden Grove, CA Hsg. Authority (Rose Garden)		6.375			07/01/2012		05/31/2011	B		29,999
	20,000	Granada, CA Sanitation District Improvement Bond Act 19151		6.125			09/02/2022		03/02/2011	A		20,004

33 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	15,000	Greenfield, CA Redevel. Agency1		6.000	%		02/01/2029		02/01/2029		$	13,881
	200,000	Hamilton, CA Union High School District1		5.250			08/01/2023		08/01/2010	A		200,218
	10,000	Hawthorne, CA Community Redevel. Agency Special Tax1		6.450			10/01/2017		10/01/2012	A		10,152
	10,000	Hawthorne, CA Community Redevel. Agency Special Tax1		6.600			10/01/2019		10/01/2012	A		10,107
	880,000	Hawthorne, CA Community Redevel. Agency Special Tax1		6.750			10/01/2025		10/01/2012	A		889,055
	180,000	Hawthorne, CA Parking Authority1		8.000			09/01/2015		09/01/2010	A		180,463
	155,000	Hawthorne, CA Parking Authority1		8.125			09/01/2019		09/01/2010	A		155,228
	45,000	Hayward, CA Improvement Bond Act 19151		7.100			09/02/2018		09/02/2010	A		45,056
	50,000	Hayward, CA Public Finance Authority (Hayward Water System)1		5.000			06/01/2011		12/01/2010	A		50,156
	50,000	Hayward, CA Public Finance Authority (Hayward Water System)1		5.100			06/01/2013		12/01/2010	A		50,135
	40,000	Healdsburg, CA Community Redevel. Agency (Sotoyome Community Devel.)1		5.250			12/01/2025		12/01/2010	A		40,006
	2,000,000	Hesperia, CA Public Financing Authority, Tranche A1		6.250			09/01/2035		09/14/2028	B		1,834,700
	10,000	Hollister, CA Improvement Bond Act 19151		7.125			09/02/2022		09/02/2010	A		10,306
	15,000	Huntington Beach, CA Community Facilities District1		5.400			10/01/2020		10/01/2011	A		15,155
	20,000	Huntington Beach, CA Community Facilities District Special Tax1		6.250			09/01/2027		04/14/2026	B		18,994
	35,000	Imperial County, CA Special Tax1		6.500			09/01/2031		03/04/2026	B		32,503
	50,000	Indio, CA Community Facilities District Special Tax (Talavera)1		5.000			09/01/2017		09/01/2017			49,851
	135,000	Indio, CA Hsg. (Olive Court Apartments)1		6.375			12/01/2026		12/01/2010	A		135,258
	20,000	Indio, CA Improvement Bond Act 19151		6.350			09/02/2027		09/02/2014	A		20,098
	20,000	Indio, CA Improvement Bond Act 19151		6.375			09/02/2027		06/27/2024	B		19,245
	35,000	Indio, CA Improvement Bond Act 1915 Assessment District No. 99.11		7.125			09/02/2020		09/02/2011	A		35,337
	750,000	Inland Valley, CA Devel. Agency Tax Allocation1		5.500			04/01/2014		04/01/2014			809,970
	2,770,000	Inland, CA Empire Tobacco Securitization Authority (TASC)1		4.625			06/01/2021		04/01/2014	B		2,246,636
	150,000	Irvine, CA Improvement Bond Act 19151		5.550			09/02/2026		09/02/2013	A		150,473
	20,000	Irvine, CA Improvement Bond Act 19151		5.600			09/02/2022		09/02/2014	A		20,326
	30,000	Irvine, CA Improvement Bond Act 19151		5.625			09/02/2024		09/02/2013	A		30,269
	25,000	Irvine, CA Mobile Home Park (Meadows Mobile Home Park)1		6.050			03/01/2028		02/23/2024	B		24,083
	80,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 31		5.875			09/01/2033		03/26/2029	B		76,260
	20,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 51		6.125			09/01/2032		08/26/2028	B		19,725

34 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	70,000	Kern County, CA (Fire Dept.) COP		5.250	%		05/01/2013		11/01/2010	A	$	70,242
	50,000	Kern County, CA (Fire Dept.) COP		5.250			05/01/2015		11/01/2011	A		50,172
	25,000	King, CA Community Devel. Agency Tax Allocation (King City Redevel.)1		7.000			09/01/2021		09/01/2010	A		25,017
	5,000	Kingsburg, CA Public Financing Authority1		7.800			09/15/2010		09/15/2010			5,020
	15,000	Kingsburg, CA Public Financing Authority1		8.000			09/15/2021		09/15/2010	A		15,021
	30,000	La Habra, CA Redevel. Agency Community Facilities District1		6.000			09/01/2014		09/02/2010	A		30,039
	10,000	La Habra, CA Redevel. Agency Community Facilities District1		6.000			09/01/2019		10/13/2017	B		10,001
	55,000	La Mesa, CA Improvement Bond Act 19151		5.750			09/02/2023		08/18/2019	B		51,214
	1,765,000	Lake Elsinore, CA Improvement Bond Act 19151		7.000			09/02/2030		09/02/2012	A		1,783,886
	35,000	Lake Elsinore, CA School Financing Authority1		6.000			09/01/2011		09/01/2010	A		35,117
	500,000	Lake Elsinore, CA Special Tax1		5.100			09/01/2022		04/17/2021	B		462,895
	1,135,000	Lake Elsinore, CA Unified School District1		5.300			09/01/2026		11/01/2024	B		1,038,786
	125,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.500			09/01/2013		09/01/2012	A		130,580
	50,000	Lammersville, CA School District Community Facilities District (Mountain House)1		6.300			09/01/2024		09/01/2013	A		50,638
	50,000	Lancaster, CA Community Facilities District Special Tax1		6.000			10/01/2016		10/01/2010	A		50,067
	20,000	Lancaster, CA Redevel. Agency (Desert Sands Mobile Home Park)1		6.375			11/01/2027		09/02/2020	B		20,000
	115,000	Lathrop, CA Financing Authority (Water Supply)1		5.700			06/01/2019		06/01/2013	A		116,871
	15,000	Lathrop, CA Financing Authority (Water Supply)1		5.750			06/01/2020		06/01/2013	A		15,202
	50,000	Lathrop, CA Financing Authority (Water Supply)1		5.900			06/01/2023		06/01/2013	A		50,410
	10,000	Lathrop, CA Improvement Bond Act 19151		6.000			09/02/2021		09/02/2021			9,458
	15,000	Lathrop, CA Improvement Bond Act 1915 (Louise Avenue)1		6.875			09/02/2017		01/30/2014	B		15,457
	10,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1		6.000			09/02/2023		09/02/2023			9,232
	60,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)1		6.125			09/02/2028		10/15/2026	B		53,752
	65,000	Lincoln, CA Public Financing Authority (Twelve Bridges)1		6.125			09/02/2027		01/23/2024	B		63,088
	25,000	Livermore, CA Capital Projects Financing Authority1		5.650			09/02/2016		06/07/2014	B		25,508
	10,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1		5.750			09/01/2012		09/01/2010	A		10,014
	45,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1		6.400			09/01/2026		09/16/2025	B		43,896

35 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	15,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)1		6.400	%		09/01/2030		03/30/2029	B	$	14,284
	100,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.000			11/15/2011		11/15/2011			104,030
	25,000	Long Beach, CA Special Tax (Pike)1		6.250			10/01/2026		02/25/2023	B		24,872
	35,000	Long Beach, CA Special Tax (Pine Avenue)1		6.375			09/01/2023		09/01/2011	A		35,079
	1,000,000	Los Angeles County, CA Community Facilities District No. 4 Special Tax1		5.500			09/01/2014		09/01/2010	A		1,003,840
	5,000	Los Angeles County, CA Community Facilities District No. 4 Special Tax1		7.750			09/01/2017		09/01/2010	A		5,010
	100,000	Los Angeles County, CA COP (Insured Health Clinic)1		5.800			12/01/2023		12/01/2010	A		100,341
	100,000	Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)1		6.400			09/01/2022		09/01/2010	A		100,009
	25,000	Los Angeles, CA Community Redevel. Agency (Cinerama Dome Public Parking)		5.700			07/01/2020		07/01/2020			20,640
	40,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.100			12/01/2015		11/01/2010	A		40,068
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.200			12/01/2017		11/01/2010	A		50,060
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.200			12/01/2018		11/01/2010	A		50,049
	120,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.200			12/01/2019		11/01/2010	A		120,097
	35,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.250			12/01/2020		11/01/2010	A		35,024
	55,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1		5.250			12/01/2021		11/01/2010	A		55,030
	25,000	Los Angeles, CA Community Redevel. Agency (Hoover Redevel.)1		5.500			09/01/2014		09/01/2010	A		25,059
	15,000	Los Angeles, CA Dept. of Water & Power		4.750			08/15/2017		08/15/2010	A		15,046
	10,000	Los Angeles, CA Dept. of Water & Power1		4.750			10/15/2020		10/15/2010	A		10,027
	65,000	Los Angeles, CA Mtg. (Section 8)1		5.350			07/01/2022		10/01/2010	A		65,059
	20,000	Los Angeles, CA Mtg. (Section 8)1		6.500			07/01/2022		08/01/2010	A		20,034
	50,000	Los Angeles, CA Multifamily Hsg. (Arminta North & South)		7.700			06/20/2028		10/08/2021	B		48,580
	45,000	Los Angeles, CA Multifamily Hsg. (Earthquake Rehabilitation)1		5.900			01/01/2030		10/01/2010	A		45,036
	130,000	Los Angeles, CA Regional Airports Improvement Corp. (Laxfuel Corp.)1		5.250			01/01/2023		01/01/2012	A		131,126
	10,000	Los Angeles, CA Regional Airports Improvement Corp. (Los Angeles West Terminal Fuel Corp.)1		10.250			01/01/2013		02/06/2012	B		10,388
	200,000	Los Angeles, CA State Building Auth.1		5.500			10/01/2017		10/01/2011	A		202,330
	75,000	Los Banos, CA Sewer System COP1		5.000			12/01/2019		12/01/2010	A		75,104

36 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	30,000	Los Banos, CA Unified School District COP1		5.625	%		08/01/2016		08/01/2010	A	$	30,055
	25,000	Madera County, CA COP (Valley Children’s Hospital)1		5.000			03/15/2023		04/19/2021	B		24,999
	360,000	Madera County, CA COP (Valley Children’s Hospital)1		5.750			03/15/2028		09/15/2010	A		360,036
	50,000	Mammoth Lakes, CA Community Facilities District (North Village Area)1		5.750			10/01/2033		09/17/2029	B		43,340
	20,000	Manhattan Beach, CA Water & Wastewater Authority COP1		5.750			09/01/2020		09/01/2010	A		20,021
	10,000	Martinez, CA Mtg. (Ridgecrest Apartments)1		5.625			07/01/2025		01/01/2011	A		10,011
	1,045,000	Mendocino Coast, CA Healthcare District1		5.875			02/01/2020		08/01/2010	A		1,046,244
	25,000	Menifee, CA Union School District Special Tax1		6.050			09/01/2026		10/14/2024	B		24,496
	125,000	Mill Valley, CA COP (The Redwoods)1		5.750			12/01/2020		12/01/2010	A		125,529
	10,000	Milpitas, CA Improvement Bond Act 19151		5.700			09/02/2018		10/11/2016	B		10,074
	2,115,000	Modesto, CA Irrigation District COP1		5.300			07/01/2022		01/01/2011	A		2,121,810
	15,000	Monrovia, CA Redevel. Agency Public Parking Facilities1		5.200			04/01/2013		04/01/2011	A		15,035
	10,000	Montclair, CA Redevel. Agency Mobile Home Park (Augusta Homes Villa Del Arroyo)1		6.100			11/15/2037		09/06/2034	B		9,855
	25,000	Montclair, CA Redevel. Agency Mobile Home Park (Hacienda Mobile Home Park)1		6.000			11/15/2029		02/08/2027	B		24,941
	20,000	Montclair, CA Redevel. Agency Mobile Home Park (Villa Mobile Home Park)1		6.100			06/15/2029		07/16/2023	B		19,625
	415,000	Montebello, CA Community Redevel. Agency (Montebello Hills Redevel.)1		5.500			03/01/2014		09/01/2010	A		416,046
	10,000	Montebello, CA Community Redevel. Agency (South Montebello)1		5.500			09/01/2022		03/27/2021	B		9,410
	5,000	Monterey County, CA Hsg. Authority (Parkside Manor Apartments)1		6.000			01/01/2029		06/28/2021	B		4,775
	30,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)		5.500			03/01/2011		09/01/2010	A		30,195
	65,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)		5.600			03/01/2012		09/01/2010	A		65,580
	50,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1		5.600			03/01/2013		09/01/2010	A		50,560
	65,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1		5.700			03/01/2015		09/01/2010	A		66,019
	20,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1		5.700			03/01/2016		09/01/2010	A		20,357
	10,000	Moorpark, CA Mobile Home Park (VillaDel Arroyo)1		7.000			05/15/2020		06/26/2011	A		10,008
	15,000	Moorpark, CA Special Tax Community Facilities District No. 97-11		6.400			09/01/2017		09/01/2010	A		15,007
	140,000	Moorpark, CA Special Tax Community Facilities District No. 97-11		6.700			09/01/2027		09/12/2023	B		138,726

37 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	15,000	Morgan Hill, CA Improvement Bond Act 19151		5.600	%		09/02/2011		09/02/2010	A	$	15,029
	350,000	Mountain View, CA Shoreline Regional Park Community1		5.500			08/01/2013		08/01/2010	A		350,928
	205,000	Mountain View, CA Shoreline Regional Park Community1		5.500			08/01/2021		08/01/2010	A		205,178
	10,000	Murrieta County, CA Water District1		6.500			10/01/2015		10/01/2012	A		10,228
	30,000	Murrieta County, CA Water District Special Tax Community Facilities District No. 88-11		6.700			12/01/2030		12/12/2021	B		29,701
	10,000	Murrieta, CA Community Facilities District Special Tax (Blackmore Ranch)1		6.100			09/01/2034		09/23/2027	B		9,598
	20,000	Murrieta, CA Community Facilities District Special Tax (Bluestone)1		6.300			09/01/2031		05/06/2029	B		19,633
	700,000	Murrieta, CA Community Facilities District Special Tax (Bremerton)1		5.625			09/01/2034		01/13/2031	B		644,630
	105,000	Murrieta, CA Community Facilities District Special Tax (Murrieta Springs)1		5.500			09/01/2034		10/09/2032	B		96,723
	55,000	Murrieta, CA Improvement Bond Act 19151		6.375			09/01/2031		01/08/2025	B		53,537
	50,000	Murrieta, CA Water Public Financing Authority1		5.700			10/01/2021		10/01/2010	A		50,401
	10,000	Needles, CA Public Utility Authority1		6.350			02/01/2012		08/01/2010	A		10,016
	190,000	Needles, CA Public Utility Authority1		6.650			02/01/2032		02/11/2028	B		189,973
	6,010,000	Northern CA Tobacco Securitization Authority (TASC)1		4.750			06/01/2023		07/18/2011	C		5,494,763
	1,820,000	Northern, CA Inyo County Local Hospital District1		5.000			12/01/2015		01/05/2014	A		1,860,040
	35,000	Novato, CA GO1		5.000			08/01/2012		08/01/2010	A		35,124
	30,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		5.900			06/01/2014		12/01/2010	A		30,151
	10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		6.000			06/01/2019		12/01/2010	A		10,007
	50,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)1		6.100			06/01/2027		03/29/2024	B		46,754
	25,000	Ontario, CA Improvement Bond Act 19151		6.800			09/02/2013		09/01/2010	A		25,053
	15,000	Orange County, CA Improvement Bond Act 19151		5.500			09/02/2016		09/02/2010	A		15,017
	10,000	Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)1		5.375			09/02/2012		09/01/2010	A		10,022
	20,000	Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)1		5.850			09/02/2013		03/02/2011	A		20,247
	55,000	Oroville, CA Hospital1		5.400			12/01/2022		12/01/2010	A		55,028
	1,415,000	Oxnard, CA Harbor District1		5.550			08/01/2013		08/01/2010	A		1,417,844
	25,000	Oxnard, CA Improvement Bond Act 19151		5.625			09/02/2027		10/10/2025	B		22,653
	10,000	Oxnard, CA Special Tax Community Facilities District No. 11		6.000			09/01/2027		09/01/2011	A		10,026

38 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	500,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)1		6.000	%		07/01/2018		08/09/2016	B	$	485,645
	125,000	Palmdale, CA Community Facilities District Special Tax1		5.400			09/01/2035		10/09/2033	B		105,674
	500,000	Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-11		5.700			08/01/2018		08/01/2011	A		500,995
	100,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1		5.100			09/02/2024		03/01/2013	A		100,019
	100,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1		5.125			09/02/2025		09/02/2025			99,218
	45,000	Palo Alto, CA Improvement Bond Act 1915 (University Ave. Area)1		5.700			09/02/2018		09/02/2010	A		45,945
	25,000	Pasadena, CA Public Financing Authority (Orange Grove & Villa Parke)1		5.450			06/01/2012		12/01/2010	A		25,136
	2,425,000	Pasadena, CA Special Tax (Pasadena Civic Center West)1		5.250			12/01/2025		12/01/2010	A		2,444,255
	275,000	Perris, CA Community Facilities District Special Tax1		6.375			09/01/2032		01/28/2029	B		257,846
	60,000	Perris, CA Public Financing Authority1		5.750			09/01/2024		10/14/2021	B		56,731
	160,000	Perris, CA Public Financing Authority1		7.875			09/01/2025		09/01/2010	A		160,163
	20,000	Perris, CA Public Financing Authority, Series A1		6.125			09/01/2034		09/30/2030	B		18,566
	10,000	Petaluma, CA Improvement Bond Act 19151		6.000			09/02/2020		12/19/2018	B		10,000
	60,000	Pittsburg, CA Improvement Bond Act 19151		6.300			09/02/2025		10/18/2023	B		59,765
	10,000	Pittsburg, CA Improvement Bond Act 19151		6.350			09/02/2031		05/10/2029	B		9,435
	20,000	Pittsburg, CA Improvement Bond Act 1915 (San Marco Phase I)1		6.350			09/02/2031		01/27/2028	B		18,870
	50,000	Pittsburg, CA Infrastructure Financing Authority1		5.850			09/02/2015		09/02/2010	A		50,046
	25,000	Pittsburg, CA Infrastructure Financing Authority, Series B1		5.800			09/02/2014		09/02/2010	A		25,031
	130,000	Pittsburg, CA Infrastructure Financing Authority, Series B1		6.000			09/02/2024		02/03/2020	B		126,502
	500,000	Pittsburg, CA Redevel. Agency (Los Medanos Community Devel.)1		5.850			08/01/2018		08/01/2010	A		508,065
	4,550,000	Placentia, CA Redevel. Agency Tax Allocation1		7.750			02/01/2014		08/01/2011	A		4,604,464
	10,000	Placer County, CA Community Facilities District1		6.500			09/01/2026		10/16/2024	B		9,814
	5,000	Placer County, CA Community Facilities District Special Tax No. 2001-1 (Dry Creek)1		5.700			09/01/2013		09/01/2010	A		5,107
	5,000	Placer County, CA Community Facilities District Special Tax No. 2001-1 (Dry Creek)1		6.300			09/01/2019		09/01/2012	A		5,055
	10,000	Pleasant Hill, CA Special Tax Downtown Community Facilities District No. 11		5.875			09/01/2025		03/29/2024	B		9,286

39 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	30,000	Port of Oakland, CA1		5.250	%		11/01/2027		11/01/2012	A	$	29,997
	350,000	Port of Oakland, CA1		5.700			11/01/2019		11/01/2010	A		350,357
	1,485,000	Port of Oakland, CA1		5.750			11/01/2014		11/01/2010	A		1,489,024
	750,000	Port of Oakland, CA1		5.750			11/01/2016		05/01/2011	A		751,388
	2,500,000	Port of Oakland, CA1		5.750			11/01/2020		11/01/2010	A		2,502,075
	565,000	Port of Oakland, CA1		5.750			11/01/2021		11/01/2010	A		565,401
	25,000	Port of Oakland, CA1		5.750			11/01/2022		11/01/2010	A		25,014
	2,000,000	Port of Oakland, CA1		5.750			11/01/2029		11/01/2010	A		2,000,160
	2,975,000	Port of Oakland, CA1		5.875			11/01/2017		11/01/2010	A		2,979,760
	2,870,000	Port of Oakland, CA		5.875			11/01/2030		11/01/2010	A		2,870,517
	110,000	Port Redwood City, CA GO1		5.400			06/01/2019		06/01/2011	A		110,922
	50,000	Poway, CA Public Financing Authority (Water Services)1		5.500			11/01/2015		11/01/2010	A		50,088
	270,000	Poway, CA Unified School District1		7.500			09/15/2032		09/15/2010	A		289,297
	30,000	Poway, CA Unified School District Special Tax Community Facilities District No. 101		5.750			09/01/2032		03/01/2028	B		27,577
	25,000	Poway, CA Unified School District Special Tax Community Facilities District No. 101		5.950			09/01/2018		09/01/2010	A		25,010
	35,000	Poway, CA Unified School District Special Tax Community Facilities District No. 101		6.100			09/01/2031		03/24/2029	B		33,752
	10,000	Rancho Cucamonga, CA Public Finance Authority1		6.000			09/02/2020		05/02/2018	B		9,888
	20,000	Rancho Mirage, CA Improvement Bond Act 19151		5.500			09/02/2024		05/02/2022	C		17,916
	30,000	Rancho Mirage, CA Improvement Bond Act 19151		5.750			09/02/2022		03/28/2021	B		29,035
	35,000	Rancho Santa Fe, CA Community Services District Special Tax1		6.600			09/01/2020		03/01/2011	A		35,026
	550,000	Rancho Santa Fe, CA Community Services District Special Tax1		6.700			09/01/2030		09/01/2010	A		550,110
	55,000	Redding, CA Improvement Bond Act 1915 (Tierra Oaks Assessment District 1993-1)1		7.000			09/02/2013		09/02/2010	A		56,736
	10,000	Redlands, CA Community Facilities District1		5.850			09/01/2033		05/27/2031	B		8,785
	50,000	Reedley, CA COP (Sierra View Homes)1		5.850			03/01/2021		09/01/2010	A		50,197
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.000			09/01/2016		09/01/2016			50,024
	25,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.050			09/01/2017		09/01/2017			24,634
	65,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.125			09/01/2018		09/01/2018			63,382
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.200			09/01/2019		09/01/2019			96,693
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.250			09/01/2020		09/01/2020			95,545

40 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-11		5.250	%		09/01/2021		09/01/2021		$	47,031
	35,000	Ridgecrest, CA Redevel. Agency1		6.000			06/30/2014		08/06/2010	A		35,208
	20,000	Ridgecrest, CA Redevel. Agency1		6.250			06/30/2026		08/06/2010	A		20,120
	80,000	River Islands, CA Public Financing Authority1		6.000			09/01/2027		06/21/2024	B		70,499
	100,000	River Islands, CA Public Financing Authority1		6.150			09/01/2035		06/23/2032	B		85,228
	250,000	Riverside County, CA Community Facilities District Special Tax1		5.000			09/01/2012		09/01/2010	A		257,865
	15,000	Riverside County, CA Community Facilities District Special Tax1		6.000			09/01/2030		05/01/2028	B		13,189
	150,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.100			09/01/2013		09/01/2010	A		154,685
	215,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.150			09/01/2014		09/01/2010	A		221,671
	385,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.200			09/01/2015		09/01/2010	A		396,858
	225,000	Riverside County, CA Community Facilities District Special Tax No. 87-11		5.250			09/01/2016		09/01/2010	A		231,867
	370,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.150			09/01/2010		09/01/2010			370,766
	200,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.300			09/01/2011		09/01/2011			204,334
	210,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.350			09/01/2012		09/01/2012			216,913
	430,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.400			09/01/2013		09/01/2013			446,843
	450,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.450			09/01/2014		09/01/2014			468,945
	475,000	Riverside County, CA Community Facilities District Special Tax No. 88-81		5.500			09/01/2015		09/01/2015			493,953
	60,000	Riverside County, CA Public Financing Authority (Menifee Village)1		7.150			09/01/2011		09/01/2010	A		60,192
	465,000	Riverside County, CA Public Financing Authority COP1		5.750			05/15/2019		05/04/2015	B		461,322
	65,000	Riverside, CA Improvement Bond Act 19151		8.250			09/02/2016		09/02/2010	A		65,166
	200,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)1		6.250			09/02/2029		10/17/2027	B		186,506
	10,000	Riverside, CA Improvement Bond Act 1915 (Sycamore Canyon Assessment District)1		8.500			09/02/2012		09/01/2010	A		10,039
	10,000	Riverside, CA Unified School District1		5.000			02/01/2027		02/01/2013	A		10,335
	100,000	Riverside, CA Unified School District1		5.350			09/01/2024		03/04/2024	B		96,618
	90,000	Riverside, CA Unified School District1		5.450			09/01/2025		10/10/2023	B		87,349
	100,000	Riverside, CA Unified School District1		5.500			09/01/2034		10/10/2032	B		88,457
	80,000	Riverside, CA Unified School District1		5.700			09/01/2034		01/01/2031	B		73,218

41 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	10,000	Riverside, CA Unified School District1		6.000	%		09/01/2029		05/25/2023	B	$	9,712
	25,000	Romoland, CA School District Special Tax1		6.000			09/01/2033		11/10/2029	B		21,797
	50,000	Romoland, CA School District Special Tax1		6.375			09/01/2033		09/27/2026	B		45,700
	50,000	Romoland, CA School District Special Tax1		6.375			09/01/2033		06/04/2031	B		45,700
	40,000	Roseville, CA Special Tax (North Central Community District)1		5.800			09/01/2017		09/01/2011	A		40,181
	10,000	Roseville, CA Special Tax Community Facilities District No. 1 (Westpark)1		4.300			09/01/2012		09/01/2012			10,130
	25,000	Sacramento County, CA COP1		5.375			02/01/2019		08/01/2010	A		25,027
	1,000,000	Sacramento County, CA Hsg. Authority (Cottage Estates Apartments)1		6.000			02/01/2033		08/01/2012	A		1,020,770
	1,500,000	Sacramento County, CA Hsg. Authority (Verandas Apartments Senior Community)1		5.700			03/01/2034		09/01/2011	A		1,529,115
	2,460,000	Sacramento County, CA Sanitation District Financing Authority1		5.600			12/01/2017		12/01/2010	A		2,469,963
	25,000	Sacramento, CA City Financing Authority1		5.250			05/01/2015		11/01/2010	A		25,170
	500,000	Sacramento, CA City Financing Authority (California EPA Building)1		5.250			05/01/2019		11/01/2010	A		503,390
	10,000	Sacramento, CA Improvement Bond Act 1915 (Citywide Landscaping & Lighting)1		5.500			09/02/2016		09/01/2010	A		10,020
	5,000	Sacramento, CA Municipal Utility District		8.000			11/15/2010		11/15/2010			5,029
	70,000	Sacramento, CA Special Tax1		5.700			12/01/2020		12/01/2010	A		70,069
	30,000	Sacramento, CA Special Tax (North Natomas Community Facilities)1		6.300			09/01/2026		03/01/2011	A		30,095
	10,000	Saddleback Valley, CA Unified School District1		5.650			09/01/2017		09/01/2010	A		10,039
	5,000	Saddleback Valley, CA Unified School District1		7.200			12/01/2011		12/01/2010	A		5,064
	95,000	Salida, CA Public Facilities Financing Agency1		5.250			09/01/2028		09/01/2010	A		95,224
	300,000	Salida, CA Public Facilities Financing Agency Community Facilities District Special Tax1		5.250			09/01/2018		09/01/2010	A		301,083
	180,000	Salinas Valley, CA Solid Waste Authority1		5.625			08/01/2015		08/01/2012	A		185,873
	1,000,000	Salinas Valley, CA Solid Waste Authority1		5.625			08/01/2018		08/01/2012	A		1,014,530
	100,000	Salinas, CA Improvement Bond Act 19151		5.450			09/02/2013		09/02/2013			102,800
	50,000	Salinas, CA Improvement Bond Act 1915 (Bella Vista)1		5.500			09/02/2013		09/02/2010	A		51,552
	30,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)1		5.500			11/01/2010		11/01/2010			30,116
	120,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)1		5.500			11/01/2023		11/01/2010	A		120,421
	195,000	San Bernardino County, CA (Single Family Mtg.)		5.376	2		05/01/2031		05/01/2031			63,168
	75,000	San Bernardino County, CA COP (Medical Center Financing)1		5.250			08/01/2016		08/01/2010	A		75,097
	90,000	San Bernardino County, CA Hsg. Authority (Friendly Village Mobile Home Park Corp.)1		6.700			03/20/2043		03/20/2016	C		96,597

42 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	60,000	San Bernardino County, CA Hsg. Authority (Glen Aire Mobile Home Park)1		6.700	%		12/20/2041		11/20/2011	A	$	64,052
	75,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1		5.500			12/01/2020		12/01/2010	A		75,102
	110,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1		5.500			12/01/2020		12/01/2010	A		110,099
	65,000	San Bernardino, CA Joint Powers Financing Authority (City Hall)1		5.600			01/01/2015		01/01/2011	A		65,169
	150,000	San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)1		6.625			04/01/2026		04/01/2014	A		151,802
	685,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2017		03/07/2015	B		617,719
	30,000	San Bernardino, CA Redevel. Agency (Ramona Senior Complex)1		7.875			07/01/2025		07/16/2019	B		29,267
	2,250,000	San Diego County, CA (Developmental Services Foundation) COP1		5.500			09/01/2017		09/01/2012	A		2,307,308
	95,000	San Diego County, CA COP (San Diego Hospital Assoc./Sharp Memorial Hospital Obligated Group)1		5.000			08/15/2018		08/15/2010	A		95,086
	320,000	San Diego, CA COP (Balboa & Mission Bay Parks)1		5.600			11/01/2010		11/01/2010			320,125
	155,000	San Diego, CA Mtg. (Mariners Cove)1		5.800			09/01/2015		09/01/2010	A		155,369
	25,000	San Diego, CA Redevel. Agency (Centre City)1		5.350			09/01/2024		09/01/2012	A		25,048
	25,000	San Diego, CA Redevel. Agency (North Bay Redevel.)1		5.800			09/01/2022		09/01/2010	A		25,022
	300,000	San Diego, CA Redevel. Agency (North Bay Redevel.)1		5.875			09/01/2030		09/01/2010	A		300,057
	70,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2021		01/01/2011	A		70,046
	275,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2022		01/01/2011	A		275,151
	100,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2023		05/01/2011	A		100,153
	78,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2025		01/01/2011	A		78,009
	30,000	San Francisco, CA City & County Airports Commission1		5.125			05/01/2021		05/01/2011	A		30,257
	185,000	San Francisco, CA City & County Airports Commission1		5.250			01/01/2026		01/01/2026			185,006
	25,000	San Francisco, CA City & County Airports Commission1		5.500			05/01/2016		05/01/2012	A		26,547
	10,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.000			01/01/2014		01/01/2011	A		10,023

43 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	260,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.125	%		01/01/2017		01/01/2011	A	$	260,315
	1,500,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2019		01/01/2011	A		1,501,425
	40,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2021		01/01/2011	A		40,022
	50,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		5.250			01/01/2027		01/01/2027			49,999
	490,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		6.125			01/01/2027		01/01/2011	A		490,519
	25,000	San Francisco, CA City & County COP (2789 25th Street Property)1		5.000			09/01/2013		09/01/2010	A		25,078
	20,000	San Francisco, CA City & County COP (77th Street Property)1		5.300			09/01/2022		09/01/2010	A		20,068
	90,000	San Francisco, CA City & County COP (San Bruno Jail)1		5.250			10/01/2026		10/01/2010	A		90,442
	45,000	San Francisco, CA City & County Improvement Bond Act 19151		6.850			09/02/2026		09/02/2010	A		46,370
	25,000	San Francisco, CA City & County Parking Authority (Parking Meter)1		5.000			06/01/2018		12/01/2010	A		25,087
	115,000	San Francisco, CA City & County Redevel. Agency1		6.750			07/01/2025		01/01/2011	A		115,419
	90,000	San Francisco, CA City & County Redevel. Agency (South Beach)1		5.700			03/01/2029		09/01/2010	A		90,083
	25,000	San Joaquin County, CA Community Facilities District Special Tax (Delta Farms)1		6.125			09/01/2024		06/23/2021	B		23,657
	20,000	San Jose, CA Improvement Bond Act 19151		5.600			09/02/2016		09/02/2016			20,607
	25,000	San Jose, CA Improvement Bond Act 19151		5.700			09/02/2018		09/02/2018			25,429
	95,000	San Jose, CA Improvement Bond Act 19151		5.750			09/02/2019		09/02/2019			96,133
	60,000	San Jose, CA Improvement Bond Act 19151		5.750			09/02/2020		09/02/2020			59,996
	265,000	San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)1		5.350			07/15/2034		07/15/2017	A		276,395
	30,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)1		6.100			01/01/2031		01/01/2022	B		28,947
	275,000	San Jose, CA Multifamily Hsg. (Sixth & Martha Family Apartments)1		5.875			03/01/2033		09/01/2010	A		277,945
	20,000	San Jose, CA Redevel. Agency1		5.500			08/01/2014		08/01/2010	A		20,047
	10,000	San Jose, CA Redevel. Agency1		5.500			08/01/2016		08/01/2010	A		10,017
	65,000	San Jose, CA Redevel. Agency1		5.750			08/01/2017		08/01/2010	A		65,677
	5,000	San Jose, CA Redevel. Agency Tax Allocation1		5.600			08/01/2019		08/01/2010	A		5,006
	200,000	San Marcos, CA Public Facilities Authority1		5.800			09/01/2018		09/01/2010	A		200,244
	35,000	San Marcos, CA Redevel. Agency Tax Allocation (Affordable Hsg.)1		5.650			10/01/2028		10/01/2010	A		35,014
	20,000	San Mateo, CA Sewer1		5.000			08/01/2028		08/01/2010	A		20,043

44 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	12,000,000	Santa Clara County, CA Financing Authority4		5.250	%		05/15/2039		05/15/2018	A	$	12,641,640
	1,715,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)1		5.850			08/01/2031		04/23/2027	B		1,706,785
	80,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1		5.700			08/01/2021		02/01/2012	A		80,488
	40,000	Santa Cruz County, CA Hsg. Authority (Northgate Apartments)1		5.350			07/20/2022		07/20/2011	A		40,418
	85,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation1		5.375			09/01/2018		09/01/2010	A		85,946
	800,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation1		5.375			09/01/2021		09/01/2010	A		807,752
	20,000	Santa Margarita, CA Water District Special Tax Facilities District No. 99-11		6.200			09/01/2020		09/01/2011	A		20,227
	45,000	Santa Margarita, CA Water District Special Tax Facilities District No. 99-11		6.250			09/01/2029		09/01/2011	A		45,429
	25,000	Santa Maria, CA COP1		5.500			08/01/2021		08/01/2010	A		25,020
	25,000	Santa Nella County, CA Water District1		6.250			09/02/2028		02/22/2021	B		24,184
	175,000	Santa Rosa, CA Improvement Bond Act 1915 (Fountaingrove Parkway)1		5.700			09/02/2019		05/01/2017	B		175,679
	20,000	Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)1		6.700			09/02/2022		03/02/2014	A		20,407
	40,000	Santa Rosa, CA Improvement Bond Act 1915 (Skyhawk)1		5.750			09/02/2020		11/22/2017	B		39,846
	50,000	Santaluz, CA Special Tax Community Facilities District No. 21		5.500			09/01/2030		04/26/2028	B		46,550
	905,000	Santaluz, CA Special Tax Community Facilities District No. 21		6.375			09/01/2030		09/01/2010	A		905,145
	115,000	Scotts Valley, CA Special Tax1		5.200			09/01/2028		04/25/2026	B		112,490
	500,000	Seal Beach, CA COP1		5.625			06/01/2030		12/01/2010	A		500,170
	15,000	Sequoia, CA Hospital District1		5.375			08/15/2023		08/15/2010	A		16,336
	110,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.000			11/01/2013		11/01/2013			112,778
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.250			11/01/2017		11/01/2017			98,806
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.300			11/01/2018		11/01/2018			95,825
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.350			11/01/2019		11/01/2019			96,720
	100,000	Shafter, CA Community Devel. Agency Tax Allocation1		5.375			11/01/2020		11/01/2020			95,403
	80,000	Solana Beach, CA Community Facilities District1		5.300			09/01/2010		09/01/2010			80,162
	25,000	Southern CA Public Power Authority1		5.500			07/01/2020		01/01/2011	A		25,046
	7,330,000	Southern CA Tobacco Securitization Authority1		4.750			06/01/2025		03/28/2013	C		6,477,814
	4,235,000	Southern CA Tobacco Securitization Authority (TASC)1		5.000			06/01/2037		11/25/2020	B		3,106,796

45 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	125,000	Spreckels, CA Union School District1		6.125	%		08/01/2017		08/01/2010	A	$	125,623
	1,010,000	Stanton, CA Redevel. Agency (Stanton Community Devel.)1		5.450			12/01/2017		12/01/2010	A		1,015,111
	25,000	Stockton, CA Community Facilities District1		6.750			08/01/2010		08/01/2010			25,003
	30,000	Stockton, CA Improvement Bond Act 19151		5.800			09/02/2020		04/19/2017	B		30,002
	50,000	Susanville, CA COP		5.750			05/01/2011		11/01/2010	A		50,098
	135,000	Susanville, CA COP		6.000			05/01/2011		11/01/2010	A		135,292
	5,000	Susanville, CA Public Financing Authority1		7.750			09/01/2017		09/01/2010	A		5,019
	100,000	Taft, CA Public Financing Authority (Community Correctional Facility)1		6.050			01/01/2017		01/01/2011	A		100,211
	410,000	Tahoe Forest, CA Hospital District1		5.850			07/01/2022		07/01/2011	A		411,685
	15,000	Tejon Ranch, CA Public Facilities Finance Authority1		7.200			09/01/2030		03/01/2013	A		15,002
	730,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax (Community Facilities District No. 1)1		7.200			09/01/2030		03/01/2013	A		730,102
	30,000	Temecula Valley, CA Unified School District Community Facilities District No. 02-11		6.125			09/01/2033		10/14/2031	B		27,461
	865,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1		4.500			09/01/2010		09/01/2010			861,523
	905,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)1		4.650			09/01/2011		09/01/2011			862,918
	20,000	Torrance, CA Redevel. Agency (Downtown Redevel.)1		5.550			09/01/2018		09/01/2010	A		20,006
	340,000	Tracy, CA Area Public Facilities Financing Agency1		5.875			10/01/2013		10/01/2010	A		342,421
	2,030,000	Tracy, CA Area Public Facilities Financing Agency1		5.875			10/01/2019		10/01/2010	A		2,092,626
	50,000	Tracy, CA Community Facilities District1		5.400			09/01/2015		09/02/2011	A		50,177
	50,000	Tracy, CA Community Facilities District1		6.100			09/01/2015		09/02/2011	A		50,583
	10,000	Tracy, CA Community Facilities District1		6.500			09/01/2020		09/02/2011	A		10,031
	25,000	Tracy, CA Community Facilities District (205 Parcel Glen)1		6.250			09/01/2032		05/07/2030	B		23,090
	100,000	Tracy, CA Community Facilities District (South Mac Arthur Area)1		6.000			09/01/2027		05/31/2025	B		92,456
	30,000	Tracy, CA Community Facilities District (South Mac Arthur Area)1		6.300			09/01/2017		09/02/2011	A		30,201
	35,000	Tracy, CA Improvement Bond Act 19151		5.700			09/02/2023		08/16/2019	B		32,398
	75,000	Tracy, CA Operating Partnership Joint Powers Authority1		6.100			09/02/2021		03/02/2013	A		75,084
	30,000	Truckee-Donner, CA Public Utility District Special Tax1		5.800			09/01/2035		05/25/2033	B		24,559
	75,000	Truckee-Donner, CA Public Utility District Special Tax1		6.000			09/01/2028		06/06/2026	B		65,903

46 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	20,000	Truckee-Donner, CA Public Utility District Special Tax1		6.100	%		09/01/2033		10/31/2031	B	$	17,220
	750,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1		5.000			10/15/2017		10/26/2016	B		755,813
	210,000	Upland, CA Community Facilities District Special Tax (Colonies at San Antonio)1		5.900			09/01/2024		02/09/2021	B		209,194
	185,000	Upland, CA COP (San Antonio Community Hospital)1		5.000			01/01/2018		01/01/2011	A		185,194
	20,000	Vacaville, CA Improvement Bond Act 1915 (East Monte Vista Avenue)1		5.850			09/02/2016		03/02/2013	A		20,242
	10,000	Vacaville, CA Improvement Bond Act 1915 (Green Tree Reassessment District)1		6.300			09/02/2013		09/02/2010	B		10,218
	195,000	Vacaville, CA Public Financing Authority1		5.400			09/01/2022		09/01/2010	A		195,113
	145,000	Vacaville, CA Redevel. Agency (Vacaville Community Hsg.)1		6.000			11/01/2024		11/01/2011	A		146,782
	275,000	Val Verde, CA Unified School District1		6.125			09/01/2034		06/24/2031	B		264,778
	25,000	Vallejo, CA Public Financing Authority, Series A1		7.500			09/01/2020		10/01/2010	A		25,022
	40,000	Vallejo, CA Quadrant Improvement District No. 0011		6.000			09/01/2017		09/01/2015	A		40,451
	30,000	Vallejo, CA Quadrant Improvement District No. 0011		6.000			09/01/2026		05/02/2024	B		27,727
	40,000	Vallejo, CA Quadrant Improvement District No. 0011		6.125			09/01/2034		06/24/2031	B		35,696
	25,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1		5.500			09/01/2019		09/01/2019			24,475
	10,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1		6.000			09/01/2025		09/01/2025			9,719
	20,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)1		6.000			09/01/2028		09/16/2027	B		18,426
	1,825,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)1		5.000			12/01/2022		06/15/2019	B		1,574,063
	145,000	Victor, CA Elementary School District1		5.600			09/01/2034		04/06/2033	B		128,063
	60,000	Vista, CA Joint Powers Financing Authority1		6.100			10/01/2021		10/01/2010	A		60,152
	5,000	Vista, CA Joint Powers Financing Authority1		6.250			12/01/2019		12/01/2010	A		5,031
	15,000	Wasco, CA Improvement Bond Act 19151		8.750			09/02/2010		09/02/2010			15,077
	15,000	Wasco, CA Improvement Bond Act 19151		8.750			09/02/2013		09/02/2010	A		15,507
	15,000	Wasco, CA Public Financing Authority1		7.350			09/15/2015		09/15/2010	A		15,030
	15,000	Wasco, CA Public Financing Authority1		7.500			09/15/2023		09/15/2010	A		15,012
	100,000	West Covina, CA Redevel. Agency Tax Allocation (Executive Lodge Apartments)1		5.100			09/01/2014		09/01/2010	A		100,217
	20,000	West Patterson, CA Financing Authority Special Tax1		5.850			09/01/2028		10/29/2026	B		16,571
	10,000	West Patterson, CA Financing Authority Special Tax1		6.000			09/01/2019		09/01/2019			9,159

47 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
California Continued
$	15,000	West Patterson, CA Financing Authority Special Tax1		6.000	%		09/01/2039		05/18/2035	B	$	11,840
	105,000	West Patterson, CA Financing Authority Special Tax1		6.600			09/01/2033		12/17/2030	B		91,598
	25,000	West Patterson, CA Financing Authority Special Tax1		6.700			09/01/2032		04/26/2028	B		22,147
	5,000	West Patterson, CA Financing Authority Special Tax1		6.750			09/01/2035		09/01/2017	B		4,425
	110,000	West Patterson, CA Financing Authority Special Tax1		6.750			09/01/2036		03/22/2027	B		97,194
	10,000	West Patterson, CA Financing Authority Special Tax Community Facilities District1		5.600			09/01/2019		09/01/2019			8,897
	60,000	West Sacramento, CA Financing Authority Special Tax1		6.100			09/01/2029		02/15/2026	B		55,784
	5,000	West Sacramento, CA Improvement Bond Act 19151		8.500			09/02/2017		09/02/2010	A		5,155
	250,000	West Sacramento, CA Special Tax Community Facilities District No. 121		5.750			09/01/2029		09/01/2010	A		250,075
	50,000	West Sacramento, CA Special Tax Community Facilities District No. 141		6.125			09/01/2021		03/01/2011	A		50,018
	10,000	West Sacramento, CA Special Tax Community Facilities District No. 171		5.875			09/01/2033		08/17/2029	B		9,302
	50,000	West Sacramento, CA Special Tax Community Facilities District No. 8 (Southport)1		6.500			09/01/2031		08/11/2027	B		48,005
	25,000	Western CA Municipal Water Districts1		7.125			09/02/2014		09/01/2010	A		25,806
	85,000	Yolo County, CA Hsg. Authority (Russell Park Apartments)1		7.000			11/01/2014		11/01/2010	A		85,311
	30,000	Yorba Linda, CA Redevel. Agency Tax Allocation1		5.250			09/01/2013		09/01/2010	A		30,074
	70,000	Yorba Linda, CA Redevel. Agency Tax Allocation1		5.250			09/01/2023		09/01/2010	A		70,024
	50,000	Yuba City, CA Unified School District COP		4.900			02/01/2011		08/01/2010	A		50,165
	30,000	Yuba City, CA Unified School District COP		5.250			02/01/2022		08/01/2010	A		30,091
	25,000	Yucaipa, CA Redevel. Agency (Eldorado Palms Mobile Home)1		6.000			05/01/2030		07/06/2025	B		25,039
	30,000	Yucaipa, CA Special Tax Community Facilities District No. 98-11		6.000			09/01/2028		01/23/2021	B		27,638
												256,107,657
U.S. Possessions—7.1%
	50,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		10/31/2013	B		47,753
	300,000	Puerto Rico Commonwealth GO1		5.625			07/01/2019		07/01/2011	A		300,327
	560,000	Puerto Rico Commonwealth GO1		5.625			07/01/2031		07/01/2014	A		570,595
	5,000,000	Puerto Rico Electric Power Authority, Series CCC1		5.250			07/01/2026		07/01/2015	A		5,229,850
	110,000	Puerto Rico IMEPCF (American Home Products)1		5.100			12/01/2018		12/01/2010	A		110,256

48 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)**			Value
U.S. Possessions Continued
$	4,400,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625	%		06/01/2026		06/01/2011	A	$	4,435,420
	520,000	Puerto Rico ITEMECF (University Plaza)1		5.625			07/01/2013		01/01/2011	A		526,698
	500,000	Puerto Rico ITEMECF (University Plaza)1		5.625			07/01/2019		01/01/2011	A		506,020
	135,000	Puerto Rico Municipal Finance Agency, Series A1		5.500			07/01/2017		10/01/2010	A		135,257
	25,000	Puerto Rico Municipal Finance Agency, Series A1		5.750			08/01/2012		08/01/2010	A		25,207
	925,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2021		06/01/2014	A		1,032,698
	2,600,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		06/01/2014	A		2,845,622
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.125			08/01/2029		02/01/2014	A		2,605,225
	50,000	University of Puerto Rico1		5.500			06/01/2012		06/01/2011	A		50,138
	250,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2024		10/01/2014	A		256,263
												18,677,329
Total Investments, at Value (Cost $281,346,408)—105.2%												274,784,986
Liabilities in Excess of Other Assets—(5.2)												(13,689,386	)
Net Assets—100.0%											$	261,095,600

Footnotes to Statement of Investments

*	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.
**	Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.
A.	Optional call date; corresponds to the most conservative yield calculation.
B.	Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.
C.	Average life due to mandatory, or expected, sinking fund principal payments prior to the applicable optional call date.
1.	All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of accompanying Notes.
2.	Zero coupon bond reflects effective yield on the date of purchase.
3.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
4.	Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.
5.	Issue is in default. See Note 1 of accompanying Notes.

49 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset (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).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 30, 2010 based on valuation input level:

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
California	$	—	$	256,107,657	$	—	$	256,107,657
U.S. Possessions		—		18,677,329		—		18,677,329
Total Assets	$	—	$	274,784,986	$	—	$	274,784,986

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

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

ABAG	Association of Bay Area Governments
CDA	Communities Devel. Authority
COP	Certificates of Participation
CVHP	Citrus Valley Health Partners
CVMC	Citrus Valley Medical Center
FF	Feedback Foundation
FH	Foothill Hospital
GO	General Obligation
HFA	Housing Finance Agency
IMEPCF	Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
M–S–R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
OCTC	Olive Crest Treatment Centers
OW	O’Connor Woods
OWHC	O’Connor Woods Housing Corporation
ROLs	Residual Option Longs
SCADP	Southern California Alcohol & Drug Programs
SJRHC	St. Joseph’s Regional Housing Corporation
TASC	Tobacco Settlement Asset-Backed Bonds
V.I.	United States Virgin Islands

See accompanying Notes to Financial Statements.

50 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 30, 2010¹

Assets
Investments, at value (cost $281,346,408)—see accompanying statement of investments	$	274,784,986
Cash		211,718
Receivables and other assets:
Interest		4,739,444
Investments sold		3,563,529
Shares of beneficial interest sold		2,505,817
Other		38,949
Total assets		285,844,443
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		11,387,000
Payable on borrowings (See Note 5)		9,800,000
Shares of beneficial interest redeemed		1,793,990
Investments purchased		1,418,045
Dividends		142,843
Distribution and service plan fees		48,357
Shareholder communications		29,856
Trustees’ compensation		28,557
Transfer and shareholder servicing agent fees		8,234
Interest expense on borrowings		3,016
Other		88,945
Total liabilities		24,748,843
Net Assets	$	261,095,600
Composition of Net Assets
Par value of shares of beneficial interest	$	77,726
Additional paid-in capital		281,885,526
Accumulated net investment income		2,014,040
Accumulated net realized loss on investments		(16,320,270	)
Net unrealized depreciation on investments		(6,561,422	)
Net Assets	$	261,095,600

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

51 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $188,646,718 and 56,119,788 shares of beneficial interest outstanding)	$	3.36
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	3.48
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,869,979 and 543,394 shares of beneficial interest outstanding)	$	3.44
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $70,578,903 and 21,062,570 shares of beneficial interest outstanding)	$	3.35

See accompanying Notes to Financial Statements.

52 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 30, 2010¹

Investment Income
Interest	$	14,458,301
Other income		73
Total investment income		14,458,374
Expenses
Management fees		1,118,621
Distribution and service plan fees:
Class A		415,662
Class B		19,671
Class C		651,904
Transfer and shareholder servicing agent fees:
Class A		51,725
Class B		3,101
Class C		33,844
Shareholder communications:
Class A		32,428
Class B		1,668
Class C		20,640
Borrowing fees		623,010
Interest expense and fees on short-term floating rate notes issued (See Note 1)		119,543
Interest expense on borrowings		27,776
Trustees’ compensation		6,101
Custodian fees and expenses		1,328
Other		88,161
Total expenses		3,215,183
Net Investment Income		11,243,191
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(2,422,539	)
Net change in unrealized appreciation/depreciation on investments		12,757,738
Net Increase in Net Assets Resulting from Operations	$	21,578,390

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

See accompanying Notes to Financial Statements.

53 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended July 31,	20101			2009
Operations
Net investment income	$	11,243,191		$	12,170,119
Net realized loss		(2,422,539	)		(13,066,610	)
Net change in unrealized appreciation/depreciation		12,757,738			(4,440,327	)
Net increase (decrease) in net assets resulting from operations		21,578,390			(5,336,818	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(7,972,240	)		(8,566,851	)
Class B		(71,825	)		(71,382	)
Class C		(2,560,883	)		(2,636,688	)
		(10,604,948	)		(11,274,921	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		26,517,767			(61,474,344	)
Class B		(208,248	)		34,482
Class C		7,137,748			(12,990,580	)
		33,447,267			(74,430,442	)
Net Assets
Total increase (decrease)		44,420,709			(91,042,181	)
Beginning of period		216,674,891			307,717,072
End of period (including accumulated net investment income of $2,014,040 and $1,375,650, respectively)	$	261,095,600		$	216,674,891

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

See accompanying Notes to Financial Statements.

54 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 30, 2010¹

Cash Flows from Operating Activities
Net increase in net assets from operations	$	21,578,390
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(63,911,201	)
Proceeds from disposition of investment securities		61,724,061
Short-term investment securities, net		(33,444,508	)
Premium amortization		793,303
Discount accretion		(1,002,063	)
Net realized loss on investments		2,422,539
Net change in unrealized appreciation/depreciation on investments		(12,757,738	)
Change in assets:
Decrease in receivable for securities sold		1,628,945
Decrease in other assets		202,987
Increase in interest receivable		(498,139	)
Change in liabilities:
Increase in payable for securities purchased		1,309,949
Decrease in other liabilities		(32,996	)
Net cash used in operating activities		(21,986,471	)
Cash Flows from Financing Activities
Proceeds from bank borrowings		131,700,000
Payments on bank borrowings		(141,400,000	)
Proceeds from short-term floating rate notes issued		8,430,000
Proceeds from shares sold		88,767,630
Payments on shares redeemed		(62,264,696	)
Cash distributions paid		(3,613,966	)
Net cash provided by financing activities		21,618,968
Net decrease in cash		(367,503	)
Cash, beginning balance		579,221
Cash, ending balance	$	211,718

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $6,934,055.

Cash paid for interest on bank borrowings—$44,736.

Cash paid for interest on short-term floating rate notes issued—$119,543.

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

See accompanying Notes to Financial Statements.

55 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

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

1.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment at net asset value on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total return. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

56 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

1.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment at net asset value on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total return. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

57 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C      Year Ended July 31,	20101			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	3.19		$	3.33		$	3.54		$	3.51		$	3.56
Income (loss) from investment operations:
Net investment income2		.14			.13			.12			.12			.12
Net realized and unrealized gain (loss)		.15			(.15	)		(.21	)		.03			(.04	)
Total from investment operations		.29			(.02	)		(.09	)		.15			.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.12	)		(.12	)		(.12	)		(.13	)
Net asset value, end of period	$	3.35		$	3.19		$	3.33		$	3.54		$	3.51
Total Return, at Net Asset Value3		9.19	%		(0.29	)%		(2.59	)%		4.25	%		2.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70,579		$	60,411		$	77,530		$	59,029		$	51,659
Average net assets (in thousands)	$	65,423		$	66,544		$	71,291		$	55,357		$	39,346
Ratios to average net assets:4
Net investment income		4.17	%		4.31	%		3.58	%		3.34	%		3.46	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.60	%		1.60	%		1.57	%		1.58	%		1.63	%
Interest and fees from borrowings		0.27	%		0.63	%		0.10	%		0.26	%		0.58	%
Interest and fees on short-term floating rate notes issued		0.05	%5		0.03	%5		0.15	%5		0.24	%5		—
Total expenses		1.92	%		2.26	%		1.82	%		2.08	%		2.21	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.92	%		2.26	%		1.81	%		1.86	%		1.55	%
Portfolio turnover rate		42	%		31	%		41	%		17	%		33	%

1.	July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment at net asset value on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total return. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

58 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

     The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Fiscal Year End. Since July 30, 2010 represents the last day during the Fund’s 2010 fiscal year on which the New York Stock Exchange was open for trading, the Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

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

     Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time

59 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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

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

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

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

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

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

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short- term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the

60 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $11,387,000 as of July 30, 2010, which represents 3.98% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 30, 2010, municipal bond holdings with a value of $17,537,425 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $11,387,000 in short-term floating rate notes issued and outstanding at that date.

     The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

61 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

At July 30, 2010, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	2,388,000	CA Austin Trust Various States Inverse Certificates		5.911	%		2/1/42	$	2,508,785
	3,000,000	Santa Clara County, CA Financing Authority ROLs3		15.540			5/15/36		3,641,640
								$	6,150,425

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page 50 of the Statement of Investments.
2.	Represents the current interest rate for a variable rate bond known as an “inverse floater.”
3.	Security is subject to a shortfall and forbearance agreement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 30, 2010, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $9,000,000.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of July 30, 2010 is as follows:

Cost	$	444,284
Market Value	$	443,912
Market Value as a % of Net Assets		0.17	%

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

62 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

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

					Net Unrealized
					Depreciation
					Based on Cost of
					Securities and
Undistributed	Undistributed		Accumulated		Other Investments
Net Investment	Long-Term		Loss		for Federal Income
Income	Gain		Carryforward1,2,3,4		Tax Purposes
$2,298,364	$	—	$	16,344,935	$	6,536,757

1. As of July 30, 2010, the Fund had $13,436,084 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 30, 2010, details of the capital loss carryforwards were as follows:

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

2.	As of July 30, 2010, the Fund had $2,908,851 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2019.
3.	During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss carryforward.
4.	During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward.

63 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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

Accordingly, the following amounts have been reclassified for July 30, 2010. Net assets of the Fund were unaffected by the reclassifications.

	Increase to
Increase to	Accumulated Net
Accumulated Net	Realized Loss
Investment Income	on Investments
$147	$	147

The tax character of distributions paid during the years ended July 30, 2010 and July 31, 2009 was as follows:

	Year Ended		Year Ended
	July 30, 2010		July 31, 2009
Distributions paid from:
Exempt-interest dividends	$	10,534,945	$	11,194,391
Ordinary income		70,003		80,530
Total	$	10,604,948	$	11,274,921

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 30, 2010 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	$	269,953,504	1
Gross unrealized appreciation	$	3,578,302
Gross unrealized depreciation		(10,115,059	)
Net unrealized depreciation	$	(6,536,757	)

1. The Federal tax cost of securities does not include cost of $11,368,239, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants

64 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 30, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	1,103
Payments Made to Retired Trustees		2,151
Accumulated Liability as of July 30, 2010		17,649

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

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

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

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

65 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

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

	Year Ended July 30, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		19,741,040		$	65,936,252			18,786,079		$	58,922,256
Dividends and/or distributions reinvested		1,581,874			5,282,815			1,960,920			6,100,545
Redeemed		(13,403,714	)		(44,701,300	)		(40,813,443	)		(126,497,145	)
Net increase (decrease)		7,919,200		$	26,517,767			(20,066,444	)	$	(61,474,344	)
Class B
Sold		121,343		$	413,547			237,105		$	755,066
Dividends and/or distributions reinvested		14,579			49,828			15,001			47,599
Redeemed		(196,559	)		(671,623	)		(242,227	)		(768,183	)
Net increase (decrease)		(60,637	)	$	(208,248	)		9,879		$	34,482
Class C
Sold		7,140,540		$	23,791,887			6,738,269		$	21,032,781
Dividends and/or distributions reinvested		480,977			1,601,412			519,303			1,608,709
Redeemed		(5,487,683	)		(18,255,551	)		(11,594,041	)		(35,632,070	)
Net increase (decrease)		2,133,834		$	7,137,748			(4,336,469	)	$	(12,990,580	)

66 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 30, 2010, were as follows:

	Purchases		Sales
Investment securities	$	63,911,201	$	61,724,061

4. Fees and Other Transactions with Affiliates

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

Fee Schedule
Up to $100 million	0.50	%
Next $150 million	0.45
Next $1.75 billion	0.40
Over $2 billion	0.39

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 30, 2010, the Fund paid $88,046 to OFS for services to the Fund.

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

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

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the

67 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2010 were as follows:

Class C $ 1,076,970

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

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor		Distributor
July 30, 2010	$	78,976	$	2,486	$	5,563	$	18,246

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

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

5. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund can also borrow for other purposes, such as to raise money to unwind or “collapse” trusts that issued “inverse floaters” to the Fund, or to contribute to such trusts to enable them to meet tenders of their short-term securities by the holders of those securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest

68 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.432% as of July 30, 2010). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 30, 2010 equal 0.27% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 30, 2010, the Fund had borrowings outstanding at an interest rate of 0.432%. Details of the borrowings for the year ended July 30, 2010 are as follows:

Average Daily Loan Balance	$	9,106,575
Average Daily Interest Rate		0.295	%
Fees Paid	$	453,963
Interest Paid	$	44,736

6. Pending Litigation

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

     In 2009, what are claimed to be derivative lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

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NOTES TO FINANCIAL STATEMENTS Continued

6. Pending Litigation Continued

The Distributor and another subsidiary of the Manager have been named as defendants in a putative class action filed in federal court in 2010. The plaintiff, a participant in the State of Texas’ college savings plan, asserts claims on behalf of all persons who invested in qualified 529 plans managed by these subsidiaries of the Manager and which held investments in a certain mutual fund managed by the Manager and distributed by the Distributor. Plaintiff alleges causes of action for “improper investments,” “breach of fiduciary duty,” and “punitive damages” arising from that fund’s investments in 2008 and 2009.

     Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Limited Term California Municipal Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Limited Term California Municipal Fund, including the statement of investments, as of July 30, 2010, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of 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 30, 2010, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Limited Term California Municipal Fund as of July 30, 2010, the results of its operations and its 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 17, 2010

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FEDERAL INCOME TAX INFORMATION Unaudited

In early 2010, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2009. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

     None of the dividends paid by the Fund during the fiscal year ended July 30, 2010 are eligible for the corporate dividend-received deduction. 99.34% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

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

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

     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

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TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 67	Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995- December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2007) Age: 70	Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
Matthew P. Fink, Trustee (since 2005) Age: 69	Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Phillip A. Griffiths, Trustee (since 2005) Age: 71	Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences (since 2000); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2005) Age: 67	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 58 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2005) Age: 58	Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary Ann Tynan, Trustee (since 2008) Age: 64	Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospitals) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board

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TRUSTEES AND OFFICERS Unaudited / Continued

Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
Mary Ann Tynan, Continued	of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 58 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joseph M. Wikler, Trustee (since 2004) Age: 69	Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Peter I. Wold, Trustee (since 2004) Age: 62	Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Glavin, Keffer and Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 46	Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager of the Manager (since January 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2004) Age: 38	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

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Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 37	Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (June 2003- December 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 34	Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Manager (October 2006-June 2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001- May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) and Associate Portfolio Manager (since 2008) Age: 34	Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (April 2006-December 2007) and a credit analyst of the Manager (June 2003-March 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Age: 52	Director of the Rochester Credit Analysis team (since March 2004) and a Vice President of the Manager (since November 1997); headed Rochester’s Credit Analysis team (since May 1993).
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 51	Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003- March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 65 portfolios as a Trustee/Director and 96 portfolios as an Officer in the OppenheimerFunds complex.

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TRUSTEES AND OFFICERS Unaudited / Continued

Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
Thomas W. Keffer, Vice President and Chief Business Officer (since 2009) Age: 55	Senior Vice President of the Manager (since March 1997); Director of Investment Brand Management (since November 1997); Senior Vice President of OppenheimerFunds Distributor, Inc. (since December 1997). An officer of 96 portfolios in the OppenheimerFunds complex.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 59	Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997- February 2004). An officer of 96 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2004) Age: 50	Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008),Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 96 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Vice President and Secretary (since 2004) Age: 61	Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 96 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

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OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG llp
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

©2010 OppenheimerFunds, Inc. All rights reserved.

79 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

PRIVACY POLICY NOTICE

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

Information Sources

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

• Applications or other forms    

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

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

• Your transactions with us, our affiliates or others    

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

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Internet Security and Encryption

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

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at www.oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048.

81 | OPPENHEIMER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $39,900 in fiscal 2010 and $39,900 in fiscal 2009.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,895 in fiscal 2010 and $2,632 in fiscal 2009.

The principal accountant for the audit of the registrant’s annual financial statements billed $285,900 in fiscal 2010 and $271,540 in fiscal 2009 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, agreed upon procedures for the CP conduit and professional services for the capital accumulation plan, FIN 45 and FAS 157.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,526 in fiscal 2010 and $7,224 in fiscal 2009.

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

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

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

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

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

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

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

(2) 100%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $297,321 in fiscal 2010 and $281,396 in fiscal 2009 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.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

	The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.
4.	Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”
5.	Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 07/30/2010, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded,

processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Limited Term California Municipal Fund

By:	/s/ William F. Glavin, Jr. William F. Glavin, Jr.
	Principal Executive Officer

Date: 09/13/2010

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

By:	/s/ William F. Glavin, Jr. William F. Glavin, Jr.
	Principal Executive Officer

Date: 09/13/2010

By:	/s/ Brian W. Wixted Brian W. Wixted
	Principal Financial Officer

Date: 09/13/2010