Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21474

Oppenheimer Limited Term California Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

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: 4/30/2013

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	Municipal Bonds and Notes—101.5%
	California—91.3%
	$ 740,000	Adelanto, CA Improvement Agency, Series B		5.500	%	12/01/2023	06/01/2013 ^A	$	740,326
	620,000	Adelanto, CA Public Financing Authority, Series B ¹		6.300		09/01/2028	09/01/2013 ^A		623,373
	100,000	Adelanto, CA Public Utility Authority		5.875		07/01/2022	07/01/2019 ^A		110,731
	200,000	Adelanto, CA Public Utility Authority		6.000		07/01/2023	07/01/2019 ^A		221,320
	100,000	Adelanto, CA Public Utility Authority		6.250		07/01/2026	07/01/2019 ^A		110,919
	125,000	Adelanto, CA Public Utility Authority		6.625		07/01/2031	07/01/2019 ^A		139,375
	1,750,000	Alameda, CA Corridor Transportation Authority ¹		5.000		10/01/2029	10/01/2023 ^A		2,075,798
	1,000,000	Alameda, CA Corridor Transportation Authority ¹		5.450		10/01/2025	10/01/2017 ^A		1,118,460
	65,000	Alameda, CA GO ¹		5.000		08/01/2027	08/01/2013 ^A		66,548
	25,000	Alvord, CA Unified School District Community Facilities District		6.200		09/01/2025	09/01/2013 ^A		25,144
	125,000	Anaheim, CA Public Financing Authority (Electric System Generation) ¹		5.000		10/01/2016	05/31/2013 ^A		125,495
	180,000	Anaheim, CA Public Financing Authority (Electric System Generation) ¹		5.250		10/01/2013	05/31/2013 ^A		180,758
	130,000	Anaheim, CA Public Financing Authority (Electric System Generation) ¹		5.250		10/01/2017	05/31/2013 ^A		130,533
	55,000	Antelope Valley, CA Healthcare District ¹		5.200		01/01/2017	05/31/2013 ^A		55,187
	2,000,000	Antelope Valley, CA Healthcare District ¹		5.200		01/01/2020	05/31/2013 ^A		2,006,140
	1,500,000	Antelope Valley, CA Healthcare District ¹		5.250		09/01/2017	09/01/2013 ^A		1,531,995
	1,430,000	Antioch, CA Public Financing Authority ¹		5.500		01/01/2016	05/31/2013 ^A		1,449,891
	300,000	Antioch, CA Public Financing Authority ¹		5.500		01/01/2032	05/31/2013 ^A		300,348
	550,000	Antioch, CA Public Financing Authority ¹		5.625		01/01/2022	05/31/2013 ^A		557,915
	3,005,000	Antioch, CA Public Financing Authority ¹		5.625		01/01/2027	05/31/2013 ^A		3,048,242
	25,000	Apple Valley, CA Improvement Bond Act 1915		6.900		09/02/2015	09/02/2013 ^A		26,092
	30,000	Arcadia, CA Redevel. Agency Tax Allocation		5.000		05/01/2015	05/31/2013 ^A		30,113
	25,000	Arcadia, CA Redevel. Agency Tax Allocation (Central Redevel.) ¹		5.125		05/01/2019	05/31/2013 ^A		25,075


1		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 160,000	Arcadia, CA Redevel. Agency Tax Allocation (Central Redevel.) ¹		5.125	%	05/01/2023	05/31/2013 ^A	$	160,554
	15,000	Aromas, CA Water District		5.600		09/01/2018	09/01/2013 ^A		15,081
	15,000	Atwater, CA Redevel. Agency (Downtown Redevel.)		5.500		06/01/2019	06/01/2013 ^A		15,012
	25,000	Auburn, CA Union School District COP ¹		5.750		09/01/2017	05/31/2013 ^A		25,083
	25,000	Azusa, CA Redevel. Agency Tax Allocation (West End Redevel.) ¹		8.000		08/01/2034	08/01/2014 ^A		26,383
	10,000	Bakersfield, CA Improvement Bond Act 1915		7.100		09/02/2015	09/02/2013 ^A		10,122
	50,000	Baldwin Park, CA Public Financing Authority (San Gabriel River) ¹		5.000		08/01/2015	05/31/2013 ^A		50,137
	120,000	Baldwin Park, CA Redevel. Agency ¹		5.750		09/01/2030	05/31/2013 ^A		120,204
	25,000	Bay Area, CA Governments Association ¹		6.000		12/15/2024	06/15/2013 ^A		25,171
	100,000	Bay Area, CA Governments Association Infrastructure Finance Authority ¹		5.000		08/01/2017	08/01/2013 ^A		101,095
	655,000	Beaumont, CA Financing Authority, Series A		5.000		09/01/2027	09/01/2023 ^A		687,874
	25,000	Beaumont, CA Financing Authority, Series A		5.700		09/01/2035	09/01/2017 ^A		25,999
	160,000	Beaumont, CA Financing Authority, Series A		7.000		09/01/2023	05/31/2013 ^A		160,379
	55,000	Beaumont, CA Financing Authority, Series B		6.000		09/01/2034	09/01/2013 ^A		57,093
	325,000	Bell, CA COP ¹		5.000		09/01/2023	05/31/2013 ^A		325,322
	30,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.)		5.500		08/01/2016	05/31/2013 ^A		30,085
	50,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.) ¹		5.600		08/01/2018	05/31/2013 ^A		50,119
	120,000	Belmont, CA Redevel. Agency (Los Costanos Community Devel.) ¹		5.650		08/01/2024	05/31/2013 ^A		120,196
	60,000	Big Bear, CA Municipal Water District COP ¹		5.000		11/01/2024	05/31/2013 ^A		60,060
	135,000	Blythe, CA Financing Authority (City Hall & County Courthouse) ¹		5.500		09/01/2027	09/01/2013 ^A		135,647
	50,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		5.750		05/01/2034	05/01/2015 ^A		50,659
	75,000	Brea & Olinda, CA Unified School District COP ¹		5.500		08/01/2017	05/31/2013 ^A		75,331
	30,000	Brisbane, CA Improvement Bond Act 1915 (Northeast Ridge)		5.875		09/02/2020	09/02/2013 ^A		31,055
	205,000	Brisbane, CA Public Financing Authority		6.000		05/01/2026	05/31/2013 ^A		205,238
	100,000	Buena Park, CA Community Redevel. Agency ¹		5.250		09/01/2025	09/01/2018 ^A		107,781


2		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	Buena Park, CA Community Redevel. Agency ¹		5.625	%	09/01/2033	09/01/2018 ^A	$	106,031
	250,000	Burbank, CA Community Facilities District Special Tax		5.200		12/01/2023	06/01/2013 ^A		257,690
	240,000	Burbank, CA Public Financing Authority ¹		5.250		12/01/2016	12/01/2013 ^A		244,596
	250,000	CA ABAG Finance Authority for NonProfit Corporation (Episcopal Senior Communities) ¹		5.000		07/01/2024	07/01/2022 ^A		285,080
	100,000	CA ABAG Finance Authority for NonProfit Corporation (Redwood Senior Homes and Services) ¹		6.000		11/15/2022	05/31/2013 ^A		101,254
	15,000	CA ABAG Finance Authority for NonProfit Corporation (Sansum-Santa Barbara Medical Foundation Clinic) ¹		5.250		04/01/2014	05/31/2013 ^A		15,049
	10,000	CA ABAG Finance Authority for NonProfit Corporation COP (Over 60-CEI/LLMC/CEI Obligated Group)		5.200		11/15/2023	05/31/2013 ^A		10,035
	25,000	CA ABAG Finance Authority for NonProfit Corporation COP (Scott Street Senior Hsg. Complex) ¹		5.125		05/15/2023	05/31/2013 ^A		25,087
	50,000	CA ABAG Finance Authority for NonProfit Corporations (Bijou Woods Apartments) ¹		5.200		12/01/2021	06/01/2013 ^A		50,096
	5,000	CA ABAG Finance Authority for NonProfit Corporations (OW/OWHC/SJRHC Obligated Group)		5.700		11/01/2013	05/31/2013 ^A		5,012
	50,000	CA ABAG Finance Authority for NonProfit Corporations (Palo Alto Gardens Apartments) ¹		5.000		10/01/2014	05/31/2013 ^A		50,117
	5,000	CA ABAG Finance Authority for NonProfit Corporations COP ¹		5.600		11/01/2023	05/31/2013 ^A		5,019
	5,000	CA ABAG Finance Authority for NonProfit Corporations COP ¹		5.800		03/01/2023	05/31/2013 ^A		5,014
	155,000	CA ABAG Finance Authority for NonProfit Corporations COP (O’Connor Woods)		6.200		11/01/2029	05/31/2013 ^A		155,161
	30,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments) ¹		5.350		10/01/2029	05/31/2013 ^A		30,032
	40,000	CA ABAG Finance Authority for NonProfit Corporations COP (Tarzana Treatment Center) ¹		5.200		12/01/2023	06/01/2013 ^A		40,141
	40,000	CA ABAG Tax Allocation, Series A ¹		6.000		12/15/2014	06/15/2013 ^A		40,289
	360,000	CA Affordable Hsg. Agency (Merced County Hsg. Authority)		6.500		01/01/2033	05/31/2013 ^A		360,220
	65,000	CA Bay Area Government Association ¹		5.000		08/01/2017	05/31/2013 ^A		65,235


3		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 20,000	CA College of the Sequoias Community District COP ¹		5.000	%	05/01/2016	05/31/2013 ^A	$	20,053
	490,000	CA Communities Transportation Revenue COP ¹		5.250		06/01/2023	06/01/2022 ^A		584,413
	515,000	CA Communities Transportation Revenue COP ¹		5.250		06/01/2024	06/01/2022 ^A		605,985
	545,000	CA Communities Transportation Revenue COP ¹		5.250		06/01/2025	06/01/2022 ^A		631,933
	575,000	CA Communities Transportation Revenue COP ¹		5.250		06/01/2026	06/01/2022 ^A		659,594
	605,000	CA Communities Transportation Revenue COP ¹		5.250		06/01/2027	06/01/2022 ^A		688,127
	65,000	CA Community College Financing Authority (GCCCD/PCCD/STTJCCD Obligated Group) ¹		5.000		04/01/2021	10/01/2013 ^A		65,664
	680,000	CA Community College Financing Authority (GCCCD/PCCD/STTJCCD Obligated Group) ¹		5.625		04/01/2026	10/01/2013 ^A		686,351
	8,100,000	CA County Tobacco Securitization Agency		5.830	²	06/01/2033	05/30/2022 ^B		2,081,700
	110,000	CA County Tobacco Securitization Agency (Golden Gate Tobacco)		4.500		06/01/2021	09/11/2014 ^A		110,669
	405,000	CA County Tobacco Securitization Agency (TASC) ¹		5.000		06/01/2026	06/01/2015 ^A		405,300
	505,000	CA County Tobacco Securitization Agency (TASC)		5.100		06/01/2028	10/13/2021 ^B		493,294
	6,440,000	CA County Tobacco Securitization Agency (TASC) ¹		5.250		06/01/2021	07/30/2017 ^A		6,529,838
	290,000	CA County Tobacco Securitization Agency (TASC) ¹		5.500		06/01/2033	06/01/2013 ^A		291,134
	2,605,000	CA County Tobacco Securitization Agency (TASC) ¹		5.625		06/01/2023	06/01/2013 ^A		2,612,633
	9,565,000	CA County Tobacco Securitization Agency (TASC) ¹		5.750		06/01/2029	06/01/2013 ^A		9,827,559
	170,000	CA County Tobacco Securitization Agency (TASC) ¹		5.875		06/01/2027	06/01/2013 ^A		170,048
	380,000	CA County Tobacco Securitization Agency (TASC) ¹		5.875		06/01/2035	06/01/2013 ^A		381,486
	305,000	CA County Tobacco Securitization Agency (TASC) ¹		5.875		06/01/2043	06/01/2013 ^A		305,012
	2,935,000	CA County Tobacco Securitization Agency (TASC) ¹		6.000		06/01/2029	05/31/2013 ^A		2,934,912
	5,130,000	CA County Tobacco Securitization Agency (TASC) ¹		6.000		06/01/2035	05/31/2013 ^A		5,129,795
	435,000	CA County Tobacco Securitization Agency (TASC) ¹		6.000		06/01/2042	05/31/2013 ^A		434,961
	10,700,000	CA County Tobacco Securitization Agency (TASC)		6.068	²	06/01/2046	07/03/2041 ^B		631,193


4		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 1,300,000	CA County Tobacco Securitization Agency (TASC) ¹		6.250	%	06/01/2037	06/01/2013 ^A	$	1,305,083
	2,400,000	CA Dept. of Transportation COP ¹		5.250		03/01/2016	05/31/2013 ^A		2,410,104
	895,000	CA Dept. of Water Resources (Center Valley) ¹		5.250		07/01/2022	05/31/2013 ^A		898,723
	790,000	CA Educational Facilities Authority ¹		5.125		04/01/2017	05/31/2013 ^A		792,370
	1,135,000	CA Educational Facilities Authority (California College of Arts & Crafts) ¹		5.000		06/01/2022	06/01/2022		1,251,633
	400,000	CA Educational Facilities Authority (California College of Arts & Crafts) ¹		5.000		06/01/2024	06/01/2022 ^A		434,976
	100,000	CA Educational Facilities Authority (California Western School of Law) ¹		5.000		10/01/2018	05/31/2013 ^A		100,309
	50,000	CA Educational Facilities Authority (California Western School of Law) ¹		5.000		10/01/2028	05/31/2013 ^A		50,058
	745,000	CA Educational Facilities Authority (Mills College) ¹		5.125		09/01/2022	05/31/2013 ^A		746,453
	295,000	CA Educational Facilities Authority (Pooled University) ¹		5.250		04/01/2024	05/31/2013 ^A		295,280
	25,000	CA Educational Facilities Authority (Southwestern Law School) ¹		5.000		11/01/2023	05/31/2013 ^A		25,045
	1,275,000	CA Educational Facilities Authority (Student Loan) ¹		5.400		03/01/2021	05/31/2013 ^A		1,277,180
	335,000	CA Financing Authority (Wastewater Improvement)		6.100		11/01/2033	11/01/2015 ^A		339,640
	5,000	CA GO ¹		4.750		02/01/2017	05/31/2013 ^A		5,019
	60,000	CA GO ¹		4.800		08/01/2014	05/31/2013 ^A		60,230
	5,000	CA GO ¹		5.000		06/01/2013	06/01/2013		5,020
	10,000	CA GO ¹		5.000		06/01/2013	06/01/2013		10,041
	20,000	CA GO ¹		5.000		11/01/2013	05/31/2013 ^A		20,081
	10,000	CA GO ¹		5.000		10/01/2014	05/31/2013 ^A		10,040
	25,000	CA GO ¹		5.000		06/01/2017	05/31/2013 ^A		25,099
	5,000	CA GO ¹		5.000		10/01/2017	05/31/2013 ^A		5,020
	5,000	CA GO ¹		5.000		10/01/2018	05/31/2013 ^A		5,020
	5,000	CA GO ¹		5.000		10/01/2018	05/31/2013 ^A		5,020
	385,000	CA GO ¹		5.000		02/01/2019	05/31/2013 ^A		386,509
	45,000	CA GO ¹		5.000		06/01/2019	05/31/2013 ^A		45,176
	20,000	CA GO ¹		5.000		02/01/2022	05/31/2013 ^A		20,076
	15,000	CA GO ¹		5.000		04/01/2022	05/31/2013 ^A		15,057
	20,000	CA GO ¹		5.000		11/01/2022	05/31/2013 ^A		20,076
	200,000	CA GO ¹		5.000		11/01/2022	11/01/2013 ^A		204,824
	40,000	CA GO ¹		5.000		11/01/2022	11/01/2013 ^A		40,919
	125,000	CA GO ¹		5.000		11/01/2022	11/01/2013 ^A		127,873
	165,000	CA GO ¹		5.000		02/01/2023	08/01/2013 ^A		166,970
	15,000	CA GO ¹		5.000		02/01/2023	08/01/2013 ^A		15,182
	170,000	CA GO ¹		5.000		10/01/2023	05/31/2013 ^A		170,643


5		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 215,000	CA GO ¹		5.000	%	10/01/2023	05/31/2013 ^A	$	215,813
	20,000	CA GO ¹		5.000		10/01/2023	05/31/2013 ^A		20,076
	15,000	CA GO ¹		5.000		11/01/2023	05/31/2013 ^A		15,057
	15,000	CA GO ¹		5.000		02/01/2025	08/01/2013 ^A		15,179
	40,000	CA GO ¹		5.000		02/01/2025	08/01/2013 ^A		40,486
	10,000	CA GO ¹		5.000		02/01/2025	05/31/2013 ^A		10,036
	10,000	CA GO ¹		5.000		02/01/2025	05/31/2013 ^A		10,036
	35,000	CA GO ¹		5.000		02/01/2026	08/01/2013 ^A		35,418
	65,000	CA GO ¹		5.000		02/01/2026	08/01/2013 ^A		65,790
	15,000	CA GO ¹		5.000		02/01/2026	05/31/2013 ^A		15,053
	10,000	CA GO ¹		5.000		02/01/2026	05/31/2013 ^A		10,035
	70,000	CA GO ¹		5.000		04/01/2027	05/31/2013 ^A		70,250
	5,000	CA GO ¹		5.000		10/01/2028	05/31/2013 ^A		5,018
	8,000,000	CA GO ¹		5.000		10/01/2029	04/01/2018 ^A		9,001,120
	10,000	CA GO ¹		5.000		02/01/2032	08/01/2013 ^A		10,122
	25,000	CA GO ¹		5.000		02/01/2033	08/01/2013 ^A		25,254
	10,000	CA GO ¹		5.125		10/01/2027	05/31/2013 ^A		10,037
	50,000	CA GO ¹		5.125		02/01/2028	08/01/2013 ^A		50,613
	35,000	CA GO ¹		5.125		02/01/2028	08/01/2013 ^A		35,436
	25,000	CA GO ¹		5.250		10/01/2013	10/01/2013		25,535
	25,000	CA GO ¹		5.250		10/01/2013	10/01/2013		25,535
	15,000	CA GO ¹		5.250		10/01/2015	10/01/2013 ^A		15,318
	20,000	CA GO ¹		5.250		06/01/2016	06/01/2013 ^A		20,087
	80,000	CA GO ¹		5.250		06/01/2017	06/01/2013 ^A		80,346
	25,000	CA GO ¹		5.250		04/01/2018	05/31/2013 ^A		25,104
	25,000	CA GO ¹		5.250		04/01/2019	05/31/2013 ^A		25,103
	30,000	CA GO ¹		5.250		02/01/2021	08/01/2013 ^A		30,369
	45,000	CA GO ¹		5.250		02/01/2021	08/01/2013 ^A		45,566
	25,000	CA GO ¹		5.250		04/01/2021	05/31/2013 ^A		25,102
	200,000	CA GO ¹		5.250		06/01/2021	06/01/2013 ^A		200,840
	4,970,000	CA GO ¹		5.250		09/01/2024	09/01/2021 ^A		6,123,537
	15,000	CA GO ¹		5.250		02/01/2025	08/01/2013 ^A		15,189
	10,000	CA GO ¹		5.250		02/01/2025	08/01/2013 ^A		10,118
	600,000	CA GO ¹		5.250		11/01/2027	11/01/2013 ^A		615,222
	10,000	CA GO ¹		5.250		02/01/2028	08/01/2013 ^A		10,126
	5,000	CA GO		5.250		02/01/2028	08/01/2013 ^A		5,063
	20,000	CA GO ¹		5.250		02/01/2028	08/01/2013 ^A		20,227
	5,000	CA GO ¹		5.250		02/01/2028	05/31/2013 ^A		5,019
	30,000	CA GO		5.250		11/01/2028	11/01/2013 ^A		30,761
	70,000	CA GO ¹		5.250		11/01/2028	11/01/2013 ^A		71,579
	95,000	CA GO ¹		5.250		02/01/2030	05/31/2013 ^A		95,350
	670,000	CA GO ¹		5.250		02/01/2030	05/31/2013 ^A		672,466
	110,000	CA GO ¹		5.375		06/01/2026	06/01/2013 ^A		110,437


6		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 15,000	CA GO ¹		5.375	%	06/01/2026	06/01/2013 ^A	$	15,060
	85,000	CA GO ¹		5.500		06/01/2013	06/01/2013		85,380
	20,000	CA GO ¹		5.500		04/01/2014	05/31/2013 ^A		20,089
	5,000	CA GO ¹		5.500		05/01/2014	05/31/2013 ^A		5,022
	65,000	CA GO ¹		5.500		06/01/2014	05/31/2013 ^A		65,290
	60,000	CA GO ¹		5.500		04/01/2015	10/01/2013 ^A		61,338
	65,000	CA GO ¹		5.500		06/01/2015	05/31/2013 ^A		65,289
	65,000	CA GO ¹		5.500		04/01/2019	10/01/2013 ^A		66,422
	15,000	CA GO ¹		5.500		03/01/2020	09/01/2013 ^A		15,261
	25,000	CA GO ¹		5.500		03/01/2020	09/01/2013 ^A		25,435
	10,000	CA GO		5.500		10/01/2022	10/01/2022		10,234
	20,000	CA GO		5.500		10/01/2022	10/01/2022		20,452
	25,000	CA GO ¹		5.500		06/01/2025	05/23/2013 ^A		25,085
	455,000	CA GO		5.500		11/01/2033	11/01/2013 ^A		467,117
	1,605,000	CA GO ¹		5.500		11/01/2033	11/01/2013 ^A		1,641,417
	65,000	CA GO ¹		5.600		09/01/2021	09/01/2013 ^A		66,144
	5,000	CA GO ¹		5.600		09/01/2021	09/01/2013 ^A		5,088
	80,000	CA GO		5.625		10/01/2021	10/01/2013 ^A		81,864
	5,000	CA GO		5.625		10/01/2023	10/01/2013 ^A		5,122
	235,000	CA GO		5.625		10/01/2023	10/01/2013 ^A		240,452
	10,000	CA GO ¹		5.625		09/01/2024	09/01/2013 ^A		10,171
	35,000	CA GO ¹		5.625		05/01/2026	05/31/2013 ^A		35,142
	5,000	CA GO		5.625		10/01/2026	10/01/2013 ^A		5,122
	10,000	CA GO		5.625		10/01/2026	10/01/2013 ^A		10,219
	35,000	CA GO ¹		5.750		03/01/2015	09/01/2013 ^A		35,655
	4,990,000	CA GO ¹		5.750		11/01/2017	11/01/2013 ^A		5,128,572
	35,000	CA GO ¹		5.750		11/01/2017	11/01/2013 ^A		35,972
	85,000	CA GO ¹		5.750		03/01/2023	09/01/2013 ^A		86,515
	45,000	CA GO ¹		5.800		06/01/2013	06/01/2013		45,212
	1,465,000	CA GO ¹		5.900		04/01/2023	10/01/2013 ^A		1,498,490
	230,000	CA GO ¹		5.900		04/01/2023	10/01/2013 ^A		235,258
	75,000	CA GO ¹		5.900		03/01/2025	09/01/2013 ^A		76,323
	15,000	CA GO ¹		6.000		10/01/2014	10/01/2013 ^A		15,367
	20,000	CA GO ¹		6.000		08/01/2015	08/01/2013 ^A		20,294
	20,000	CA GO ¹		6.000		05/01/2018	11/01/2013 ^A		20,578
	5,000	CA GO ¹		6.000		08/01/2019	08/01/2013 ^A		5,072
	55,000	CA GO ¹		6.000		10/01/2021	10/01/2013 ^A		56,299
	45,000	CA GO ¹		6.000		03/01/2024	09/01/2013 ^A		45,824
	5,000	CA GO ¹		6.000		05/01/2024	11/01/2013 ^A		5,137
	90,000	CA GO ¹		6.000		08/01/2024	08/01/2013 ^A		91,240
	605,000	CA GO ¹		6.250		10/01/2019	10/01/2013 ^A		620,137
	905,000	CA GO ¹		6.250		10/01/2019	10/01/2013 ^A		927,643
	5,000,000	CA GO ¹		6.500		04/01/2033	04/01/2019 ^A		6,261,150


7		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 4,450,000	CA Golden State Tobacco Securitization Corp. ¹		5.000	%	06/01/2030	06/01/2023 ^A	$	5,055,556
	13,750,000	CA Golden State Tobacco Securitization Corp. (TASC) ¹		5.000		06/01/2029	06/01/2023 ^A		15,696,863
	230,000	CA Golden State Tobacco Securitization Corp. (TASC) ¹		5.000		06/01/2030	06/01/2013 ^A		230,752
	7,000,000	CA Golden State Tobacco Securitization Corp. (TASC) ¹		5.000		06/01/2030	06/01/2013 ^A		7,022,890
	500,000	CA Health Facilities Financing Authority (CHCW/CHC Obligated Group) ¹		5.625		07/01/2032	07/01/2015 ^A		547,860
	2,500,000	CA Health Facilities Financing Authority (Children’s Hospital of Los Angeles) ¹		5.000		11/15/2027	11/15/2022 ^A		2,797,100
	2,000,000	CA Health Facilities Financing Authority (CHW) ¹		5.250		03/01/2024	03/01/2016 ^A		2,209,840
	55,000	CA Health Facilities Financing Authority (Exception Children’s Foundation) ¹		6.500		05/01/2020	05/28/2013 ^A		55,259
	10,000	CA Health Facilities Financing Authority (FF/OCTC/ SCADP Obligated Group)		6.500		12/01/2022	06/01/2013 ^A		10,046
	395,000	CA Health Facilities Financing Authority (Northern California Presbyterian Homes & Services) ¹		5.125		07/01/2018	05/31/2013 ^A		395,766
	20,000	CA Health Facilities Financing Authority (PH&S/PH&S-Washington Obligated Group) ¹		5.500		10/01/2016	05/31/2013 ^A		20,083
	1,460,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center) ¹		5.625		07/01/2019	05/31/2013 ^A		1,463,621
	35,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center) ¹		5.750		07/01/2015	05/31/2013 ^A		35,105
	30,000	CA Health Facilities Financing Authority (Providence Health System-Southern California)		5.500		10/01/2013	05/31/2013 ^A		30,132
	40,000	CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)		5.250		06/01/2023	06/01/2013 ^A		40,139
	50,000	CA Health Facilities Financing Authority (SCADP)		5.150		05/01/2016	05/31/2013 ^A		50,173
	2,000,000	CA Health Facilities Financing Authority (Stanford Hospital & Clinics) ¹		5.250		11/15/2031	11/15/2020 ^A		2,343,640
	110,000	CA Health Facilities Financing Authority (Sunny View Lutheran Home) ¹		5.100		01/01/2024	05/31/2013 ^A		110,370
	1,000,000	CA Health Facilities Financing Authority (Sutter Health) ¹		5.250		08/15/2031	08/15/2021 ^A		1,181,340


8		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 2,750,000	CA Health Facilities Financing Authority Adventist Health System/West) ¹		5.000	%	03/01/2026	03/01/2023 ^A	$	3,256,165
	1,000,000	CA HFA (Home Mtg.) ¹		4.950		08/01/2023	02/01/2017 ^A		1,024,160
	7,000,000	CA HFA (Home Mtg.) ¹		4.950		08/01/2026	02/01/2016 ^A		7,174,020
	2,355,000	CA HFA (Home Mtg.) ¹		5.000		08/01/2037	05/01/2014 ^A		2,426,710
	725,000	CA HFA (Home Mtg.) ¹		5.200		08/01/2028	02/01/2018 ^A		754,500
	4,000,000	CA HFA (Home Mtg.) ¹		5.300		08/01/2023	08/01/2017 ^A		4,162,360
	3,000,000	CA HFA (Home Mtg.) ¹		5.450		08/01/2028	08/01/2017 ^A		3,128,670
	4,295,000	CA HFA (Home Mtg.) ¹		5.500		02/01/2042	05/26/2013 ^A		4,449,835
	7,230,000	CA HFA (Home Mtg.) ¹		5.500		08/01/2042	09/01/2013 ^A		7,543,493
	110,000	CA HFA (Multifamily Hsg.) ¹		5.200		08/01/2018	05/31/2013 ^A		110,265
	15,000	CA HFA (Multifamily Hsg.) ¹		5.300		08/01/2028	05/31/2013 ^A		15,065
	140,000	CA HFA (Multifamily Hsg.) ¹		5.375		08/01/2028	05/31/2013 ^A		140,078
	1,890,000	CA HFA (Multifamily Hsg.) ¹		5.400		08/01/2018	05/31/2013 ^A		1,892,268
	4,510,000	CA HFA (Multifamily Hsg.) ¹		5.400		08/01/2018	05/31/2013 ^A		4,590,278
	905,000	CA HFA (Multifamily Hsg.) ¹		5.450		08/01/2028	05/31/2013 ^A		909,797
	90,000	CA HFA (Multifamily Hsg.) ¹		5.850		08/01/2017	05/31/2013 ^A		90,855
	795,000	CA HFA (Multifamily Hsg.) ¹		5.950		08/01/2028	05/31/2013 ^A		795,755
	3,025,000	CA HFA (Multifamily Hsg.) ¹		6.000		02/01/2038	05/31/2013 ^A		3,127,548
	4,795,000	CA HFA (Multifamily Hsg.), Series A ¹		5.200		08/01/2022	05/31/2013 ^A		4,857,335
	5,110,000	CA HFA (Multifamily Hsg.), Series B ¹		5.400		08/01/2028	05/31/2013 ^A		5,251,751
	500,000	CA HFA, Series A ¹		4.850		08/01/2026	08/01/2015 ^A		507,110
	1,050,000	CA HFA, Series E ¹		5.000		02/01/2024	02/01/2016 ^A		1,078,287
	100,000	CA Infrastructure and Economic Devel. (Scripps Research Institute) ¹		5.625		07/01/2020	05/31/2013 ^A		100,389
	3,550,000	CA Infrastructure and Economic Devel. (Scripps Research Institute) ¹		5.750		07/01/2030	05/31/2013 ^A		3,563,561
	375,000	CA Infrastructure and Economic Devel. (Vermont Village Human Services Corp.) ¹		5.750		09/01/2023	09/01/2013 ^A		384,518
	345,000	CA Intercommunity Hospital Financing Authority COP ¹		5.250		11/01/2019	05/31/2013 ^A		345,521
	45,000	CA M-S-R Public Power Agency (San Juan) ¹		6.000		07/01/2022	05/31/2013 ^A		48,749
	10,000	CA Maritime Infrastructure Authority (Santa Cruz Port District)		5.750		05/01/2024	05/01/2014 ^A		10,096
	335,000	CA Municipal Finance Authority (Biola University) ¹		5.000		10/01/2029	10/01/2023 ^A		379,331
	465,000	CA Municipal Finance Authority (Biola University) ¹		5.000		10/01/2030	10/01/2023 ^A		522,637
	50,000	CA Municipal Finance Authority (Biola University) ¹		5.625		10/01/2023	04/01/2018 ^A		57,842
	1,025,000	CA Municipal Finance Authority (Community Hospitals of Central California) ¹		5.250		02/01/2024	02/01/2019 ^A		1,141,440


9		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 30,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)		5.300	%	12/01/2017	06/25/2016 ^B	$	29,290
	340,000	CA Pollution Control Financing Authority (Sacramento Biosolids Facility)		5.500		12/01/2024	07/27/2022 ^B		312,705
	230,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company)		5.850		06/01/2021	06/01/2013 ^A		230,918
	560,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company) ¹		5.850		06/01/2021	06/01/2013 ^A		562,234
	910,000	CA Pollution Control Financing Authority (San Diego Gas & Electric Company) ¹		5.850		06/01/2021	06/01/2013 ^A		913,631
	855,000	CA Pollution Control Financing Authority (Southern California Water Company) ¹		5.500		12/01/2026	06/01/2013 ^A		858,164
	20,000	CA Pollution Control Financing Authority (West Coast Resource Recovery)		5.125		01/01/2014	05/31/2013 ^A		20,062
	1,000,000	CA Pollution Control Financing Authority (WM/WMC/CWM/CVWS Obligated Group) ¹		5.000		07/01/2027	07/01/2015 ^A		1,072,780
	35,000	CA Public Works		5.250		12/01/2013	06/01/2013 ^A		35,149
	210,000	CA Public Works ¹		5.250		10/01/2015	05/31/2013 ^A		210,846
	10,000	CA Public Works ¹		5.250		10/01/2016	05/31/2013 ^A		10,040
	5,000,000	CA Public Works ¹		6.500		09/01/2017	10/19/2015 ^B		5,554,550
	345,000	CA Public Works ¹		6.625		11/01/2034	05/02/2019 ^A		381,332
	25,000	CA Public Works (California Community Colleges) ¹		5.000		12/01/2016	06/01/2013 ^A		25,095
	60,000	CA Public Works (California Community Colleges) ¹		5.000		12/01/2016	06/01/2013 ^A		60,227
	270,000	CA Public Works (California Community Colleges) ¹		5.000		12/01/2017	06/01/2013 ^A		270,999
	55,000	CA Public Works (California Community Colleges)		5.100		09/01/2014	05/31/2013 ^A		55,219
	50,000	CA Public Works (California Community Colleges) ¹		5.125		09/01/2016	05/31/2013 ^A		50,195
	25,000	CA Public Works (California Community Colleges)		5.250		12/01/2013	06/01/2013 ^A		25,105
	2,610,000	CA Public Works (California Community Colleges)		5.250		12/01/2013	06/01/2013 ^A		2,620,910
	260,000	CA Public Works (California Community Colleges) ¹		5.250		12/01/2014	06/01/2013 ^A		261,048
	440,000	CA Public Works (California Community Colleges) ¹		5.250		12/01/2015	06/01/2013 ^A		441,773


10		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 140,000	CA Public Works (California Community Colleges) ¹		5.250	%	12/01/2015	06/01/2013 ^A	$	140,564
	70,000	CA Public Works (California Community Colleges) ¹		5.250		12/01/2016	06/01/2013 ^A		70,279
	75,000	CA Public Works (California Community Colleges) ¹		5.250		12/01/2016	06/01/2013 ^A		75,299
	215,000	CA Public Works (California Community Colleges) ¹		5.250		09/01/2019	05/31/2013 ^A		215,804
	25,000	CA Public Works (California Highway Patrol) ¹		5.000		11/01/2015	05/31/2013 ^A		25,096
	60,000	CA Public Works (California Highway Patrol)		5.250		11/01/2014	05/31/2013 ^A		60,245
	565,000	CA Public Works (California Science Center) ¹		5.250		10/01/2017	05/31/2013 ^A		567,209
	50,000	CA Public Works (California Science Center)		5.250		10/01/2022	05/31/2013 ^A		50,174
	2,000,000	CA Public Works (California State Prisons) ¹		5.750		10/01/2031	10/01/2021 ^A		2,358,380
	225,000	CA Public Works (California State University)		5.250		10/01/2013	05/31/2013 ^A		225,943
	45,000	CA Public Works (California State University)		5.250		10/01/2013	05/31/2013 ^A		45,189
	600,000	CA Public Works (California State University) ¹		5.250		10/01/2015	05/31/2013 ^A		602,418
	50,000	CA Public Works (California State University) ¹		5.375		10/01/2016	05/31/2013 ^A		50,205
	50,000	CA Public Works (California State University) ¹		5.375		10/01/2017	05/31/2013 ^A		50,201
	1,385,000	CA Public Works (California State University) ¹		5.400		12/01/2016	06/01/2013 ^A		1,390,706
	40,000	CA Public Works (California State University)		5.450		09/01/2014	05/31/2013 ^A		40,175
	400,000	CA Public Works (California State University) ¹		5.500		09/01/2015	05/31/2013 ^A		401,700
	750,000	CA Public Works (Dept. of Corrections and Rehabilitation) ¹		5.750		11/01/2029	11/01/2019 ^A		901,590
	45,000	CA Public Works (Dept. of Corrections) ¹		5.000		09/01/2018	05/31/2013 ^A		45,162
	110,000	CA Public Works (Dept. of Corrections) ¹		5.000		09/01/2018	05/31/2013 ^A		110,397
	635,000	CA Public Works (Dept. of Corrections) ¹		5.000		09/01/2021	05/31/2013 ^A		637,134
	245,000	CA Public Works (Dept. of Corrections) ¹		5.000		03/01/2027	05/31/2013 ^A		245,723
	25,000	CA Public Works (Dept. of Corrections)		5.250		09/01/2013	05/31/2013 ^A		25,105
	75,000	CA Public Works (Dept. of Corrections)		5.250		09/01/2013	05/31/2013 ^A		75,314


11		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	CA Public Works (Dept. of Corrections)		5.250	%	03/01/2014	05/31/2013 ^A	$	100,414
	320,000	CA Public Works (Dept. of Corrections)		5.250		09/01/2014	05/31/2013 ^A		321,312
	100,000	CA Public Works (Dept. of Corrections)		5.250		10/01/2014	05/31/2013 ^A		100,410
	225,000	CA Public Works (Dept. of Corrections) ¹		5.250		09/01/2015	05/31/2013 ^A		225,907
	75,000	CA Public Works (Dept. of Corrections) ¹		5.250		09/01/2015	05/31/2013 ^A		75,302
	60,000	CA Public Works (Dept. of Corrections) ¹		5.250		09/01/2015	05/31/2013 ^A		60,242
	285,000	CA Public Works (Dept. of Corrections) ¹		5.250		03/01/2016	05/31/2013 ^A		286,137
	50,000	CA Public Works (Dept. of Corrections) ¹		5.250		09/01/2016	05/31/2013 ^A		50,200
	50,000	CA Public Works (Dept. of Corrections) ¹		5.250		03/01/2017	05/31/2013 ^A		50,196
	10,000	CA Public Works (Dept. of Corrections) ¹		5.250		03/01/2021	05/31/2013 ^A		10,036
	100,000	CA Public Works (Dept. of Corrections) ¹		5.375		10/01/2015	05/31/2013 ^A		100,413
	125,000	CA Public Works (Dept. of Corrections) ¹		5.375		10/01/2016	05/31/2013 ^A		125,513
	40,000	CA Public Works (Dept. of Corrections) ¹		5.500		10/01/2017	05/31/2013 ^A		40,165
	370,000	CA Public Works (Dept. of Corrections) ¹		5.500		10/01/2018	05/31/2013 ^A		371,499
	350,000	CA Public Works (Dept. of Corrections) ¹		5.500		10/01/2019	05/31/2013 ^A		351,386
	100,000	CA Public Works (Dept. of Corrections) ¹		5.500		06/01/2022	12/01/2013 ^A		103,023
	45,000	CA Public Works (Dept. of Corrections) ¹		5.625		10/01/2020	05/31/2013 ^A		45,179
	110,000	CA Public Works (Dept. of Food & Agriculture)		5.400		06/01/2013	06/01/2013		110,477
	20,000	CA Public Works (Dept. of General Services) ¹		4.800		03/01/2019	05/31/2013 ^A		20,069
	75,000	CA Public Works (Dept. of General Services) ¹		5.000		12/01/2023	06/01/2013 ^A		75,239
	150,000	CA Public Works (Dept. of General Services) ¹		5.000		03/01/2027	05/31/2013 ^A		150,443
	130,000	CA Public Works (Dept. of General Services) ¹		5.000		03/01/2027	05/31/2013 ^A		130,384
	5,145,000	CA Public Works (Dept. of General Services) ¹		5.000		12/01/2027	06/01/2013 ^A		5,160,178
	85,000	CA Public Works (Dept. of General Services) ¹		5.125		12/01/2021	06/01/2013 ^A		85,294


12		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 25,000	CA Public Works (Dept. of General Services)		5.250	%	11/01/2014	05/31/2013 ^A	$	25,102
	125,000	CA Public Works (Dept. of General Services) ¹		5.250		12/01/2015	06/01/2013 ^A		125,504
	515,000	CA Public Works (Dept. of General Services) ¹		5.250		12/01/2016	06/01/2013 ^A		517,055
	170,000	CA Public Works (Dept. of General Services) ¹		5.250		12/01/2017	06/01/2013 ^A		170,665
	600,000	CA Public Works (Dept. of General Services) ¹		5.250		12/01/2018	06/01/2013 ^A		602,292
	495,000	CA Public Works (Dept. of General Services) ¹		5.250		12/01/2019	06/01/2013 ^A		496,851
	25,000	CA Public Works (Dept. of General Services) ¹		5.250		03/01/2020	05/31/2013 ^A		25,091
	25,000	CA Public Works (Dept. of General Services) ¹		5.250		03/01/2020	05/31/2013 ^A		25,091
	10,000	CA Public Works (Dept. of Justice Building) ¹		4.800		05/01/2015	05/31/2013 ^A		10,037
	50,000	CA Public Works (Dept. of Justice) ¹		5.125		11/01/2017	05/31/2013 ^A		50,190
	30,000	CA Public Works (Dept. of Justice) ¹		5.250		11/01/2016	05/31/2013 ^A		30,120
	95,000	CA Public Works (Dept. of Mental Health) ¹		5.125		06/01/2029	06/01/2014 ^A		98,933
	95,000	CA Public Works (Dept. of Veterans)		5.125		10/01/2013	05/31/2013 ^A		95,388
	250,000	CA Public Works (Dept. of Youth Authority) ¹		5.375		10/01/2015	05/31/2013 ^A		251,033
	10,000	CA Public Works (Dept. of Youth Authority) ¹		5.500		10/01/2017	05/31/2013 ^A		10,041
	30,000	CA Public Works (Dept. of Youth Authority) ¹		5.500		10/01/2018	05/31/2013 ^A		30,122
	875,000	CA Public Works (Judicial Council) ¹		5.000		03/01/2025	03/01/2023 ^A		1,034,959
	875,000	CA Public Works (Judicial Council) ¹		5.000		03/01/2026	03/01/2023 ^A		1,021,589
	1,250,000	CA Public Works (Judicial Council) ¹		5.000		03/01/2027	03/01/2023 ^A		1,447,100
	2,000,000	CA Public Works (Judicial Council) ¹		5.000		03/01/2028	03/01/2023 ^A		2,301,040
	2,000,000	CA Public Works (Judicial Council) ¹		5.000		03/01/2029	03/01/2023 ^A		2,284,420
	3,000,000	CA Public Works (Judicial Council) ¹		5.250		12/01/2026	12/01/2021 ^A		3,499,290
	25,000	CA Public Works (Library & Courts Annex) ¹		5.000		05/01/2015	05/31/2013 ^A		25,096
	25,000	CA Public Works (Regents University)		5.250		11/01/2013	05/31/2013 ^A		25,107
	25,000	CA Public Works (Regents University)		5.250		11/01/2013	05/31/2013 ^A		25,106
	400,000	CA Public Works (Regents University)		5.250		11/01/2014	05/31/2013 ^A		401,676
	25,000	CA Public Works (Regents University)		5.250		11/01/2014	05/31/2013 ^A		25,105
	20,000	CA Public Works (Regents University) ¹		5.250		04/01/2015	05/31/2013 ^A		20,084


13		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 60,000	CA Public Works (State Universities)		5.250	%	12/01/2013	06/01/2013 ^A	$	60,255
	460,000	CA Public Works (State Universities) ¹		5.400		10/01/2022	05/31/2013 ^A		461,661
	1,660,000	CA Public Works (State Universities) ¹		5.500		12/01/2018	06/01/2013 ^A		1,666,723
	35,000	CA Public Works (Trustees California State University) ¹		5.000		10/01/2019	05/31/2013 ^A		35,124
	20,000	CA Public Works (Various California State Universities) ¹		5.550		09/01/2016	05/31/2013 ^A		20,085
	130,000	CA Public Works (Various Community Colleges) ¹		5.200		09/01/2017	05/31/2013 ^A		130,503
	855,000	CA Public Works (Various Community Colleges)		5.375		03/01/2014	05/31/2013 ^A		858,634
	75,000	CA Public Works (Various Community Colleges)		5.600		04/01/2014	05/31/2013 ^A		75,332
	3,315,000	CA Public Works (Various Community Colleges) ¹		5.625		03/01/2016	05/31/2013 ^A		3,329,321
	2,770,000	CA Public Works (Various Community Colleges) ¹		5.625		03/01/2016	05/31/2013 ^A		2,781,966
	2,135,000	CA Public Works (Various Community Colleges) ¹		5.625		03/01/2019	05/31/2013 ^A		2,143,668
	200,000	CA Public Works (Various State Universities)		5.250		12/01/2013	06/01/2013 ^A		200,852
	235,000	CA Public Works (Various State Universities)		5.250		10/01/2014	05/31/2013 ^A		235,982
	300,000	CA Public Works (Various State Universities)		5.300		12/01/2014	06/01/2013 ^A		301,260
	230,000	CA Public Works (Various State Universities)		5.350		12/01/2015	06/01/2013 ^A		230,945
	465,000	CA Public Works (Various State Universities)		5.375		12/01/2019	06/01/2013 ^A		466,786
	1,075,000	CA Public Works (Various State Universities) ¹		5.400		10/01/2022	05/31/2013 ^A		1,078,881
	125,000	CA Public Works (Various State Universities) ¹		5.400		10/01/2022	05/31/2013 ^A		125,451
	260,000	CA Public Works (Various State Universities) ¹		5.500		09/01/2015	05/31/2013 ^A		261,105
	30,000	CA Public Works Board (California Highway Patrol) ¹		5.250		11/01/2020	05/31/2013 ^A		30,110
	5,000	CA River Highlands Community Services District ³		8.125		09/02/2020	07/26/2017 ^B		1,705
	35,000	CA River Highlands Community Services District ³		7.750		09/02/2020	07/01/2017 ^B		11,933
	40,000	CA Rural Home Mtg. Finance Authority (Single Family Mtg.), Series A ¹		6.350		12/01/2029	09/15/2014 ^B		40,784
	400,000	CA School Finance Authority Charter School (Coastal Acedemy) ¹		5.000		10/01/2022	01/15/2020 ^B		424,988


14		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 40,000	CA Special Districts Association Finance Corp. ¹		5.000	%	01/01/2018	05/31/2013 ^A	$	40,088
	270,000	CA State University (Hayward Foundation) ¹		5.250		08/01/2025	05/31/2013 ^A		270,440
	25,000	CA Statewide CDA		6.625		09/01/2027	05/31/2013 ^A		25,035
	5,000	CA Statewide CDA		7.000		07/01/2022	05/31/2013 ^A		5,009
	7,000,000	CA Statewide CDA (Bakersfield Reassessment District) ¹		5.000		09/02/2022	07/03/2020 ^B		7,955,430
	60,000	CA Statewide CDA (Bouquet Canyon)		5.300		07/01/2018	06/01/2013 ^A		60,146
	1,220,000	CA Statewide CDA (California Hsg. Foundation) ¹		5.250		12/01/2027	12/01/2017 ^A		1,330,020
	1,100,000	CA Statewide CDA (Cathedral City Heritage Park/Glendale Heritage Park Obligated Group)		5.200		06/01/2036	06/01/2013 ^A		1,117,666
	100,000	CA Statewide CDA (CHF-Irvine-UCI East Campus Apartments) ¹		6.000		05/15/2023	05/15/2018 ^A		113,488
	490,000	CA Statewide CDA (Daughters of Charity Health System/St. Francis Medical Center Obligated Group) ¹		5.000		07/01/2022	05/28/2015 ^A		524,888
	1,730,000	CA Statewide CDA (Daughters of Charity Health System/St. Francis Medical Center Obligated Group) ¹		5.250		07/01/2024	06/09/2015 ^A		1,856,584
	880,000	CA Statewide CDA (Daughters of Charity Health System/St. Francis Medical Center Obligated Group) ¹		5.250		07/01/2025	04/26/2015 ^A		944,390
	500,000	CA Statewide CDA (East Tabor Apartments)		6.850		08/20/2036	05/31/2013 ^A		516,230
	45,000	CA Statewide CDA (Escrow Term)		6.750		09/01/2037	09/01/2013 ^A		45,902
	3,000,000	CA Statewide CDA (LAJHFTA/EVOTLAJHFTA/ GVOTLAJHOTA Obligated Group) ¹		5.000		11/15/2018	11/15/2013 ^A		3,071,910
	5,000,000	CA Statewide CDA (LAJHFTA/EVOTLAJHFTA/ GVOTLAJHOTA Obligated Group) ¹		5.250		11/15/2023	11/15/2013 ^A		5,118,300
	20,000	CA Statewide CDA (Lincoln Apartments) ¹		5.200		09/20/2020	05/31/2013 ^A		20,039
	150,000	CA Statewide CDA (Quail Ridge Apartments)		5.375		07/01/2032	11/27/2029 ^B		115,346
	430,000	CA Statewide CDA (Rio Bravo)		6.500		12/01/2018	04/22/2018 ^B		424,290
	365,000	CA Statewide CDA (Sherman Oaks) ¹		5.000		08/01/2018	05/31/2013 ^A		366,201
	560,000	CA Statewide CDA (Sycamore) ¹		6.000		03/20/2038	05/31/2013 ^A		588,946
	530,000	CA Statewide CDA (Water & Wastewater) ¹		5.125		10/01/2022	05/31/2013 ^A		531,882
	25,000	CA Statewide CDA Community Facilities District		6.350		09/01/2021	09/01/2013 ^A		25,541
	5,000	CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group) ¹		5.000		04/01/2018	05/31/2013 ^A		5,006


15		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 645,000	CA Statewide CDA COP (CVHP/CVMC/FH Obligated Group) ¹		5.125	%	04/01/2023	05/31/2013 ^A	$	645,355
	85,000	CA Statewide CDA COP (Internext Group) ¹		5.375		04/01/2030	05/31/2013 ^A		85,124
	475,000	CA Statewide CDA School Facilities (47th & Main) ¹		5.125		07/01/2022	06/27/2018 ^A		502,061
	20,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)		5.300		09/01/2017	05/31/2013 ^A		21,449
	25,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)		5.600		09/01/2020	05/31/2013 ^A		26,221
	115,000	CA Statewide CDA Water & Wastewater ¹		5.000		10/01/2026	05/31/2013 ^A		115,376
	5,000	CA Statewide CDA Water & Wastewater ¹		5.000		10/01/2031	05/31/2013 ^A		5,017
	90,000	CA Statewide CDA Water & Wastewater ¹		5.300		10/01/2020	05/31/2013 ^A		90,366
	250,000	CA Statewide Financing Authority Tobacco Settlement (TASC) ¹		4.750		05/01/2013	05/01/2013		250,028
	3,233,000	CA Statewide Financing Authority Tobacco Settlement (TASC) ¹		5.625		05/01/2029	07/25/2016 ^B		3,232,806
	1,820,000	CA Statewide Financing Authority Tobacco Settlement (TASC) ¹		5.625		05/01/2029	07/24/2016 ^B		1,805,786
	3,395,000	CA Statewide Financing Authority Tobacco Settlement (TASC) ¹		6.000		05/01/2037	09/20/2024 ^B		3,395,034
	50,000	CA Water Resource Devel. GO, Series L ¹		4.500		08/01/2017	05/31/2013 ^A		50,175
	60,000	CA Water Resource Devel. GO, Series P ¹		5.800		06/01/2014	05/31/2013 ^A		60,283
	20,000	CA Water Resource Devel. GO, Series P & N		5.000		06/01/2020	05/31/2013 ^A		20,078
	60,000	CA Water Resource Devel. GO, Series Q ¹		5.000		03/01/2016	05/31/2013 ^A		60,239
	25,000	CA Water Resource Devel. GO, Series Q & R ¹		5.000		03/01/2015	05/31/2013 ^A		25,100
	15,000	CA Water Resource Devel. GO, Series Q & R ¹		5.000		03/01/2017	05/31/2013 ^A		15,060
	20,000	CA Western Hills Water District Special Tax		5.000		09/01/2014	03/06/2014 ^B		19,566
	25,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		4.650		09/01/2014	09/01/2014		24,347
	120,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.000		09/01/2024	06/22/2021 ^B		106,402
	50,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.125		09/01/2031	03/23/2029 ^B		42,326


16		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 115,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.750	%	09/01/2022	09/14/2018 ^B	$	110,009
	45,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)		6.875		09/01/2031	04/30/2027 ^B		41,378
	10,000	Calabasas, CA Special Tax Community Facilities District 98-1		5.750		09/01/2028	09/01/2013 ^A		10,027
	30,000	California City, CA Redevel. Agency Tax Allocation		7.000		09/01/2015	05/31/2013 ^A		30,098
	20,000	Cambrian, CA School District ¹		5.000		07/01/2026	07/01/2013 ^A		20,143
	150,000	Campbell, CA COP (Civic Center) ¹		5.250		10/01/2028	05/31/2013 ^A		150,558
	10,000	Canyon Lake, CA COP (Railroad Canyon Road) ¹		7.375		06/01/2014	06/01/2013 ^A		10,045
	75,000	Capistrano, CA Unified School District (Las Flores) ¹		5.000		09/01/2023	09/01/2013 ^A		75,428
	15,000	Carlsbad, CA Hsg. & Redevel. Commission (Village Redevel.) ¹		5.300		09/01/2023	09/01/2013 ^A		15,067
	60,000	Carlsbad, CA Improvement Bond Act 1915		5.550		09/02/2028	09/02/2013 ^A		60,363
	30,000	Carlsbad, CA Improvement Bond Act 1915		6.000		09/02/2022	09/02/2013 ^A		30,273
	80,000	Carson, CA Improvement Bond Act 1915		7.375		09/02/2022	09/02/2013 ^A		80,618
	65,000	Carson, CA Redevel. Agency ¹		5.000		10/01/2026	10/01/2013 ^A		65,289
	50,000	Carson, CA Redevel. Agency ¹		5.250		10/01/2017	10/01/2013 ^A		50,571
	200,000	Carson, CA Redevel. Agency ¹		5.250		10/01/2018	10/01/2013 ^A		202,098
	55,000	Carson, CA Redevel. Agency ¹		5.250		10/01/2020	10/01/2013 ^A		55,503
	65,000	Carson, CA Redevel. Agency ¹		5.250		10/01/2021	10/01/2013 ^A		65,551
	25,000	Carson, CA Redevel. Agency Tax Allocation ¹		5.250		10/01/2022	10/01/2013 ^A		25,197
	15,000	Castaic, CA Union School District Community Facilities District No. 92-1		8.500		10/01/2013	10/01/2013		15,398
	2,750,000	Castaic, CA Union School District Community Facilities District No. 92-1		9.000		10/01/2019	10/01/2013 ^A		2,806,265
	70,000	Cathedral City, CA Improvement Bond Act 1915		5.950		09/02/2034	09/02/2013 ^A		72,378
	100,000	Cathedral City, CA Public Financing Authority ¹		5.300		08/01/2013	05/31/2013 ^A		100,305
	30,000	Cathedral City, CA Public Financing Authority ¹		5.600		08/01/2018	05/31/2013 ^A		30,071
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 1		6.625		09/01/2023	09/25/2022 ^B		38,760
	50,000	Cathedral City, CA Special Tax Community Facilities District No. 1		6.700		09/01/2030	01/10/2028 ^B		35,087
	2,500,000	Central CA Unified School District ¹		5.000		07/01/2029	07/01/2014 ^A		2,662,300
	10,000	Central CA Unified School District		5.625		03/01/2018	09/01/2013 ^A		10,184


17		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	Chico, CA Improvement Bond Act 1915 (Mission Ranch)		6.625	%	09/02/2013	09/02/2013	$	101,250
	150,000	Chico, CA Public Financing Authority ¹		5.000		04/01/2018	05/31/2013 ^A		150,458
	110,000	Chico, CA Public Financing Authority ¹		5.000		04/01/2019	05/31/2013 ^A		110,318
	255,000	Chino Hills, CA COP ¹		5.000		09/01/2026	05/31/2013 ^A		255,383
	20,000	Chowchilla, CA Improvement Bond Act 1915		6.700		09/02/2027	09/02/2013 ^A		20,314
	55,000	Chula Vista, CA Community Facilities District (Eastlake Woods)		5.700		09/01/2016	09/01/2013 ^A		55,593
	15,000	Chula Vista, CA Community Facilities District (Eastlake Woods)		6.100		09/01/2021	09/01/2013 ^A		15,117
	250,000	Chula Vista, CA Community Facilities District (Otay Ranch Village)		6.000		09/01/2033	09/01/2013 ^A		251,348
	280,000	Chula Vista, CA COP		5.000		08/01/2024	05/31/2013 ^A		283,878
	70,000	Chula Vista, CA Elementary School District COP (Elementary School Building) ¹		5.000		09/01/2026	09/01/2013 ^A		71,099
	10,000	Chula Vista, CA Improvement Bond Act 1915 Assessment District No. 94-1 (Eastlake)		7.000		09/02/2015	04/08/2014 ^B		10,440
	50,000	Chula Vista, CA Public Financing Authority		4.750		09/02/2015	09/02/2013 ^A		50,634
	190,000	Chula Vista, CA Public Financing Authority ¹		5.000		09/02/2016	05/31/2013 ^A		192,557
	1,000,000	Clovis, CA Public Financing Authority ¹		5.000		03/01/2027	05/31/2013 ^A		1,023,790
	25,000	Clovis, CA Public Financing Authority ¹		5.375		03/01/2020	05/31/2013 ^A		25,104
	1,380,000	Coachella Valley, CA Unified School District COP ¹		5.000		09/01/2031	09/01/2013 ^A		1,386,472
	25,000	Colton, CA Community Facilities District Special Tax		5.800		09/01/2018	09/01/2013 ^A		25,154
	125,000	Colton, CA Public Financing Authority, Series A ¹		5.000		08/01/2018	05/31/2013 ^A		125,215
	50,000	Colton, CA Public Financing Authority, Series B		5.875		08/01/2027	05/31/2013 ^A		50,022
	20,000	Colton, CA Redevel. Agency (West Valley)		6.375		09/01/2035	05/31/2013 ^A		20,011
	1,710,000	Compton, CA Community College District ¹		5.000		07/01/2020	07/01/2020		1,970,792
	1,895,000	Compton, CA Community College District ¹		5.000		07/01/2021	07/01/2021		2,193,804
	1,310,000	Compton, CA Community College District ¹		5.000		07/01/2023	07/01/2022 ^A		1,506,736
	3,500,000	Compton, CA Public Finance Authority		5.000		09/01/2022	06/04/2019 ^B		3,178,770
	480,000	Compton, CA Sewer ¹		5.375		09/01/2023	05/31/2013 ^A		480,120


18		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 25,000	Concord, CA GO ¹		5.000	%	08/01/2017	05/31/2013 ^A	$	25,062
	25,000	Concord, CA Joint Powers Financing Authority (Concord Avenue Packaging) ¹		5.000		03/01/2016	05/31/2013 ^A		25,094
	25,000	Concord, CA Joint Powers Financing Authority (Concord Avenue Packaging) ¹		5.000		03/01/2017	05/31/2013 ^A		25,091
	95,000	Concord, CA Joint Powers Financing Authority (Concord Avenue Packaging) ¹		5.125		03/01/2023	05/31/2013 ^A		95,173
	10,000	Contra Costa County, CA Public Financing Authority ¹		5.000		06/01/2019	06/01/2013 ^A		10,029
	65,000	Contra Costa County, CA Public Financing Authority ¹		5.000		06/01/2028	06/01/2013 ^A		65,216
	45,000	Contra Costa County, CA Public Financing Authority		5.250		06/01/2014	06/01/2013 ^A		45,183
	110,000	Contra Costa County, CA Public Financing Authority		5.250		06/01/2015	06/01/2013 ^A		110,436
	25,000	Contra Costa County, CA Public Financing Authority ¹		5.250		06/01/2016	06/01/2013 ^A		25,093
	585,000	Contra Costa County, CA Public Financing Authority (Pleasant Hill Bart) ¹		5.125		08/01/2019	09/05/2017 ^B		578,647
	20,000	Contra Costa, CA Community College District COP (Diablo Valley College) ¹		6.000		06/01/2021	06/01/2013 ^A		20,095
	30,000	Corona, CA COP ¹		5.500		08/01/2016	05/31/2013 ^A		30,117
	20,000	Corona, CA COP (Clearwater Cogeneration) ¹		5.000		09/01/2021	09/01/2013 ^A		20,314
	205,000	Corona, CA COP (Clearwater Cogeneration) ¹		5.000		09/01/2021	09/01/2013 ^A		207,702
	45,000	Corona, CA COP (Clearwater Cogeneration) ¹		5.000		09/01/2028	09/01/2013 ^A		45,801
	60,000	Corona, CA COP (Clearwater Cogeneration) ¹		5.000		09/01/2031	09/01/2013 ^A		61,646
	15,000	Corona, CA Public Financing Authority ¹		5.000		09/01/2020	09/01/2013 ^A		15,233
	500,000	Corona, CA Redevel. Agency Tax Allocation		5.000		09/01/2023	09/01/2014 ^A		523,700
	85,000	Corona, CA Redevel. Agency Tax Allocation ¹		5.500		09/01/2016	05/31/2013 ^A		85,240
	80,000	Corona, CA Redevel. Agency Tax Allocation ¹		5.625		09/01/2021	05/31/2013 ^A		80,158
	15,000	Corona-Norco, CA Unified School District		5.625		09/01/2033	09/01/2013 ^A		15,252
	25,000	Corona-Norco, CA Unified School District ¹		5.750		09/01/2014	05/31/2013 ^A		25,094


19		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	Corona-Norco, CA Unified School District Community Facilities District No. 06-1		6.000	%	09/01/2027	09/01/2013 ^A	$	103,372
	750,000	Corona-Norco, CA Unified School District Public Financing Authority ¹		5.000		09/01/2026	09/01/2023 ^A		855,218
	60,000	Coronado, CA Community Devel. Agency Tax Allocation ¹		5.100		09/01/2013	05/31/2013 ^A		60,245
	75,000	Covina, CA Public Financing Authority ¹		5.250		12/01/2018	06/01/2013 ^A		75,221
	20,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		6.000		10/01/2016	04/02/2015 ^B		21,614
	115,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		6.250		10/01/2017	10/01/2017		126,851
	120,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		6.625		10/01/2018	10/01/2018		135,893
	155,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		6.875		10/01/2019	10/01/2019		179,718
	35,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		6.875		10/01/2020	10/01/2020		44,461
	185,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		7.000		10/01/2021	10/01/2021		239,571
	110,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		7.125		10/01/2020	10/01/2020		129,633
	130,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		7.250		10/01/2021	10/01/2021		155,549
	315,000	Cudahy, CA Community Devel. Commission Tax Allocation ¹		7.750		10/01/2027	10/01/2021 ^A		372,491
	115,000	Culver City, CA COP		5.750		01/01/2016	05/31/2013 ^A		115,401
	25,000	Culver City, CA Redevel. Agency ¹		5.500		11/01/2020	05/31/2013 ^A		25,516
	200,000	Culver City, CA Redevel. Finance Authority ¹		5.200		11/01/2013	05/31/2013 ^A		200,818
	10,000	Culver City, CA Redevel. Finance Authority		5.500		11/01/2014	05/07/2014 ^B		10,234
	25,000	Culver City, CA Redevel. Finance Authority ¹		5.500		11/01/2019	05/31/2013 ^A		25,516
	15,000	Culver City, CA Redevel. Finance Authority ¹		5.600		11/01/2025	05/31/2013 ^A		15,065
	20,000	Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)		5.700		09/02/2022	05/31/2013 ^A		20,020
	1,000,000	Davis, CA Redevel. Agency Tax Allocation ¹		6.500		12/01/2026	12/01/2021 ^A		1,247,500
	750,000	Del Norte County, CA COP ¹		5.400		06/01/2019	06/01/2013 ^A		753,218
	510,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation (Merged Redevel.) ¹		6.000		09/01/2023	09/01/2019 ^A		591,442
	360,000	Dinuba, CA Redevel. Agency Tax Allocation ¹		5.750		09/01/2028	07/25/2019 ^A		401,429


20		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 40,000	Dixon, CA Public Financing Authority ¹		5.150	%	09/02/2020	09/02/2013 ^A	$	40,282
	35,000	Dixon, CA Public Financing Authority		5.700		09/02/2020	09/02/2013 ^A		35,167
	535,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.) ¹		5.125		08/01/2020	08/01/2013 ^A		536,279
	40,000	Eastern CA Municipal Water District Community Facilities Special Tax		6.375		09/01/2027	09/01/2013 ^A		40,223
	90,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)		5.500		09/01/2028	03/01/2014 ^A		90,233
	65,000	Eastern CA Municipal Water District Community Facilities Special Tax (Crown Valley Village)		5.625		09/01/2034	03/01/2014 ^A		65,084
	45,000	Eastern CA Municipal Water District Community Facilities Special Tax (Promontory Park)		5.500		09/01/2024	09/01/2013 ^A		45,624
	10,000	Eastern CA Municipal Water District Improvement Bond Act 1915		5.750		09/02/2020	09/02/2013 ^A		10,057
	50,000	El Centro, CA Financing Authority (El Centro Regional Medical Center) ¹		5.250		03/01/2026	05/31/2013 ^A		50,077
	250,000	El Cerrito, CA Redevel. Agency Tax Allocation ¹		5.000		07/01/2019	05/31/2013 ^A		250,165
	630,000	El Dorado County, CA Special Tax Community Facilities District No. 9288 ¹		5.000		09/01/2026	09/01/2022 ^A		711,913
	800,000	El Dorado County, CA Special Tax Community Facilities District No. 9288 ¹		5.000		09/01/2027	09/01/2022 ^A		892,920
	1,200,000	El Dorado, CA Irrigation District COP ¹		6.250		08/01/2029	08/01/2014 ^A		1,277,184
	50,000	El Monte, CA City School District ¹		5.375		05/01/2014	11/01/2013 ^A		51,315
	75,000	El Monte, CA City School District ¹		6.250		05/01/2025	11/01/2013 ^A		77,380
	50,000	El Monte, CA COP (Dept. of Public Social Services Facility) ¹		5.000		06/01/2019	06/01/2013 ^A		50,540
	1,170,000	Emery, CA Unified School District ¹		6.250		08/01/2026	08/01/2021 ^A		1,503,181
	2,000,000	Emeryville, CA Public Financing Authority ¹		5.200		09/01/2022	05/31/2013 ^A		2,040,580
	195,000	Emeryville, CA Public Financing Authority ¹		6.200		09/01/2025	05/31/2013 ^A		195,491
	75,000	Emeryville, CA Public Financing Authority (Emeryville Redevel.) ¹		5.250		09/01/2019	09/01/2013 ^A		75,626
	315,000	Emeryville, CA Public Financing Authority (Shellmound Park Redevel. & Hsg.) ¹		5.000		09/01/2019	05/31/2013 ^A		315,583
	200,000	Emeryville, CA Public Financing Authority (Shellmound Park Redevel. & Hsg.) ¹		5.000		09/01/2028	05/31/2013 ^A		200,132


21		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 15,000	Encinitas, CA Improvement Bond Act 1915		6.900	%	09/02/2017	09/02/2013 ^A	$	15,023
	15,000	Fairfield, CA Improvement Bond Act 1915 (Green Valley Road/Mangels Blvd.)		7.375		09/02/2018	09/02/2013 ^A		15,632
	15,000	Florin, CA Resource Conservation District COP		6.000		02/01/2029	04/04/2027 ^B		7,724
	260,000	Folsom Cordova, CA Unified School District School Facilities Improvement District No. 1 ¹		5.500		10/01/2015	05/31/2013 ^A		261,030
	270,000	Folsom Cordova, CA Unified School District School Facilities Improvement District No. 2 ¹		5.250		10/01/2013	05/31/2013 ^A		271,142
	50,000	Folsom Cordova, CA Unified School District School Facilities Improvement District No. 2 ¹		5.375		10/01/2016	05/31/2013 ^A		50,218
	250,000	Folsom Cordova, CA Unified School District School Facilities Improvement District No. 2 ¹		5.375		10/01/2017	05/31/2013 ^A		251,088
	25,000	Folsom, CA Public Financing Authority		5.400		09/02/2020	09/02/2013 ^A		25,116
	25,000	Folsom, CA Public Financing Authority		5.625		09/02/2020	09/02/2013 ^A		25,116
	60,000	Fontana, CA Public Financing Authority (North Fontana Redevel.) ¹		5.000		09/01/2014	05/31/2013 ^A		60,229
	250,000	Fontana, CA Public Financing Authority (North Fontana Redevel.) ¹		5.000		10/01/2022	10/01/2015 ^A		270,433
	90,000	Fontana, CA Public Financing Authority (North Fontana Redevel.) ¹		5.000		09/01/2023	05/31/2013 ^A		90,188
	125,000	Fontana, CA Public Financing Authority (North Fontana Redevel.) ¹		5.250		09/01/2020	05/31/2013 ^A		125,253
	700,000	Fontana, CA Public Financing Authority (North Fontana Redevel.) ¹		5.500		09/01/2032	05/31/2013 ^A		712,894
	555,000	Fontana, CA Redevel. Agency (Downtown Redevel.)		5.000		09/01/2014	05/31/2013 ^A		556,304
	200,000	Fontana, CA Redevel. Agency (Downtown Redevel.) ¹		5.000		09/01/2016	05/31/2013 ^A		200,408
	25,000	Fontana, CA Redevel. Agency (Downtown Redevel.) ¹		5.000		09/01/2021	05/31/2013 ^A		25,028
	205,000	Fontana, CA Redevel. Agency (Jurupa Hills) ¹		5.500		10/01/2027	10/01/2013 ^A		206,279
	40,000	Fontana, CA Redevel. Agency (Sierra Corridor Commercial Redevel.) ¹		5.450		09/01/2029	09/01/2014 ^A		40,662
	675,000	Fontana, CA Redevel. Agency (Southwest Industrial Park) ¹		5.000		09/01/2022	05/31/2013 ^A		675,986
	265,000	Fontana, CA Special Tax (Citrus)		5.000		09/01/2020	09/01/2013 ^A		273,840
	2,300,000	Fontana, CA Special Tax Community Facilities District No. 2-A ¹		5.250		09/01/2017	09/01/2013 ^A		2,324,288


22		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 10,000	Fontana, CA Special Tax Community Facilities District No. 4		7.125	%	10/01/2015	10/01/2013 ^A	$	10,203
	270,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road ¹		5.000		01/15/2014	05/31/2013 ^A		270,451
	715,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road ¹		5.125		01/15/2015	05/31/2013 ^A		716,208
	2,080,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road ¹		5.125		01/15/2019	05/31/2013 ^A		2,083,245
	270,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road ¹		5.375		01/15/2015	05/31/2013 ^A		270,510
	20,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road		5.5612		01/15/2017	05/31/2013 ^A		16,288
	500,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road ¹		5.800		01/15/2020	01/15/2014 ^A		514,450
	1,585,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road ¹		5.875		01/15/2026	01/15/2014 ^A		1,626,416
	1,030,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road) ¹		5.000		01/15/2016	05/31/2013 ^A		1,031,545
	1,150,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road) ¹		5.375		01/15/2014	05/31/2013 ^A		1,152,174
	100,000	Freshwater, CA School District ¹		5.000		08/01/2025	08/01/2013 ^A		100,383
	1,200,000	Fresno, CA Airport ¹		5.800		07/01/2030	05/31/2013 ^A		1,204,668
	175,000	Fresno, CA Airport, Series A ¹		5.500		07/01/2030	05/31/2013 ^A		175,315
	10,000	Fresno, CA Joint Powers Financing Authority ¹		5.000		06/01/2019	06/01/2013 ^A		10,039
	30,000	Fresno, CA Joint Powers Financing Authority ¹		5.000		06/01/2020	06/01/2013 ^A		30,118
	870,000	Fresno, CA Joint Powers Financing Authority ¹		5.000		04/01/2022	04/01/2018 ^A		926,881
	60,000	Fresno, CA Joint Powers Financing Authority ¹		5.000		06/01/2028	06/01/2013 ^A		60,084
	55,000	Fresno, CA Joint Powers Financing Authority ¹		5.250		08/01/2018	05/31/2013 ^A		55,114
	2,160,000	Fresno, CA Joint Powers Financing Authority ¹		5.250		10/01/2024	10/01/2014 ^A		2,173,543
	70,000	Fresno, CA Joint Powers Financing Authority ¹		5.500		06/01/2015	06/01/2013 ^A		70,309
	140,000	Fresno, CA Joint Powers Financing Authority ¹		5.750		06/01/2026	06/01/2013 ^A		143,580
	305,000	Fresno, CA Joint Powers Financing Authority (Exhibit Hall Expansion)		5.000		09/01/2013	05/31/2013 ^A		306,217
	40,000	Fullerton, CA Public Financing Authority ¹		5.125		05/01/2021	11/01/2013 ^A		40,952
	135,000	Fullerton, CA Redevel. Agency COP ¹		5.000		04/01/2026	04/01/2017 ^A		141,445
	80,000	Fullerton, CA School District Special Tax		6.300		09/01/2023	09/01/2013 ^A		80,713
	10,000	Galt, CA Improvement Bond Act 1915		5.900		09/02/2022	09/02/2013 ^A		10,338


23		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 25,000	Garden Grove, CA Agency for Community Devel. Tax Allocation ¹		5.000	%	10/01/2025	10/01/2013 ^A	$	25,480
	100,000	Garden Grove, CA Agency for Community Devel. Tax Allocation ¹		5.375		10/01/2020	10/01/2013 ^A		101,758
	115,000	Garden Grove, CA COP ¹		5.375		03/01/2017	05/31/2013 ^A		115,902
	100,000	Gilroy, CA Unified School District ¹		5.000		08/01/2027	08/01/2013 ^A		101,215
	265,000	Glendale, CA Redevel. Agency Tax Allocation (Central Glendale Redevel.) ¹		5.250		12/01/2021	06/01/2013 ^A		268,578
	20,000	Granada, CA Sanitation District Improvement Bond Act 1915		6.125		09/02/2022	09/02/2013 ^A		20,104
	425,000	Grand Terrace, CA Community Redevel. Agency ¹		5.100		09/01/2022	09/01/2019 ^A		475,082
	15,000	Greenfield, CA Redevel. Agency		6.000		02/01/2029	02/19/2028 ^B		14,394
	1,475,000	Hawaiian Gardens, CA Public Finance Authority Tax Allocation ¹		5.250		12/01/2022	12/01/2014 ^A		1,566,199
	1,000,000	Hawaiian Gardens, CA Public Finance Authority Tax Allocation ¹		5.250		12/01/2023	12/01/2014 ^A		1,061,830
	135,000	Hawthorne, CA Community Redevel. Agency ¹		5.000		09/01/2018	05/31/2013 ^A		135,464
	50,000	Hawthorne, CA Community Redevel. Agency ¹		5.000		09/01/2024	05/31/2013 ^A		50,168
	3,220,000	Hawthorne, CA Community Redevel. Agency Special Tax		6.125		10/01/2025	10/01/2013 ^A		3,352,117
	90,000	Hawthorne, CA Parking Authority		8.000		09/01/2015	09/01/2013 ^A		91,510
	155,000	Hawthorne, CA Parking Authority		8.125		09/01/2019	09/01/2013 ^A		156,896
	45,000	Hayward, CA Improvement Bond Act 1915		7.100		09/02/2018	09/02/2013 ^A		45,525
	50,000	Hayward, CA Public Finance Authority (Hayward Water System) ¹		5.100		06/01/2013	05/31/2013 ^A		50,180
	20,000	Healdsburg, CA Community Redevel. Agency Tax Allocation (Sotoyome Community Devel.) ¹		5.000		08/01/2017	08/01/2013 ^A		20,194
	1,015,000	Healdsburg, CA Community Redevel. Agency Tax Allocation (Sotoyome Community Devel.) ¹		5.125		08/01/2031	08/01/2013 ^A		1,024,988
	50,000	Hement, CA Redevel. Agency Tax Allocation ¹		5.000		09/15/2023	05/31/2013 ^A		50,068
	1,980,000	Hesperia, CA Public Financing Authority, Tranche A		6.250		09/01/2035	09/01/2013 ^A		1,984,792
	10,000	Hollister, CA Improvement Bond Act 1915		7.125		09/02/2022	09/02/2013 ^A		10,366
	125,000	Hollister, CA Redevel. Agency Tax Allocation ¹		5.250		10/01/2016	10/01/2013 ^A		127,293
	15,000	Huntington Beach, CA Community Facilities District ¹		5.400		10/01/2020	10/01/2013 ^A		15,181
	20,000	Huntington Beach, CA Community Facilities District Special Tax		6.250		09/01/2027	09/01/2013 ^A		20,040


24		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	Huntington Beach, CA Redevel. Agency (Huntington Beach Redevel.) ¹		5.000	%	08/01/2018	08/01/2013 ^A	$	101,604
	2,735,000	Imperial, CA Public Financing Authority (Water Facility) ¹		5.000		10/15/2026	10/15/2022 ^A		3,058,523
	250,000	Indio, CA Community Facilities District Special Tax		5.200		09/01/2027	05/31/2013 ^A		250,103
	50,000	Indio, CA Community Facilities District Special Tax (Talavera)		5.000		09/01/2017	05/31/2013 ^A		50,081
	125,000	Indio, CA Hsg. (Olive Court Apartments) ¹		6.375		12/01/2026	06/01/2013 ^A		125,194
	75,000	Industry, CA Urban Devel. Agency		5.000		05/01/2020	05/31/2013 ^A		75,927
	130,000	Industry, CA Urban Devel. Agency (South Montebello)		5.000		05/01/2019	05/31/2013 ^A		131,444
	750,000	Inland Valley, CA Devel. Agency Tax Allocation		5.500		04/01/2014	04/01/2014		785,280
	100,000	Jurupa, CA Community Services District Special Tax		5.000		09/01/2027	09/01/2016 ^A		102,492
	1,000,000	Jurupa, CA Unified School District ¹		5.000		08/01/2023	08/01/2013 ^A		1,011,940
	500,000	Jurupa, CA Unified School District ¹		5.000		08/01/2028	08/01/2013 ^A		505,970
	15,000	Kingsburg, CA Public Financing Authority		8.000		09/15/2021	05/31/2013 ^A		15,042
	15,000	La Habra, CA Redevel. Agency Community Facilities District		6.000		09/01/2014	05/31/2013 ^A		15,045
	10,000	La Habra, CA Redevel. Agency Community Facilities District		6.000		09/01/2019	05/31/2013 ^A		10,017
	55,000	La Mesa, CA Improvement Bond Act 1915		5.750		09/02/2023	09/02/2013 ^A		55,222
	100,000	La Mirada, CA Redevel. Agency ¹		5.000		08/15/2014	05/31/2013 ^A		100,392
	25,000	La Mirada, CA Redevel. Agency		5.000		08/15/2015	05/31/2013 ^A		25,084
	60,000	La Mirada, CA Redevel. Agency ¹		5.125		08/15/2021	05/31/2013 ^A		60,223
	175,000	La Mirada, CA Redevel. Agency ¹		5.125		08/15/2022	05/31/2013 ^A		175,635
	35,000	La Quinta, CA Redevel. Agency Tax Allocation ¹		5.000		09/01/2021	09/01/2013 ^A		35,351
	110,000	La Quinta, CA Redevel. Agency Tax Allocation ¹		5.100		09/01/2031	09/01/2013 ^A		110,483
	200,000	La Quinta, CA Redevel. Agency Tax Allocation ¹		5.200		09/01/2028	09/01/2013 ^A		201,146
	50,000	LaFayette, CA Redevel. Agency Tax Allocation ¹		5.750		08/01/2032	08/01/2013 ^A		50,868
	15,000	Lake Elsinore, CA Public Financing Authority		6.375		10/01/2033	10/01/2013 ^A		15,387
	500,000	Lake Elsinore, CA Special Tax		5.100		09/01/2022	09/01/2015 ^A		524,450
	1,135,000	Lake Elsinore, CA Unified School District		5.300		09/01/2026	09/01/2015 ^A		1,160,254
	25,000	Lake Elsinore, CA Unified School District COP ¹		4.750		02/01/2020	05/31/2013 ^A		25,032
	35,000	Lancaster, CA Community Facilities District Special Tax		6.000		10/01/2016	10/01/2013 ^A		35,411


25		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 615,000	Lancaster, CA Redevel. Agency ¹		5.500	%	12/01/2028	12/01/2020 ^A	$	675,879
	15,000	Lancaster, CA Redevel. Agency (Desert Sands Mobile Home Park)		6.375		11/01/2027	05/31/2013 ^A		15,018
	115,000	Lathrop, CA Financing Authority (Water Supply)		5.700		06/01/2019	06/01/2013 ^A		115,235
	15,000	Lathrop, CA Financing Authority (Water Supply)		5.750		06/01/2020	06/01/2013 ^A		15,028
	50,000	Lathrop, CA Financing Authority (Water Supply)		5.900		06/01/2023	06/01/2013 ^A		50,076
	10,000	Lathrop, CA Improvement Bond Act 1915		6.000		09/02/2021	03/02/2014 ^A		10,173
	5,000	Lathrop, CA Improvement Bond Act 1915 (Louise Avenue)		6.875		09/02/2017	09/02/2013 ^A		5,210
	10,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)		6.000		09/02/2023	03/02/2014 ^A		10,146
	60,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village)		6.125		09/02/2028	03/02/2014 ^A		60,794
	50,000	Lawndale, CA Elementary School District ¹		5.000		08/01/2029	08/01/2013 ^A		50,528
	100,000	Lee Lake, CA Water District Community Facilities District No. 2 Special Tax (Montecito Ranch)		6.125		09/01/2027	09/01/2013 ^A		101,136
	200,000	Lee Lake, CA Water District Community Facilities District No. 2 Special Tax (Montecito Ranch)		6.125		09/01/2032	09/01/2013 ^A		204,098
	1,500,000	Lee Lake, CA Water District Community Facilities District No. 3 Special Tax		5.750		09/01/2023	09/01/2013 ^A		1,541,835
	80,000	Lincoln, CA Public Financing Authority ¹		5.000		08/01/2028	08/01/2013 ^A		80,244
	100,000	Livermore Valley, CA Joint Unified School District ¹		5.000		08/01/2023	05/31/2013 ^A		100,397
	20,000	Livermore, CA Capital Projects Financing Authority		5.650		09/02/2016	03/02/2014 ^B		20,564
	45,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)		6.400		09/01/2026	09/01/2013 ^A		45,179
	15,000	Livermore, CA Community Facilities District Special Tax (Tri Valley Tech Park)		6.400		09/01/2030	09/01/2013 ^A		15,050
	875,000	Livermore, CA Redevel. Agency Tax Allocation ¹		5.000		08/01/2026	05/31/2013 ^A		883,978
	50,000	Livermore, CA Redevel. Agency Tax Allocation ¹		5.250		08/01/2018	05/31/2013 ^A		50,542
	2,000,000	Lodi, CA Public Financing Authority ¹		5.250		10/01/2026	04/01/2022 ^A		2,276,380
	10,000	Long Beach, CA Bond Finance Authority ¹		5.000		11/01/2024	05/31/2013 ^A		10,011
	370,000	Long Beach, CA Bond Finance Authority ¹		5.250		11/15/2023	11/15/2023		437,710


26		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 500,000	Long Beach, CA Bond Finance Authority (Rainbow Harbor) ¹		5.000	%	05/01/2024	05/01/2016 ^A	$	569,305
	620,000	Long Beach, CA Bond Finance Authority Natural Gas		5.000		11/15/2017	11/15/2017		699,081
	685,000	Long Beach, CA Bond Finance Authority Natural Gas		5.250		11/15/2018	11/15/2018		788,134
	50,000	Long Beach, CA Special Tax (Pike)		6.250		10/01/2026	05/31/2013 ^A		50,056
	5,000	Los Angeles County, CA Community Facilities District No. 4 Special Tax		7.750		09/01/2017	09/01/2013 ^A		5,086
	65,000	Los Angeles County, CA Public Works Financing Authority (Calabasas Landfill) ¹		5.000		06/01/2022	06/01/2013 ^A		65,235
	1,250,000	Los Angeles County, CA Public Works Financing Authority (Multiple Capital) ¹		5.000		08/01/2028	08/01/2022 ^A		1,457,775
	50,000	Los Angeles County, CA Sanitation Districts Financing Authpority ¹		5.000		10/01/2021	10/01/2013 ^A		51,006
	100,000	Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)		6.400		09/01/2022	09/01/2013 ^A		100,867
	60,000	Los Angeles, CA Community Redevel. Agency (Freeway Recovery)		6.000		09/01/2031	05/31/2013 ^A		60,092
	40,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square) ¹		5.100		12/01/2015	05/31/2013 ^A		40,146
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square) ¹		5.200		12/01/2017	05/31/2013 ^A		50,174
	50,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square) ¹		5.200		12/01/2018	05/31/2013 ^A		50,185
	120,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square) ¹		5.200		12/01/2019	05/31/2013 ^A		120,443
	125,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square) ¹		5.250		12/01/2020	05/31/2013 ^A		125,468
	80,000	Los Angeles, CA Community Redevel. Agency (Grand Central Square) ¹		5.250		12/01/2021	05/31/2013 ^A		80,299
	515,000	Los Angeles, CA Community Redevel. Agency (Hollywood) ¹		5.000		07/01/2022	05/31/2013 ^A		515,479
	25,000	Los Angeles, CA Community Redevel. Agency (Hoover Redevel.) ¹		5.500		09/01/2014	05/31/2013 ^A		25,072
	20,000	Los Angeles, CA Community Redevel. Agency (North Hollywood) ¹		4.750		07/01/2017	05/31/2013 ^A		20,033
	35,000	Los Angeles, CA Community Redevel. Agency (North Hollywood) ¹		5.000		07/01/2020	05/31/2013 ^A		35,046


27		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 75,000	Los Angeles, CA Community Redevel. Agency (North Hollywood) ¹		5.125	%	07/01/2023	05/31/2013 ^A	$	75,067
	60,000	Los Angeles, CA Community Redevel. Agency (North Hollywood) ¹		5.125		07/01/2024	05/31/2013 ^A		60,045
	25,000	Los Angeles, CA Community Redevel. Agency (North Hollywood) ¹		5.250		07/01/2018	05/31/2013 ^A		25,048
	145,000	Los Angeles, CA COP (Dept. of Public Social Services) ¹		5.500		08/01/2019	05/31/2013 ^A		145,574
	140,000	Los Angeles, CA COP (Dept. of Public Social Services) ¹		5.500		08/01/2031	05/31/2013 ^A		140,504
	10,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) ⁴		5.375		05/15/2025	05/15/2025		11,615,474
	15,000	Los Angeles, CA Dept. of Water & Power ¹		4.750		08/15/2017	05/31/2013 ^A		15,057
	10,000	Los Angeles, CA Dept. of Water & Power		4.750		10/15/2020	05/31/2013 ^A		10,038
	2,000,000	Los Angeles, CA Dept. of Water & Power ¹		5.000		07/01/2019	07/01/2013 ^A		2,016,300
	70,000	Los Angeles, CA Mtg. (Section 8) ¹		5.350		07/01/2022	05/31/2013 ^A		70,148
	15,000	Los Angeles, CA Mtg. (Section 8) ¹		6.500		07/01/2022	05/31/2013 ^A		15,045
	45,000	Los Angeles, CA Multifamily Hsg. (Arminta North & South)		7.700		06/20/2028	05/31/2013 ^A		45,055
	40,000	Los Angeles, CA Multifamily Hsg. (Earthquake Rehabilitation) ¹		5.900		01/01/2030	05/31/2013 ^A		40,073
	20,000	Los Angeles, CA Multifamily Hsg. (Park Plaza West Senior Partners) ¹		5.400		01/20/2031	07/20/2013 ^A		20,076
	1,905,000	Los Angeles, CA Multifamily Hsg. (Park Plaza West)		5.300		01/20/2021	05/31/2013 ^A		1,953,044
	60,000	Los Angeles, CA Municipal Improvement Corp. (Central Library) ¹		5.500		06/01/2016	06/01/2013 ^A		60,268
	25,000	Los Angeles, CA Municipal Improvement Corp. (Central Library) ¹		5.500		06/01/2017	06/01/2013 ^A		25,112
	125,000	Los Angeles, CA Municipal Improvement Corp. (Central Library)		5.500		06/01/2018	06/01/2013 ^A		125,555
	100,000	Los Angeles, CA Municipal Improvement Corp. (Central Library) ¹		5.500		06/01/2019	06/01/2013 ^A		100,442
	120,000	Los Angeles, CA Parking System ¹		5.125		05/01/2016	11/01/2013 ^A		122,562
	500,000	Los Angeles, CA Parking System ¹		5.250		05/01/2018	11/01/2013 ^A		510,735
	200,000	Los Angeles, CA Parking System ¹		5.250		05/01/2022	11/01/2013 ^A		204,294
	245,000	Los Angeles, CA Parking System ¹		5.250		05/01/2029	11/01/2013 ^A		250,437
	25,000	Los Angeles, CA State Building Authority		5.300		10/01/2014	05/31/2013 ^A		25,104


28		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 20,000	Los Angeles, CA State Building Authority ¹		5.400	%	10/01/2015	05/31/2013 ^A	$	20,082
	50,000	Los Angeles, CA State Building Authority		5.400		10/01/2015	05/31/2013 ^A		50,202
	70,000	Los Angeles, CA State Building Authority ¹		5.500		10/01/2016	05/31/2013 ^A		70,246
	200,000	Los Angeles, CA State Building Authority ¹		5.500		10/01/2017	05/31/2013 ^A		200,704
	70,000	Los Angeles, CA State Building Authority ¹		5.500		10/01/2018	05/31/2013 ^A		70,246
	180,000	Los Angeles, CA State Building Authority ¹		5.500		10/01/2019	05/31/2013 ^A		180,634
	135,000	Los Banos, CA COP ¹		5.000		12/01/2022	06/01/2013 ^A		135,240
	100,000	Los Banos, CA Sewer System COP ¹		5.000		12/01/2019	06/01/2013 ^A		100,262
	25,000	Los Banos, CA Unified School District COP ¹		5.625		08/01/2016	05/31/2013 ^A		25,067
	45,000	Lynwood, CA Public Finance Authority Tax Allocation ¹		5.900		09/01/2028	09/01/2013 ^A		45,365
	15,000	Madera County, CA COP (Children’s Hospital Central California Foundation)		5.000		03/15/2015	05/31/2013 ^A		15,046
	840,000	Madera County, CA COP (Valley Children’s Hospital) ¹		5.000		03/15/2023	05/31/2013 ^A		841,336
	400,000	Madera County, CA COP (Valley Children’s Hospital) ¹		5.750		03/15/2028	05/31/2013 ^A		400,772
	50,000	Mammoth Lakes, CA Community Facilities District (North Village Area)		5.750		10/01/2033	10/01/2013 ^A		50,046
	1,285,000	Manteca, CA Unified School District Special Tax Community Facilities District No. 1989 ¹		5.000		09/01/2027	09/01/2023 ^A		1,471,505
	25,000	Manzanita, CA Elementary School District ¹		5.600		08/01/2025	05/31/2013 ^A		25,044
	10,000	Martinez, CA Mtg. (Ridgecrest Apartments) ¹		5.625		07/01/2025	05/31/2013 ^A		10,021
	575,000	Marysville, CA (Fremont-Rideout Health Group/Rideout Memorial Hospital/United Com-Serve Obligated Group) ¹		5.250		01/01/2027	01/01/2021 ^A		654,367
	50,000	Maywood, CA Public Financing Authority		6.500		09/01/2018	09/01/2013 ^A		50,239
	940,000	Mendocino Coast, CA Healthcare District ¹		5.875		02/01/2020	05/31/2013 ^A		942,801
	15,000	Menlo Park, CA GO ¹		5.000		08/01/2015	05/31/2013 ^A		15,060
	125,000	Merced County, CA COP (Juvenile Justice Corridor Facility) ¹		5.000		06/01/2023	06/01/2013 ^A		125,451
	15,000	Merced County, CA COP (Juvenile Justice Corridor Facility) ¹		5.000		06/01/2024	06/01/2013 ^A		15,052


29		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 50,000	Merced County, CA COP (Juvenile Justice Corridor Facility) ¹		5.000	%	06/01/2025	06/01/2013 ^A	$	50,172
	250,000	Mill Valley, CA COP (The Redwoods) ¹		5.750		12/01/2020	06/01/2013 ^A		251,043
	5,000	Milpitas, CA Improvement Bond Act 1915		5.700		09/02/2018	09/02/2013 ^A		5,182
	45,000	Milpitas, CA Redevel. Agency ¹		5.000		09/01/2020	09/01/2013 ^A		45,655
	290,000	Milpitas, CA Redevel. Agency ¹		5.125		09/01/2019	09/01/2013 ^A		294,541
	10,000	Milpitas, CA Redevel. Agency ¹		5.250		09/01/2017	09/01/2013 ^A		10,162
	1,000,000	Milpitas, CA Redevel. Agency ¹		5.250		09/01/2021	09/01/2013 ^A		1,015,050
	500,000	Modesto, CA COP (Golf Course)		5.000		11/01/2023	02/29/2020 ^B		532,815
	10,000	Modesto, CA Irrigation District Financing Authority (Domestic Water)		5.000		09/01/2018	05/31/2013 ^A		10,040
	1,000,000	Monrovia, CA Redevel. Agency (Central Redev. Project Area No. 1) ¹		5.000		08/01/2026	08/01/2022 ^A		1,086,310
	3,270,000	Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1) ¹		5.000		05/01/2021	05/28/2013 ^A		3,357,473
	2,000,000	Montclair, CA Redevel. Agency Tax Allocation ¹		5.300		10/01/2030	05/31/2013 ^A		2,003,440
	415,000	Montebello, CA Community Redevel. Agency (Montebello Hills Redevel.) ¹		5.500		03/01/2014	09/01/2013 ^A		420,271
	70,000	Montebello, CA Community Redevel. Agency (South Montebello) ¹		5.300		09/01/2022	05/31/2013 ^A		70,111
	10,000	Montebello, CA Community Redevel. Agency (South Montebello)		5.500		09/01/2022	05/31/2013 ^A		10,005
	165,000	Montebello, CA Community Redevel. Agency Tax Allocation ¹		5.000		03/01/2019	09/01/2013 ^A		166,183
	730,000	Montebello, CA Community Redevel. Agency Tax Alloccation ¹		5.250		09/01/2024	09/01/2013 ^A		741,936
	25,000	Montebello, CA COP ¹		5.300		11/01/2018	05/31/2013 ^A		25,081
	65,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities) ¹		5.700		03/01/2015	05/31/2013 ^A		65,609
	20,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities) ¹		5.700		03/01/2016	05/31/2013 ^A		20,236
	40,000	Monterey, CA Joint Powers Financing Authority (Materials Recovery Facilities) ¹		5.750		03/01/2017	05/31/2013 ^A		40,567
	355,000	Moreno Valley, CA Unified School District Community Facilities District No. 2005-5		5.500		09/01/2031	09/01/2013 ^A		367,148
	530,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2003-2		5.950		09/01/2034	09/01/2013 ^A		533,397


30		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 400,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-6		5.000	%	09/01/2022	09/01/2013 ^A	$	409,696
	300,000	Morgan Hill, CA COP (Water System) ¹		5.125		06/01/2021	06/01/2013 ^A		301,125
	3,000,000	Mountain House, CA Public Financing Authority Utility System ¹		5.000		12/01/2032	12/01/2017 ^A		3,174,720
	10,000	Napa, CA Hsg. Auth. (Vintage at Napa Senior Apartments) ¹		5.200		06/15/2034	05/31/2013 ^A		10,052
	100,000	National City, CA Community Devel. Commission Tax Allocation (National City Redevel.) ¹		5.250		08/01/2019	08/01/2019		116,359
	230,000	Needles, CA Public Utility Authority		6.650		02/01/2032	05/31/2013 ^A		230,108
	285,000	Norco, CA Redevel Agency ¹		5.125		03/01/2030	05/31/2013 ^A		285,416
	290,000	Norco, CA Redevel Agency ¹		5.500		03/01/2030	05/31/2013 ^A		290,235
	30,000	Norco, CA Redevel. Agency ¹		5.000		03/01/2019	05/31/2013 ^A		30,084
	2,505,000	Northern CA Tobacco Securitization Authority (TASC) ¹		4.750		06/01/2023	06/01/2015 ^A		2,507,505
	1,145,000	Northern, CA Inyo County Local Hospital District ¹		5.000		12/01/2015	12/12/2014 ^B		1,221,566
	835,000	Northern, CA Inyo County Local Hospital District ¹		6.375		12/01/2025	12/01/2020 ^A		949,579
	70,000	Norwalk, CA Community Facilities Financing ¹		5.250		02/01/2017	08/01/2013 ^A		70,887
	175,000	Norwalk, CA Community Facilities Financing ¹		5.375		02/01/2029	08/01/2013 ^A		177,013
	225,000	Novato, CA GO ¹		5.250		08/01/2017	08/01/2013 ^A		227,792
	70,000	Novato, CA GO ¹		5.300		08/01/2016	05/31/2013 ^A		70,302
	600,000	Oakdale, CA Public Financing Authority ¹		5.125		03/01/2022	05/31/2013 ^A		606,948
	30,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)		5.900		06/01/2014	06/01/2013 ^A		30,083
	10,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)		6.000		06/01/2019	06/01/2013 ^A		10,015
	50,000	Oakdale, CA Public Financing Authority Tax Allocation (Central City Redevel.)		6.100		06/01/2027	06/01/2013 ^A		50,036
	135,000	Oakland, CA Building Authority (Elihu M Harris) ¹		5.000		04/01/2015	05/31/2013 ^A		135,342
	185,000	Oakland, CA Building Authority (Elihu M Harris) ¹		5.000		04/01/2016	05/31/2013 ^A		185,470
	150,000	Oakland, CA Building Authority (Elihu M Harris) ¹		5.000		04/01/2017	05/31/2013 ^A		150,338
	530,000	Oakland, CA Building Authority (Elihu M Harris) ¹		5.000		04/01/2023	05/31/2013 ^A		530,726
	10,000	Oakland, CA Redevel. Agency ¹		5.500		09/01/2015	05/31/2013 ^A		10,034


31		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 250,000	Oakland, CA Redevel. Agency ¹		5.500	%	09/01/2017	05/31/2013 ^A	$	250,765
	250,000	Oakland, CA Redevel. Agency ¹		5.500		09/01/2019	05/31/2013 ^A		250,675
	750,000	Oakland, CA Unified School District		5.000		08/01/2022	01/15/2021 ^B		849,960
	2,000,000	Oakland, CA Unified School District ¹		5.000		08/01/2025	08/01/2015 ^A		2,062,660
	645,000	Oakland, CA Unified School District		5.000		08/01/2026	05/31/2013 ^A		647,167
	50,000	Oakland, CA Unified School District		5.250		08/01/2015	05/31/2013 ^A		50,203
	200,000	Oakland, CA Unified School District ¹		5.250		08/01/2016	05/31/2013 ^A		200,754
	100,000	Oakland, CA Unified School District		5.250		08/01/2017	05/31/2013 ^A		100,403
	160,000	Oakland, CA Unified School District		5.250		08/01/2019	05/31/2013 ^A		160,626
	370,000	Oakland, CA Unified School District		5.250		08/01/2020	05/31/2013 ^A		371,413
	300,000	Oakland, CA Unified School District ¹		5.250		08/01/2022	05/31/2013 ^A		301,254
	3,100,000	Oakland, CA Unified School District		5.250		08/01/2024	05/31/2013 ^A		3,111,067
	1,000,000	Oakland, CA Unified School District		6.125		08/01/2029	08/01/2019 ^A		1,140,480
	25,000	Ontario, CA Improvement Bond Act 1915		6.800		09/02/2013	09/02/2013		25,387
	1,835,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500		09/02/2020	09/02/2013 ^A		1,878,801
	120,000	Ontario, CA Montclair School District ¹		5.000		08/01/2027	05/31/2013 ^A		120,418
	60,000	Orange County, CA Community Facilities District ¹		5.250		08/15/2019	05/31/2013 ^A		60,140
	2,500,000	Orange County, CA Community Facilities District (Ladera Ranch)		5.000		08/15/2025	08/15/2013 ^A		2,519,025
	50,000	Orange County, CA Devel. Agency (Neighborhood Devel,) ¹		5.000		09/01/2020	05/31/2013 ^A		50,086
	30,000	Orange County, CA Devel. Agency (Neighborhood Devel.) ¹		5.000		09/01/2017	05/31/2013 ^A		30,065
	50,000	Orange County, CA Devel. Agency (Neighborhood Devel.) ¹		5.000		09/01/2018	05/31/2013 ^A		50,100
	265,000	Orange County, CA Devel. Agency (Neighborhood Devel.) ¹		5.000		09/01/2022	05/31/2013 ^A		265,387
	15,000	Orange County, CA Improvement Bond Act 1915		5.500		09/02/2016	09/02/2013 ^A		15,174
	20,000	Orange County, CA Improvement Bond Act 1915 (Irvine Coast Assessment)		5.850		09/02/2013	09/02/2013		20,332
	1,500,000	Orange, CA Community Facilities District Special Tax (Serrano Heights Public Improvements) ¹		5.000		10/01/2028	10/01/2022 ^A		1,716,075
	850,000	Oroville, CA Public Financing Authority ¹		5.000		09/15/2030	05/31/2013 ^A		861,815
	115,000	Oroville, CA Public Financing Authority ¹		5.125		09/15/2025	05/31/2013 ^A		115,135
	975,000	Oxnard, CA Financing Authority ¹		5.000		06/01/2020	06/01/2013 ^A		978,559
	50,000	Oxnard, CA Financing Authority ¹		5.300		06/01/2029	06/01/2021 ^A		56,776


32		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	Oxnard, CA Financing Authority Wastewater (Redwood Trunk Sewer & Headworks) ¹		5.250	%	06/01/2034	06/01/2014 ^A	$	102,045
	845,000	Oxnard, CA Harbor District ¹		5.000		08/01/2020	08/01/2020		942,758
	25,000	Pajaro Valley, CA Water Management Agency COP ¹		5.500		03/01/2016	05/31/2013 ^A		25,003
	70,000	Pajaro Valley, CA Water Management Agency COP ¹		5.500		03/01/2018	05/31/2013 ^A		70,060
	180,000	Pajaro Valley, CA Water Management Agency COP ¹		5.750		03/01/2024	05/31/2013 ^A		180,144
	1,230,000	Palm Desert, CA Financing Authority ¹		5.000		08/01/2021	08/01/2013 ^A		1,247,380
	25,000	Palm Desert, CA Financing Authority ¹		5.000		04/01/2025	04/01/2014 ^A		25,194
	25,000	Palm Desert, CA Financing Authority		5.200		10/01/2028	10/01/2013 ^A		25,088
	500,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs International Airport)		6.000		07/01/2018	07/01/2014 ^A		518,080
	145,000	Palm Springs, CA Airport Passenger Facilities (Palm Springs Regional Airport) ¹		5.250		01/01/2022	05/31/2013 ^A		145,579
	100,000	Palm Springs, CA Community Redevel. Agency Tax Allocation ¹		5.500		08/01/2021	05/31/2013 ^A		100,220
	6,120,000	Palm Springs, CA Financing Authority (Downtown Revitalization) ¹		5.250		06/01/2027	06/01/2022 ^A		7,147,793
	100,000	Palmdale, CA Civic Authority ¹		5.000		07/01/2025	07/01/2013 ^A		100,776
	275,000	Palmdale, CA Civic Authority (Civic Center) ¹		5.600		07/01/2015	05/31/2013 ^A		275,751
	125,000	Palmdale, CA Community Facilities District Special Tax		5.400		09/01/2035	09/01/2016 ^A		127,170
	45,000	Palmdale, CA COP (Park Improvement and Avenue South Construction) ¹		5.000		09/01/2017	09/01/2013 ^A		46,042
	540,000	Palmdale, CA Elementary School District Special Tax Community Facilities District No. 90-1 ¹		5.700		08/01/2018	05/31/2013 ^A		541,944
	175,000	Palo Alto, CA Utility ¹		5.250		06/01/2021	06/01/2013 ^A		175,756
	15,000	Palo Alto, CA Utility ¹		5.250		06/01/2024	06/01/2013 ^A		15,064
	20,000	Palomar Pomerado, CA Health System ¹		5.000		11/01/2014	05/31/2013 ^A		20,043
	100,000	Palomar Pomerado, CA Health System ¹		5.375		11/01/2013	05/31/2013 ^A		100,247
	30,000	Parlier, CA Redevel. Agency Tax Allocation ¹		5.000		08/01/2018	05/31/2013 ^A		30,050
	100,000	Parlier, CA Redevel. Agency Tax Allocation ¹		5.125		08/01/2023	05/31/2013 ^A		100,100


33		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 90,000	Patterson, CA Joint Unified School District ¹		5.000	%	08/01/2015	05/31/2013 ^A	$	90,357
	275,000	Perris, CA Community Facilities District Special Tax		6.375		09/01/2032	09/01/2013 ^A		280,874
	60,000	Perris, CA Public Financing Authority		5.750		09/01/2024	09/01/2014 ^A		62,416
	125,000	Perris, CA Public Financing Authority ¹		5.750		10/01/2031	05/31/2013 ^A		128,023
	390,000	Perris, CA Public Financing Authority ¹		7.000		10/01/2033	10/01/2018 ^A		458,414
	140,000	Perris, CA Public Financing Authority		7.875		09/01/2025	05/31/2013 ^A		140,412
	20,000	Perris, CA Public Financing Authority, Series A		6.125		09/01/2034	09/01/2014 ^A		20,758
	1,035,000	Perris, CA Union High School District Financing Authority		5.375		09/01/2026	09/01/2013 ^A		1,069,238
	1,415,000	Perris, CA Union High School District Financing Authority		5.500		09/01/2028	09/01/2013 ^A		1,461,950
	10,000	Petaluma, CA Improvement Bond Act 1915		6.000		09/02/2020	09/02/2013 ^A		10,060
	1,500,000	Pico Rivera, CA Public Financing Authority ¹		5.500		09/01/2031	09/01/2019 ^A		1,708,830
	35,000	Pinole, CA Redevel. Agency Tax Allocation (Pinole Vista Redevel.) ¹		5.200		08/01/2013	05/31/2013 ^A		35,145
	20,000	Pinole, CA Redevel. Agency Tax Allocation (Pinole Vista Redevel.) ¹		5.250		08/01/2016	05/31/2013 ^A		20,081
	500,000	Pittsburg, CA Redevel. Agency (Los Medanos Community Devel.) ¹		5.850		08/01/2018	08/01/2013 ^A		503,580
	240,000	Pittsburgh, CA Redevel. Agency Tax Allocation (Los Medanos Community Devel.) ¹		5.000		08/01/2017	08/01/2013 ^A		241,368
	65,000	Pittsburgh, CA Redevel. Agency Tax Allocation (Los Medanos Community Devel.) ¹		5.000		08/01/2018	08/01/2013 ^A		65,329
	25,000	Pittsburgh, CA Redevel. Agency Tax Allocation (Los Medanos Community Devel.) ¹		5.000		08/01/2019	08/01/2013 ^A		25,115
	4,550,000	Placentia, CA Redevel. Agency Tax Allocation		7.750		02/01/2014	08/01/2013 ^A		4,607,512
	100,000	Placer County, CA Water Agency COP ¹		5.000		07/01/2021	07/01/2013 ^A		100,261
	30,000	Pomona, CA Public Financing Authority		5.000		02/01/2024	05/31/2013 ^A		30,038
	65,000	Pomona, CA Public Financing Authority ¹		5.125		02/01/2016	05/31/2013 ^A		65,140
	400,000	Pomona, CA Public Financing Authority (Merfed Redevel.) ¹		5.250		02/01/2020	05/31/2013 ^A		401,236
	110,000	Port Redwood City, CA GO ¹		5.400		06/01/2019	06/01/2013 ^A		110,168
	2,420,000	Porterville, CA COP ¹		5.000		07/01/2030	07/01/2015 ^A		2,500,465
	50,000	Poway, CA Hsg. (Poinsetta Mobile Home Park) ¹		5.000		05/01/2023	05/31/2013 ^A		51,068


34		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 30,000	Poway, CA Public Financing Authority (Water Services)		5.500	%	11/01/2015	05/31/2013 ^A	$	30,084
	30,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.) ¹		5.250		06/15/2019	06/15/2013 ^A		30,157
	10,000	Poway, CA Redevel. Agency Tax Allocation (Paguay Redevel.) ¹		5.250		06/15/2024	06/15/2013 ^A		10,049
	855,000	Poway, CA Unified School District Public Financing Authority Special Tax ¹		5.000		09/15/2025	09/15/2023 ^A		985,037
	1,210,000	Poway, CA Unified School District Public Financing Authority Special Tax ¹		5.000		09/15/2029	09/15/2023 ^A		1,361,117
	170,000	Poway, CA Unified School District Special Tax Community Facilities District No. 14		5.125		09/01/2026	09/01/2016 ^A		174,094
	125,000	Poway, CA Unified School District Special Tax Community Facilities District No. 6		5.125		09/01/2028	09/01/2015 ^A		127,429
	10,000	Rancho Cucamonga, CA Public Finance Authority		6.000		09/02/2020	05/31/2013 ^A		10,014
	650,000	Rancho Cucamonga, CA Redevel. Agency (Rancho Redevel.) ¹		5.125		09/01/2030	05/31/2013 ^A		650,520
	50,000	Rancho Cucamonga, CA Redevel. Agency (Rancho Redevel.) ¹		5.250		09/01/2020	05/31/2013 ^A		50,145
	4,570,000	Rancho Cucamonga, CA Redevel. Agency (Rancho Redevel.) ¹		5.375		09/01/2025	05/31/2013 ^A		4,575,484
	20,000	Rancho Mirage, CA Improvement Bond Act 1915		5.500		09/02/2024	09/02/2013 ^A		20,024
	30,000	Rancho Mirage, CA Improvement Bond Act 1915		5.750		09/02/2022	09/02/2013 ^A		30,114
	25,000	Rancho Mirage, CA Redevel. Agency Tax Allocation ¹		4.750		04/01/2014	05/31/2013 ^A		25,087
	55,000	Redding, CA Improvement Bond Act 1915 (Tierra Oaks Assessment District 1993-1)		7.000		09/02/2013	09/02/2013		55,756
	160,000	Redding, CA Joint Powers Financing Authority ¹		5.000		06/01/2018	06/01/2013 ^A		160,523
	30,000	Redding, CA Redevel. Agency (Redding School District) ¹		5.000		09/01/2026	05/31/2013 ^A		30,054
	100,000	Redding, CA Redevel. Agency (Redding School District) ¹		5.125		09/01/2030	05/31/2013 ^A		100,161
	10,000	Redlands, CA Community Facilities District		5.850		09/01/2033	09/01/2014 ^A		10,108
	25,000	Redlands, CA Unified School District ¹		5.000		07/01/2026	07/01/2013 ^A		25,175
	690,000	Redwood City, CA Special Tax		5.000		09/01/2029	09/01/2022 ^A		792,831
	20,000	Rialto, CA Redevel. Agency (Merged Project Area) ¹		5.000		09/01/2019	09/01/2013 ^A		20,140


35		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 100,000	Rialto, CA Redevel. Agency (Merged Project Area) ¹		5.250	%	09/01/2027	09/01/2013 ^A	$	100,397
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.000		09/01/2016	09/01/2013 ^A		51,810
	25,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.050		09/01/2017	09/01/2013 ^A		25,890
	65,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.125		09/01/2018	09/01/2013 ^A		67,263
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.200		09/01/2019	09/01/2013 ^A		103,406
	100,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.250		09/01/2020	09/01/2013 ^A		103,332
	50,000	Rialto, CA Special Tax Community Facilities District No. 2006-1		5.250		09/01/2021	09/01/2016 ^A		51,459
	355,000	Richmond, CA Joint Powers Financing Authority ¹		5.000		09/01/2015	05/31/2013 ^A		355,937
	40,000	Richmond, CA Joint Powers Financing Authority ¹		5.500		09/01/2018	05/31/2013 ^A		40,096
	600,000	Richmond, CA Joint Powers Financing Authority Tax Allocation ¹		5.250		09/01/2025	09/01/2013 ^A		607,962
	50,000	Richmond, CA Joint Powers Financing Authority Tax Allocation ¹		5.500		09/01/2016	05/31/2013 ^A		50,146
	20,000	Richmond, CA Joint Powers Financing Authority Tax Allocation ¹		5.500		09/01/2017	05/31/2013 ^A		20,052
	195,000	Richmond, CA Redevel. Agency (Harbour Redevel.) ¹		5.500		07/01/2018	05/31/2013 ^A		195,790
	80,000	River Islands, CA Public Financing Authority		6.000		09/01/2027	06/22/2024 ^B		78,190
	100,000	River Islands, CA Public Financing Authority		6.150		09/01/2035	06/24/2032 ^B		98,322
	450,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000		09/01/2028	09/01/2022 ^A		479,691
	600,000	Riverside County, CA Community Facilities District (Scott Road)		5.000		09/01/2025	09/01/2022 ^A		635,772
	1,310,000	Riverside County, CA Community Facilities District (Scott Road)		5.000		09/01/2028	09/01/2022 ^A		1,370,588
	555,000	Riverside County, CA Community Facilities District (Scott Road)		5.000		09/01/2030	09/01/2022 ^A		576,362
	15,000	Riverside County, CA Community Facilities District Special Tax		6.000		09/01/2030	09/01/2014 ^A		15,067
	150,000	Riverside County, CA Community Facilities District Special Tax No. 87-1		5.100		09/01/2013	09/01/2013		151,769
	215,000	Riverside County, CA Community Facilities District Special Tax No. 87-1		5.150		09/01/2014	09/01/2013 ^A		223,725
	385,000	Riverside County, CA Community Facilities District Special Tax No. 87-1		5.200		09/01/2015	09/01/2013 ^A		400,188
	225,000	Riverside County, CA Community Facilities District Special Tax No. 87-1		5.250		09/01/2016	09/01/2013 ^A		233,654
	430,000	Riverside County, CA Community Facilities District Special Tax No. 88-8		5.400		09/01/2013	09/01/2013		434,936


36		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 450,000	Riverside County, CA Community Facilities District Special Tax No. 88-8		5.450	%	09/01/2014	09/01/2014	$	468,509
	475,000	Riverside County, CA Community Facilities District Special Tax No. 88-8		5.500		09/01/2015	09/01/2015		505,229
	305,000	Riverside County, CA Public Financing Authority ¹		5.250		10/01/2017	05/31/2013 ^A		305,811
	380,000	Riverside County, CA Public Financing Authority COP		5.750		05/15/2019	08/07/2016 ^B		242,539
	305,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.) ¹		5.750		10/01/2020	10/01/2020		349,115
	4,700,000	Riverside, CA (Recovery Zone Facility) COP ¹		5.500		03/01/2040	03/01/2017 ^A		4,943,883
	40,000	Riverside, CA Improvement Bond Act 1915		8.250		09/02/2016	09/02/2013 ^A		40,765
	315,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)		5.000		09/02/2023	09/02/2013 ^A		325,508
	335,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)		5.000		09/02/2024	09/02/2013 ^A		346,105
	200,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)		6.250		09/02/2029	09/02/2013 ^A		204,988
	1,640,000	Riverside, CA Public Financing Authority ¹		5.000		11/01/2027	11/01/2022 ^A		1,823,155
	1,155,000	Riverside, CA Public Financing Authority ¹		5.000		11/01/2028	11/01/2022 ^A		1,275,836
	100,000	Riverside, CA Public Financing Authority (University Corridor/Sycamore) ¹		5.000		08/01/2019	08/01/2017 ^A		110,023
	150,000	Riverside, CA Redevel. Agency ¹		5.000		08/01/2025	05/31/2013 ^A		150,173
	50,000	Riverside, CA Special Tax Community Facilities District No. 90-1, Series A ¹		5.500		09/01/2015	09/01/2013 ^A		50,598
	150,000	Riverside, CA Unified School District ¹		5.000		12/01/2026	06/01/2013 ^A		150,548
	100,000	Rocklin, CA Unified School District Community Facilities District No. 1 ¹		5.000		09/01/2025	09/01/2013 ^A		101,243
	50,000	Rohnert Park, CA COP ¹		5.000		07/01/2024	05/31/2013 ^A		50,097
	25,000	Romoland, CA School District Special Tax		6.000		09/01/2033	09/01/2013 ^A		25,127
	50,000	Romoland, CA School District Special Tax		6.375		09/01/2033	09/01/2013 ^A		50,315
	50,000	Romoland, CA School District Special Tax		6.375		09/01/2033	09/01/2013 ^A		50,315
	365,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1 ⁵		5.000		09/01/2025	09/01/2023 ^A		403,121
	370,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1 ⁵		5.000		09/01/2026	09/01/2023 ^A		406,316


37		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 405,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1 ⁵		5.000	%	09/01/2027	09/01/2023 ^A	$	442,940
	500,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1 ⁵		5.000		09/01/2028	09/01/2023 ^A		544,615
	450,000	Romoland, CA School District Special Tax Community Facilities District No. 2004-1 ⁵		5.000		09/01/2029	09/01/2023 ^A		488,561
	440,000	Roseland, CA Elementary School District ⁵		6.625		08/01/2029	08/01/2023 ^A		565,246
	50,000	Roseville, CA COP (Golf Course) ¹		5.000		08/01/2023	08/01/2013 ^A		50,483
	190,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2021	02/15/2021		218,126
	80,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2023	02/15/2023		92,852
	265,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2024	02/15/2024		309,573
	100,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2025	02/15/2025		117,406
	310,000	Rowland, CA Unified School District ¹		5.250		08/01/2027	08/01/2013 ^A		313,491
	795,000	Sacramento County, CA (Juvenile Courthouse) COP ¹		5.000		12/01/2021	12/01/2013 ^A		815,137
	535,000	Sacramento County, CA (Juvenile Courthouse) COP ¹		5.000		12/01/2022	12/01/2013 ^A		548,231
	430,000	Sacramento County, CA (Juvenile Courthouse) COP ¹		5.000		12/01/2023	12/01/2013 ^A		440,376
	160,000	Sacramento County, CA COP		4.750		10/01/2017	05/31/2013 ^A		160,275
	480,000	Sacramento County, CA COP ¹		5.375		02/01/2019	05/31/2013 ^A		480,984
	2,975,000	Sacramento County, CA COP ¹		5.750		02/01/2030	02/01/2020 ^A		3,331,584
	960,000	Sacramento County, CA Hsg. Authority (Cottage Estates Apartments) ¹		6.000		02/01/2033	06/01/2013 ^A		960,950
	1,500,000	Sacramento County, CA Hsg. Authority (Verandas Apartments Senior Community) ¹		5.700		03/01/2034	05/31/2013 ^A		1,502,415
	400,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)		5.250		06/01/2027	06/01/2013 ^A		402,160
	25,000	Sacramento County, CA Public Financing Authority (Sacramento City Redevel.) ¹		5.200		12/01/2019	12/01/2013 ^A		25,252
	225,000	Sacramento, CA City Financing Authority ¹		5.000		12/01/2024	12/01/2015 ^A		243,833
	400,000	Sacramento, CA City Financing Authority ¹		5.250		05/01/2015	05/31/2013 ^A		400,156
	50,000	Sacramento, CA City Financing Authority (California EPA Building) ¹		4.750		05/01/2017	05/31/2013 ^A		50,096


38		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 80,000	Sacramento, CA City Financing Authority (California EPA Building) ¹		5.000	%	05/01/2013	05/01/2013	$	80,010
	25,000	Sacramento, CA City Financing Authority (California EPA Building) ¹		5.000		05/01/2014	05/31/2013 ^A		25,009
	70,000	Sacramento, CA City Financing Authority (California EPA Building) ¹		5.250		05/01/2016	05/31/2013 ^A		70,027
	550,000	Sacramento, CA City Financing Authority (California EPA Building) ¹		5.250		05/01/2019	05/31/2013 ^A		551,364
	30,000	Sacramento, CA City Financing Authority (City Hall) ¹		5.250		12/01/2016	06/01/2013 ^A		30,122
	945,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)		6.250		09/01/2023	09/01/2013 ^A		964,665
	1,840,000	Sacramento, CA City Financing Authority (Westlake & Regency Park) ¹		5.000		09/01/2024	03/01/2023 ^A		2,065,455
	850,000	Sacramento, CA City Financing Authority (Westlake & Regency Park) ¹		5.000		09/01/2025	03/01/2023 ^A		942,463
	1,065,000	Sacramento, CA City Financing Authority (Westlake & Regency Park) ¹		5.000		09/01/2026	03/01/2023 ^A		1,166,729
	785,000	Sacramento, CA City Financing Authority (Westlake & Regency Park) ¹		5.000		09/01/2026	03/01/2023 ^A		884,671
	455,000	Sacramento, CA City Financing Authority (Westlake & Regency Park) ¹		5.000		09/01/2027	03/01/2023 ^A		494,439
	30,000	Sacramento, CA Improvement Bond Act 1915 (Citywide Landscaping & Lighting) ¹		5.500		09/02/2016	05/31/2013 ^A		30,104
	55,000	Sacramento, CA Municipal Utility District ¹		5.000		11/15/2018	11/15/2013 ^A		56,434
	295,000	Sacramento, CA Municipal Utility District ¹		5.000		08/15/2022	08/15/2013 ^A		299,148
	10,000	Sacramento, CA Redevel. Agency (Merged Downtown Redevel.) ¹		5.250		11/01/2013	05/31/2013 ^A		10,042
	1,470,000	Sacramento, CA Special Tax (North Natomas Community Facilities)		5.700		09/01/2023	09/01/2013 ^A		1,487,420
	300,000	Sacramento, CA Unified School District ¹		5.125		07/01/2029	07/01/2013 ^A		302,493
	50,000	Sacramento, CA Unified School District COP ¹		5.000		03/01/2019	05/31/2013 ^A		50,181
	15,000	Sacramento, CA Unified School District COP ¹		5.000		03/01/2020	05/31/2013 ^A		15,054
	50,000	Sacramento, CA Unified School District COP ¹		5.000		03/01/2021	05/31/2013 ^A		50,181
	330,000	Sacramento, CA Unified School District COP ¹		5.000		03/01/2026	05/31/2013 ^A		331,165


39		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 410,000	Saddleback Valley, CA Unified School District ¹		5.650	%	09/01/2017	05/31/2013 ^A	$	411,796
	2,000,000	Salinas Valley, CA Solid Waste Authority ¹		5.250		08/01/2027	05/31/2013 ^A		2,006,840
	215,000	Salinas Valley, CA Solid Waste Authority		5.625		08/01/2015	05/31/2013 ^A		215,935
	150,000	Salinas Valley, CA Solid Waste Authority ¹		5.625		08/01/2016	05/31/2013 ^A		150,638
	1,000,000	Salinas Valley, CA Solid Waste Authority ¹		5.625		08/01/2018	05/31/2013 ^A		1,004,060
	100,000	Salinas, CA Improvement Bond Act 1915		5.450		09/02/2013	09/02/2013		101,026
	50,000	Salinas, CA Improvement Bond Act 1915 (Bella Vista)		5.500		09/02/2013	09/02/2013		50,581
	85,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization) ¹		5.500		11/01/2023	05/31/2013 ^A		85,315
	100,000	San Bernardino County, CA (Single Family Mtg.)		5.376	²	05/01/2031	05/31/2013 ^A		38,587
	200,000	San Bernardino County, CA COP (Medical Center Financing) ¹		5.000		08/01/2026	05/31/2013 ^A		200,388
	55,000	San Bernardino County, CA COP (Medical Center Financing)		5.250		08/01/2016	05/31/2013 ^A		55,132
	40,000	San Bernardino County, CA Flood Control District ¹		5.000		08/01/2029	05/31/2013 ^A		40,070
	190,000	San Bernardino County, CA Redevel. Agency (San Sevaine Redevel.) ¹		5.000		09/01/2019	09/01/2015 ^A		200,929
	10,000	San Bernardino, CA Joint Powers Financing Authority ¹		5.750		10/01/2018	10/01/2018		11,555
	200,000	San Bernardino, CA Joint Powers Financing Authority ¹		5.750		10/01/2019	10/01/2019		233,928
	50,000	San Bernardino, CA Joint Powers Financing Authority ¹		5.750		10/01/2022	10/01/2022		58,609
	70,000	San Bernardino, CA Joint Powers Financing Authority ¹		5.750		10/01/2023	10/01/2023		81,981
	180,000	San Bernardino, CA Joint Powers Financing Authority ¹		5.750		10/01/2023	10/01/2023		210,809
	335,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease) ¹		5.500		12/01/2020	06/01/2013 ^A		335,757
	160,000	San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease) ¹		5.500		12/01/2020	06/01/2013 ^A		160,379
	285,000	San Bernardino, CA Joint Powers Financing Authority (City Hall) ¹		5.600		01/01/2015	07/07/2014 ^B		280,597
	365,000	San Bernardino, CA Joint Powers Financing Authority (Police Station) ¹		5.500		09/01/2020	06/12/2017 ^B		355,003
	415,000	San Bernardino, CA Joint Powers Financing Authority (Police Station) ¹		5.500		09/01/2024	03/27/2023 ^B		395,649


40		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 150,000	San Bernardino, CA Joint Powers Financing Authority (Tax Allocation)		6.625	%	04/01/2026	05/31/2013 ^A	$	151,650
	560,000	San Bernardino, CA Mountains Community Hospital District COP		5.000		02/01/2017	08/26/2015 ^B		580,686
	135,000	San Bernardino, CA Municipal Water Dept.		5.000		02/01/2017	05/31/2013 ^A		135,266
	70,000	San Bernardino, CA Municipal Water Dept.		5.250		02/01/2015	05/31/2013 ^A		70,182
	30,000	San Bernardino, CA Redevel. Agency (Ramona Senior Complex)		7.875		07/01/2025	07/01/2013 ^A		30,268
	50,000	San Bruno, CA Police Facilities Financing ¹		5.250		02/01/2021	05/31/2013 ^A		50,130
	2,250,000	San Diego County, CA (Developmental Services Foundation) COP ¹		5.500		09/01/2017	05/31/2013 ^A		2,259,495
	5,000,000	San Diego County, CA COP (Developmental Service Foundation) ¹		5.500		09/01/2027	05/31/2013 ^A		5,019,650
	90,000	San Diego County, CA Water Authority ¹		4.750		05/01/2028	05/31/2013 ^A		90,270
	545,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2025	09/01/2023 ^A		606,858
	580,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2026	09/01/2023 ^A		642,147
	610,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2027	09/01/2023 ^A		672,604
	640,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2028	09/01/2023 ^A		702,816
	720,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2030	09/01/2023 ^A		784,246
	4,950,000	San Diego, CA Hsg. Authority (Island Village Apartments)		5.650		07/01/2034	05/31/2013 ^A		5,143,149
	155,000	San Diego, CA Mtg. (Mariners Cove)		5.800		09/01/2015	05/31/2013 ^A		155,577
	8,830,000	San Diego, CA Public Facilities Financing Authority ¹		5.250		04/15/2029	04/15/2022 ^A		10,130,041
	25,000	San Diego, CA Redevel. Agency ¹		6.000		11/01/2015	05/31/2013 ^A		25,119
	10,000	San Diego, CA Redevel. Agency (Centre City Redevel.) ¹		5.900		09/01/2013	05/31/2013 ^A		10,034
	20,000	San Diego, CA Redevel. Agency (Centre City)		5.000		09/01/2015	05/31/2013 ^A		20,062
	50,000	San Diego, CA Redevel. Agency (Centre City) ¹		5.000		09/01/2026	05/31/2013 ^A		50,414
	100,000	San Diego, CA Redevel. Agency (Centre City) ¹		5.200		09/01/2019	05/31/2013 ^A		100,196
	175,000	San Diego, CA Redevel. Agency (Centre City) ¹		5.250		09/01/2021	05/31/2013 ^A		176,558
	325,000	San Diego, CA Redevel. Agency (Centre City) ¹		5.250		09/01/2026	05/31/2013 ^A		325,361
	55,000	San Diego, CA Redevel. Agency (Centre City)		5.300		09/01/2020	05/31/2013 ^A		55,089


41		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 115,000	San Diego, CA Redevel. Agency (Centre City)		5.350	%	09/01/2024	05/31/2013 ^A	$	115,129
	25,000	San Diego, CA Redevel. Agency (Centre City)		5.600		09/01/2024	05/31/2013 ^A		25,033
	1,000,000	San Diego, CA Redevel. Agency (Centre City) ¹		6.400		09/01/2019	05/31/2013 ^A		1,002,620
	20,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.) ¹		5.000		10/01/2021	05/31/2013 ^A		20,274
	20,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.) ¹		5.000		10/01/2026	05/31/2013 ^A		20,265
	120,000	San Diego, CA Redevel. Agency (Mt. Hope Redevel.) ¹		5.875		10/01/2019	05/31/2013 ^A		120,547
	70,000	San Diego, CA Redevel. Agency (North Bay Redevel.) ¹		5.800		09/01/2022	05/31/2013 ^A		70,139
	300,000	San Diego, CA Redevel. Agency (North Bay Redevel.) ¹		5.875		09/01/2030	05/31/2013 ^A		300,411
	85,000	San Diego, CA Redevel. Agency (North Park Redevel.) ¹		5.600		09/01/2019	05/31/2013 ^A		85,236
	60,000	San Diego, CA Redevel. Agency (North Park Redevel.) ¹		5.700		09/01/2020	05/31/2013 ^A		60,196
	710,000	San Diego, CA Redevel. Agency (North Park Redevel.) ¹		5.900		09/01/2025	05/31/2013 ^A		711,590
	25,000	San Diego, CA Redevel. Agency Tax Allocation (North Park Redevel.) ¹		5.900		09/01/2030	05/31/2013 ^A		25,046
	10,000	San Dimas, CA Redevel. Agency (Creative Growth Redevel.) ¹		6.750		09/01/2016	09/01/2013 ^A		10,215
	220,000	San Francisco, CA City & County Airports Commission ¹		5.250		01/01/2026	05/31/2013 ^A		220,279
	10,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.000		01/01/2014	05/31/2013 ^A		10,029
	290,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.125		01/01/2017	05/31/2013 ^A		290,725
	3,040,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250		01/01/2019	05/31/2013 ^A		3,046,749
	75,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250		01/01/2020	05/31/2013 ^A		75,159
	65,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250		01/01/2021	05/31/2013 ^A		65,129
	25,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250		01/01/2022	05/31/2013 ^A		25,046
	10,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250		01/01/2023	05/31/2013 ^A		10,017


42		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 235,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250	%	01/01/2024	05/31/2013 ^A	$	235,367
	75,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		5.250		01/01/2027	05/31/2013 ^A		75,088
	490,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company) ¹		6.125		01/01/2027	05/31/2013 ^A		492,009
	40,000	San Francisco, CA City & County Improvement Bond Act 1915		6.850		09/02/2026	09/02/2013 ^A		41,490
	500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000		08/01/2023	08/01/2022 ^A		560,920
	1,600,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000		08/01/2025	08/01/2022 ^A		1,765,584
	1,250,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000		08/01/2026	08/01/2022 ^A		1,382,463
	1,000,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000		08/01/2027	08/01/2022 ^A		1,101,840
	20,000	San Francisco, CA City & County Redevel. Financing Authority ¹		5.000		08/01/2019	05/31/2013 ^A		20,057
	115,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.) ¹		6.000		08/01/2029	08/01/2019 ^A		134,138
	310,000	San Francisco, CA Community College District ¹		5.000		06/15/2017	06/15/2013 ^A		317,415
	855,000	San Francisco, CA Community College District ¹		5.000		06/15/2018	06/15/2013 ^A		875,417
	10,000	San Francisco, CA Community College District ¹		5.000		06/15/2019	06/15/2013 ^A		10,239
	30,000	San Francisco, CA Community College District ¹		5.000		06/15/2020	06/15/2013 ^A		30,714
	80,000	San Francisco, CA Community College District ¹		5.000		06/15/2026	05/31/2013 ^A		80,289
	3,500,000	San Francisco, CA Community College District		5.000		06/15/2028	06/15/2014 ^A		3,670,485
	215,000	San Francisco, CA Community College District		5.375		06/15/2015	05/31/2013 ^A		215,933
	200,000	San Francisco, CA Community College District ¹		5.375		06/15/2016	05/31/2013 ^A		200,864
	90,000	San Francisco, CA Community College District ¹		5.375		06/15/2022	05/31/2013 ^A		90,374
	350,000	San Gorgonio, CA Memorial Health Care District ¹		5.000		08/01/2022	08/01/2013 ^A		354,179
	920,000	San Gorgonio, CA Memorial Health Care District ¹		5.000		08/01/2024	08/01/2020 ^A		1,041,385


43		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 1,010,000	San Gorgonio, CA Memorial Health Care District ¹		5.000	%	08/01/2025	08/01/2020 ^A	$	1,132,584
	1,395,000	San Gorgonio, CA Memorial Health Care District ¹		7.000		08/01/2024	08/01/2017 ^A		1,645,207
	1,560,000	San Gorgonio, CA Memorial Health Care District ¹		7.000		08/01/2025	08/01/2017 ^A		1,833,437
	1,000,000	San Gorgonio, CA Memorial Health Care District ¹		7.100		08/01/2033	08/01/2017 ^A		1,164,010
	100,000	San Jacinto, CA Financing Authority ¹		5.100		04/01/2023	05/31/2013 ^A		100,887
	10,000	San Jacinto, CA Financing Authority ¹		5.500		10/01/2018	10/01/2013 ^A		10,215
	25,000	San Joaquin County, CA Community Facilities District Special Tax (Delta Farms)		6.125		09/01/2024	09/01/2013 ^A		25,810
	80,000	San Joaquin County, CA COP (Solid Waste System Facilities) ¹		5.000		04/01/2015	05/31/2013 ^A		80,234
	50,000	San Joaquin County, CA COP (Solid Waste System Facilities) ¹		5.000		04/01/2020	05/31/2013 ^A		50,160
	30,000	San Joaquin County, CA COP (Solid Waste System Facilties) ¹		5.000		04/01/2018	05/31/2013 ^A		30,070
	35,000	San Jose, CA (Libraries & Parks) ¹		5.000		09/01/2015	05/31/2013 ^A		35,142
	15,000	San Jose, CA (Libraries & Parks) ¹		5.000		09/01/2017	05/31/2013 ^A		15,060
	235,000	San Jose, CA (Libraries & Parks) ¹		5.000		09/01/2018	05/31/2013 ^A		235,945
	85,000	San Jose, CA (Libraries & Parks) ¹		5.100		09/01/2020	05/31/2013 ^A		85,350
	50,000	San Jose, CA (Libraries & Parks) ¹		5.100		09/01/2022	05/31/2013 ^A		50,204
	100,000	San Jose, CA (Libraries & Parks) ¹		5.100		09/01/2025	05/31/2013 ^A		100,400
	30,000	San Jose, CA (Libraries, Parks & Public Safety) ¹		5.000		09/01/2017	05/31/2013 ^A		30,121
	50,000	San Jose, CA (Libraries, Parks & Public Safety) ¹		5.000		09/01/2020	05/31/2013 ^A		50,199
	105,000	San Jose, CA (Libraries, Parks & Public Safety) ¹		5.000		09/01/2022	05/31/2013 ^A		105,417
	1,130,000	San Jose, CA Airport ¹		5.000		03/01/2028	03/01/2014 ^A		1,163,810
	3,990,000	San Jose, CA Airport ¹		5.125		03/01/2020	03/01/2014 ^A		4,139,705
	1,000,000	San Jose, CA Airport ¹		6.250		03/01/2034	03/01/2021 ^A		1,198,740
	260,000	San Jose, CA Finance Authority (Civic Center) ¹		5.250		06/01/2015	06/01/2013 ^A		261,110
	50,000	San Jose, CA Finance Authority (Civic Center) ¹		5.250		06/01/2016	06/01/2013 ^A		50,214
	250,000	San Jose, CA Finance Authority (Civic Center) ¹		5.250		06/01/2020	06/01/2013 ^A		251,063
	60,000	San Jose, CA Finance Authority (Convention Center) ¹		5.000		09/01/2015	05/31/2013 ^A		60,244
	225,000	San Jose, CA Finance Authority (Convention Center) ¹		5.000		09/01/2016	05/31/2013 ^A		225,914
	90,000	San Jose, CA Finance Authority (Convention Center) ¹		5.000		09/01/2017	05/31/2013 ^A		90,365


44		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 50,000	San Jose, CA Finance Authority (Convention Center) ¹		5.000	%	09/01/2018	05/31/2013 ^A	$	50,203
	205,000	San Jose, CA Finance Authority (Convention Center) ¹		5.000		09/01/2019	05/31/2013 ^A		205,828
	20,000	San Jose, CA Improvement Bond Act 1915		5.600		09/02/2016	09/02/2013 ^A		20,768
	25,000	San Jose, CA Improvement Bond Act 1915		5.700		09/02/2018	09/02/2013 ^A		25,925
	95,000	San Jose, CA Improvement Bond Act 1915		5.750		09/02/2019	09/02/2013 ^A		98,436
	60,000	San Jose, CA Improvement Bond Act 1915		5.750		09/02/2020	09/02/2013 ^A		62,116
	255,000	San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners) ¹		5.350		07/15/2034	10/10/2016 ^A		277,830
	25,000	San Jose, CA Multifamily Hsg. (El Parador Apartments) ¹		6.100		01/01/2031	05/31/2013 ^A		25,015
	400,000	San Jose, CA Multifamily Hsg. (Sixth & Martha Family Apartments) ¹		5.875		03/01/2033	06/01/2013 ^A		400,636
	350,000	San Jose, CA Redevel. Agency ¹		5.000		08/01/2017	08/01/2015 ^A		375,172
	300,000	San Jose, CA Redevel. Agency ¹		5.000		08/01/2019	08/01/2015 ^A		318,966
	50,000	San Jose, CA Redevel. Agency ¹		5.000		08/01/2020	08/01/2015 ^A		52,822
	25,000	San Jose, CA Redevel. Agency ¹		5.000		08/01/2023	08/01/2017 ^A		25,760
	20,000	San Jose, CA Redevel. Agency ¹		5.500		08/01/2014	05/31/2013 ^A		20,040
	10,000	San Jose, CA Redevel. Agency ¹		5.500		08/01/2016	05/31/2013 ^A		10,019
	80,000	San Jose, CA Redevel. Agency ¹		5.750		08/01/2017	08/01/2013 ^A		80,796
	5,300,000	San Jose, CA Redevel. Agency ¹		5.850		08/01/2027	08/01/2013 ^A		5,362,911
	200,000	San Jose, CA Redevel. Agency ¹		6.375		08/01/2021	08/01/2018 ^A		220,992
	255,000	San Jose, CA Redevel. Agency (Merged Area Redevel.) ¹		5.000		08/01/2022	08/01/2017 ^A		265,677
	115,000	San Jose, CA Redevel. Agency (Merged Area Redevel.) ¹		5.000		08/01/2023	08/01/2017 ^A		119,222
	1,210,000	San Jose, CA Redevel. Agency (Merged Area Redevel.) ¹		5.250		08/01/2019	08/01/2014 ^A		1,236,862
	5,000	San Jose, CA Redevel. Agency Tax Allocation ¹		5.600		08/01/2019	05/31/2013 ^A		5,009
	100,000	San Juan Capistrano, CA Public Financing Authority ¹		4.800		12/01/2016	06/01/2013 ^A		100,267
	30,000	San Leandro, CA COP (City Hall) ¹		5.000		06/01/2017	06/01/2013 ^A		30,422
	500,000	San Marcos, CA Public Facilities Authority		4.875		08/01/2031	08/01/2013 ^A		501,675
	100,000	San Marcos, CA Redevel. Agency Tax Allocation (Affordable Hsg.) ¹		5.650		10/01/2028	05/31/2013 ^A		100,375
	25,000	San Marcos, CA Unified School District Special Tax ¹		5.000		09/01/2029	09/01/2013 ^A		25,066
	50,000	San Mateo County, CA Joint Powers Financing ¹		5.000		07/15/2029	05/31/2013 ^A		50,077


45		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 20,000	San Mateo County, CA Joint Powers Financing Authority ¹		4.625	%	07/15/2019	05/31/2013 ^A	$	20,052
	10,000	San Mateo County, CA Joint Powers Financing Authority ¹		5.125		07/15/2028	05/31/2013 ^A		10,017
	40,000	San Rafael, CA Redevel. Agency Tax Allocation (Central San Rafael Redevel.) ¹		5.000		12/01/2014	06/01/2013 ^A		40,159
	100,000	Santa Ana, CA Community Redevel. Agency (South Main Street) ¹		5.000		09/01/2015	09/01/2013 ^A		101,051
	45,000	Santa Barbara County, CA Waterfront COP ¹		5.500		10/01/2022	10/01/2013 ^A		45,487
	100,000	Santa Barbara, CA Redevel. Agency (Central City) ¹		5.000		03/01/2018	05/31/2013 ^A		100,382
	50,000	Santa Barbara, CA Redevel. Agency (Central City) ¹		5.000		03/01/2019	05/31/2013 ^A		50,189
	50,000	Santa Barbara, CA Water COP ¹		5.125		09/01/2026	05/31/2013 ^A		50,182
	1,715,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments) ¹		5.850		08/01/2031	05/31/2013 ^A		1,716,646
	80,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments) ¹		5.700		08/01/2021	05/31/2013 ^A		80,107
	400,000	Santa Clara, CA Redevel. Agency (Bayshore North) ¹		5.000		06/01/2020	06/01/2013 ^A		401,460
	25,000	Santa Clara, CA Redevel. Agency (Bayshore North) ¹		5.375		06/01/2016	06/01/2013 ^A		25,102
	125,000	Santa Clara, CA Redevel. Agency (Bayshore North) ¹		5.500		06/01/2013	06/01/2013		125,518
	300,000	Santa Clara, CA Redevel. Agency (Bayshore North) ¹		5.500		06/01/2014	06/01/2013 ^A		301,254
	175,000	Santa Clara, CA Redevel. Agency (Bayshore North) ¹		5.500		06/01/2023	06/01/2013 ^A		175,732
	175,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North) ¹		5.000		06/01/2015	06/01/2013 ^A		175,728
	100,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North) ¹		5.250		06/01/2018	06/01/2013 ^A		100,395
	1,020,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North) ¹		5.250		06/01/2019	06/01/2013 ^A		1,024,029
	635,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2023	11/15/2022 ^A		724,973
	325,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2024	11/15/2022 ^A		366,499
	925,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2025	11/15/2022 ^A		1,035,121
	800,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2026	11/15/2022 ^A		891,120


46		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 785,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000	%	11/15/2027	11/15/2022 ^A	$	870,400
	1,170,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2028	11/15/2022 ^A		1,286,380
	2,000,000	Santa Cruz County, CA Redevel. Agency (Live Oak/Soquel Community) ¹		5.000		09/01/2023	09/01/2013 ^A		2,031,020
	40,000	Santa Fe Springs, CA Community Devel. Commission ¹		5.375		09/01/2019	05/31/2013 ^A		40,098
	25,000	Santa Fe Springs, CA Community Devel. Commission ¹		5.500		09/01/2014	05/31/2013 ^A		25,096
	85,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation ¹		5.375		09/01/2018	05/31/2013 ^A		85,196
	800,000	Santa Fe Springs, CA Community Devel. Commission Tax Allocation ¹		5.375		09/01/2021	05/31/2013 ^A		801,512
	20,000	Santa Fe Springs, CA Public Facilities Authority		5.000		05/01/2028	05/31/2013 ^A		20,027
	30,000	Santa Monica, CA Redevel. Agency (Ocean Park Redevl.) ¹		5.000		07/01/2018	05/31/2013 ^A		30,091
	25,000	Santa Nella County, CA Water District		6.250		09/02/2028	06/08/2022 ^B		22,281
	20,000	Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)		6.700		09/02/2022	09/02/2013 ^A		20,343
	70,000	Saugus, CA Union School District Special Tax		6.250		09/01/2028	09/01/2013 ^A		72,454
	90,000	Saugus, CA Union School District Special Tax		6.375		09/01/2029	09/01/2013 ^A		93,164
	50,000	Saugus/Hart, CA School Facilities Financing Authority		6.100		09/01/2032	09/01/2013 ^A		50,362
	1,945,000	Saugus/Hart, CA School Facilities Financing Authority		6.125		09/01/2033	09/01/2013 ^A		1,958,907
	1,390,000	Selma, CA Redevel. Agency		5.750		09/01/2024	09/01/2016 ^A		1,423,277
	15,000	Sequoia, CA Hospital District		5.375		08/15/2023	05/31/2013 ^A		16,202
	110,000	Shafter, CA Community Devel. Agency Tax Allocation		5.000		11/01/2013	11/01/2013		111,465
	100,000	Shafter, CA Community Devel. Agency Tax Allocation		5.250		11/01/2017	11/01/2016 ^A		105,418
	100,000	Shafter, CA Community Devel. Agency Tax Allocation		5.300		11/01/2018	11/01/2016 ^A		104,289
	100,000	Shafter, CA Community Devel. Agency Tax Allocation		5.350		11/01/2019	11/01/2016 ^A		103,802
	100,000	Shafter, CA Community Devel. Agency Tax Allocation		5.375		11/01/2020	11/01/2016 ^A		103,035
	400,000	Sierra View, CA Local Health Care District		5.250		07/01/2024	07/01/2017 ^A		425,164
	40,000	Signal Hill CA Redevel. Agency ¹		5.250		10/01/2024	10/01/2019 ^A		43,471
	175,000	Soledad, CA Redevel. Agency (Soledad Redevel.) ¹		5.350		12/01/2028	06/01/2013 ^A		175,033


47		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 1,020,000	Sonora, CA Union High School District ⁵		5.625	%	08/01/2029	08/01/2023 ^A	$	1,245,685
	25,000	Soquel, CA Union Elementary School District ¹		5.000		08/01/2023	08/01/2013 ^A		25,287
	100,000	South Gate, CA Public Financing Authority (South Gate Redevel.) ¹		5.750		09/01/2022	09/01/2013 ^A		101,797
	1,925,000	South Gate, CA Utility Authority ¹		5.250		10/01/2027	10/01/2022 ^A		2,206,589
	2,030,000	South Gate, CA Utility Authority ¹		5.250		10/01/2028	10/01/2022 ^A		2,313,794
	65,000	South Orange County, CA Public Financing Authority ¹		5.250		08/15/2018	05/31/2013 ^A		65,248
	65,000	South Orange County, CA Public Financing Authority ¹		5.375		08/15/2013	05/31/2013 ^A		65,272
	30,000	South Orange County, CA Public Financing Authority ¹		5.800		09/02/2018	09/02/2013 ^A		30,534
	250,000	South Orange County, CA Public Financing Authority (Ladera Ranch) ¹		5.000		08/15/2024	08/15/2015 ^A		258,903
	20,000	South Tahoe, CA Joint Powers Financing Authority ¹		5.300		10/01/2021	05/31/2013 ^A		20,032
	260,000	Southern CA Mono Health Care District ¹		5.000		08/01/2021	08/01/2021		301,811
	300,000	Southern CA Mono Health Care District ¹		5.000		08/01/2022	08/01/2022		346,056
	350,000	Southern CA Mono Health Care District ¹		5.000		08/01/2024	08/01/2022 ^A		396,669
	10,000	Southern CA Public Power Authority ¹		5.000		07/01/2015	05/31/2013 ^A		10,040
	925,000	Southern CA Public Power Authority ¹		5.000		11/01/2018	11/01/2018		1,058,293
	50,000	Southern CA Public Power Authority ¹		5.250		10/01/2015	05/31/2013 ^A		50,210
	5,000	Southern CA Public Power Authority ¹		5.500		07/01/2020	05/31/2013 ^A		5,021
	25,000	Southern CA Public Power Authority ¹		5.500		07/01/2020	05/31/2013 ^A		25,107
	20,000	Southern CA Public Power Authority ¹		5.750		07/01/2021	05/31/2013 ^A		20,090
	7,595,000	Southern CA Tobacco Securitization Authority ¹		4.750		06/01/2025	06/01/2014 ^A		7,609,431
	20,000	Stockton, CA COP (Wastewater System) ¹		5.000		09/01/2023	05/31/2013 ^A		20,014
	200,000	Stockton, CA COP (Wastewater System) ¹		5.125		09/01/2016	05/31/2013 ^A		200,392
	25,000	Stockton, CA Improvement Bond Act 1915		5.800		09/02/2020	09/02/2013 ^A		25,150
	250,000	Stockton, CA Unified School District (Election 2005) ¹		5.000		09/01/2019	09/01/2015 ^A		268,880
	50,000	Stockton, CA Unified School District (Election 2008) ¹		5.000		08/01/2023	08/01/2016 ^A		55,452


48		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 25,000	Suisun City, CA Public Financing Authority ¹		5.200	%	10/01/2028	05/31/2013 ^A	$	25,024
	25,000	Sunnyvale, CA COP (Parking Facility) ¹		5.000		10/01/2017	05/31/2013 ^A		25,100
	70,000	Taft, CA Public Financing Authority (Community Correctional Facility) ¹		6.050		01/01/2017	05/31/2013 ^A		70,252
	825,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.250		09/01/2028	09/01/2022 ^A		895,265
	50,000	Temecula, CA Redevel. Agency ¹		5.000		08/01/2020	05/31/2013 ^A		50,083
	500,000	Temecula, CA Redevel. Agency ¹		5.125		08/01/2027	05/31/2013 ^A		507,805
	25,000	Torrance, CA Hospital (Torrance Memorial Medical Center) ¹		5.400		06/01/2015	06/01/2013 ^A		25,090
	25,000	Torrance, CA Hospital (Torrance Memorial Medical Center) ¹		5.500		06/01/2031	06/01/2013 ^A		25,059
	1,485,000	Torrance, CA Hospital (Torrance Memorial Medical Center) ¹		6.000		06/01/2022	06/01/2013 ^A		1,491,237
	270,000	Torrance, CA Redevel. Agency ¹		5.500		09/01/2028	05/31/2013 ^A		270,219
	20,000	Torrance, CA Redevel. Agency (Downtown Redevel.) ¹		5.550		09/01/2018	05/31/2013 ^A		20,043
	90,000	Tracy, CA Area Public Facilities Financing Agency ¹		5.875		10/01/2013	10/01/2013		91,644
	1,430,000	Tracy, CA Area Public Facilities Financing Agency ¹		5.875		10/01/2019	10/01/2013 ^A		1,448,633
	50,000	Tracy, CA Community Facilities District		6.300		09/01/2026	05/31/2013 ^A		50,075
	25,000	Tracy, CA Community Facilities District (205 Parcel Glen)		6.250		09/01/2032	09/02/2013 ^A		25,495
	75,000	Tracy, CA Operating Partnership Joint Powers Authority		6.100		09/02/2021	09/02/2013 ^A		75,548
	215,000	Travis, CA Unified School District ¹		5.000		09/01/2027	09/01/2017 ^A		221,914
	30,000	Truckee-Donner, CA Public Utility District Special Tax		5.800		09/01/2035	09/01/2014 ^A		30,051
	75,000	Truckee-Donner, CA Public Utility District Special Tax		6.000		09/01/2028	09/01/2013 ^A		75,326
	20,000	Truckee-Donner, CA Public Utility District Special Tax		6.100		09/01/2033	09/01/2013 ^A		20,076
	805,000	Turlock, CA Health Facility (Emanuel Medical Center) COP ¹		5.000		10/15/2017	10/27/2016 ^B		910,286
	60,000	Turlock, CA Irrigation District ¹		5.000		01/01/2015	05/31/2013 ^A		60,229
	200,000	Turlock, CA Irrigation District ¹		5.000		01/01/2028	07/01/2013 ^A		200,532
	280,000	Turlock, CA Irrigation District ¹		5.000		01/01/2033	07/01/2013 ^A		280,552
	95,000	Turlock, CA Public Financing Authority		5.250		09/01/2015	05/31/2013 ^A		95,275
	130,000	Tustin, CA Unified School District ¹		5.000		09/01/2032	09/01/2013 ^A		131,736
	125,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners) ¹		7.125		09/01/2026	09/01/2021 ^A		151,168


49		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 250,000	Ukiah, CA Redevel. Agency (Ukiah Redevel.) ¹		6.500	%	12/01/2028	06/01/2021 ^A	$	296,413
	25,000	Union City, CA Community Redevel. Agency ¹		5.000		10/01/2027	05/31/2013 ^A		25,019
	50,000	University of California ¹		5.000		05/15/2019	05/15/2013 ^A		50,598
	75,000	University of California ¹		5.000		05/15/2024	05/15/2013 ^A		75,147
	95,000	University of California ¹		5.000		05/15/2025	05/15/2013 ^A		95,186
	750,000	University of California ¹		5.000		05/15/2026	05/15/2013 ^A		751,470
	100,000	University of California ¹		5.000		05/15/2027	05/15/2013 ^A		100,196
	850,000	University of California (UCLA Health System)		5.250		05/15/2030	05/31/2013 ^A		866,958
	20,000	University of California (UCLA Medical Center)		5.500		05/15/2014	05/31/2013 ^A		20,084
	20,000	Vacaville, CA Improvement Bond Act 1915 (East Monte Vista Avenue)		5.850		09/02/2016	09/02/2013 ^A		20,163
	10,000	Vacaville, CA Improvement Bond Act 1915 (Green Tree Reassessment District)		6.300		09/02/2013	09/02/2013		10,144
	975,000	Vacaville, CA Public Financing Authority ¹		5.400		09/01/2022	05/31/2013 ^A		977,126
	25,000	Vacaville, CA Public Financing Authority (Vacaville Community Redevel.) ¹		5.000		09/01/2023	05/31/2013 ^A		25,045
	150,000	Vacaville, CA Public Financing Authority (Vacaville Community Redevel.) ¹		5.400		09/01/2014	05/31/2013 ^A		150,443
	50,000	Vacaville, CA Public Financing Authority (Vacaville Community Redevel.) ¹		5.750		09/01/2021	05/31/2013 ^A		50,104
	20,000	Vacaville, CA Public Financing Authority (Vacaville Community Redevel.) ¹		5.750		09/01/2024	05/31/2013 ^A		20,034
	25,000	Vacaville, CA Public Financing Authority (Vacaville Redevel.) ¹		5.000		09/01/2024	05/31/2013 ^A		25,041
	20,000	Vacaville, CA Public Financing Authority (Vacaville Redevel.) ¹		5.000		09/01/2025	05/31/2013 ^A		20,030
	225,000	Vacaville, CA Redevel. Agency (Vacaville Community Hsg.) ¹		6.000		11/01/2024	05/31/2013 ^A		225,455
	275,000	Val Verde, CA Unified School District		6.125		09/01/2034	09/01/2013 ^A		275,932
	325,000	Vallejo City, CA Unified School District Special Tax Community Facilities District No. 2 ¹		5.000		09/01/2019	05/31/2013 ^A		325,930
	125,000	Vallejo City, CA Unified School District Special Tax Community Facilities District No. 2 ¹		5.000		09/01/2026	05/31/2013 ^A		125,188
	25,000	Vallejo, CA Public Financing Authority, Series A		7.500		09/01/2020	09/01/2013 ^A		25,240
	40,000	Vallejo, CA Quadrant Improvement District No. 001		6.000		09/01/2017	09/01/2013 ^A		41,091


50		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 30,000	Vallejo, CA Quadrant Improvement District No. 001		6.000	%	09/01/2026	09/01/2015 ^A	$	30,473
	40,000	Vallejo, CA Quadrant Improvement District No. 001		6.125		09/01/2034	09/01/2015 ^A		40,380
	25,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)		5.500		09/01/2019	09/01/2013 ^A		25,125
	10,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)		6.000		09/01/2025	09/01/2013 ^A		10,039
	20,000	Valley Center-Pauma, CA Unified School District (Woods Valley Ranch)		6.000		09/01/2028	09/01/2013 ^A		20,047
	1,825,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)		5.000		12/01/2022	10/05/2016 ^A		1,827,884
	270,000	Ventura County, CA Area Hsg. Authority (Mira Vista Senior Apartments)		5.050		12/01/2026	03/28/2025 ^B		266,852
	535,000	Vernon, CA Electric System ¹		5.125		08/01/2021	09/04/2018 ^A		612,168
	145,000	Victor, CA Elementary School District		5.600		09/01/2034	09/01/2014 ^A		145,766
	60,000	Vista, CA Community Devel. Commission (Vista Redevel.) ¹		5.200		09/01/2028	05/31/2013 ^A		60,050
	75,000	Vista, CA Community Devel. Commission (Vista Redevel.) ¹		5.750		09/01/2026	05/31/2013 ^A		75,109
	15,000	Vista, CA Community Devel. Commission (Vista Redevel.) ¹		5.800		09/01/2030	05/31/2013 ^A		15,021
	90,000	Vista, CA Joint Powers Financing Authority ¹		6.100		10/01/2021	10/01/2013 ^A		91,862
	5,000	Vista, CA Joint Powers Financing Authority ¹		6.250		12/01/2019	06/01/2013 ^A		5,017
	10,000	Vista, CA Unified School District ¹		5.125		05/01/2023	11/01/2013 ^A		10,208
	35,000	Walnut, CA Improvement Agency ¹		5.000		09/01/2022	05/31/2013 ^A		35,033
	200,000	Walnut, CA Public Financing Authority ¹		5.000		09/01/2017	05/31/2013 ^A		200,636
	25,000	Walnut, CA Public Financing Authority ¹		5.375		09/01/2013	05/31/2013 ^A		25,107
	2,075,000	Walnut, CA Public Financing Authority ¹		5.375		09/01/2020	05/31/2013 ^A		2,081,225
	805,000	Walnut, CA Public Financing Authority ¹		5.375		09/01/2022	05/31/2013 ^A		807,069
	15,000	Wasco, CA Improvement Bond Act 1915		8.750		09/02/2013	09/02/2013		15,334
	135,000	Wasco, CA Public Financing Authority ¹		5.375		09/01/2021	05/31/2013 ^A		135,377
	15,000	Wasco, CA Public Financing Authority		7.350		09/15/2015	05/31/2013 ^A		15,054
	10,000	Wasco, CA Public Financing Authority		7.500		09/15/2023	05/31/2013 ^A		10,022


51		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 1,000,000	Washington Township, CA Health Care District ¹		5.000	%	07/01/2018	05/31/2013 ^A	$	1,002,820
	550,000	Washington Township, CA Health Care District ¹		5.250		07/01/2029	05/31/2013 ^A		550,831
	125,000	West Covina, CA Redevel. Agency ¹		5.000		09/01/2026	09/01/2013 ^A		125,259
	150,000	West Covina, CA Redevel. Agency ¹		5.100		09/01/2025	09/01/2013 ^A		153,408
	40,000	West Covina, CA Redevel. Agency (Executive Lodge Apartments) ¹		5.300		09/01/2025	05/31/2013 ^A		40,034
	100,000	West Covina, CA Redevel. Agency Tax Allocation (Executive Lodge Apartments) ¹		5.100		09/01/2014	05/31/2013 ^A		100,253
	875,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.) ¹		7.000		09/01/2026	09/01/2021 ^A		1,095,430
	1,000,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.) ¹		7.250		09/01/2031	09/01/2021 ^A		1,251,770
	20,000	West Patterson, CA Financing Authority Special Tax		5.850		09/01/2028	09/01/2015 ^A		20,132
	10,000	West Patterson, CA Financing Authority Special Tax		6.000		09/01/2019	09/01/2015 ^A		10,337
	15,000	West Patterson, CA Financing Authority Special Tax		6.000		09/01/2039	09/01/2015 ^A		15,005
	165,000	West Patterson, CA Financing Authority Special Tax		6.600		09/01/2033	09/01/2013 ^A		165,401
	25,000	West Patterson, CA Financing Authority Special Tax		6.700		09/01/2032	09/01/2013 ^A		25,073
	5,000	West Patterson, CA Financing Authority Special Tax		6.750		09/01/2035	09/01/2013 ^A		5,013
	90,000	West Patterson, CA Financing Authority Special Tax		6.750		09/01/2036	09/01/2013 ^A		90,233
	10,000	West Patterson, CA Financing Authority Special Tax Community Facilities District		5.600		09/01/2019	09/01/2015 ^A		10,243
	60,000	West Sacramento, CA Financing Authority Special Tax		6.100		09/01/2029	09/01/2013 ^A		60,283
	5,000	West Sacramento, CA Improvement Bond Act 1915		8.500		09/02/2017	09/02/2013 ^A		5,196
	105,000	West Sacramento, CA Redevel. Agency ¹		5.000		09/01/2029	09/01/2013 ^A		105,257
	450,000	West Sacramento, CA Special Tax Community Facilities District No. 12		5.750		09/01/2029	09/01/2013 ^A		451,544
	50,000	West Sacramento, CA Special Tax Community Facilities District No. 8 (Southport)		6.500		09/01/2031	09/01/2013 ^A		50,283
	25,000	Western CA Municipal Water Districts		7.125		09/02/2014	09/02/2013 ^A		26,143
	2,000,000	Westlands, CA Water District ¹		5.000		09/01/2028	09/01/2022 ^A		2,363,720
	835,000	William S. Hart CA Union High School District		5.000		09/01/2025	09/01/2023 ^A		929,773


52		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	California Continued
	$ 910,000	William S. Hart CA Union High School District		5.000	%	09/01/2026	09/01/2023 ^A	$	1,007,507
	40,000	Yolo County, CA Hsg. Authority (Russell Park Apartments) ¹		7.000		11/01/2014	05/31/2013 ^A		40,185
	20,000	Yorba Linda, CA Redevel. Agency Tax Allocation ¹		5.250		09/01/2013	09/01/2013		20,227
	260,000	Yorba Linda, CA Redevel. Agency Tax Allocation ¹		5.250		09/01/2023	09/01/2013 ^A		261,074
									671,972,668
	U.S. Possessions—10.2%
	50,000	Guam International Airport Authority ¹		5.250		10/01/2023	10/01/2013 ^A		50,902
	100,000	Guam Power Authority, Series A ¹		5.000		10/01/2019	10/01/2019		120,190
	150,000	Guam Power Authority, Series A ¹		5.000		10/01/2020	10/01/2020		182,006
	150,000	Guam Power Authority, Series A ¹		5.000		10/01/2021	10/01/2021		184,187
	155,000	Guam Power Authority, Series A ¹		5.000		10/01/2022	10/01/2022		191,219
	265,000	Guam Power Authority, Series A ¹		5.000		10/01/2025	10/01/2022 ^A		316,972
	225,000	Guam Power Authority, Series A ¹		5.000		10/01/2026	10/01/2022 ^A		266,191
	155,000	Guam Power Authority, Series A ¹		5.000		10/01/2027	10/01/2022 ^A		181,519
	3,300,000	Puerto Rico Aqueduct & Sewer Authority ¹		5.500		07/01/2028	07/01/2022 ^A		3,357,981
	5,000,000	Puerto Rico Aqueduct & Sewer Authority ¹		6.125		07/01/2024	04/23/2021 ^B		5,389,900
	50,000	Puerto Rico Children’s Trust Fund (TASC) ¹		5.375		05/15/2033	05/31/2013 ^A		50,562
	1,200,000	Puerto Rico Commonwealth GO		1.250	⁶	07/01/2029	05/07/2013 ^A		1,200,000
	2,000,000	Puerto Rico Commonwealth GO		5.000		07/01/2020	07/01/2018 ^A		2,061,840
	100,000	Puerto Rico Commonwealth GO ¹		5.375		07/01/2030	07/01/2021 ^A		101,245
	5,000,000	Puerto Rico Commonwealth GO ¹		5.500		07/01/2026	07/01/2022 ^A		5,155,750
	560,000	Puerto Rico Commonwealth GO ¹		5.625		07/01/2031	07/01/2014 ^A		562,654
	5,890,000	Puerto Rico Commonwealth GO ¹		5.750		07/01/2028	07/01/2022 ^A		6,147,393
	370,000	Puerto Rico Commonwealth GO ¹		6.000		07/01/2027	07/01/2018 ^A		391,212
	2,000,000	Puerto Rico Commonwealth GO ¹		6.000		07/01/2029	07/01/2016 ^A		2,074,680
	75,000	Puerto Rico Commonwealth GO ¹		6.125		07/01/2024	04/23/2021 ^B		80,849
	3,000,000	Puerto Rico Electric Power Authority, Series AAA ¹		5.250		07/01/2028	07/01/2020 ^A		3,047,220
	150,000	Puerto Rico Electric Power Authority, Series PP ¹		5.000		07/01/2022	07/01/2014 ^A		150,972
	300,000	Puerto Rico Electric Power Authority, Series PP ¹		5.000		07/01/2025	07/01/2014 ^A		300,942
	3,210,000	Puerto Rico Electric Power Authority, Series RR ¹		5.000		07/01/2023	07/01/2015 ^A		3,239,339
	3,000,000	Puerto Rico Electric Power Authority, Series ZZ ¹		5.250		07/01/2026	07/01/2020 ^A		3,082,710
	215,000	Puerto Rico Highway & Transportation Authority ¹		5.250		07/01/2018	07/01/2013 ^A		216,178


53		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	U.S. Possessions Continued
	$ 1,000,000	Puerto Rico Highway & Transportation Authority ¹		5.250	%	07/01/2022	07/01/2022	$	1,029,280
	750,000	Puerto Rico Highway & Transportation Authority ¹		5.750		07/01/2020	07/01/2013 ^A		754,508
	260,000	Puerto Rico IMEPCF (American Home Products) ¹		5.100		12/01/2018	06/01/2013 ^A		264,181
	910,000	Puerto Rico Infrastructure ¹		6.000		12/15/2026	12/15/2021 ^A		978,013
	1,000,000	Puerto Rico Infrastructure Financing Authority ¹		5.250		12/15/2026	12/15/2021 ^A		1,012,070
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University) ¹		5.000		04/01/2019	04/01/2019		106,687
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University) ¹		5.000		04/01/2021	04/01/2021		106,169
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University) ¹		5.000		04/01/2022	04/01/2022		105,516
	4,400,000	Puerto Rico ITEMECF (Cogeneration Facilities) ¹		6.625		06/01/2026	05/31/2013 ^A		4,399,956
	50,000	Puerto Rico ITEMECF (International American University) ¹		5.000		10/01/2021	10/01/2021		56,517
	520,000	Puerto Rico ITEMECF (University Plaza) ¹		5.625		07/01/2013	07/01/2013		523,890
	500,000	Puerto Rico ITEMECF (University Plaza) ¹		5.625		07/01/2019	07/01/2013 ^A		503,655
	555,000	Puerto Rico Municipal Finance Agency, Series A ¹		5.250		08/01/2015	05/31/2013 ^A		556,687
	135,000	Puerto Rico Municipal Finance Agency, Series A ¹		5.500		07/01/2017	05/31/2013 ^A		135,610
	7,650,000	Puerto Rico Public Buildings Authority ¹		5.375		07/01/2033	07/01/2013 ^A		7,649,618
	1,000,000	Puerto Rico Public Buildings Authority ¹		6.250		07/01/2023	07/01/2023		1,104,500
	2,710,000	Puerto Rico Public Buildings Authority ¹		7.000		07/01/2021	07/01/2014 ^A		2,857,153
	2,600,000	Puerto Rico Public Buildings Authority ¹		7.000		07/01/2025	06/01/2014 ^A		2,728,960
	1,750,000	Puerto Rico Public Finance Corp., Series B ¹		5.500		08/01/2031	07/17/2029 ^B		1,743,858
	600,000	Puerto Rico Public Finance Corp., Series B ¹		6.000		08/01/2024	08/01/2021 ^A		631,824
	1,400,000	Puerto Rico Public Finance Corp., Series B ¹		6.000		08/01/2025	08/01/2021 ^A		1,466,598
	1,000,000	Puerto Rico Sales Tax Financing Corp., Series A ¹		5.000		08/01/2024	08/01/2019 ^A		1,084,460
	65,000	Puerto Rico Sales Tax Financing Corp., Series A ¹		6.125		08/01/2029	02/01/2014 ^A		67,894
	2,435,000	Puerto Rico Sales Tax Financing Corp., Series A ¹		6.125		08/01/2029	02/01/2014 ^A		2,528,285


54		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


Principal Amount			Coupon			Maturity	Effective Maturity*	Value
	U.S. Possessions Continued
	$ 3,300,000	Puerto Rico Sales Tax Financing Corp., Series B ¹		6.000	%	08/01/2026	08/01/2021 ^A	$	3,443,422
	275,000	University of Puerto Rico, Series P ¹		5.000		06/01/2024	06/01/2024		274,813
	250,000	University of Puerto Rico, Series Q ¹		5.000		06/01/2021	06/01/2016 ^A		251,283
	300,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes) ¹		5.000		10/01/2023	10/01/2016 ^A		321,702
	160,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes) ¹		5.000		10/01/2025	10/01/2016 ^A		170,832
	125,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes) ¹		5.000		10/01/2026	10/01/2016 ^A		132,949
	250,000	V.I. Public Finance Authority, Series A ¹		5.250		10/01/2024	10/01/2014 ^A		262,300
									75,357,803
	Total Investments, at Value (Cost $733,557,491) - 101.5%								747,330,471

	Liabilities in Excess of Other Assets - (1.5)								(11,368,911	)

	Net Assets-100.0%							$	735,961,560

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.

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

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

4.	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 accompanying Notes.

5.	All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after April 30, 2013. See accompanying Notes.

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


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

ABAG		Association of Bay Area Governments
CDA		Communities Devel. Authority
CEI		Coalition for Elders Independence
CFD		Community Facility District
CHC		Children’s Health Care
CHCW		Catholic Healthcare West
CHF		City Hospital Foundation
CHW		Catholic Healthcare West
COP		Certificates of Participation


55		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)


CVHP		Citrus Valley Health Partners
CVMC		Citrus Valley Medical Center
CVWS		Central Valley Waste Services
CWM		Chemical Waste Management
EVOTLAJHFTA		Eisenberg Village of the Los Angeles Jewish Home for the Aging
FF		Feedback Foundation
FH		Foothill Hospital
GCCCD		Grossmont-Cuyamaca Community College District
GO		General Obligation
GVOTLAJHOTA		Grancell Village of the Los Angeles Jewish Home for the Aging
HFA		Housing Finance Agency
IMEPCF		Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
LAJHFTA		Los Angeles Jewish Home for the Aging
LLMC		Lifelong Medical Care
M-S-R		Modesto Irrigation District of the City of Santa Clara and the City of Redding
OCTC		Olive Crest Treatment Centers
OW		O’Connor Woods
OWHC		O’Connor Woods Housing Corporation
PCCD		Palomar Community College District
PH&S		Providence Health & Services
ROLs		Residual Option Longs
SCADP		Southern California Alcohol & Drug Programs
SJRHC		St. Joseph’s Regional Housing Corporation
STTJCCD		Shasta-Tehama-Trinity Joint Community College District
TASC		Tobacco Settlement Asset-Backed Bonds
UCI		University of California Irvine
UCLA		University of California at Los Angeles
V.I.		United States Virgin Islands
WM		Waste Management
WMC		Waste Management of California

Notes to Statement of Investments

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


56		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (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 to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund 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


57		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. 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.


58		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Sub-Adviser 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 April 30, 2013, 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 in the annual and semiannual reports (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 in the annual and semiannual reports 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 in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At April 30, 2013, municipal bond holdings with a value of $11,615,474 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 April 30, 2013, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal

Amount

Inverse Floater ¹

Coupon
Rate ²

Maturity
Date

Value

$ 3,335,000

Los Angeles, CA Dept. of Airports ROLs ³

14.632

5/15/25

4,950,474

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.


59		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports, and interest on the security is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports.

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 as of April 30, 2013.

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 April 30, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$	4,072,508


60		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of April 30, 2013 is as follows:


Cost	$	40,000
Market Value	$	13,638
Market Value as a % of Net Assets		Less than 0.005	%

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.

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


61		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a 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


62		Oppenheimer Limited Term California Municipal Fund

STATEMENT OF INVESTMENTS April 30, 2013 (Unaudited)

the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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


63		Oppenheimer Limited Term California Municipal Fund

The table below categorizes amounts as of April 30, 2013 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	$	—	$	671,972,668	$	—	$	671,972,668
U.S. Possessions		—		75,357,803		—		75,357,803

Total Assets	$	—	$	747,330,471	$	—	$	747,330,471

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

Federal Taxes. The approximate 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 April 30, 2013 are noted below. 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.


Federal tax cost of securities	$	726,950,323	¹

Gross unrealized appreciation	$	17,256,862
Gross unrealized depreciation		(3,485,508	)

Net unrealized appreciation	$	13,771,354

1.	The Federal tax cost of securities does not include cost of $6,608,794, 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.


64		Oppenheimer Limited Term California Municipal Fund

Item 2. Controls and Procedures.

(a)

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 4/30/2013, 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 the 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.

(b)

There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

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

Oppenheimer Limited Term California Municipal Fund


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

Date:		6/11/2013

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:		6/11/2013

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

Date:		6/11/2013

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