N-CSR

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 Rochester 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)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 7/31/2014

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	13
Fund Expenses	18
Statement of Investments	20
Statement of Assets and Liabilities	64
Statement of Operations	66
Statements of Changes in Net Assets	67
Financial Highlights	68
Notes to Financial Statements	72
Report of Independent Registered Public Accounting Firm	89
Federal Income Tax Information	90
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	91
Trustees and Officers	92
Privacy Policy Notice	100

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/14

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal 5 Year (4-6) Index
1-Year	3.40%	1.07%	3.55%
5-Year	5.04	4.56	3.78
10-Year	4.43	4.20	4.17

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum applicable sales charge except where “without sales charge” is indicated. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

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

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Fund Performance Discussion

With a tax-free distribution yield of 3.83% (without sales charge) as of July 31, 2014, the Class A shares of Oppenheimer Rochester Limited Term California Municipal Fund trailed only one category peer – this Fund’s Y shares – in Lipper’s California Short-Intermediate Municipal Debt Funds category. The A shares also beat the average in Lipper’s California Municipal Debt Funds category, which consists of longer-term funds. By way of comparison, a taxable investment would have had to earn 6.78% to provide as much income as the Fund’s Class A shares. Tax-free income generated by this Fund’s holdings contributed 100% of the Fund’s total return this reporting period.

MARKET OVERVIEW

Amid sluggish economic growth at the beginning of this reporting period, the muni market rallied. The Barclays Municipal 5 Year (4-6) Index, an unmanaged index of the 4- to 6-year component of the broader Barclays index of investment-grade municipal bonds that measures the performance of the general municipal bond market, rose 3.55% in the 12 months ended July 31, 2014.

In November 2013, as he approached the end of his 8-year tenure, Fed Chairman Ben S. Bernanke spoke frankly about his regular press conferences, saying that “transparency in

The average distribution yield in Lipper’s California Short-Intermediate Municipal Debt Funds category was 1.62% at the end of this reporting period. At 3.83%, the distribution yield for this Fund’s Class A shares was 221 basis points higher than the category average.

monetary policy enhances public understanding and confidence.” Mr. Bernanke’s announcement in June 2013 – that the Fed was “prepared to increase or reduce the pace of its purchases – had caused a sharp market sell-off at the end of the last reporting period, and many bond funds saw

 YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge		3.83%
Dividend Yield with sales charge		3.74
Standardized Yield		3.33
Taxable Equivalent Yield		6.78
Last distribution (7/22/14)	$	0.0105
Total distributions (8/1/13 to 7/31/14)	$	0.1195

 Endnotes for this discussion begin on page 15 of this report

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considerable outflows during the remainder of calendar year 2013. As a result, yields rose, effectively turning the investor’s fears into a reality. Investors who were able to ride out the price volatility and focus on the long term were able to buy bonds with higher yields.

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

The Fed’s decision to spend billions monthly on mortgage-backed securities and long-term Treasuries has long remained a source of speculation. After more than a year of $85-billion-a-month purchases, the Fed lowered its spending to $75 billion in January 2014 and then to $65 billion the following month. Near the end of April, the Fed announced that spending in May would be $45 billion with another drop scheduled for the summer. The Fed announced at the end of July that it would reduce its monthly bond purchases to $25 billion, yet gave no hint that recent signs of

stronger growth had altered its resolve to hold short-term interests rates near zero into 2015.

Ms. Yellen has affirmed the Fed’s plan to end its stimulus purchases in the fall of 2014. The Fed also said it would reinvest the proceeds from its maturing securities in an effort to maintain current holdings levels. Although an end to the stimulus campaign looms, there is increasing backing among Fed officials to preserve the portfolio’s size, which it believes would help to keep borrowing costs low.

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

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

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On July 31, 2014, the average yield on 30-year, AAA-rated muni bonds was 3.44%, down 84 basis points from July 31, 2013. The average yield on 10-year, AAA-rated muni bonds on July 31, 2014, was 2.22%, down 66 basis points from the July 2013 date, and the average yield on 1-year, AAA-rated muni bonds was 0.15%, down 14 basis points from the July 2013 date.

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

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

In May 2014, the governor put forth a revised budget proposal that called for $2 billion in additional spending for schools, teacher pensions, healthcare coverage and emergency drought assistance. The state’s high-speed

passenger train project is slated to receive $250 million of the state’s cap-and-trade spending, according to The Bond Buyer.

The $108 billion general fund budget was approved by the Legislature in mid-June and signed by the governor on June 20, 2014. News reports indicated that this was the earliest date for a California budget deal in decades. The fiscal 2015 budget is the fourth consecutive budget to gain on-time approval.

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

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

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CalPERS is also involved in San Bernardino’s bankruptcy proceedings, which it has been challenging since December 2013, and has filed an amicus brief to support an appeal of Detroit’s eligibility to declare bankruptcy. Meanwhile, CalPERS and the California State Teachers Retirement System (CalSTRS), which had $489 billion in assets under management as of June 30, 2014, were upgraded to Aa2, from Aa3, by Moody’s and had gains of at least 18%, according to The Wall Street Journal. This increase in assets, we believe, is a positive for the state and for its bondholders.

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

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

FUND PERFORMANCE

Oppenheimer Rochester Limited Term California Municipal Fund held almost 1,150 securities as of July 31, 2014. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

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The Fund’s Class A distribution yield at NAV was among the top 2% in Lipper’s California Short-Intermediate Municipal Debt Funds category as of July 31, 2014. At 3.83% on that date, it was 221 basis points higher than the category average, which was 1.62%. Additionally, for a taxable investment to have provided a greater benefit than an investment in this Fund, it would have had to yield more than 6.78%, based on the Fund’s standardized yield as of July 31, 2014, and the current top federal and California income tax rates. As long-time investors know, yields on fixed-income funds rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.

The dividend trend for this Fund shows the positive impact a yield-driven approach can have amid challenging market conditions. The Fund’s dividend, which was 0.95 cents per Class A share at the outset of the reporting period, increased to 1.0 cents with the January 2014 payout and to 1.05 cents with the April 2014 payout. In all, the Fund distributed 11.95 cents per Class A share this reporting period.

The Fund continued to be invested in the municipal leases sector this reporting period, which accounted for 12.3% of the Fund’s total assets as of July 31, 2014. As state and local governments seek new ways to reduce costs and improve near-term cash flow, many lease all types of assets, including office space for public sector employees. The bonds held by

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

As of July 31, 2014, the Fund remained invested in land development (or “dirt”) bonds, which are Special Tax and Special Assessment bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Tax and Special Assessment sectors represented 11.5% and 3.4% of the Fund’s total assets, respectively, and both sectors contributed positively to Fund performance.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 16.4% of the Fund’s net assets at the end of this reporting period. Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by Master Settlement Agreement (MSA) proceeds and included in this Fund’s tobacco holdings. The Fund’s holdings, some of which are insured, include G.O. debt and securities from many different sectors as well. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things. Nonetheless, the Fund’s holdings of bonds issued in Puerto Rico detracted from performance this reporting period amid concerns about the Commonwealth’s ongoing challenges.

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

Almost one third of the G.O. securities held by this Fund were issued in Puerto Rico. G.O. debt, which are backed by the full faith and taxing authority of state and local governments, represented 11.5% of the Fund’s total assets at the end of this reporting period. The Fund’s G.O. holdings also include bonds issued by many municipalities throughout California. Even though G.O.s issued by Puerto Rico experienced “credit spread widening” – which occurs when the difference between yields on low-rated municipal bonds and higher-rated bonds increases – the Fund’s G.O. securities were a positive contributor to Fund performance this reporting period.

More than three quarters of the sales tax revenue bonds held by the Fund this reporting period were issued in Puerto Rico. In all, this sector represented 3.8% of the Fund’s total assets as of July 31, 2014, and included bonds issued by the U.S. Virgin Islands, and various California entities. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. As was the case overall for the Fund’s Puerto Rico holdings, investments in this sector detracted

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from the Fund’s overall performance this reporting period.

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

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

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

Puerto Rico debt continued to be the subject of a variety of critical reports. Early in this reporting period, the coverage focused on the

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

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

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

Tax increment financing (TIF) bonds constituted 10.0% of the Fund’s total assets on July 31, 2014. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, driven either by an improving economy or inflation, the credit quality of these types of securities generally

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improves, which can lead to enhanced performance. Bonds in this sector were positive contributors to the Fund’s total return this reporting period.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 7.9% of the Fund’s total assets at the end of this reporting period, and contributed positively to the Fund’s performance.

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

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

As of July 31, 2014, the Fund was invested in the hospital/healthcare sector, which totaled 5.5% of its total assets. Our holdings in this sector consist of securities across the credit spectrum. Bonds in this sector were positive contributors to the Fund’s total return this reporting period.

The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that are backed by the valuable collateral of the projects whose construction they finance. Of the Fund’s total assets on July 31, 2014, 5.1% were invested in the marine/aviation facilities sector, which was a positive contributor this reporting period.

At the end of this reporting period, the Fund’s investments in the multifamily and single-family housing sectors represented 5.1% and 4.0% of the Fund’s total assets, respectively. Despite the ongoing difficulties in the national housing market, the securities in these sectors continued to provide competitive levels of tax-free income this reporting period. We believe that the Fund’s carefully selected holdings in these housing sectors are likely to bring benefit to investors over the long term. During this reporting period, both the multifamily and single-family sectors contributed positively to the Fund’s total return.

During this reporting period, the Fund maintained an investment in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” continued to provide high levels of income to funds across the industry during this reporting period, which was characterized by rising prices among high-grade municipal securities. We continue to believe that “inverse floaters” are an essential element of this Fund’s portfolio

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because they can produce attractive yields under certain market conditions. The Fund’s inverse floaters, in aggregate, contributed positively to Fund performance this reporting period. As is its penchant, the Rochester-based investment team will continue to monitor and make adjustments to its portfolios that it believes can provide the greatest benefit to Fund shareholders.

Several sectors in which the Fund maintained relatively smaller investments as of July 31, 2014, also contributed positively to performance. Investors benefited this reporting period from the Fund’s holdings in many sectors including: water utilities, airlines and higher education.

However, in other relatively small sectors, the Fund’s investments in securities issued in the Commonwealth of Puerto Rico faced credit spread widening, which took a toll on performance. Among the detracting sectors were electric utilities, which included PREPA bonds; sewer utilities, which included PRASA bonds; and government appropriations and highways/commuter facilities sectors, both of which included bonds issued in the Commonwealth.

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

continue to benefit fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

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

This “maturity managed” Fund uses a dollar-weighted approach to measuring the average maturity of its securities and seeks an average effective maturity of 5 years or less for its portfolio. While the Fund invests primarily in investment-grade municipal securities, it may invest up to 5% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings. As of July 31, 2014, market movements or rating changes of municipal bonds, notably the Fund’s investments in Puerto Rico paper, caused the Fund’s below-investment-grade holdings to exceed this threshold. As a result, no further purchases of below-investment-grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 5% of total assets.

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Our team continually searches for undervalued bonds that we believe will provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.

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

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

Daniel G. Loughran,

Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Municipal Leases	12.3	%
Special Tax	11.5
General Obligation	11.5
Tax Increment Financing (TIF)	10.0
Tobacco Master Settlement Agreement	7.9
Hospital/Healthcare	5.5
Housing - Multi-Family	5.1
Marine/Aviation Facilities	5.1
Housing - Single-Family	4.0
Sales Tax Revenue	3.8

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

  CREDIT ALLOCATION

	NRSRO- Rated			Sub- Adviser- Rated			Total
AAA		0.4	%		0.0	%		0.4	%
AA		34.6			—			34.6
A		23.4			2.3			25.7
BBB		17.0			11.8			28.8
BB or lower		9.6			0.9			10.5
Total		85.0	%		15.0	%		100.0	%

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

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

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Performance

DISTRIBUTION YIELDS
As of 7/31/14
	Without Sales Charge	With Sales Charge
Class A	3.83%	3.74%
Class B	3.46	N/A
Class C	3.15	N/A
Class Y	4.04	N/A

STANDARDIZED YIELDS
For the 30 Days Ended 7/31/14
Class A	3.33%
Class B	3.10
Class C	2.67
Class Y	3.66

TAXABLE EQUIVALENT YIELDS
As of 7/31/14
Class A	6.78%
Class B	6.31
Class C	5.44
Class Y	7.45

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

	Inception				Since
	Date	1-Year	5-Year	10-Year	Inception
Class A (OLCAX)	2/25/04	3.40%	5.04%	4.43%	4.30%
Class B (OLCBX)	2/25/04	2.73	4.13	3.92	3.98
Class C (OLCCX)	2/25/04	2.62	4.24	3.63	3.49
Class Y (OLCYX)	11/29/10	3.63	N/A	N/A	4.22

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

	Inception				Since
	Date	1-Year	5-Year	10-Year	Inception
Class A (OLCAX)	2/25/04	1.07%	4.56%	4.20%	4.08%
Class B (OLCBX)	2/25/04	-1.27	3.96	3.92	3.98
Class C (OLCCX)	2/25/04	1.62	4.24	3.63	3.49
Class Y (OLCYX)	11/29/10	3.63	N/A	N/A	4.22

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

Performance data quoted represents performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%; for Class B shares, the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

The Fund’s performance is compared to the performance of the Barclays Municipal 5 Year (4-6) Index, which consists of investment-grade municipal bonds having remaining maturities of 4 to 6 years. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.0105 for the 28-day accrual period ended July 22, 2014. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on July 22, 2014; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of

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$0.0098, $0.0086 and $0.0111, respectively, for the 28-day accrual period ended July 22, 2014, and on the corresponding net asset values on that date.

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

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s California Short-Intermediate Municipal Debt Funds category is based on 21 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

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

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

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

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

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

16      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

17      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Fund Expenses

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

18      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Expenses Paid During 6 Months Ended July 31, 2014
Class A	$	1,000.00	$	1,025.40	$	4.48
Class B		1,000.00		1,024.20		7.86
Class C		1,000.00		1,021.70		8.20
Class Y		1,000.00		1,026.50		3.22
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.38		4.47
Class B		1,000.00		1,017.06		7.83
Class C		1,000.00		1,016.71		8.18
Class Y		1,000.00		1,021.62		3.21

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2014 are as follows:

Class	Expense Ratios
Class A		0.89	%
Class B		1.56
Class C		1.63
Class Y		0.64

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

19      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    July 31, 2014

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	Municipal Bonds and Notes—99.8%
	California—82.9%
	$690,000	Adelanto, CA Improvement Agency, Series B	5.500 %		12/01/2023		12/01/2014	A	$	692,139
	645,000	Adelanto, CA Public Financing Authority, Series B1	6.300		09/01/2028		09/01/2014	A		646,200
	200,000	Adelanto, CA Public Utility Authority	6.000		07/01/2023		07/01/2019	A		223,504
	100,000	Adelanto, CA Public Utility Authority	6.250		07/01/2026		07/01/2019	A		112,609
	975,000	Adelanto, CA Public Utility Authority	6.625		07/01/2031		07/01/2019	A		1,094,184
	100,000	Adelanto, CA Public Utility Authority	5.875		07/01/2022		07/01/2019	A		112,104
	1,000,000	Alameda, CA Corridor Transportation Authority1	5.450		10/01/2025		10/01/2017	A		1,076,740
	1,750,000	Alameda, CA Corridor Transportation Authority	5.000		10/01/2029		10/01/2023	A		1,969,590
	40,000	Antelope Valley, CA Healthcare District	5.200		01/01/2017		08/31/2014	A		40,147
	2,000,000	Antelope Valley, CA Healthcare District1	5.200		01/01/2020		08/31/2014	A		2,022,380
	3,005,000	Antioch, CA Public Financing Authority1	5.625		01/01/2027		08/31/2014	A		3,044,546
	300,000	Antioch, CA Public Financing Authority1	5.500		01/01/2032		08/31/2014	A		300,351
	1,010,000	Antioch, CA Public Financing Authority1	5.500		01/01/2016		08/31/2014	A		1,024,807
	550,000	Antioch, CA Public Financing Authority1	5.625		01/01/2022		08/31/2014	A		558,294
	15,000	Apple Valley, CA Improvement Bond Act 1915	6.900		09/02/2015		09/02/2014	A		15,513
	30,000	Arcadia, CA Redevel. Agency Tax Allocation	5.000		05/01/2015		08/31/2014	A		30,117
	180,000	Arcadia, CA Redevel. Agency Tax Allocation (Central Redevel.)	5.125		05/01/2023		08/31/2014	A		180,684
	25,000	Arcadia, CA Redevel. Agency Tax Allocation (Central Redevel.)1	5.125		05/01/2019		08/31/2014	A		25,076
	15,000	Aromas, CA Water District	5.600		09/01/2018		09/01/2014	A		15,028
	15,000	Atwater, CA Redevel. Agency (Downtown Redevel.)1	5.500		06/01/2019		08/31/2014	A		15,021
	25,000	Auburn, CA Union School District COP1	5.750		09/01/2017		09/01/2014	A		25,090
	25,000	Azusa, CA Redevel. Agency Tax Allocation (West End Redevel.)1	8.000		08/01/2034		02/01/2015	A		25,529
	5,000	Bakersfield, CA Improvement Bond Act 1915	7.100		09/02/2015		09/02/2014	A		5,019
	25,000	Baldwin Park, CA Public Financing Authority (San Gabriel River)2	5.000		08/01/2015		08/16/2014	A		25,091
	120,000	Baldwin Park, CA Redevel. Agency1	5.750		09/01/2030		09/01/2014	A		120,186
	280,000	Bay Area, CA Governments Association1	6.000		12/15/2024		12/15/2014	A		285,799
	655,000	Beaumont, CA Financing Authority, Series A	5.000		09/01/2027		09/01/2023	A		715,050
	25,000	Beaumont, CA Financing Authority, Series A	5.700		09/01/2035		09/01/2015	A		25,805
	150,000	Beaumont, CA Financing Authority, Series A	7.000		09/01/2023		09/01/2014	A		150,420

20      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$200,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.)1	5.600 %		08/01/2018		08/19/2014	A	$	200,532
	30,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.)	5.500		08/01/2016		08/19/2014	A		30,078
	120,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.)1	5.650		08/01/2024		08/19/2014	A		120,323
	70,000	Big Bear, CA Municipal Water District COP1	5.000		11/01/2024		08/31/2014	A		70,047
	125,000	Blythe, CA Financing Authority (City Hall & County Courthouse)1	5.500		09/01/2027		09/01/2014	A		125,120
	50,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)	5.750		05/01/2034		05/01/2015	A		50,288
	75,000	Brea & Olinda, CA Unified School District COP	5.500		08/01/2017		08/31/2014	A		75,332
	100,000	Buena Park, CA Community Redevel. Agency1	5.625		09/01/2033		09/01/2018	A		105,580
	100,000	Buena Park, CA Community Redevel. Agency1	5.250		09/01/2025		09/01/2018	A		107,647
	250,000	Burbank, CA Community Facilities District Special Tax	5.200		12/01/2023		12/01/2014	A		256,135
	100,000	Burbank, CA Public Financing Authority	5.250		12/01/2020		08/31/2014	A		100,376
	240,000	Burbank, CA Public Financing Authority1	5.250		12/01/2016		08/31/2014	A		240,890
	25,000	Burbank, CA Public Financing Authority (West Olive Redevel.)1	5.125		12/01/2022		08/31/2014	A		25,032
	50,000	CA ABAG Finance Authority for Nonprofit Corporation (Children’s Hospital & Research Center at Oakland)1	5.250		12/01/2027		12/01/2017	A		57,517
	10,000	CA ABAG Finance Authority for NonProfit Corporation COP (Over 60-CEI / LLMC / CEI Obligated Group)	5.200		11/15/2023		08/31/2014	A		10,037
	45,000	CA ABAG Finance Authority for NonProfit Corporations (Bijou Woods Apartments)1	5.200		12/01/2021		09/01/2014	A		45,073
	250,000	CA ABAG Finance Authority for NonProfit Corporations (Episcopal Senior Communities)1	5.000		07/01/2024		07/01/2022	A		275,185
	8,625,000	CA ABAG Finance Authority for NonProfit Corporations (HSH / SRHF / SRMB Obligated Group)1	6.000		05/15/2029		05/15/2019	A		9,389,002
	50,000	CA ABAG Finance Authority for NonProfit Corporations (Palo Alto Gardens Apartments)	5.000		10/01/2014		08/31/2014	A		50,139
	5,000	CA ABAG Finance Authority for NonProfit Corporations COP1	5.800		03/01/2023		09/01/2014	A		5,012
	5,000	CA ABAG Finance Authority for NonProfit Corporations COP	5.600		11/01/2023		08/31/2014	A		5,020
	205,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)1	5.350		10/01/2029		08/31/2014	A		205,154

21      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$40,000	CA ABAG Finance Authority for NonProfit Corporations COP (Tarzana Treatment Center)	5.200 %		12/01/2023		08/31/2014	A	$	40,148
	25,000	CA ABAG Tax Allocation, Series A1	6.000		12/15/2014		12/15/2014			25,547
	360,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)	6.500		01/01/2033		08/31/2014	A		360,007
	545,000	CA Communities Transportation Revenue COP	5.250		06/01/2025		06/01/2022	A		619,327
	515,000	CA Communities Transportation Revenue COP	5.250		06/01/2024		06/01/2022	A		591,271
	605,000	CA Communities Transportation Revenue COP	5.250		06/01/2027		06/01/2022	A		678,471
	575,000	CA Communities Transportation Revenue COP	5.250		06/01/2026		06/01/2022	A		648,013
	490,000	CA Communities Transportation Revenue COP	5.250		06/01/2023		06/01/2022	A		569,449
	65,000	CA Community College Financing Authority (GCCCD / PCCD / STTJCCD Obligated Group)1	5.000		04/01/2021		10/01/2014	A		65,259
	680,000	CA Community College Financing Authority (GCCCD / PCCD / STTJCCD Obligated Group)1	5.625		04/01/2026		10/01/2014	A		682,387
	6,755,000	CA County Tobacco Securitization Agency	5.830 3		06/01/2033		08/19/2030	B		1,568,579
	65,000	CA County Tobacco Securitization Agency (Golden Gate Tobacco)1	4.500		06/01/2021		12/14/2017	B		63,417
	390,000	CA County Tobacco Securitization Agency (TASC)1	5.875		06/01/2035		08/11/2023	B		382,617
	8,000,000	CA County Tobacco Securitization Agency (TASC)1	5.750		06/01/2029		11/16/2018	B		7,932,400
	5,230,000	CA County Tobacco Securitization Agency (TASC)1	6.000		06/01/2035		11/30/2014	A		5,229,425
	435,000	CA County Tobacco Securitization Agency (TASC)1	6.000		06/01/2042		04/15/2029	B		427,166
	505,000	CA County Tobacco Securitization Agency (TASC)1	5.100		06/01/2028		06/29/2023	B		447,627
	10,700,000	CA County Tobacco Securitization Agency (TASC)	4.947 3		06/01/2046		06/01/2046			521,411
	575,000	CA County Tobacco Securitization Agency (TASC)1	5.000		06/01/2026		12/26/2018	B		562,160
	1,705,000	CA County Tobacco Securitization Agency (TASC)1	6.000		06/01/2029		06/07/2017	B		1,645,802
	305,000	CA County Tobacco Securitization Agency (TASC)1	5.875		06/01/2043		02/23/2025	B		300,388
	190,000	CA County Tobacco Securitization Agency (TASC)1	5.500		06/01/2033		01/10/2018	B		183,504
	170,000	CA County Tobacco Securitization Agency (TASC)1	5.875		06/01/2027		08/31/2014	A		170,002
	685,000	CA County Tobacco Securitization Agency (TASC)1	5.625		06/01/2023		08/31/2014	A		686,774

22      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$1,300,000	CA County Tobacco Securitization Agency (TASC)1	6.250 %		06/01/2037		08/31/2014	A	$	1,300,104
	1,730,000	CA Dept. of Transportation COP	5.250		03/01/2016		09/01/2014	A		1,737,318
	765,000	CA Dept. of Water Resources (Center Valley)	5.250		07/01/2022		08/31/2014	A		768,221
	140,000	CA Educational Facilities Authority1	5.125		04/01/2017		08/31/2014	A		140,165
	400,000	CA Educational Facilities Authority (California College of Arts & Crafts)	5.000		06/01/2024		06/01/2022	A		441,544
	1,135,000	CA Educational Facilities Authority (California College of Arts & Crafts)	5.000		06/01/2022		06/01/2022			1,261,098
	65,000	CA Educational Facilities Authority (California Western School of Law)1	5.000		10/01/2028		08/31/2014	A		65,071
	100,000	CA Educational Facilities Authority (California Western School of Law)	5.000		10/01/2018		08/31/2014	A		100,353
	1,500,000	CA Educational Facilities Authority (CCOTA / DUOC / KGIOALS / WU Obligated Group)1	5.000		02/01/2026		02/01/2017	A		1,546,905
	25,000	CA Educational Facilities Authority (CCOTA)1	5.000		06/01/2026		06/01/2015	A		25,378
	740,000	CA Educational Facilities Authority (Mills College)1	5.125		09/01/2022		09/01/2014	A		741,347
	170,000	CA Educational Facilities Authority (Pooled University)1	5.250		04/01/2024		08/31/2014	A		170,150
	25,000	CA Educational Facilities Authority (Southwestern Law School)1	5.000		11/01/2023		08/31/2014	A		25,040
	40,000	CA Educational Facilities Authority (University of Redlands)	5.000		06/01/2028		08/31/2014	A		40,125
	335,000	CA Financing Authority (Wastewater Improvement)	6.100		11/01/2033		11/01/2015	A		337,616
	10,000	CA GO1	6.000		10/01/2014		10/01/2014			10,099
	55,000	CA GO1	6.000		10/01/2021		10/01/2014	A		55,531
	3,990,000	CA GO1	5.750		11/01/2017		11/01/2014	A		4,045,780
	20,000	CA GO1	6.000		08/01/2015		02/01/2015	A		20,591
	65,000	CA GO1	5.600		09/01/2021		09/01/2014	A		65,292
	25,000	CA GO1	5.750		11/01/2017		11/01/2014	A		25,349
	230,000	CA GO1	5.900		04/01/2023		10/01/2014	A		232,146
	2,000,000	CA GO1	5.000		06/01/2029		06/01/2015	A		2,069,080
	10,000	CA GO	5.000		10/01/2014		08/31/2014	A		10,041
	5,000	CA GO1	5.200		11/01/2031		08/31/2014	A		5,019
	3,975,000	CA GO1	5.000		09/01/2028		03/01/2016	A		4,226,975
	1,465,000	CA GO1	5.900		04/01/2023		10/01/2014	A		1,478,668
	5,000	CA GO	5.000		10/01/2028		08/31/2014	A		5,019
	5,000	CA GO	5.000		02/01/2033		08/31/2014	A		5,018
	75,000	CA GO1	5.900		03/01/2025		09/01/2014	A		75,346
	65,000	CA GO	5.500		06/01/2015		08/31/2014	A		65,294
	25,000	CA GO	5.250		04/01/2021		08/31/2014	A		25,105
	60,000	CA GO	4.800		08/01/2014		08/01/2014			60,000
	25,000	CA GO	5.000		06/01/2017		08/31/2014	A		25,100
	45,000	CA GO	5.000		06/01/2019		08/31/2014	A		45,180
	25,000	CA GO	5.250		04/01/2018		08/31/2014	A		25,106
	25,000	CA GO	5.250		04/01/2019		08/31/2014	A		25,105

23      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$5,000	CA GO1	6.000 %		08/01/2019		02/01/2015	A	$	5,146
	90,000	CA GO1	6.000		08/01/2024		02/01/2015	A		92,548
	35,000	CA GO1	5.750		03/01/2015		09/01/2014	A		35,166
	5,000	CA GO1	6.000		05/01/2024		11/01/2014	A		5,072
	605,000	CA GO1	6.250		10/01/2019		10/01/2014	A		611,123
	905,000	CA GO1	6.250		10/01/2019		10/01/2014	A		914,159
	20,000	CA GO1	6.000		05/01/2018		11/01/2014	A		20,292
	5,000	CA GO1	5.600		09/01/2021		09/01/2014	A		5,022
	25,000	CA GO1	5.500		03/01/2020		09/01/2014	A		25,110
	4,970,000	CA GO1	5.250		09/01/2024		09/01/2021	A		5,986,266
	5,000	CA GO	5.000		10/01/2017		08/31/2014	A		5,020
	20,000	CA GO	5.000		10/01/2023		08/31/2014	A		20,078
	5,000	CA GO	5.000		10/01/2018		08/31/2014	A		5,020
	35,000	CA GO	5.000		10/01/2023		08/31/2014	A		35,136
	15,000	CA GO	5.125		10/01/2027		08/31/2014	A		15,062
	10,000	CA GO1	5.625		10/01/2026		10/01/2014	A		10,086
	40,000	CA GO1	5.000		11/01/2022		11/01/2014	A		40,475
	125,000	CA GO1	5.000		11/01/2022		11/01/2014	A		126,485
	235,000	CA GO1	5.625		10/01/2023		10/01/2014	A		237,084
	5,000	CA GO	5.000		10/01/2018		08/31/2014	A		5,020
	20,000	CA GO1	5.500		10/01/2022		10/01/2014	A		20,176
	80,000	CA GO1	5.625		10/01/2021		10/01/2014	A		80,722
	15,000	CA GO1	5.250		10/01/2015		10/01/2014	A		15,129
	110,000	CA GO1	5.375		06/01/2026		12/01/2014	A		111,807
	10,000	CA GO	4.750		02/01/2017		08/31/2014	A		10,038
	40,000	CA GO	5.625		05/01/2026		08/31/2014	A		40,176
	195,000	CA GO1	5.250		06/01/2021		12/01/2014	A		198,270
	10,000	CA GO1	5.625		09/01/2024		09/01/2014	A		10,044
	20,000	CA GO1	5.250		06/01/2016		12/01/2014	A		20,339
	80,000	CA GO1	5.250		06/01/2017		12/01/2014	A		81,355
	15,000	CA GO1	5.500		03/01/2020		09/01/2014	A		15,066
	85,000	CA GO1	5.750		03/01/2023		09/01/2014	A		85,386
	45,000	CA GO1	6.000		03/01/2024		09/01/2014	A		45,211
	30,000	CA GO1	5.500		04/01/2015		10/01/2014	A		30,272
	15,000	CA GO1	5.375		06/01/2026		12/01/2014	A		15,246
	65,000	CA GO1	5.500		04/01/2019		10/01/2014	A		65,577
	500,000	CA Health Facilities Financing Authority (CHCW / CHC Obligated Group)1	5.625		07/01/2032		07/01/2015	A		510,850
	2,000,000	CA Health Facilities Financing Authority (CHCW)1	5.250		03/01/2024		03/01/2016	A		2,135,520
	440,000	CA Health Facilities Financing Authority (DHlth / BMH / CmntyHOSB / MSrH / SFMH / SNVMMH / CMF Obligated Group)1	5.125		07/01/2022		07/01/2015	A		457,653
	50,000	CA Health Facilities Financing Authority (Exception Children’s Foundation)	6.500		05/01/2020		08/31/2014	A		50,240
	10,000	CA Health Facilities Financing Authority (FF/OCTC/SCADP Obligated Group)	6.500		12/01/2022		08/31/2014	A		10,048

24      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$275,000	CA Health Facilities Financing Authority (Northern California Presbyterian Homes & Services)1	5.125 %		07/01/2018		08/31/2014	A	$	275,676
	20,000	CA Health Facilities Financing Authority (PH&S/PH&S-Washington Obligated Group)	5.500		10/01/2016		08/31/2014	A		20,084
	1,580,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center)1	5.625		07/01/2019		08/31/2014	A		1,584,045
	30,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center)	5.750		07/01/2015		08/31/2014	A		30,117
	40,000	CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)	5.250		06/01/2023		08/31/2014	A		40,150
	50,000	CA Health Facilities Financing Authority (SCADP)	5.150		05/01/2016		08/31/2014	A		50,188
	110,000	CA Health Facilities Financing Authority (Sunny View Lutheran Home)	5.100		01/01/2024		08/31/2014	A		110,397
	1,000,000	CA Health Facilities Financing Authority (Sutter Health)1	5.250		08/15/2031		08/15/2021	A		1,129,950
	3,970,000	CA HFA (Home Mtg.)1,2	5.500		08/01/2042		02/01/2015	A		4,106,250
	6,185,000	CA HFA (Home Mtg.)1	5.300		08/01/2023		08/01/2017	A		6,356,634
	1,000,000	CA HFA (Home Mtg.)1	4.950		08/01/2023		02/01/2017	A		1,026,600
	2,000,000	CA HFA (Home Mtg.)1	4.950		08/01/2026		02/01/2016	A		2,015,720
	1,045,000	CA HFA (Home Mtg.)1,2	5.000		08/01/2037		02/01/2016	A		1,070,780
	760,000	CA HFA (Home Mtg.)1	5.200		08/01/2028		02/01/2018	A		775,504
	1,935,000	CA HFA (Home Mtg.)1,2	5.500		02/01/2042		02/01/2016	A		1,976,061
	3,000,000	CA HFA (Home Mtg.)1	5.450		08/01/2028		08/01/2017	A		3,057,750
	45,000	CA HFA (Multifamily Hsg.)1	5.200		08/01/2018		08/31/2014	A		45,117
	15,000	CA HFA (Multifamily Hsg.)1	5.300		08/01/2028		08/31/2014	A		15,044
	50,000	CA HFA (Multifamily Hsg.)1	5.375		08/01/2028		08/31/2014	A		50,025
	210,000	CA HFA (Multifamily Hsg.)1	5.375		08/01/2028		08/31/2014	A		210,086
	990,000	CA HFA (Multifamily Hsg.)	5.950		08/01/2028		08/31/2014	A		994,128
	1,330,000	CA HFA (Multifamily Hsg.)1,2	5.400		08/01/2018		08/27/2014	A		1,331,835
	990,000	CA HFA (Multifamily Hsg.)1	5.450		08/01/2028		08/31/2014	A		991,435
	3,760,000	CA HFA (Multifamily Hsg.)1,2	5.400		08/01/2018		08/31/2014	A		3,821,814
	155,000	CA HFA (Multifamily Hsg.)1	5.850		08/01/2017		08/27/2014	A		155,480
	2,350,000	CA HFA (Multifamily Hsg.)1	6.000		02/01/2038		08/31/2014	A		2,413,520
	125,000	CA HFA (Multifamily Hsg.), Series A1	5.900		02/01/2028		08/31/2014	A		126,860
	4,145,000	CA HFA (Multifamily Hsg.), Series A1,2	5.200		08/01/2022		08/29/2014	A		4,195,610
	5,110,000	CA HFA (Multifamily Hsg.), Series B1	5.400		08/01/2028		08/31/2014	A		5,240,254
	1,775,000	CA HFA, Series A1	4.750		08/01/2021		08/01/2015	A		1,790,780
	500,000	CA HFA, Series A1	4.850		08/01/2026		08/01/2015	A		502,140
	1,930,000	CA HFA, Series C1,2	5.750		08/01/2030		08/01/2030			2,017,680
	1,075,000	CA HFA, Series E1	5.000		02/01/2024		02/01/2016	A		1,085,384
	275,000	CA Infrastructure and Economic Devel. (LA County Dept. of Public Social Services)1	5.000		09/01/2028		09/01/2014	A		275,984
	3,550,000	CA Infrastructure and Economic Devel. (Scripps Research Institute)	5.750		07/01/2030		08/31/2014	A		3,564,200

25      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$80,000	CA Infrastructure and Economic Devel. (Scripps Research Institute)	5.625 %		07/01/2020		08/31/2014	A	$	80,339
	390,000	CA Infrastructure and Economic Devel. (Vermont Village Human Services Corp.)	5.750		09/01/2023		09/01/2014	A		391,693
	45,000	CA M-S-R Public Power Agency (San Juan)	6.000		07/01/2022		10/31/2014	A		54,540
	465,000	CA Municipal Finance Authority (Biola University)	5.000		10/01/2030		10/01/2023	A		503,893
	335,000	CA Municipal Finance Authority (Biola University)	5.000		10/01/2029		10/01/2023	A		365,448
	50,000	CA Municipal Finance Authority (Biola University)1	5.625		10/01/2023		04/01/2018	A		55,825
	1,025,000	CA Municipal Finance Authority (Community Hospitals of Central California)1	5.250		02/01/2024		02/01/2019	A		1,105,052
	230,000	CA Municipal Finance Authority (Emerson College)1	5.000		01/01/2028		01/01/2022	A		250,711
	30,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)	5.300		12/01/2017		08/31/2014	A		30,003
	390,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)	5.500		12/01/2024		07/27/2022	B		387,512
	980,000	CA Pollution Control Financing Authority (Southern California Water Company)	5.500		12/01/2026		08/31/2014	A		983,724
	750,000	CA Pollution Control Financing Authority (WM / MGC / USAWCA / WMC&R / WMC / CWM / WWI Obligated Group)1	5.125 4		11/01/2023		11/01/2015	A		786,990
	210,000	CA Public Works	5.250		10/01/2015		08/31/2014	A		210,863
	95,000	CA Public Works1	6.625		11/01/2034		05/08/2016	A		95,463
	5,665,000	CA Public Works1	6.500		09/01/2017		04/01/2016	B		6,092,707
	10,000	CA Public Works	5.250		10/01/2016		08/31/2014	A		10,041
	270,000	CA Public Works (California Community Colleges)	5.000		12/01/2017		08/31/2014	A		271,839
	140,000	CA Public Works (California Community Colleges)	5.250		12/01/2015		08/31/2014	A		140,575
	70,000	CA Public Works (California Community Colleges)	5.250		12/01/2016		08/31/2014	A		70,285
	90,000	CA Public Works (California Community Colleges)	5.250		12/01/2016		08/31/2014	A		90,366
	260,000	CA Public Works (California Community Colleges)	5.250		12/01/2014		08/31/2014	A		261,084
	25,000	CA Public Works (California Community Colleges)	5.000		12/01/2016		08/31/2014	A		25,096
	450,000	CA Public Works (California Community Colleges)	5.250		12/01/2015		08/31/2014	A		451,849
	215,000	CA Public Works (California Community Colleges)	5.250		09/01/2019		09/01/2014	A		215,826

26      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$50,000	CA Public Works (California Community Colleges)	5.125 %		09/01/2016		09/01/2014	A	$	50,197
	70,000	CA Public Works (California Community Colleges)	5.100		09/01/2014		09/01/2014			70,292
	60,000	CA Public Works (California Community Colleges)	5.000		12/01/2016		08/31/2014	A		60,231
	60,000	CA Public Works (California Highway Patrol)	5.250		11/01/2014		08/31/2014	A		60,257
	25,000	CA Public Works (California Highway Patrol)	5.000		11/01/2015		08/31/2014	A		25,097
	50,000	CA Public Works (California Science Center)	5.250		10/01/2022		08/31/2014	A		50,188
	465,000	CA Public Works (California Science Center)	5.250		10/01/2017		08/31/2014	A		466,860
	2,000,000	CA Public Works (California State Prisons)1	5.750		10/01/2031		10/01/2021	A		2,337,460
	400,000	CA Public Works (California State University)	5.500		09/01/2015		09/01/2014	A		401,732
	50,000	CA Public Works (California State University)	5.375		10/01/2017		08/31/2014	A		50,205
	50,000	CA Public Works (California State University)	5.375		10/01/2016		08/31/2014	A		50,209
	40,000	CA Public Works (California State University)	5.450		09/01/2014		09/01/2014			40,180
	600,000	CA Public Works (California State University)	5.250		10/01/2015		08/31/2014	A		602,466
	5,000	CA Public Works (California State University)	5.000		09/01/2015		09/01/2014	A		5,019
	750,000	CA Public Works (Dept. of Corrections and Rehabilitation)1	5.750		11/01/2029		11/01/2019	A		881,625
	370,000	CA Public Works (Dept. of Corrections)	5.500		10/01/2018		08/31/2014	A		371,528
	65,000	CA Public Works (Dept. of Corrections)	5.500		10/01/2017		08/31/2014	A		65,274
	320,000	CA Public Works (Dept. of Corrections)	5.250		09/01/2014		09/01/2014			321,376
	60,000	CA Public Works (Dept. of Corrections)1	5.250		09/01/2015		09/01/2014	A		60,254
	45,000	CA Public Works (Dept. of Corrections)	5.625		10/01/2020		08/31/2014	A		45,184
	110,000	CA Public Works (Dept. of Corrections)1	5.000		09/01/2018		09/01/2014	A		110,371
	350,000	CA Public Works (Dept. of Corrections)	5.500		10/01/2019		08/31/2014	A		351,421
	825,000	CA Public Works (Dept. of Corrections)1	5.000		09/01/2021		09/01/2014	A		827,071
	75,000	CA Public Works (Dept. of Corrections)1	5.250		09/01/2015		09/01/2014	A		75,312
	100,000	CA Public Works (Dept. of Corrections)	5.250		10/01/2014		08/31/2014	A		100,430
	100,000	CA Public Works (Dept. of Corrections)	5.375		10/01/2015		08/31/2014	A		100,422
	225,000	CA Public Works (Dept. of Corrections)1	5.250		09/01/2015		09/01/2014	A		225,952
	45,000	CA Public Works (Dept. of Corrections)1	5.000		09/01/2018		09/01/2014	A		45,152
	125,000	CA Public Works (Dept. of Corrections)	5.375		10/01/2016		08/31/2014	A		125,522

27      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	California (Continued)
	$50,000	CA Public Works (Dept. of Corrections)1		5.250	%		09/01/2016		09/01/2014	A	$	50,201
	10,000	CA Public Works (Dept. of Corrections)		5.250			03/01/2021		09/01/2014	A		10,038
	480,000	CA Public Works (Dept. of Corrections)		5.000			03/01/2027		09/01/2014	A		481,560
	50,000	CA Public Works (Dept. of Corrections)		5.250			03/01/2017		09/01/2014	A		50,200
	310,000	CA Public Works (Dept. of Corrections)		5.250			03/01/2016		09/01/2014	A		311,262
	2,000,000	CA Public Works (Dept. of Forestry & Fire Protecton)1		5.000			04/01/2026		04/01/2016	A		2,129,760
	15,000	CA Public Works (Dept. of General Services East End)		5.250			12/01/2020		08/31/2014	A		15,060
	20,000	CA Public Works (Dept. of General Services)		5.250			06/01/2028		08/31/2014	A		20,067
	170,000	CA Public Works (Dept. of General Services)		5.250			12/01/2017		08/31/2014	A		170,680
	505,000	CA Public Works (Dept. of General Services)		5.250			12/01/2019		08/31/2014	A		506,939
	515,000	CA Public Works (Dept. of General Services)		5.250			12/01/2016		08/31/2014	A		517,096
	750,000	CA Public Works (Dept. of General Services)		5.250			12/01/2018		08/31/2014	A		752,940
	85,000	CA Public Works (Dept. of General Services)		5.125			12/01/2021		08/31/2014	A		85,309
	100,000	CA Public Works (Dept. of General Services)		5.250			06/01/2025		08/31/2014	A		100,376
	15,000	CA Public Works (Dept. of General Services)		5.000			12/01/2027		08/31/2014	A		15,049
	75,000	CA Public Works (Dept. of General Services)		5.000			12/01/2023		08/31/2014	A		75,271
	25,000	CA Public Works (Dept. of General Services)		5.250			03/01/2020		09/01/2014	A		25,094
	155,000	CA Public Works (Dept. of General Services)		5.000			03/01/2027		09/01/2014	A		155,504
	130,000	CA Public Works (Dept. of General Services)		5.000			03/01/2027		09/01/2014	A		130,422
	25,000	CA Public Works (Dept. of General Services)		5.250			03/01/2020		09/01/2014	A		25,094
	20,000	CA Public Works (Dept. of General Services)		4.800			03/01/2019		09/01/2014	A		20,070
	125,000	CA Public Works (Dept. of General Services)		5.250			12/01/2015		08/31/2014	A		126,945
	25,000	CA Public Works (Dept. of General Services)		5.250			11/01/2014		08/31/2014	A		25,107
	10,000	CA Public Works (Dept. of Justice Building)		4.800			05/01/2015		08/31/2014	A		10,038
	30,000	CA Public Works (Dept. of Justice)		5.250			11/01/2016		08/31/2014	A		30,122
	50,000	CA Public Works (Dept. of Justice)		5.125			11/01/2017		08/31/2014	A		50,194
	30,000	CA Public Works (Dept. of Mental Health)		5.250			04/01/2023		08/31/2014	A		30,126
	250,000	CA Public Works (Dept. of Youth Authority)		5.375			10/01/2015		08/31/2014	A		251,055

28      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$10,000	CA Public Works (Dept. of Youth Authority)	5.500 %		10/01/2017		08/31/2014	A	$	10,042
	30,000	CA Public Works (Dept. of Youth Authority)	5.500		10/01/2018		08/31/2014	A		30,124
	875,000	CA Public Works (Judicial Council)	5.000		03/01/2026		03/01/2023	A		1,013,372
	875,000	CA Public Works (Judicial Council)	5.000		03/01/2025		03/01/2023	A		1,025,964
	3,000,000	CA Public Works (Judicial Council)1	5.250		12/01/2026		12/01/2021	A		3,480,300
	25,000	CA Public Works (Library & Courts Annex)	5.000		05/01/2018		08/31/2014	A		25,170
	25,000	CA Public Works (Library & Courts Annex)	5.000		05/01/2015		08/31/2014	A		25,098
	1,780,000	CA Public Works (State Universities)	5.500		12/01/2018		08/31/2014	A		1,787,636
	460,000	CA Public Works (State Universities)	5.400		10/01/2022		08/31/2014	A		461,858
	50,000	CA Public Works (Trustees California State University)	5.000		10/01/2019		08/31/2014	A		50,772
	20,000	CA Public Works (Various California State Universities)	5.550		09/01/2016		09/01/2014	A		20,087
	2,295,000	CA Public Works (Various Community Colleges)	5.625		03/01/2019		09/01/2014	A		2,304,547
	140,000	CA Public Works (Various Community Colleges)	5.200		09/01/2017		09/01/2014	A		140,553
	2,710,000	CA Public Works (Various Community Colleges)	5.625		03/01/2016		09/01/2014	A		2,721,897
	2,280,000	CA Public Works (Various Community Colleges)	5.625		03/01/2016		09/01/2014	A		2,290,009
	1,160,000	CA Public Works (Various State Universities)	5.400		10/01/2022		08/31/2014	A		1,164,686
	280,000	CA Public Works (Various State Universities)	5.500		09/01/2015		09/01/2014	A		281,212
	135,000	CA Public Works (Various State Universities)	5.400		10/01/2022		08/31/2014	A		135,545
	235,000	CA Public Works (Various State Universities)	5.250		10/01/2014		08/31/2014	A		236,018
	30,000	CA Public Works Board (California Highway Patrol)	5.250		11/01/2020		08/31/2014	A		30,113
	400,000	CA School Finance Authority Charter School (Coastal Acedemy)	5.000		10/01/2022		01/15/2020	B		433,572
	25,000	CA Statewide CDA	6.625		09/01/2027		09/01/2014	A		25,038
	100,000	CA Statewide CDA (AHSW / GHMC / WMMC / PVH / SJCH / SHHosp / SVHosp / FRH / AMCH / UVMC / CMCtr / PAMC Obligated Group)1	5.000		03/01/2020		03/01/2015	A		102,580
	7,000,000	CA Statewide CDA (Bakersfield Reassessment District)1	5.000		09/02/2022		07/03/2020	B		7,488,320
	45,000	CA Statewide CDA (Bouquet Canyon)	5.300		07/01/2018		09/01/2014	A		45,107
	1,220,000	CA Statewide CDA (California Hsg. Foundation)1	5.250		12/01/2027		12/01/2017	A		1,284,928
	1,065,000	CA Statewide CDA (Cathedral City Heritage Park / Glendale Heritage Park Obligated Group)	5.200		06/01/2036		08/31/2014	A		1,072,359

29      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$100,000	CA Statewide CDA (CHF-Irvine-UCI East Campus Apartments)1	6.000 %		05/15/2023		05/15/2018	A	$	112,678
	405,000	CA Statewide CDA (DHlth / BMH / CmntyHOSB / MSrH / SFMH / SNVMMH / CMF Obligated Group)1	5.500		07/01/2031		07/01/2017	A		442,608
	45,000	CA Statewide CDA (Escrow Term)	6.750		09/01/2037		09/01/2014	A		45,055
	395,000	CA Statewide CDA (Rio Bravo)	6.300		12/01/2018		05/21/2018	B		379,085
	530,000	CA Statewide CDA (Water & Wastewater)	5.125		10/01/2022		08/31/2014	A		531,924
	25,000	CA Statewide CDA Community Facilities District	6.350		09/01/2021		09/01/2014	A		25,053
	5,000	CA Statewide CDA COP (CVHP / CVMC / FH Obligated Group)1	5.000		04/01/2018		08/31/2014	A		5,012
	790,000	CA Statewide CDA COP (CVHP / CVMC / FH Obligated Group)1	5.125		04/01/2023		08/31/2014	A		790,829
	120,000	CA Statewide CDA COP (Internext Group)1	5.375		04/01/2030		08/31/2014	A		120,132
	405,000	CA Statewide CDA School Facilities (47th & Main)	5.125		07/01/2022		04/07/2019	A		419,766
	25,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)	5.600		09/01/2020		08/31/2014	A		25,780
	20,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)	5.300		09/01/2017		08/31/2014	A		20,626
	5,000	CA Statewide CDA Water & Wastewater	5.250		10/01/2027		08/31/2014	A		5,020
	100,000	CA Statewide CDA Water & Wastewater	5.300		10/01/2020		08/31/2014	A		100,416
	5,000	CA Statewide CDA Water & Wastewater	5.000		10/01/2031		08/31/2014	A		5,018
	1,720,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1	5.625		05/01/2029		05/17/2020	B		1,687,750
	3,395,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1	6.000		05/01/2037		01/18/2027	B		3,359,319
	3,468,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1	5.625		05/01/2029		05/18/2020	B		3,402,975
	50,000	CA Water Resource Devel. GO, Series L	4.500		08/01/2017		08/31/2014	A		50,175
	25,000	CA Water Resource Devel. GO, Series P & N	5.000		06/01/2020		08/31/2014	A		25,099
	60,000	CA Water Resource Devel. GO, Series Q	5.000		03/01/2016		08/31/2014	A		60,241
	15,000	CA Water Resource Devel. GO, Series Q & R	5.000		03/01/2017		08/31/2014	A		15,060
	25,000	CA Water Resource Devel. GO, Series Q & R	5.000		03/01/2015		08/31/2014	A		25,103
	10,000	CA Western Hills Water District Special Tax	5.000		09/01/2014		09/01/2014			9,996
	25,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)	4.650		09/01/2014		09/01/2014			25,000

30      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$50,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)	6.125 %		09/01/2031		09/01/2014	A	$	50,233
	120,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)	6.000		09/01/2024		09/01/2014	A		120,546
	45,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)	6.875		09/01/2031		09/01/2014	A		45,247
	105,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)	6.750		09/01/2022		09/01/2014	A		105,566
	10,000	Calabasas, CA Special Tax Community Facilities District 98-1	5.750		09/01/2028		09/01/2014	A		10,007
	20,000	California City, CA Redevel. Agency Tax Allocation	7.000		09/01/2015		08/31/2014	A		20,079
	250,000	Campbell, CA COP (Civic Center)	5.250		10/01/2028		08/31/2014	A		250,985
	15,000	Campbell, CA Redevel. Agency Tax Allocation1	5.800		10/01/2027		08/31/2014	A		15,016
	15,000	Carlsbad, CA Hsg. & Redevel. Commission (Village Redevel.)1	5.300		09/01/2023		09/01/2014	A		15,018
	40,000	Carlsbad, CA Hsg. and Redevel. Commission Tax Allocation1	5.250		09/01/2019		09/01/2014	A		40,089
	60,000	Carlsbad, CA Improvement Bond Act 1915	5.550		09/02/2028		09/02/2014	A		60,095
	30,000	Carlsbad, CA Improvement Bond Act 1915	6.000		09/02/2022		09/02/2014	A		30,080
	70,000	Carson, CA Improvement Bond Act 1915	7.375		09/02/2022		09/02/2014	A		70,160
	2,750,000	Castaic, CA Union School District Community Facilities District No. 92-1	9.000		10/01/2019		10/01/2014	A		2,774,667
	70,000	Cathedral City, CA Improvement Bond Act 1915	5.950		09/02/2034		09/02/2014	A		72,192
	30,000	Cathedral City, CA Public Financing Authority1	5.600		08/01/2018		08/31/2014	A		30,098
	150,000	Cathedral City, CA Public Financing Authority1	5.000		08/01/2026		08/31/2014	A		150,223
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 1	6.625		09/01/2023		09/25/2022	B		40,076
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 1	6.700		09/01/2030		01/10/2028	B		37,605
	10,000	Central CA Unified School District	5.625		03/01/2018		09/01/2014	A		10,046
	110,000	Chico, CA Public Financing Authority1	5.000		04/01/2019		08/31/2014	A		110,326
	150,000	Chico, CA Public Financing Authority1	5.000		04/01/2018		08/31/2014	A		150,489
	100,000	Chino Basin, CA Regional Financing Authority (Inland Empire Utilities Agency)1	5.000		11/01/2021		11/01/2014	A		101,197
	225,000	Chino Hills, CA COP1	5.000		09/01/2026		09/01/2014	A		225,333
	50,000	Chino, CA Community Facilities District Special Tax No. 2	5.000		09/01/2026		09/01/2015	A		51,026

31      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$20,000	Chowchilla, CA Improvement Bond Act 1915	6.700 %		09/02/2027		09/02/2014	A	$	20,110
	5,000	Chula Vista, CA Improvement Bond Act 1915 Assessment District No. 94-1 (Eastlake)	7.000		09/02/2015		09/02/2014	A		5,171
	50,000	Chula Vista, CA Public Financing Authority	4.750		09/02/2015		08/31/2014	A		50,165
	190,000	Chula Vista, CA Public Financing Authority1	5.000		09/02/2016		08/31/2014	A		190,712
	25,000	Colton, CA Community Facilities District Special Tax	5.800		09/01/2018		09/01/2014	A		25,050
	40,000	Colton, CA Public Financing Authority, Series A1	5.000		08/01/2027		08/31/2014	A		40,016
	260,000	Colton, CA Public Financing Authority, Series A1,2	5.000		08/01/2018		08/26/2014	A		260,603
	45,000	Colton, CA Public Financing Authority, Series B2	5.875		08/01/2027		08/31/2014	A		45,024
	20,000	Colton, CA Redevel. Agency (West Valley)	6.375		09/01/2035		09/01/2014	A		20,012
	1,310,000	Compton, CA Community College District	5.000		07/01/2023		07/01/2022	A		1,504,849
	1,895,000	Compton, CA Community College District	5.000		07/01/2021		07/01/2021			2,186,413
	1,710,000	Compton, CA Community College District	5.000		07/01/2020		07/01/2020			1,960,977
	480,000	Compton, CA Sewer1	5.375		09/01/2023		09/01/2014	A		480,293
	25,000	Concord, CA GO1	5.000		08/01/2017		08/31/2014	A		25,077
	95,000	Concord, CA Joint Powers Financing Authority (Concord Avenue Packaging)1	5.125		03/01/2023		09/01/2014	A		95,172
	25,000	Concord, CA Joint Powers Financing Authority (Concord Avenue Packaging)	5.000		03/01/2017		09/01/2014	A		25,099
	25,000	Concord, CA Joint Powers Financing Authority (Concord Avenue Packaging)	5.000		03/01/2016		09/01/2014	A		25,099
	25,000	Contra Costa County, CA Public Financing Authority	5.250		06/01/2016		08/31/2014	A		25,098
	110,000	Contra Costa County, CA Public Financing Authority	5.250		06/01/2015		08/31/2014	A		110,453
	105,000	Contra Costa County, CA Public Financing Authority	5.000		06/01/2028		08/31/2014	A		105,376
	10,000	Contra Costa County, CA Public Financing Authority1	5.000		06/01/2019		08/31/2014	A		10,029
	585,000	Contra Costa County, CA Public Financing Authority (Pleasant Hill Bart)1	5.125		08/01/2019		09/05/2017	B		584,965
	20,000	Contra Costa, CA Community College District COP (Diablo Valley College)	6.000		06/01/2021		08/31/2014	A		20,097
	15,000	Corona, CA Public Financing Authority1	5.000		09/01/2020		09/01/2014	A		15,059
	90,000	Corona, CA Redevel. Agency Tax Allocation1	5.625		09/01/2021		09/01/2014	A		90,156

32      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$65,000	Corona, CA Redevel. Agency Tax Allocation	5.500 %		09/01/2016		09/01/2014	A	$	65,201
	500,000	Corona, CA Redevel. Agency Tax Allocation1	5.000		09/01/2023		09/01/2014	A		501,765
	50,000	Coronado, CA Financing Authority (Storm Drain System)1	5.000		03/01/2026		09/01/2014	A		50,086
	100,000	Corona-Norco, CA Unified School District Community Facilities District No. 06-1	6.000		09/01/2027		09/01/2014	A		103,147
	15,000	Cudahy, CA Community Devel. Commission Tax Allocation1	6.000		10/01/2016		10/01/2015	B		15,738
	110,000	Cudahy, CA Community Devel. Commission Tax Allocation1	7.125		10/01/2020		10/01/2020			139,820
	35,000	Cudahy, CA Community Devel. Commission Tax Allocation1	6.875		10/01/2020		10/01/2020			44,006
	315,000	Cudahy, CA Community Devel. Commission Tax Allocation1	7.750		10/01/2027		10/01/2021	A		391,277
	130,000	Cudahy, CA Community Devel. Commission Tax Allocation1	7.250		10/01/2021		10/01/2021			168,449
	115,000	Cudahy, CA Community Devel. Commission Tax Allocation1	6.250		10/01/2017		10/01/2017			132,911
	155,000	Cudahy, CA Community Devel. Commission Tax Allocation1	6.875		10/01/2019		10/01/2019			192,425
	120,000	Cudahy, CA Community Devel. Commission Tax Allocation1	6.625		10/01/2018		10/01/2018			144,208
	185,000	Cudahy, CA Community Devel. Commission Tax Allocation1	7.000		10/01/2021		10/01/2021			236,719
	80,000	Culver City, CA COP	5.750		01/01/2016		08/31/2014	A		80,314
	25,000	Culver City, CA Redevel. Agency1	5.500		11/01/2020		08/31/2014	A		25,484
	15,000	Culver City, CA Redevel. Finance Authority	5.600		11/01/2025		08/31/2014	A		15,061
	5,000	Culver City, CA Redevel. Finance Authority	5.500		11/01/2014		11/01/2014			5,030
	25,000	Culver City, CA Redevel. Finance Authority1	5.500		11/01/2019		08/31/2014	A		25,484
	20,000	Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)	5.700		09/02/2022		08/31/2014	A		20,028
	1,000,000	Davis, CA Redevel. Agency Tax Allocation1	6.500		12/01/2026		12/01/2021	A		1,193,980
	555,000	Del Norte County, CA COP	5.400		06/01/2019		08/31/2014	A		557,403
	975,000	Delano, CA Union High School District1	5.100		02/01/2023		02/01/2023			1,148,277
	510,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation (Merged Redevel.)1	6.000		09/01/2023		09/01/2019	A		567,502
	340,000	Dinuba, CA Redevel. Agency Tax Allocation1	5.750		09/01/2028		11/12/2019	A		379,148
	420,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)1,2	5.125		08/01/2020		01/09/2015	A		424,544

33      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$50,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)1	5.125 %		08/01/2028		02/01/2015	A	$	50,263
	25,000	Eastern CA Municipal Water District Community Facilities Special Tax	5.000		09/01/2027		09/01/2014	A		25,519
	10,000	Eastern CA Municipal Water District Improvement Bond Act 1915	5.750		09/02/2020		09/02/2014	A		10,018
	20,000	Eastside, CA Union School District1	5.125		08/01/2026		02/01/2015	A		20,212
	45,000	El Centro, CA Financing Authority (El Centro Regional Medical Center)1	5.250		03/01/2026		09/01/2014	A		45,056
	180,000	El Cerrito, CA Redevel. Agency Tax Allocation1	5.000		07/01/2019		08/31/2014	A		180,279
	800,000	El Dorado County, CA Special Tax Community Facilities District No. 9288	5.000		09/01/2027		09/01/2022	A		881,952
	630,000	El Dorado County, CA Special Tax Community Facilities District No. 9288	5.000		09/01/2026		09/01/2022	A		697,334
	75,000	El Monte, CA City School District1	6.250		05/01/2025		11/01/2014	A		76,150
	50,000	El Monte, CA COP (Dept. of Public Social Services Facility)1	5.000		06/01/2019		06/01/2015	A		51,272
	1,170,000	Emery, CA Unified School District1	6.250		08/01/2026		08/01/2021	A		1,418,356
	195,000	Emeryville, CA Public Financing Authority1	6.200		09/01/2025		08/25/2014	A		195,790
	2,000,000	Emeryville, CA Public Financing Authority1	5.200		09/01/2022		08/25/2014	A		2,006,760
	75,000	Emeryville, CA Public Financing Authority (Emeryville Redevel.)1	5.250		09/01/2019		08/25/2014	A		75,256
	250,000	Emeryville, CA Public Financing Authority (Shellmound Park Redevel. & Hsg.)1	5.000		09/01/2028		08/25/2014	A		250,812
	330,000	Emeryville, CA Public Financing Authority (Shellmound Park Redevel. & Hsg.)1	5.000		09/01/2019		08/25/2014	A		331,072
	15,000	Encinitas, CA Improvement Bond Act 1915	6.900		09/02/2017		04/04/2016	B		14,941
	15,000	Fairfield, CA Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.)	7.375		09/02/2018		09/02/2014	A		15,504
	15,000	Florin, CA Resource Conservation District COP	6.000		02/01/2029		04/04/2027	B		7,738
	15,000	Folsom, CA Public Financing Authority	5.400		09/02/2020		09/02/2014	A		15,024
	15,000	Folsom, CA Public Financing Authority	5.625		09/02/2020		09/02/2014	A		15,024
	845,000	Folsom, CA Public Financing Authority	5.000		09/01/2023		09/01/2017	A		886,422
	60,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)	5.000		09/01/2014		09/01/2014			60,238
	250,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1	5.000		10/01/2022		10/01/2015	A		262,300
	700,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1	5.500		09/01/2032		09/01/2014	A		709,590
	1,665,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1	5.250		09/01/2020		09/01/2014	A		1,665,633

34      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$90,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1	5.000 %		09/01/2023		09/01/2014	A	$	90,167
	200,000	Fontana, CA Redevel. Agency (Downtown Redevel.)	5.000		09/01/2016		09/01/2014	A		200,578
	25,000	Fontana, CA Redevel. Agency (Downtown Redevel.)1	5.000		09/01/2021		09/01/2014	A		25,034
	555,000	Fontana, CA Redevel. Agency (Downtown Redevel.)	5.000		09/01/2014		09/01/2014			556,854
	205,000	Fontana, CA Redevel. Agency (Jurupa Hills)1	5.500		10/01/2027		10/01/2014	A		205,605
	40,000	Fontana, CA Redevel. Agency (Sierra Corridor Commercial Redevel.)1	5.450		09/01/2029		09/01/2014	A		40,052
	675,000	Fontana, CA Redevel. Agency (Southwest Industrial Park)1	5.000		09/01/2022		09/01/2014	A		676,343
	265,000	Fontana, CA Special Tax (Citrus)	5.000		09/01/2020		09/01/2014	A		270,793
	1,945,000	Fontana, CA Special Tax Community Facilities District No. 2-A1	5.250		09/01/2017		09/01/2014	A		1,951,399
	10,000	Fontana, CA Special Tax Community Facilities District No. 4	7.125		10/01/2015		10/01/2014	A		10,094
	35,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1	5.000		01/01/2035		08/31/2014	A		35,089
	1,105,000	Fremont, CA Union High School District1	5.000		09/01/2022		09/01/2015	A		1,162,593
	100,000	Freshwater, CA School District1	5.000		08/01/2025		02/01/2015	A		100,611
	30,000	Fresno, CA Joint Powers Financing Authority	5.000		06/01/2020		08/31/2014	A		30,119
	2,160,000	Fresno, CA Joint Powers Financing Authority1	5.250		10/01/2024		10/01/2014	A		2,161,771
	870,000	Fresno, CA Joint Powers Financing Authority1	5.000		04/01/2022		04/01/2018	A		904,626
	110,000	Fresno, CA Joint Powers Financing Authority1	5.250		08/01/2018		08/31/2014	A		110,243
	65,000	Fresno, CA Joint Powers Financing Authority1	5.000		06/01/2028		08/31/2014	A		65,078
	35,000	Fresno, CA Joint Powers Financing Authority	5.500		06/01/2015		08/31/2014	A		35,156
	10,000	Fresno, CA Joint Powers Financing Authority	5.000		06/01/2019		08/31/2014	A		10,040
	140,000	Fresno, CA Joint Powers Financing Authority1	5.750		06/01/2026		08/31/2014	A		143,381
	55,000	Fullerton, CA Public Financing Authority1	5.125		05/01/2021		11/01/2014	A		55,666
	135,000	Fullerton, CA Redevel. Agency COP1	5.000		04/01/2026		04/01/2017	A		142,150
	10,000	Galt, CA Improvement Bond Act 1915	5.900		09/02/2022		09/02/2014	A		10,313
	25,000	Garden Grove, CA Agency for Community Devel. Tax Allocation	5.000		10/01/2025		08/15/2014	A		25,047
	100,000	Garden Grove, CA Agency for Community Devel. Tax Allocation	5.375		10/01/2020		08/15/2014	A		100,204
	115,000	Garden Grove, CA COP1	5.375		03/01/2017		09/01/2014	A		115,361
	20,000	Granada, CA Sanitation District Improvement Bond Act 1915	6.125		09/02/2022		09/02/2014	A		20,033

35      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$425,000	Grand Terrace, CA Community Redevel. Agency1	5.100 %		09/01/2022		09/01/2019	A	$	474,160
	15,000	Greenfield, CA Redevel. Agency	6.000		02/01/2029		02/19/2028	B		14,529
	20,000	Greenfield, CA Union School District	6.250		09/01/2030		09/01/2014	A		20,630
	1,000,000	Hawaiian Gardens, CA Public Finance Authority Tax Allocation1	5.250		12/01/2023		12/01/2014	A		1,015,130
	1,475,000	Hawaiian Gardens, CA Public Finance Authority Tax Allocation1	5.250		12/01/2022		12/01/2014	A		1,497,317
	75,000	Hawthorne, CA Community Redevel. Agency	5.000		09/01/2024		09/01/2014	A		75,259
	135,000	Hawthorne, CA Community Redevel. Agency	5.000		09/01/2018		09/01/2014	A		135,477
	3,220,000	Hawthorne, CA Community Redevel. Agency Special Tax	6.125		10/01/2025		10/01/2015	A		3,281,244
	155,000	Hawthorne, CA Parking Authority	8.125		09/01/2019		09/01/2014	A		155,538
	55,000	Hawthorne, CA Parking Authority	8.000		09/01/2015		09/01/2014	A		55,265
	45,000	Hayward, CA Improvement Bond Act 1915	7.100		09/02/2018		09/02/2014	A		45,156
	50,000	Hement, CA Redevel. Agency Tax Allocation1	5.000		09/15/2023		08/31/2014	A		50,052
	1,970,000	Hesperia, CA Public Financing Authority, Tranche A	6.250		09/01/2035		09/01/2014	A		1,971,182
	5,000	Hollister, CA Improvement Bond Act 1915	7.125		09/02/2022		09/02/2014	A		5,160
	125,000	Hollister, CA Redevel. Agency Tax Allocation	5.250		10/01/2016		08/31/2014	A		125,470
	10,000	Huntington Beach, CA Community Facilities District1	5.400		10/01/2020		10/01/2014	A		10,049
	20,000	Huntington Beach, CA Community Facilities District Special Tax	6.250		09/01/2027		09/01/2014	A		20,017
	1,115,000	Huntington Beach, CA Community Facilities District Special Tax (Huntington Center)	5.250		09/01/2026		09/01/2018	A		1,194,890
	1,055,000	Huntington Beach, CA Community Facilities District Special Tax (Huntington Center)	5.250		09/01/2025		09/01/2018	A		1,134,072
	100,000	Huntington Beach, CA Redevel. Agency (Huntington Beach Redevel.)1	5.000		08/01/2018		02/01/2015	A		101,778
	15,000	Huntington Beach, CA Redevel. Agency (Huntington Beach Redevel.)1	5.000		08/01/2024		08/31/2014	A		15,026
	2,735,000	Imperial, CA Public Financing Authority (Water Facility)	5.000		10/15/2026		10/15/2022	A		3,029,341
	250,000	Indio, CA Community Facilities District Special Tax	5.200		09/01/2027		08/31/2014	A		251,025
	50,000	Indio, CA Community Facilities District Special Tax (Talavera)	5.000		09/01/2017		08/31/2014	A		50,196
	3,230,000	Indio, CA Water Authority1	5.000		04/01/2031		04/01/2016	A		3,393,696
	50,000	Industry, CA GO	5.000		01/01/2024		08/31/2014	A		50,801
	70,000	Industry, CA GO	5.000		01/01/2027		08/31/2014	A		71,364
	75,000	Industry, CA Urban Devel. Agency	5.000		05/01/2020		08/31/2014	A		75,839

36      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$130,000	Industry, CA Urban Devel. Agency (South Montebello)	5.000 %		05/01/2019		08/31/2014	A	$	131,292
	710,000	Irvine, CA Improvement Bond Act 1915	5.000		09/02/2025		09/02/2023	A		787,958
	100,000	Jurupa, CA Community Services District Special Tax	5.000		09/01/2027		09/01/2014	A		102,112
	35,000	Kern Valley, CA Healthcare District	5.250		08/01/2021		08/31/2014	A		35,132
	2,000,000	Kern, CA Community College District	5.250		11/01/2031		11/01/2018	A		2,229,180
	15,000	Kingsburg, CA Public Financing Authority	8.000		09/15/2021		08/31/2014	A		15,049
	5,000	La Habra, CA Redevel. Agency Community Facilities District	6.000		09/01/2014		09/01/2014			5,017
	10,000	La Habra, CA Redevel. Agency Community Facilities District	6.000		09/01/2019		08/31/2014	A		10,021
	55,000	La Mesa, CA Improvement Bond Act 1915	5.750		09/02/2023		09/02/2014	A		55,071
	25,000	La Mirada, CA Redevel. Agency	5.000		08/15/2015		08/31/2014	A		25,091
	100,000	La Mirada, CA Redevel. Agency	5.000		08/15/2014		08/15/2014			100,189
	175,000	La Mirada, CA Redevel. Agency	5.125		08/15/2022		08/31/2014	A		175,651
	60,000	La Mirada, CA Redevel. Agency	5.125		08/15/2021		08/31/2014	A		60,228
	500,000	Lake Elsinore, CA Special Tax	5.100		09/01/2022		09/01/2015	A		520,615
	1,135,000	Lake Elsinore, CA Unified School District	5.300		09/01/2026		09/01/2014	A		1,162,444
	25,000	Lancaster, CA Community Facilities District Special Tax	6.000		10/01/2016		10/01/2014	A		25,151
	615,000	Lancaster, CA Redevel. Agency1	5.500		12/01/2028		12/01/2020	A		680,436
	55,000	Lathrop, CA Financing Authority (Water Supply)	5.700		06/01/2019		12/01/2014	A		55,557
	10,000	Lathrop, CA Financing Authority (Water Supply)	5.750		06/01/2020		12/01/2014	A		10,091
	5,000	Lathrop, CA Improvement Bond Act 1915 (Louise Avenue)	6.875		09/02/2017		09/02/2014	A		5,168
	50,000	Lawndale, CA Elementary School District1	5.000		08/01/2029		02/01/2015	A		51,057
	115,000	Lincoln, CA Public Financing Authority1	5.000		08/01/2028		02/01/2015	A		115,788
	100,000	Livermore Valley, CA Joint Unified School District	5.000		08/01/2023		08/31/2014	A		100,399
	15,000	Livermore, CA Capital Projects Financing Authority	5.650		09/02/2016		09/02/2014	A		15,342
	15,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)	6.400		09/01/2030		09/01/2014	A		15,012
	45,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)	6.400		09/01/2026		09/01/2014	A		45,050
	50,000	Livermore, CA Redevel. Agency Tax Allocation	5.250		08/01/2018		08/31/2014	A		50,444
	925,000	Livermore, CA Redevel. Agency Tax Allocation1	5.000		08/01/2026		08/31/2014	A		932,788
	2,000,000	Lodi, CA Public Financing Authority	5.250		10/01/2026		04/01/2022	A		2,236,680

37      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$10,000	Long Beach, CA Bond Finance Authority1	5.000 %		11/01/2024		08/31/2014	A	$	10,015
	35,000	Long Beach, CA Bond Finance Authority	5.375		08/01/2018		08/31/2014	A		35,087
	370,000	Long Beach, CA Bond Finance Authority1	5.250		11/15/2023		11/15/2023			428,260
	500,000	Long Beach, CA Bond Finance Authority (Rainbow Harbor)1	5.000		05/01/2024		05/01/2016	A		547,745
	20,000	Long Beach, CA Bond Finance Authority (Redevel. Hsg. & Gas Utilities)1	5.000		08/01/2025		08/01/2015	A		20,380
	620,000	Long Beach, CA Bond Finance Authority Natural Gas1	5.000		11/15/2017		11/15/2017			685,162
	685,000	Long Beach, CA Bond Finance Authority Natural Gas1	5.250		11/15/2018		11/15/2018			774,838
	1,150,000	Long Beach, CA Harbor1	5.000		05/15/2020		05/15/2015	A		1,192,032
	50,000	Long Beach, CA Special Tax (Pike)	6.250		10/01/2026		08/31/2014	A		50,064
	5,000	Los Angeles County, CA Community Facilities District No. 4 Special Tax	7.750		09/01/2017		09/01/2014	A		5,024
	65,000	Los Angeles County, CA Public Works Financing Authority (Calabasas Landfill)	5.000		06/01/2022		08/31/2014	A		65,246
	50,000	Los Angeles County, CA Sanitation Districts Financing Authority	5.000		10/01/2034		10/01/2015	A		51,936
	95,000	Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)	6.400		09/01/2022		09/01/2014	A		95,236
	215,000	Los Angeles, CA Community Redevel. Agency (Bunker Hill)1	5.000		12/01/2021		12/01/2014	A		218,059
	60,000	Los Angeles, CA Community Redevel. Agency (Freeway Recovery)	6.000		09/01/2031		09/01/2014	A		60,080
	40,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)	5.100		12/01/2015		08/31/2014	A		40,163
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)1	5.200		12/01/2017		08/31/2014	A		50,180
	80,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)	5.250		12/01/2021		08/31/2014	A		80,307
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)	5.200		12/01/2018		08/31/2014	A		50,190
	125,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)	5.250		12/01/2020		08/31/2014	A		125,480
	120,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square)	5.200		12/01/2019		08/31/2014	A		120,455
	25,000	Los Angeles, CA Community Redevel. Agency (Hoover Redevel.)	5.500		09/01/2014		09/01/2014			25,094
	10,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)5	5.375		05/15/2025		01/30/2016	A		11,271,569
	500,000	Los Angeles, CA Dept. of Airports (Ontario International Airport)1	5.000		05/15/2025		05/15/2016	A		531,830
	15,000	Los Angeles, CA Dept. of Water & Power	4.750		08/15/2017		08/31/2014	A		15,057

38      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$10,000	Los Angeles, CA Dept. of Water & Power	4.750 %		10/15/2020		08/31/2014	A	$	10,038
	500,000	Los Angeles, CA Harbor Dept.1	5.000		08/01/2024		08/01/2016	A		550,070
	15,000	Los Angeles, CA Mtg. (Section 8)1	6.500		07/01/2022		08/31/2014	A		15,040
	70,000	Los Angeles, CA Mtg. (Section 8)1	5.350		07/01/2022		08/31/2014	A		70,128
	35,000	Los Angeles, CA Multifamily Hsg. (Earthquake Rehabilitation)1	5.900		01/01/2030		08/31/2014	A		35,052
	60,000	Los Angeles, CA Municipal Improvement Corp. (Central Library)	5.500		06/01/2016		08/31/2014	A		60,269
	25,000	Los Angeles, CA Municipal Improvement Corp. (Central Library)	5.500		06/01/2017		08/31/2014	A		25,112
	100,000	Los Angeles, CA Municipal Improvement Corp. (Central Library)	5.500		06/01/2019		08/31/2014	A		100,444
	150,000	Los Angeles, CA Municipal Improvement Corp. (Central Library)	5.500		06/01/2018		08/31/2014	A		150,668
	22,940,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)	7.500		12/01/2024		08/31/2014	A		23,385,036
	205,000	Los Angeles, CA State Building Authority	5.500		10/01/2019		08/31/2014	A		205,814
	200,000	Los Angeles, CA State Building Authority	5.500		10/01/2017		08/31/2014	A		200,794
	50,000	Los Angeles, CA State Building Authority	5.400		10/01/2015		08/31/2014	A		50,217
	70,000	Los Angeles, CA State Building Authority	5.500		10/01/2016		08/31/2014	A		70,278
	25,000	Los Angeles, CA State Building Authority	5.300		10/01/2014		08/31/2014	A		25,109
	70,000	Los Angeles, CA State Building Authority	5.500		10/01/2018		08/31/2014	A		70,278
	20,000	Los Angeles, CA State Building Authority	5.400		10/01/2015		08/31/2014	A		20,088
	15,000	Los Banos, CA Unified School District COP2	5.625		08/01/2016		08/22/2014	A		15,051
	55,000	Madera County, CA COP (Children’s Hospital Central California Foundation)	5.000		03/15/2015		08/31/2014	A		55,186
	455,000	Madera County, CA COP (Valley Children’s Hospital)1	5.750		03/15/2028		08/31/2014	A		455,805
	985,000	Madera County, CA COP (Valley Children’s Hospital)	5.000		03/15/2023		08/31/2014	A		988,201
	50,000	Mammoth Lakes, CA Community Facilities District (North Village Area)	5.750		10/01/2033		10/01/2014	A		50,068
	1,285,000	Manteca, CA Unified School District Special Tax Community Facilities District No. 1989	5.000		09/01/2027		09/01/2023	A		1,430,488
	10,000	Martinez, CA Mtg. (Ridgecrest Apartments)1	5.625		07/01/2025		08/31/2014	A		10,017
	1,025,000	Marysville, CA (Fremont-Rideout Health Group / Rideout Memorial Hospital/United Com-Serve Obligated Group)1	5.250		01/01/2027		01/01/2021	A		1,111,930

39      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$40,000	Maywood, CA Public Financing Authority	6.500 %		09/01/2018		09/01/2014	A	$	40,066
	825,000	Mendocino Coast, CA Healthcare District1	5.875		02/01/2020		08/31/2014	A		827,384
	5,000	Menlo Park, CA GO2	5.000		08/01/2015		08/17/2014	A		5,020
	5,000	Milpitas, CA Improvement Bond Act 1915	5.700		09/02/2018		09/02/2014	A		5,161
	25,000	Milpitas, CA Redevel. Agency	5.000		09/01/2014		09/01/2014			25,101
	3,215,000	Milpitas, CA Redevel. Agency	5.125		09/01/2019		09/01/2014	A		3,227,699
	45,000	Milpitas, CA Redevel. Agency	5.000		09/01/2020		09/01/2014	A		45,166
	1,000,000	Milpitas, CA Redevel. Agency	5.250		09/01/2021		09/01/2014	A		1,003,840
	10,000	Milpitas, CA Redevel. Agency	5.250		09/01/2017		09/01/2014	A		10,041
	500,000	Modesto, CA COP (Golf Course)1	5.000		11/01/2023		02/29/2020	B		538,350
	1,000,000	Monrovia, CA Redevel. Agency (Central Redev. Project Area No. 1)	5.000		08/01/2026		08/01/2022	A		1,084,990
	2,000,000	Montclair, CA Redevel. Agency Tax Allocation1	5.300		10/01/2030		08/31/2014	A		2,002,720
	95,000	Montebello, CA Community Redevel. Agency (South Montebello)1	5.300		09/01/2022		09/01/2014	A		95,127
	10,000	Montebello, CA Community Redevel. Agency (South Montebello)	5.500		09/01/2022		09/01/2014	A		10,009
	155,000	Montebello, CA Community Redevel. Agency Tax Allocation1	5.000		03/01/2019		09/01/2014	A		155,287
	730,000	Montebello, CA Community Redevel. Agency Tax Alloccation1	5.250		09/01/2024		09/01/2014	A		733,037
	25,000	Montebello, CA COP1	5.300		11/01/2018		08/31/2014	A		25,085
	20,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1	5.700		03/01/2016		09/01/2014	A		20,192
	65,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)	5.700		03/01/2015		09/01/2014	A		65,467
	40,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities)1	5.750		03/01/2017		09/01/2014	A		40,476
	355,000	Moreno Valley, CA Unified School District Community Facilities District No. 2005-5	5.500		09/01/2031		09/01/2014	A		366,033
	400,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-6	5.000		09/01/2022		09/01/2014	A		404,588
	3,000,000	Mountain House, CA Public Financing Authority Utility System1	5.000		12/01/2032		12/01/2017	A		3,133,080
	10,000	Napa, CA Hsg. Auth. (Vintage at Napa Senior Apartments)1	5.200		06/15/2034		08/31/2014	A		10,043
	100,000	National City, CA Community Devel. Commission Tax Allocation (National City Redevel.)1	5.250		08/01/2019		08/01/2019			116,754
	260,000	Needles, CA Public Utility Authority	6.650		02/01/2032		02/12/2028	B		260,000
	285,000	Norco, CA Redevel Agency1	5.125		03/01/2030		09/01/2014	A		285,365
	275,000	Norco, CA Redevel Agency1	5.500		03/01/2030		09/01/2014	A		275,250
	25,000	Norco, CA Redevel. Agency1	5.000		03/01/2019		09/01/2014	A		25,072

40      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$835,000	Northern, CA Inyo County Local Hospital District1	6.375 %		12/01/2025		12/01/2020	A	$	931,576
	780,000	Northern, CA Inyo County Local Hospital District1	5.000		12/01/2015		06/06/2015	B		812,401
	600,000	Oakdale, CA Public Financing Authority1	5.125		03/01/2022		09/01/2014	A		600,810
	10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)	6.000		06/01/2019		12/01/2014	A		10,082
	50,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)	6.100		06/01/2027		12/01/2014	A		50,172
	150,000	Oakland, CA Building Authority (Elihu M Harris)1	5.000		04/01/2017		08/31/2014	A		150,372
	855,000	Oakland, CA Building Authority (Elihu M Harris)1	5.000		04/01/2023		08/31/2014	A		855,958
	135,000	Oakland, CA Building Authority (Elihu M Harris)	5.000		04/01/2015		08/31/2014	A		135,375
	265,000	Oakland, CA Building Authority (Elihu M Harris)	5.000		04/01/2016		08/31/2014	A		265,731
	370,000	Oakland, CA Unified School District	5.250		08/01/2020		08/31/2014	A		371,450
	3,110,000	Oakland, CA Unified School District	5.250		08/01/2024		08/31/2014	A		3,121,694
	50,000	Oakland, CA Unified School District	5.250		08/01/2015		08/31/2014	A		50,208
	100,000	Oakland, CA Unified School District	5.250		08/01/2017		08/31/2014	A		100,411
	160,000	Oakland, CA Unified School District	5.250		08/01/2019		08/31/2014	A		160,640
	50,000	Oakland, CA Unified School District	5.250		08/01/2018		08/31/2014	A		50,212
	200,000	Oakland, CA Unified School District	5.250		08/01/2016		08/31/2014	A		200,792
	300,000	Oakland, CA Unified School District	5.250		08/01/2022		08/31/2014	A		301,266
	2,000,000	Oakland, CA Unified School District	6.000		08/01/2026		08/01/2018	A		2,233,120
	1,000,000	Oakland, CA Unified School District	6.125		08/01/2029		08/01/2019	A		1,141,350
	750,000	Oakland, CA Unified School District	5.000		08/01/2022		01/15/2021	B		837,383
	700,000	Oakland, CA Unified School District	5.000		08/01/2026		08/31/2014	A		702,471
	2,000,000	Oakland, CA Unified School District1	5.000		08/01/2025		08/01/2015	A		2,040,560
	805,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)	5.000		09/01/2028		09/01/2023	A		884,856
	685,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)	5.000		09/01/2026		09/01/2023	A		766,789
	745,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)	5.000		09/01/2027		09/01/2023	A		825,371
	1,660,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108	7.500		09/02/2020		09/02/2014	A		1,669,628
	70,000	Orange County, CA Community Facilities District1	5.250		08/15/2019		08/29/2014	A		70,190
	50,000	Orange County, CA Devel. Agency (Neighborhood Devel,)1	5.000		09/01/2020		09/01/2014	A		50,118
	30,000	Orange County, CA Devel. Agency (Neighborhood Devel.)1	5.000		09/01/2017		09/01/2014	A		30,097
	50,000	Orange County, CA Devel. Agency (Neighborhood Devel.)1	5.000		09/01/2018		09/01/2014	A		50,147

41      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$265,000	Orange County, CA Devel. Agency (Neighborhood Devel.)1	5.000 %		09/01/2022		09/01/2014	A	$	265,527
	15,000	Orange County, CA Improvement Bond Act 1915	5.500		09/02/2016		09/02/2014	A		15,056
	1,500,000	Orange, CA Community Facilities District Special Tax (Serrano Heights Public Improvements)	5.000		10/01/2028		10/01/2022	A		1,669,260
	850,000	Oroville, CA Public Financing Authority1	5.000		09/15/2030		08/31/2014	A		856,248
	195,000	Oroville, CA Public Financing Authority1	5.125		09/15/2025		08/31/2014	A		195,330
	50,000	Oxnard, CA Financing Authority1	5.300		06/01/2029		06/01/2021	A		55,135
	100,000	Oxnard, CA Financing Authority Wastewater (Redwood Trunk Sewer & Headworks)1	5.250		06/01/2034		12/01/2014	A		100,505
	845,000	Oxnard, CA Harbor District1	5.000		08/01/2020		08/01/2020			943,476
	530,000	Oxnard, CA School District	5.000		08/01/2027		08/01/2023	A		599,669
	460,000	Oxnard, CA School District	5.000		08/01/2026		08/01/2023	A		523,089
	180,000	Pajaro Valley, CA Water Management Agency COP1	5.750		03/01/2024		09/01/2014	A		180,119
	70,000	Pajaro Valley, CA Water Management Agency COP1	5.500		03/01/2018		09/01/2014	A		70,050
	25,000	Pajaro Valley, CA Water Management Agency COP1	5.500		03/01/2016		08/31/2014	A		24,999
	50,000	Palm Desert, CA Financing Authority1	5.200		10/01/2028		10/01/2014	A		50,058
	1,230,000	Palm Desert, CA Financing Authority1	5.000		08/01/2021		02/01/2015	A		1,241,119
	125,000	Palm Desert, CA Financing Authority1	5.000		04/01/2025		10/01/2014	A		125,181
	55,000	Palm Desert, CA Financing Authority1	5.000		04/01/2027		10/01/2014	A		55,094
	50,000	Palm Desert, CA Financing Authority1	5.000		04/01/2026		10/01/2014	A		50,063
	360,000	Palm Desert, CA Financing Authority1	5.000		04/01/2030		10/01/2014	A		360,446
	410,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)	6.000		07/01/2018		07/01/2015	A		420,389
	145,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs Regional Airport)	5.250		01/01/2022		08/31/2014	A		145,590
	100,000	Palm Springs, CA Community Redevel. Agency Tax Allocation1	5.500		08/01/2021		08/31/2014	A		100,255
	20,000	Palm Springs, CA Financing Authority (Palm Springs Regional Airport)	5.500		01/01/2028		08/31/2014	A		20,077
	45,000	Palm Springs, CA Improvement Bond Act 1915	5.650		09/02/2029		09/02/2014	A		45,016
	100,000	Palmdale, CA Civic Authority	5.000		07/01/2025		08/31/2014	A		100,389
	95,000	Palmdale, CA Civic Authority (Civic Center)	5.600		07/01/2015		08/31/2014	A		95,348
	125,000	Palmdale, CA Community Facilities District Special Tax	5.400		09/01/2035		09/01/2015	A		127,583
	10,000	Palmdale, CA COP (Park Improvement and Avenue South Construction)1	5.000		09/01/2024		09/01/2014	A		10,017
	45,000	Palmdale, CA COP (Park Improvement and Avenue South Construction)1	5.000		09/01/2017		09/01/2014	A		45,159

42      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$455,000	Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-11,2	5.700 %		08/01/2018		08/28/2014	A	$	456,697
	15,000	Palo Alto, CA Utility1	5.250		06/01/2024		12/01/2014	A		15,252
	175,000	Palo Alto, CA Utility1	5.250		06/01/2021		12/01/2014	A		177,952
	10,000	Paramount, CA Redevel. Agency Tax Allocation1	5.000		08/01/2019		08/31/2014	A		10,027
	100,000	Parlier, CA Redevel. Agency Tax Allocation1	5.125		08/01/2023		08/31/2014	A		100,090
	25,000	Parlier, CA Redevel. Agency Tax Allocation1,2	5.000		08/01/2018		08/25/2014	A		25,046
	90,000	Patterson, CA Joint Unified School District	5.000		08/01/2015		08/31/2014	A		90,364
	545,000	Perris, CA Joint Powers Authority	5.000		09/01/2025		09/01/2023	A		604,836
	60,000	Perris, CA Public Financing Authority	5.750		09/01/2024		09/15/2014	A		61,600
	125,000	Perris, CA Public Financing Authority1	5.750		10/01/2031		08/31/2014	A		127,938
	390,000	Perris, CA Public Financing Authority1	7.000		10/01/2033		10/01/2018	A		440,454
	20,000	Perris, CA Public Financing Authority, Series A	6.125		09/01/2034		09/15/2014	A		20,543
	1,035,000	Perris, CA Union High School District Financing Authority	5.375		09/01/2026		09/01/2014	A		1,067,033
	1,415,000	Perris, CA Union High School District Financing Authority	5.500		09/01/2028		09/01/2014	A		1,458,639
	150,000	Petaluma, CA COP (Airport)1	5.125		08/01/2028		08/31/2014	A		150,062
	10,000	Petaluma, CA Improvement Bond Act 1915	6.000		09/02/2020		09/02/2014	A		10,019
	1,500,000	Pico Rivera, CA Public Financing Authority1	5.500		09/01/2031		09/01/2019	A		1,647,705
	20,000	Pinole, CA Redevel. Agency Tax Allocation (Pinole Vista Redevel.)	5.250		08/01/2016		08/31/2014	A		20,082
	25,000	Pomona, CA Public Financing Authority1	5.250		02/01/2018		08/31/2014	A		25,082
	30,000	Pomona, CA Public Financing Authority1	5.000		02/01/2024		08/31/2014	A		30,047
	65,000	Pomona, CA Public Financing Authority	5.125		02/01/2016		08/31/2014	A		65,231
	400,000	Pomona, CA Public Financing Authority (Merfed Redevel.)1	5.250		02/01/2020		08/31/2014	A		401,068
	25,000	Pomona, CA Public Financing Authority (Merged Redevel.)1	5.000		02/01/2027		08/31/2014	A		25,030
	95,000	Port Redwood City, CA GO1	5.400		06/01/2019		12/01/2014	A		96,327
	50,000	Poway, CA Hsg. (Poinsetta Mobile Home Park)1	5.000		05/01/2023		08/31/2014	A		50,580
	20,000	Poway, CA Public Financing Authority (Water Services)	5.500		11/01/2015		08/31/2014	A		20,069
	30,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.)	5.250		06/15/2019		08/31/2014	A		30,113
	50,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.)	5.250		06/15/2017		08/31/2014	A		50,208
	55,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.)	5.250		06/15/2024		08/31/2014	A		55,207

43      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$25,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.)1	5.000 %		06/15/2028		08/31/2014	A	$	25,033
	1,210,000	Poway, CA Unified School District Public Financing Authority Special Tax	5.000		09/15/2029		09/15/2023	A		1,341,176
	855,000	Poway, CA Unified School District Public Financing Authority Special Tax	5.000		09/15/2025		09/15/2023	A		973,101
	170,000	Poway, CA Unified School District Special Tax Community Facilities District No. 14	5.125		09/01/2026		09/01/2014	A		173,900
	150,000	Poway, CA Unified School District Special Tax Community Facilities District No. 6	5.125		09/01/2028		09/01/2014	A		151,623
	1,800,000	Rancho Cucamonga, CA Community Facilities District Special Tax No.2003-1	5.750		09/01/2028		09/01/2018	A		1,959,696
	10,000	Rancho Cucamonga, CA Public Finance Authority	6.000		09/02/2020		08/31/2014	A		10,018
	4,570,000	Rancho Cucamonga, CA Redevel. Agency (Rancho Redevel.)1	5.375		09/01/2025		08/14/2014	A		4,578,637
	50,000	Rancho Cucamonga, CA Redevel. Agency (Rancho Redevel.)1	5.250		09/01/2020		08/14/2014	A		50,092
	1,040,000	Rancho Cucamonga, CA Redevel. Agency (Rancho Redevel.)1	5.125		09/01/2030		08/14/2014	A		1,041,872
	20,000	Rancho Mirage, CA Improvement Bond Act 1915	5.500		09/02/2024		09/02/2014	A		20,011
	30,000	Rancho Mirage, CA Improvement Bond Act 1915	5.750		09/02/2022		09/02/2014	A		30,039
	100,000	Redding, CA Redevel. Agency (Redding School District)1	5.125		09/01/2030		09/01/2014	A		100,139
	30,000	Redding, CA Redevel. Agency (Redding School District)1	5.000		09/01/2026		09/01/2014	A		30,047
	10,000	Redlands, CA Community Facilities District	5.850		09/01/2033		09/01/2014	A		10,007
	25,000	Redlands, CA Unified School District	5.000		07/01/2026		08/31/2014	A		25,088
	690,000	Redwood City, CA Special Tax	5.000		09/01/2029		09/01/2022	A		758,476
	100,000	Rialto, CA Redevel. Agency (Merged Project Area)1	5.250		09/01/2027		09/01/2014	A		100,136
	20,000	Rialto, CA Redevel. Agency (Merged Project Area)1	5.000		09/01/2019		09/01/2014	A		20,053
	25,000	Rialto, CA Redevel. Agency (Merged Project Area)1	5.000		09/01/2021		09/01/2014	A		25,088
	25,000	Rialto, CA Special Tax Community Facilities District No. 2006-1	5.050		09/01/2017		09/01/2014	A		25,559
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-1	5.000		09/01/2016		09/01/2014	A		51,135
	65,000	Rialto, CA Special Tax Community Facilities District No. 2006-1	5.125		09/01/2018		09/01/2014	A		66,439
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-1	5.250		09/01/2021		09/01/2014	A		51,074
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-1	5.250		09/01/2020		09/01/2014	A		102,166

44      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$100,000	Rialto, CA Special Tax Community Facilities District No. 2006-1	5.200 %		09/01/2019		09/01/2014	A	$	102,190
	100,000	River Islands, CA Public Financing Authority	6.150		09/01/2035		09/01/2014	A		100,007
	80,000	River Islands, CA Public Financing Authority	6.000		09/01/2027		09/01/2014	A		80,008
	450,000	Riverside County, CA Community Facilities District (Lake Hills Crest)	5.000		09/01/2028		09/01/2022	A		487,152
	15,000	Riverside County, CA Community Facilities District Special Tax	6.000		09/01/2030		09/01/2014	A		15,003
	215,000	Riverside County, CA Community Facilities District Special Tax No. 87-1	5.150		09/01/2014		09/01/2014			215,694
	225,000	Riverside County, CA Community Facilities District Special Tax No. 87-1	5.250		09/01/2016		09/01/2014	A		230,153
	385,000	Riverside County, CA Community Facilities District Special Tax No. 87-1	5.200		09/01/2015		09/01/2014	A		393,890
	450,000	Riverside County, CA Community Facilities District Special Tax No. 88-8	5.450		09/01/2014		09/01/2014			451,409
	475,000	Riverside County, CA Community Facilities District Special Tax No. 88-8	5.500		09/01/2015		09/01/2015			493,573
	735,000	Riverside County, CA COP (Historic Courthouse)1	5.000		11/01/2024		11/01/2015	A		777,042
	250,000	Riverside County, CA Public Financing Authority	5.250		10/01/2017		08/31/2014	A		250,818
	100,000	Riverside County, CA Public Financing Authority (Jurupa Valley Desert & Interstate 215 Corridor Redevel.)1	5.000		10/01/2022		10/01/2016	A		104,590
	300,000	Riverside County, CA Public Financing Authority COP	5.750		05/15/2019		06/26/2017	B		265,458
	305,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1	5.750		10/01/2020		10/01/2020			356,511
	30,000	Riverside, CA Improvement Bond Act 1915	8.250		09/02/2016		09/02/2014	A		30,168
	335,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)	5.000		09/02/2024		09/02/2014	A		345,412
	315,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)	5.000		09/02/2023		09/02/2014	A		324,828
	200,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)	6.250		09/02/2029		09/02/2014	A		202,256
	1,155,000	Riverside, CA Public Financing Authority	5.000		11/01/2028		11/01/2022	A		1,269,033
	1,640,000	Riverside, CA Public Financing Authority	5.000		11/01/2027		11/01/2022	A		1,810,117
	100,000	Riverside, CA Public Financing Authority (University Corridor/Sycamore)1	5.000		08/01/2019		08/01/2017	A		109,008
	150,000	Riverside, CA Redevel. Agency1	5.000		08/01/2025		08/31/2014	A		150,134
	50,000	Riverside, CA Special Tax Community Facilities District No. 90-1, Series A1	5.500		09/01/2015		09/01/2014	A		50,224

45      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$150,000	Riverside, CA Unified School District1	5.000 %		12/01/2026		12/01/2014	A	$	152,186
	100,000	Rocklin, CA Unified School District Community Facilities District No. 1	5.000		09/01/2025		09/01/2014	A		100,353
	50,000	Rohnert Park, CA COP1	5.000		07/01/2024		08/31/2014	A		50,083
	50,000	Romoland, CA School District Special Tax	6.375		09/01/2033		09/01/2014	A		50,079
	50,000	Romoland, CA School District Special Tax	6.375		09/01/2033		09/01/2014	A		50,079
	25,000	Romoland, CA School District Special Tax	6.000		09/01/2033		09/01/2014	A		25,032
	405,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1	5.000		09/01/2027		09/01/2023	A		442,130
	500,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1	5.000		09/01/2028		09/01/2023	A		541,575
	365,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1	5.000		09/01/2025		09/01/2023	A		405,073
	440,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1	5.000		09/01/2026		09/01/2023	A		485,316
	100,000	Romoland, CA School District Special Tax Community Facilities District No. 91-1	5.400		09/01/2028		09/01/2014	A		100,099
	80,000	Roseville, CA Natural Gas Finance Authority1	5.000		02/15/2023		02/15/2023			90,238
	190,000	Roseville, CA Natural Gas Finance Authority1	5.000		02/15/2021		02/15/2021			213,970
	100,000	Roseville, CA Natural Gas Finance Authority1	5.000		02/15/2025		02/15/2025			113,030
	265,000	Roseville, CA Natural Gas Finance Authority1	5.000		02/15/2024		02/15/2024			299,522
	430,000	Sacramento County, CA (Juvenile Courthouse) COP	5.000		12/01/2023		08/31/2014	A		431,518
	535,000	Sacramento County, CA (Juvenile Courthouse) COP	5.000		12/01/2022		08/31/2014	A		536,937
	795,000	Sacramento County, CA (Juvenile Courthouse) COP	5.000		12/01/2021		08/31/2014	A		797,934
	130,000	Sacramento County, CA COP	4.750		10/01/2017		08/31/2014	A		130,335
	2,975,000	Sacramento County, CA COP1	5.750		02/01/2030		02/01/2020	A		3,265,925
	255,000	Sacramento County, CA COP1	5.375		02/01/2019		08/31/2014	A		255,622
	925,000	Sacramento County, CA Hsg. Authority (Cottage Estates Apartments)1,2	6.000		02/01/2033		09/01/2014	A		938,459
	1,500,000	Sacramento County, CA Hsg. Authority (Verandas Apartments Senior Community)1	5.700		03/01/2034		09/01/2014	A		1,500,375
	400,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)	5.250		06/01/2027		08/31/2014	A		402,028

46      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$10,000	Sacramento County, CA Public
		Financing Authority (County & City Redevel.)1	5.000 %		12/01/2022		08/31/2014	A	$	10,035
	25,000	Sacramento County, CA Public Financing Authority (Sacramento City Redevel.)1	5.200		12/01/2019		08/31/2014	A		25,067
	50,000	Sacramento, CA City Financing Authority	5.000		12/01/2023		12/01/2015	A		52,848
	225,000	Sacramento, CA City Financing Authority1	5.000		12/01/2024		12/01/2015	A		237,582
	30,000	Sacramento, CA City Financing Authority (City Hall)	5.250		12/01/2016		08/31/2014	A		30,125
	815,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)	6.250		09/01/2023		09/01/2014	A		818,994
	850,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)	5.000		09/01/2025		03/01/2023	A		955,528
	1,840,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)	5.000		09/01/2024		03/01/2023	A		2,091,473
	455,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)	5.000		09/01/2027		03/01/2023	A		504,085
	785,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)1	5.000		09/01/2026		03/01/2023	A		873,367
	25,000	Sacramento, CA Improvement Bond Act 1915 (Citywide Landscaping & Lighting)1	5.500		09/02/2016		08/31/2014	A		25,096
	310,000	Saddleback Valley, CA Unified School District	5.650		09/01/2017		09/01/2014	A		311,383
	75,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)	5.500		11/01/2023		08/31/2014	A		75,298
	60,000	San Bernardino County, CA (Single Family Mtg.)	3.9763		05/01/2031		08/31/2014	A		24,727
	75,000	San Bernardino County, CA COP (Medical Center Financing)1	5.000		08/01/2028		08/31/2014	A		75,053
	200,000	San Bernardino County, CA COP (Medical Center Financing)1	5.000		08/01/2026		08/31/2014	A		200,342
	30,000	San Bernardino County, CA COP (Medical Center Financing)2	5.250		08/01/2016		08/22/2014	A		30,097
	235,000	San Bernardino County, CA Flood Control District	5.000		08/01/2029		08/31/2014	A		235,874
	190,000	San Bernardino County, CA Redevel. Agency (San Sevaine Redevel.)1	5.000		09/01/2019		09/01/2015	A		196,255
	180,000	San Bernardino, CA Joint Powers Financing Authority1	5.750		10/01/2023		10/01/2023			207,171
	50,000	San Bernardino, CA Joint Powers Financing Authority1	5.750		10/01/2022		10/01/2022			57,679
	70,000	San Bernardino, CA Joint Powers Financing Authority1	5.750		10/01/2023		10/01/2023			80,567
	10,000	San Bernardino, CA Joint Powers Financing Authority1	5.750		10/01/2018		10/01/2018			11,408
	200,000	San Bernardino, CA Joint Powers Financing Authority1	5.750		10/01/2019		10/01/2019			231,048

47      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal     Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$335,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1	5.500 %		12/01/2020		08/31/2014	A	$	335,841
	160,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease)1	5.500		12/01/2020		08/31/2014	A		160,402
	145,000	San Bernardino, CA Joint Powers Financing Authority (City Hall)1	5.600		01/01/2015		08/31/2014	A		145,173
	325,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1	5.500		09/01/2020		11/17/2017	B		322,254
	440,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1	5.500		09/01/2024		03/27/2023	B		430,003
	150,000	San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)	6.625		04/01/2026		08/31/2014	A		150,189
	430,000	San Bernardino, CA Mountains Community Hospital District COP	5.000		02/01/2017		02/14/2016	B		444,061
	135,000	San Bernardino, CA Municipal Water Dept.	5.000		02/01/2017		08/31/2014	A		135,369
	70,000	San Bernardino, CA Municipal Water Dept.	5.250		02/01/2015		08/31/2014	A		70,243
	25,000	San Bernardino, CA Redevel. Agency (Ramona Senior Complex)	7.875		07/01/2025		01/01/2015	A		25,103
	50,000	San Bruno, CA Police Facilities Financing1	5.250		02/01/2021		08/31/2014	A		50,119
	90,000	San Diego County, CA Water Authority	4.750		05/01/2028		08/31/2014	A		90,291
	640,000	San Diego, CA Community Facilities District No. 3 Special Tax	5.000		09/01/2028		09/01/2023	A		688,147
	720,000	San Diego, CA Community Facilities District No. 3 Special Tax	5.000		09/01/2030		09/01/2023	A		767,390
	545,000	San Diego, CA Community Facilities District No. 3 Special Tax	5.000		09/01/2025		09/01/2023	A		600,394
	610,000	San Diego, CA Community Facilities District No. 3 Special Tax	5.000		09/01/2027		09/01/2023	A		661,045
	4,790,000	San Diego, CA Hsg. Authority (Island Village Apartments)1	5.6504		07/01/2034		08/31/2014	A		4,811,124
	210,000	San Diego, CA Improvement Bond Act 1915	5.125		09/02/2026		09/02/2018	A		220,781
	220,000	San Diego, CA Improvement Bond Act 1915	5.125		09/02/2027		09/02/2018	A		229,262
	230,000	San Diego, CA Improvement Bond Act 1915	5.250		09/02/2028		09/02/2018	A		238,940
	180,000	San Diego, CA Improvement Bond Act 1915	5.000		09/02/2023		09/02/2018	A		191,504
	190,000	San Diego, CA Improvement Bond Act 1915	5.000		09/02/2024		09/02/2018	A		201,100
	195,000	San Diego, CA Improvement Bond Act 1915	5.000		09/02/2025		09/02/2018	A		204,725
	170,000	San Diego, CA Improvement Bond Act 1915	5.000		09/02/2022		09/02/2018	A		182,164
	245,000	San Diego, CA Improvement Bond Act 1915	5.375		09/02/2029		09/02/2018	A		255,104

48      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$285,000	San Diego, CA Improvement Bond Act 1915	5.500 %		09/02/2032		09/02/2018	A	$	295,767
	165,000	San Diego, CA Improvement Bond Act 1915	5.000		09/02/2021		09/02/2018	A		178,474
	255,000	San Diego, CA Improvement Bond Act 1915	5.375		09/02/2030		09/02/2018	A		264,450
	265,000	San Diego, CA Improvement Bond Act 1915	5.500		09/02/2031		09/02/2018	A		275,513
	110,000	San Diego, CA Mtg. (Mariners Cove)	5.800		09/01/2015		09/01/2014	A		110,448
	1,000,000	San Diego, CA Public Facilities Financing Authority (Ballpark)1	5.250		02/15/2032		02/15/2017	A		1,082,130
	20,000	San Diego, CA Redevel. Agency	6.000		11/01/2015		08/31/2014	A		20,096
	1,000,000	San Diego, CA Redevel. Agency (Centre City)1	6.400		09/01/2019		09/01/2014	A		1,003,690
	325,000	San Diego, CA Redevel. Agency (Centre City)1	5.250		09/01/2026		09/01/2014	A		325,289
	100,000	San Diego, CA Redevel. Agency (Centre City)1	5.200		09/01/2019		09/01/2014	A		100,200
	20,000	San Diego, CA Redevel. Agency (Centre City)	5.000		09/01/2015		09/01/2014	A		20,065
	25,000	San Diego, CA Redevel. Agency (Centre City)1	5.600		09/01/2024		09/01/2014	A		25,027
	10,000	San Diego, CA Redevel. Agency (Centre City)1	5.500		09/01/2019		09/01/2014	A		10,019
	175,000	San Diego, CA Redevel. Agency (Centre City)	5.250		09/01/2021		09/01/2014	A		175,700
	50,000	San Diego, CA Redevel. Agency (Centre City)	5.000		09/01/2026		09/01/2014	A		50,177
	115,000	San Diego, CA Redevel. Agency (Centre City)1	5.350		09/01/2024		09/01/2014	A		115,101
	55,000	San Diego, CA Redevel. Agency (Centre City)1	5.300		09/01/2020		09/01/2014	A		55,080
	20,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.)	5.000		10/01/2026		08/31/2014	A		20,071
	20,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.)	5.000		10/01/2021		08/31/2014	A		20,076
	110,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.)	5.875		10/01/2019		08/31/2014	A		110,510
	70,000	San Diego, CA Redevel. Agency (North Bay Redevel.)1	5.800		09/01/2022		09/01/2014	A		70,123
	300,000	San Diego, CA Redevel. Agency (North Bay Redevel.)1	5.875		09/01/2030		09/01/2014	A		300,357
	85,000	San Diego, CA Redevel. Agency (North Park Redevel.)1	5.600		09/01/2019		09/01/2014	A		85,269
	60,000	San Diego, CA Redevel. Agency (North Park Redevel.)1	5.700		09/01/2020		09/01/2014	A		60,189
	710,000	San Diego, CA Redevel. Agency (North Park Redevel.)1	5.900		09/01/2025		09/01/2014	A		711,654
	25,000	San Diego, CA Redevel. Agency Tax Allocation (North Park Redevel.)1	5.900		09/01/2030		09/01/2014	A		25,049

49      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$10,000	San Dimas, CA Redevel. Agency (Creative Growth Redevel.)1	6.750 %		09/01/2016		09/01/2014	A	$	10,054
	7,500,000	San Francisco, CA City & County Airports Commission	5.500		05/01/2027		05/01/2018	A		8,424,675
	275,000	San Francisco, CA City & County Airports Commission1	5.250		01/01/2026		08/31/2014	A		275,286
	55,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2023		08/31/2014	A		55,081
	110,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2021		08/31/2014	A		110,195
	1,320,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)	6.100		01/01/2020		08/31/2014	A		1,326,019
	320,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2024		08/31/2014	A		320,419
	160,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2020		08/31/2014	A		160,322
	1,365,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2022		08/31/2014	A		1,367,184
	315,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.125		01/01/2017		08/31/2014	A		315,873
	3,040,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2019		08/31/2014	A		3,047,022
	75,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1	5.250		01/01/2027		08/31/2014	A		75,075
	510,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)	6.125		01/01/2027		08/31/2014	A		512,244
	40,000	San Francisco, CA City & County Improvement Bond Act 1915	6.850		09/02/2026		09/02/2014	A		41,279
	500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)	5.000		08/01/2023		08/01/2022	A		566,890
	1,250,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)	5.000		08/01/2026		08/01/2022	A		1,393,863
	1,600,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)	5.000		08/01/2025		08/01/2022	A		1,794,176
	20,000	San Francisco, CA City & County Redevel. Financing Authority1	5.000		08/01/2019		08/31/2014	A		20,058
	115,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1	6.000		08/01/2029		08/01/2019	A		129,458

50      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$215,000	San Francisco, CA Community College District	5.375 %		06/15/2015		08/31/2014	A	$	215,946
	135,000	San Francisco, CA Community College District	5.000		06/15/2019		08/31/2014	A		135,531
	50,000	San Francisco, CA Community College District	5.000		06/15/2020		08/31/2014	A		50,195
	80,000	San Francisco, CA Community College District	5.000		06/15/2026		08/31/2014	A		80,295
	360,000	San Francisco, CA Community College District	5.000		06/15/2017		08/31/2014	A		361,429
	115,000	San Francisco, CA Community College District	5.375		06/15/2022		08/31/2014	A		115,490
	200,000	San Francisco, CA Community College District	5.375		06/15/2016		08/31/2014	A		200,868
	855,000	San Francisco, CA Community College District	5.000		06/15/2018		08/31/2014	A		858,386
	100,000	San Francisco, CA Community College District	5.000		06/15/2022		08/31/2014	A		100,378
	10,000	San Francisco, CA Community College District1	5.000		06/15/2028		08/31/2014	A		10,037
	25,000	San Francisco, CA Community College District	5.000		06/15/2021		08/31/2014	A		25,096
	25,000	San Francisco, CA Community College District1	5.000		06/15/2031		08/31/2014	A		25,081
	920,000	San Gorgonio, CA Memorial Health Care District	5.000		08/01/2024		08/01/2020	A		1,001,107
	30,000	San Joaquin County, CA COP (Solid Waste System Facilities)1	5.000		04/01/2018		09/05/2014	A		30,138
	80,000	San Joaquin County, CA COP (Solid Waste System Facilities)	5.000		04/01/2015		09/05/2014	A		80,368
	75,000	San Joaquin County, CA COP (Solid Waste System Facilities)	5.000		04/01/2022		09/05/2014	A		75,345
	50,000	San Joaquin County, CA COP (Solid Waste System Facilities)	5.000		04/01/2020		09/05/2014	A		50,230
	1,330,000	San Joaquin Hills, CA Transportation Corridor Agency1	5.375		01/15/2029		08/31/2014	A		1,330,492
	465,000	San Joaquin Hills, CA Transportation Corridor Agency1	5.250		01/15/2030		01/15/2015	A		464,981
	85,000	San Jose, CA (Libraries & Parks)	5.100		09/01/2020		09/01/2014	A		85,351
	50,000	San Jose, CA (Libraries & Parks)	5.100		09/01/2022		09/01/2014	A		50,204
	35,000	San Jose, CA (Libraries & Parks)	5.000		09/01/2015		09/01/2014	A		35,144
	235,000	San Jose, CA (Libraries & Parks)	5.000		09/01/2018		09/01/2014	A		235,945
	15,000	San Jose, CA (Libraries & Parks)	5.000		09/01/2017		09/01/2014	A		15,060
	105,000	San Jose, CA (Libraries & Parks)	5.100		09/01/2025		09/01/2014	A		105,426
	105,000	San Jose, CA (Libraries, Parks & Public Safety)	5.000		09/01/2022		09/01/2014	A		105,419
	30,000	San Jose, CA (Libraries, Parks & Public Safety)	5.000		09/01/2017		09/01/2014	A		30,121
	50,000	San Jose, CA (Libraries, Parks & Public Safety)	5.000		09/01/2020		09/01/2014	A		50,200
	100,000	San Jose, CA Airport	5.250		03/01/2023		09/01/2014	A		100,384

51      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$3,990,000	San Jose, CA Airport	5.125 %		03/01/2020		09/01/2014	A	$	4,005,481
	1,000,000	San Jose, CA Airport1	6.250		03/01/2034		03/01/2021	A		1,158,290
	1,130,000	San Jose, CA Airport	5.000		03/01/2028		09/01/2014	A		1,133,706
	25,000	San Jose, CA Finance Authority (4th & San Fernando Parking Facility)	5.000		09/01/2026		09/01/2014	A		25,088
	15,000	San Jose, CA Finance Authority (4th & San Fernando Parking Facility)	5.000		09/01/2024		09/01/2014	A		15,053
	280,000	San Jose, CA Finance Authority (Convention Center)	5.000		09/01/2019		09/01/2014	A		281,134
	90,000	San Jose, CA Finance Authority (Convention Center)	5.000		09/01/2017		09/01/2014	A		90,365
	50,000	San Jose, CA Finance Authority (Convention Center)	5.000		09/01/2018		09/01/2014	A		50,203
	60,000	San Jose, CA Finance Authority (Convention Center)1	5.000		09/01/2015		09/01/2014	A		60,682
	225,000	San Jose, CA Finance Authority (Convention Center)	5.000		09/01/2016		09/01/2014	A		225,914
	60,000	San Jose, CA Improvement Bond Act 1915	5.750		09/02/2020		09/02/2014	A		61,905
	25,000	San Jose, CA Improvement Bond Act 1915	5.700		09/02/2018		09/02/2014	A		25,808
	20,000	San Jose, CA Improvement Bond Act 1915	5.600		09/02/2016		09/02/2014	A		20,658
	95,000	San Jose, CA Improvement Bond Act 1915	5.750		09/02/2019		09/02/2014	A		98,043
	250,000	San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)1	5.350 4		07/15/2034		02/26/2017	A		263,770
	25,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)1	6.100		01/01/2031		08/31/2014	A		25,008
	390,000	San Jose, CA Multifamily Hsg. (Sixth & Martha Family Apartments)1	5.875		03/01/2033		09/01/2014	A		392,991
	50,000	San Jose, CA Redevel. Agency1	5.000		08/01/2020		08/01/2015	A		51,314
	75,000	San Jose, CA Redevel. Agency1	5.000		08/01/2026		08/01/2017	A		79,876
	300,000	San Jose, CA Redevel. Agency1	5.000		08/01/2019		08/01/2015	A		309,177
	45,000	San Jose, CA Redevel. Agency1	5.000		08/01/2028		08/01/2015	A		45,428
	25,000	San Jose, CA Redevel. Agency1	5.000		08/01/2023		08/01/2017	A		26,737
	20,000	San Jose, CA Redevel. Agency1	5.500		08/01/2014		08/01/2014			20,000
	350,000	San Jose, CA Redevel. Agency1	5.000		08/01/2017		08/01/2015	A		363,227
	35,000	San Jose, CA Redevel. Agency1	5.500		08/01/2016		08/31/2014	A		35,127
	200,000	San Jose, CA Redevel. Agency1	6.375		08/01/2021		08/01/2018	A		225,642
	50,000	San Jose, CA Redevel. Agency1,2	5.750		08/01/2017		12/22/2014	A		51,055
	5,300,000	San Jose, CA Redevel. Agency1	5.850		08/01/2027		02/01/2015	A		5,428,260
	30,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.000		08/01/2025		08/01/2017	A		31,995
	115,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.000		08/01/2023		08/01/2017	A		120,880
	255,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.000		08/01/2022		08/01/2017	A		269,474
	100,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.000		08/01/2027		08/31/2014	A		100,180

52      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$25,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.000 %		08/01/2019		08/31/2014	A	$	25,058
	100,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.000		08/01/2024		08/01/2017	A		106,799
	1,210,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)1	5.250		08/01/2019		08/31/2014	A		1,213,037
	5,000	San Jose, CA Redevel. Agency Tax Allocation1	5.600		08/01/2019		08/31/2014	A		5,014
	100,000	San Juan Capistrano, CA Public Financing Authority	4.800		12/01/2016		08/31/2014	A		100,320
	25,000	San Marcos, CA Public Facilities Authority1	5.000		08/01/2021		02/01/2015	A		25,552
	500,000	San Marcos, CA Public Facilities Authority1	4.875		08/01/2031		08/31/2014	A		500,410
	100,000	San Marcos, CA Public Facilities Authority1	5.000		08/01/2026		02/01/2015	A		102,155
	25,000	San Marcos, CA Public Facilities Authority1	5.000		08/01/2017		08/31/2014	A		25,089
	100,000	San Marcos, CA Redevel. Agency Tax Allocation (Affordable Hsg.)	5.650		10/01/2028		08/31/2014	A		100,403
	25,000	San Marcos, CA Unified School District Special Tax1	5.000		09/01/2029		09/01/2014	A		25,026
	130,000	San Mateo, CA Flood Control District COP (Colma Creek Flood Control Zone)1	5.125		08/01/2032		08/31/2014	A		130,081
	40,000	San Rafael, CA Redevel. Agency Tax Allocation (Central San Rafael Redevel.)	5.000		12/01/2014		08/31/2014	A		40,165
	50,000	San Ramon, CA Public Financing Authority1	5.300		02/01/2028		02/01/2015	A		50,192
	100,000	Santa Ana, CA Community Redevel. Agency (South Main Street)	5.000		09/01/2015		09/01/2014	A		100,364
	105,000	Santa Barbara, CA Redevel. Agency (Central City)	5.000		03/01/2018		09/01/2014	A		105,408
	60,000	Santa Barbara, CA Redevel. Agency (Central City)	5.000		03/01/2019		09/01/2014	A		60,231
	25,000	Santa Clara County, CA Board of Education1	5.000		04/01/2021		08/31/2014	A		25,036
	1,715,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)1	5.850		08/01/2031		08/31/2014	A		1,715,960
	80,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)1	5.700		08/01/2021		08/31/2014	A		80,093
	400,000	Santa Clara, CA Redevel. Agency (Bayshore North)1	5.000		06/01/2020		12/01/2014	A		405,828
	500,000	Santa Clara, CA Redevel. Agency (Bayshore North)1	5.000		06/01/2022		12/01/2014	A		507,385
	25,000	Santa Clara, CA Redevel. Agency (Bayshore North)1	5.375		06/01/2016		12/01/2014	A		25,402
	185,000	Santa Clara, CA Redevel. Agency (Bayshore North)1	5.500		06/01/2023		12/01/2014	A		188,060

53      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$100,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1	5.250 %		06/01/2018		12/01/2014	A	$	101,567
	1,020,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1	5.250		06/01/2019		12/01/2014	A		1,035,983
	175,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1	5.000		06/01/2015		12/01/2014	A		177,861
	635,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)	5.000		11/15/2023		11/15/2022	A		701,300
	785,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)	5.000		11/15/2027		11/15/2022	A		847,918
	1,170,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)	5.000		11/15/2028		11/15/2022	A		1,253,491
	325,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)	5.000		11/15/2024		11/15/2022	A		358,443
	925,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)	5.000		11/15/2025		11/15/2022	A		1,009,767
	25,000	Santa Fe Springs, CA Community Devel. Commission	5.500		09/01/2014		09/01/2014			25,112
	40,000	Santa Fe Springs, CA Community Devel. Commission1	5.375		09/01/2019		09/01/2014	A		40,126
	800,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation1	5.375		09/01/2021		09/01/2014	A		802,088
	85,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation1	5.375		09/01/2018		09/01/2014	A		85,296
	30,000	Santa Monica, CA Redevel. Agency (Ocean Park Redevel.)1	5.000		07/01/2018		08/31/2014	A		30,098
	20,000	Santa Monica, CA Redevel. Agency (Ocean Park Redevel.)	5.000		07/01/2016		08/31/2014	A		20,076
	25,000	Santa Nella County, CA Water District	6.250		09/02/2028		09/02/2014	A		25,001
	20,000	Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)	6.700		09/02/2022		09/02/2014	A		20,044
	830,000	Saugus, CA Union School District Community Facilities District No. 2002-1	5.000		09/01/2027		09/01/2023	A		906,094
	895,000	Saugus, CA Union School District Community Facilities District No. 2002-1	5.000		09/01/2028		09/01/2023	A		969,419
	770,000	Saugus, CA Union School District Community Facilities District No. 2002-1	5.000		09/01/2026		09/01/2023	A		849,302
	710,000	Saugus, CA Union School District Community Facilities District No. 2002-1	5.000		09/01/2025		09/01/2023	A		787,951
	25,000	Seaside, CA Redevel. Agency	5.000		08/01/2014		08/01/2014			25,000
	1,390,000	Selma, CA Redevel. Agency	5.750		09/01/2024		09/01/2016	A		1,419,176
	15,000	Sequoia, CA Hospital District	5.375		08/15/2023		09/26/2014	A		16,927
	100,000	Shafter, CA Community Devel. Agency Tax Allocation	5.250		11/01/2017		11/01/2016	A		106,277
	100,000	Shafter, CA Community Devel. Agency Tax Allocation	5.300		11/01/2018		11/01/2016	A		105,630

54      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$100,000	Shafter, CA Community Devel. Agency Tax Allocation	5.350 %		11/01/2019		11/01/2016	A	$	104,951
	100,000	Shafter, CA Community Devel. Agency Tax Allocation	5.375		11/01/2020		11/01/2016	A		104,340
	400,000	Sierra View, CA Local Health Care District1	5.250		07/01/2024		07/01/2017	A		419,408
	40,000	Signal Hill CA Redevel. Agency1	5.250		10/01/2024		10/01/2019	A		42,120
	525,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)1	5.250		09/01/2019		09/01/2014	A		526,507
	25,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)1	5.000		09/01/2030		09/01/2014	A		25,030
	25,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)	5.250		09/01/2021		09/01/2014	A		25,094
	175,000	Soledad, CA Redevel. Agency (Soledad Redevel.)1	5.350		12/01/2028		08/31/2014	A		175,128
	1,020,000	Sonora, CA Union High School District	5.625		08/01/2029		08/01/2023	A		1,186,964
	100,000	South Gate, CA Public Financing Authority (South Gate Redevel.)1	5.750		09/01/2022		09/01/2014	A		100,466
	1,925,000	South Gate, CA Utility Authority	5.250		10/01/2027		10/01/2022	A		2,212,518
	40,000	South Orange County, CA Public Financing Authority1	5.800		09/02/2018		09/02/2014	A		40,185
	60,000	South Orange County, CA Public Financing Authority	5.250		08/15/2018		08/25/2014	A		60,235
	250,000	South Orange County, CA Public Financing Authority (Ladera Ranch)1	5.000		08/15/2024		08/15/2015	A		255,193
	20,000	South Tahoe, CA Joint Powers Financing Authority1	5.300		10/01/2021		08/31/2014	A		20,032
	260,000	Southern CA Mono Health Care District1	5.000		08/01/2021		08/01/2021			292,557
	50,000	Southern CA Public Power Authority	5.250		10/01/2015		08/31/2014	A		50,212
	20,000	Southern CA Public Power Authority	5.750		07/01/2021		08/31/2014	A		20,092
	25,000	Southern CA Public Power Authority	5.500		07/01/2020		08/31/2014	A		25,109
	5,000	Southern CA Public Power Authority	5.500		07/01/2020		08/31/2014	A		5,022
	925,000	Southern CA Public Power Authority1	5.000		11/01/2018		11/01/2018			1,033,096
	10,000	Southern CA Public Power Authority	5.000		07/01/2015		08/31/2014	A		10,041
	5,445,000	Southern CA Tobacco Securitization Authority1	4.750		06/01/2025		04/25/2020	B		5,287,966
	20,000	Stockton, CA COP (Wastewater System)1	5.000		09/01/2023		09/01/2014	A		20,016
	155,000	Stockton, CA COP (Wastewater System)	5.125		09/01/2016		09/01/2014	A		155,344
	35,000	Stockton, CA Improvement Bond Act 1915	5.800		09/02/2020		09/02/2014	A		35,067
	250,000	Stockton, CA Unified School District (Election 2005)1	5.000		09/01/2019		09/01/2015	A		258,873
	50,000	Stockton, CA Unified School District (Election 2008)1	5.000		08/01/2023		08/01/2016	A		53,456
	25,000	Stockton-East, CA Water District1	5.000		04/01/2019		08/31/2014	A		25,053
	25,000	Suisun City, CA Public Financing Authority1	5.200		10/01/2028		08/31/2014	A		25,038
	25,000	Sunnyvale, CA COP (Parking Facility)	5.000		10/01/2022		08/31/2014	A		25,100

55      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$25,000	Sunnyvale, CA COP (Parking Facility)	5.000 %		10/01/2017		08/31/2014	A	$	25,100
	1,490,000	Sutter Butte, CA Flood Agency Assessment	5.000		10/01/2029		10/01/2023	A		1,665,760
	700,000	Sutter Butte, CA Flood Agency Assessment	5.000		10/01/2027		10/01/2023	A		794,626
	415,000	Sutter Butte, CA Flood Agency Assessment	5.000		10/01/2026		10/01/2023	A		473,391
	1,465,000	Sutter Butte, CA Flood Agency Assessment	5.000		10/01/2028		10/01/2023	A		1,648,828
	300,000	Sutter Butte, CA Flood Agency Assessment	5.000		10/01/2025		10/01/2023	A		345,360
	4,550,000	Sweetwater, CA Union High School District1	5.000		09/01/2027		09/01/2015	A		4,758,481
	50,000	Taft, CA Public Financing Authority (Community Correctional Facility)1	6.050		01/01/2017		08/31/2014	A		50,193
	825,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax	5.250		09/01/2028		09/01/2022	A		883,625
	50,000	Temecula, CA Redevel. Agency1	5.000		08/01/2020		08/31/2014	A		50,076
	500,000	Temecula, CA Redevel. Agency1	5.125		08/01/2027		08/31/2014	A		504,325
	1,505,000	Torrance, CA Hospital (Torrance Memorial Medical Center)	6.000		06/01/2022		08/31/2014	A		1,511,607
	75,000	Torrance, CA Hospital (Torrance Memorial Medical Center)1	5.500		06/01/2031		08/31/2014	A		75,142
	25,000	Torrance, CA Hospital (Torrance Memorial Medical Center)	5.400		06/01/2015		08/31/2014	A		25,094
	270,000	Torrance, CA Redevel. Agency1	5.500		09/01/2028		09/01/2014	A		270,200
	15,000	Torrance, CA Redevel. Agency (Downtown Redevel.)1	5.550		09/01/2018		09/01/2014	A		15,041
	1,430,000	Tracy, CA Area Public Facilities Financing Agency1	5.875		10/01/2019		10/01/2014	A		1,439,123
	50,000	Tracy, CA Community Facilities District	6.300		09/01/2026		09/01/2014	A		50,083
	25,000	Tracy, CA Community Facilities District (205 Parcel Glen)	6.250		09/01/2032		09/02/2014	A		25,032
	75,000	Tracy, CA Operating Partnership Joint Powers Authority	6.100		09/02/2021		09/02/2014	A		75,169
	30,000	Truckee-Donner, CA Public Utility District Special Tax	5.800		09/01/2035		09/01/2014	A		30,018
	805,000	Turlock, CA Health Facility (Emanuel Medical Center) COP1	5.000		10/15/2017		10/27/2016	B		877,603
	280,000	Turlock, CA Irrigation District1	5.000		01/01/2033		08/25/2014	A		280,910
	60,000	Turlock, CA Irrigation District	5.000		01/01/2015		08/25/2014	A		60,195
	150,000	Turlock, CA Irrigation District	5.000		01/01/2018		08/25/2014	A		150,488
	340,000	Turlock, CA Irrigation District1	5.000		01/01/2028		08/25/2014	A		341,105
	65,000	Turlock, CA Public Financing Authority	5.250		09/01/2015		09/01/2014	A		65,226
	470,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)	5.000		09/01/2026		09/01/2023	A		525,535
	490,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)	5.000		09/01/2027		09/01/2023	A		545,478
	515,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)	5.000		09/01/2028		09/01/2023	A		570,213

56      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$420,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)	5.000 %		09/01/2024		09/01/2023	A	$	480,291
	445,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)	5.000		09/01/2025		09/01/2023	A		503,010
	130,000	Tustin, CA Unified School District1	5.000		09/01/2032		09/01/2014	A		130,120
	125,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)1	7.125		09/01/2026		09/01/2021	A		151,285
	250,000	Ukiah, CA Redevel. Agency (Ukiah Redevel.)1	6.500		12/01/2028		06/01/2021	A		288,323
	25,000	Union City, CA Community Redevel. Agency1	5.000		10/01/2027		08/31/2014	A		25,014
	20,000	Vacaville, CA Improvement Bond Act 1915 (East Monte Vista Avenue)	5.850		09/02/2016		09/02/2014	A		20,056
	225,000	Vacaville, CA Redevel. Agency (Vacaville Community Hsg.)1	6.000		11/01/2024		08/31/2014	A		225,378
	275,000	Val Verde, CA Unified School District	6.125		09/01/2034		09/01/2014	A		275,239
	125,000	Vallejo City, CA Unified School District Special Tax Community Facilities District No. 21	5.000		09/01/2026		09/01/2014	A		125,159
	325,000	Vallejo City, CA Unified School District Special Tax Community Facilities District No. 21	5.000		09/01/2019		09/01/2014	A		325,936
	25,000	Vallejo, CA Public Financing Authority, Series A	7.500		09/01/2020		09/01/2014	A		25,069
	40,000	Vallejo, CA Quadrant Improvement District No. 001	6.125		09/01/2034		09/01/2015	A		40,327
	40,000	Vallejo, CA Quadrant Improvement District No. 001	6.000		09/01/2017		09/01/2014	A		40,494
	30,000	Vallejo, CA Quadrant Improvement District No. 001	6.000		09/01/2026		09/01/2015	A		30,290
	270,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)	5.050		12/01/2026		03/28/2025	B		268,318
	535,000	Vernon, CA Electric System1	5.125		08/01/2021		09/04/2018	A		596,145
	25,000	Victorville, CA Redevel. Agency (Bear Valley Road)1	5.125		12/01/2031		12/01/2014	A		25,121
	100,000	Vista, CA Community Devel. Commission (Vista Redevel.)1	5.125		09/01/2028		09/01/2014	A		100,057
	110,000	Vista, CA Community Devel. Commission (Vista Redevel.)1	5.200		09/01/2028		09/01/2014	A		110,069
	15,000	Vista, CA Community Devel. Commission (Vista Redevel.)1	5.800		09/01/2030		09/01/2014	A		15,024
	75,000	Vista, CA Community Devel. Commission (Vista Redevel.)1	5.750		09/01/2026		09/01/2014	A		75,129
	90,000	Vista, CA Joint Powers Financing Authority1	6.100		10/01/2021		10/01/2014	A		90,806
	10,000	Vista, CA Unified School District1	5.125		05/01/2023		11/01/2014	A		10,110
	5,000	Walnut, CA Energy Center Authority	5.000		01/01/2029		08/25/2014	A		5,016
	50,000	Walnut, CA Energy Center Authority	5.000		01/01/2024		08/25/2014	A		50,163
	15,000	Wasco, CA Public Financing Authority	7.350		09/15/2015		08/31/2014	A		15,064
	10,000	Wasco, CA Public Financing Authority	7.500		09/15/2023		08/31/2014	A		10,025

57      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	California (Continued)
	$550,000	Washington Township, CA Health Care District1	5.250 %		07/01/2029		08/31/2014	A	$	550,528
	1,000,000	Washington Township, CA Health Care District1	5.000		07/01/2018		08/31/2014	A		1,002,510
	3,420,000	West Contra Costa, CA Healthcare District COP1	5.500		07/01/2029		08/31/2014	A		3,446,334
	180,000	West Covina, CA Redevel. Agency1	5.000		09/01/2026		09/01/2014	A		180,095
	150,000	West Covina, CA Redevel. Agency1	5.100		09/01/2025		09/01/2014	A		150,542
	60,000	West Covina, CA Redevel. Agency (Executive Lodge Apartments)1	5.300		09/01/2025		09/01/2014	A		60,036
	100,000	West Covina, CA Redevel. Agency Tax Allocation (Executive Lodge Apartments)	5.100		09/01/2014		09/01/2014			100,314
	875,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)1	7.000		09/01/2026		09/01/2021	A		1,067,360
	1,000,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)1	7.250		09/01/2031		09/01/2021	A		1,212,100
	5,000	West Sacramento, CA Improvement Bond Act 1915	8.500		09/02/2017		09/02/2014	A		5,160
	25,000	Western CA Municipal Water Districts	7.125		09/02/2014		09/02/2014			25,114
	1,190,000	Western Riverside County, CA Trust & Wastewater Finance Authority	5.000		09/01/2025		09/01/2018	A		1,249,322
	1,295,000	Western Riverside County, CA Trust & Wastewater Finance Authority	5.000		09/01/2027		09/01/2018	A		1,343,459
	2,335,000	Western Riverside County, CA Trust & Wastewater Finance Authority	5.000		09/01/2025		09/01/2023	A		2,639,391
	835,000	William S. Hart CA Union High School District	5.000		09/01/2025		09/01/2023	A		940,477
	20,000	Yolo County, CA Hsg. Authority (Russell Park Apartments)	7.000		11/01/2014		08/31/2014	A		20,096
	260,000	Yorba Linda, CA Redevel. Agency Tax Allocation1	5.250		09/01/2023		09/01/2014	A		260,299
										528,926,145
	U.S. Possessions—16.9%
	1,250,000	Guam International Airport Authority	6.000		10/01/2023		08/01/2018	A		1,387,625
	155,000	Guam Power Authority, Series A	5.000		10/01/2022		10/01/2022			181,865
	265,000	Guam Power Authority, Series A	5.000		10/01/2025		10/01/2022	A		302,815
	225,000	Guam Power Authority, Series A	5.000		10/01/2026		10/01/2022	A		254,585
	155,000	Guam Power Authority, Series A	5.000		10/01/2027		10/01/2022	A		174,313
	150,000	Guam Power Authority, Series A	5.000		10/01/2021		10/01/2021			175,183
	100,000	Guam Power Authority, Series A	5.000		10/01/2019		10/01/2019			115,369
	150,000	Guam Power Authority, Series A	5.000		10/01/2020		10/01/2020			174,301
	5,000,000	Puerto Rico Aqueduct & Sewer Authority	6.125		07/01/2024		04/23/2021	B		3,731,750
	3,300,000	Puerto Rico Aqueduct & Sewer Authority	5.500		07/01/2028		07/01/2028			2,315,841
	15,734,000	Puerto Rico Children’s Trust Fund (TASC)1	5.375		05/15/2033		08/31/2014	A		15,750,521
	2,000,000	Puerto Rico Commonwealth GO1	5.000		07/01/2020		07/01/2020			1,626,700

58      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$370,000	Puerto Rico Commonwealth GO1	6.000 %		07/01/2027		07/01/2018	A	$	373,866
	40,000	Puerto Rico Commonwealth GO1	5.250		07/01/2015		07/01/2015			38,992
	1,145,000	Puerto Rico Commonwealth GO1	5.250		07/01/2030		05/09/2029	B		849,430
	100,000	Puerto Rico Commonwealth GO1	5.375		07/01/2030		07/01/2030			75,034
	75,000	Puerto Rico Commonwealth GO1	6.125		07/01/2024		04/23/2021	B		61,127
	560,000	Puerto Rico Commonwealth GO1	5.625		07/01/2031		02/04/2031	B		419,429
	2,000,000	Puerto Rico Commonwealth GO1	6.000		07/01/2029		07/01/2029			1,543,020
	1,270,000	Puerto Rico Commonwealth GO1	5.500		07/01/2020		07/01/2020			1,289,901
	70,000	Puerto Rico Commonwealth GO1	5.500		07/01/2016		07/01/2016			71,459
	70,000	Puerto Rico Commonwealth GO1	5.500		07/01/2017		07/01/2017			64,702
	170,000	Puerto Rico Commonwealth GO1	5.500		07/01/2018		07/01/2018			173,067
	205,000	Puerto Rico Commonwealth GO1	5.500		07/01/2017		07/01/2017			189,486
	2,000,000	Puerto Rico Commonwealth GO1	2.953		07/01/2019		07/01/2019			1,903,800
	200,000	Puerto Rico Commonwealth GO1	5.000		07/01/2022		07/01/2022			155,010
	5,000,000	Puerto Rico Commonwealth GO1	5.500		07/01/2026		07/01/2026			3,838,200
	5,890,000	Puerto Rico Commonwealth GO	5.750		07/01/2028		07/01/2028			4,544,312
	3,000,000	Puerto Rico Electric Power Authority, Series AAA	5.250		07/01/2028		07/01/2028			1,464,720
	260,000	Puerto Rico Electric Power Authority, Series B	5.000		07/01/2016		07/01/2016			129,714
	500,000	Puerto Rico Electric Power Authority, Series CCC	5.250		07/01/2028		07/01/2028			244,120
	1,975,000	Puerto Rico Electric Power Authority, Series KK	5.500		07/01/2015		07/01/2015			2,005,514
	555,000	Puerto Rico Electric Power Authority, Series KK	5.500		07/01/2016		07/01/2016			570,307
	175,000	Puerto Rico Electric Power Authority, Series PP	5.000		07/01/2022		07/01/2022			170,751
	300,000	Puerto Rico Electric Power Authority, Series PP	5.000		07/01/2025		07/01/2025			283,557
	3,210,000	Puerto Rico Electric Power Authority, Series RR	5.000		07/01/2023		07/01/2023			3,102,305
	230,000	Puerto Rico Electric Power Authority, Series RR	5.000		07/01/2024		07/01/2024			219,933
	25,000	Puerto Rico Electric Power Authority, Series SS	5.000		07/01/2025		07/01/2025			23,630
	2,015,000	Puerto Rico Electric Power Authority, Series WW	5.500		07/01/2018		07/01/2018			985,416
	40,000	Puerto Rico Electric Power Authority, Series ZZ	5.000		07/01/2018		07/01/2018			19,562
	990,000	Puerto Rico Electric Power Authority, Series ZZ	5.000		07/01/2017		07/01/2017			485,318
	9,000,000	Puerto Rico Electric Power Authority, Series ZZ	5.250		07/01/2026		07/01/2026			4,393,710
	200,000	Puerto Rico Government Devel. Bank1	5.000		12/01/2014		12/01/2014			195,530
	150,000	Puerto Rico Government Devel. Bank1	5.000		12/01/2016		12/01/2016			132,642
	215,000	Puerto Rico Highway & Transportation Authority1	5.250		07/01/2018		07/01/2018			126,199
	1,000,000	Puerto Rico Highway & Transportation Authority1	5.250		07/01/2022		07/01/2022			585,750

59      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$750,000	Puerto Rico Highway & Transportation Authority1	5.750 %		07/01/2020		07/01/2020		$	439,560
	195,000	Puerto Rico Highway & Transportation Authority, Series E1	5.500		07/01/2016		07/01/2016			196,256
	70,000	Puerto Rico Highway & Transportation Authority, Series G1	5.000		07/01/2022		07/01/2022			41,004
	260,000	Puerto Rico IMEPCF (American Home Products)1	5.100		12/01/2018		08/31/2014	A		265,179
	910,000	Puerto Rico Infrastructure1	6.000		12/15/2026		12/15/2026			510,992
	130,000	Puerto Rico Infrastructure Financing Authority1	5.000		07/01/2018		07/01/2018			113,738
	1,000,000	Puerto Rico Infrastructure Financing Authority1	5.250		12/15/2026		12/15/2026			556,100
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)	5.000		04/01/2019		04/01/2019			101,424
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)	5.000		04/01/2021		04/01/2021			98,436
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)	5.000		04/01/2022		04/01/2022			97,124
	4,400,000	Puerto Rico ITEMECF (Cogeneration Facilities)1	6.625		06/01/2026		10/17/2024	B		3,674,528
	50,000	Puerto Rico ITEMECF (International American University)	5.000		10/01/2021		10/01/2021			51,517
	500,000	Puerto Rico ITEMECF (University Plaza)1	5.625		07/01/2019		07/01/2019			494,595
	395,000	Puerto Rico Municipal Finance Agency, Series A1	5.250		08/01/2018		08/01/2018			394,593
	75,000	Puerto Rico Municipal Finance Agency, Series A	5.250		08/01/2017		08/01/2017			74,941
	45,000	Puerto Rico Municipal Finance Agency, Series A1	5.250		08/01/2019		08/01/2019			44,943
	180,000	Puerto Rico Municipal Finance Agency, Series A1	5.250		08/01/2020		08/01/2020			179,735
	40,000	Puerto Rico Municipal Finance Agency, Series A1	4.750		08/01/2022		08/01/2022			39,918
	110,000	Puerto Rico Municipal Finance Agency, Series A	5.500		07/01/2017		05/03/2016	B		109,910
	1,180,000	Puerto Rico Municipal Finance Agency, Series A	5.250		08/01/2016		08/01/2016			1,179,386
	70,000	Puerto Rico Municipal Finance Agency, Series A	5.250		08/01/2014		08/01/2014			70,000
	3,260,000	Puerto Rico Municipal Finance Agency, Series A	5.250		08/01/2015		08/01/2015			3,259,152
	2,710,000	Puerto Rico Public Buildings Authority1	7.000		07/01/2021		07/01/2021			2,129,816
	450,000	Puerto Rico Public Buildings Authority1	5.500		07/01/2017		07/01/2017			449,113
	2,600,000	Puerto Rico Public Buildings Authority1	7.000		07/01/2025		04/13/2025	B		1,979,250
	2,735,000	Puerto Rico Public Buildings Authority1	5.250		07/01/2019		07/01/2019			2,773,399
	1,070,000	Puerto Rico Public Buildings Authority1	6.250		07/01/2023		07/01/2023			819,888
	460,000	Puerto Rico Public Buildings Authority1	5.500		07/01/2018		07/01/2018			459,177
	8,305,000	Puerto Rico Public Buildings Authority1	5.375		07/01/2033		09/18/2030	B		5,743,655

60      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$1,750,000	Puerto Rico Public Finance Corp., Series B1	5.500 %		08/01/2031		07/17/2029	B	$	806,663
	1,400,000	Puerto Rico Public Finance Corp., Series B1	6.000		08/01/2025		08/01/2025			645,470
	600,000	Puerto Rico Public Finance Corp., Series B1	6.000		08/01/2024		08/01/2024			276,630
	2,505,000	Puerto Rico Sales Tax Financing Corp., Series A1	5.000		08/01/2024		08/01/2024			1,923,615
	500,000	Puerto Rico Sales Tax Financing Corp., Series A1	5.500		08/01/2028		08/01/2028			385,350
	4,735,000	Puerto Rico Sales Tax Financing Corp., Series A1	6.125		08/01/2029		08/01/2029			3,720,242
	885,000	Puerto Rico Sales Tax Financing Corp., Series A1	5.500		08/01/2023		08/01/2023			723,213
	9,500,000	Puerto Rico Sales Tax Financing Corp., Series A1	5.500		08/01/2021		08/01/2021			7,913,310
	7,150,000	Puerto Rico Sales Tax Financing Corp., Series A1	5.500		08/01/2022		08/01/2022			5,890,385
	3,300,000	Puerto Rico Sales Tax Financing Corp., Series B1	6.000		08/01/2026		08/01/2026			1,521,333
	315,000	University of Puerto Rico, Series P1	5.000		06/01/2024		06/01/2024			178,633
	495,000	University of Puerto Rico, Series Q1	5.000		06/01/2021		06/01/2021			291,550
	125,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1	5.000		10/01/2026		10/01/2016	A		131,209
	160,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1	5.000		10/01/2025		10/01/2016	A		168,362
	300,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1	5.000		10/01/2023		10/01/2016	A		317,898
										108,161,573
	Total Investments, at Value (Cost $656,195,853)—99.8%									637,087,718
	Net Other Assets (Liabilities)—0.2									1,054,993
	Net Assets—100.0%								$	638,142,711

Footnotes to Statement of Investments

* 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.

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

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

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

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

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

61      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

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

ABAG	Association of Bay Area Governments
AHSW	Adventist Health System-West
AMCH	Adventist Medical Center Hanford
BMH	Bakersfield Memorial Hospital
CCOTA	California College of the Arts
CDA	Communities Devel. Authority
CEI	Coalition for Elders Independence
CFD	Community Facilities District
CHC	Children’s Health Care
CHCW	Catholic Healthcare West
CHF	City Hospital Foundation
CMCtr	Castle Medical Center
CMF	CHW Medical Foundation
CmntyHOSB	Community Hospital of San Bernardino
COP	Certificates of Participation
CVHP	Citrus Valley Health Partners
CVMC	Citrus Valley Medical Center
CWM	Chemical Waste Management
DHlth	Dignity Health
DUOC	Dominican University of California
FF	Feedback Foundation
FH	Foothill Hospital
FRH	Feather River Hospital
GCCCD	Grossmont-Cuyamaca Community College District
GHMC	Glendale Adventist Medical Center
GO	General Obligation
HFA	Housing Finance Agency
HSH	Hayward Sisters Hospital
IMEPCF	Industrial, Medican and Environmental Pollution Control Facilities
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
KGIOALS	Keck Graduate Institute of Applied Life Sciences
LLMC	Lifelong Medical Care
MGC	Modesto Garbage Company
MSrH	Mercy Senior Housing
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
OCTC	Olive Crest Treatment Centers
PAMC	Portland Adventist Medical Center
PCCD	Palomar Community College District
PH&S	Providence Health & Services
PVH	Paradise Valley Hospital
ROLs	Reset Option Longs
SCADP	Southern California Alcohol & Drug Programs
SFMH	St. Francis Memorial Hospital
SHHosp	St. Helena Hospital
SJCH	San Joaquin Community Hospital
SNVMMH	Sierra Nevada Memorial-Miners Hospital
SRHF	Saint Rose Hospital Foundation
SRMB	Saint Rose Medical Building
STTJCCD	Shasta-Tehama-Trinity Joint Community College District
SVHosp	Simi Valley Hospital
TASC	Tobacco Settlement Asset-Backed Bonds
UCI	University of California Irvine
USAWCA	USA Waste of California

62      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Abbreviations (Continued)

UVMC	Ukiah Valley Medical Center
V.I.	United States Virgin Islands
WM	Waste Management
WMC	Waste Management of California
WMC&R	Waste Management Collection & Recycling
WMMC	White Memorial Medical Center
WU	Woodbury University
WWI	Western Waste Industries

See accompanying Notes to Financial Statements.

63      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES    July 31, 2014

Assets
Investments, at value (cost $656,195,853)—see accompanying statement of investments	$	637,087,718
Cash		771,717
Receivables and other assets:
Interest		10,794,636
Investments sold on a when-issued or delayed delivery basis		5,815,000
Shares of beneficial interest sold		1,108,401
Other		209,777
Total assets		655,787,249
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		6,665,000
Payable for borrowings (See Note 6)		6,100,000
Shares of beneficial interest redeemed		3,713,674
Dividends		506,658
Investments purchased		416,620
Distribution and service plan fees		110,615
Trustees’ compensation		41,923
Shareholder communications		19,918
Interest expense on borrowings		433
Other		69,697
Total liabilities		17,644,538
Net Assets	$	638,142,711
Composition of Net Assets
Par value of shares of beneficial interest	$	193,949
Additional paid-in capital		688,788,212
Accumulated net investment income		3,691,053
Accumulated net realized loss on investments		(35,422,368)
Net unrealized depreciation on investments		(19,108,135)
Net Assets	$	638,142,711

64      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $370,783,689 and 112,670,552 shares of beneficial interest outstanding)	$	3.29
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)	$	3.37
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $791,695 and 233,664 shares of beneficial interest outstanding)	$	3.39
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $144,344,942 and 44,006,648 shares of beneficial interest outstanding)	$	3.28
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $122,222,385 and 37,038,345 shares of beneficial interest outstanding)	$	3.30

See accompanying Notes to Financial Statements.

65      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF OPERATIONS    For the Year Ended July 31, 2014

Investment Income
Interest	$	33,518,001
Other income		108
Total investment income		33,518,109
Expenses
Management fees		2,842,794
Distribution and service plan fees:
Class A		1,012,364
Class B		10,100
Class C		1,447,065
Transfer and shareholder servicing agent fees:
Class A		294,419
Class B		1,324
Class C		120,753
Class Y		95,243
Shareholder communications:
Class A		46,163
Class B		707
Class C		31,283
Class Y		20,168
Borrowing fees		562,038
Interest expense and fees on short-term floating rate notes issued (See Note 1)		77,108
Interest expense on borrowings		18,154
Trustees’ compensation		11,080
Custodian fees and expenses		3,759
Other		118,307
Total expenses		6,712,829
Less waivers and reimbursements of expenses		(165)
Net expenses		6,712,664
Net Investment Income		26,805,445
Realized and Unrealized Loss
Net realized loss on investments		(3,747,045)
Net change in unrealized appreciation/depreciation on investments		(3,862,979)
Net Increase in Net Assets Resulting from Operations	$	19,195,421

See accompanying Notes to Financial Statements.

66      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended July 31, 2014		Year Ended July 31, 2013
Operations
Net investment income	$	26,805,445	$	23,186,817
Net realized loss		(3,747,045)		(8,770,272)
Net change in unrealized appreciation/depreciation		(3,862,979)		(23,991,403)
Net increase (decrease) in net assets resulting from operations		19,195,421		(9,574,858)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(14,762,048)		(14,517,060)
Class B		(26,685)		(40,364)
Class C		(4,188,243)		(4,162,631)
Class Y		(4,467,022)		(4,984,840)
		(23,443,998)		(23,704,895)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(88,470,012)		193,582,357
Class B		(458,997)		(330,302)
Class C		(10,958,212)		43,736,617
Class Y		(9,867,887)		44,664,173
		(109,755,108)		281,652,845
Net Assets
Total increase (decrease)		(114,003,685)		248,373,092
Beginning of period		752,146,396		503,773,304
End of period (including accumulated net investment income of $3,691,053 and $240,229, respectively)	$	638,142,711	$	752,146,396

See accompanying Notes to Financial Statements.

67      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	July 31,		July 31,		July 31,		July 29,		July 30,
Class A	2014		2013		2012		2011 1		2010 1
Per Share Operating Data
Net asset value, beginning of period	$	3.30	$	3.43	$	3.33	$	3.36	$	3.20
Income (loss) from investment operations:
Net investment income2		0.14		0.13		0.15		0.16		0.17
Net realized and unrealized gain (loss)		(0.03)		(0.13)		0.11		(0.03)		0.15
Total from investment operations		0.11		0.00		0.26		0.13		0.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		(0.13)		(0.16)		(0.16)		(0.16)
Net asset value, end of period	$	3.29	$	3.30	$	3.43	$	3.33	$	3.36
Total Return, at Net Asset Value3		3.40%		(0.07)%		8.09%		4.07%		10.02%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	370,784	$	461,700	$	289,266	$	198,431	$	188,647
Average net assets (in thousands)	$	405,307	$	385,057	$	225,504	$	197,240	$	170,296
Ratios to average net assets:4
Net investment income		4.15%		3.68%		4.41%		4.94%		4.96%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.78%		0.73%		0.76%		0.77%		0.81%
Interest and fees from borrowings		0.09%		0.06%		0.07%		0.12%		0.27%
Interest and fees on short-term floating rate notes issued5		0.01%		0.01%		0.02%		0.05%		0.05%
Total expenses		0.88%		0.80%		0.85%		0.94%		1.13%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88%		0.80%		0.85%		0.94%		1.13%
Portfolio turnover rate		19%		37%		20%		32%		42%

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

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

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

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

68        OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	July 31,		July 31,		July 31,		July 29,		July 30,
Class B	2014		2013		2012		2011 1		2010 1
Per Share Operating Data
Net asset value, beginning of period	$	3.39	$	3.52	$	3.41	$	3.44	$	3.27
Income (loss) from investment operations:
Net investment income2		0.11		0.10		0.12		0.14		0.14
Net realized and unrealized gain (loss)		(0.02)		(0.13)		0.12		(0.04)		0.15
Total from investment operations		0.09		(0.03)		0.24		0.10		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.10)		(0.13)		(0.13)		(0.12)
Net asset value, end of period	$	3.39	$	3.39	$	3.52	$	3.41	$	3.44
Total Return, at Net Asset Value3		2.73%		(1.02)%		7.18%		2.98%		9.07%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	792	$	1,253	$	1,629	$	1,539	$	1,870
Average net assets (in thousands)	$	1,008	$	1,470	$	1,657	$	1,720	$	1,973
Ratios to average net assets:4
Net investment income		3.29%		2.78%		3.51%		3.99%		4.03%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.65%		1.69%		1.71%		1.72%		1.76%
Interest and fees from borrowings		0.09%		0.06%		0.07%		0.12%		0.27%
Interest and fees on short-term floating rate notes issued5		0.01%		0.01%		0.02%		0.05%		0.05%
Total expenses		1.75%		1.76%		1.80%		1.89%		2.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.75%		1.76%		1.80%		1.89%		2.08%
Portfolio turnover rate		19%		37%		20%		32%		42%

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

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

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

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

69      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS    Continued

	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	July 31,		July 31,		July 31,		July 29,		July 30,
Class C	2014		2013		2012		2011 1		2010 1
Per Share Operating Data
Net asset value, beginning of period	$	3.29	$	3.41	$	3.31	$	3.35	$	3.19
Income (loss) from investment operations:
Net investment income2		0.11		0.10		0.12		0.14		0.14
Net realized and unrealized gain (loss)		(0.03)		(0.12)		0.12		(0.04)		0.15
Total from investment operations		0.08		(0.02)		0.24		0.10		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.10)		(0.14)		(0.14)		(0.13)
Net asset value, end of period	$	3.28	$	3.29	$	3.41	$	3.31	$	3.35
Total Return, at Net Asset Value3		2.62%		(0.56)%		7.30%		2.96%		9.19%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	144,345	$	156,017	$	118,105	$	74,654	$	70,579
Average net assets (in thousands)	$	144,718	$	138,944	$	91,711	$	74,225	$	65,423
Ratios to average net assets:4
Net investment income		3.38%		2.91%		3.61%		4.15%		4.17%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.55%		1.52%		1.54%		1.56%		1.60%
Interest and fees from borrowings		0.09%		0.06%		0.07%		0.12%		0.27%
Interest and fees on short-term floating rate notes issued5		0.01%		0.01%		0.02%		0.05%		0.05%
Total expenses		1.65%		1.59%		1.63%		1.73%		1.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.65%		1.59%		1.63%		1.73%		1.92%
Portfolio turnover rate		19%		37%		20%		32%		42%

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

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

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

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

70      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

	Year Ended		Year Ended		Year Ended Period Ended
	July 31,		July 31,		July 31,		July 29,
Class Y	2014		2013		2012		20111
Per Share Operating Data
Net asset value, beginning of period	$	3.31	$	3.43	$	3.33	$	3.34
Income (loss) from investment operations:
Net investment income2		0.14		0.13		0.15		0.11
Net realized and unrealized gain (loss)		(0.02)		(0.11)		0.12		(0.01)
Total from investment operations		0.12		0.02		0.27		0.10
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.14)		(0.17)		(0.11)
Net asset value, end of period	$	3.30	$	3.31	$	3.43	$	3.33
Total Return, at Net Asset Value3		3.63%		0.46%		8.33%		3.20%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	122,222	$	133,176	$	94,773	$	13,031
Average net assets (in thousands)	$	115,517	$	125,603	$	53,265	$	5,548
Ratios to average net assets:4
Net investment income		4.38%		3.91%		4.48%		5.05%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.54%		0.50%		0.51%		0.58%
Interest and fees from borrowings		0.09%		0.06%		0.07%		0.10%
Interest and fees on short-term floating rate notes issued		0.01%		0.01%		0.02%		0.05%
Total expenses5		0.64%		0.57%		0.60%		0.73%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses5		0.64%		0.57%		0.60%		0.73%
Portfolio turnover rate		19%		37%		20%		32%

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

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

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

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

71      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSJuly 31, 2014

1. Significant Accounting Policies

Oppenheimer Rochester Limited Term California Municipal Fund (the “Fund”), formerly named Oppenheimer Limited Term California Municipal 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 tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

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

72      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

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

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

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

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NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies (Continued)

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

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity

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1. Significant Accounting Policies (Continued)

provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2014, the Fund’s maximum exposure under such agreements is estimated at $6,665,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At July 31, 2014, municipal bond holdings with a value of $11,271,569 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $6,665,000 in short-term floating rate securities issued and outstanding at that date.

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

Principal Amount	Inverse Floater1	Coupon Rate2		Maturity Date		Value
$  3,335,000	Los Angeles, CA Dept. of Airports ROLs3		12.617%		5/15/25	$	4,606,569

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

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

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

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and

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NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies (Continued)

Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 5% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $6,665,000 or 1.02% of its total assets as of July 31, 2014.

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

As of July 31, 2014, the Fund had sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities	$5,815,000

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

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

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1. Significant Accounting Policies (Continued)

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.

Undistributed Net Investment Income	Undistributed Long-Term Gain	Accumulated Loss Carryforward1,2,3,4	Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$4,378,338	$—	$35,416,169	$19,156,259

1. As of July 31, 2014, the Fund had $35,416,169 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2015	$	172,117
2016		55,871
2017		2,457,882
2018		10,731,096
2019		3,010,369
No expiration		18,988,834
Total	$	35,416,169

2. During the fiscal year ended July 31, 2014, the Fund utilized $591,547 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

4. During the fiscal year ended July 31, 2014, $1,553 of unused capital loss carryforward expired.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate

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NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies (Continued)

characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

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

Reduction to Paid-in Capital	Increase to Accumulated Net Investment Income		Increase to Accumulated Net Realized Loss on Investments
$1,553		$89,377		$87,824

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

	Year Ended		Year Ended
	July 31, 2014		July 31, 2013
Distributions paid from:
Exempt-interest dividends	$	23,315,272	$	23,512,830
Ordinary income		128,726		192,065
Total	$	23,443,998	$	23,704,895

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2014 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	649,681,513 1
Gross unrealized appreciation	$	13,119,347
Gross unrealized depreciation		(32,275,606)
Net unrealized depreciation	$	(19,156,259)

1. The Federal tax cost of securities does not include cost of $6,562,464, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2014, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

78      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

Projected Benefit Obligations Increased	$	760
Payments Made to Retired Trustees		1,707
Accumulated Liability as of July 31, 2014		15,699

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.

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

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NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies (Continued)

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. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies

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2. Securities Valuation (Continued)

(listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as

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NOTES TO FINANCIAL STATEMENTS    Continued

2. Securities Valuation (Continued)

unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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

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

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
California	$	—	$	528,926,145	$	—	$	528,926,145
U.S. Possessions		—		108,161,573		—		108,161,573
Total Assets	$	—	$	637,087,718	$	—	$	637,087,718

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in

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2. Securities Valuation (Continued)

the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

3. Shares of Beneficial Interest

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

	Year Ended July 31, 2014						Year Ended July 31, 2013
	Shares			Amount			Shares			Amount
Class A
Sold		31,198,424		$	102,259,924			185,887,766		$	630,909,094
Dividends and/or distributions reinvested		3,186,740			10,464,964			3,204,077			10,929,221
Redeemed		(61,563,945	)		(201,194,900	)		(133,678,200	)		(448,255,958)
Net increase (decrease)		(27,178,781	)	$	(88,470,012	)		55,413,643		$	193,582,357
Class B
Sold		13,055		$	44,104			69,503		$	244,921
Dividends and/or distributions reinvested		7,152			24,157			10,272			36,034
Redeemed		(155,856	)		(527,258	)		(173,792	)		(611,257)
Net decrease		(135,649	)	$	(458,997	)		(94,017	)	$	(330,302)
Class C
Sold		11,798,640		$	38,586,345			19,969,567		$	68,013,914
Dividends and/or distributions reinvested		873,944			2,863,392			812,629			2,761,924
Redeemed		(16,071,958	)		(52,407,949	)		(7,976,584	)		(27,039,221)
Net increase (decrease)		(3,399,374	)	$	(10,958,212	)		12,805,612		$	43,736,617
Class Y
Sold		25,156,128		$	82,794,659			41,313,205		$	141,492,505
Dividends and/or distributions reinvested		794,065			2,615,784			673,778			2,300,746
Redeemed		(29,140,459	)		(95,278,330	)		(29,376,186	)		(99,129,078)
Net increase (decrease)		(3,190,266	)	$	(9,867,887	)		12,610,797		$	44,664,173

4. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities		$122,945,987		$238,224,860

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NOTES TO FINANCIAL STATEMENTS    Continued

5. Fees and Other Transactions with Affiliates

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

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

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

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

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

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

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

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5. Fees and Other Transactions with Affiliates (Continued)

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

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

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2014		$29,145		$106,092		$943		$37,272

Waivers and Reimbursements of Expenses. The Transfer Agent has contractually agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.

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

Class A	$	76
Class C		50
Class Y		39

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

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The

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NOTES TO FINANCIAL STATEMENTS    Continued

6. Borrowings (Continued)

Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

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

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.1594% as of July 31, 2014). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 31, 2014 equal 0.07% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 31, 2014, the Fund had borrowings outstanding at an interest rate of 0.1594%. Details of the borrowings for the year ended July 31, 2014 are as follows:

Average Daily Loan Balance	$	11,180,548
Average Daily Interest Rate		0.1595	%
Fees Paid	$	475,690
Interest Paid	$	18,808

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7. Reverse Repurchase Agreements

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 31, 2014 are included in expenses on the Fund’s Statement of Operations and equal 0.02% of the Fund’s average net assets on an annualized basis.

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

The Fund executed no transactions under the Facility during the year ended July 31, 2014.

Fees Paid $ 115,959

8. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the

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NOTES TO FINANCIAL STATEMENTS    Continued

8. Pending Litigation (Continued)

Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities law and alleged, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. On March 5, 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. On July 31, 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. In June 2014, the appellate court affirmed the lower court’s order approving the settlement. Certain parties subsequently filed a petition for certiorari before the U.S. Supreme Court further challenging the settlement approval order. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

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

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

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

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

KPMG LLP

Denver, Colorado

September 19, 2014

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FEDERAL INCOME TAX INFORMATION        Unaudited

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

None of the dividends paid by the Fund during the fiscal year ended July 31, 2014 are eligible for the corporate dividend-received deduction. 99.45% 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.CALL OPP (225.5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

Householding—Delivery of Shareholder Documents

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

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

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TRUSTEES AND OFFICERS        Unaudited

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

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

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TRUSTEES AND OFFICERS    Unaudited

Mary F. Miller, Trustee (since 2005) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2005) Year of Birth: 1952	Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March 2012); Advisory Board Director of The Agile Trading Group LLC (since March 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Board Director of The Komera Project (non-profit) (since April 2012); New York Advisory Board Director of Peace First (non-profit) (since March 2010); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time

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Joanne Pace, Continued	she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Joseph M. Wikler, Trustee (since 2004) Year of Birth: 1941	Director of C-TASC (bio-statistics services) (2007-2012); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Peter I. Wold, Trustee (since 2004) Year of Birth: 1948	Director of Arch Coal, Inc. (since 2010); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (2004-2012); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as an officer and director of the Manager and a director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. Both as a Trustee and as an officer, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, 11th Floor, New York, New York 10281-1008.
William F. Glavin, Jr., Trustee (since 2013), President and Principal Executive Officer (since 2009) Year of Birth: 1958	Chairman of the Sub-Adviser (since July 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief

95      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited

William F. Glavin, Jr., Continued	Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a brokerdealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein and Gabinet, Mss. Nasta and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001-June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2003-December 2005). Corporate Attorney for Southern Resource Group (June 1999-December 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

96      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) and Senior Portfolio Manager (since 2008) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub-Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.

97      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited

Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Year of Birth: 1973	Senior Vice President of OppenheimerFunds Distributor, Inc. (since January 2013); Senior Vice President of the Sub-Adviser (July 2010-December 2012); Vice President of the Sub-Adviser (January 2003-July 2010); Vice President of OppenheimerFunds Distributor, Inc. (January 2003-July 2010). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2004) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

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

98      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

OPPENHEIMER ROCHESTER LIMITED TERM

CALIFORNIA MUNICIPAL FUND

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

© 2014 OppenheimerFunds, Inc. All rights reserved.

99      OPPENHEIMER ROCHESTER 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 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.

100      OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2013. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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103      OPPENHEIMER ROCHESTER 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 $42,300 in fiscal 2014 and $41,500 in fiscal 2013.

(b) Audit-Related Fees

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

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

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

(c) Tax Fees

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

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

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

(d) All Other Fees

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

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

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

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

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

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

(2) 0%

(f) Not applicable as less than 50%.

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

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester Limited Term California Municipal Fund

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

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

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

EX-99.CODE ETH

CODE OF ETHICS

FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS

OF THE OPPENHEIMER FUNDS

AND OPPENHEIMERFUNDS, INC.

This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the “Code”) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as “OFI”) acts as investment adviser (individually, a “Fund” and collectively, the “Funds”), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to OFI’s and each Fund’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Covered Officers”). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.¹

1. Purpose of the Code

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;

• compliance with applicable governmental laws, rules and regulations;

• the prompt internal reporting of violations of this Code to the Code Administrator identified below; and

• accountability for adherence to this Code.

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund’s financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable

¹ The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

rules, regulations and accounting standards; and (4) the duty to conduct the Funds’ business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI’s fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.

2. Prohibitions

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

(i) employ any device, scheme or artifice to defraud a Fund or its shareholders;

(ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public;

(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;

(iv) engage in any manipulative practice with respect to any Fund;

(v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders;

(vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund;

(vii) intentionally mislead or omit to provide material information to the Fund’s independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters;

(viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws;

(ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or

(x) fails to acknowledge or certify compliance with this Code if requested to do so.

3. Reports of Conflicts of Interests

If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer’s reasonable belief, the appearance of one, he or she must immediately report the matter to the Code’s Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI’s Chief Executive Officer.

Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund’s Board of Trustees/Directors.

4. Waivers

Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

(i) is prohibited by this Code;

(ii) is consistent with honest and ethical conduct; and

(iii) will result in a conflict of interest between the Covered Officer’s personal and professional obligations to a Fund.

In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund’s Board of Trustees/Directors.

5. Reporting Requirements

(a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code.

(b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto.

(c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser.

(d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments.

(e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.

(f) Any changes to or waivers of this Code, including “implicit” waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.²

6. Annual Review

At least annually, the Board of Trustees/Directors of each Fund shall review the Code and consider whether any amendments are necessary or desirable.

7. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI.

8. Administration and Construction

(a) The administration of this Code of Ethics shall be the responsibility of OFI’s General Counsel or his designee as the “Code Administrator” of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds.

(b) The duties of such Code Administrator will include:

(i) Continuous maintenance of a current list of the names of all Covered Officers;

(ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations;

(v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

(c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment.

²  An “implicit waiver” is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI.

9. Required Records

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred):

(a) A copy of any Code which has been in effect during the period;

(b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period;

(c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period;

(d) A copy of each report made by the Code Administrator pursuant to this Code during the period;

(e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports;

(f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and

(g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision.

10. Amendments and Modifications

Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund.

11. Confidentiality.

This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process.

Dated as of: June 25, 2003, as revised August 30, 2006 and further revised as of March 5, 2010.

Exhibit A

Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*

Each Oppenheimer fund

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

OFI

President and Chief Executive Officer (Principal Executive Officer)

Chief Financial Officer and Treasurer (Principal Financial Officer)

* There are no other positions with the Funds or OFI who perform similar functions to those listed above.

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Rochester Limited Term California Municipal Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 9/10/2014

/s/ William F. Glavin, Jr.

William F. Glavin, Jr.

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Rochester Limited Term California Municipal Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 9/10/2014

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Rochester Limited Term California Municipal Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 7/31/2014 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer Rochester Limited Term California Municipal Fund	Oppenheimer Rochester Limited Term California Municipal Fund
/s/ William F. Glavin, Jr.	/s/ Brian W. Wixted
William F. Glavin, Jr.	Brian W. Wixted
Date: 9/10/2014	Date: 9/10/2014